Dismissals at J. Lauritzen, new cases in the wake of OW Bunker, and the crisis in the oil and gas sector leading to fresh firings at Maersk Oil – these were among the top stories on ShippingWatch this week.
Shanghai cemented its position as the world's busiest container port in 2016. Despite a tough year for global trade, the port succeeded in increasing the number of twenty-foot containers. Singapore follows in second place.
Europe's largest port, Rotterdam, is demanding full transparency in the state aid for competing ports such as Antwerp and Hamburg, after the EU Parliament recently passed a port package which has been in the works for 15 years.
The forecasts are all positive when it comes to global economic development but the risk factors have not diminished. Finans can guide you through the bright spots and the pitfalls of the global economy in 2017.
Korea's top port, Busan, will take a big hot from the collapse of Hanjin Shipping and the subsequent changes reverberating through the container alliances, where Hyundai Merchant Marine will now collaborate with 2M, reports Korea Herald.
Mitsui OSK Lines was blamed for a dramatic 2013 wreck, Hyundai Merchant Marine lashed out at Maersk Line, while Kristian Mørch talked about his turnaround of Odfjell this week on ShippingWatch, which also brought news about Thorco, Rickmers Maritime, and the oil sector.
The port in Guatemala which APM Terminals acquired earlier this year as part of a Spanish terminal group, and which turned out to be plagued by severe corruption accusations, is expected to launch operations soon, APM Terminals tells ShippingWatch.
MSC has signed a deal to acquire Hanjin Shipping's stake in Total Terminals International, which covers the terminals in Long Beach and Seattle in the US. MSC will thus become sole owner of the terminals.
The ports by the Baltic Sea seem to be catching up after the downturn they experienced when sanctions were introduced against Russia in 2014 in response to the Crimea crisis, according to a new analysis from SeaIntel.
Maersk finally presented its plan for what the group will look like going forward, and what will be sold off. The group also received some rare criticism from Denmark's conservative government. A new shipping bank saw the light of day, and another wants to be global. Here are this week's top picks on ShippingWatch.
South Korea's Hyundai Merchant Marine is withdrawing its part of the bid on the Long Beach terminal in California alongside MSC, citing the company's low credit rating, reports the Wall Street Journal.
APM Terminals' CEO Morten Engelstoft will review the entire portfolio of ports and non-core activities, and ownership stakes are not a sacred cow to him. There could potentially be divestments of non-strategic assets as well as reducing ownership in ports, he tells ShippingWatch.
Closer cooperation, reduced investments, and increased efficiency. These are three of the key words in Maersk Group CEO Søren Skou's plan for how Maersk will be transformed, going forward, into a company operating exclusively in the container industry.
Arab terminal company DP World has entered into a joint venture with one of Canada's largest pension funds to establish an investment platform of USD 3.7 billion. 25 percent of the funds are earmarked for new projects.
The prospect of massive growth in Nigeria made the plans to build Africa's largest terminal in the country look like a clear winner when APM Terminals announced the project back in 2012. Today, the situation looks somewhat different.
Maersk Line acquired Hamburg Süd, the OPEC members agreed on a production cap, and a deal between Hyundai and the 2M alliance inched closer this week in the shipping industry. Make sure to read up on the continued trouble in Norwegian offshore as well.
SM Group, which owns Korea Line, wants Hyundai Merchant Marine to join the acquisition of Hanjin Shipping's terminal in Long Beach, California. The transaction remains subject to state-owned Korea Development Bank agreeing to lend the money to Hyundai.
Hundreds of dockworkers from various countries will travel to Aarhus, Denmark on Dec. 2 to demonstrate against Unifeeder in a conflict about lashing, informs the European Transportworkers' Federation (ETF).
On Dec. 13 when Maersk Group presents more details in the conglomerate's new strategy at its Capital Markets Day, topics at the top of the agenda will include transport, digitalization, and the divestment of Maersk Oil, reports Danish media Berlingske.
Maersk Line is one potential buyer in huge transaction rumored to be imminent in the container market. OPEC may be inching closer to a deal that would benefit tanker carriers. And the crisis deepens among supply carriers. Here are some of this week's top stories on ShippingWatch.
