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This week's top stories on ShippingWatch

This week brought a large-scale oil fraud case, good news for Torm and DSV, a new CEO for carrier Norden, while the German shipping banks survived the ECB stress test.

Fraud case in the oil industry

A Danish oil company and several senior executives, protected by a name ban, have been accused of serious fraud after a customer has reportedly discovered systematic cheating in terms of deliveries:

Secret million-dollar settlement in fraud case

Oil company in dramatic showdown in fraud case

Norden's new CEO

On Thursday dry bulk carrier D/S Norden presented its coming CEO, Jan Rindbo, brought in from Hong Kong-based Pacific Basin, and he faces quite a challenge in light of today's dry bulk market:

Norden hires new CEO from Pacific Basin

Jan Rindbo: My three key leadership skills

Norden's market value down almost USD 1 billion this year

Photo: Norden
Photo: Norden

Photo: Norden

Shipping banks in the clear

Concerns for the German shipping banks ahead of the European Central Bank's stress test proved unfounded:

World's largest shipping banks pass stress test

HSH Nordbank pumps fresh capital into shipping

Scorpio remains confident

In spite of deficits, expansive Scorpio still has complete faith in its strategy:

Scorpio Tankers lost USD 1.2 million in 3rd quarter

Scorpio Bulkers has lost USD 45 million in 2014

Robert Bugbee: We have the fleet everybody wants

Torm and the equity fund

US-based equity fund Oaktree could secure a controlling stake through a new agreement with Torm:

US-based equity fund could be new owner of Torm

Torm to regain top-ranking among global tankers

Photo: Torm

Further reading...

GEA wants to set new fuel quality standards

Seafreight drives growth in historically strong DSV quarter

DNB Markets slaps a warning sign on the VLGCs 

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HMM doubled revenue in Q1

South Korean container line HMM follows the trend of European competitors, which have already presented their first-quarter financials. Revenue doubled in a significant surge.

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