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
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
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
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
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...]