Last week's top stories on ShippingWatch
NordLB is one of the banks which have been hard hit by the downturn in shipping. Photo: PR/NordLB.
Shipping still hurting banks
German banks, which used to be dominant in shipping, have lost vast amounts on their loans to the struggling sector. According to several observers, the German financial institutions have lost their global lead in shipping.
John Fredriksen’s Frontline lost the battle to acquire DHT.
DHT rejects Frontline once and for all
Tanker carrier DHT Holdings finally warded off Frontline’s attempt to take over its competitor. A New York court ruled Thursday that DHT has not broken any rules in the transaction with BW Group. As such, Frontline has lost its last chance to acquire DHT.
Jesper Lok heads the Danish government’s appointed maritime growth team. Photo: Carsten Andreasen/Polfoto/Arkiv.
Maritime growth team in Denmark
A maritime growth team in Denmark has made its recommendations for the sector including an expansion of the DIS tax scheme. This means that carriers in the oil and wind industry in the North Sea can pay out net wages to crews on board the ships.
Make sure also to read about Singapore’s rescue package for shipping, an interview with Nordic Tankers, and Rickmers Maritime Trust, which is now selling its entire fleet of 14 container vessels to Greek carrier Navios.