Terje Solsvik News

23 Mar 2020

Wallenius Wilhelmsen Withdraws Dividend, Mothballs Vessels

(Photo: Wallenius Wilhelmsen)

Shipping firm Wallenius Wilhelmsen, which transports cars and other vehicles from factories to markets, has cut its dividend to zero and will mothball up to 10 vessels as demand plunged amid the coronavirus outbreak, it said on Monday.The company also plans to scrap up to four older vessels, it added.Oslo-listed Wallenius Wilhelmsen, which operates around 125 vessels, had originally proposed to pay dividends of up to $60 million, divided into two tranches."The world has changed dramatically over the past weeks, and we are all feeling the effect," Chief Executive Craig Jasienski said in a state

27 Feb 2020

Frontline Profitable in Q1 Despite Low Freight Rates -CEO

Oil tanker firm Frontline's earnings are in the black so far in the first quarter despite strong headwinds from low freight rates, it's top executive said on Thursday."We are at current rates still running at a profit," Chief Executive Robert Hvide Macleod told a news conference. (Reporting by Victoria Klesty, editing by Terje Solsvik)

27 Feb 2020

Frontline Warns on Virus Impact after Q4 Profit Surge

© momentscatcher / Adobe Stock

Oil tanker firm Frontline warned on Thursday that the coronavirus outbreak will hurt its results in the near term, even as the group reported sharp gains in earnings for the final quarter of 2019.Frontline's net profit for the October-December period rose fourfold year-on-year to an 11-year high of $108.8 million, but still lagging an average forecast of $127.1 million in a Refinitiv poll of analysts."Primarily due to the effect of the coronavirus, we have a near-term macro headwind with a slowdown in oil demand, particularly in China," Chief Executive Robert Hvide Macleod said in a statement.

18 Feb 2020

Golden Ocean Warns on Profit, Supply Chains Due to Coronavirus

© masterskuz55 / Adobe Stock

Shipping group Golden Ocean warned on Tuesday its profit would be hit by a slowdown in demand due to the coronavirus outbreak in China, sending its shares down more than 3% in early trade.The world's second-biggest economy has seen business activity curtailed in recent weeks as it battles to combat the spread of the virus, pushing down shipping rates for commodities such as coal and iron ore used in Chinese factories."The market is currently presenting a challenging scenario that will impact our results in the near term…

25 Nov 2019

Gunvor to Charter Flex LNG Newbuild

Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said on Monday.Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic meters of LNG, is under construction at Korean yard Daewoo Shipbuilding & Marine Engineering."We look forward to taking delivery of one of the most technologically advanced LNG vessels in the world to serve our long term portfolio…

30 Sep 2019

Oil Tankers Fire Injures 10 in S.Korea

A fire that spread across two oil tankers in a South Korean port injured 10 people on Saturday, coastguard and fire officials said, adding the blaze had largely been put out.An explosion occurred on the Stolt Groenland, a 25,000-tonne, Cayman Island-flagged oil tanker, at the southern port of Ulsan at around 10:50 a.m. (0150 GMT), a coastguard official said.There were 25 sailors aboard, including Russians and Filipinos.The fire spread to another oil tanker docked nearby, the 9,000-tonne, South Korean-flagged Bow Dalian, with 21 aboard, he said.All of the sailors on both ships were rescued, but 10 people, most of whom were workers at the terminal, have been wounded so far, a fire official told Reuters.

