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.
Maersk Line lost a surprisingly large portion of the market in the past quarter during a time when rates have been booming. But this is not an expression of the carrier lacking ambition to maintain and defend its market share, says COO Søren Toft to ShippingWatch.
CEO Søren Skou was unable to deliver what analysts, competitors, and undoubtedly shareholders had expected. The carrier has lost market shares at what looks like the worst possible time, observers note. Fully in line with expectations, says Skou.
Hard-pressed offshore carrier Maersk Supply Service recently signed an 18-month contract in Mexico and the carrier will soon be able to announce even longer contracts, CEO Steen S. Karstensen tells ShippingWatch. However, the tough market conditions will continue.
The share price for John Fredriksen's drilling company Seadrill is at its lowest level in five years, ahead of the publication of the company's interim report tomorrow Thursday. This year alone, the stock market value of the company has dropped more than 90 percent.
While German banks are battling to get rid of their bad shipping loans, Danske Bank is holding on to its portfolio, which is currently worth DKK 40 million. "We are not intending to reduce it," says Øivind Haraldsen, who is global head of shipping, to ShippingWatch.
In just three weeks, rates have more than tripled on the spot market for the large Capesize vessels, Golden Ocean CEO Birgitte Vartdal tells ShippingWatch. A Norwegian analyst firm estimates that rates for major bulk vessels could rise to over USD 40,000 in the second half of the year.