Cosco Shipping International has warned of a significant decrease in revenue amid an alleged fraud involving debts owed by its indirect wholly-owned subsidiary to embattled bunker supplier Coastal Oil Singapore.
The Baltic Dry Index (BDI) will continue to stay under pressure as shipowners are not scrapping enough vessels even as demand has grown, pointing to a slow market recovery up until 2020, warned Khalid Hashim, managing director of Precious Shipping.
China’s Yangzijiang Shipbuilding has stayed profitable amid the weak shipbuilding market, as it looks to healthy yard utilisation up to 2020 backed by an orderbook of 114 vessels valued at $4.1bn.
AP Moller-Maersk Group is expecting to take a $200-300m hit for its full year earnings in 2017 due mainly to lost revenue in July as a result of a crippling cyber-attack.
Maersk Line has delivered a first half profit of $273m, erasing the loss of $114m in the year-ago period, due in part to the continued recovery in the container shipping market.
Offshore services provider Marco Polo Marine has provided close to SGD300m ($220m) in impairments and allowances during its third quarter of financial year 2017 on the back of a protracted downturn in the oil and gas sector.
Embattled Nam Cheong has made asset impairments and writedowns of MYR1.88bn ($444m) during the second quarter, sending the OSV builder into a first half loss of MYR2.07bn.
Taiwan’s container carrier Evergreen Marine has continued its profitable run this year with a first half gain of TWD3.07bn ($103.46m), extending from the slim first quarter profit of TWD168.91m with a strong second quarter profit of TWD2.9bn.