Keith Weir News

13 May 2020

Maersk Profits Up 23%, Demand Slowdown Expected

(File photo: Maersk)

Shipping group A.P. Moller-Maersk warned of a sharp drop in global container volumes due to the coronavirus pandemic, with weaker retail sales and depressed car production dampening demand.The crisis has thrown the container shipping trade off balance as supply chains have been upended and businesses and factory activity in China and later across the world was disrupted.Maersk, which also reported a 23% rise in first-quarter core profits on Wednesday, now expects global container demand to contract this year…

02 Apr 2020

EU Antitrust Regulators Pause Hyundai, Daewoo Deal Probe

(Photo: Hyundai Heavy Industries)

EU antitrust regulators have halted their investigation into world No.

06 Feb 2020

Total Rejects Force Majeure Notice From Chinese LNG Buyer

© vladsv / Adobe Stock

French oil major Total has rejected a force majeure notice from a buyer of liquefied natural gas (LNG) in China, a Total executive said during the company's full-year results presentation on Thursday."Some Chinese customers, at least one, are trying to use the coronavirus to say I have force majeure," said Philippe Sauquet, head of Total's gas, renewables and power segment."We have received one force majeure that we have rejected."A Chinese international trade promotion agency…

24 May 2019

Trade Tension Hurts Shipping, Maersk Warns

CREDIT Maersk

A.P. Moller-Maersk, the world's largest container shipping company, warned on Friday that trade tensions and an economic slowdown are slowing growth in global freight.Maersk, which is seen as an indicator of global trade patterns, cut its forecast for global growth in container traffic this year due to the trade dispute between the United States and China."The recent escalation of the trade war induced by an increase in tariff rates and threats of implementing additional tariffs could take global container trade growth to the lower end of the 1-3% interval (range)…

24 Mar 2019

Nearly 500 Airlifted from Stricken Cruise Ship

Rescue services had airlifted 479 people to safety from a luxury cruise liner with engine trouble off the coast of Norway by Sunday morning and began towing the vessel to a nearby port.The Viking Sky, with 1,373 passengers and crew on board, sent out a mayday signal on Saturday as it drifted towards land in the Norwegian Sea.The airlift of passengers, many of them elderly, from the Viking Cruises ship by helicopter was halted on Sunday morning as two tugboats started steering the vessel towards the nearest port.Founder and chairman of Viking Cruises, Norwegian billionaire Torstein Hagen, said he hoped the vessel would arrive at the port of Molde on Norway's west coast by Sunday afternoon."They've had a bit of a shocking experience…

27 Sep 2018

Petrobras to Resume Building Its Own Platforms

(Photo: Petrobras)

Brazil's Petroleo Brasileiro SA will build its own oil platforms again from 2023, regardless of who wins the presidential election next month, an executive at the state-run oil company said.Petrobras' 2019-2023 business plan, set to be released in December, should include a resumption of platform construction thanks to the company's improving finances, Petrobras' director for production and technology development Hugo Repsold said."We will build platforms independently of who is president…

24 Sep 2018

Total Makes Major Offshore UK Gas Discovery

(Image: Total)

French oil and energy group Total said on Monday it had made a major gas discovery on the Glendronach prospect, located off the coast of the Shetland islands in the North Sea.Total said preliminary tests on the new gas discovery confirmed good reservoir quality, permeability and well production deliverability, with recoverable resources estimated at about one trillion cubic feet (1 tcf).It said Glendronach, located near its Edradour field, will be tied back to the existing infrastructure…

17 Aug 2018

Maersk to Spin off Drilling, Hand Total Shares to Investors

(Photo: Maersk)

A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became chief executive in 2016.Skou used to head Maersk's container business and is a…

19 Jul 2018

Norway Oil Workers, Employers Reach Deal to End Strike

© Inge / Adobe Stock

Norwegian drilling rigs workers will end their industrial action after the union representing 1,600 striking employees reached a deal with the group acting for their employers, the parties said on Thursday.The strike began on July 10 after the Safe union and the Norwegian Shipowners' Association could not come to an agreement over wages and pension conditions. The industrial action led to the shutdown of one Shell-operated field."The strike is over ... All workers will go back to work today…

