By Gavin van Marle (TheLoadStar) A dramatic turnaround in the fortunes of recently acquired APL helped French carrier CMA CGM offset a slight decline in revenue and volumes in the first quarter of this year. CMA CGM said APL, acquired from the Singaporean government in a $2.4bn deal last year, had managed to post a quarterly operating profit for the first time … [Read more...]
Bankrupt: Singapore’s Ezra Holdings Files Chapter 11
by Tom Hals (Bloomberg) Oilfield services firm Ezra Holdings Ltd (EZRA.SI) of Singapore filed for U.S. Chapter 11 bankruptcy on Saturday, blaming a prolonged slump in the energy industry. The company had been trying to restructure and said in February it faced a "going concern issue" if it did achieve a favorable outcome. Ezra is one of several Singapore offshore and … [Read more...]
Finally Some Good News For Containership Owners
By Mike Wackett (TheLoadstar) Brokers are reporting good news for embattled containership owners this week in the container charter market, with a big rise in enquiries and improving daily hire rates. Shipping consultant Alphaliner said that, after recent increases in interest in larger vessel sizes, “demand is now filtering down to the medium-sizes, suggesting that a more … [Read more...]
Jack Noonan Named CMA Commodore
Today the Connecticut Maritime Association (CMA) named Mr. John D. "Jack" Noonan, CEO of Chembulk Tankers, Commodore for the year 2017. Mr. Noonan follows a long succession of influential maritime industry leaders as Commodore. The 2017 Commodore Award will be presented on March 22, 2017 at the Gala Dinner marking the conclusion of the annual Connecticut … [Read more...]
HSH Nordbank Starts Talks With Potential Buyers
(Bloomberg) HSH Nordbank AG will stick to its full-year outlook when it reports nine-months results next week, a crucial yardstick for potential investors as the bank starts to gauge interest in its planned privatization, according to a person with knowledge the plans. State-owned HSH still expects significantly lower net income in 2016 as the legacy shipping loan book … [Read more...]
Havila Shipping Fends Off Bankruptcy
by Luca Casiraghi (Bloomberg) Havila Shipping ASA avoided a potential bankruptcy filing, after bondholders accepted a debt-restructuring deal hours before a company deadline. The Norwegian operator of oil-rig support vessels won support from holders of two-thirds of its bonds, according to a statement. The company said last week it would probably seek court protection if … [Read more...]
The Great Trump Shipping Stock Rally May Have Just Ended
US-listed shipping stocks ended their head-scratching post-election rally on Thursday with a major correction that saw some stocks fall more than 50% since Wednesday's close. NASDAQ-listed DryShips Inc. (NASDAQ: DRYS), which at one point had surged more than 1,500% since last Tuesday's election, ended the day at $11 per share, down 85% since Tuesday's $73 close. The trading … [Read more...]