Covid-19, new sulfur requirements, lower exports to China and the collapse of commodity trader Hin Leong Trading in Singapore made bunker oil trade volumes drop 46 percent in 2020 compared to 2019, writes Reuters.
Oil majors increasingly dominate the bunker market in Singapore, the world's biggest bunker port, shows a new list that ranks suppliers by size. The list is topped by an oil supermajor, while a Hin Leong subsidiary lost the most during the year.
One of the more remarkable developments in Danish marine insurance has come to an end, as UK-based Neon has sold Danish Orca to a Dutch competitor. The sale comes after years plagued by deficits.
As part of enormous cost cuts, the British-Dutch supermajor plans to lay off 330 employees in the UK.
Crude oil exports from the US were supposed to drive the tanker market in 2020, but the end-result became something entirely different. This is one among several reasons why the market, according to brokerage Simpson Spence Young, faces a challenging year in 2021.
South Korean shipbuilder DSME shot somewhat below its order target for last year, according to a presentation. However, the yard saw increased newbuild activity in the fourth quarter.
First CEO Anders Grønborg departed, and now another senior executive has decided to leave Trafigura and John Fredriksen's joint bunker company TFG Marine, sources tell ShippingWatch.
Over the next five years, coating producer Hempel plans to invest upwards of DKK 19 billion in a growth plan, reports Børsen. Revenue must be doubled over this period, says CEO.
Mercuria, which among other things owns Minerva Bunkering, bolsters the company's position in the energy transition with acquisition of US supplier of alternative fuels.
There are still no Indian yards on the list of approved shipbreaking facilities currently being completed by the EU. And now a 25-year-old convention blocks the process. The EU is trying to find a way around it.
Only one out of the three South Korean shipyards put up for sale last year due to financial problems has managed to secure a final sales agreement.
Commodity trader Trafigura has set a carbon emission reduction target of 30 percent by 2023 at the latest, compared to emissions recorded in 2020.
Hin Leong Trading's judicial managers have submitted an application to freeze all assets, shares and funds held by its founder Lim Oon Kuin and his two children in an effort to recoup USD 3.5 billion in debt from the collapsed oil trader.
Maersk Broker combines three activities from the turn of the year. This happens as part of a strategy to strengthen its profile in these areas, says the broker.
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Maersk's break from major German customer DB Schenker and the cyber attack on CMA CGM attracted the most readers on ShippingWatch in 2020. In an unusual year characterized by the coronavirus pandemic, other big stories were the red-hot container market, Søren Toft's start at MSC and a large-scale reorganization at Maersk.
A merger of the two South Korean yards Hyundai Heavy Industries Holding and DSME has been cleared by the Chinese competition authority. The merger, announced in 2019, is still being reviewed by the EU.
Saga Pure, formerly Saga Tankers, which is controlled by Norwegian investor Øystein Spetalen, invests NOK 35 million in a tech firm that, among other things, produces blue ammonia and captures carbon.
The world's largest bunker group, Bunker Holding, does not reject that more acquisitions could be in store, CEO Keld Demant tells Ship & Bunker. He sees consolidation in the bunker market picking up steam.
Customers increasingly pose environmental demands for shipping and the need for rating voyages' CO2 emissions and ships' CO2 intensity will grow significantly, Rightship's newly appointed CEO, Steen Lund, tells ShippingWatch.
In an interview with ShippingWatch, Anglo-Eastern CEO Bjørn Højgaard looks back on 2020 and elaborates on the impact of Covid-19 on seafarers and Anglo-Eastern's finances. So far, total costs come to USD 20 million.
Danish bunker supplier Monjasa has deployed a crude tanker as floating storage in the West African market, which is seeing a shift in demand as a consequence of the IMO 2020 regulations.
The Covid-19 pandemic cut major chunks out of the global bunker market, and the long-term effects of the pandemic all point in the same direction. At many of the smaller players, the new sulfur regulations have been a real lifeline, assesses analyst with in-depth knowledge of the market.
Shell and Nordkraft collaborate to build a production facility that will provide liquid hydrogen for use in ferries and lay the foundation for a hydrogen cluster with new green jobs in Northern Norway.
Danish bunker group Bunker Holding grows its lead as the world's biggest bunker supplier, shows a new report from analyst firm Seacred and media Ship & Bunker. The report also shows that the overall market shrunk in 2020.
Former Maersk CFO Jakob Stausholm shoots to the top of mining company Rio Tinto, where he will be the new CEO as of New Year's.
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