13 Sep 2019

Fire Reported on Tanker at Sture Terminal

A fire onboard an oil tanker at Norway's Sture crude export terminal has been put out, the fire service told Reuters on Friday.The fire broke out in the engine room of the Dubai Harmony tanker during loading at the Equinor oil terminal on Norway's west coast, according to rescue services and police.No one was injured, and the terminal's output was not affected by the incident, although there was a partial evacuation of staff."The head of the response team on the site confirms that the fire was put out at 1257 CET (1057 GMT)…

30 Aug 2019

Fredriksen Seeks Investors for Empire

Industrialist John Fredriksen is seeking investors to take larger stakes in his companies and could relinquish control of operations as part of a plan to reduce his workload, the Norwegian-born 75-year-old told two newspapers on Friday.It was the clearest sign to date of a succession plan for Fredriksen, whose net worth has been estimated at more than $12 billion.His self-made business empire includes oil-tanker firm Frontline, dry bulk shipper Golden Ocean and rig owner Seadrill, as well as fish farmer Mowi and other companies."There are several ways this could be done," he told business daily Finansavisen, while adding he did not plan to leave day-to-day operations to his twin daughters."They should not have to live with the work load I've had," he added.Instead, Fredriksen could seek to

27 Aug 2019

Frontline Scaled Back Strait of Hormuz Shipping Following June Attack

©patrick vereecke / MarineTraffic.com

Oil tanker firm Frontline has scaled back the number of vessels it sends through the Strait of Hormuz after the attack in June on its Front Altair product tanker, Chief Executive Robert Hvide Macleod said on Tuesday."We've not decided to stay away, so we are doing business there, but have chosen other trades due to the situation -- obviously the Front Altair was a very very difficult situation and we've gone down in terms of bookings," he told an analyst call.He said Frontline has taken extra precautions, but did not elaborate on the measures.

23 Aug 2019

Frontline buys 10 Tankers from Trafigura

Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide Macleod said in a statement.Trafigura will take an 8.5% stake in Frontline, valued at $128 million, and will receive a cash payment of between $538 million and $547 million.The vessels were all built in 2019 and have been fitted with exhaust gas clea

13 Aug 2019

Trafigura in Fuel JV with Frontline, Golden Ocean

File Image: AdobeStock / © Riccardo Arata

Trafigura Group is joining forces with shipping firms Frontline and Golden Ocean to set up a company to supply shipping fuels ahead of a shake up in regulations next year which could disrupt fuel delivery and cause prices to spike.The three companies said on Tuesday that subject to agreement on final terms, the joint venture is expected to start operating in the third quarter.From Jan. 1, International Maritime Organization (IMO) rules will bar many ships from using marine fuel, also called bunker fuel, containing more than 0.5% sulphur in order to help reduce air pollution.

13 Jun 2019

Two Tankers Attacked in Gulf of Oman

(Photo:  Islamic Republic News Agency)

Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.

11 Jun 2019

Finland Opens Largest Nordic LNG Terminal After Delay

Photo: Wartsila

Finland's 110 million-euro ($124.5 million) Manga liquefied natural gas import terminal has fully opened after a year-long delay to the project, engineering firm Wartsila and part-owner Gasum said on Tuesday.Manga, the largest LNG terminal in the Nordic region with storage capacity of 50,000 cubic metres, began receiving some shipments in November 2017, but is only now ready for full commercial operations after an additional year of tests.A Wartsila executive told Reuters the testing period had been prolonged due to some adjustments that the facility needed…

20 May 2019

Statfjord Loadings Resume After Leak

(Photo: Harald Pettersen / Equinor)

Equinor has resumed crude oil loadings from its Statfjord field in the North Sea following a spill last week, the Norwegian oil and gas company said on Monday.Production from Statfjord remains unaffected, and the offloading of crude is now taking place from an alternative buoy on the field, it added.The company was still investigating the source of the oil spill that was detected on the sea surface on May 15, prompting shutdown of loadings to a shuttle tanker, a spokesman said.(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

16 May 2019

Statfjord Loading Still Shut After Spill -Equinor

(Photo: Harald Pettersen / Equinor)

Equinor has still not identified the source of an oil spill at its Statfjord field in the North Sea, and the loading of crude onto tankers remains shut, the Norwegian company told Reuters on Thursday.The leakage consisted of "small observations" of oil on the surface of the ocean, an Equinor spokesman said.The leakage of crude was first discovered on Wednesday, triggering a shutdown of loading on to a shuttle tanker, although production continued, Equinor said at the time.Statfjord, which opened in 1979, is among the oldest fields still producing in the North Sea, and Equinor has said the firs

