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Haunted by Oil Slump, Singapore’s Otto Marine Buckles Under Debt

February 23, 2018 by Bloomberg

Haunted by Oil Slump, Singapore’s Otto Marine Buckles Under Debt

By Andrea Tan and David Yong (Bloomberg) -- A Singapore shipping company rescued by its chairman just over a year ago faces collapse unless the courts step in, a sign that an earlier slump in oil prices is still reverberating. Saddled with $877 million in liabilities and creditors demanding payment, Otto Marine Ltd. is asking the Singapore High Court for protection. The … [Read more...]

Worst Offshore Slump Holds Key Lessons for Top Norway Banker

May 31, 2017 by Bloomberg

Worst Offshore Slump Holds Key Lessons for Top Norway Banker

By Mikael Holter (Bloomberg) -- Norway’s biggest bank is done comparing: The downturn in the country’s offshore services market has no precedent. “No one has seen a worse offshore market than what we’re going through now,” Kristin Holth, head of shipping, offshore and logistics at DNB ASA, said in an interview at the Nor-Shipping conference outside Oslo on Tuesday. “It … [Read more...]

Mothballed Ships in Southeast Asia Show Pain Inflicted by Oil Slump

May 31, 2016 by Reuters

Mothballed Ships in Southeast Asia Show Pain Inflicted by Oil Slump

By Aradhana Aravindan and Keith Wallis SINGAPORE, May 31 (Reuters) - Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of companies that help preserve equipment and provide security for vessels parked around southeast Asia are busier than they have been for years. A popular lay-up anchorage near Indonesia's Batam island, a short … [Read more...]

Maersk Oil to Cut 40 Staff Amid Slumping Oil Price

May 9, 2016 by Reuters

Maersk Oil to Cut 40 Staff Amid Slumping Oil Price

COPENHAGEN, May 9 (Reuters) - Denmark's Maersk Oil will cut 40 jobs in Copenhagen, Aberdeen and Stavanger due to the low oil price, it said on Monday. Maersk Oil, a unit of conglomerate A.P. Moller-Maersk , said despite significant cost cuts in the past 18 months, the oil price in the first quarter of 2016 continued to put pressure on earnings and led to a small loss in the … [Read more...]

Samsung Heavy Industries Loses $4.6 Billion Shell Order

April 28, 2016 by Bloomberg

Samsung Heavy Industries Loses $4.6 Billion Shell Order

By Kyunghee Park (Bloomberg) -- Samsung Heavy Industries Co., the world’s third-largest shipbuilder, said an order to build three floating liquefied natural gas production facilities was canceled after the energy development project was scrapped amid a plunge in oil prices. The contract, valued at 5.27 trillion won ($4.6 billion), from Royal Dutch Shell Plc was voided … [Read more...]

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  Featured

MAN Diesel & Turbo to Supply Engines for MSC’s Record-Breaking Megaships

MAN Diesel & Turbo to Supply Engines for MSC’s Record-Breaking Megaships

Incident Video: Car Carrier Crunches Tugboat in Durban Harbour

Incident Video: Car Carrier Crunches Tugboat in Durban Harbour

IMO Reaches Deal to Cut CO2 Emissions from Ships

IMO Reaches Deal to Cut CO2 Emissions from Ships

‘Hotspots’ Continue to Burn on Maersk Honam

‘Hotspots’ Continue to Burn on Maersk Honam

Abandoned Ride-Share Bike on Washington State Ferry Prompts $17,000 Search

Abandoned Ride-Share Bike on Washington State Ferry Prompts $17,000 Search

  Video

Incident Video: Tanker’s Hull Punctured by Floating Crane in Iraq

Incident Video: Tanker’s Hull Punctured by Floating Crane in Iraq

Incident Video: Car Carrier Crunches Tugboat in Durban Harbour

Incident Video: Car Carrier Crunches Tugboat in Durban Harbour

Caught on Video: MSC Cruise Ship Crashes Into Dock in the Caribbean

Caught on Video: MSC Cruise Ship Crashes Into Dock in the Caribbean

  Latest News

Panama Canal Tugboat Captains Locked in Heated Dispute with Management Over Safe Manning of Tugs

Interior Secretary Says U.S. Won’t Lower Offshore Oil and gas Royalty Rates ‘At This Time’

Greek Ferry Crews Strike

  Corporate News

ABS Delivers Continued Solid Performance and Remains Well-Positioned for Future, Reports Chairman, President and CEO

Kazmortransflot LLP takes delivery of final Damen Shoalbuster 2709 for Caspian Sea operations

Metal Shark Delivers Another Round of Patrol Boats to the Vietnam Coast Guard

P&O Cruises Ventura completes two-week docking at Damen Shiprepair Brest

Avatars by Sterling Adventures
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