Danish shipping group Maersk has increased its investment in scrubbers, despite the fact that CEO Søren Skou categorizes the technology as a "foolish idea."
CEO Søren Skou thinks Maersk has a problem with earnings. And the rising oil price, an unpredictable US president and lower global growth in 2019 will only counteract the chief executive's important task of increasing operating earnings.
Agility does not boast about details in terms of plans with Swiss Panalpina, which DSV has offered to acquire for USD 28 billion. The company's CFO, Ehad Aziz, emphasizes however, that the Kuwaiti company has no plans to exit the logistics market.
South Korean container carrier HMM's CEO, CK Yoo, will step down from his position as chief executive next month, informs the departing CEO in an e-mail to his colleagues.
The Maersk Group has seen a tailwind in its container business, in which both revenue and operations improved in the fourth quarter. Søren Skou does not think the full-year earnings are satisfactory.
The Maersk Group has now set a date for the long-awaited listing of Maersk Drilling. The drilling company will be listed on April 4.
Dutch dredging and heavy lift operator Boskalis has purchased a majority stake in UAE-based Horizon, thus strengthening its market position within marine survey services.
High rates provided Teekay Tankers with a profit in the fourth quarter, however, it is not enough to fix the whole year, which ended with an aggregate deficit. 2019 started well but has since gone downhill.
Statistics Norway has lowered its expectations as to how much the oil industry will invest in the Norwegian oil and gas industry this year. Investments are, however, expected to increase compared to last year.
Navios Maritime Holdings impairs its fleet by USD 136 million. However, operations improved significantly in 2018, says chairman Angeliki Frangou.
Swiss commodity trader Glencore aims to limit its coal production to "current levels" in a part of its climate change mitigation efforts – a decision that could raise the price of thermal coal, a Wood Mackenzie analyst assesses.
The search team, which located Stellar Daisy's wreck a little under a week ago, has now found remains from some of the 22 crew who perished.
One of China's largest port operators has banned coal imports from Australia. Customs declarations on Australian coal have practically doubled in several other Chinese ports, so processing times have grown to at least 40 days.
A US carrier has placed an order for four LNG ships at a South Korean yard. The price for the four vessels is USD 774 million.
Kuehne+Nagel is not in the process of acquiring DSV, says DSV to ShippingWatch. A media report suggested Tuesday that DSV was looking to be acquired after it had come to terms with a failed bid for Panalpina.
A coalition of shipping companies criticizes EU member states' call for changing the regulations if studies show wash water from scrubbers harms the marine environment. The IMO will discuss the issue Wednesday.
Tanker shipping companies fought their way through a 2018 that hit rock bottom. At Swedish Stena Bulk, the year was spent on preparing for better markets, while the company launched a new venture, CEO Erik Hånell tells ShippingWatch.
DP World has entered an agreement to purchase P&O Ferries, which operates ferry services on the English Channel in competition with DFDS. The Dubai-based company thus continues its acquisition spree following its takeover of Unifeeder.
Maersk is looking to compete on an equal footing with DHL, UPS and FedEx. It will likely not be that easy, says the CEO of DHL Express, who declines to collaborate with the shipping group.
A hedge fund established by several of John Fredriksen's former key employees finished 2018 with a negative yield. "It was a perfect storm in the fourth quarter," says the fund.
After 15 years, Singapore-based shipping line PIL is withdrawing from the important trade route between Asia and Europe. This will not resolve problems with overcapacity, says Alphaliner.
Nordic American Tankers was still losing money in the fourth quarter of 2018, but the result was noticeably improved compared with the third quarter. The year ended in a large deficit.
Daewoo Shipbuilding & Marine Engineering is about to be acquired by a competitor, and this has made the yard's employees herald walkouts. The employees fear that the acquisition will result in large-scale layoffs.
Both the top and bottom line grew for offshore company BW Offshore in 2018. The shipping company sees signs of an improved market, in which a higher oil price is expected to result in extended contracts for ships.
It is not so much rates, overcapacity, lower global growth or trade war that keeps Maersk's CEO Søren Skou up at night in 2019, rather it is a question of approximately USD 200.
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