ShippingWatch

Last week's top stories on ShippingWatch

This summer week brought several key stories. ShippingWatch reported on the Danish Attorney General's indictment against Lars Møller of OW Bunker. The first half year results of bulk and container bode well for the two sectors. And the new Dan-Bunkering CEO unveiled his ambitious growth target.

Photo: /ritzau/Katinka Hustad

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PR photo: Dynamic Oil Trading/PR

Indictment against Lars Møller was made public

Lars Møller, the former and now indicted CEO of OW Bunker's Singapore subsidiary, stood to benefit from inflating trade in Dynamic Oil Trading (DOT), claims the Danish Attorney General's office in the indictment, which mas was public after Møller two weeks ago was charged in the collapse of OW Bunker in November 2014.

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PR photo: Pacific Basin

Several interim reports indicate improving markets

The week also saw the publication of several interim reports, and the results from dry bulk carriers in particular seem to indicate a better market, which was otherwise hovering at record-lows last year. Oil companies also delivered major improvements.

Pacific Basin: Worst of dry bulk slump is over

Navios Maritime had profitable Q2

Diana Shipping lost USD 23.8 million in Q2

Statoil exceeds expectations and triples operating result

Strengthened Total says it is ready for acquisitions

Shell's profit skyrockets in Q2

Samsung Heavy returns to profits in Q2

Daewoo leaves deficits behind in first half of 2017

Finnlines beats its own record in first half of 2017

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PR photo: Seadrill

... but there is still a long way to in some sectors

Despite stronger demand, Norwegian analyst firm Rystad Energy projects a need for a significant reduction i the number of jack-up rigs before the market can recover from a multiple-year slump.

Rystad Energy: At least 110 rigs must go to curb downturn

Seadrill prepares investors for considerable losses

Rolls-Royce's Bergen Engines in huge deficit

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Christoffer Berg Lassen, CEO, Dan-Bunkering. PR photo: Dan-Bunkering

And Dan-Bunkering has welcomed an ambitious new CEO

New Dan-Bunkering CEO: We need to grow at least 10 pct

 

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PR photo: SAL Heavy Lift

More of this week's top stories:

German family acquires SAL from Japan's K-Line

Torm buys four MR vessels from Chinese yard

Equity fund Brookfield takes control of Teekay Offshore

Songa Offshore wins round one in dispute with DSME

Maersk Drilling gets warning after Norwegian inspection

Number of mega-vessels on Asia-Europe set to explode

EU Commission cancels tax discount for French and Belgian ports

Frontpage right now

Maersk believes several problems in Alang are now solved

Improvements at three yards in Alang have been so big, that they now represent a real alternative to China and Turkey, says Maersk CEO Søren Skou. However, the group acknowledges that there is still uncertainty with regard to the marine environment and problems with access to medical aid.

Dry bulk recovery halted – index plunging

The benchmark Baltic Dry Index has tumbled down over the past two months, and the same applies to the share prices of the listed dry bulk carriers. But Drewry expects that the decrease is temporary.

Grieg Star expects new deficit this year

The dry bulk market was weaker than expected last year, says Grieg Star's CEO Camilla Grieg, who projects another loss in 2018. The plan is to land a profit in 2019, she tells ShippingWatch.

Hedge funds increase shipping investments

Tufton Oceanic sees price rises of up to 100 percent in shipping stocks over the next two years. Adjusted for shipyard costs, they are currently trading at the lowest level in decades.

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