Container line OOCL doubles its revenue in the first three months of the year, as towering demand and capacity shortage made volumes soar on Asia Europe in particular.....
Shipping Watch
Published 3y-7mo-1d-2h-7m ago
LNG is a risk fraught waste of time as a fuel for shipping, and it will only delay the transition to sustainable fuels, warned the the UK amp 39 s High Level Climate Action Champion at the presentation of an LNG report from the World Bank.....
Shipping Watch
Published 3y-7mo-1d-3h-9m ago
Shipping group d amp 39 Amico reshuffles the management of its Dry Cargo business and appoints Cesare d amp 39 Amico as new CEO of the business unit. He hopes dry bulk is headed for recovery after years of uncertainty and volatility.....
Shipping Watch
Published 3y-7mo-1d-3h-33m ago
A much discussed report from the World Bank, which dismisses LNG as a fuel option to achieve the IMO amp 39 s 2050 climate target, does not change French CMA CGM amp 39 s plans to launch more LNG fueled container vessels, the company says to ShippingWatch.....
Shipping Watch
Published 3y-7mo-1d-4h-23m ago
The leading Baltic Dry Index for the dry bulk market is at its highest in 10 years. Most recently, capesize has skyrocketed on an extraordinarily strong Chinese import, according to shipping organization Bimco.....
Shipping Watch
Published 3y-7mo-1d-4h-54m ago
DFDS amp 39 s core markets in the UK and Turkey are doing better than expected, and the company now expects to raise more money from operations this year. Passenger traffic is still the largest uncertainty, and vaccines are crucial, says CEO to ShippingWatch.....
Shipping Watch
Published 3y-7mo-1d-4h-56m ago
Revenue at Semco Maritime, which specializes in technical installations on drilling rigs and offshore wind farms, took a small hit in 2020, but the company has succeeded in raising its operating income.....
Shipping Watch
Published 3y-7mo-1d-6h-7m ago
Keppel Offshore amp Marine saw revenue decline in the first quarter, resulting in a bottom line deficit. The shipyard was the only company among Keppel Corporation amp 39 s key businesses that was loss making during the period, according to an update.....
Shipping Watch
Published 3y-7mo-1d-7h-9m ago
Large container vessels arrive late far too often, which creates challenges for both freight forwarders, shippers and carriers. amp 34 What irritates us all is that freight rates have gone through the roof, while service levels have deteriorated, amp 34 says Dominique von Orelli, CEO of sea frei....
Shipping Watch
Published 3y-7mo-1d-7h-58m ago
Capacity at the EU approved recycling yards only sits a 40 percent utilization, while ships are being recycled on beaches in India under poor conditions for both the environment and employees. amp 34 That amp 39 s not okay, amp 34 said Denmark amp 39 s Minister of Environment Thursday.....
Shipping Watch
Published 3y-7mo-1d-8h-50m ago
If global shipping wants to reduce CO2 emissions, shipping companies cannot exclude LNG, states Shell in the heated debate over the controversial fuel, which the World Bank has largely written off.....
Shipping Watch
Published 3y-7mo-2d-3h ago
MAN Energy Solutions has teamed up with a German university to map out four potential scenarios depending on the track shipping chooses ahead of the IMO amp 39 s 2050 reduction target.....
Shipping Watch
Published 3y-7mo-2d-3h-38m ago
Industry players such as BW Group, Danish Maritime Industry and the Maritime and Port Authority of Singapore agree that collaboration on decarbonization trumps competition. Andreas Sohmen Pao describes differing views on LNG as partly a matter of personal philosophy.....
Shipping Watch
Published 3y-7mo-2d-3h-39m ago
The orderbook shrunk at Wärtsilä, which supplies scrubbers and ballast water treatment systems to the maritime industry. The bottom line also took a dip, but the Finnish company expects higher demand in the near future.....
Shipping Watch
Published 3y-7mo-2d-5h-9m ago
Belgian tanker carrier Euronav welcomes the US announcement on new climate ambitions for shipping, but the company would like to see an increased focus on the IMO amp 39 s 2030 target, says CEO Hugo de Stoop to ShippingWatch.....
Shipping Watch
Published 3y-7mo-2d-6h-44m ago
Major US ports Long Beach and Los Angeles have handled a record number of containers in the first months of the year, in which bottlenecks and the Covid 19 pandemic has resulted in container queues off the US West Coast.....
Shipping Watch
Published 3y-7mo-2d-7h-47m ago
Greek shipping is a source of stable business for shipping banks in Hamburg, Germany. Greek shipowners are resilient and as important as German clients to banks such as Berenberg and HCOB. After years of hardship, however, German shipowners may be ready for a comeback, banker tells ShippingWatch.....
Shipping Watch
Published 3y-7mo-2d-8h-48m ago
Avance Gas expands its order of dual fuel newbuilds and now expects to take delivery of a total of six VLGC vessels that can sail on LNG. In addition, the ships will be prepared to sail on ammonia.....
Shipping Watch
Published 3y-7mo-2d-9h-29m ago
Increased efficiency is not enough to achieve the goal of a climate neutral fleet, says German Shipowners amp 39 Association after Wednesday amp 39 s announcement from the US to reduce shipping emissions to zero by 2050. It will require a amp 34 technological revolution amp 34 .....
Shipping Watch
Published 3y-7mo-2d-10h-35m ago
Nordic carriers are positively attuned to the announcement from the White House to make the shipping sector CO2 free by 2050, believing it will change the IMO amp 39 s agenda, while others are more hesitant. Drastic changes are required, they say.....
Shipping Watch
Published 3y-7mo-3d-3h-17m ago
Wednesday: The High Court of Eastern Denmark rejects yet another claim for compensation against, among others, private equity fund Altor and the former management of OW Bunker, reports business daily Børsen.....
Shipping Watch
Published 3y-7mo-3d-4h-47m ago
Container carrier ONE, shipyard Sembcorp and the BW group are among the names that have now teamed up to raise money for a new maritime decarbonization center in Singapore in collaboration with the city state amp 39 s port authority. The parties will add USD 90 million to realize the plans.....
Shipping Watch
Published 3y-7mo-3d-5h-40m ago
It will become more difficult for the maritime industry to self govern whether or not the sector can call itself environmentally sustainable. Today, the EU presents a proposal that defines sustainable shipping for companies and investors.....
Shipping Watch
Published 3y-7mo-3d-6h-7m ago
Several of the world amp 39 s biggest container lines have seen their credit ratings go up this year. Earnings generated during the coronavirus pandemic have been spent on reducing debt, notes Alphaliner.....
Shipping Watch
Published 3y-7mo-3d-8h-29m ago
A group of shipping organizations, which jointly represent more than 90 percent of the global merchant fleet, now want heads of state to start discussing the implementation of a CO2 tax in the industry.....
Shipping Watch
Published 3y-7mo-3d-8h-46m ago
The US wants the global shipping industry to reduce its CO2 emissions to zero by 2050, announces the country amp 39 s special presidential envoy for climate, John Kerry. That target is considerably more ambitious than that of the IMO. See Kerry amp 39 s plan here.....
Shipping Watch
Published 3y-7mo-3d-10h-33m ago
In an update to customers, Maersk expects the effects of the Suez blockage to continue into the third quarter. The company is deploying new containers to alleviate the situation.....
Shipping Watch
Published 3y-7mo-3d-10h-56m ago
Maersk Drilling lands a new contract in the Brazilian offshore market. The drilling company estimates that the agreement is worth USD 34 million, and the work is set to begin in 2022.....
Shipping Watch
Published 3y-7mo-4d-3h-26m ago
In a rare interview, Andreas Sohmen Pao unveils some of BW Group amp 39 s considerations about the ongoing climate transition in shipping, which he describes as amp 34 a minefield to navigate amp 34 . He also takes stock of BW amp 39 s many acquisitions over the past year.....
Shipping Watch
Published 3y-7mo-4d-3h-57m ago
The Singapore Port Authority now supports a proposal to establish a center for decarbonization. The center will create a framework through which stakeholders can coordinate and implement solutions that can help reduce CO2 emissions in shipping.....
Shipping Watch
Published 3y-7mo-4d-4h-33m ago
The thriving dry bulk market boosted the purchase and sale of ships in the first quarter. In March, a record high number of more than 100 dry bulk ships were sold in one month.....
Shipping Watch
Published 3y-7mo-4d-5h-41m ago
DHL Global Forwarding has undergone a cleanup, in which poorly matched volumes and customers have been screened out. The decline in seaborne volumes is not related to Covid 19 or even competition from shipping companies, reports the head of ocean freight to ShippingWatch.....
Shipping Watch
Published 3y-7mo-4d-6h-41m ago
Three French ports of the cities Le Havre, Rouen and Paris now merge into one new giant, to ensure that the ports remain globally competitive in the future. More than USD 1.6 billion will be invested to develop and expand the new port complex.....
Shipping Watch
Published 3y-7mo-4d-7h-27m ago
Tanker companies Hafnia and BW LPG now invest in Alpha Ori Technologies, which provides digital solutions for shipping. Hafnia CEO Mikael Skov also joins the company amp 39 s board.....
Shipping Watch
Published 3y-7mo-4d-8h-10m ago
Major companies such as Maersk Drilling, DFDS, Hafnia and Alfa Laval join a project to test fuel cells on methanol. The project is publicly funded and will determine how the cells can help reduce ships amp 39 energy consumption.....
Shipping Watch
Published 3y-7mo-4d-9h-7m ago
Offshore shipping company Maersk Supply Service appoints a new chief commercial officer. He comes from an internal position and is slated to commence in his new role on May 1.....
Shipping Watch
Published 3y-7mo-4d-10h-55m ago
Los Angeles port officials now see progress in reducing their bottleneck situation, but further north in Oakland the queue of ships is growing. Meanwhile, Europe amp 39 s ports are dealing with the Suez blockage fallout.....
Shipping Watch
Published 3y-7mo-4d-11h-10m ago
Scorpio Tankers wins the earnings race in 2020 within product tanker over competitors Hafnia, Torm, d amp 39 Amico and Ardmore Shipping, shows a ranking prepared for ShippingWatch by Drewry. But a weak end to 2020 has carried over into 2021.....
Shipping Watch
Published 3y-7mo-5d-2h-49m ago
Germany amp 39 s Hapag Lloyd and the Port of Rotterdam tell ShippingWatch that they stand by their commitment to liquefied natural gas, despite the World Bank amp 39 s statement criticizing it as an alternative fuel for shipping.....
Shipping Watch
Published 3y-7mo-5d-3h ago
The battle for and against LNG, and whether the fuel can be labeled a decarbonizing fuel, has now taken off. The World Bank urges nations to cancel investments, while Sea LNG says opponents wish to justify their inaction.....
Shipping Watch
Published 3y-7mo-5d-3h-9m ago
Suppliers Yara and BAR Technologies join forces to supply sails to commercial vessels. A Cargill ship will be the first to be equipped with the rotor sail technology.....
Shipping Watch
Published 3y-7mo-5d-4h-2m ago
Surprisingly high demand and a record low orderbook could result in a amp 34 super cycle amp 34 for the dry bulk market, assesses Cleaves Securities, and points out that dry bulk shares may skyrocket in the coming year.....
Shipping Watch
Published 3y-7mo-5d-7h-7m ago
Dry bulk company Falcon demands damages from World Fuel Services in a case regarding a fuel delivery to a chartered vessel last year, which exceeded the IMO amp 39 s sulfur limit. amp 34 We are disappointed and feel very poorly treated by World Fuel Services in this case, amp 34 Falcon tells Sh....
Shipping Watch
Published 3y-7mo-5d-7h-48m ago
Seaspan has secured USD 300 million through sustainability linked bonds in the Nordic market. This is the second time this year that the shipowner has raised money through sustainable bonds, which are conditional on a number of sustainability targets.....
Shipping Watch
Published 3y-7mo-5d-8h-34m ago
The major issues in European ship traffic in the wake of Ever Given amp 39 s blockage of the Suez Canal are expected to last into June, writes analyst firm Sea Intelligence.....
Shipping Watch
Published 3y-7mo-5d-9h-49m ago
In a new statement, the World Bank rejects liquefied natural gas, LNG, as a usable ship fuel to reduce CO2 emissions in shipping and meet the IMO amp 39 s climate targets by 2050. Instead, the bank points to ammonia and hydrogen.....
Shipping Watch
Published 3y-7mo-1w-1d-2h-58m ago
Hydrogen, LNG, ammonia, electricity and then there is methanol and LPG – the bids are many and so are the answers when you ask big shipping companies such as Maersk, Ardmore, Exmar and Shell about the fuel solution of the future. What they do agree on, however, is that the time to act is now.....
Shipping Watch
Published 3y-7mo-1w-1d-3h-30m ago
The number of pirate attacks in Asia dropped drastically in the first months of the year. But a concerning number of incidents still take place in the Singapore Strait, writes organization Recaap in a quarterly update.....
Shipping Watch
Published 3y-7mo-1w-1d-4h-22m ago
Following the discovery of 20 tonnes of cocaine aboard one of MSC amp 39 s container vessels in 2019, eight of the ship amp 39 s crew members have pleaded guilty. Most recently, the ship amp 39 s engineer has been sentenced to several years in prison.....
Shipping Watch
Published 3y-7mo-1w-1d-5h-6m ago
Norwegian hotel rig supplier Prosafe has been sentenced to pay approximately USD 55 million in a case regarding the rebuilding of a hotel rig. The sentence opposes a verdict made in the case in 2018 and is amp 34 extremely disappointing and surprising, amp 34 says CEO.....
Shipping Watch
Published 3y-7mo-1w-1d-5h-37m ago
German bank Berenberg sees a amp 34 huge need amp 34 for German ship financing, and the bank amp 39 s shipping activities are growing, reports Philipp Wünschmann, head of shipping at Berenberg, to ShippingWatch.....
Shipping Watch
Published 3y-7mo-1w-1d-6h-37m ago
Monjasa is currently the world amp 39 s sixth largest bunker supplier, and the company plans to climb further, says COO Svend Mølholt to ShippingWatch. West Africa is no longer the company amp 39 s biggest market, amp 34 but we amp 39 re there for the long haul, amp 34 he says.....
Shipping Watch
Published 3y-7mo-1w-1d-8h-16m ago
Port company DP World demands USD 210 million in compensation from the state of Djibouti in a dispute regarding the nationalization of a port terminal. The compensation will cover losses from 2018 to 2020.....
Shipping Watch
Published 3y-7mo-1w-1d-8h-23m ago
Maersk owned towage operator Svitzer moves one of its regional headquarters, which will now be located in Panama. amp 34 We see significant growth potential in the region, amp 34 says managing director of the Americas.....
Shipping Watch
Published 3y-7mo-1w-1d-11h-3m ago
Trafigura joins a project to develop an ammonia powered engine, headed by MAN Energy Solutions. The engine, developed for large ocean going vessels, is expected to hit the market in 2025.....
Shipping Watch
Published 3y-7mo-1w-2d-3h-5m ago
The world amp 39 s biggest dry bulk operator, Germany amp 39 s Oldendorff, thinks the IMO amp 39 s upcoming CO2 regulations for how to measure an individual ship amp 39 s efficiency are incoherent, incomprehensible and cause for a great deal of confusion. And Oldendorff is not alone in that opin....
Shipping Watch
Published 3y-7mo-1w-2d-3h-19m ago
The blockage of the Suez Canal, which lasted just under a week, continues to cause problems for global container traffic. German shipping company Hapag Lloyd warns customers that export bookings could get canceled due to a shortage of containers.....
Shipping Watch
Published 3y-7mo-1w-2d-4h-3m ago
If you ask DNB amp 39 s Global Head of Shipping, Christos Tsakonas, the last 12 months have been good for the sector as investors have started taking an interest in the shipping sector again. But another topic steals his focus and time at the moment – the energy transition.....
Shipping Watch
Published 3y-7mo-1w-2d-4h-45m ago
After a month in captivity, 15 seafarers kidnapped by pirates in the Gulf of Guinea in mid March have now been released, informs a spokesperson from De Poli Tankers to ShippingWatch. It is the second major kidnapping incident in the area.....
Shipping Watch
Published 3y-7mo-1w-2d-5h-55m ago
Finnish manufacturer Wärtsilä now joins a group of players that do not believe hydrogen will become a widespread marine fuel in the future. amp 34 It amp 39 s hard to believe that it would be a credible choice for shipping, amp 34 says director of R amp D in an interview with ShippingWatch.....
Shipping Watch
Published 3y-7mo-1w-2d-8h-3m ago
Seadrill now enters a settlement with subsidiary Seadrill Partners after the two companies ended in a dispute last year. The agreement includes, among other things, a payment of more than USD 11 million to Seadrill.....
Shipping Watch
Published 3y-7mo-1w-2d-8h-33m ago
Blue Ocean Capital, investor in port infrastructure, sees a strong start to 2021 for the purchase and sale of ports and terminals, with expectations of further consolidation in Europe this year. However, bottlenecks and increasing unpredictability is a concern, says Managing Partner of the private e....
Shipping Watch
Published 3y-7mo-1w-2d-9h-7m ago
It will not become more expensive to pass through the canal, states the Panama Canal Authority shortly after new charges were supposed to take effect. The last minute change of plans follow a letter of concern from several organizations.....
Shipping Watch
Published 3y-7mo-1w-2d-10h-49m ago
The majority of pirate attacks are still happening in the Gulf of Guinea, estimates the IMB with the release of new numbers on attacks that have been reported in 2021. The total number of pirate attacks is decreasing.....
Shipping Watch
Published 3y-7mo-1w-2d-11h-13m ago
The shipping industry can expect growing political pressure to reach the climate goal of at least halving CO2 emissions before 2050, states CEO of Columbia Shipmanagement at Capital Link.....
Shipping Watch
Published 3y-7mo-1w-3d-2h-49m ago
The claim for compensation from the Suez Canal Authority is largely amp 34 unsubstantiated, amp 34 says shipping company Evergreen, which hereby confirms the claim of USD 916 million. The parties have not yet reached an agreement.....
Shipping Watch
Published 3y-7mo-1w-3d-3h-35m ago
Ever Given amp 39 s ship manager, Bernhard Schulte Shipmanagement, does not expect to be made liable for the incident in the Suez Canal, but is nevertheless worried that the company amp 39 s reputation could be at risk, CEO tells ShippingWatch.....
Shipping Watch
Published 3y-7mo-1w-3d-8h-12m ago
The UN amp 39 s maritime organization, the IMO, is planning to expand the council in charge of strategy and budget with the addition of 12 member states. Further decisions will be made at the IMO General Assembly in December.....
Shipping Watch
Published 3y-7mo-1w-3d-8h-38m ago
An era may come to an end as early as next year for Maersk, as competitor and alliance partner MSC, with Søren Toft at the helm, looks set to become the world amp 39 s largest container line.....
Shipping Watch
Published 3y-7mo-1w-3d-9h-3m ago
Shipping companies and organizations are surprised to see that the Greek Shipowners amp 39 Association, in alliance with environmental NGO Transport amp Environment, has become an advocate for far reaching CO2 quotas. The timing, in particular, triggers irritation.....
Shipping Watch
Published 3y-7mo-1w-4d-2h-49m ago
The Suez Canal Authority has received the go ahead by a court in Egypt to seize container ship Ever Given. The canal authority is seeking USD 900 million in damages following the six day blockage of the waterway when Ever Given ran aground.....
Shipping Watch
Published 3y-7mo-1w-4d-2h-56m ago
It should no longer be permitted for ships sailing in Turkey to discharge their open loop scrubber wash water into the sea. The country plans to ban the technology, but the decision is met with criticism from Clean Shipping Alliance.....
Shipping Watch
Published 3y-7mo-1w-4d-4h-53m ago
Who is responsible if a ship gets a poor CO2 rating Carbon quotas, efficiency requirements for vessels imposed by the IMO and CO2 emissions raise more questions than answers, says CEO of Lauritzen Bulkers to ShippingWatch.....
Shipping Watch
Published 3y-7mo-1w-4d-6h-15m ago
Icelandic shipping line Eimskip achieved an operating profit of EUR 2.2 3.2 million in the first quarter, show preliminary fiscal figures. The result is an improvement from the same period last year, which ended in a deficit.....
Shipping Watch
Published 3y-7mo-1w-4d-6h-59m ago
Former Hamburg Süd chief executive, Arnt Vespermann, takes over the helm of the Offen Group from next year, report several media. He takes over from founder Claus Peter Offen, who will continue as chairman of a newly established supervisory board.....
Shipping Watch
Published 3y-7mo-1w-4d-8h-16m ago
An unexpected alliance between Greek shipowners and an environmental NGO want EU amp 39 s CO2 quota system ETS to be more far reaching. There should be no free CO2 quotas, and the ETS system must cover more than the EU, says T amp E to ShippingWatch.....
Shipping Watch
Published 3y-7mo-1w-5d-2h-50m ago
IMO amp 39 s upcoming CO2 regulation for how to measure a ship amp 39 s efficiency has become so politically sensitive that some classification societies decline to even comment on them. Meanwhile, Lloyd amp 39 s Register does not hide the fact that there are difficulties with the AER calculator.....
