The first day on the New York Stock Exchange was not a great success for the next big tanker company, Gener8 Maritime. The share price fell by 6.4 percent on the first day after being down by more than 8 percent.
BY BENJAMIN WERNER CHRISTENSEN
What was supposed to be a celebration turned into the opposite for tanker company Gener8 Maritime, a merger of General Maritime and Navig8 Crude Tankers. At least judging by the price development on the stock exchange.
Coffers are filled with money ready to be spent on investments, but German Schulte Group holds on to its capital for the time being. ”There is simply too much uncertainty,” says Group Chair Heinrich Schulte.
To replace Kristian Mørch, the Odfjell family has chosen a new chief executive who truly knows the chemical tanker carrier from within and aims to ensure continuity. ShippingWatch has interviewed Harald Fotland regarding his plans and priorities for the Norwegian carrier.
Prominent Belgian tanker carrier Euronav is open to changing address as part of a forthcoming merger with Frontline. ”Everything is being considered at the moment,” says CEO Hugo De Stoop in an interview with ShippingWatch.
Maersk Decom, established by Maersk Supply Service and Maersk Drilling in an attempt to benefit from a large market for decommissioning assets within the oil industry, shuts down. Chief executive left several months ago.
Neither DSV nor DHL were able to keep up with Kuehne + Nagel in operating earnings during the year’s first three months. In other important areas, however, both companies outdid their Swiss competitor.