DFDS delivered another strong quarterly result during the past week of financial reports from several carriers, Maersk got burned by its own restructuring, and both bulk and tanker saw more setbacks. These were just some of the top stories this week on ShippingWatch.
Polish-born Magda Kopczynska has taken the reins of the EU's maritime directorate. ShippingWatch has interviewed an unconventional director, who enjoys extreme ocean sailing, about spearheading maritime politics at a crucial stage.
The biggest news this week was without doubt Donald Trump's victory in the US presidential election against Hillary Clinton, which came during a week also characterized by interim reports from tanker carriers and offshore players.
On Wednesday the Maersk Group published the conglomerate's third quarter interim report, which shows a deficit for the key business Maersk Line and a significantly lower group result overall. Below is an overview of the shipping and oil conglomerate's interim report.
The IMO reached agreement on the global sulfur directive, a list of Hanjin's creditors was published, and senior executives from the maritime sphere gathered for the Danish Maritime Forum in Copenhagen. Read about ING's lost OW Bunker case, struggling multipurpose carriers, and Maersk Line.
Dubai-based port and terminal operator DP World is positive about the future even though global trade is halting. The company experienced slight growth in the number of twenty-foot containers during the first nine months of the year, DP World informs in a market update.
A giant shipyard in Saudi Arabia will supply supply the country's oil industry with tanker vessels and rigs while also helping to create more than 10,000 jobs. Saudi Aramco and Hyundai Heavy Industries are part of the joint venture behind the yard. Investments will total billions of dollars.
The Panama Canal has now published tender documents for a new container terminal on the Pacific side, which will reach a capacity of 5.2 million teu in two stages. Maersk Group's APM Terminals and PSA are among the four prequalified contractors.
Maersk's return to the controversial scrapping beaches in Alang, a time-frame for the developments toward unmanned vessels, and Maersk Line''s competitors are now noting surprising developments at the group after the split. Here are this week's top stories on ShippingWatch.
The recovering oil price, the sale of Danish Ship Finance, the aftermath in Maersk's executive circles, and calls for a new CO2 roadmap from the IMO were among this week's top stories on ShippingWatch.
Bremen-based shipyard group Luerssen will acquire Blohm+Voss in Hamburg which has since 2011 been owned by UK-based equity fund Star Capital Partners. Luerssen now owns six shipyards in northern Germany with 2,800 employees.
This week was M Week. Capital M for Maersk's decision to split its businesses in two. Get an overview of the new Maersk here, along with the details concerning the verdict in a dramatic case against a Danish bunker company and the latest Hanjin developments. Here are this week's top picks on ShippingWatch.
A slowdown in the global economy, prestige projects currently in the doldrums, and calls for cost reductions at the organization. Add to this the latest mega-purchase which APM Terminals is forced to scrutinize due to a bribery case. There is plenty of work ahead for APM Terminals' new CEO, Morten Engelstoft.
Perhaps as early as tomorrow or Friday, Maersk's Group CEO Søren Skou will announce his plan for the new Maersk, which likely got the decisive backing from the group's board of directors during the weekend. ShippingWatch presents the first outlines of the new Maersk setup.
Chinese ports have less work and are suffering from factors including a large reduction in container exports out of China. The ports should not get their hopes up for a return to the good old days, reports Financial Times.
The increasingly chaotic fallout from the collapse of Hanjin Shipping, efforts to ensure responsible shipbreaking and the state of the Norwegian offshore crisis were among this week's top stories on ShippingWatch.
"The problem is that we, in the industry, keep employing the same strategies we always have," Tan Chong Meng, CEO of the world's largest port company, PSA, tells ShippingWatch. Now PSA will do away with the strategy dictating more size, more capacity.
While the Chinese ports noted growth in the second quarter of 2016, ports in Europe, South Korea, and the US were hit with setbacks, according to Shanghai International Shipping Institute, which lists the ten largest ports in the world.
A desire for tranquility combined with the most recent hike in share prices could become Michael Pram Rasmussen's lifeline as chairman of the Maersk Group for the time being, market observers tell Danish daily Børsen.