Shipping Watch
Published 3y-7mo-1w-5d-3h-13m ago
The upturn in the container market has been shown to continue, and this prompts MPC Container Ships to raise its earnings expectations for the current year. So far, the share price is up 75 percent this year.....
Shipping Watch
Published 3y-7mo-1w-5d-4h-20m ago
Belgian tanker carrier Euronav raises millions of euros through a new credit facility tied to several climate targets. Euronav thus joins a group that already counts players such as Hapag Lloyd and Hafnia.....
Shipping Watch
Published 3y-7mo-1w-5d-6h-11m ago
Ships from Oldendorff, Melodia Maritime and Kyla Shipping were attempted robbed in the Singapore Strait over the weekend. This year alone, ten incidents have taken place, reports security firm Recaap ICS.....
Shipping Watch
Published 3y-7mo-1w-5d-6h-45m ago
French container carrier CMA CGM has, according to Reuters, proposed a plan to rebuild Beirut amp 39 s port within three years after an massive explosion caused extensive damage last year.....
Shipping Watch
Published 3y-7mo-1w-5d-7h-44m ago
Navigare Capital Partners, with Robert Mærsk Uggla as majority owner, is looking to raise new capital for its shipping fund. Both Danish and international investors could come into play, managing partner Henrik Ramskov tells ShippingWatch.....
Shipping Watch
Published 3y-7mo-1w-5d-8h-36m ago
Norwegian DNV expects growth in 2021 after a decline in 2020 due to the Covid 19 pandemic. The company forecasts an impending wave of newbuilds from the maritime sector. amp 34 The only question is when, amp 34 CFO says to ShippingWatch.....
Shipping Watch
Published 3y-7mo-1w-5d-9h-28m ago
DHL presents preliminary figures for its first quarter, which is shaping up to be the best ever. Freight forwarding business Global Forwarding also performs much better than last year. CEO takes note of growing sea freight volumes.....
Shipping Watch
Published 3y-7mo-1w-5d-11h-8m ago
Camilla Vambeseth is second mate on a chemical tanker and believes that the environment on board would benefit from more women at sea. For her, the 180 meter long ship is the ideal work place.....
Shipping Watch
Published 3y-7mo-2w-1d-3h-7m ago
Rates are on the climb in the European shortsea market. Among the reasons are the low number of newbuild orders as well as ship sales to other markets limiting supply, writes shipbroker Toepfer in a new report.....
Shipping Watch
Published 3y-7mo-2w-1d-3h-25m ago
European shipping emits 140 million tonnes of CO2 annually. But the bill for reducing the harmful emissions or eliminate them entirely with the EU amp 39 s new CO2 quotas could be huge.....
Shipping Watch
Published 3y-7mo-2w-1d-3h-46m ago
36 shipping companies have been reported to Danish police in the past five years because one of their vessels were violating the Danish sulfur directive by emitting too much sulfur. 17 shipping companies have been fined. It is a serious matter, says the Danish Environmental Protection Agency.....
Shipping Watch
Published 3y-7mo-2w-1d-5h-36m ago
First it was Hafnia. Then a few months ago it was BW Epic Kosan. And now wind carrier Cadeler also adds Andreas Sohmen Pao as chairman of the board. The appointment is a seal of approval, says Cadeler CEO Mikkel Gleerup.....
Shipping Watch
Published 3y-7mo-2w-1d-7h-10m ago
China amp 39 s refusal to accept Australian coal means that other countries are now exporting coal to the major dry bulk nation. One such country is South Africa, which now ships coal to China for the first time in years. But the situation does not significantly change carriers amp 39 demand, not....
Shipping Watch
Published 3y-7mo-2w-1d-8h-48m ago
French container line CMA CGM plans to launch a service running purely on biomethane in May. The service needs 12,000 tonnes of biomethane, which should be enough to operate two 1,400 teu vessels for one year, writes the group.....
Shipping Watch
Published 3y-7mo-2w-1d-10h-41m ago
Rapid digitization of inspections, surveys and other activities sustained classification company DNV amp 39 s business in 2020, despite the more challenging working conditions due coronavirus related restrictions.....
Shipping Watch
Published 3y-7mo-2w-1d-10h-59m ago
The container market continues to be affected by the week long traffic jam in the Suez Canal, which has further exacerbated container ship delays and pressure on ports. But the situation is now improved, and Maersk thus opens for short term and Spot bookings again.....
Shipping Watch
Published 3y-7mo-2w-2d-2h-55m ago
Maersk Drilling amp 39 s share price has, so far, nearly doubled in 2021 after it almost bottomed out in 2020, a year that pressured the already strained drilling industry. Low debt positions the company better than its competitors, said chairman Claus Hemmingsen during the company amp 39 s genera....
Shipping Watch
Published 3y-7mo-2w-2d-3h-10m ago
Although the upcoming climate requirements for shipping still remain unclear, including how to measure the efficiency of a ship, shipping majors such as Odfjell and Golden Ocean are well on their way to prep their fleets for the upcoming regulations, they tell ShippingWatch.....
Shipping Watch
Published 3y-7mo-2w-2d-3h-38m ago
Swedish tanker shipping company Stena Bulk sets out five targets aimed at making the company climate neutral by 2050. Next year, Stena Bulk will launch its first vessel capable of running on methanol.....
Shipping Watch
Published 3y-7mo-2w-2d-5h ago
The start to 2021 proved challenging for Stolt Nielsen amp 39 s chemical tanker carrier, Stolt Tankers. According to chief executive, rates and earnings were strained due to product tanker carriers bidding on chemical tanker cargoes. Most recently, the Suez Canal blockage has caused delays.....
Shipping Watch
Published 3y-7mo-2w-2d-6h-46m ago
Hydrogen company Everfuel has entered a Memorandum of Understanding with an unnamed Norwegian German carrier to supply zero emission hydrogen for the company amp 39 s ships from 2023. The fuel will be delivered from a hydrogen plant in Denmark.....
Shipping Watch
Published 3y-7mo-2w-2d-7h-21m ago
When DSV acquired Panalpina, CEO Jens Bjørn Andersen proclaimed that the joint company would carry 3 million containers annually. Last year, however, freight volumes ended almost 1 million containers below this prediction. Earnings amp 34 weigh the heaviest, amp 34 says EVP, while stating sever....
Shipping Watch
Published 3y-7mo-2w-2d-8h-2m ago
A new project, counting MAN Energy Solutions, among others, aims to develop ammonia powered engines over the next three years. The project is in line with MAN amp 39 s own plans to be able to supply ammonia engines by 2024 at the latest.....
Shipping Watch
Published 3y-7mo-2w-2d-8h-32m ago
2020 presented yet another challenge for Maersk Training, already struggling with deficits like several others in the offshore sector. Travel bans and shutdowns caused by the Covid 19 pandemic knocked the company back to an amp 34 unsatisfactory amp 34 level.....
Shipping Watch
Published 3y-7mo-2w-2d-11h-5m ago
Authorities in the Suez Canal are negotiating financial compensation with Japanese Shoei Kisen Kaisha for possible damage caused by megaship Ever Given throughout the nearly seven day blockage of the Suez Canal, writes the Associated Press.....
Shipping Watch
Published 3y-7mo-2w-3d-2h-58m ago
Two Dutch tugboats are currently working to salvage a multipurpose vessel that has been drifting around unmanned in the Norwegian Sea since Monday. The vessel currently risks sinking.....
Shipping Watch
Published 3y-7mo-2w-3d-3h-2m ago
The supply of sustainable fuels must be increased, and this has led players such as Norden, Maersk and MAN to support a new platform where producers can get feedback on developments. The platform is fund supported and will be free of charge.....
Shipping Watch
Published 3y-7mo-2w-3d-3h-54m ago
Lightship Chartering steps into a brand new segment from its office in Dubai, the shipbroker amp 39 s CEO Sune Fladberg tells ShippingWatch. And the company is also looking to return to tanker after several of the company amp 39 s tanker brokers departed last year.....
Shipping Watch
Published 3y-7mo-2w-3d-6h-18m ago
Asbestos can be found aboard most vessels in the global merchant fleet despite rules banning the harmful material, writes maritime testing agency in a new report. This places shipowners in a difficult position.....
Shipping Watch
Published 3y-7mo-2w-3d-8h-33m ago
Container lines such as ONE, MSC, CMA CGM and more have now adopted joint standards for digital container tracking through organization DCSA, which works for digitization and standardization in the container industry.....
Shipping Watch
Published 3y-7mo-2w-3d-9h-35m ago
Lars Kastrup, former CEO of container line APL, has been appointed co president of Singapore based PIL, the container line confirms after ShippingWatch learned of the appointment earlier Wednesday. The co presidents also join the company amp 39 s board. Updated.....
Shipping Watch
Published 3y-7mo-2w-3d-10h-22m ago
Multipurpose carriers currently benefit from the fact that several customers from the red hot container market have opted to use multipurpose vessels to transport their cargoes, shows report.....
Shipping Watch
Published 3y-7mo-2w-3d-10h-53m ago
The many orders placed recently by the world amp 39 s biggest shipowner, Seaspan, are an expression of a colossal confidence in the current market, COO Torsten Holst Pedersen explains in an interview with ShippingWatch. He rejects the criticism of LNG, put forward by, among others, Maersk.....
Shipping Watch
Published 3y-7mo-2w-4d-2h-59m ago
The International Monetary Fund now upgrades its global economic growth forecast for the second time in three months. As such, the IMF now expects the global economy to expand 6 percent this year.....
Shipping Watch
Published 3y-7mo-2w-4d-3h-37m ago
Reports of increasing oil production from OPEC+ bring good news to tanker companies, estimates Clarksons. After a difficult 2021, the broker expects to see significantly higher tanker rates towards the end of the year.....
Shipping Watch
Published 3y-7mo-2w-4d-4h-43m ago
Hempel amp 39 s plan to reach a revenue of EUR 3 billion by 2025 now leads the coatings manufacturer to acquire an Australian company with 750 employees. amp 34 We have taken the first major step on our growth journey, amp 34 says chief executive.....
Shipping Watch
Published 3y-7mo-2w-4d-6h-13m ago
Andreas Sohmen Pao is set to become the new chairman of offshore wind carrier Cadeler. BW Group is in preliminary discussions about acquiring a larger stake in the company, which expects to see results improve this year on the heels of an eventful 2020.....
Shipping Watch
Published 3y-7mo-2w-4d-6h-56m ago
With the backing of two new investors, BW Dry Cargo ceases to exist as a dry bulk operator and re emerges as a platform that aims to connect customers and shipowners. Each ship must pass a amp 34 green test amp 34 .....
Shipping Watch
Published 3y-7mo-2w-4d-8h-43m ago
Although the queue of ships in the Suez Canal has been resolved, the effects are far from over. They are spreading to other parts of the network, Maersk informs customers. The investigation of Ever Given is well underway.....
Shipping Watch
Published 3y-7mo-2w-4d-10h-36m ago
International Seaways and Diamond S have agreed on a merger that will create the second largest tanker company in the US after Scorpio Tankers, with a market value of USD 2 billion and a fleet of 100 vessels.....
Shipping Watch
Published 3y-7mo-3w-3d-3h-51m ago
DSV Panalpina, one of the largest logistics companies in the world, is working hard to respond to inquiries from clients asking for updates on their container transport. amp 34 We amp 39 re facing a very unpredictable freight market, and no one knows exactly how this will unfold in the coming wee....
Shipping Watch
Published 3y-7mo-3w-3d-4h-43m ago
The US Federal Maritime Commission has appointed a new chairman. He is a former congressman and will take charge of the commission at a time when the container market is red hot and causing congestion in US ports.....
Shipping Watch
Published 3y-7mo-3w-3d-5h-8m ago
Container carrier ONE has benefited from better market conditions than expected in 2020, prompting K Line, one of the company’s owners, to raise expectations for the forthcoming annual results.....
Shipping Watch
Published 3y-7mo-3w-3d-5h-23m ago
Container carrier PIL has carried out a large scale restructuring and received substantial cash injections. The company is now amp 34 well positioned amp 34 for growth, says chair of PIL.....
Shipping Watch
Published 3y-7mo-3w-3d-5h-50m ago
After turning a record profit last year, Danish logistics company Blue Water Shipping expects a significantly lower profit in 2021. Growth must come from multiple smaller high value contracts going forward, says CEO Søren Nørgaard Thomsen in an interview with ShippingWatch.....
Shipping Watch
Published 3y-7mo-3w-3d-6h-41m ago
Ørsted has announced plans to develop a huge hydrogen production plant in the Netherlands by 2030. The plant will supply the area with the alternative fuel, which is predicted to play an important role in the green transformation of the shipping sector.....
Shipping Watch
Published 3y-7mo-3w-3d-7h-36m ago
OK Lim, the founder of scandal ridden Hin Leong group in Singapore, can now be met with a further 23 charges of forgery. The charges are expected to be processed in April, writes media.....
Shipping Watch
Published 3y-7mo-3w-3d-8h-28m ago
In the wake of the Suez crisis, Maersk is temporarily shutting down short term bookings and Spot bookings in a large number of key areas, including all exports from Asia and Europe, due to an expected dip in capacity.....
Shipping Watch
Published 3y-7mo-3w-3d-9h-49m ago
Customers of container carriers have urged the European Commission to take action against liner companies amp 39 high rates and poor service. After yet another unsuccessful meeting with the EU competition authorities, shippers are now proposing a new arrangement to ensure amp 34 ethical cooperat....
Shipping Watch
Published 3y-7mo-3w-4d-3h-13m ago
The build up of ships waiting at the just reopened Suez Canal could trigger a capacity plunge of up to 30 percent in the comings weeks, says Maersk. Container lines and analysts project weeks and months of turmoil in the container sector.....
Shipping Watch
Published 3y-7mo-3w-4d-3h-19m ago
Shipowner Celsius Shipping buys two new MR tankers currently under construction in China, confirms Chairman Jeppe Jensen to ShippingWatch. The ships are expected delivered this summer.....
Shipping Watch
Published 3y-7mo-3w-4d-4h-16m ago
The challenges on the dry bulk market led to a deficit for Ultrabulk, contrary to expectations. The revenue also took a small blow, resulting in a amp 34 disappointing result amp 34 , according to the company’s CEO.....
Shipping Watch
Published 3y-7mo-3w-4d-4h-46m ago
Maersk is expanding its senior management team and welcoming Chief Technology amp Information Officer Navneet Kapoor to the group’s Executive Board, a clear sign of the increased significance of technology for the company going forward, states Maersk CEO Søren Skou.....
Shipping Watch
Published 3y-7mo-3w-4d-6h-14m ago
Lauritzen Foundation, owner of J. Lauritzen and 43 percent of DFDS, lost DKK 574 million last year due to significant write downs of the fleet. The foundation amp 39 s CEO Tommy Thomsen is hopeful for the future after a difficult 2020, he tells ShippingWatch.....
Shipping Watch
Published 3y-7mo-3w-4d-6h-38m ago
Irish Ferries, the largest ferry operator between the UK and Ireland, is expanding with an English Channel route between Dover and Calais. For the first time since 2015, DFDS and P amp O Ferries will have a new competitor on this stretch.....
Shipping Watch
Published 3y-7mo-3w-4d-7h-20m ago
Alderman for the pilots on the Elbe in Germany calls for stricter safety requirements in the heavily trafficked port of Hamburg after the dramatic grounding in the Suez Canal. Politicians support the call.....
Shipping Watch
Published 3y-7mo-3w-4d-7h-21m ago
Norwegian shipping lawyers Simonsen Vogt Wiig describes the blockage of the Suez Canal as a unique event and expects amp 34 huge claims amp 34 for compensation. ShippingWatch has interviewed lawyer Torgeir Willumsen about the legal aftermath.....
Shipping Watch
Published 3y-7mo-3w-4d-8h-36m ago
Once the queues of more than 360 ships in the Suez Canal are dissolved, the container market will be hit by repercussions for 2 3 months, estimates a shipping analyst, who predicts a tug of war between carriers and shippers on rate surcharges due to increased costs.....
Shipping Watch
Published 3y-7mo-3w-5d-2h-53m ago
The New York Shipping Exchange, a digital exchange for entering binding contracts, has grown by 200 percent during 2020. Among other things, the many uncertainties of the past year have generated interest in easy, reliable and secure contracts, the company states.....
Shipping Watch
Published 3y-7mo-3w-5d-3h-25m ago
Ship operator Eagle Bulk plans to continue expanding and renewing its fleet, CEO Gary Vogel tells ShippingWatch following the acquisition of a number of ships. A record low order book, caused by environmental regulations and the prospects of a prolonged upward cycle, makes the CEO optimistic.....
Shipping Watch
Published 3y-7mo-3w-5d-5h-17m ago
The Denmark based USTC Group buys another company as part of the group amp 39 s digitization work. The acquisition is taking place shortly after the USTC Group took over the majority of trading company CM Biomass.....
Shipping Watch
Published 3y-7mo-3w-5d-5h-23m ago
After a dreadful start to 2021, the product tanker market is now bottoming out, if you ask Paolo d amp 39 Amico, Executive Chairman of the Italien d amp 39 Amico Group. Two aspects will be vital for the recovery of the struggling market, he tells ShippingWatch.....
Shipping Watch
Published 3y-7mo-3w-5d-6h-12m ago
Maersk estimates that the clean up of the Suez Canal will take at least six days, the shipping company tells ShippingWatch. The current situation will likely have far reaching consequences for container traffic.....
Shipping Watch
Published 3y-7mo-3w-5d-6h-56m ago
The container ship Ever Given has now been refloated, and work will resume at noon, at which point the ship amp 39 s direction is expected to be fully restored, says the Suez Canal Authority.....
Shipping Watch
Published 3y-7mo-3w-5d-7h-54m ago
According to Lauritzen Bulkers, the dry bulk market is in great shape with high demand and high rates. Everyone is making money in this market, says CEO of Lauritzen Bulkers to ShippingWatch. The Danish shipping company has gained customers from the pressured container market.....
Shipping Watch
Published 3y-7mo-3w-5d-8h-43m ago
The container ship Ever Given that is blocking the Suez Canal has now been partially refloated and is 80 percent readjusted, confirms the Suez Canal Authority. The ship has been blocking the vital tradelane since Tuesday.....
Shipping Watch
Published 3y-7mo-3w-5d-10h-6m ago
Monday morning local time, Evergreen amp 39 s Ever Given was partially or entirely freed according to media like Reuters and Bloomberg. However, the Suez Canal Authorities have not confirmed the information so far.....
Shipping Watch
Published 3y-7mo-3w-5d-11h-22m ago
After a weekend of continued attempts to refloat Ever Given, the Suez Canal Authority considers introducing new meassures named Plan C which involves the complex offloading of containers, writes media Egypt Today.....
Shipping Watch
Published 3y-7mo-3w-6d-14m ago
Liner carrriers, among them MSC and Maersk, are re routing a large number of vessels south of Africa. Still, MSC now describes the Suez Canal blokage as a major disruption that will impact second quarter 2021 heavily.....
Shipping Watch
Published 3y-7mo-3w-6d-23h-36m ago
The Mærsk family amp 39 s holding company boosts its profits in 2020, during which the container market in particular helped raise the bottom line despite the global outbreak of the coronavirus. The holding company expects to land an even better result this year.....
Shipping Watch
Published 3y-7mo-4w-1d-2h-22m ago
The Suez Canal remains blocked in both directions for the fourth consecutive day, now causing both oil prices and tanker rates to skyrocket. Production and demand could be affected if ships are forced to find alternative and longer routes, writes Reuters.....
Shipping Watch
Published 3y-7mo-4w-1d-2h-54m ago
The British group will now focus its oil business on the UK and Denmark. PGNIG takes over all the company amp 39 s Norwegian assets for a price of USD 615 million. Wood Mackenzie describes the deal as a amp 34 good exit amp 34 for Ineos.....
Shipping Watch
Published 3y-7mo-4w-1d-3h-16m ago
Authorities are now relying on the tide to refloat grounded Ever Given in the Suez Canal. If unsuccessful, it may take another 14 days, as that is when the high tide returns, according to an assessment. More than 200 ships are so far queued up. Friday, another attempt to refloat the vessel failed, s....
Shipping Watch
Published 3y-7mo-4w-1d-3h-45m ago
In retrospect, Maersk Supply Service and its CEO would have done many things differently before the spectacular shipwreck in 2016. The carrier has now been fined by Danish police, and the CEO takes full responsibility for similar events not happening again, he tells ShippingWatch.....
Shipping Watch
Published 3y-7mo-4w-1d-6h-35m ago
J. Lauritzen exits 2020 with a considerably lower deficit and the company, which now only consist of dry bulk following the sale of its gas business, expects to book its first profit in more than ten years in 2021, although the year is subject to more uncertainty that usual.....
Shipping Watch
Published 3y-7mo-4w-1d-7h-46m ago
South Korea amp 39 s HMM confirms to ShippingWatch that the container line has redirected a ship south of Africa to circumvent the Suez Canal, where a grounded container ship continues to block all passage. amp 34 A few vessels amp 34 have so far done the same, says shipping analyst.....
Shipping Watch
Published 3y-7mo-4w-1d-7h-55m ago
The market for buying and selling secondhand dry bulk vessels may break a record in 2021. In total, close to 300 dry bulk vessels have changed hands so far this year, writes Bimco in an update.....
