The estimated profit made from 33 trades of jet fuel that ended up in sanctioned Syria is incorrect, according to the defense attorneys in the Dan-Bunkering case. SØIK maintains the amount.
Keppel Offshore & Marine is being sued by the eight funds managed by investor EIG, with a claim of almost USD 820 million in a dispute over fraud with participation from Petrobas, among others. Keppel sees low risk of a court ruling against the company.
High container rates have made it more attractive for container carriers to keep their vessels on the water rather than having scrubbers installed and saving money on fuel. As a result, completed scrubbers are piling up at Wärtsilä. "We can't keep them until the boom ends."
The Norwegian oil giant soars skyward with its best adjusted earnings item on record following a recovery in commodity prices. Though it remains important to monitor fluctuations, CEO warns.
The police tapped Bunker Holding CEO Keld R. Demant's phone and two employees at Dan-Bunkering's Kaliningrad office earned huge bonuses from selling jet fuel to two Russian companies playing a pivotal role in bypassing sanctions against Syria. These were some of the revelations in court on the first day of the Dan-Bunkering case.
Dan-Bunkering, Bunker Holding and CEO of the latter, Keld R. Demant, are all pleading not guilty to the charges of illegal jet fuel sales to Syria and are seeking acquittal, announced today during the trial at a Danish District Court.
Swedish supplier Alfa Laval saw its maritime business grow during the third quarter as fewer Covid-19 restrictions boosted the order intake.
Service sales are going up at Wärtsilä, but the maritime business is still marked by negative effects of the Covid-19 pandemic on especially the cruise sector.
A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.
Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.
Oil rallied above USD 86 a barrel after Saudi Arabia said that the OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.
The global maritime sector can reach zero-emission shipping by 2050, according the first comprehensive analysis from the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping. "Four main drivers can accelerate the transition," the analysis reads. Find the analysis here.
Money keeps leaking from the company, which on the other hand reports that its portfolio of opportunities and projects has grown and matured.
European Shippers Council has appointed a new president to replace Denis Choumert, who has held the position for the past decade.
Norwegian insurer Skuld is seeing an uptake in cases involving bunker fuel that buyers say failed to live up to the quality that was ordered. Skuld recommends that shipowners and charterers test the fuel they have ordered from bunker suppliers.
German bank Berenberg expands the range of funds with two additions that specifically target shipping.
Ikea should switch to green energy for shipping by 2024, NGOs demand. The furniture group stands firm on its 70 percent reduction of CO2 emissions by 2030.
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Fuel sales in the world's largest bunker hub, Singapore, took a dive in September to the lowest level in 15 months.
Henrik Zederkof, former CEO of Dan-Bunkering, could turn out to be a key witness in the upcoming criminal proceedings involving Dan-Bunkering, Bunker Holding and the latter's CEO, charged with breaches of EU sanctions by selling jet fuel that ended up in Syria.
The delivery time for large capesize vessels has become longer, according to Cleaves Securities. Close to half of the shipyards' orders for newbuilds are slated for delivery in 2023 or later.
Northern Lights, owned by oil companies Equinor, Shell and Totalenergies, has ordered two new CO2 carriers to further develop the infrastructure of the joint venture's CCS project.
It is no accident that the Danish financial police has separated its sheet of charges in two in the upcoming criminal case against Dan-Bunkering, Dan Holding and its CEO, distinguishing between 25 and 8 allegedly illegal trades of jet fuel to Syria.
Carriers DFDS and J. Lauritzen join forces to set up a bunker company that is expected to be operational in 2022, the two companies confirm to ShippingWatch.
Two executives in Dan-Bunkering's top management will change from senior vice presidents to new titles as COO and CCO, respectively. The company appointed a new CEO earlier this year.
Finnish technology group Wärtsilä, in cooperation with Silverstream Technologies, will install an air bubble lubrication system on one of Maersk's container vessel to test the technology.
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