• 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 June 24

17:27 Finnish Government proposes supplementary appropriation of EUR 40 million for basic infrastructure management
17:05 Austal delivers third guardian class patrol boat to the Australian Department of Defence
16:47 Incat Crowther announces contract to design a 65m catamaran passenger ferry
16:46 Construction and operation of dual-fuel ships has low economic efficiency – USC President
16:45 Maersk Drilling completes sale of jack-up Mærsk Giant
16:24 USC set to build floating electricity-generating facilities running on LNG supplied by bunkering ships
16:03 Van Oord and Mammoet enter into cooperation with scale-up Verton
15:45 United Shipbuilding Corporation to launch the first LNG-powered ferry for Ust-Luga – Baltijsk line in late July
15:30 United Shipbuilding Corporation establishes USC-Propulsion and USC-Interior subdivisions
15:03 MOL signs deal on a long-term charter contract to utilize "MOL FSRU Challenger" for Hong Kong Offshore LNG Terminal Project
14:42 New USC Vice-President, Civil Shipbuilding, to get into office on 10 July 2019
14:21 USC expects its Astrakhan cluster to build 12 river-sea class ships per year
14:03 Yang Ming announces new China-Thailand direct service
13:37 Port of Rotterdam Authority to collaborate with four new companies
13:25 Igor Vasilyev appointed as Acting General Director of FTI Rostransmodernizatsiya
13:02 ARIES gained ABS Certification: Middle East 1 st Remote Inspection Techniques specialist
12:20 BC Ferries releases year-end results
12:10 Keel laid for the first of Damen’s revolutionary new FCS 7011 Crew Change
11:56 Average wholesale prices for М-100 HFO down to RUB 15,377 in RF spot market
11:29 FESCO to launch new container train to China via Far East overland route
10:58 Southern Center of Shipbuilding and Ship Repair acquired property of Krasniye Barrikady plant
10:35 Satti floating drilling unit owned by Kazmortransflot delivered to Azerbaijan
10:13 Throughput of Chinese ports grew by 4.1% to 5.5 billion tonnes in Jan-May’2019
09:53 MABUX: Bunker Market this morning June, 24
09:52 Brent Crude futures price is up 0.4% to $64.71, Light Sweet Crude – up 0.68% to $57.82
09:34 Container throughput of port Hong Kong (China) down 7.7% to 7.55 million TEUs in Jan-May’2019
09:17 Baltic Dry Index is up to 1,239 points

2019 June 23

16:29 INPEX submits revised plan of development for Abadi LNG Project
15:13 Oceanwide Expeditions: Hondius sister ship m/v Janssonius ordered for 2021
14:19 CMA CGM announces FAK rates on Asia - Pakistan, India and Sri Lanka service
13:46 Coast Guard rescues five from capsized boat in Chesapeake Bay
12:43 Danske Commodities signs 20-year PPA with Hywind Scotland wind farm
10:29 TMC sets up office to support Chinese yards

2019 June 22

15:24 AAPA selects Christopher Connor as its new CEO
12:37 TMC contracted by VARD to supply marine compressors for Viking Cruises' vessels
11:23 ABS to class first ‘tri-fueled’ vessel for Harvey Gulf
10:13 Port of Oakland steps up as ships carry bigger loads than ever
10:05 Coast Guard responds to barge aground in Naknek, Alaska

2019 June 21

18:07 Austal gets Navy's modification to littoral combat ship contract
18:04 MODEC awarded Letter of Intent by Petrobras related to Búzios 5 FPSO
17:58 Frontline announces acquisition of VLCC resale and two LR2 newbuildings
17:56 BC Ferries adds extra sailings for the summer
17:55 Maritime Anti-Corruption Network to develop Global Port Integrity Index and Scale Up Collective Action in West Africa
17:37 Siemens Gamesa receives first offshore wind preferred supplier nomination in Japan: up to 455 MW for Obayashi Corporation
17:12 Krasnoye Sormovo launches final RSD59 ship in a series four units ordered by STLC
16:38 Ships of RF Navy’s Pacific Fleet involved in exercises in the Sea of Japan
16:26 Government of Canada enters into negotiations with Chantier Davie for construction of two ferries
16:14 Standic expands with state-of-the-art chemical storage terminal in Port of Antwerp
15:50 Klaipedos Nafta announced call for Chief Executive Officer
14:27 Safety management training takes centre stage
14:26 USCG says Polar Security Cutter to be homeported at Seattle
14:03 Maersk to offer customers carbon-neutral transport
13:35 LUKOIL’s dividends payable for 2018 will be RUB 250 per ordinary share
13:15 Anthony Veder expands fleet with taking in five gas carriers from GATX
13:12 HELCOM’s Executive Secretary to step down in August 2019
12:48 Novotrans acquired stevedoring company operating Ro-Ro ferry facility at the port of Ust-Luga
12:30 Samskip fine tunes multimodal network for post-Brexit hard choices
12:11 Matson christens first Kanaloa class Con-Ro vessel 'Lurline'
11:54 Royal IHC and Semiotic Labs develop smart solutions for the dredging industry
11:39 VT Halter Marine commences construction of two navy berthing vessels