Shipping Watch
Published 3y-7mo-4w-1d-8h-24m ago
Klaus Nyborg, chair of Norden, acknowledges that the company amp 39 s instructions to keep fake logbooks for trips to Israel were inappropriate. Dominant shareholder Motortramp will not comment on the matter to ShippingWatch.....
Shipping Watch
Published 3y-7mo-4w-1d-9h-43m ago
The hard pressed drilling sector is now seeing the first signs of a consolidation that has been long called for among drilling companies, several of which have had to seek bankruptcy protection under Chapter 11. Drilling companies Noble and Pacific Drilling have now agreed to merge.....
Shipping Watch
Published 3y-7mo-4w-2d-2h-33m ago
After a multiple year investigation, Danish police has now reached a decision in the case pertaining to two supply vessels that sank off the coast of France in December 2016. Maersk Supply Service is fined USD 24,000.....
Shipping Watch
Published 3y-7mo-4w-2d-3h-17m ago
Strained shipping company Floatel, leaser of accommodation rigs to the offshore industry, lands a restructuring agreement, which helps reduce debt by USD 610 million. Last year, a merger with competitor Prosafe was called off.....
Shipping Watch
Published 3y-7mo-4w-2d-3h-34m ago
Wilhelmsen shifts focus from the oil and gas segment to activities that, among other things, can help reduce CO2 emissions in the maritime industry. To promote these efforts, the company plans to invest USD 500 million in new businesses.....
Shipping Watch
Published 3y-7mo-4w-2d-3h-51m ago
Maersk is now looking at alternative routes and contemplates air solutions for particularly time sensitive cargoes. Egypt authorities continue the attempt to refloat grounded Ever Given in the Suez Canal, which is blocking all passage. Meanwhile, a salvage company tells Dutch media that the operatio....
Shipping Watch
Published 3y-7mo-4w-2d-4h-38m ago
The continued high freight rates in the container market now lead Jefferies to heighten expectations for Maersk amp 39 s 2021 earnings. The investment bank predicts a full year operating result of USD 14.47 billion.....
Shipping Watch
Published 3y-7mo-4w-2d-6h-22m ago
Danish logistics company Blue Water Shipping reports another record high profit in 2020, despite a declining top line. The profit is expected to drop amp 34 to around half amp 34 in 2021, during which important contracts in Kazakhstan expire.....
Shipping Watch
Published 3y-7mo-4w-2d-7h-15m ago
Tugboats and most recently two dredgers are being put to use on the third day of trying to free the colossal Evergreen container ship blocking the busy Suez Canal that connects Asia and Europe. Around 150 ships are currently affected by the blockage.....
Shipping Watch
Published 3y-7mo-4w-2d-8h-58m ago
In the wake of ShippingWatch amp 39 s exposure of Norden amp 39 s fake logbooks, the Danish Maritime Authority now investigates the matter. Violations of the Maritime Act may result in fines.....
Shipping Watch
Published 3y-8mo-1h-54m ago
Container majors such as ONE, Maersk, MSC and CMA CGM all have vessels currently located in the gridlocked Suez Canal. The incident has amp 34 started to have some impact, amp 34 ONE tells ShippingWatch, while Maersk has four ships amp 34 stuck amp 34 in the canal. Analyst Lars Jensen says t....
Shipping Watch
Published 3y-8mo-2h-31m ago
Tanker carrier Hafnia lands a new large loan, which is tied to the company reaching a number of climate goals. The loan has been entered with a syndicate of ten banks and is the first green loan for Hafnia.....
Shipping Watch
Published 3y-8mo-3h-7m ago
After four discoveries in an otherwise mature area, oil company Equinor amp 39 s senior vice president of exploration in Norway, Nick Ashton, considers a amp 34 revitalization amp 34 of the area.....
Shipping Watch
Published 3y-8mo-3h-24m ago
The period between late last year and into the new year has seen a massive increase in orders for large ships in the container industry, writes Alphaliner. High freight rates and strong earnings have led to more newbuild orders.....
Shipping Watch
Published 3y-8mo-6h-23m ago
Tanker company Nordic Shipholding lost its entire equity during a tough 2020, announced the shipping company Tuesday. The company has long worked to settle a rescue plan, in which the hope is to land a merger in 2021.....
Shipping Watch
Published 3y-8mo-7h-6m ago
Maersk Container Industry is not amp 34 in as close of a synergy amp 34 as the other parts of Maersks three business areas, said chair Jim Hageman Snabe Tuesday. MCI was recently rumored to be a possible target of sale.....
Shipping Watch
Published 3y-8mo-8h-12m ago
Transport group DHL is dialing up green ambitions by joining a climate initiative and spending up to EUR 7 billion on amp 34 climate neutral logistics amp 34 ahead to 2030. Management amp 39 s pay will also be tied to the targets.....
Shipping Watch
Published 3y-8mo-9h-5m ago
One of the world amp 39 s biggest container vessels ran aground in the Suez Canal Tuesday, where it is currently blocking at least 100 vessels from passing through. amp 34 It could take a while, amp 34 assesses transit agent for vessels in the Suez Canal in a comment to ShippingWatch.....
Shipping Watch
Published 3y-8mo-9h-56m ago
A.P. Møller Maersk has basically built a amp 34 stronger base business, amp 34 says shareholder ATP. However, this does not prevent the Danish pension major from criticizing Chairman of the Board, Jim Hagemann Snabe amp 39 s, pay level, said the shareholder during Maersk amp 39 s annual gener....
Shipping Watch
Published 3y-8mo-1d-2h ago
Maersk has reviewed its list of top 10 risks that the company must deal with in the medium term. Integrating large logistics acquisitions and decarbonization both figure on that list, which makes sense, argues analyst.....
Shipping Watch
Published 3y-8mo-1d-2h-20m ago
The UK is considering the possibility of including the shipping industry in its new quota system in efforts to eliminate transport pollution by 2050, writes Bloomberg.....
Shipping Watch
Published 3y-8mo-1d-3h-2m ago
Efficient carriers will be punished if the IMO insists on measuring a ship amp 39 s carbon intensity based on a the ship amp 39 s maximum, potential cargo load and not the actual load transported, CEO of Norwegian Klaveness Combination Carriers tells ShippingWatch.....
Shipping Watch
Published 3y-8mo-1d-3h-51m ago
Unifeeder amp 39 s acquisitions of a series of Indian and Dubai based companies were originally scheduled to be settled before the end of 2020, but the pandemic delayed those processes. amp 34 We must be nearing the finish line, amp 34 CEO Jesper Kristensen tells ShippingWatch, while he says ru....
Shipping Watch
Published 3y-8mo-1d-5h-6m ago
German container line Hapag Lloyd is now awarded with a higher rating from credit rating agency S amp P. Both Maersk and CMA CGM have also recently been awarded better ratings by major credit rating institutes.....
Shipping Watch
Published 3y-8mo-1d-5h-49m ago
Shipping company Norden now expects a significantly better result for 2021 than previously announced. In particular, business unit Dry Operator is expected to benefit from a stronger dry bulk market, writes the company Tuesday.....
Shipping Watch
Published 3y-8mo-1d-8h ago
Barely two weeks after drilling company Seadrill was ordered to improve safety, another accident has occurred on one of the company amp 39 s drilling rigs, writes Energi24. amp 34 It is not good at all, amp 34 says Norway amp 39 s supervisory authority.....
Shipping Watch
Published 3y-8mo-1d-9h-48m ago
Instructions to Norden amp 39 s captains to veil trips to Israel were described in minute detail in a manual sent by the tanker company in Denmark upon entering the Mediterranean. Even waste bags were not allowed to reveal the destination. Read the entire manual here.....
Shipping Watch
Published 3y-8mo-2d-1h-57m ago
The prospect of a period with record high freight rates has prompted several of Maersk amp 39 s large customers to sign evergreen contracts, albeit with an adjustment mechanism, states the shipping company.....
Shipping Watch
Published 3y-8mo-2d-3h-3m ago
In January, Robert Uggla took over a large independent ownership stake in the family treasure Maersk Tankers. Now he has once more been awarded a sizeable stake in a company that the Mærsk family has yet to reveal information about.....
Shipping Watch
Published 3y-8mo-2d-4h-16m ago
State owned Qatar Petroleum invites shipowners to bid on long term charter contracts for more than 100 LNG ships, which the company will use to sail liquefied petroleum gas in coming years.....
Shipping Watch
Published 3y-8mo-2d-6h-32m ago
For years, tanker company Norden has instructed captains to write fake logbooks and paint over ship names in order to keep trips to Israel a secret. The activities were amp 34 wrong and unacceptable amp 34 , the company states.....
Shipping Watch
Published 3y-8mo-2d-7h-33m ago
Oil giant Saudi Aramco is regarded as the world amp 39 s most profitable company, and despite its new annual report showing almost halved earnings, the outfit keeps its title.....
Shipping Watch
Published 3y-8mo-2d-8h-23m ago
Oil company Equinor is working to reduce its maritime carbon footprint. The company has made agreements to charter a total of 40 tankers, which the company sees as more energy efficient. The company will also investigate alternative fuels, according to the company amp 39 s sustainability report.....
Shipping Watch
Published 3y-8mo-5d-2h-13m ago
In just one year, the number of scrubbers installed on board the global fleet has almost doubled. According to Bimco, investors and carriers are more likely to order ships with a scrubber preinstalled now than previously.....
Shipping Watch
Published 3y-8mo-5d-2h-35m ago
Increased activity for drilling rigs deployed in the Norwegian part of the North Sea has led to rising demand and higher rates on the so called anchor handling tug supply vessels, reports Finansavisen.....
Shipping Watch
Published 3y-8mo-5d-3h-11m ago
The Danish frigate, which is to be deployed in the Gulf of Guinea to fight piracy, will have the mandate needed to arrest pirates and seize weapons, the Ministry of Defense informs ShippingWatch. Prosecuting the pirates, however, is more problematic, assesses maritime researcher.....
Shipping Watch
Published 3y-8mo-5d-3h-25m ago
Emanuele Grimaldi, CEO of Grimaldi Group and Vice President of ICS, still sees scrubbers as the best solution to protect the world amp 39 s oceans from maritime pollution. amp 34 Fuel prices do not change anything, amp 34 the Italian shipowner tells ShippingWatch.....
Shipping Watch
Published 3y-8mo-5d-3h-37m ago
Investment company Marine Capital drops LNG and plans to phase out all conventional vessels to instead go for offshore wind. Green aspects are crucial in capturing the attention of investors, explains CEO Tony Foster in an interview with ShippingWatch.....
Shipping Watch
Published 3y-8mo-5d-5h-28m ago
Gas carrier Navigator Holdings, which holds the world amp 39 s biggest fleet of handysizes, booked its third consecutive quarterly profit in the fourth quarter, and yet the company amp 39 s full year result ended in a deficit of USD 0.4 million. BW Group bought a 39 percent stake in the carrier in....
Shipping Watch
Published 3y-8mo-5d-7h-41m ago
Oil subsidiary under Bunker Holding is no longer in contract with the Danish Armed Forces to supply fuel. The parties thus part ways before the case against the bunker group commences. Updated.....
Shipping Watch
Published 3y-8mo-5d-8h-28m ago
Celsius Shipping has sold four vessels in the first months of the year, according to Vessels Value. This month, a container vessel was sold for more than twice its acquisition price, reveal data from the vessel database.....
Shipping Watch
Published 3y-8mo-5d-10h-7m ago
Port company DP World also felt the effects of the coronavirus pandemic, which caused volumes to drop at the company amp 39 s terminals in 2020. The top line, however, increased nearly USD 1 billion.....
Shipping Watch
Published 3y-8mo-6d-1h-56m ago
Why have two of the world amp 39 s biggest container lines, ONE and Hapag Lloyd, yet to join Tradelens more than one and a half year after they first announced their participation The process has been delayed, says ONE, which continues to negotiate with the Maersk platform.....
Shipping Watch
Published 3y-8mo-6d-2h-15m ago
Niledutch was likely the only opportunity available in the container market, says Hapag Lloyd CEO Rolf Habben Jansen after acquiring the Dutch shipping company. amp 34 We have been very lucky, amp 34 he says.....
Shipping Watch
Published 3y-8mo-6d-3h-20m ago
Italy amp 39 s Grimaldi Group, which owns companies such as ferry operator Finnlines, says that there is still a long way to go before future fuels such as ammonia and hydrogen make sense. Emanuele Grimaldi does, however, have one clear favorite, if he has to choose, he says in an interview with Sh....
Shipping Watch
Published 3y-8mo-6d-4h-35m ago
Tech company Portchain enters an agreement with Russian port company Global Ports, of which Maersk owns a third. The port company plans to install Portchain amp 39 s system at two of its container terminals.....
Shipping Watch
Published 3y-8mo-6d-5h-2m ago
Denmark amp 39 s Minister of Defense receives support from both the German Shipowners amp 39 Association, VDR, and ECSA for the decision to deploy a frigate in the pirate plagued Gulf of Guinea off West Africa. They call on the EU and its member states to support the action. Updated.....
Shipping Watch
Published 3y-8mo-6d-7h-30m ago
Norway amp 39 s Maritime amp Merchant Bank expects to increase lending to shipping companies in 2021, a year in which global economic growth is expected to play a role. Last year, the bank saw its result and lending decrease.....
Shipping Watch
Published 3y-8mo-6d-7h-30m ago
Hapag Lloyd is doing so well that the German container line now expects the 2021 operating income to amp 34 clearly surpass amp 34 last year amp 39 s result. This is, however, conditioned on volumes continuing to grow and average freight rates staying higher than in 2020.....
Shipping Watch
Published 3y-8mo-6d-9h-24m ago
The International Maritime Organization IMO expresses concern about how long seafarers have been aboard dry bulkers off China loaded with Australian coal. amp 34 We have been in contact with the Chinese government about the situation, amp 34 says IMO in a statement.....
Shipping Watch
Published 3y-8mo-6d-10h-9m ago
Germany amp 39 s Hapag Lloyd buys Dutch container line NileDutch, which specializes in container shipping to and from West Africa. NileDutch has a fleet capacity of around 80,000 teu and 16 offices globally.....
Shipping Watch
Published 3y-8mo-6d-22h-34m ago
The 15 crew members kidnapped from a chemical tanker during a pirate attack on March 11 have shown signs of life, a spokesman for De Poli Shipmanagement told ShippingWatch. Work is being done to release the seafarers.....
Shipping Watch
Published 3y-8mo-1w-1h-56m ago
Following a new joint venture with US based logistics and shipping company Crowley, Esvagt is ready to enter the competition for contracts in the US offshore wind industry. The Danish shipping company is already working on an offer for oil giant Equinor, reveals CEO Peter Lytzen.....
Shipping Watch
Published 3y-8mo-1w-3h ago
Offshore carrier Solstad Offshore parts ways with two ships, delivered to their new owner on Wednesday. The company is currently undergoing a restructuring that entails the divestment of 37 ships.....
Shipping Watch
Published 3y-8mo-1w-3h-34m ago
Another Japanese lender decides to join the Poseidon Principles, which works for more sustainable loans in the shipping industry. A total of five Japanese finance firms now support the initiative, while there are no Chinese names on the list yet.....
Shipping Watch
Published 3y-8mo-1w-3h-55m ago
Maersk is betting on the wrong horse by choosing to use methanol to propel its new carbon neutral vessel, says NGO Transport amp Environment. According to their criticism, the fuel is neither green nor sustainable. amp 34 We evaluate all projects and future partners based on life cycle analyses,....
Shipping Watch
Published 3y-8mo-1w-4h-14m ago
Blockchain venture GSBN, which is considered a direct competitor to Maersk amp 39 s platform Tradelens, now goes live with support from many large shipping companies. One of them is Hapag Lloyd, which has otherwise previously announced it would join Tradelens. The German carrier believes in a amp ....
Shipping Watch
Published 3y-8mo-1w-4h-38m ago
Compared to the financial crisis, container carriers are making it through the coronavirus pandemic with better outcomes, partly because consumers have increased trade in goods, assesses analyst firm Alphaliner.....
Shipping Watch
Published 3y-8mo-1w-6h-44m ago
The number of projects working on solutions for CO2 neutral shipping has doubled in Asia over the past six months, shows new report from the Getting to Zero Coalition, comprising 140 member companies. The half year report reveals three trends.....
Shipping Watch
Published 3y-8mo-1w-8h ago
Container makers are scrambling to meet a surge in demand for the metal boxes that transport close to 90 percent of the world amp 39 s goods around the globe. A trade boom in the container market has thrown close to 25 million boxes off their normal routes.....
Shipping Watch
Published 3y-8mo-1w-9h-11m ago
Denmark is deploying a frigate to the Gulf of Guinea to combat piracy in the area, where three merchant vessels have come under attack in recent months, Minister of Defense Trine Bramsen announced Tuesday. Launching a mission will make a huge difference, says Danish Shipping.....
Shipping Watch
Published 3y-8mo-1w-9h-58m ago
With Sean Fitzgerald at the helm, Maersk Container Industry has closed two factories, more than halved its staff and phased out dry containers. The CEO now reports of a full factory for the coming months and a strong reefer market in an interview with ShippingWatch. The company was recently rumored ....
Shipping Watch
Published 3y-8mo-1w-1d-2h-11m ago
Total demand for marine fuel declined in 2020, but three bunker hubs report of higher sales in the fourth quarter and for 2020 as a whole, reveals a survey conducted by Ship amp Bunker.....
Shipping Watch
Published 3y-8mo-1w-1d-3h-24m ago
Twice in 2020, Lauritzen Foundation had to inject fresh capital into its shipping business. First to J. Lauritzen, and later just to support the dry bulk business, confirms the foundation amp 39 s CEO Tommy Thomsen. In total, the owner has injected more than a quarter billion dollars in the past fi....
Shipping Watch
Published 3y-8mo-1w-1d-6h-17m ago
Tanker company Ardmore and two partners will establish a joint venture to supply hydrogen to the maritime sector. As part of the agreement, Ardmore will receive USD 40 million from one of the partners.....
Shipping Watch
Published 3y-8mo-1w-1d-6h-51m ago
The start of 2021 saw a lull in the scrapping of tankers despite record low earnings for ships and the highest scrap prices in almost two years. Only six tankers have left the market since New Year, writes Simpson Spence Young.....
Shipping Watch
Published 3y-8mo-1w-1d-7h-54m ago
Panama is now asking the Secretary General of the IMO to step in and help the many seafarers stranded on up to 74 ships in Chinese waters. The ships have been at anchor for months outside the country amp 39 s ports loaded with Australian coal, which China has blocked.....
Shipping Watch
Published 3y-8mo-1w-1d-9h-3m ago
Sovcomflot amp 39 s tanker business plunged in the fourth quarter, but overall the company came out of the year with growth in TCE revenue and an increase in net profit of 18 percent to USD 267 million. Tanker makes up half of the business.....
Shipping Watch
Published 3y-8mo-1w-1d-9h-50m ago
Dee4 Capital Partners, led by former Norden and BW Group CEO Carsten Mortensen, has ordered three product tankers from a South Korean shipyard with a new joint venture partner. In total, the order amounts to USD 175 million.....
Shipping Watch
Published 3y-8mo-1w-2d-2h-6m ago
Supertanker spot rates have, rather unusually, turned negative, and Euronav expects more ships to be taken out of the market, the carrier informs ShippingWatch. Recovery on the heels of Covid 19 has yet to materialize.....
Shipping Watch
Published 3y-8mo-1w-2d-2h-37m ago
The number of container ships queuing off ports on the US West Coast has been reduced in recent weeks, writes Bloomberg. However, a double digit number of vessels still await berthing space to unload cargo.....
Shipping Watch
Published 3y-8mo-1w-2d-3h-7m ago
Ceva Logistics, CMA CGM amp 39 s logistics business, will not reach its target of black numbers on the bottom line in 2020. The year of the coronavirus pandemic brought a loss of more than USD 100 million, far below the target set out by the management.....
Shipping Watch
Published 3y-8mo-1w-2d-3h-32m ago
Container lines amp 39 ability to redirect equipment such as containers will continue to be under pressure in the months to come, estimates Sea Intelligence. The Covid 19 crisis has triggered a large imbalance between import and export volumes.....
Shipping Watch
Published 3y-8mo-1w-2d-4h-35m ago
Last week, an Iranian container ship was attacked and damaged while passing through the Mediterranean Sea. According to an Iranian investigator, it is likely that Israel was behind the attack, writes Reuters on the basis of Iranian media.....
Shipping Watch
Published 3y-8mo-1w-2d-7h-58m ago
Product tanker carrier d amp 39 Amico International Shipping turned a deficit into a profit in 2020 despite a dip in the second half of the year. The company is optimistic about the years to come due to a historically low orderbook and expectation of increased scrapping.....
Shipping Watch
Published 3y-8mo-1w-2d-10h-8m ago
French container line CMA CGM exited the fourth quarter of 2020 with a USD 1 billion net profit, shows annual report. Strong container market is expected to continue into the first part of 2021, says CEO Rodolphe Saadé. The carrier expects to own 32 LNG powered vessels before the end of 2022.....
