• 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.




2020 January 20

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14:58 88% of comprehensive plan for upgrading and expanding core infrastructure fulfilled by 1 January 2020
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12:37 Average wholesale prices for М-100 HFO up to RUB 10,074 in RF spot market
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11:05 17 Carriers and ports release Boao Cooperation Initiative 2020
11:00 IAPH welcomes new member port from Oman
10:36 MABUX: Bunker market this morning, Jan 20
10:18 Container throughput of port Hong Kong (China) down 6.3% to 18.36 million TEUs in 2019
09:55 Buenos Aires, Argentina to host LNG Latin America 2020 International Congress on 17-18 June
09:32 Brent Crude futures price is up 1.3% to $65.69, Light Sweet Crude – up 1.14% to $59.25
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2020 January 19

18:07 TORM increses its share capital due to exercise of Restricted Share Units as part of the Company’s incentive program
17:57 USCG halts illegal charter in Sarasota Bay
14:27 Torqeedo and ZF cooperate on new emission-free electric propulsion for water taxis and ferries
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2020 January 18

15:38 Port NOLA sets new container record in 2019
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11:51 TORM obtains $496m bank financing for the refinancing of existing debt
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2020 January 17

18:06 Safe Bulkers refinances $105.2 mln of existing loan facilities with respect to eight vessels
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17:06 Wärtsilä solutions support environmentally sustainable performance for two new MSC Cruises's ships
16:50 BIMCO expands ice information service
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16:02 Qatargas delivers first Q-Flex LNG cargo to Summit LNG FSRU in Bangladesh
15:49 Tallink Grupp sets group-wide CSR strategy and sustainable operations goals
15:23 RUB 127.57 billion of federal budget allocations approved for construction of Leader-class icebreaker
15:02 Dublin Port unitised trade up 3.6% in 2019
14:48 Seaspan Shipyards hosts ceremonial keel laying for the Royal Canadian Navy’s future Joint Support Ship
14:30 RF Navy's Black Sea Fleet minesweeper makes planned transition from Sevastopol to Mediterranean Sea
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13:32 SAAM agrees to acquire 70% of Intertug, a towage operator in Colombia, Mexico and Central America
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12:27 Hapag-Lloyd signs space charter agreement with Maersk and MSC on the Asia-North Europe trade
12:20 Russian Maritime Register of Shipping reports its key 2019 results
12:03 Pyxis Tankers announces completion of sale of Pyxis Delta
11:38 KHI delivers LPG carrier PHOENIX GAIA
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11:03 Eagle Bulk Shipping joins Getting to Zero Coalition
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2020 January 16

18:37 CMA CGM announces FAK rates from India and Sri Lanka to North Europe and the Mediterranean
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