1. Recycling hope
Two major tanker owners, Frontline and Euronav, are hoping companies in their sector recycle their ships to tackle the uncertain market outlook.
And they think shipowners should combine their tankers in commercial pools.
Their wish may come true thanks to tightening environmental regulations, which could incentivise scrapping.
2. BW Group's Golar LNG pullback
Andreas Sohmen-Pao’s BW Group has been trimming its stake in Golar LNG. The diversified Singapore shipping group has a stake of just 4.7%.
After emerging as a shareholder in October, its investment peaked at 5.8% of New York-listed Golar LNG.
3. Banks lose patience with Polarcus
The banks seized seven shipowning subsidiaries after deciding not to extend waivers for a Polarcus credit facility.
But Polarcus, a specialist in seismic survey vessels, said its lenders do not want to destabilise the company as it faces a severe market downturn.
4. Fortescue: powered by LNG
Fortescue Metals Group wants its next bulkers to be powered by natural gas. The miner has launched a $700m tender to build up to 10 newcastlemaxes to be fuelled by LNG. It intends to use the ships to move iron ore from Australia to China and Japan.
5. Settling with a takeover
George Economou and his son Christos are poised to buy out the lead shareholder in four LNG carriers. The move comes after Oceanus LNG, which is controlled by US-based MatlinPatterson, filed a lawsuit over the vessels. The lawsuit has been withdrawn now that the Economous have agreed to take over MatlinPatterson’s stake.