Shipping Watch
Published 3y-8mo-1w-4d-22h-41m ago
Financially reborn Noble Corp. sold off five cold stacked drilling rigs in the fourth quarter 2021 and had to book an asset impairment totaling USD 4 billion as a result, reveals the company amp 39 s 2020 report. But the orderbook goes up.....
Shipping Watch
Published 3y-8mo-1w-5d-1h-54m ago
Denmark amp 39 s Minister of Defense, Trine Bramsen, has asked the Danish Defense to deploy a vessel to the Gulf of Guinea off West Africa to combat piracy. Thursday, 15 seafarers were kidnapped from a Dutch operated tanker.....
Shipping Watch
Published 3y-8mo-1w-5d-2h-19m ago
When the crew change crisis peaked, more than half of Dorian amp 39 s seafarers had been at sea longer than their contracts allowed. CEO John Hadjipateras now hopes seafarers can be granted priority when vaccines are rolled out, and Dorian has also tried to secure vaccines for employees on its own.....
Shipping Watch
Published 3y-8mo-1w-5d-3h-15m ago
Revenue and earnings declined for supply company Viking Life Saving Equipment last year, which has laid off 300 employees after an amp 34 organizational adjustment, amp 34 the company confirms to ShippingWatch. That figure equates to almost one in ten employees being laid off.....
Shipping Watch
Published 3y-8mo-1w-5d-3h-15m ago
15 crew members aboard chemical tanker Davide B, managed by De Poli Shipmanagement, have been kidnapped by pirates in the Gulf of Guinea off the west coast of Africa, the company informs ShippingWatch.....
Shipping Watch
Published 3y-8mo-1w-5d-6h-1m ago
A tough 2020 hit the Air and Ocean division at logistics company NTG the hardest. The business leg shrunk in size and some entities have scaled or shut down. Meanwhile, the overall business grew on the bottom line and the 2021 guidance predicts improvement.....
Shipping Watch
Published 3y-8mo-1w-5d-6h-29m ago
New major gas carrier BW Epic Kosan, the result of a merger between Lauritzen Kosan and Epic Gas, has finally fallen into place and been approved by relevant authorities. BW Group amp 39 s strongman Andreas Sohmen Pao will chair the board.....
Shipping Watch
Published 3y-8mo-1w-5d-8h-36m ago
After acquiring Ideol, BW Offshore targets a listing in Oslo for its new floating wind company. The target is to have 10 GW operational floating offshore wind by 2030 at the latest.....
Shipping Watch
Published 3y-8mo-1w-6d-2h ago
Commodity trader Glencore prepares for major changes at the top of the organization after the company amp 39 s board chair has announced that he will step down at next year amp 39 s general assembly.....
Shipping Watch
Published 3y-8mo-1w-6d-2h-25m ago
The red hot container market needs more new vessels if the market growth of approximately 3 percent a year is to be handled. The orderbook for new vessels is far too low, says Hapag Lloyd amp 39 s chief executive. Analyst agrees. But Maersk will not order newbuilds.....
Shipping Watch
Published 3y-8mo-1w-6d-2h-29m ago
Tanker shipping company Hafnia aims to reach IMO amp 39 s target of a 40 percent reduction in carbon intensity by 2028, which would be two years ahead of IMO amp 39 s deadline. We are making several adjustments at once, says Hafnia chief executive Mikael Skov.....
Shipping Watch
Published 3y-8mo-1w-6d-2h-40m ago
Alfa Laval has joined forces with several partners in efforts to make a regular marine engine operate on methanol rather than diesel without any adjustments. If successful, it could be a vital shortcut to carbon neutral shipping.....
Shipping Watch
Published 3y-8mo-1w-6d-5h-7m ago
Large Norwegian offshore company Solstad Offshore has begun a major process to clean up its fleet, which will see 37 vessels being divested. Three have already been sold and more sales are expected soon, CEO Lars Peder Solstad tells ShippingWatch.....
Shipping Watch
Published 3y-8mo-1w-6d-5h-57m ago
Singapore amp 39 s High Court has approved the liquidation of commodity trader Hin Leong, reports Reuters. Court appointed administrators requested permission to wind up the company in February.....
Shipping Watch
Published 3y-8mo-1w-6d-6h-59m ago
The Nordic financial group is tightening demands on fossil energy investments for 140 affiliated funds in connection with the EU amp 39 s financial disclosure regulations on sustainability entering force.....
Shipping Watch
Published 3y-8mo-1w-6d-8h-27m ago
Following its failed attempt to acquire Ardmore Shipping last year, Hafnia CEO Mikael Skov now calls for more consolidation in product tanker. Large investments in climate and digital solutions make it difficult for smaller players to keep pace, he tells ShippingWatch.....
Shipping Watch
Published 3y-8mo-2w-2h ago
A series of shipping organizations and maritime nations, such as Greece and Japan, want to see a research fund of USD 5 billion approved in November this year. The research fund will work towards the launch of zero emission ships by 2030, a crucial step in meeting climate goals for shipping.....
Shipping Watch
Published 3y-8mo-2w-3h-59m ago
A ship that has waited 269 days off China with a cargo of Australian coal has now been permitted to unload its cargo. The permission was given out of concern for the stranded seafarers and does not indicate an easing of China amp 39 s ban on Australian coal.....
Shipping Watch
Published 3y-8mo-2w-4h-55m ago
The restructuring of crisis stricken rig company Seadrill will be amp 34 more brutal amp 34 than the last one, which took place just a few years ago, estimates Gunnar Eliassen, John Fredriksen amp 39 s board representative since 2019.....
Shipping Watch
Published 3y-8mo-2w-6h-41m ago
Offshore wind carrier Cadeler, formerly Swire Blue Ocean, lands a major contract with Siemens Gamesa to transport and install offshore wind turbines. The contract is termed the largest in Cadeler amp 39 s history.....
Shipping Watch
Published 3y-8mo-2w-7h-18m ago
Industrial players are joining forces to investigate ammonia in more detail as a fuel for ships in Singapore. Maersk and Singapore shipyard Keppel Offshore amp Marine are among the participating companies behind the study.....
Shipping Watch
Published 3y-8mo-2w-8h-19m ago
The European competition authorities still await important information about South Korean merger of large shipyards DSME and Hyundai Heavy Industries. The process has been on hiatus since last summer, spokesperson confirms to ShippingWatch.....
Shipping Watch
Published 3y-8mo-2w-9h-10m ago
Within a single week, global shipping organization World Shipping Council expands the number of employees from 8 to 14. Among other things, to improve work efforts in climate solutions.....
Shipping Watch
Published 3y-8mo-2w-9h-28m ago
Eastern Pacific Shipping, owned by Israeli shipping magnate Idan Ofer, plans to use natural gas to propel its 34 dual fuel newbuilds. ShippingWatch interviews CEO Cyril Ducau about the company amp 39 s three main climate components.....
Shipping Watch
Published 3y-8mo-2w-1d-2h-25m ago
Shipping loans at Danske Bank and Nordea do not yet comply with the IMO amp 39 s climate targets, shows report. But new lending principles that allow banks to measure customers on climate factors have created amp 34 a good starting point amp 34 for further work, they tell ShippingWatch. Both ba....
Shipping Watch
Published 3y-8mo-2w-1d-3h-9m ago
Accommodation rig supplier Prosafe finds its feet after a year in which most activities came to a standstill in the wake of the coronavirus pandemic. The Norwegian rig company amp 39 s contract with Shell has finally commenced after almost a year of postponement.....
Shipping Watch
Published 3y-8mo-2w-1d-4h-18m ago
Eneti, formerly Scorpio Bulkers, lost more than USD 600 million in 2020, the year in which the company decided to make an exit from bulk to instead enter wind. The large deficit is mainly attributable to impairments on ships sold or put up for sale.....
Shipping Watch
Published 3y-8mo-2w-1d-5h-43m ago
A growing tanker fleet and lower rates created an imbalance in the tanker market in the second half of 2020, which is set to continue into the first half of 2021, predicts Maersk Product Tankers. 2020 brought a record result.....
Shipping Watch
Published 3y-8mo-2w-1d-6h-43m ago
If shipping is to comply with the Paris Accord, at least five percent of the fuel used in 2030 must be CO2 neutral, or in other words completely green, reveals a new analysis by Getting to Zero.....
Shipping Watch
Published 3y-8mo-2w-1d-7h-41m ago
Stena Bulk is working on a ship fueled by carbon free hydrogen that is capable of carrying both wet and dry cargoes as well as gas products. The ship amp 39 s modular cargo units can be dropped off outside of ports to avoid congestions. The ship may hit the water in 2030, but the price remains unkn....
Shipping Watch
Published 3y-8mo-2w-1d-9h-4m ago
DHL Global Forwarding, DHL amp 39 s logistics business, saw a drop in oceanic freight volumes in 2020. Overall, the company handled 10 percent fewer containers at sea in 2020. Meanwhile, both revenue and the operating profit grew in the period.....
Shipping Watch
Published 3y-8mo-2w-1d-9h-52m ago
Logistics majors DHL and DSV confirm that bottlenecks in the container market have now spread from the US to Asia. In Singapore, a amp 34 perfect storm amp 34 is causing longer waits and delays, says DSV to ShippingWatch.....
Shipping Watch
Published 3y-8mo-2w-2d-2h-16m ago
EU Competition Commissioner Margrethe Vestager now plans to scrutinize the extreme situation unfolding in the global container market together with the industry. The EU will subsequently amp 34 consider ways forward, amp 34 a spokesperson tells ShippingWatch.....
Shipping Watch
Published 3y-8mo-2w-2d-2h-41m ago
Shipowner Seaspan continues its shopping spree for tonnage with an order for another six newbuilds with a capacity of 15,000 teu each. Seaspan has thus ordered 31 new vessels since December as well as purchased several older vessels.....
Shipping Watch
Published 3y-8mo-2w-2d-2h-59m ago
Battery supplier Corvus Energy believes fuel cells could be the key to unlocking shipping amp 39 s green transition, and an unexpected phone call from Japan amp 39 s Toyota only fueled the company amp 39 s belief in the project further.....
Shipping Watch
Published 3y-8mo-2w-2d-3h-47m ago
Poor service paired with record rates. Container lines face criticism in a new quarterly review from the Global Shippers amp 39 Forum, which evaluates the container market on eight parameters. Analyst somewhat defends the carriers.....
Shipping Watch
Published 3y-8mo-2w-2d-6h-6m ago
Singapore amp 39 s maritime industry can expect investments of up to SGD 20 billion until 2024, which will generate new jobs in the sector, says the city state amp 39 s transport minister.....
Shipping Watch
Published 3y-8mo-2w-2d-7h-7m ago
Saudi Arabian oil saw its most serious attacks in 18 months when export terminal Ras Tanura came under missile and drone fire in an assault claimed by Houthi rebels, prompting a near 3 percent rise in Brent crude price.....
Shipping Watch
Published 3y-8mo-2w-2d-8h-8m ago
Tanker shipping company Hafnia reports a profit of USD 149 million in 2020 despite a red fourth quarter. Hafnia believes in recovery for the product tanker market, but not until the second half of the year.....
Shipping Watch
Published 3y-8mo-2w-2d-8h-39m ago
At Maersk Supply Service, only three percent of seafarers are female. The company wants to ensure that women never find themselves alone in a male dominated environment and will deploy women in pairs, head of crew management tells ShippingWatch.....
Shipping Watch
Published 3y-8mo-2w-5d-2h-5m ago
Europe amp 39 s biggest port now presents a list of 27 companies that have secured permission to operate bunker barges in the port. The licenses have been introduced as part of the efforts to get better control of the port amp 39 s bunker business.....
Shipping Watch
Published 3y-8mo-2w-5d-2h-44m ago
OSM Maritime has removed a managerial level after the company amp 39 s former CEO, Bjørn Sprotte, left to move to V.Group last year. The chain of command now goes straight to OSM amp 39 s parent company.....
Shipping Watch
Published 3y-8mo-2w-5d-5h-15m ago
With daily rates of USD 100,000 a few weeks ago, the LPG market was basically a money press, as BW LPG chief executive Anders Onarheim puts it in an interview with ShippingWatch. Today, rates would have a hard time going any lower, he says.....
Shipping Watch
Published 3y-8mo-2w-5d-5h-54m ago
Major bottlenecks throughout global logistics chains cause customers to enter contracts with liner companies that go beyond the usual 6 12 months. Danish retailer Coop is one example, writes media.....
Shipping Watch
Published 3y-8mo-2w-5d-7h-5m ago
For 2021, China has set a modest economic growth target of 6 percent, which signals more restrained monetary and fiscal policies this year, in contrast to other major nations still pumping in stimulus.....
Shipping Watch
Published 3y-8mo-2w-5d-8h-9m ago
Shipowner Seaspan continues to expand its fleet, this time acquiring eight new ships, all of which will be equipped with scrubbers. Since December, the shipowner has ordered 25 ships.....
Shipping Watch
Published 3y-8mo-2w-5d-9h-4m ago
A series of shipping companies including DFDS and Klaveness, as well as commodity trader Trafigura, call on the EU to bet on ammonia and hydrogen as the marine fuels of the future. LNG and biofuels emit too much CO2, they say.....
Shipping Watch
Published 3y-8mo-2w-6d-2h-7m ago
The current tanker market is catastrophically poor with unprecedented low rates in the otherwise attractive winter months, Norden CEO Jan Rindbo tells ShippingWatch. That is why he projects that Norden amp 39 s earnings will almost halve in 2021, compared to 2020 amp 39 s record result.....
Shipping Watch
Published 3y-8mo-2w-6d-2h-38m ago
Despite a strong second half year, Kuehne + Nagel amp 39 s container volumes declined overall in 2020. Sky high demand and container shortages have led the logistics company to focus on its amp 34 key customers amp 34 during the pandemic, says CEO Detlef Trefzger.....
Shipping Watch
Published 3y-8mo-2w-6d-3h-8m ago
Charterers are still not ready to pay carbon taxes, proclaims shipowner Grindrod Shipping Holdings. Customers flaunting their green credentials would still rather choose an old ship if it means they can save 50 cents, says CEO.....
Shipping Watch
Published 3y-8mo-2w-6d-4h-51m ago
The negotiations in OPEC+ about a potential increase in oil production could lead to a positive mood change in the tanker market, says CEO of Norway amp 39 s Frontline. Euronav amp 39 s CEO hopes for amp 34 dream scenario amp 34 with high scrapping of old tankers.....
Shipping Watch
Published 3y-8mo-2w-6d-6h-8m ago
Drilling company Seadrill started 2021 with a deficit four times the size of that in 2019. The strained company continues to be in talks about a comprehensive rescue plan and still awaits approval of its Chapter 11 petition.....
Shipping Watch
Published 3y-8mo-2w-6d-9h-10m ago
Norden expects to land a lower result for 2021 than the one booked for the recently finished year. The adjusted annual result is expected to land between USD 20 and 60 million, while that post came to USD 105.7 million in 2020.....
Shipping Watch
Published 3y-8mo-2w-6d-9h-11m ago
Valaris receives the court amp 39 s approval for its rescue plan. With comprehensive support from both bond holders and banks, the rescue plan means that the crisis stricken drilling company expects to leave Chapter 11 early in the second quarter.....
Shipping Watch
Published 3y-8mo-2w-6d-9h-27m ago
NGO Mediterranea Saving Humans is under investigation by the Italian police for its involvement in the disembarkation of the 27 migrants after 38 days on board Maersk Etienne. Maersk Tankers is aware of the investigation, but denies there has been a amp 34 commercial agreement amp 34 .....
Shipping Watch
Published 3y-8mo-3w-1h-59m ago
Container major Maersk has appointed a new head of future fuels. She has been found internally and will work under the group amp 39 s new decarbonization team to explore alternative fuels for the fleet.....
Shipping Watch
Published 3y-8mo-3w-2h-1m ago
If US ports were better equipped and worked like ports in Asia, the severe bottlenecks on the US West Coast might have eased off long ago. CEOs of two container majors strike back with a surprisingly clear quest to invest more and work longer hours.....
Shipping Watch
Published 3y-8mo-3w-2h-7m ago
Product tanker carrier Hafnia wants 40 percent of its organization to be female within three years. In order to retain and recruit women, wages have been raised for some women, Hafnia executive tells ShippingWatch.....
Shipping Watch
Published 3y-8mo-3w-3h-50m ago
The former Scorpio Bulkers is betting on US investors to raise capital for the rapidly growing wind market. Decade long experience in raising capital and contracting newbuilds could make the company a major player, states Managing Director David Morant.....
Shipping Watch
Published 3y-8mo-3w-4h-25m ago
Coating producer Hempel has had a challenging year on account of Covid 19, though its top line still improved. 2021 began with a new strategy and acquisition, which is the first step toward an ambitious goal to double its revenue.....
Shipping Watch
Published 3y-8mo-3w-5h-54m ago
A new joint venture is underway in heavy lift, where specialized shipping companies Jumbo and SAL Heavy Lift plan to collaborate on fleet operations and commercial activities.....
Shipping Watch
Published 3y-8mo-3w-7h-10m ago
Logistics company Kuehne + Nagel will pay more than CHF 1 billion for the acquisition of Apex International, reveals the company amp 39 s annual report, in which Kuehne + Nagel reports of a strong second half year. Overall, ocean bound container volumes dropped in 2020. Being updated.....
Shipping Watch
Published 3y-8mo-3w-10h-35m ago
A milder variant of the African swine fever, which is both more difficult to discover and control, has been found in China, reports Reuters. The outbreak could impact dry bulk and reefer carriers if the mutations spiral out of control.....
Shipping Watch
Published 3y-8mo-3w-1d-2h ago
The sale of Danish ferry company Molslinjen to equity fund EQT Infrastructure closed today, Tuesday, March 2. As part of the transition of ownership, the company elects a new board of directors, chaired by Niels Smedegaard.....
Shipping Watch
Published 3y-8mo-3w-1d-2h-16m ago
Akastor, part of Kjell Inge Røkke amp 39 s Aker group, joins US based Baker Hughes in establishing a joint venture to deliver global drilling solutions. Activities will be managed from both Norway and the US.....
Shipping Watch
Published 3y-8mo-3w-1d-2h-27m ago
René Kofod Olsen is V.Group amp 39 s fourth CEO in just three years. The many changes have been a distraction and have led to several wrong decisions, he tells ShippingWatch. The mandate from the owner is to future proof the company, and for this he is willing to make both selections and rejection....
Shipping Watch
Published 3y-8mo-3w-1d-3h-55m ago
Around one third of the ships controlled by Hin Leong founder O.K. Lim and his family have new owners, Reuters reports. The rest of the ships are expected to be sold by the end of the year.....
Shipping Watch
Published 3y-8mo-3w-1d-7h-32m ago
Only 46 percent of Maersk amp 39 s vessels arrive on time, which is a service level that Maersk, according to CCO Vincent Clerc, is amp 34 dismayed by amp 34 , even if the industry reliability average is only around one in three ships.....
Shipping Watch
Published 3y-8mo-3w-1d-8h-10m ago
The soaring rates in container transport could last until the spring of 2022, concludes Sea Intelligence, citing two historical trends. Rates to the US could increase by an additional 25 percent.....
Shipping Watch
Published 3y-8mo-3w-2d-2h-10m ago
Hurtigruten lost almost USD 200 million in 2020 even though the shipping company received large sums in compensation from the Norwegian government amp 39 s compensation schemes. Monday, the company secures a new large loan.....
Shipping Watch
Published 3y-8mo-3w-2d-2h-33m ago
Product tanker shipping company Torm amp 39 s chief executive does not see the shift from fossil fuels to green energy as a burning platform. In the long term, new business legs may arise.....
Shipping Watch
Published 3y-8mo-3w-2d-2h-34m ago
Fuel sales and earnings declined in 2020 at US based World Fuel Services. The company explains its decline with an economic slowdown on the heels of the pandemic as well as lower fuel prices.....
Shipping Watch
Published 3y-8mo-3w-2d-6h-39m ago
A car carrier was reportedly struck by an explosion in the Gulf of Oman Friday. According to Israel amp 39 s Prime Minister Benjamin Netanyahu, it is amp 34 clear amp 34 that Iran was behind he attack, reports Reuters.....
Shipping Watch
Published 3y-8mo-3w-2d-7h-24m ago
Product tanker carrier Torm records its second best result in five years with a profit of USD 90 million before tax despite a loss making fourth quarter. The company buys eight tankers from Team Tankers....
Shipping Watch
Published 3y-8mo-3w-2d-8h-56m ago
The Norwegian dry bulk operator landed a small profit in the fourth quarter unlike in the previous quarters of 2020, in which the company lost money in light of a historically small order book in the dry bulk market. The annual result lands in the red.....
Shipping Watch
Published 3y-8mo-3w-2d-10h-5m ago
A big dip in both revenue and earnings in the last three months of the year was not enough to spoil the fact Nordic American Tankers booked a net result of USD 50 million for the year as a whole.....
Shipping Watch
Published 3y-8mo-3w-5d-1h-57m ago
Banks prefer to finance newbuilds or retrofits, said several panelists at this year amp 39 s digital Marine Money conference. LNG is particularly popular among shipowners, which currently prefer to hold back on new orders.....
