It is realistic that a third of the world's merchant fleet will sail on ammonia in the future, assesses a report by shipping company Hafnia together with Alfa Laval, Vestas, Siemens Gamesa and Haldor Topsøe. 120 ports already have the necessary facilities.
Last year Norwegian shipyard Vard lost a little over NOK 2 billion, reports Finansavisen. Owner Fincantieri has put up fresh capital, according to the newspaper.
Shareholders in Singapore's pride, the hard-strained Keppel Fels shipyard, will have to wait to find out whether the island state's investment company Temasek will become majority shareholder. Perhaps they are waiting for Sembcorp's decision to spin off its marine division. This will happen next week.
The large cost-cutting plan facing MAN Energy Solutions does not change the number of jobs set to be cut in Denmark. The new wage requirements, which were a condition for the German owner's approval, apply to all locations, including Denmark.
MAN Energy Solutions has received a guarantee from Volkswagen that the parent company's sales plans will be put on hold as part of the comprehensive rescue plan. At the same time, the number of redundancies has been lowered through wage concessions.
Major German investor acquires several assets from bankrupt shipyard FSG, as well as 350 employees, while 300 employees will be unable to follow suit.
US-based Big Oil companies ExxonMobil and Chevron both present major deficits and revenue levels rubbed out by the Covid-19 pandemic and associated crash in crude demand.
Association Danish Maritime is dissatisfied with Japan having launched a new state aid scheme for its shipbuilders. Managing Director Jenny N. Braat says it is part of a worrying trend.
Bunker major World Fuel Services expects the sharp drop in demand to continue into the third quarter. The group is worried about the surge of infections around the world.
Singapore's Keppel shipyard lost USD 390 million in the first half of 2020 mainly due to impairments in offshore and marine. Management will take a base pay cut to help rightsize Keppel's Offshore and Marine business.
Maersk Tankers and V.Ships have made a deal with Xihe, which has had 37 ships stuck at the collapsed Hin Leong group, ShippingWatch learns. 16 Xihe vessels are expected to come under management. Germany's BSM also makes a deal. Updated.
The merger with Dutch acquisition Klevenberg did not go as planned for Wrist Ship Supply, so the new CEO Jens Holger Nielsen had to forget about the bottom line for a while. The company has now made it to the other side and eyes more acquisitions, he tells ShippingWatch.
First China, then South Korea, and now Japan intends to help the country's financially strained shipbuilding industry. Companies established abroad will act as sellers of individual ships and receive the aid meant to get shipping lines back on track with orders.
Jonny Jacobsen has worked for MAN Energy Solutions for 37 years and has never experienced anything as dramatic as the major round of layoffs currently facing the company. As a trade union representative he will partake in the negotiations set to begin soon.
Singapore's large Keppel shipyard has seen such large losses in its offshore and marine business due to the low oil price that it has been necessary to issue a warning to investors before publishing its interim report.
MAN Energy Solutions' three departments in Denmark are hit by the cost-saving measures recently announced by its German headquarters. Global impact on the marine business is difficult to predict at the moment.
Brokerage Clarksons appoints a former banker to its board of directors. The new board member previously worked held a position as managing director at J.P. Morgan.
Ecco and Dee4 Capital invest in shipping again. Read also about stranded seafarers, shipping companies' climate mitigation and how coronavirus impacted various people working in the shipping industry.
All five western fossil fuel supermajors are forecast to present quarterly losses.
The Norwegian oil company's half-year report reveals a quite noteworthy post-tax profit of USD 646 million made during the covid-19 pandemic's toughest period.
Wrist Ship Supply opens new facilities in the Port of Valencia, Spain, which is described as the country's best connected port. The news came on the same day that competitor Seven Seas Group announced a restructuring in the country.
South Korea's export-dependent economy has been hit hard by the coronavirus crisis in the second quarter.
MAN Energy Solutions is now taking the consequences of the Covid-19 pandemic and launches an extensive cost-reduction program. Several countries will be affected.
Bank OCBC wants a court to instate a new management at the Lim family's company Xihe Holding. The company in question covers the ownership of the family's tankers, which are part of Ocean Tankers' fleet.
Ship supply company Seven Seas Group just restructured its Spanish business through an insolvency, CEO confirms to ShippingWatch. He says the group is doing well.
Head of Finance for International Shipping Company - J. Lauritzen
Experienced accountant / accounting manager - Navision Group
Head of Electrical Support - TORM
Operations Manager - MOL Chemical Tankers
