APM Holding joins forces with Danish pension funds PKA, Pension Danmark, and Lægernes Pension to establish a fund for investing in Africa totaling USD 550 million under the name Afrika Infrastruktur Fond. Well-known Maersk executives will head the project.
US-based oil major ExxonMobil has been sentenced to pay a fine of approximately USD 76 billion by a court in the African nation Chad. The fine is greater than what British oil company BP paid in relation to the Deepwater Horizon scandal.
In the past year ships spent less time in ports in East and West Africa, according to a new analysis. Overall port dwell times have gone down significantly in recent years, reducing costs for carriers, notes SeaIntel in new analysis.
APM Terminals will build and operate a new container terminal in Tangier, Morocco, and will invest EUR 758 million in the project, which is expected to be complete in 2019, writes the Maersk terminal and port operator. Maersk Line will be a vital customer.
European shipowners could lose out on the world's largest growth market in the sub-Saharan countries where jobs are often awarded to Chinese players, warn the shipowners. Delegates from EU nations should join the fray and help kick the door open, they note.
Acquisitions and full ownership in the African nations companies is part of DSV's recipe in the region, where the company is on its way to become a major player, says Michael Carstensen, Director of Development in South Saharan Africa, to ShippingWatch.
Some of the billions the Maersk Group's port operator APM Terminals is expected to invest in over the decade will be spent in Africa. The continent is full of promises but also brings challenges, Peder Søndergaard, CEO for Africa and the Middle East division of APM Terminals, tells ShippingWatch.