Pangaea Takes Top Spot in Dry Bulk Benchmark Study
For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.
Odfjell Elects Klaus Nyborg Director of the Board
Odfjell SE’s Extraordinary General Meeting, held December 9, 2015, supported the Nomination Committee's proposal and elected Klaus Nyborg as new director of the Board. Nyborg, a Danish citizen, owns no shares in Odfjell SE and has no formal ties to major shareholders of the company, according to Odfjell. Nyborg was recently Interim CEO of DS Norden AS from 2014-2015, where he has also been on the board since 2012, and chairman since 2015. He also serves board director of several other companies, including being chairman of A/S United Shipping & Trading Company and BAWAT A/S.
Report: HHI Leads Drop in Shipbuilding Stocks
According to reports, Hyundai Heavy Industries Co., led declines among shipyard stocks on concern of fewer orders for vessels this year after bulk rates fell the most since June 1989. Hyundai Heavy dropped 6.6 percent, the biggest decline in almost five months, to close at 382,500 won. Unit Hyundai Mipo Dockyard Co. declined 6.5 percent, the largest loss in two months, to 244,000 won. Bulk rates plunged last week on concern economic slowdowns in China, the world's biggest buyer of iron ore used to make steel, and the U.S. may reduce trade demand for commodities and consumer goods. Demand from China, Asia's second-largest economy, last year helped lift fees to a record, prompting vessel orders. Shipping lines including STX Pan Ocean Co. and Pacific Basin Shipping Ltd.
A/S Steamship Torm CFO Resigns
A/S Steamship Co. Torm, a Danish shipping company, said Friday that Chief Financial Officer Klaus Nyborg resigned and accepted a position with Pacific Basin Shipping Ltd. in Hong Kong. No replacement was named. Nyborg, 42, plans to join Pacific Basin as deputy chief executive and executive director sometime before Dec. 1. Copenhagen-based A/S Steamship has a combined fleet of 100 tankers and bulk carriers. Much of its cargo is refined oil products.