04 Mar 2018

Greek CG Nabs 1.3 tonnes of Cannabis

© Opra/AdobeStock

Greece's coast guard seized about 1.3 tonnes of processed cannabis, hidden aboard a foreign flagged fishing vessel intercepted off the southern island of Crete, it said on Sunday. The drug bust was the result of a three-day operation. Greek authorities had been informed by French customs that a suspect ship was sailing to the southeast of the island, possibly carrying illegal cargo. The operation involved four coast guard patrol vessels and two planes, one belonging to Frontex - the European border and coast guard agency.

29 Jan 2018

Search Resumes after Eight Survivors of Kiribati Ferry Rescued

New Zealand military planes on Monday were scouring a section of the Pacific Ocean for more survivors from a missing ferry after eight people were rescued from a dingy that was adrift for days. The survivors, including an unconscious teenage girl, were safely transferred to a nearby fishing vessel late on Sunday, Defence Force Air Commodore Darryn Webb told Radio New Zealand. The air search resumed at first light on Monday, he said. The New Zealand Defence Force had originally said there were seven survivors, but later revised the number to eight in a statement. The 17-metre (56-foot) ferry with 50 people on board was reported missing on Jan. 20, two days after it departed Nonouti Island on a 250-km (155-mile) trip to Betio in Kiribati.

08 Nov 2017

SBM Offshore: The Cost of Corruption Rises

Image: © niroworld / AdobeStock

Marine engineering group SBM Offshore said a Brazilian investigation into its role in corruption cases had not been resolved and set aside an additional $238 million provision on Monday to cover costs from an unexpected U.S. inquiry. The Dutch company has also been forced to suspend its involvement in tenders with Brazilian oil company Petrobras , a major customer. Shares fell 10 percent to 13.96 euros at 0930 GMT, wiping out gains made this year when investors believed the builder of floating oil and gas platforms had settled the issue.

24 May 2017

Seadrill Names Dibowitz CEO

Photo: Seadrill

Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Once the world's most valuable rig firm, Seadrill's business was hard hit when oil companies sharply cut investments and exploration in the wake of a 2014 crash in oil prices. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a board director, the company said. Dibowitz, a U.S. citizen, joined the company 10 years ago.

21 Nov 2016

Cargo Ship Being Evacuated off England's Storm-hit Southern Coast

A cargo ship was being evacuated after it started to take on water off the coast of Dover after the biggest storm of the season hit southern England, the Coastguard said on Sunday.   Earlier, the port of Dover said ferry movements had been temporarily suspended because of the "very high winds", which the Met Office said could reach 70-80 miles per hour in exposed coastal locations.   The coastguard could not immediately give any further details. (Reporting by Elizabeth Piper; Editing by Keith Weir)

02 Nov 2016

Maersk Box Unit Records Q3 Loss

File image (Credit: port of Savannah)

A.P. Moller-Maersk , the world's biggest shipping firm, said the container business on which it is staking its future made a loss in the third quarter of the year as freight rates declined further. Shares in the Danish company fell as much as 9 percent after profit in the three months to the end of September fell 44 percent and came in below forecasts. Low oil prices have depressed returns from the energy business which is the other main arm of the company. The results underline…

15 Sep 2016

Britain: EU Mission Should Turn Back Migrant Boats

A European Union naval force deployed in the Mediterranean should turn back migrant boats after they leave Libya and prevent them from reaching Italy, British Foreign Minister Boris Johnson said on Thursday. Italy is on the frontline of Europe's migrant crisis, taking in more than 400,000 refugees over the past three years, many of them saved from rickety boats pushed out to sea by people smugglers based in north Africa. The European Union launched Operation Sophia in 2015 in response to the crisis, with a mandate to disrupt the people trafficking networks and destroy smugglers' boats. Johnson said part of the mission's work was to return boats back to shore after they had put to sea.

