• 2019 May 7 18:21

    Clipper Bulk strengthens its business platform amid weak markets

    Clipper Bulk A/S, a global operator of Handysize and Supramax vessels, says it will undertake a series of initiatives to strengthen its business platform amid continued weak markets. Initiatives include agreements to strengthen the company’s financial position, downsizing of organization and office network, other cost savings, changes to Senior Management as well as a more focused market approach.

    “We have been challenged by the steep, unexpected market downturn. Today, we are taking the steps required to run a viable, profitable dry bulk operation, even in depressed markets. We are establishing a platform, which will allow us to fully benefit from Clipper’s positions of strengths in various trades and geographies,” says Clipper CEO Peter Norborg.   

    Part of the reorganization, additional working capital is put at Clipper Bulk’s disposal, allowing Clipper to approach markets more proactively.  

    To further simplify its operational and administrative set-up, Clipper Bulk cuts approximately 40 out of 140 jobs ashore, 12 in Houston, Hong Kong, Tokyo and Nassau and the remaining at the head office in Copenhagen. The Tokyo office will be closed down while the duties of the Nassau office will be transferred to the Owners’ local representation, allowing Clipper Bulk to fully concentrate its business in 3 hubs – Copenhagen, Houston and Hong Kong – supported by a local office in Barranquilla, Colombia.

    ”While we deeply regret the implications for competent and loyal staff, the downsizing is essential to adapt both costs and structures to prevailing market conditions. We will do our best to support the ones affected,” says CEO Peter Norborg. Hence, Clipper Bulk offers various mitigating measures, such as severance payment, individual guidance on job seeking and career planning, etc.  

    Additional initiatives will be launched to tightly manage costs and prioritize resources.

    In continuation of the changes, Clipper Bulk announces a new Senior Management Team, comprised of Peter Norborg (CEO), Amrit Peter Kalsi (COO, Head of Chartering & Operations), Thomas Martinussen (Head of Legal), Britt Jørgensen (Head of HR & Comms) and Anders Bruun (Head of Business Development). A Head of Finance & Accounting will be named later.

    The new Senior Management Team will put great emphasis on making Clipper a more focused and specialized dry bulk operator, by leveraging Clipper’s positions of strength in various trades and routes as well as its long-term partnerships with clients, technical and commercial managers and other stakeholders. Hence, Clipper will continue to develop its niche businesses, such as Clipper Steel (service to and from the Mexican Gulf with the part-owned IPA Steel Terminal and its rail, road and sea links as focal point), Compass Rose (joint-venture with a Colombian manufacturer of fertilizer), China Parcel (cargoes from more consignors into China, combined with back-hauls into the Atlantic), Brazil Steel (associate with Clipper Steel), etc.

    “There are routes, trades and geographies where we definitely want to grow our business and our fleet. In terms of the general market, we will take a more opportunistic approach and only pursue those cargoes and customers that offer reasonable profitability,” says Peter Norborg.

    Clipper Bulk currently operates around 80 vessels, including tonnage operated by 2 Clipper Bulk-managed pools: The Clipper Handy Pool (28-38,000 dwt vessels incl. fully fitted loggers as well as grabs fitted vessels) and The Clipper Ultra Pool (64,000 dwt, grabs fitted vessels). The pools offer participants critical mass and cooperation on commercial and technical issues.  

    About Clipper Bulk
    Clipper Bulk A/S is an industry leader in dry bulk operating a fleet of 80 Handysize and Supramax vessels, transporting a wide range of cargo from dry bulk to break bulk. Clipper Bulk A/S is a subsidiary of Clipper Group Ltd., a shipping group founded in 1972 by Torben G. Jensen and still controlled by the Jensen family. Clipper Group has strong complementary businesses in the ro-ro segment.




