Top-Ranked Analyst Now Says Buy Maersk After Stock Got Pummeled

Photo: APM Terminals

By Christian Wienberg (Bloomberg) -- The top-ranked analyst covering A.P. Moeller-Maersk has turned bullish on the stock. Investors who listened to Frans Høyer over the past year have made 32 percent on their Maersk bets, the best performance of the 29 analysts tracked by Bloomberg and double the return rate delivered by the second-best forecaster. Høyer, who works for … [Read more...]

Seadrill Turns to Loss on $1.8 Billion Writedown

Seadrill Semi-Rig West Pegasus

By Mikael Holter (Bloomberg) -- Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs. The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it … [Read more...]

Neptune Orient Lines Nears Seven-Month High on Takeover Talks

APL is a wholly-owned subsidiary of Singapore-based Neptune Orient Lines. Photo: Sheila Fitzgerald /

By Bloomberg News (Bloomberg) -- Neptune Orient Lines Ltd. surged to its highest in almost seven months in Singapore trading after Southeast Asia’s biggest container shipper confirmed it’s in exclusive talks to be acquired by France’s CMA CGM SA. NOL shares rose by as much as 5.4 percent to S$1.18 on Monday, their highest intraday level since April 29. CMA CGM has until … [Read more...]

Norway’s Stacked Offshore Fleet Swells to 100 Vessels

Photo: Shutterstock/HeliHead

By Mikael Holter (Bloomberg) -- The number of Norwegian offshore vessels with nothing to do has gone from zero to 100 in just a year. And the woes are far from over, the industry’s top lobbyist said. “The worst is still to come,” Sturla Henriksen, chief executive officer of the Norwegian Shipowners’ Association, said in an interview in Oslo on Friday. “2016 and 2017 will … [Read more...]

Japan Pushes Aussies on South China Sea Patrol Submarines

Chinese coast guard vessel nears oil rig

by Michael Heath (Bloomberg) - Japan’s foreign and defense ministers reiterated concerns about China’s strengthening position in the South China Sea in meetings with Australia and pressed the case for Japanese companies to build new generation submarines Down Under. “China is increasing its activities,” Japanese Foreign Minister Fumio Kishida told … [Read more...]

Global Oil Job Cuts Top 250,000


by David Wethe and Saleha Mohsin (Bloomberg) - The number of jobs gutted from oil and gas companies around the world has now passed the 250,000 mark, with still more to come, according to industry consultant Graves & Co. "I was surprised it’s gotten this far," John Graves, whose Houston firm assists in oil and gas deals with audits and due diligence, said … [Read more...]