A planned expansion of the Port of Hamburg, which would give more space to ultra large container vessels, has been stagnating for years. The expansion needs to come soon, Hapag-Lloyd and the port tell ShippingWatch. But environmental organizations resist the plans.
The world's port and terminal operators are struggling with numerous challenges, according to analyst agency Drewry, and the result is "a perfect storm" which is making the companies change strategy and scale investments way down.
The collapse of South Korea's Hanjin Shipping and the severe problems caused by the receivership for the container carriers' customers in particular, alongside the final ratification of the IMO's ballast water convention, took center stage this week on ShippingWatch.
Maersk's port company will invest USD 70 million in Port Elizabeth in New Jersey, which is part of the third-largest US port. The investment will be used to create a new berth to handle vessels of up to 13,000 teu.
Royal Arctic Line revealed that the carrier is prepared to give up its monopoly on seafreight to and from Greenland, the LPG players published results weighed down by the low rates, and financial figures show UASC holding a massive deficit ahead of merger with Hapag-Lloyd. Here are some of the key stories this week on ShippingWatch.
Poor second quarter results and the downturn in the container shipping sector strain Maersk's - and Hapag-Lloyd's - credit worthiness, Moody's tells ShippingWatch. So far, however, their ratings remain in place, but Moody's is keeping a close eye on the sector these days.
Arabian port behemoth DP World postpones its large scale expansion of container port Jebel Ali to 2017 due to the weaker market conditions and declining volumes, informs DP World in its interim report.
APM Terminals needs to maintain its neutrality as operator serving around 60 carriers in 73 ports around the world, but a line can be drawn directly from the port and terminal company to container carrier Maersk Line, notes Alphaliner.
Maersk Supply Service acted on the deep crisis among offshore carriers in a week otherwise characterized by half-year results from shipping majors including DFDS. Here are some of this week's key stories on ShippingWatch.
The Port of Hamburg handled fewer containers and fewer tons of freight in the first half of this year. One bright spot is the trade with Russia which is now growing once more, states the CEO of Port of Hamburg Marketing.
At extreme velocity and without the use of trucks. This is how containers should be moved in the future, if a Memorandum of Understanding signed by DP World and the company Hyperloop becomes a success.
The Maersk Group is currently undergoing a process which could result in the conglomerate splitting up. And the group has opted to handle the task on its own without help from investment banks or outside consultants.
The Dutch authorities are working on a method to monitor whether ships comply with the sulfur director throughout the concerned journey. Project leader and strategic analyst Jasper van Vliet talks to ShippingWatch about the efforts to secure the best enforcement measures.
A team of four people, according to ShippingWatch's sources, make up the pivotal part of the ongoing work aimed at setting a new strategy and structure for the Maersk Group. CEO Søren Skou is keeping quiet about this work so far. The quote above is the closest he comes to hinting at the future.
Today, Friday, the Maersk Group published its first interim financial report under new Group CEO Søren Skou, and also the first financial report after the announcement that Maersk could adopt a new corporate in the future. Here is an overview of the group's second quarter interim report.
45 percent of the bunker vessels in Singapore have now installed mass flow meters, preparing them for the new inspection requirements at the port from January 1st 2017. However, the entire fleet will likely not have the expensive equipment installed in time, writes Platts.
Declining revenue and lower container throughout at the Port of Hamburg impacted the first half of the year. The silver lining consists of the intermodal companies at the port, according to the port's operating company HHLA.
Massive investments and not least dredging is needed in the Port of Gothenburg if the Swedish port is to maintain its status as Scandinavia's top container hub, notes a new OECD report. More direct container routes represent a crucial asset for the port.
Interview with Maersk Tankers' new CEO, Christian Michael Ingerslev, a new Asian container alliance, a surge in dry bulk shares, and rigs ready to be scrapped in the North Sea were some of this week's top stories on ShippingWatch.
Increasing pressure on all business segments meant that big decisions had to be made at Maersk Group's headquarters in Copenhagen, but stock market developments suggest that the outcome has been positive.