Oil producers working intently to force prices up
Historical cuts in oil output look set to be extended going into summer in order to push oil prices upward.
ShippingWatch
A part ofWatch Medier
Historical cuts in oil output look set to be extended going into summer in order to push oil prices upward.
Maersk Broker reports a profit of DKK 43.4 million for 2019 compared to DKK 55 million the year before. The corona crisis generates considerable uncertainty as to the 2020 result, which is, however, expected to finish in line with last year.
Monjasa has struck a deal with Bunker One entailing that the Bunker Holding subsidiary will take over an oil terminal in Northern Denmark. Monjasa will instead increase its focus on the UK and France.
Denmark's maritime interest group Danish Shipping has a clear ambition to become climate-neutral in 30 years. The entire domestic shipping cluster thereby falls in line with Maersk.
Finland as well as South Korea are ready with large-scale bailout packages to the countries' shipping companies and yards, which are hit by the coronavirus crisis.
Port operator DP World joins Maersk's digital venture Tradelens. The integration, which will hook DP World up to the platform, has already begun. Unifeeder will also become part of Tradelens.
Maersk, DFDS and DSV have joined forces with several other companies with a plan to build a hydrogen plant in Copenhagen. The plant will, among other things, supply green energy for ships.
Bunker company Brightoil Petroleum has reached a settlement on the debt that resulted in the previous chairman being declared personally bankrupt. The company lands agreements with several creditors.
The coronavirus crisis has made BW Energy cut its investment program for 2020 significantly, with capex now standing at USD 115 million.
Shipbuilder Daewoo's net result grew 24.2 percent in the first months of the year, as one-off incomes helped boost the result, reports news agency Yonhap.
Ghana's maritime authorities arrested a ship chartered by supplier Bunker One last week. The incident comes only a few months after the company entered the market in West Africa. CEO calls the arrest a regrettable exception.
Marine insurance company Skuld saw several claims in its staggered fiscal year 2019/2020, which ended with the first technical deficit in 16 years. The company's bottom line shows a large profit, however, and the CEO highlights a better renewal of tonnage than in recent years.
Maersk has incorporated its internal bunker firm, Maersk Oil Trading, in its accounting for the core business. The figures reveal that bunker sales skyrocketed in the year's first three months. CFO expects sales to normalize, however.
It is crucial that the cases concerning million dollar fraud at oil traders Hin Leong and Zenrock are handled by the book, says a maritime lawyer. He notes that Singapore's reputation as a state where everyone is equal under the rule of law is at stake.
A court has ruled in favor of Dan-Bunkering in a case against a Greek dry bulk operator, which shut down without paying for several fuel purchases. Another bunker company has also filed a case against the operator.
After more than a decade as head of Global Risk Management, Managing Director Hans Erik Christensen steps down. His successor comes from the Bunker Holding group.
Restrictions from authorities in late April reduced the workforce for the Singapore-based yard Sembcorp Marine to a minimum. This has limited activities considerably, writes the group in an update.
Police raid Singapore's ZenRock Commodities Trading following allegations made by HSBC that the company was involved in "dishonest transactions."
Finnish Wärtsilä has launched a plan to lay off 700 employees globally in its marine division. But close to half could end up being rehired, the company tells ShippingWatch.
Swedish supplier Alfa Laval was busy producing ballast water systems at its factory in Aalborg, Denmark during the first quarter. But the overall group is hit by the coronavirus crisis.
Salvage company Ardent shuts down its business, according to an update on LinkedIn. The closure comes after a sale of the US business to a competitor.
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