Shipping Watch
Published 3y-8mo-3w-5d-2h-12m ago
If customers want improved service, they will have to pay for it, says CMA CGM chief executive Rodolphe Saadé on the same day that the container liners amp 39 reliability reaches an all time low. Hapag Lloyd presents a new guarantee to shippers.....
Shipping Watch
Published 3y-8mo-3w-5d-2h-26m ago
A Japanese financing firm is setting up a new fund of more than USD 5 billion for buying up LNG ships. The ships will be chartered out to major Japanese shipping companies, which thus get access to greener vessels without expanding their balance sheets.....
Shipping Watch
Published 3y-8mo-3w-5d-2h-48m ago
Despite a weak tanker market in the fourth quarter, Norway amp 39 s Hunter Group delivered a profit – also for 2020 as a whole. Hunter Group, controlled by Norwegian Arne Fredly, is optimistic about 2021.....
Shipping Watch
Published 3y-8mo-3w-5d-2h-49m ago
Despite a reduced deficit in the fourth quarter, rig operator Borr Drilling exits 2020 with another deficit of more than USD 300 million. The company, which recently secured approval for a rescue plan, still projects a stronger market.....
Shipping Watch
Published 3y-8mo-3w-5d-3h-57m ago
Container line CMA CGM will in October take delivery of the first of a total six new LNG powered ships, which will service the route between China and Los Angeles. CMA CGM will by 2022 have 32 LNG powered ships in its fleet of 538 ships.....
Shipping Watch
Published 3y-8mo-3w-5d-5h-44m ago
New gas tanker major BW Epic Kosan will especially focus on the ships of the future and the bottom line, explains Charles Maltby, who will serve as CEO of the company. The green agenda will also put a damper on consolidation in the LPG sector, he expects.....
Shipping Watch
Published 3y-8mo-3w-5d-6h-40m ago
Transport Minister Rotimi Amaechi of Nigeria announces a three month offensive with planes, drones and boats, in an effort to protect commercial vessels against pirates in the Gulf of Guinea. The operation will costs USD 195 million, reports Bloomberg.....
Shipping Watch
Published 3y-8mo-3w-5d-8h-28m ago
The CEO of Norway amp 39 s Solstad calls on banks to take more charge of the consolidation among offshore ship operators. Without consolidation, not even rising rates will resolve the companies amp 39 woes, he says.....
Shipping Watch
Published 3y-8mo-3w-5d-9h-25m ago
Eimskio has gone through comprehensive cutbacks, which among other things have created savings totaling millions of euros on employee wages. 2020 has been a demanding year, in which the partnership with Royal Arctic Line was finally launched.....
Shipping Watch
Published 3y-8mo-3w-5d-10h-17m ago
Wilhelmsen and the Port of Hamburg have invested in a new fund established by startup incubator Rainmaking. The goal is to raise a total of USD 30 million for maritime startups, which can help resolve challenges in the supply chain.....
Shipping Watch
Published 3y-8mo-3w-5d-10h-39m ago
Odfjell Drilling beat tough market conditions in offshore to deliver significant growth in earnings in 2020, but the company fears that future financing opportunities are impacted by sliding values and overcapacity.....
Shipping Watch
Published 3y-8mo-3w-6d-2h-41m ago
The Teekay group, which covers Teekay Tankers and Teekay LNG, among others, reports black figures for full year 2020, particularly due to the exceptionally strong tanker market in the first half year.....
Shipping Watch
Published 3y-8mo-3w-6d-3h-32m ago
2021 began significantly better than previous years, reports dry bulk operator Pacific Basin. This is due to factors such as coronavirus restrictions and stranded coal cargoes off China, which pull capacity from the market. A low orderbook makes optimism continue.....
Shipping Watch
Published 3y-8mo-3w-6d-4h-33m ago
2020 was a true roller coaster ride for MPC Container Ships, in which a crisis plan in the summer was replaced by record high rates later in the year. The boom has continued into 2021, and the shipowner projects a six fold increase in earnings this year.....
Shipping Watch
Published 3y-8mo-3w-6d-6h-47m ago
The International Bunker Industry Association, IBIA, has set its new board of directors. Former Global Head of Crude Oil Trading at Maersk becomes a new board member along with representatives from Simms Showers and Terramar Oil Panama. The latter was re elected. Henrik Zederkof of Bunker Holding co....
Shipping Watch
Published 3y-8mo-3w-6d-7h-42m ago
Singapore based Keppel makes changes to its chairmanship when its long time chairman steps down from April. Focus was recently renewed on a large scale bribery case in the company amp 39 s offshore and marine business.....
Shipping Watch
Published 3y-8mo-3w-6d-8h-43m ago
Oslo listed Hafnia has signed an agreement with a large independent bunker supplier to introduce mass flow meters and digital bunkering technology in Rotterdam, Amsterdam and Antwerp ARA . With the deal, Hafnia hopes to combat irregularities in bunker oil deliveries.....
Shipping Watch
Published 3y-8mo-3w-6d-9h-34m ago
The port authority in Singapore MPA is one of several major players to join a new project that aims to develop ammonia for use as fuel. As the world amp 39 s biggest bunker hub, MPA will contribute to the project amp 39 s research.....
Shipping Watch
Published 3y-8mo-3w-6d-10h-10m ago
It is up to the member states themselves to come up with a long term solution to ensure that migrants do not end up stranded on board merchant vessels, but the Commission is working to create a contact group to help with the work.....
Shipping Watch
Published 3y-9mo-2h-15m ago
Maersk proposes a new member for its board of directors, who has a background at energy company Iberdrola and IT major IBM. The general assembly at which the decision will be made is scheduled for March.....
Shipping Watch
Published 3y-9mo-2h-50m ago
DFDS has agreed to start buying green ammonia from a large facility in Denmark from 2026 as fuel for the ferry and freight operator amp 39 s ships. The first ships could be equipped with dual fuel engines, DFDS Chief Exec Torben Carlsen tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-3h-12m ago
Italy amp 39 s Grimaldi Group orders six new ships as part of a fleet renewal. The order is for six new RoRo multipurpose ships, which will be built at Hyundai Mipo Dockyard.....
Shipping Watch
Published 3y-9mo-3h-30m ago
The Norwegian maritime industry wants the money from the increased carbon levy gathered in a national fund, which will finance projects to advance the green transition.....
Shipping Watch
Published 3y-9mo-5h-42m ago
Several large banks risk losing big time on their loans to crisis stricken GP Global if the bunker company has to do a fire sale of its assets in connection with a restructuring, reports media.....
Shipping Watch
Published 3y-9mo-6h-55m ago
Maersk currently has the smallest orderbook of the world amp 39 s top ten container lines. Meanwhile, Maersk has no new mega vessels on order, which, according to Alphaliner, indicates that shipping line has changed its strategy in terms of ordering newbuilds.....
Shipping Watch
Published 3y-9mo-7h-43m ago
MAN Energy Solutions has been working on a methanol engine for close to a decade. A ship from Maersk sailing on green methanol in 2023 will be the first of its kind, as the shipping companies prefer to replace diesel with gas, the company tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-8h-9m ago
Pirates attack merchant vessels like never before in the Gulf of Guinea off West Africa. A record 136 kidnapping attempts were made in 2020, reveals Dryad Global amp 39 s annual report. The security firm, among other things, criticizes the EU for being too slow.....
Shipping Watch
Published 3y-9mo-9h-25m ago
Nordea did not issue a single new loan to offshore customers in 2020. The pressure on the industry created increased risk, which the bank is trying to limit by not issuing loans to new customers. Danske Bank will also limit its exposure to the sector going forward.....
Shipping Watch
Published 3y-9mo-1d-2h-9m ago
Arne Blystad amp 39 s Songa Container expects to benefit from a strong container market in the coming months, where several ship contracts need to be renewed. Altogether the company booked a deficit in 2020.....
Shipping Watch
Published 3y-9mo-1d-2h-58m ago
The energy coalition with CMA CGM, Total and Wärtsilä expects to realize several targets this year for seven concrete projects. And a major port company and classification bureau also join the coalition.....
Shipping Watch
Published 3y-9mo-1d-6h-11m ago
Rig operator Transocean finished a strong year for the drilling sector with a triple digit million dollar deficit on its bottom line in record year characterized by large impairments. The company amp 39 s CEO sees stronger contract activity later in the year and lasting into next year.....
Shipping Watch
Published 3y-9mo-1d-7h-49m ago
Shipping companies DFDS and Maersk together with the agricultural sector are prepared to buy the production of up to 90,000 tons green ammonia from a large production facility, which could be ready in western Denmark five years from now. The investment totals around EUR 1 billion.....
Shipping Watch
Published 3y-9mo-1d-9h-3m ago
Maersk owned Svitzer has spent the last couple of years testing a remote controlled tugboat in the Port of Copenhagen. The work now enters a new stage, with a target for having the first ship in commercial operations. Several decisive things need to fall into place in order to realize the plans, COO....
Shipping Watch
Published 3y-9mo-1d-9h-41m ago
There are too few women and too little diversity in the maritime industry and in the executive management of shipping companies, says the Norwegian Shipowners amp 39 Association. A task force has prepared a set of recommendations.....
Shipping Watch
Published 3y-9mo-2d-1h-56m ago
This week or next, Maersk Tankers will launch a new business leg that complements ZeroNorth. Unpredictability in the oil market necessitates a shift in mindset, explains CEO Christian M. Ingerslev in an interview with ShippingWatch.....
Shipping Watch
Published 3y-9mo-2d-2h-17m ago
The Norwegian competition authorities found no basis for charges against shipping companies which were suspected of participating in illegal cartel activities. The case has now been shelved.....
Shipping Watch
Published 3y-9mo-2d-2h-43m ago
US retail trade stockpiles are very low and if retail sales following the coronavirus pandemic follow normal a development pattern, it could mean continued import growth in the container market for the rest of the year, reports Sea Intelligence.....
Shipping Watch
Published 3y-9mo-2d-4h-27m ago
Dolphin Drilling is ready to buy up to eight drilling rigs from John Fredriksen amp 39 s Seadrill, reports Finansavisen. The crisis stricken rig company recently filed for Chapter 11 in the US.....
Shipping Watch
Published 3y-9mo-2d-5h-34m ago
Classification major Lloyd amp 39 s Register adds three executives to its leadership team, tasked with growing its maritime business. Shipping amp 39 s energy transition is a key focal point.....
Shipping Watch
Published 3y-9mo-2d-6h-45m ago
For the first time in a decade of decreasing premiums, Skuld and the other P amp I clubs now increase the price of insurance for the global ship fleet. The move is attributed to large damage claims, says Skuld CEO in an interview with ShippingWatch.....
Shipping Watch
Published 3y-9mo-2d-7h-28m ago
An oil tanker has been drifting at sea for several years after the owner ran into financial problems, but a solution has finally been found, writes Jyllands Posten. According to the media, the case displays a flaw in international maritime law.....
Shipping Watch
Published 3y-9mo-2d-7h-48m ago
Logistics major Kuehne + Nagel buys Asian logistics company Apex International, which has a revenue in the billions and 1,600 employees. According to Kuehne + Nagel, this marks the group amp 39 s biggest acquisition ever.....
Shipping Watch
Published 3y-9mo-2d-10h-18m ago
Hapag Lloyd CEO Rolf Habben Jansen now believes that the red hot container market could stretch all the way into the third quarter. The problems resulting from this make the German container line and Maersk adjust their strategies in an effort to avoid equipment shortages going forward.....
Shipping Watch
Published 3y-9mo-5d-3h-24m ago
Maersk Drilling will eliminate jobs in Norway and instead move them to Poland, where costs are lower. The employees are very displeased with the decision, which was made at headquarters in Denmark and without the employees being informed, says union representative Frode Larsen.....
Shipping Watch
Published 3y-9mo-5d-4h-34m ago
Top diplomat Jens Otto Horslund has been tasked with gathering more countries for a military effort in the piracy plagued Gulf of Guinea. A network of ships could be ready by the fall, he tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-5d-6h-30m ago
Like several of its competitors, the last few months of 2020 also ended with a deficit for John Fredriksen controlled tanker carrier Frontline. New CEO looks into a muted market.....
Shipping Watch
Published 3y-9mo-5d-8h-34m ago
Bunker supplier GP Global is undergoing a restructuring, and in that connection a Singaporean subsidiary applies for a debt related grace period. Creditors have outstanding receivables totaling more than USD 460 million, writes Reuters.....
Shipping Watch
Published 3y-9mo-5d-9h-17m ago
The FMC steps up the heat on ocean liners and the terminals some of them operate in an effort to smooth the disrupted flow of containers that is currently causing port congestion and wreaking havoc on already strained supply chains.....
Shipping Watch
Published 3y-9mo-5d-10h-15m ago
Dolls placed on deck form part of Teekay Tankers amp 39 measures to prevent pirate attacks when passing through West African waters, manager Mads Bjornebye said during Maritime Week Africa.....
Shipping Watch
Published 3y-9mo-6d-1h-51m ago
The beginning of 2021 has so far been the strongest in years, according to Golden Ocean. The shipping company recently announced the acquisition of 18 ships from companies owned by majority shareholder John Fredriksen.....
Shipping Watch
Published 3y-9mo-6d-2h-16m ago
Utility Statkraft signs a letter of intent with Yara and Aker Horizons on production and development of green hydrogen and ammonia. The project amp 34 has the potential to become one of the largest climate initiatives in Norway’s industrial history, amp 34 reads a statement.....
Shipping Watch
Published 3y-9mo-6d-2h-30m ago
LPG rates reached a peak for now in mid January. Since then, they have cooled off somewhat, but this does not keep Dorian CEO John Hadjipateras from projecting a new spike already this year. Four reasons factor in, he tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-6d-2h-30m ago
In a rather unusual move in the logistics sector, DHL Global Forwarding says it is prepared to pay an extra green bill when customers transport general cargo at sea. The logistics company describes it as a game changer when speaking to ShippingWatch.....
Shipping Watch
Published 3y-9mo-6d-3h-45m ago
Product tanker carrier Scorpio Tankers lost more than USD 76 million in the fourth quarter of 2020, during which repercussions of spring amp 39 s massive oil stockpiling continued to rub off on rates. Covid 19 will continue to cause volatility into 2021.....
Shipping Watch
Published 3y-9mo-6d-4h-30m ago
Port of Los Angeles on the US West Coast plans to divert container ships to other ports in an effort to get control of the congestion problems that currently cause bottlenecks for both containers and ships, report several media.....
Shipping Watch
Published 3y-9mo-6d-6h-9m ago
An earnings boom in the coming years has made investors flock to the listed dry bulk operators. The increasing share prices will drive asset values up, projects Cleaves Securities.....
Shipping Watch
Published 3y-9mo-6d-7h-7m ago
Norway amp 39 s Golden Ocean is on track to buy 18 dry bulk ships from a series of companies under John Fredriksen amp 39 s Hemen Holding. The shipping company will finance the acquisition by issuing shares, with Fredriksen buying half of the shares.....
Shipping Watch
Published 3y-9mo-6d-9h-26m ago
A container ship belonging to Maersk has lost an unknown number of containers in the Pacific, after the ship had engine problems due to harsh weather. This marks the second time in a few weeks that containers go overboard on a Maersk ship in the Pacific.....
Shipping Watch
Published 3y-9mo-6d-10h-16m ago
Maersk amp 39 s first carbon neutral container ship, which will sail on green methanol, can make transport amp 34 significantly more expensive. amp 34 But Maersk believes that there is a group of customers who are willing to pay the price, says the company amp 39 s head of climate, Morten Bo C....
Shipping Watch
Published 3y-9mo-1w-2h-40m ago
Five out of six of the world amp 39 s largest ports are now Chinese, after a 2020 that helped cement the country amp 39 s port dominance. Overall, the development was flat among the world amp 39 s 25 largest ports, shows a new analysis.....
Shipping Watch
Published 3y-9mo-1w-4h-9m ago
It will be quite some time before the red hot freight market reaches some form of normalcy, projects DSV Panalpina amp 39 s CFO, Jens Lund. amp 34 The tough situation we see right now will continue for the remainder of the quarter, amp 34 he tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-1w-4h-42m ago
Gas ship operator Epic Gas, which will soon merge with J. Lauritzen amp 39 s gas activities, reports a profit for the fourth quarter. CEO sees challenges from 2020 continue into the new year, but he also points to bright spots in the LPG market.....
Shipping Watch
Published 3y-9mo-1w-6h-50m ago
There is no doubt that shipping will soon become part of the EU amp 39 s Emission Trading System. But there are many issues that need to be resolved, says Maersk CEO Søren Skou. amp 34 The most important thing for us is a level playing field. amp 34 ....
Shipping Watch
Published 3y-9mo-1w-7h-47m ago
A.P. Moeller Maersk sets its sights on 2023, when the shipping company now plans to operate a carbon neutral container ship of 2,000 teu. The ship will sail on green methanol.....
Shipping Watch
Published 3y-9mo-1w-9h-26m ago
IMO Secretary General Kitack Lim is deeply concerned by the recent developments in the Gulf of Guinea off West Africa, which is plagued by a growing number of attacks on the international merchant fleet. The matter will now be discussed at an IMO meeting in May.....
Shipping Watch
Published 3y-9mo-1w-10h-24m ago
Within a few weeks, a shipping company and a fuel supplier will be tapped for a project that is planned to build and deliver the first carbon free dry bulk ship in the world. The goal is for the ship to hit the water in 2023. Equinor, Yara and Wilhelmsen want to participate.....
Shipping Watch
Published 3y-9mo-1w-1d-2h-15m ago
German container line Hapag Lloyd expects to see a significant improvement in earnings in the first three months of the year. The 2021 results are expected to be amp 34 significantly higher amp 34 than in previous years.....
Shipping Watch
Published 3y-9mo-1w-1d-2h-48m ago
The rates for crude and product tanker vessels got off to a weak start to the year, and according to an analyst firm the market could bottom out in the first half of the year. While rates are moving south, ship values have been more robust.....
Shipping Watch
Published 3y-9mo-1w-1d-2h-51m ago
Fleetscape, a unit under equity fund Oaktree, has joined forces with a major Australian bank to offer alternative financing to small and medium sized ships. At first the fund has made arrangements for eight ships.....
Shipping Watch
Published 3y-9mo-1w-1d-4h-15m ago
A sale of a construction and cable laying vessel was costly for Kjell Inge Røkke amp 39 s Ocean Yield in the fourth quarter. The sale contributes to a full year deficit for the shipowner.....
Shipping Watch
Published 3y-9mo-1w-1d-6h-52m ago
The long term container contracts currently being negotiated will be unusually expensive for the customers this year. Scan Global notes increases in the range of 50 to 75 percent, the logistics operator tells ShippingWatch. Others point to a doubling of price levels.....
Shipping Watch
Published 3y-9mo-1w-1d-8h-4m ago
Hamburg Commercial Bank is preparing to settle more loans for shipping in 2021 after new loans totaling roughly EUR 900 million last year. amp 34 We are ready for new business in 2021, amp 34 says Global Head of Shipping Jan Philipp Rohr to ShippingWatch.....
Shipping Watch
Published 3y-9mo-1w-1d-8h-32m ago
S amp P now lifts its credit rating of logistics company DSV Panalpina. This reward comes on the heels of DSV Panalpina showing resilience throughout the coronavirus pandemic, argues S amp P.....
Shipping Watch
Published 3y-9mo-1w-1d-10h-25m ago
With Friday amp 39 s news that Zim has ten large container vessels on order, Maersk is now the only container major without an order for new large container ships. And the competitors are not necessarily finished ordering, asserts shipping analyst Lars Jensen.....
Shipping Watch
Published 3y-9mo-1w-2d-2h-11m ago
There are 10 15 new partners headed for the research center financed by the A.P. Moeller Foundation, but none of them are Chinese, and this could become a problem over time. ShippingWatch has interviewed the center amp 39 s head of industry transition, Mads Zacho, about goals and challenges.....
Shipping Watch
Published 3y-9mo-1w-2d-2h-30m ago
2020 was a year of change for Aker Solutions, which enters a new era with a major deficit and expects to stay in the red for the foreseeable future, shows the Norwegian oil service company amp 39 s financial report.....
Shipping Watch
Published 3y-9mo-1w-2d-3h-13m ago
Robert Kledal, who stepped down as CEO of Wrist Ship Supply a little over a year ago, now adds three jobs to his CV. One of them is as chief executive officer, while he has also agreed to become a professor and to get involved in Rainmaking, he writes on LinkedIn.....
Shipping Watch
Published 3y-9mo-1w-2d-4h-14m ago
Offshore company Seadrill Partners plans to convert debt into equity as part of its restructuring. As a result, however, parent company Seadrill is pushed out and loses its equity holding, writes Finansavisen.....
Shipping Watch
Published 3y-9mo-1w-2d-5h-10m ago
Ørsted projects significant growth in the market for offshore wind in Europe in the coming years, and the utility has established an office in Sweden, while also considering entering Belgium. amp 34 We expect to be active in the North Sea as well as the Baltic Sea going forward, amp 34 says Ør....
Shipping Watch
Published 3y-9mo-1w-2d-7h-11m ago
DSV Panalpina is working on an improved digital platform that will help enable customers to choose more climate friendly routes and to pay extra for green fuel. A growing demand has created momentum, says DSV Panalpina chief to ShippingWatch.....
