Mitsui OSK Lines (MOL) returned to the black in FY2016 ended 31 March 2017 with a $46.9m net profit for the year.
Pacific Basin Shipping announced Peter Schulz will be replacing Andrew Broomhead as cfo with effect from 21 August 2017 and will also take over Broomhead's board responsibilities and become a member of the company's executive committee.
The diversified BW Group has had an active last year or so including a foray into the dry bulk market with BW Dry, acquiring Aurora Tankers in the gas carriers sector, and a major VLCC deal with DHT Holdings. “For the past 12 months there’s been a lot of progress on most fronts in the group,” Andreas Sohmen-Pao, chairman of BW tells Seatrade Maritime.
The freight market is enjoying a pre-Easter surprise rally with rising rates, virtually unaffected the recent plunges in seaborne iron ore prices but some detect the beginning of some post-holiday jitters.
The dry bulk market was deemed to be in recovery but caution was still needed going forward especially in terms of newbuilding orders. This seemed to be the consensus of a panel of experts in the dry bulk industry at the Marine Money 10th Hong Kong Ship Finance Forum.
Mother Nature has a way of humbling us with her sheer force – not that this is always bad news for the freight market. But when the product cannot get to the port, there is no dividend for freight.