That Maersk Line and APM Terminals are completely independent of one another – a factor often stressed by Maersk Group itself – is now being questioned due to the new strategy. APM Terminals CEO Morten Engelstoft has started the task of calming down nervous customers.
Container carrier CMA CGM increased its net earnings in the first quarter 2017, which marked a big improvement compared to the same period last year. The acquisition of APL contributes positively to the business for the first time.
Maersk Line's deficit is symbolic of continued struggles throughout the container industry, analyst Lars Jensen tells ShippingWatch. He thinks that two things in particular are worrying about the numbers. CEO Søren Skou on the other hand stand firm on the forecast for the full-year 2017.
Hapag-Lloyd has launched the process to streamline UASC and execute its redundancy plan. Rumors are circulating at the soon-to-be former HQ of the Arabic container carrier in Dubai. ShippingWatch can present the new regional manager who will effectively replace UASC CEO Jørn Hinge.
Cosco Shipping Group plans to launch a large financing fund for targeted investments in shipping. The fund will be split into a yuan fund and a dollar fund and will focus on, among other things, struggling companies.
Navigare Capital Partners, a new investment company targeting the shipping industry, has made its first investment in two product tankers. "We will invest in different segments," CEO Henrik Ramskov tells ShippingWatch.
One of the last remaining obstacles to forming a deal at the OPEC meeting in Vienna this week has been removed. Now Iraq will back a Russian and Saudi Arabian proposal to extend oil output cuts for 9 months.
The share price of John Fredriksen's drilling company Seadrill has declined drastically since the turn of the year. Ahead of the interim report set for release Wednesday morning, analysts note that the company has been unable to settle its announced restructuring.