Shipping Watch
Published 3y-9mo-1w-2d-8h-14m ago
The 15 crew members kidnapped from container ship MV Mozart in the Gulf of Guinea off West Africa on Jan. 23 have now been release, informs Borealis Maritime in an email to ShippingWatch. One seafarer died during the violent attack.....
Shipping Watch
Published 3y-9mo-1w-5d-1h-48m ago
Seaspan has placed an order for ten container newbuilds capable of sailing on LNG, which will be chartered to Zim when delivered. The order is placed only shortly after Seaspan entered another contract for two mega vessels.....
Shipping Watch
Published 3y-9mo-1w-5d-2h-2m ago
Three significant problems characterize the hard pressed drilling sector from the get go of 2021. However, the fact that competitors have filed for Chapter 11 helps with one of the issues, says Maersk Drilling CEO, who reports of talk about consolidation among major industry players.....
Shipping Watch
Published 3y-9mo-1w-5d-2h-13m ago
Maersk has now identified four fuels that will help the container line achieve its ambition of become carbon neutral by 2050. But several barriers must first be overcome before the fuels can be considered real alternatives.....
Shipping Watch
Published 3y-9mo-1w-5d-3h-5m ago
A subsidiary under John Fredriksen amp 39 s Seadrill has secured a new forbearance agreement with some of its creditors. This agreement comes only days after its parent company filed for Chapter 11 in the US.....
Shipping Watch
Published 3y-9mo-1w-5d-4h-19m ago
The environmental authorities amp 39 rejection of a planned, large scale methanol plant in the US, which has tanker carrier Hafnia as a co investor, has now been appealed to a higher court, the company tells ShippingWatch. Upon completion, Hafnia will transport a third of production to Asia.....
Shipping Watch
Published 3y-9mo-1w-5d-5h-30m ago
Green transition and a growing number of rules mean that South Korea amp 39 s three biggest yards now dare to increase their order target for new ships in 2021. Some expect to bag almost 50 percent more orders, reports Yonhap.....
Shipping Watch
Published 3y-9mo-1w-5d-7h-44m ago
Rig operator Maersk Drilling reports a billion dollar deficit for 2020 after a year hit by large oil price drops and the coronavirus pandemic. For 2021 the company expects a lower operating result.....
Shipping Watch
Published 3y-9mo-1w-5d-8h-36m ago
Container line ONE has for two months been testing biofuel on sailings across the Atlantic. Alternative fuels will be part of the company amp 39 s path to reducing greenhouse gas emissions.....
Shipping Watch
Published 3y-9mo-1w-5d-10h-35m ago
Digitalization and optimization should help secure DSV Panalpina the ambitious yield announced in its new 2025 plan. DSV plans to achieve its target through large scale investment, and does not expect it to result in cuts to manpower, CFO Jens Lund tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-1w-6d-2h-18m ago
BW Group amp 39 s offshore company booked further impairments on its fleet in the fourth quarter due to market uncertainty. But the company also plans to invest in offshore wind.....
Shipping Watch
Published 3y-9mo-1w-6d-4h-6m ago
Bottlenecks in the container sector mean that Maersk amp 39 s ships are having amp 34 big problems amp 34 in terms of arriving on time, acknowledges CEO Søren Skou. The CEO has set an ambitious target for schedule reliability already this year.....
Shipping Watch
Published 3y-9mo-1w-6d-6h-51m ago
amp 34 We amp 39 re not sufficiently robust within international oil and gas, amp 34 Equinor amp 39 s new CEO, Anders Opedal, acknowledges in the wake of the company amp 39 s fourth quarter interim statement, which confirms his appraisal.....
Shipping Watch
Published 3y-9mo-1w-6d-7h-51m ago
2021 has started with continuing weak markets and high fuel costs for Odfjell. This is expected to impact results in the first quarter, where the company expects to bag a weaker result. 2020 finished with significant bottom line growth.....
Shipping Watch
Published 3y-9mo-1w-6d-8h-46m ago
John Fredriksen amp 39 s rig operator Seadrill has now submitted a petition for Chapter 11 in the US for the whole group after applying for the same for a series of subsidiaries earlier this week.....
Shipping Watch
Published 3y-9mo-1w-6d-9h-39m ago
The coronavirus pandemic made a big dent in the result at the largest terminal operator in the Port of Hamburg in 2020, which launched a cost cutting program towards the end of the year.....
Shipping Watch
Published 3y-9mo-1w-6d-10h-4m ago
A deficit of USD 19.5 million in the fourth quarter helped turn a profit into a deficit for the full year for Irish product tanker operator Ardmore, which reports a loss of USD 6 million for 2020.....
Shipping Watch
Published 3y-9mo-2w-1h-59m ago
After significant setbacks in terms of revenue and earnings in 2020, DFDS now adjusts the targets of its ambitious growth plan. amp 34 We amp 39 re a little hesitant until we get to the other side of the pandemic and see the passenger side return, amp 34 CEO Torben Carlsen tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-2w-2h-25m ago
Rates in Maersk amp 39 s key contract negotiations are increasing big time, says Maersk CEO Søren Skou after the shipping line has fixed close to 40 percent of its new contracts for the year. At DSV Panalpina, CFO points to frustrated customers who are left footing the bill.....
Shipping Watch
Published 3y-9mo-2w-2h-40m ago
In 2021 so far the two major feeder lines Unifeeder and X Press Feeders have expanded their fleets by more than 20 percent. This is especially due to the fact that the feeder operators are getting more business from the bigger container lines, writes Alphaliner.....
Shipping Watch
Published 3y-9mo-2w-3h-57m ago
Norwegian bank DNB has again reduced its exposure to shipping and scaled back its lending portfolio by close to NOK 7 billion. Developments for the fourth quarter were stable, reports the bank.....
Shipping Watch
Published 3y-9mo-2w-4h-55m ago
An oil terminal, considered to be the crown jewel of the Lim family amp 39 s collapsed business empire, is now being taken over by a state owned port operator in Singapore, sources tell Reuters.....
Shipping Watch
Published 3y-9mo-2w-6h-6m ago
Norwegian energy major Equinor was hit by the low oil price in 2020, as both the revenue and result took a big dive. The company projects moderate growth in 2021, though the coronavirus is a joker.....
Shipping Watch
Published 3y-9mo-2w-7h-32m ago
A.P. Moeller Maersk expects to earn even more money in 2021 than in the red hot container market for 2020. The first quarter this year will be exceptionally strong, projects the company, after which the market is expected to normalize.....
Shipping Watch
Published 3y-9mo-2w-9h-34m ago
Ferry and logistics operator DFDS projects significant top line growth in 2021 after a tough 2021 characterized by coronavirus and Brexit. This is expected to boost the operating profit by upwards of DKK 3.5 billion for the year.....
Shipping Watch
Published 3y-9mo-2w-9h-39m ago
DSV Panalpina lands an operating profit of USD 1.5 billion for 2020, which was largely characterized by the coronavirus. With the Panalpina acquisition fully integrated, the logistics company also announces a new financial target ahead of 2025.....
Shipping Watch
Published 3y-9mo-2w-9h-55m ago
Drilling company Valaris has reached agreement with several creditors regarding amendments to a potential rescue plan and is thus one step closer to an actual solutions after being under bankruptcy protection for months.....
Shipping Watch
Published 3y-9mo-2w-1d-2h-5m ago
The likelihood of Seadrill ending up in Chapter 11 receivership is high, projects an analyst. Seadrill recently asked for help from US authorities to ensure a financial restructuring of several subsidiaries.....
Shipping Watch
Published 3y-9mo-2w-1d-2h-27m ago
The significant challenges currently plaguing the container market with bottlenecks and equipment shortages will last several more months, says one of the world amp 39 s biggest container lines, HMM. This announcement comes just one day before Maersk is expected to address the situation in connecti....
Shipping Watch
Published 3y-9mo-2w-1d-3h-2m ago
Prosafe has lost more than USD 2 billion in five years, and the offshore company continues to be in talks with its creditors about a comprehensive rescue plan. And yet, CEO Jesper K. Andresen is optimistic about imminent market improvement.....
Shipping Watch
Published 3y-9mo-2w-1d-3h-39m ago
The French oil giant stands out among major industry players with a solid profit in the fourth quarter. However, the coronavirus and oil price crises turned Total amp 39 s overall 2020 into a year the company would rather forget. Now it mulls a name change.....
Shipping Watch
Published 3y-9mo-2w-1d-6h-19m ago
18 seafarers will at long last get solid ground under their feet this week after spending close to six months on board an MSC ship. The shipping line has sent the ship to Japan after spending months off the coast of China.....
Shipping Watch
Published 3y-9mo-2w-1d-7h-11m ago
Tanker operator DHT Holdings brings forward yard stays for its fleet of supertankers, as a consequence of the currently weak freight market. This comes after a fourth quarter in which the shipping company was able to book a profit despite a significant setback.....
Shipping Watch
Published 3y-9mo-2w-1d-8h-19m ago
The world amp 39 s largest shipowner, Seaspan Corporation, has ordered two new container ships with a capacity of 24,000 teu apiece. The ships are chartered out to a container line on 18 year contracts.....
Shipping Watch
Published 3y-9mo-2w-1d-10h-24m ago
Port operator DP World handled 71.2 million teu in 2020. This corresponds to a growth of just 0.2 percent compared to 2019, but it was better than the market, says the company amp 39 s CEO.....
Shipping Watch
Published 3y-9mo-2w-2d-2h-23m ago
The much anticipated trade agreement between the EU and several South American countries currently risks years of postponement. Shipping is one of the sectors that was set to benefit from the Mercosur agreement. But climate considerations have thwarted this.....
Shipping Watch
Published 3y-9mo-2w-2d-2h-26m ago
The Nigerian navy has gotten a new chief of naval staff, and he is prepared to take severe actions against employees who collaborate with amp 34 bandits, kidnappers and armed robbers, amp 34 writes security firm Dryad Global.....
Shipping Watch
Published 3y-9mo-2w-2d-2h-40m ago
Knut Vassbotn, CEO of newly established Deep Wind Offshore, has made the leap from the oil sector to what he considers one of Norway amp 39 s five biggest export successes ahead of 2030. The company expects to profit from a booming wind market.....
Shipping Watch
Published 3y-9mo-2w-2d-3h-6m ago
Singapore based Sea Oil Petroleum acquires Norwegian bunker company Pro Fuels. As part of the agreement, a new company is established for the Pro Fuels employees to be transferred to.....
Shipping Watch
Published 3y-9mo-2w-2d-4h-56m ago
Maersk accuses Glencore of having supplied low quality bunker for two of its container ships in 2018. The ships subsequently experienced engine problems, and Maersk wants millions of dollars in compensation for the damages.....
Shipping Watch
Published 3y-9mo-2w-2d-5h-26m ago
Seadrill has filed for Chapter 11 bankruptcy protection in the US for a series of Asian subsidiaries, in an effort to ensure the offshore company amp 39 s financial restructuring. The company also requests help from authorities to pay employees amp 39 wages.....
Shipping Watch
Published 3y-9mo-2w-2d-6h-29m ago
The oil price climbs to the highest level since the coronavirus crisis erupted in January 2020. According to a broker, this offers tanker operators a glimmer of hope after a 2020 with numerous ups and downs.....
Shipping Watch
Published 3y-9mo-2w-2d-7h-58m ago
China plans to allow some stranded Australian coal shipments to unload in the country despite its ongoing import ban. The move should be seen as a goodwill gesture to countries with seafarers stranded rather than an ease of restrictions, says anonymous source.....
Shipping Watch
Published 3y-9mo-2w-2d-8h-22m ago
The booming container market has bolstered Maersk amp 39 s coffers so much that the company now has USD 20 billion to use on acquisitions, shows an analysis a few days before Maersk publishes its 2020 annual report. But analyst doubts that Maersk will be able to achieve its earnings target for logi....
Shipping Watch
Published 3y-9mo-2w-2d-8h-45m ago
NGO Transport amp Environment now calls on the EU to include LNG and voyages outside the union, once shipping is inducted under the EU amp 39 s emissions trading system. The announcement comes on the day when the EU Commission amp 39 s consultation phase on the scheme expires.....
Shipping Watch
Published 3y-9mo-2w-5d-2h-11m ago
Well known dry bulk players have been busy buying vessels from Scorpio Bulkers amp 39 fire sale in connection with the shipping company amp 39 s exit from dry bulk. Several of Scorpio Bulkers amp 39 vessels will change hands over the coming months.....
Shipping Watch
Published 3y-9mo-2w-5d-3h-12m ago
2021 will not be the year in which Scandlines can advertise completely CO2 neutral ferry operations between Rødby in Denmark and Germany amp 39 s Puttgarden, as the company had otherwise said. The power is too expensive, explains Scandlines. At the same time, Stena Line announces that it will orde....
Shipping Watch
Published 3y-9mo-2w-5d-3h-28m ago
Banking majors are set to lose big on commodity trader Hin Leong if they cannot find a buyer for the company. Most recently, three potential bidders have withdrawn, reports Bloomberg.....
Shipping Watch
Published 3y-9mo-2w-5d-5h-52m ago
Container line CMA CGM plans an expansion of its US headquarters, which will create 400 new jobs in the State of Virginia, where the office is located. The expansion entails an investment in the range of USD 36 million.....
Shipping Watch
Published 3y-9mo-2w-5d-7h-23m ago
Belgian tanker company Euronav has the option to deploy USD 700 million to be used on, for example, new tanker purchases. CEO sees a tough tanker market continue into the second half year and hopes for increased scrapping activity in the sector.....
Shipping Watch
Published 3y-9mo-2w-5d-8h-11m ago
Brazilian mining major Vale has reached a settlement with the Brazilian authorities totaling USD 7 billion for the catastrophe two years ago when a dam collapsed, killing 270 people.....
Shipping Watch
Published 3y-9mo-2w-5d-8h-56m ago
Thursday, Australia sentenced ferry operator Wallenius Wilhelmsen to pay a fine of USD 18 million for its involvement in a large scale cartel case, bring the company amp 39 s total realized losses to USD 485 million. Yesterday amp 39 s sentencing marked the end of the authorities amp 39 cases ag....
Shipping Watch
Published 3y-9mo-2w-5d-9h-26m ago
That there should be a lack of space at the European shipbreaking facilities, as Maersk claims, does not fit with the reality, says the chairman of European Ship Recyclers, Peter Wyntin, to ShippingWatch.....
Shipping Watch
Published 3y-9mo-2w-6d-2h-31m ago
Danske Bank expects further losses on loans to shipping and offshore, even though the major bank reduced its exposure to the sectors in 2020. Oil and gas customers in particular are challenged. Competitor Nordea reports a slower market.....
Shipping Watch
Published 3y-9mo-2w-6d-3h-34m ago
Shipowners are already reviewing their fleets, calculating how each vessel complies with the upcoming and rather complex EEXI index. DNV GL tells ShippingWatch that upwards of 30,000 vessels may have to install or adjust technologies or switch fuels.....
Shipping Watch
Published 3y-9mo-2w-6d-4h-33m ago
Hotel rig company Prosafe more than doubled its deficit last year, which is largely attributed to a weak market. The strained company continues to negotiate with its creditors to land a rescue plan, states interim report.....
Shipping Watch
Published 3y-9mo-2w-6d-5h-13m ago
The global oil consumption needs to be normalized in order for a notable improvement to emerge for tanker operators, says Euronav CEO Hugo de Stoop. The fourth quarter brought one of the most challenging markets in modern times and a big deficit.....
Shipping Watch
Published 3y-9mo-2w-6d-7h-29m ago
Fjord Line lost one million passengers in 2020 due to the Covid crisis and is working on a refinancing plan. The company maintains its growth plan entailing a new catamaran ferry worth NOK 700 million, new CEO tells ShipingWatch.....
Shipping Watch
Published 3y-9mo-2w-6d-7h-53m ago
The crude market will come under pressure in 2021 and going forward, assesses analyst firm McQuilling Services. Demand for crude oil may have peaked in 2019, posing a challenge to the VLCC market.....
Shipping Watch
Published 3y-9mo-3w-2h-21m ago
Taiwan based Evergreen is building up its capacity big time with an alleged order for upwards of 20 new ships, set to be built at four different yards. The shipping line amp 34 places orders or charters ships as appropriately when required by the market, amp 34 it says.....
Shipping Watch
Published 3y-9mo-3w-2h-48m ago
Ørsted has now waited longer for an approval in the US than the company had hoped, but signs from the Biden administration have renewed the company amp 39 s optimism, says CEO Mads Nipper. amp 34 Processes are now in motion. amp 34 ....
Shipping Watch
Published 3y-9mo-3w-3h-12m ago
Does the unity of some of the most influential global companies to secure the wellbeing of seafarers matter, when the world amp 39 s politicians heard their pledges loud and clear in 2020 and still did little to resolve it ShippingWatch has interviewed one of the Neptune Declaration signatories.....
Shipping Watch
Published 3y-9mo-3w-3h-45m ago
A container ship owned by shipping line MSC is now the last in line of large ships to drop containers in stormy weather in the Pacific. Maersk and ONE have reported similar incidents in recent months.....
Shipping Watch
Published 3y-9mo-3w-4h-42m ago
Maersk does not understand why the Basel Convention has suddenly slowed the work to approve Indian shipbreaking facilities. Recycling within the EU is challenging, says head of regulatory affairs.....
Shipping Watch
Published 3y-9mo-3w-5h-39m ago
Container lines are losing revenue on the massive traffic problems in ports across the globe. Routes from China to the US West Coast alone trigger double digit million dollar losses.....
Shipping Watch
Published 3y-9mo-3w-7h-1m ago
Transport and logistics major DSV Panalpina receives the highest credit rating from Moody amp 39 s. The rating amp 34 strengthens DSV amp 39 s financing platform, amp 34 says CFO.....
Shipping Watch
Published 3y-9mo-3w-8h-48m ago
The crew of South Korean tanker vessel Hankuk Chemi, which has been detained in Iran for almost a month, is free to leave the vessel and return home, says a spokesman for Iran amp 39 s ministry of foreign affairs.....
Shipping Watch
Published 3y-9mo-3w-10h-1m ago
The coronavirus crisis has been tough on the already strained shipyard industry, and in Europe this will mean more years with a low order book and more layoffs, says Kjersti Kleven, chairman of shipbuilding association Sea Europe. And yet, prices do not appear to have gone down, says Clarksons Resea....
Shipping Watch
Published 3y-9mo-3w-1d-2h-19m ago
Monaco based Scorpio Bulkers has sold seven ships to Greek Star Bulk Carriers, and put another 25 ships up for sale as part of its exits from the dry bulk sector, says the company in its latest interim report.Sc....
Shipping Watch
Published 3y-9mo-3w-1d-2h-26m ago
Shipowners have started to review their fleets and sort them according to efficiency and how much carbon they emit, as required by the new EEXI index introduced by the IMO. Two solutions in particular are expected to come into play.....
Shipping Watch
Published 3y-9mo-3w-1d-3h-52m ago
Maersk amp 39 s offshore carrier Maersk Supply Service appoints a new CFO, who will start in March. The new finance chief was found internally at Maersk and has previously worked at the offshore carrier.....
Shipping Watch
Published 3y-9mo-3w-1d-4h-55m ago
BP finished 2020 with a small profit but suffered a massive loss for the full period. Covid 19 and low prices forced the British firm to book major impairments, weighing down on the result.....
Shipping Watch
Published 3y-9mo-3w-1d-6h-10m ago
The beaching yards in India, Pakistan and Bangladesh were also the shipping companies amp 39 favorite cemetery for their end of life vessels in 2020. More than 400 ships wound up on the beaches, and at least 10 people were killed while dismantling the ships.....
Shipping Watch
Published 3y-9mo-3w-1d-7h-17m ago
The significant grain exports from the US to China last year is expected to continue in 2021, while Brazilian soybean production is set to grow nearly 5 percent this year. Improvements in iron ore and coal exports herald a good year for dry bulk carriers, assesses Arrow Research.....
Shipping Watch
Published 3y-9mo-3w-1d-9h-31m ago
Pacific International Lines just received creditor approval for the rescue plan that is supposed to inject USD 600 million in capital from the Singaporean state into the container line, which has called this plan its last resort. The Teo family now owns less than 15 percent.....
Shipping Watch
Published 3y-9mo-3w-2d-2h-6m ago
Corvus Energy, which produces batteries for the maritime sector, expands its activities with production of hydrogen based fuel cells. The company has signed a deal with Toyota, which will become a key supplier.....
Shipping Watch
Published 3y-9mo-3w-2d-2h-35m ago
The 15 crew members kidnapped from container ship MV Mozart in the Gulf of Guinea on Jan. 23 are unharmed. Negotiations are ongoing with the pirates to secure the release of the crew, Borealis Maritime informs ShippingWatch.....
Shipping Watch
Published 3y-9mo-3w-2d-2h-56m ago
Ship congestion off the twin ports of Los Angeles and Long Beach has now reached an unprecedented level, with some vessels now having to wait at sea in so called drift zones until anchorages become available.....
Shipping Watch
Published 3y-9mo-3w-2d-3h-29m ago
Major banks Nordea and Danske Bank have investments and loans totaling more than USD 25 billion exposed to oil, coal and gas, shows a new report from NGOs, reports Jyllands Posten Erhverv.....
