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Bank Analysts News

14 Jul 2022

Libya's Oil Chief Rejects Sacking, Says Govt Mandate Expired

NOC chief Mustafa Sanalla - Credit: NOC (file image)

The head of Libya's National Oil Corp (NOC) on Wednesday rejected the prime minister's authority to sack him, raising the prospect of an open struggle for control of the state energy producer.In a furious televised speech, Mustafa Sanalla said Prime Minister Abdulhamid al-Dbeibah's mandate to govern had expired and warned him not to touch NOC.An armed force deployed outside the NOC building later in the day, three witnesses said. One of them said the force was aligned with Dbeibah.

28 Oct 2016

Japanese Shippers Jolted as Strong Yen Pummels Bottom Line

Japan's big three shippers will report earnings on Monday as yen strength threatens to widen annual loss estimates, in a sector shaken by shrinking demand and over capacity that has already sunk a major carrier. Nippon Yusen KK (NYK), Mitsui OSK Lines Ltd (MOL) and Kawasaki Kisen Kaisha Ltd (K-Line) - whose combined fleet of over 2,000 vessels includes tankers, dry-cargo carriers and container ships - will issue second-quarter results and updated full-year estimates that analysts say are currently too optimistic. The announcements will come just weeks after NYK said it would write down assets to the tune of 160 billion yen ($1.52 billion) in the July-September period.

18 Feb 2016

China Launches Shipping Giant, Battles Slump

Debut comes as industry battles prolonged downturn. China on Thursday launched a challenge to global shippers AP Moller Maersk and Mitsui OSK Lines, but analysts said the giant company must slim down its workforce and order book to weather one of the industry's worst-ever slumps. Created from the state-driven merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group, China Cosco Shipping Corporation (COSCOCS) will control one of the world's largest fleets of dry bulk vessels, container ships and oil tankers. Its debut, however, coincides with some of the leanest times for shipping firms already mired in the…

27 Feb 2015

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0. State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on Thursday, prompting the brokerage to downgrade the stock to 'sell' from 'buy'. Rig operators are struggling to find work as oil producers scale back spending and drilling activity in response to a near 50 percent fall in crude prices since June. "With demand nearly non-existent and a steady stream of new capacity entering the market, the prospect for recovery in the short to intermediate term is bleak," Deutsche Bank analysts wrote in a note to its clients.

20 Nov 2012

Bahri Voted Best Managed Shipping Co. in Middle East

'BAHRI' Ro-Ro: Photo credit National Shipping Company of Saudi Arabia

The National Shipping Company of Saudi Arabia ("Bahri" )named by Euromoney as the best managed in the transport & shipping sector, 2012. Bahri was ranked first before all transport and shipping companies in the Middle East. The award was based on a survey sent to bank analysts and equity investors who gave their opinions on the best three companies in the Middle East in the sectors included in the survey.