30 Apr 2019

Activists End Occupation of Arctic Drill Rig

(Photo: Greenpeace)

Greenpeace activists climbed down from a Seadrill drilling rig in Norway on Tuesday and are no longer occupying it, the environmental group told Reuters.The rig, which was boarded by four activists on Monday, will be used next month by Equinor to explore for oil and gas in the Arctic.(Reporting by Gwladys Fouche, Writing by Terje Solsvik, Editing by Paul Tait)

25 Mar 2019

Cruise Ship Reaches Port after Casualty, Rescues

Viking Sky (CREDIT: MarineTraffic.com / © Michael Thomas

A luxury cruise ship that had set sail with almost 1,400 passengers and crew aboard arrived at a port in Norway on Sunday after narrowly escaping disaster when its engines failed during a storm.The Viking Sky sent out a mayday signal on Saturday as it drifted in rough waters in the Norwegian Sea to within 100 metres of land.Rescue services airlifted 479 people, hoisting them one-by- one on to helicopters, before the weather subsided on Sunday and a tow could begin. Many of them were senior citizens.A total of 1…

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…

19 Feb 2019

Dry Bulk Market Outlook Darkens After Vale Casualty

File Image: AdobeStock / © Lucasz Z

The prospects of dry bulk shippers carrying iron ore from mines to smelters have worsened due to the accident at Vale's Brumadinho dam in Brazil, Golden Ocean said on Tuesday as it presented forecast-beating quarterly earnings.The dam in the town of Brumadinho, which contained tailings, the mud-like byproducts of iron ore mining, burst on Jan. 25, killing at least 166 people and with almost 200 more still missing.Brazil's Vale, the world's largest iron ore mining company, has…

05 Feb 2019

'Frog's Leg' Proves Bountiful for Aker BP

Aker BP finds up to 153 million barrels of oil equivalents in North SeaAker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain."The drilling operation will continue, and a comprehensive data collection program will be performed to determine the size and quality of the discovery," Aker BP said in a statement.When reserves are found to stretch across the British-Norwegian offshore border, the two nations…

14 Dec 2018

Norway Postpones Decision on Arctic Oil Terminal

The Johan Castberg oilfield is expected to start producing in late 2022 (Image: Equinor)

The Norwegian government has postponed a decision on whether to mandate the construction of an oil processing terminal near the Arctic tip of northern Europe until the third quarter of next year, it said on Friday.If built, the onshore Veidnes terminal would receive crude via a pipeline from Equinor's offshore Johan Castberg oilfield, which is expected to start producing in late 2022.Equinor originally ditched plans for an onshore terminal in order to save costs, preferring instead to load oil on to crude tankers at the field before exporting it to global markets.Parliament earlier this year u

12 Dec 2018

Norway to Drillers: Fix Oil Rig Lifeboat Safety

© Marius Dobilas / Adobe Stock

Norway's Petroleum Safety Authority (PSA) has told Transocean, Maersk Drilling and Odfjell Drilling to beef up emergency evacuation equipment and procedures on 22 offshore oil rigs, it said on Wednesday.Drilling rigs are equipped with enclosed lifeboats that can be dropped into the ocean in an emergency and owners must meet a series of technical and operational requirements for how to plan and carry out evacuations."All the audits identified a non-conformity from the regulations.

27 Nov 2018

Yamal LNG Vessels to Make 150 Transfers in Norwegian Waters by Mid-2019

Photo: Yamal LNG

Northern Norway's small port of Honningsvag will host between 150 and 160 ship-to-ship transfers of liquefied natural gas (LNG) cargos from Russia's Yamal by mid-2019, the local council that owns the port told Reuters on Tuesday.The first transfer in Norwegian waters took place last week as part of Yamal operator Novatek's plan to free up its specialised ice-breaker LNG vessels, allowing them to return sooner to the plant to pick up more cargos.From Honningsvag, shipments to global…

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