Shipping Watch
Published 3y-9mo-3w-2d-4h-3m ago
A ship from Eagle Bulk has been attacked by pirates near Ghana. The crew is safe in the ship amp 39 s citadel, reports security firm Dryad Global. Dryad Global expects that desperation after several unsuccessful attempts could lead to even more attacks.....
Shipping Watch
Published 3y-9mo-3w-2d-7h-18m ago
Concordia Maritime CEO Kim Ullman calls on competitors in product tanker to resist the temptation to order new ships right now. amp 34 We have to refrain from ordering newbuilds in order to bring the market back in balance, amp 34 he tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-3w-2d-7h-51m ago
A growing number of container ships arrive late, show new data from Sea Intelligence. In December, less than half of the ships arrived in ports on time. And there are no prospects of improvement before the second quarter, says the analyst firm.....
Shipping Watch
Published 3y-9mo-3w-2d-9h-44m ago
Norwegian offshore ship operator Dof will not have to pay installments and interest on most of its debt until the end of April. The company amp 39 s finances are severely strained, and it is working to settle a long term restructuring.....
Shipping Watch
Published 3y-9mo-3w-2d-10h-17m ago
Ocean Network Express, like its competitors, has benefited from towering rates, which were turned into a profit close to USD 1 billion in the last quarter of 2020. However, far from all containers are shipped at record rates, notes shipping analyst.....
Shipping Watch
Published 3y-9mo-3w-5d-3h-57m ago
Singapore based yard group Keppel Offshore amp Marine, one of the world amp 39 s biggest suppliers of oil rigs, wants to divest its rig business and instead focus on construction of infrastructure and assets in renewable energy.....
Shipping Watch
Published 3y-9mo-3w-5d-4h-41m ago
Navigare Capital Partners, which is funded by Danish pension companies and has Robert Mærsk Uggla as an owner, buys two newer tankers. The company now owns 23 vessels across its two funds.....
Shipping Watch
Published 3y-9mo-3w-5d-5h-36m ago
Banking majors SEB and DNB have become joint owners of ten offshore vessels. The purchase was made after a bankruptcy of Scorpio company, in which the banks were lenders, and serves as another example of creditors amp 39 entry into ownership in offshore.....
Shipping Watch
Published 3y-9mo-3w-5d-6h-50m ago
Concordia Maritime earned a lot of money in the spring, but when the oil price war ended, rates and demand went down. This hit the Swedish product tanker operator with a full year deficit for 2020. The tanker market is not expected to recover before the second half of 2021.....
Shipping Watch
Published 3y-9mo-3w-6d-2h ago
What had the potential to become another disappointing year for the specialized cargo and heavy lift carriers in mid 2020, turned out to be a surprisingly good year. ShippingWatch has interviewed the CEOs of AAL and United Heavy Lift about the current market.....
Shipping Watch
Published 3y-9mo-3w-6d-3h-18m ago
Maersk is likely headed for an operating profit of more than USD 6 billion in the first three months of the year and USD 10 billion for 2021 as a whole, projects Clarksons Platou Securities. A quarterly increase of 50 percent in freight rates could boost the operating profit.....
Shipping Watch
Published 3y-9mo-3w-6d-3h-46m ago
Toward the end of 2020, the burden of crew changes eased a bit, and this benefited chemical tanker operator Stolt Tankers at a time when tanker volumes were under pressure. The start of the year was challenging, but the shipping company remains positive about the longer term prospects.....
Shipping Watch
Published 3y-9mo-3w-6d-5h-30m ago
Order intake plunged almost 30 percent in the fourth quarter for Wärtsilä in an overall tough 2020 for the supplier. Early 2021 looks challenging, though the vaccine roll out is expected to have a positive impact later in the year.....
Shipping Watch
Published 3y-9mo-3w-6d-6h-56m ago
US President Joe Biden increases pressure on the shipping sector, which will be made greener. Specifically, he also sets a target of doubling US energy production from offshore wind by 2030. Read the full executive order here.....
Shipping Watch
Published 3y-9mo-3w-6d-8h-8m ago
Dates have now been set for the case concerning Dan Bunkering amp 39 s alleged breach of EU sanctions against selling jet fuel to Syria, where the prosecutor is pursuing a prison sentence for the CEO. The oil group denies all allegations but looks forward to the case being presented in court.....
Shipping Watch
Published 3y-9mo-3w-6d-9h-16m ago
The major European container lines spend the profits from the lucrative year 2020 on improving their debt and capital structures rather than on ordering new ships and making acquisitions, writes Alphaliner.....
Shipping Watch
Published 3y-9mo-3w-6d-10h-29m ago
There are several models for including shipping in the EU Emission Trading System in play, says the director of DG Clima. Solutions range from gradual to rapid phasing in. European shipowners prefer the former, but they warn against the plans.....
Shipping Watch
Published 3y-9mo-4w-2h-7m ago
A rough and unusual year means that Bunker Holding will have to make cuts to some of its services, now closing the London office of LQM Petroleum Services, a subsidiary of Bunker Holding. Activities will instead transfer to a US office.....
Shipping Watch
Published 3y-9mo-4w-2h-31m ago
The large buildup of container ships off Long Beach and Los Angeles is having a ripple effect throughout the container sector, where an alliance has recently heralded canceled sailings. The bottlenecks are the wild card that will decide when the market normalizes, say Flexport and shipping analyst.....
Shipping Watch
Published 3y-9mo-4w-3h-15m ago
Taiwan based Wan Hai Lines orders 12 new smaller container ships. This pushes the company a step towards taking over Zim amp 39 s position as the world amp 39 s 10th largest container line, says shipping analyst Lars Jensen.....
Shipping Watch
Published 3y-9mo-4w-3h-58m ago
Germany amp 39 s Oldendorff joins a project that tests vertical rotor sails on large dry bulk ships. The goal is to map barriers for the commercial use of the technology.....
Shipping Watch
Published 3y-9mo-4w-5h-18m ago
A new partnership with money from, among others, Amazon founder Jeff Bezos amp 39 fund aims to speed up the green transition of the freight sector, including emissions from shipping. Ørsted and the companies gathered in the Getting to Zero Coalition also participate.....
Shipping Watch
Published 3y-9mo-4w-6h-27m ago
USTC amp 39 s risk management company Global Risk Management is working on a new strategy. In this regard, Keld R. Demant steps down as chairman of the company. The new chairman is already a member of the board.....
Shipping Watch
Published 3y-9mo-4w-7h-30m ago
Nicolas Sartini recently left CMA CGM after many years heading several of the group amp 39 s businesses. Now he will start a new job where he will maintain some of these ties.....
Shipping Watch
Published 3y-9mo-4w-8h ago
Container line Hapag Lloyd reports a result amp 34 significantly above amp 34 last year despite the coronavirus outbreak across the globe. The operating profit lands at slightly above USD 3 billion, show the preliminary figures for 2020.....
Shipping Watch
Published 3y-9mo-4w-9h-30m ago
DFDS amp 39 large scale acquisition of Dutch HSF Logistics has been years in the making, as the Danish shipping group has been courting the owner family. DFDS has not faced competitors in the process, and CEO Torben Carlsen says the company is paying an attractive price.....
Shipping Watch
Published 3y-9mo-4w-9h-35m ago
Multipurpose carrier United Heavy Lift establishes a joint venture with the wealthy foundation Gustav Zech Fond, which contributes the ships the shipping company has chartered for 14 years. The Zech name is not new in the specialized cargo sector.....
Shipping Watch
Published 3y-9mo-4w-1d-2h-27m ago
Uffe Østergaard, president of Hapag Lloyd America, describes 2020 in the container industry as hectic, surprising and challenging. He expects the demand will remain high for another half year.....
Shipping Watch
Published 3y-9mo-4w-1d-3h-22m ago
Through investment firm Kistefos, Christen Sveaas has now become one of the biggest owners of Borr Drilling with a stake almost as big as that of founder Tor Olav Trøim, writes Dagens Næringsliv.....
Shipping Watch
Published 3y-9mo-4w-1d-7h-7m ago
Ferry and logistics operator DFDS buys company HSF Logistics, which provides cold chain logistics, for EUR 296 million. The company has an annual revenue of DKK 2.8 billion and 1,800 employees. The acquisition opens up for new growth opportunities, says CEO.....
Shipping Watch
Published 3y-9mo-4w-1d-8h-24m ago
More than 300 companies and organizations join forces in an initiative aimed at solving the crisis of stranded seafarers as quickly as possible. V.Group, BP, Cargill, BW Group and Trafigura are just some of the names involved, along with major shipping lines such as Maersk, Hapag Lloyd, MSC, Cosco, ....
Shipping Watch
Published 3y-9mo-4w-1d-9h-3m ago
Several major brokers, including Maersk Broker and SSY enter partnership with Infinity Maritime, which offers financing of smaller stakes in commercial vessels such as bulkers, tankers and container ships.....
Shipping Watch
Published 3y-9mo-4w-2d-2h-34m ago
Martin Fruergaard becomes the third Nordic CEO to head Hong Kong based dry bulk shipping company Pacific Basin since 2000. Why has the company again picked a Scandinavian And why Fruergaard, the chief executive of a gas ship operator ....
Shipping Watch
Published 3y-9mo-4w-2d-3h-28m ago
2020 was a dramatic and tough year for bunker supplier Glander International Bunkering. The oil plunge created tailwinds for smaller players in particular, and Glander International Bunkering thus hopes for increasing oil prices in 2021, CEO tells ShippingWatch.....
Shipping Watch
Published 3y-9mo-4w-2d-5h-33m ago
Shippers sending the cheapest goods are hit the hardest by the towering container rates. There are too few containers and too little space on the ships, and shippers with amp 34 high value amp 34 commodities will push those with amp 34 low value amp 34 goods aside, writes Sea Intelligence.....
Shipping Watch
Published 3y-9mo-4w-2d-6h-36m ago
The EU has informed European shippers and freight forwarders that the container lines amp 39 currently huge price increases are not enough to launch an investigation into competition conditions. But the EU would like to discuss the market situation with competition authorities in the US and China,....
Shipping Watch
Published 3y-9mo-4w-2d-8h-13m ago
The pirate attack Saturday on container ship MV Mozart in the Gulf of Guinea took a violent turn, informs security firm Dryad Global: On crew member was allegedly killed and 15 kidnapped by the pirates.....
Shipping Watch
Published 3y-9mo-4w-2d-10h-16m ago
Shipowner Seaspan makes its debut on the Nordic bond market, bringing in USD 200 million in fresh capital. The funds come from Seaspan amp 39 s issuance of so called sustainability linked bonds.....
Shipping Watch
Published 3y-10mo-2d-1h-57m ago
A removable electric bow is now in operation on a tug boat in Finland in a pilot project testing the efficiency of the technology. The bow can potentially turn ice strengthened vessels into icebreaker vessels for the winter season. ....
Shipping Watch
Published 3y-10mo-2d-2h-27m ago
Civil rights movement Black Lives Matter raised a difficult dilemma for Uffe Østergaard, president of Hapag Lloyd America, in 2020 and constituted a greater leadership challenge than the coronavirus pandemic. Should he address it internally in the organization or not ....
Shipping Watch
Published 3y-10mo-2d-2h-38m ago
Siem Offshore has now its settled comprehensive and much awaited rescue plan. The plan means that the large investor Kristian Siem loses ownership control of the hard strained offshore ship operator.....
Shipping Watch
Published 3y-10mo-2d-3h-6m ago
Freight forwarder DB Schenker is yet again transporting goods from the EU to the UK after customs difficulties led the company to temporarily halt its service. Meanwhile, DHL suspends some of its freight modes in the other direction due to challenges.....
Shipping Watch
Published 3y-10mo-2d-4h-9m ago
Shipping line MSC was able to deter what could have presumably developed into a pirate attack. A boat was approaching an MSC container ship, but a warning shot made it turn away. The crew is safe.....
Shipping Watch
Published 3y-10mo-2d-5h-40m ago
Rig operator Borr Drilling, which recently secured support for a rescue plan, raises USD 46 million through a share issue that represents a key condition for the rescue plan.....
Shipping Watch
Published 3y-10mo-2d-7h-47m ago
Franck Kayser steps down as CEO of V.Group amp 39 s ship management activities to instead serve as managing director of the company amp 39 s Danish business. V.Group has found his replacement at rival.....
Shipping Watch
Published 3y-10mo-2d-9h-32m ago
Organizations Rightship and Intercargo have joined forces to create new industry standards. A newly founded NGO will work to enforce the standards in safety, environment and operations, which are also supported by the International Chamber of Shipping.....
Shipping Watch
Published 3y-10mo-2d-9h-50m ago
If the pirates in the Gulf of Guinea are to be dealt with, seafaring nations must band together and copy the almost ten years old approach from the Gulf of Aden, says Maersk amp 39 s head of safety. Security analyst agrees. Maersk has reached out to Hapag Lloyd and CMA CGM.....
Shipping Watch
Published 3y-10mo-3d-2h-46m ago
For the second time in just a short period, a container ship has lost a large number of containers in the Pacific. A Maersk ship is the latest example, and the incidents are noteworthy, says shipping analyst.....
Shipping Watch
Published 3y-10mo-3d-3h-4m ago
Tanker operator Alba Tankers, which was created out of OW Bunker amp 39 s dramatic collapse, has added millions of dollars to its bottom line, shows annual report. In recent years, the shipping company has bought new ships and increased its workforce by almost 100 people, executives tell ShippingWa....
Shipping Watch
Published 3y-10mo-3d-4h-4m ago
Large dry bulk ships have in the past month seen earnings grow, surpassing more than USD 25,000 per day per ship. This is more than five times what supertankers are currently making.....
Shipping Watch
Published 3y-10mo-3d-5h-3m ago
In an interview with ShippingWatch, Bourbon Offshore CEO Gaël Bodénès outlines the decisive components of the strategy for how to exit the crisis and empower one of the world amp 39 s biggest offshore carriers. amp 34 Smart amp 34 versus amp 34 non smart amp 34 vessels play a key role.....
Shipping Watch
Published 3y-10mo-3d-5h-59m ago
Employees at the US amp 39 two biggest and currently extremely busy ports should be moved forward in the vaccination programs, so that the ports are not at risk of shutting down, say several politicians in the US.....
Shipping Watch
Published 3y-10mo-3d-7h-19m ago
A network of oil trading firms have now been sanctioned because it, according to the US authorities, has helped state owned Venezuelan oil company PDVSA selling oil worth hundreds of millions of dollars.....
Shipping Watch
Published 3y-10mo-3d-8h-31m ago
Will Joe Biden amp 39 s presidency benefit shipping or will his influence be minimal ShippingWatch asks several executives from major container, tanker and dry bulk companies what they think, and their answers show that opinions differ.....
Shipping Watch
Published 3y-10mo-4d-2h-24m ago
The Singapore state is prepared to inject USD 600 million in struggling container line PIL. This will dilute the owner amp 39 s, the Teo family, stake to less than 15 percent, but it could well be a last resort, says the company ahead of a decisive meeting.....
Shipping Watch
Published 3y-10mo-4d-3h-7m ago
Mats Berglund steps down as CEO of Hong Kong based dry bulk operator Pacific Basin. He will be replaced by Ultragas Chief Executive Martin Fruergaard, says the shipping company.....
Shipping Watch
Published 3y-10mo-4d-3h-25m ago
SpaceX, founded by billionaire Elon Musk, just bought two rigs from Valaris. The plan is to use the rigs as floating offshore launch pads for the company amp 39 s rockets.....
Shipping Watch
Published 3y-10mo-4d-4h-5m ago
Scorpio Bulkers has been selling off ships in the past four months as part of its exit from the dry bulk sector. A total of 26 ships have gotten new owners, most recently two ultramax vessels.....
Shipping Watch
Published 3y-10mo-4d-5h-5m ago
A planned large scale US based methanol facility, which has tanker operator Hafnia as a co investor, has been rejected by environmental authorities. The reason cited is that greenhouse gas emissions would be amp 34 extremely large amp 34 . Hafnia was set to transport some of the product to Asia. ....
Shipping Watch
Published 3y-10mo-4d-7h-58m ago
Hard pressed offshore company Borr Drilling secures creditor approval for its crisis plan. Banking major DNB recently announced that it was prepared to take over or sell the company, founded by Tor Olav Trøim, if a solution was not found.....
Shipping Watch
Published 3y-10mo-4d-8h-23m ago
Maersk Product Tankers sells tanker vessel amp 34 Maersk Pelican amp 34 , the world amp 39 s first tanker to be equipped with rotor sails in 2018 to reduce fuel consumption and CO2 emissions. Maersk Tankers saw a 28 percent improvement in pool partnership last year.....
Shipping Watch
Published 3y-10mo-4d-9h-42m ago
Oil major Equinor is considering whether the company should going forward continue as a member of oil association API, which Total recently opted to leave. Maersk Drilling also considers its membership as part of an ongoing assessment, the drilling company tells ShippingWatch.....
Shipping Watch
Published 3y-10mo-5d-2h-3m ago
Norway amp 39 s government awarded 61 licenses to 30 oil companies on Tuesday. A long list of licenses were awarded to companies including Lundin and Wintershall.....
Shipping Watch
Published 3y-10mo-5d-3h ago
In just three years, Maersk expects to place an order for its first CO2 neutral vessels, explains CEO Søren Skou in a podcast about shipping amp 39 s green transition. At first, it will likely encompass smaller vessels for a amp 34 defined geographical area amp 34 .....
Shipping Watch
Published 3y-10mo-5d-4h-11m ago
Shipping companies and suppliers flock to the trending offshore wind market, which looks ahead to significant growth in coming years. This also applies to Arne Blystad amp 39 s OHT, which, however, sees one impediment that risks delaying the boom, chief executive tells ShippingWatch.....
Shipping Watch
Published 3y-10mo-5d-5h-30m ago
Maersk is starting to see the rewards of its financial discipline, but the big test comes once the red hot container market stabilizes, the container major amp 39 s CFO tells Børsen.....
Shipping Watch
Published 3y-10mo-5d-7h-41m ago
The record high rates in the LPG are set to slide, projects Clarksons Platou. The rates recently peaked at USD 110,000 per day, but now a series of factors will pull them down, says the firm.....
Shipping Watch
Published 3y-10mo-5d-9h-31m ago
There was a big difference between the first and second half of the year for the container sector, as millions of containers were pushed to the second half of the year. This helped put pressure on the market, reports Sea Intelligence.....
Shipping Watch
Published 3y-10mo-5d-10h-18m ago
The two large shipping nations Norway and Denmark disagree about whether to initiate military action in the Gulf of Guinea. 15 pirate gangs currently terrorize the waters, which has led to a surge in attacks in the past year.....
Shipping Watch
Published 3y-10mo-6d-2h-3m ago
One of the world amp 39 s biggest offshore ship operators, Bourbon Offshore, settled a comprehensive restructuring one month ago. But the group now acknowledges that the offshore market dwindled significantly last year. ShippingWatch sat down with CEO Gaël Bodénès.....
Shipping Watch
Published 3y-10mo-6d-3h-26m ago
The two major ports on the US West Coast are now more congested than was the case a few years ago, when the ports were hit by a large scale conflict between port workers and employers.....
Shipping Watch
Published 3y-10mo-6d-4h-17m ago
Alfa Laval, Svitzer and Mærsk Mc Kinney Møller amp 39 s Center for Zero Carbon are part of a new partnership with the Technical University of Denmark to develop a cell that can transform green fuel into electricity.....
Shipping Watch
Published 3y-10mo-6d-5h-28m ago
It is not the container lines amp 39 blanking of sailings, which reduced capacity, that is driving the currently high freight rates. That is a myth, argues analyst firm Sea Intelligence.....
Shipping Watch
Published 3y-10mo-6d-6h-33m ago
Maersk amp 39 s blockchain venture Tradelens has gained momentum during the coronavirus pandemic, as it has made customers realize that there were many gaps in their supply chains, Tradelens CEO tells Børsen.....
Shipping Watch
Published 3y-10mo-6d-8h-6m ago
United Heavy Lift, headed by Lars and Andreas Rolner and Lars Bonnesen, will expand its fleet with eight newbuilds in 2021 and 2022. The ships can transport, among other things, wind turbine blades of up to 120 meters, Lars Rolner tells ShippingWatch.....
Shipping Watch
Published 3y-10mo-6d-9h-30m ago
Major Norwegian bank DNB is actively working with Borr Drilling to find a rescue plan to avoid splitting up or divesting the company, the bank tells E24. The update comes a day after Dagens Næringsliv reported on a leaked backup plan from the bank.....
Shipping Watch
Published 3y-10mo-1w-2d-2h-13m ago
Frank Coles, CEO of ship management company Wallem Group, criticizes charterers that will not allow crew changes on the ships currently idled off China loaded with Australian coal. V.Ships CEO Franck Kayser sees signs that China has started to accept some Australian coal cargoes. Friday midday, it w....
Shipping Watch
Published 3y-10mo-1w-2d-2h-30m ago
With new coronavirus lockdowns and output cuts at OPEC+, the next six months could take a toll on tanker operators amp 39 earnings. This applies to Frontline, Hunter Group and Nordic American Tankers, Cleaves Securities tells E24.....