15 Sep 2016

Libya Resumes Oil Exports from Some Major Ports

Libya is resuming oil exports from some of its main ports which forces loyal to eastern commander Khalifa Haftar seized in recent days and has lifted related "force majeuere" contractual clauses, the National Oil Corporation said on Thursday. The north African nation is highly dependent on hydrocarbon revenues and needs oil exports to resume to save its economy from collapse. Conflict since Libya's 2011 uprising has reduced its oil output to a fraction of the 1.6 million barrels per day the OPEC member once produced. "Exports will resume immediately from Zueitina and Ras Lanuf, and will continue at Brega ... exports will resume from Es Sider as soon as possible," NOC Chairman Mustafa Sanalla said.

12 Aug 2016

Cost Cuts Ease Pain of Maersk's Gloomy Shipping Forecast

File photo: Maersk Line

Net profit below forecasts, operating figure above; group hit by low freight rates and low oil prices. A.P. Moller-Maersk's progress in cutting costs reassured investors on Friday after the Danish shipping and oil giant reported a sharp decline in quarterly profit and its new chief executive confirmed that earnings would fall this year. The Copenhagen-based company fired its CEO in June and replaced him with Soren Skou, head of its Maersk Line container business, indicating it could split it into separate companies and sell off part of the group, including its oil division.

08 Aug 2016

Court Orders Swiber to Stop Payment of Bank Guarantees

File photo: Swiber

Swiber Offshore Construction, part of troubled Singapore oilfield services firm Swiber Holdings, has received an interim court order to halt payment of bank guarantees for projects it was involved in, a stock exchange filing showed. Parent company Swiber Holdings last month applied to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows for a company to be nursed back to health under the supervision of the Singapore Court.

23 Jun 2016

Maersk's New CEO Appointment Raises Prospect of Break-up

Soren Skou (Photo: Maersk Line)

Danish shipping and oil group A. P. Moller-Maersk could split up into separate companies, its chairman said on Thursday after naming Soren Skou, the head of its container business, as chief executive. Maersk shares rose more than 10 percent on the news with investors betting on a break-up and seeing the appointment as a sign of a more profound restructuring. "The question is whether we should be a large group, or whether we should be a number of independent companies," Chairman Michael Pram Rasmussen told Danish online media Finans.

27 May 2016

Konecranes-Terex Deal to Proceed as Zoomlion Drops Rival Bid

Photo: Terex Corp

China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for U.S. crane maker Terex Corp , clearing the way for a smaller deal between Terex and Finland's Konecranes. The decision comes after six months of merger talks between Terex and Zoomlion, and marks the latest setback to corporate China's ambitions to acquire U.S. assets. In March, Anbang Insurance Group Co unexpectedly withdrew its $14 billion offer to buy Starwood Hotels & Resorts Worldwide Inc.

10 Mar 2016

Indian Firms Plan to Sign Oil Deals with Rosneft

India plans to sign energy deals with Russian oil major Rosneft next week to buy stakes in Siberian fields, two sources privy to the deal said, as New Delhi accelerates a push to secure overseas energy assets. India, the world's third biggest oil importer, has to ship in three quarters of its oil needs and a substantial fall in oil prices has added an extra incentive to seal purchases of assets that are now relatively cheap to limit its reliance on imports. Rosneft's Chief Executive Igor Sechin will visit Delhi on March 15-16 to stitch together the deals, the sources said. Rosneft, the world's biggest listed oil company by output, also…

14 Nov 2014

Belgian Law Firm Says Contacted by OW Bunker Investors

Photo: OW Bunker

Belgian law firm Deminor said it had been contacted by 15 to 20 investment firms considering legal action over the failure of OW Bunker, the world's largest shipping firm which filed for bankruptcy a week ago. Deminor, which specialises in representing institutional investors in class actions against public listed companies, did not say on Friday which investors had contacted it and gave no further detail on possible actions over the company's collapse. OW Bunker, Denmark's the third-largest company by revenue, said on Nov.

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