On Friday, it emerged that London-listed shipbroker Braemar is examining more legacy transactions as part of a probe that caused its shares to be suspended in July. In a trading update, the company said it is nearing the end of an investigation that meant it could not publish its financial results for the year ending in February. It now plans to release these in October. Read the full story
IN THE NEWS
Ukraine grain gets going | Ukraine’s new grain corridor is gaining traction. Three bulkers set course for the war-torn country on Friday, just hours after a cargo ship loaded at Chornomorsk and left in defiance of a Russian naval blockade. They are set to become the second batch of vessels to try and complete a round trip to Ukraine.
Methanol first | AP Moller-Maersk chief executive Vincent Clerc hailed “an important turning point” as he directed attention towards the first methanol-powered container ship. “This is what the energy transition looks like,” he said, pointing to the 2,100-teu Laura Maersk (built 2023), which was christened in Copenhagen last week. “This is probably in shipping terms the biggest equivalent of an influencer on social media you would ever find,” he said.
Latsco bulks up | Greece’s Latsco Shipping, a major owner of more than 30 tankers and gas carriers, is adding bulker newbuildings to its already considerable fleet. Nine months after disclosing the delivery of a pair of feeder container ship newbuildings, the Latsis family outfit revealed on Wednesday that it had placed three ultramax orders in Japan.
Tanker nerves | Tankers are making Andreas Sohmen-Pao nervous, but he quite likes the companies that own them. The BW Group boss said high shipping asset prices worry him, describing the situation to attendees at a Pareto Securities Energy Conference as one where the margin of safety reduces, resulting in more upside than downside.
Fearnleys seals Ocean deal | Norwegian shipbroking group Fearnleys has closed the deal to acquire London-based Ocean Shipbrokers, which will expand its activities in tankers, sale and purchase and LPG. Fearnleys believes the transaction will double the size of its tanker team, client reach and market coverage.
Early Christmas | Christmas has come a few months early for some executives and directors at Connecticut-based gas player Dorian LPG. New York-listed Dorian has ladled out supplemental bonuses in cash and restricted shares to chief executive John Hadjipateras and Dorian USA counterpart John Lycouris, piled on top of raises already awarded when the company published its annual proxy report in July.
In this week’s Wavelength column, Terry Macalister looks at the implications of Russia considering a ban on the export of refined petroleum products in a bid to reduce soaring domestic prices. Hard-pressed product tankers have been enjoying a major surge in freight rates recently, but the news has caused understandable jitters in the oil trading and shipping markets. Read Wavelength here.
It is a new dawn for alternative fuels in container shipping, now that AP Moller-Maersk has inaugurated the world’s first methanol-fuelled boxship, writes Eric Martin in his weekly Green Seas column. The question is, after Maersk’s first-in-line advantage allowed it to grab much of the available green methanol supply, will there be enough green hydrogen for the rest, or will they use conventional methanol or even fuel oil in their dual-fuel ships? Read the article here.
TradeWinds’ Gary Dixon caught up with the bosses of Taylor Maritime Investments for an update on the integration of Grindrod Shipping, which the London-based company bought in December. This process has already gone a long way, with no unpleasant surprises expected, according to Ed Buttery and group chief operating officer Carl Ackerley. Read all about this here.
Despite all the positive changes in terms of shipping’s gender equality, the same old prejudices still crop up, according to Claudia Paschkewitz, the managing director of sustainability, diversity and inclusion at Columbia Group. The experienced German executive is helping launch a mentoring scheme so that the giant ship manager’s shore-based female staff can help bring on new cadets.
- Union Maritime almost doubles its money on aframax duo as ‘tanker fever’ spreads
- Suezmax tanker newbuilding surge in 2023 largest in a decade, says Braemar
- Supramax bulkers hit 10-month high as Black and Mediterranean seas stay ‘very hot’
- Will Economou and Galloway’s activist stances spread to other Maxim shipowners?
- Just say ‘no’ to newbuildings, Pareto research head tells public tanker owners