Shipping Watch
Published 3y-10mo-1w-2d-3h-45m ago
China is breewing on a series of measures aimed at stabilizing the market and rates in container freight, says a spokesperson according to Lloyd amp 39 s List. The update comes shortly after the Chinese government announced aid for, among others, container makers.....
Shipping Watch
Published 3y-10mo-1w-2d-5h-45m ago
Maersk now calls on authorities to launch an amp 34 effective military capacity amp 34 in the Gulf of Guinea to increase safety for vessels and crews, Maersk amp 39 s head of safety tells ShippingWatch on the heels of two piracy attacks on Maersk vessels in less than a month.....
Shipping Watch
Published 3y-10mo-1w-2d-6h-17m ago
John Fredriksen amp 39 s struggling rig operator Seadrill cancels an interest rate payment on a loan through company Seadrill New Finance. The company is working on a comprehensive restructuring plan, which could go through court.....
Shipping Watch
Published 3y-10mo-1w-2d-6h-53m ago
Arne Blystad amp 39 s offshore company OHT will open in Denmark later this year. The company has hired several experienced people with histories at Maersk Supply Service, Vattenfall, Ørsted and Deme to head the Danish expansion.....
Shipping Watch
Published 3y-10mo-1w-2d-8h-7m ago
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.....
Shipping Watch
Published 3y-10mo-1w-2d-9h-31m ago
Norwegian chemical tanker carrier Odfjell has just succeeded in issuing a new bond totaling USD 100 million for the company. The bond is conditioned on the shipping company complying with its sustainability targets.....
Shipping Watch
Published 3y-10mo-1w-2d-9h-57m ago
Danish Shipping hopes that a special agreement between the EU and India can solve the slowdown that the Basel Convention has created in relation to getting Indian scrapping facilities approved. Brussels based NGO warns that the EU risks violating important principles.....
Shipping Watch
Published 3y-10mo-1w-3d-2h-7m ago
Coronavirus restrictions are tightening across the world, and the situation is close to where it was in the spring last year, says ship management major OSM Maritime. New lockdowns would be bad news for several markets, says analyst.....
Shipping Watch
Published 3y-10mo-1w-3d-2h-48m ago
Oil majors increasingly dominate the bunker market in Singapore, the world amp 39 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.....
Shipping Watch
Published 3y-10mo-1w-3d-3h-17m ago
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.....
Shipping Watch
Published 3y-10mo-1w-3d-3h-53m ago
Lebanese authorities have asked Interpol to issue a red notice for the captain and owner of the ship, which was loaded with chemicals and ended up causing the huge explosion in Beirut last year that killed 200 people.....
Shipping Watch
Published 3y-10mo-1w-3d-4h-54m ago
Over hele verden skærpes coronarestriktionerne, og situationen er ved at være den samme som i foråret, vurderer det store ship management selskab OSM Maritime. Nye nedlukninger vil være dårligt nyt for flere markeder, vurderer analytiker.....
Shipping Watch
Published 3y-10mo-1w-3d-5h-38m ago
500,000 new containers need to be built to stem the currently red hot container market, freight forwarder Flexport tells Bloomberg. Satellite photos show a large number of container ships waiting in line off Los Angeles, reports the media.....
Shipping Watch
Published 3y-10mo-1w-3d-6h-14m ago
Major dry bulk carriers such as Star Bulk, Oldendorff and Golden Ocean have for months had ships loaded with Australian coal idled off China. The situation is completely unprecedented, Star Bulk president tells ShippingWatch, while Golden Ocean is now able to change the crew on board a single vessel....
Shipping Watch
Published 3y-10mo-1w-3d-7h-20m ago
The CEO of APM Holding, Robert Mærsk Uggla, says in an interview with Børsen that, in the midst of the Maersk boom, one should not forget that the shipping line operates in a cyclical industry, and that the logistics ambition is far from realized yet.....
Shipping Watch
Published 3y-10mo-1w-3d-9h-15m ago
Ferry and freight operator DFDS upgrades its guidance for the results for 2020 for the third time, citing the large British stockpiling that occurred in the fourth quarter 2020 ahead of Brexit.....
Shipping Watch
Published 3y-10mo-1w-3d-10h-15m ago
The price of European carbon quotas is soaring, as the shipping sector is on track to soon be included in the system. Right now it costs USD 42 to emit a ton of carbon, the highest price ever. Maersk has asked the EU for permission to not pay at all.....
Shipping Watch
Published 3y-10mo-1w-4d-2h-19m ago
Towage operator Svitzer faces an unpredictable year in which both the vaccine and Brexit could upend the entire business. Nevertheless, there are still factors that could trigger greater demand, says new managing director of Europe, Lise Demant.....
Shipping Watch
Published 3y-10mo-1w-4d-2h-31m ago
If strained Borr Drilling is not able to settle a rescue plan, major bank DNB considers taking over or selling the company, shows a leaked document, according to Dagens Næringsliv. Founder Tor Olav Trøim is confident that a rescue plan will be settled.....
Shipping Watch
Published 3y-10mo-1w-4d-2h-56m ago
The joint European mission Emasoh in the Strait of Hormuz will be led by Denmark for the next six months. The joint mission was established after several merchant vessels were attacked with explosives in the strait in 2019.....
Shipping Watch
Published 3y-10mo-1w-4d-3h-49m ago
Container line MSC now shows its support of hydrogen by joining industry body Hydrogen Council, which works to develop hydrogen as fuel. Players such as CMA CGM, NYK Lines, Total and Shell are already members.....
Shipping Watch
Published 3y-10mo-1w-4d-6h-2m ago
Investor managing more than USD 2 trillion in assets now call of world leaders to address the ongoing humanitarian crisis at sea, where marine workers remain stranded due to Covid 19 travel restrictions.....
Shipping Watch
Published 3y-10mo-1w-4d-7h-15m ago
So far, no countries have been willing to back a Danish proposal for a joint military effort to combat piracy against ships in the Gulf of Guinea, Danish Defense Minister Trine Bramsen tells ShippingWatch.....
Shipping Watch
Published 3y-10mo-1w-4d-8h-18m ago
Product tanker carrier Scorpio Tankers announces new commitments to sell vessels in order to lease them back again. The company has also received commitments on a USD 21 million loan to refinance debt.....
Shipping Watch
Published 3y-10mo-1w-4d-9h-30m ago
The freight forwarding business at DHL, Global Freight Forwarding, lifted its revenue and earned more money on operations in the latest fiscal year, show preliminary 2020 figures. The group raises its 2022 guidance.....
Shipping Watch
Published 3y-10mo-1w-4d-10h-5m ago
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.....
Shipping Watch
Published 3y-10mo-1w-5d-2h-1m ago
The pandemic became an involuntary stress test of Maersk amp 39 s new end to end strategy. Customer feedback has been better than expected, says CCO Vincent Clerc. General dissatisfaction with container lines otherwise increased in 2020.....
Shipping Watch
Published 3y-10mo-1w-5d-2h-33m ago
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.....
Shipping Watch
Published 3y-10mo-1w-5d-3h-6m ago
An unprecedented shortage of LNG tankers made charter rates last week soar to the highest level ever seen for a ship to ferry commodities. Spot rates have more than tripled within the past month.....
Shipping Watch
Published 3y-10mo-1w-5d-4h-40m ago
First CEO Anders Grønborg departed, and now another senior executive has decided to leave Trafigura and John Fredriksen amp 39 s joint bunker company TFG Marine, sources tell ShippingWatch.....
Shipping Watch
Published 3y-10mo-1w-5d-6h-8m ago
Tanker operator Ultraship will digitalize its route planning and monitoring processes with an agreement with Wärtsilä to make its operations more efficient and to cut costs for the company amp 39 s 18 LPG tanker vessels.....
Shipping Watch
Published 3y-10mo-1w-5d-8h-31m ago
Asia amp 39 s coldest winter in decades has upended energy markets across the continent, catching some companies flat footed and sending prices for electricity, fuel and vessels to record highs.....
Shipping Watch
Published 3y-10mo-1w-6d-2h-29m ago
The world amp 39 s largest product tanker operator, Scorpio Tankers, expects significant growth this year in the demand for refined oil products. Closures of older refineries will contribute to growth in the product tanker market. Analyst is skeptical.....
Shipping Watch
Published 3y-10mo-1w-6d-2h-56m ago
The EU must triple the speed of cuts to achieve its CO2 emissions reduction target by amp 34 at least 55 percent amp 34 before 2030, according to a new think tank report skeptical of whether the objectives are feasible.....
Shipping Watch
Published 3y-10mo-1w-6d-3h-23m ago
If the current rally in the container market continues in December, combined demand for 2020 as a whole will approach the level of 2019 despite the big slide in the spring, reports Sea Intelligence.....
Shipping Watch
Published 3y-10mo-1w-6d-4h-23m ago
Dry bulk operators can now look forward to several golden years that are set to begin already now, projects Cleaves Securities. This is driven by a combination of few new ships and a large Chinese appetite for iron ore, the investment bank tells ShippingWatch.....
Shipping Watch
Published 3y-10mo-1w-6d-8h-31m ago
Since November, fuel prices have increased significantly, which will likely bring back the so called BAF surcharges and should have shippers preparing for a hike in prices, says analyst firm.....
Shipping Watch
Published 3y-10mo-1w-6d-9h-27m ago
With an influx of USD 100 million in capital and well known names such as Connie Hedegaard on the board, Cadeler is prepared for growing within offshore wind. ShippingWatch has interviewed CEO Mikkel Gleerup about plans and challenges in a booming market.....
Shipping Watch
Published 3y-10mo-2w-2d-2h-24m ago
The global ship order book has plunged, as owners are unsure which alternative fuel types to embrace as tighter environmental regulations loom. Most fuel alternatives are only in the trial stage and will not be scalable for at least a decade.....
Shipping Watch
Published 3y-10mo-2w-2d-3h-9m ago
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.....
Shipping Watch
Published 3y-10mo-2w-2d-3h-38m ago
Norway and Denmark are on the same page, says the Norwegian Shipowners amp 39 Association, in terms resolving the growing issues of pirate attacks and kidnappings of ships and seafarers in the Gulf of Guinea. But Norway says that Nigeria has the responsibility.....
Shipping Watch
Published 3y-10mo-2w-2d-3h-45m ago
The coronavirus crisis has exposed supply chain weaknesses worldwide, which has led many shippers to look for more partners. Almost half of them want to increase their number of logistics partners in 2021, shows survey from Transport Intelligence.....
Shipping Watch
Published 3y-10mo-2w-2d-5h-37m ago
The dramatic plunge in container volumes of 7.3 percent in the first five months of 2020 due to the coronavirus pandemic was almost regained in the rest of the year, shows a Bimco analysis.....
Shipping Watch
Published 3y-10mo-2w-2d-9h-29m ago
Ceva Logistics has acquired a Moroccan company that will, among other things, strengthen the logistics operator amp 39 s reefer business. The move is part of an expansion of its presence in Africa, where the company also bought up last year.....
Shipping Watch
Published 3y-10mo-2w-2d-10h-21m ago
The conflict between China and Australia, which prevents dry bulkers from offloading their Australian coal cargoes in China, continues unabated with no solution in sight. At present, 71 vessels are stranded while crews are calling on authorities to intervene. Things have gone from bad to worse, says....
Shipping Watch
Published 3y-10mo-2w-3d-2h-13m ago
Norway amp 39 s Odfjell buckles into the green transition with a new bond loan of between NOK 0.5 and 1 billion, which is linked to the tanker company reducing its carbon intensity by 50 percent ahead of 2030.....
Shipping Watch
Published 3y-10mo-2w-3d-2h-35m ago
Many gas ship operators only need rates of USD 20,000 per day to cover their costs, but in the past month, rates have hovered steadily at around USD 100,000 per day. BW LPG chief exec sees strong chances of this continuing a while into 2021.....
Shipping Watch
Published 3y-10mo-2w-3d-3h-35m ago
Despite outspoken dissatisfaction from the shipping industry and suggestions of separate fees for the shipping industry, it looks like the EU will plough ahead with its plans to include the maritime industry in its Emissions Trading System, and it could even happen in just a years amp 39 time.....
Shipping Watch
Published 3y-10mo-2w-3d-9h-37m ago
The Monaco based company headed by Robert Bugbee plans to ditch the name Scorpio Bulkers as part of its strategy to exit the dry bulk market and instead go all in on the market for green energy and offshore wind.....
Shipping Watch
Published 3y-10mo-2w-3d-10h-1m ago
The red hot container market with historic high rates will cool off during the first half of the year, projects Maersk CCO Vincent Clerc. Though he declines to project whether this will happen in the first or the second quarter.....
Shipping Watch
Published 3y-10mo-2w-4d-2h-14m ago
In a challenging year for most industries due to the coronavirus pandemic, shipping shares were also severely impacted. The shipping share index on the Oslo Stock Exchange dropped 11 percent in 2020, with significant spread among the shares.....
Shipping Watch
Published 3y-10mo-2w-4d-2h-31m ago
Nina Østergaard Borris, who is poised to one day take over the USTC organization and who became COO last year, now embarks on a process to adjust the organization. In part, this is done by moving part of Bunker Holding into USTC.....
Shipping Watch
Published 3y-10mo-2w-4d-2h-57m ago
Hin Leong Trading amp 39 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.....
Shipping Watch
Published 3y-10mo-2w-4d-3h-39m ago
On the back of a amp 34 miserable amp 34 year for shippers, it is time to take control of the supply chain. ShippingWatch has interviewed logistics profiles Bjørn Vang Jensen and Jochen Gutschmidt on how to regain power in the container market. If possible at all.....
Shipping Watch
Published 3y-10mo-2w-4d-5h-13m ago
amp 34 Freight rates will go drown after the Chinese New Year in February. This is, however, included in our model forecasts. The discipline in the market should sustain stock prices, amp 34 writes Handelsbanken.....
Shipping Watch
Published 3y-10mo-2w-4d-6h-8m ago
After years with limited growth, the global order book for new container ships is now growing again. A final dash in 2020 turned the last three months of the year into the quarter with the most orders in five years.....
Shipping Watch
Published 3y-10mo-2w-4d-7h-26m ago
Kristian Sørensen, CEO of shipbroker Fearnleys, switches to Avance Gas, which is controlled by Norwegian shipowner John Fredriksen. He becomes the gas tanker operator amp 39 s third CEO in 10 months.....
Shipping Watch
Published 3y-10mo-2w-4d-9h-51m ago
A recovery in the shipping market is some ways off, projects investment bank Fearnley Securities. The past year was a dreadful period for raising capital in the sector, and this was due to the pandemic.....
Shipping Watch
Published 3y-10mo-2w-5d-1h-53m ago
Robert Uggla amp 39 s personal company a few days ago took over ownership of close to one fifth of Maersk Tankers, which has till now been owned 100 percent by the family amp 39 s APM Holding.....
Shipping Watch
Published 3y-10mo-2w-5d-2h-8m ago
Color Line sends an additional 500 employees home and has now sent home almost 1,500 in total. This time the reason is the shut down of a route between Kiel and Oslo following the introduction of new Covid 19 restrictions.....
Shipping Watch
Published 3y-10mo-2w-5d-3h-10m ago
The coronavirus has had large human and economic costs for crews and companies, and seafarers have probably suffered the most. Captain Debie Morera explains what happens when extraordinary precautions become the new normal onboard.....
Shipping Watch
Published 3y-10mo-2w-5d-4h-2m ago
European shippers and freight forwarders call on the EU Commission to intervene in the container sector in light of the overheated market seen in the past many months. They say that the shipping lines amp 39 behavior is harmful to smaller shippers in particular. The shipping lines have previously ....
Shipping Watch
Published 3y-10mo-2w-5d-4h-35m ago
South Korea has deployed a warship to the Stait of Hormuz after the Islamic Revolutionary Guard Corps seized a South Korean flagged tanker Monday, citing pollution. South Korea demands that the ship and its 20 man crew be released.....
Shipping Watch
Published 3y-10mo-2w-5d-5h-10m ago
Ahead of Brexit, shipowners and offshore companies in the EU feared that Great Britain would use its independence to create amp 34 Europe amp 39 s Singapore amp 34 with low taxes. Now Danish Shipping calls off this worry.....
Shipping Watch
Published 3y-10mo-2w-5d-6h-3m ago
In 2020, Odfjell likely surpassed one billion dollars in revenue and doubled its operating result to USD 125 130 million. amp 34 We have an optimistic view of the chemical tanker market in 2021, but we amp 39 re not naive, amp 34 CEO Kristian V. Mørch tells ShippingWatch.....
Shipping Watch
Published 3y-10mo-2w-5d-6h-30m ago
A ship from container line Evergreen has lost 36 containers. The incident occurred when ship Ever Liberal was hit by bad weather after departing from Busan, South Korea on the day before New Year, headed for Los Angeles.....
Shipping Watch
Published 3y-10mo-2w-5d-9h-32m ago
Shipbroker Lightship opens its ninth office, which will be located in Singapore. And the company has also hired a new head of panamax for its office in Geneva. The goal is to become a amp 34 power factor amp 34 in panamax, explains Chairman Morten Have.....
Shipping Watch
Published 3y-10mo-2w-5d-10h-3m ago
When Israeli container line Zim, according to plan, is listed in New York, the company aims to raise USD 100 million, which will be used for investments in ships and digital initiatives.....
Shipping Watch
Published 3y-10mo-2w-6d-2h-11m ago
Iran has seized a South Korean flagged tanker, used to carry oil products and chemicals, in its territorial waters, citing amp 34 repeated violations of marine environmental laws. amp 34 ....
Shipping Watch
Published 3y-10mo-2w-6d-2h-42m ago
Rig company Pacific Drilling now says that it has exited its Chapter 11 process on the heels of a successful restructuring, lender approval of its plan and a final approval from a US bankruptcy court.....
Shipping Watch
Published 3y-10mo-2w-6d-3h-3m ago
A mine was found on a tanker ship off the coast of Iraq. According to a security firm, it is unknown whether the mine was active, but the incident is the latest in line of tanker vessels being hit by similar events in the Red Sea.....
Shipping Watch
Published 3y-10mo-2w-6d-3h-25m ago
For years, Bjørn Vang Jensen sat across the table from container lines to renegotiate contracts as a representative of Electrolux. He cannot rule out that the contracts set to be entered soon could increase by up to 50 percent as a result of the current rate boom.....
Shipping Watch
Published 3y-10mo-2w-6d-3h-32m ago
Even though container lines amp 39 schedule reliability on all global trade routes reached a historic low on average in 2020, the ability to arrive on time on, for instance, the major routes to the US is no worse than the 10 year norm, writes Sea Intelligence.....
Shipping Watch
Published 3y-10mo-2w-6d-5h-51m ago
Everyone will be watching to see when the coronavirus vaccines start to really have an effect. But beyond this, there are several decisive issues to keep an eye on during the year, which could have a big impact on shipping, logistics and offshore. ShippingWatch provides an overview.....
Shipping Watch
Published 3y-10mo-2w-6d-6h-59m ago
Norwegian shipping magnate Arne Fredly, who controls Hunter Group, among other businesses, calls it a amp 34 sad story amp 34 to be an equity investor in the shipping industry. He says that upwards of 80 percent of stock listed shipping companies are amp 34 pure fraud amp 34 .....
Shipping Watch
Published 3y-10mo-2w-6d-8h-41m ago
Eight of the world amp 39 s 12 largest container lines expanded their fleets this year. Two shipping lines in particular accounted for the biggest fleet growth in teu, while things looked different for the world amp 39 s biggest container line, Maersk, writes Alphaliner.....
Shipping Watch
Published 3y-10mo-3w-4d-2h-53m ago
After a highly unusual year that ended with a historic recovery for the container lines, Maersk amp 39 s share price ends at a level that has not been seen in years. Analyst does not project this will last far into 2021, but it could rub off on the shipping company amp 39 s contracts.....
Shipping Watch
Published 3y-10mo-3w-4d-5h-19m ago
A Chinese company has just ordered four ships of 24,000 teu, which will likely be chartered to MSC, writes Alphaliner. This comes at a time when Hapag Lloyd and ONE have also announced new mega ships.....
Shipping Watch
Published 3y-10mo-3w-4d-7h-5m ago
Maersk amp 39 s break from major German customer DB Schenker and the cyber attack om 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 amp 39 s start at MSC and....
Shipping Watch
Published 3y-10mo-3w-4d-8h-27m ago
After 25 years with Maersk, Søren Toft was ready for new challenges, says the new MSC Chief Executive in an interview with Børsen, wherein he puts some words on his talks with MSC amp 39 s owner, the Aponte family.....
Shipping Watch
Published 3y-10mo-3w-4d-9h-20m ago
Siem Offshore is in the midst of a refinancing, which requires backing from many lenders. But it has proven difficult for the shipping company to get its Brazilian creditors on board, writes Finansavisen.....
Shipping Watch
Published 3y-10mo-3w-5d-1h-52m ago
France now permits drivers to sail from the UK with their cargoes, while the Netherlands opens to British passengers following a short lockdown implemented to curb the spread of a coronavirus mutation.....
Shipping Watch
Published 3y-11mo-1d-6h-41m ago