2019 August 20

18:40 ATON repair and maintenance shop to be built at navigation post in Taganrog Bay
18:06 CMA CGM announces FAK rates from Asia to North Europe
17:29 Wallem-managed bulk carrier rescues Indonesian fishermen lost at sea for 10 days
17:06 MAN Energy Solutions and Samsung Heavy Industries sign a strategic cooperation agreement for the digitization of marine engines
16:35 CMA CGM announces GRR from Asia to East and South Africa
16:34 IAA PortNews offers its video on Russian bunkering market being prepared for 2020 sulphur cap
16:11 ABB’s digital solution for shipping fleets helps to further reduce fuel costs and environmental footprint
15:49 Passenger Port of Saint Petersburg to assist Lead Partner under Kotka Pax project
15:32 Associated British Ports launches first Port Operative Apprentice Scheme
14:56 Port of Gdansk makes another step towards the Central Port project
14:28 Marine Cargo Bureau sponsors roundtable meeting “Import Substitution in Russian Shipbuilding: Ambition and Reality”
14:03 Diamond S Shipping commences fleet renewal efforts with sale of two vessels
13:54 NIBULON continues building floating crane of Project P-140
13:35 Bunker prices are flat at the Far East ports of Russia (graph)
13:30 Serco announces captains for Australia’s new Antarctic research vessel
13:13 RF Ministry of Labour approves ‘Stevedore’ standard
12:47 Russian Maritime Register of Shipping signed new agreement with Maritime Administration of the Republic of Cyprus
12:12 Strong second quarter helps Tallink deliver steady result for first six months of 2019
11:49 KN Klaipėda oil terminal berths to undergo reconstruction
11:28 Port of Tallinn named as one of Europe’s best in first ever ‘Ones to Watch’ list
11:01 World's largest container ship completes first voyage from Asia to Europe
10:43 Port of Tallinn reports its financial results for 2019 Q2 and 6 months
10:24 Rosgeo completed digital processing of seismic data on the Laptev Sea
10:02 Fitch Ratings affirms Panama Canal's 'A' rating with a stable outlook
09:50 KfW IPEX-Bank structures financing package for two cruise ships of the Genting Hong Kong Group
09:40 Baltic Dry Index is down to 2,067 points
09:17 Brent Crude futures price is up 0.15% to $59.82, Light Sweet Crude – up 0.14% to $55.22
09:09 MABUX: Bunker market this morning, Aug 20

2019 August 19

18:41 Andrey Zubarev takes the helm at Sea Port St. Petersburg
18:36 Hapag-Lloyd announces General Rate Increase from East Asia to South America Eastcoast
18:26 Rosterminalugol YTD coal exports volume hits the 15-millionth-tonne mark
18:04 CMA CGM Group to take part in the Asia Fruit Logistica 2019 in Hong Kong
17:36 MPA launches Singapore’s first Maritime Sustainability Reporting Guide
17:04 ACO Marine commissions a series of Clarimar wastewater treatment plants for Jadrolonija
16:35 Suez Canal Container Terminal announces plans to open reefer repair hub to all brands
16:19 Jumbo and GoodFuels partner to take sustainable bio-fuel oil to the offshore support market
16:11 Main phase of Beloomut hydro engineering system rehabilitation project to be completed by the end of 2019, Moscow Canal authority says
15:58 LR awards world’s first digital type approval to HHI
15:32 d’Amico International announces the sale of one of the vessels
15:09 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
14:17 JFD signs strategic partnership with Aquacentrum Den Helder to provide submarine escape training
13:09 Samsung Heavy Industries to win orders for 10 LNG-fueled vessels
12:53 Kraken’s ThunderFish® delivered to DRDC, Canada
12:09 Sinanju signs 2-year time charter agreement with ExxonMobil for LNG-powered “Marine Vicky”
11:18 MODEC announces issuance of project bond for FPSO charter project
11:16 Registration underway for “Import Substitution in Russian Shipbuilding: Ambition and Reality” Roundtable
11:09 Busan Port-Qingdao Port concludes MOU to promote cruise business
10:08 RAN signs two year lease extension with the National Australia Bank for its two Cape Class Patrol Boats
09:43 Brent Crude futures edge up to $ 59,28, WTI – to $ 55,34
09:08 The BPA and the Port of Rotterdam Authority concludes a development agreement to construct and operate the Rotterdam Distribution Center
09:01 Baltic Dry Index rises 2% to 2088 points
08:56 MABUX: Bunker market this morning, Aug 19
08:49 Hapag-Lloyd announces General Rate Increase from East Asia to Latin America

2019 August 18

16:51 USCG responds to ferry aground in Boston Harbor
15:09 NOAA awards $2.7 million in grants for marine debris removal and research
13:02 BAE Systems cuts steel for UK Royal Navy's HMS Cardiff
12:46 Kongsberg Digital simulation and software selected to fast-track R&D at new autonomous ship centre in Korea
11:05 NYK sponsors endangered Sea Turtle Research
10:56 Coast Guard cites passenger vessel for operating illegally, terminates voyage

2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities