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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IKEA stops chartering container vessels

IKEA will no longer lease space on board container ships to have its products brought to shelves across the world, the global furniture group confirms. But the company is trying to avoid congested ports.

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