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The company says it will likely achieve the highest time charter equivalent rates in more than nine years in the first quarter given the rising market, particularly for supramaxes in which it specialises
Offshore driller Seadrill announced a $2.9bn impairment charge for last year after it filed for bankruptcy protection in Texas in February. The Fredriksen-controlled driller said demand would stay low this year, with some recovery in 2022
ABM AMRO’s Joep Gorgels does not expect to see ships becoming stranded assets for ‘many, many years’ as they will be needed to power global trade
CMA CGM agrees deal with HMM to take a minority stake in Total Terminal International Algeciras, marking the company’s second fresh venture in the region this year. The French shipping giant signed off a deal to manage and operate Alexandria’s new multi-purpose facility in late January
Three years ago Greece-based Prime Tanker group acquired control of First Ship Lease Trust and set its sights on renewing the fleet, shedding containerships as well as several of its tankers
German lender Hamburg Commercial Bank is one of several foreign banks exposed to Hin Leong Trading shipowning affiliate Xihe Holdings seeking to recover loans as part of an insolvency process
Genco’s chief executive says demand for coal, grains and minor bulks, has kept rates buoyant for the smaller sizes. But, capesize rates, currently the weakest, should bounce back by April
Global trade efficiency relies on it, shipping’s decarbonisation transition demands it and both financial and security regulators are monitoring it — the maritime sector’s future is focused on issues of transparency at every level
ESG is part of a growing interest in corporate transparency and stakeholders’ expectations are evolving quickly. Although voluntary approaches do not seem to be changing perceptions, mandatory laws will likely follow
‘Maybe there will be technologies that are far better than liquefied natural gas, but today what is important is to take action. We think LNG is the best technology that is available for today,’ said CMA CGM chief executive Rodolphe Saadé
Update: Company head says it was the right time to expand its fleet. It sees itself as a consolidator in the product tanker market
Keppel expects to yield a gain of more than $28m from the agreed compensation
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