Saltchuk makes a new offer for OSG

Privately held, Seattle-headquartered Saltchuk Resources Inc. has made a new offer to acquire NYSE-listed tanker and ATB operator Overseas Shipholding Group Inc. (OSG). Saltchuk, which is OSG’s largest shareholder, made an earlier offer to acquire the rest of OSG in June 2021 but suspended those discussions that September, citing pandemic-related market uncertainties.

Today, OSG confirmed that its board of directors had received an unsolicited non-binding indication of interest from Saltchuk for...

Clarksons looks at car carrier trade trends

car carrier trade trtends

Last week brought a slew of reports about ever larger car carriers being ordered and designed.
What’s all the buzz about? Despite electric vehicle sales disappointing automakers this year, a surge in global demand is still being forecast — and, with it, a surge in demand for car carrier capacity. Forbes has some interesting analysis on what this means for the auto industry. Meantime, for the marine industry, recent car carrier trade trends provide some insights and Clarksons Research’s David...

Is the battle for Euronav nearing an end?

The Saverys family and John Fredriksen look to be nearing a resolution to their long running battle for control of the world’s largest NYSE-listed oil tanker operator, Euronav NV (NYSE: EURN).

Both Euronav and John Fredriksen-controlled Frontline today released statements confirming that Frontline and the Saverys family’s CMB NV are in discussions on an integrated solution to the strategic and structural deadlock in Euronav.

The potential transaction has the following interdependent elements:

  • CMB...

Is there relief in sight for trucking companies?

Earlier this month, less-than-truckload giant Yellow filed for bankruptcy, leading to over 30,000 lost jobs and an intense bidding war over the defunct company’s terminals. It also led to a sudden LTL capacity nosedive. 

The market is still depressed, but recent layoffs and closures have fueled enough uncertainty to make some players wonder about changing market tides.

“The LTL industry is unique right now. Rates are increasing and yet carriers are laying off, or in Yellow’s case, closing their...

Relationships, technology buoy carriers in down market

Carriers are grappling with unfavorable market shifts across the board. With prowess and the right partners, however, carriers can remain profitable and even competitive in a loosening market. 

A carrier’s ability to thrive in a down market is affected by a number of factors. This includes things within a carrier’s control size, level of service and relationships as well as things outside a carrier’s control fuel prices, labor trends and macroeconomic conditions.

“A loosening market can...

Algoma Central in four product tanker JV with Furetank

St. Catharines, Ontario, headquartered Algoma Central Corporation (TSX: ALC) and Donsö, Sweden, based Furetank have entered into a joint venture (JV) agreement to construct four dual-fuel ice class 1A 17,999 DWT climate friendly product tankers. The two companies will own 50% each of the joint venture, which is to be named FureBear.

The four product tankers have been designed by Furetank in collaboration with FKAB Marine Design and several onboard system suppliers, with energy efficiency at the...

Carriers should focus on acquiring, honoring contracts ahead of potential recession

A white truck and trailer on a highway

A freight recession is on everyone’s mind as capacity continues to loosen and spot rates remain on long steady decline for months.. As rates begin to approach pre-pandemic levels, some carriers are shifting their focus toward protecting their bottom lines. 

The logistics industry is collaborative by nature and leaning into that fact is one of the most effective ways carriers can ward against turmoil during market shifts. 

“The most important thing for carriers to focus on, regardless of how the...

BIMCO: Changes ahead for coal export patterns?

coal export

On August 9, the Indonesian Energy and Mineral Resources Minister announced that 71 coal mining companies failed to meet their domestic market obligations, and that 48 of them are now banned from exporting coal. BIMCO notes that the ban comes into force just as the EU ban on Russian coal takes full effect and demand for non-Russian coal increases.

Indonesia is the world’s largest exporter of coal. In January 2022, the country had a full coal export ban in place with the aim of protecting...

Diana Shipping swoops on Sea Trade Holdings fleet

Athens-headquartered Diana Shipping Inc. (NYSE: DSX) has agreed to buy what looks to be the entire fleet of Stamford, Conn., based Sea Trade Holdings, Inc. Announcing the deal, Diana said it has agreed, through separate wholly-owned subsidiaries, to acquire nine modern ultramax dry bulk vessels built between 2015 and 2018, with an average vessel age of approximately 5.4 years, from Sea Trade Holdings Inc. and that vessel deliveries are expected to occur during the fourth quarter of 2022.


VIDEO: Ukraine grain export ship passes inspection, heads for Lebanon

Ukraine grain export cargoes might soon start flowing more rapidly. In a hopeful sign, yhe Turkish Ministry of National Defense reports that the first ship to depart Ukraine with an export cargo of grain since the Russian invasion is on its way to Lebanon after passing inspection.

The Sierra Leone-flagged Razoni arrived in Istanbul’s waters on Tuesday evening, after sailing from Ukraine’s main Black Sea port of Odesa on Monday.

“A joint civilian inspection team comprising officials from the...

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