Loan loss provisions for shipping reached an unprecedented EUR2 billion (USD2.1 billion) for German state bank HSH Nordbank in 2016 as liquidity shortages among customers intensified and asset values for bulkers and container ships plummeted.
The International Group of Liquefied Natural Gas Importers (GIIGNL) recorded just 10 LNG newbuild orders in 2016, but is hopeful about the longer-term prospects for the clean fuel.
Singamas has reported a full order book for the first quarter as carriers and container lessors try to avoid any shortages in boxes.
Troubled DSME has been given a “qualified opinion” by its auditor in view of the shipbuilder’s ailing financial status and liquidity crisis after it fails to meet accounting principles.
South Korea’s flagship carrier HMM receives proposals from shipbuilders on its newbuilding contracts as a move to strengthen its operations after the slump in recent years.
Shipping industry could be left to pick up the tab in a confrontation with refiners.
The one-year timecharter rate for Capesize vessels has soared by 184% to about USD17,000 per day over the past 12 months.
The company’s revenue fell 9.5% year-on-year to TWD115.4 billion (USD492 million) as container freight rates headed into negative territory for most of 2016.