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Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War

Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War

3 hours ago
Global trade tensions have captured headlines in recent months, as the imposition of a series of tariffs and counter-tariffs by various global trade counterparts has raised questions about the possibility of a trade war. Such development could potentially have an impact on global trade flows, and, consequently, the companies which facilitate international movement of goods.Though the situation is still developing and the final impact is uncertain, Gregory Draco, the Chief U.S. Economist at Oxford, predicted in July that the tariffs would create an 0.1 percent to 0.2 percent drag on U.S. GDP. While the expected reduction is rather modest, Mr.
Kongsberg to Power Grimaldi’s Nine New RoRos

Kongsberg to Power Grimaldi’s Nine New RoRos

5 hours ago
Kongsberg Maritime said it has been awarded contracts with Chinese shipbuilder Nanjing Jinling Shipyard Co. to deliver power and hybrid systems to nine Roll on – Roll off (Ro-Ro) vessels ordered by Grimaldi Group, Italy. The contracts are valued at more than NOK 400 million ($47 million) and include an option for three additional vessels increasing the total value to more than NOK 500 Million ($59 million).Due for delivery from 2020, the new vessels will be 238 meters long, with a beam of 34 meters and gross tonnage of 64,000 tons. The vessels will be able to transport over 7,800 linear meters of rolling units, equivalent to about 500 trailers.
Maersk to Spin off Drilling, Hand Total Shares to Investors

Maersk to Spin off Drilling, Hand Total Shares to Investors

6 hours ago
A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became chief executive in 2016.Skou used to head Maersk's container business and is a long-time veteran of the Danish firm whose mainstay industry is emerging from a fierce price war as too many ships chased too little business, denting profitability.
TORM to Feature Scrubbers in Newbuildings

TORM to Feature Scrubbers in Newbuildings

15 hours ago
Danish shipping company TORM is installing scrubbers to its vessels, allowing them to continue running on high sulfur fuel oil after the International Maritime Organization's marine fuels sulfur limit is cut in 2020.A press release from the company said that it has decided to install scrubbers on 14 vessels including all vessels currently on order and the three LR2 vessels that were delivered earlier in 2018.These vessels have a scrubber-prepared design and there are no changes to the delivery schedule. As of today, TORM’s scrubber program covers four LR2s, two LR1s and eight MRs.
Shipbuilding: Oman Drydock CEO Aims to Triple Revenue by 2021

Shipbuilding: Oman Drydock CEO Aims to Triple Revenue by 2021

21 hours ago
Said bin Homoud Al Maawali, CEO, Oman Drydock Company (ODC) means business when he aims to triple revenue by 2021, but it’s anything but business-as-usual at ODC. A neophyte to the shipyard world, he is a veteran business man with a long resume in multiple industries, a turnaround specialist. He sees potential at ODC, but bigger picture, he sees the shipyard as a means to help Oman broaden its business and revenues outside of the traditional energy industry.As the global shipbuilding community shakes off a historic slump, new thinking is creeping into a space steeped in tradition.