With the acquisition of Herning Shipping, Axel C. Eitzen is back in the industry on a larger scale than before. In an interview with ShippingWatch, the Norwegian discusses his return after having lost almost everything.
Weco Tankers, formerly Dannebrog Rederi, booked a deficit of USD 4.8 million in a tough 2017. Things are not looking much better for this year, says mamagement.
Scorpio Tankers will not sail with scrubbers, as the shipping company sees no convincing arguments in favor of using scrubbers to comply with the sulfur directive by 2020. The company will opt for another solution.
US Commerce Secretary Wilbur Ross denies allegations that he engaged in insider trading when he short sold stock in Navigator Holdings a few days before a story emerged that the shipping company was linked to associates of Vladimir Putin.
Next month Maersk Tankers will test a new digital tool that has been developed in collaboration with a secretive US-based hedge fund. This could be decisive in terms of competition going forward.
There is still room for consolidation on the tanker market, says CEO Paddy Rodgers of Euronav, which has itself been a first mover with the acquisition of Gener8. Speaking to ShippingWatch, he highlights one competitor as a potential main player in future consolidation.
The product tanker market has seen a surge in the number of leasing arrangements, in which shipping companies sell ships and then lease them back. The deals provide good access to capital at a tough time, though they also bring pitfalls.
BW LPG encourages Dorian to listen to its shareholders after the latter's board of directors Friday rejected an acquisition. BW tells ShippingWatch that it has received "positive feedback" from a significant portion of Dorian's shareholders.
Gas carrier Dorian LPG's board of directors has unanimously declined a billion dollar takeover bid from Singapore's BW LPG. Dorian's current strategy is working, says the board in a statement.
Dorian LPG, which competitor BW LPG is looking to acquire, reports a significant deficit for the year 2017/2018. The shipping company does not mention the takeover bid in its financial report.
Team Tankers wants to play an active part in the consolidation of the tanker market, whether that means buying assets or getting absorbed by a larger player. "It has to be a two-way street," CEO Hans Feringa tells ShippingWatch.
The merger and acquisition wave among product tanker carriers has yet to emerge in full force. ShippingWatch dives into a nervously waiting industry and points to the obvious candidates.
The market for oil product transport remains sluggish. Daily rates for MR tankers this week dropped to the lowest level since 2009, notes Deutsche Bank.
There is reason to believe that record-high Chinese demand for LNG will continue to support the LNG market, projects firm Wood Mackenzie. The market is expected to remain "tight."
In less than three weeks Scorpio Tankers has sold numerous vessels to instead lease them from the buyer. The company has now signed yet another contract.
Odfjell CEO Kristian Mørch is spearheading a strategy in the chemical tanker segment that is ambitious but also comes with several pitfalls. ShippingWatch takes a look at the plan.
The largest number of tanker vessels in five years will be scrapped in 2018, reports Reuters. There are several reasons for this.
With the threat of new US sanctions looming over the country, Iran's oil export is at a record high.
Frontline was unable to acquire DHT Holdings last year, and the tanker shipping company has now sold all its shares in DHT at a profit. John Fredriksen has also bought new container ships through his investment unit.
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John Fredriksen's crude oil tanker carrier has booked a new deficit. "Inventory draws impacted a freight market that was already suffering from high fleet growth," says the carrier's CEO.
Scorpio Tankers has again sold several ships in order to lease them back immediately. The latest sale-and-leaseback deal was made with a Chinese leasing company.
Profit turned into a deficit for BW LPG in the first quarter of the year. The gas tanker carrier this week made an offer to buy competitor Dorian LPG.
BW LPG seeks to distance itself further from the competition with an acquisition of US-based Dorian LPG. The transaction, which totals USD 1.1 billion, would make BW the leading stock in the market, CEO Martin Ackermann tell ShippingWatch.
BW LPG has offered to buy competitor Dorian LPG in a billion dollar transaction that, if approved, would create one of the world's biggest gas tanker carriers.
Norwegian John Fredriksen has replaced the CEO of his carrier Flex LNG after just one year. The company departs from its announced strategy and now shift its focus to mainly one area.
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