Ex-Maersk COO Søren Toft and MSC Chief Executive Diego Aponte know each other very well from the many meetings in Geneva and Copenhagen where the 2M partnership has been coordinated. Several sources say that Toft has for a long time been Aponte's favorite. Read on to learn why.
Germany's Daimler, parent company of, among others, Mercedes Benz, is pursuing damage claims from a number of car shipping companies in an antitrust case. The manufacturer has sued in both the US and UK, show court documents ShippingWatch has seen.
GoodFuels and Biomass Technology Group will establish a small refinery for the purpose of proving that biofuel for ships can be produced under market conditions. The preferred location is Rotterdam.
There are signs that shipping companies will wait until the last possible moment to scrap their old, unprofitable ships once the new sulfur cap takes effect. This could prompt a flood wave of old vessels being sent to scrapyards, projects GMS.
Saudi Arabia drops marketing plans for state-owned oil company Aramco outside the kingdom and its closest Gulf neighbors. The country aims to sell shares worth USD 25 billion in advance.
Shipping bank Maritime & Merchant has again grown its lending and profit. The bank praises its customers, the shipping companies, for adapting to the current geopolitical unrest.
BW Group wants to sell off a large slice of its shares in tanker company DHT Holdings. The Singapore-based shipping group became a major shareholder of the company when DHT purchased 11 supertankers from BW.
Houthi rebels have seized two South Korean ships in the southern part of the Red Sea. One of the vessels in question is a tug boat currently towing a South Korean drilling rig.
Euronav buys stakes in two suezmax tanker vessels which will be used to seize an expected recovery in tanker rates. The ships are owned 50-50 in joint ventures with a competitor and a fund.
Container shipping major MSC has, as expected, confirmed that Søren Toft will join the company as its new CEO. Toft left his position as COO at Maersk a week ago.
The product tanker market is benefiting from the recovery the tanker market has experienced in recent months, but the increase has yet to emerge. Analyst doubts long-term IMO effect, but CEOs in the segment are positive.
MSC's founder, 79-year-old Gianluigi Aponte, will step down as chairman and pass the torch on to his son, Diego Aponte, who has till now served as CEO, reports the Wall Street Journal. New version with comment from MSC.
The profitability of Maersk's logistics business must reach the same levels as the world's major freight forwarders, says CEO Søren Skou. Next target is top line growth, after Maersk grew its profit in the third quarter on lower costs.
A series of investors criticize the IEA for not having made adequate recommendations for achieving the Paris Climate Accord's goals. Scandinavian pension funds PensionDanmark and Storebrand are among the letter's signatories, rebuking the IEA for failing to live up to its responsibility.
IMO member states agree to continue working toward a so-called goal-based approach to reducing the industry's short-term emissions. This means that the nautical speed limit proposal is shelved for the time being.
Problems keep piling up for Norwegian shipbuilding group Havyard. The company has now uncovered new losses on a range of unfinished newbuilds and has to hold new meetings with its banks.
High-sulfur fuel prices have seen "unprecedented" fluctuations and have gone down in major ports Rotterdam and Singapore this year. The price spread to low-sulfur fuel could increase further next year, but Maersk CEO says the shipping company is well positioned.
Shipyard Kleven Verft suffered a deficit of more than USD 30 million last year. The yard is currently working on a corporate restructuring.
Analyst firm estimates that oil supermajors are headed toward a fire sale of assets worth over USD 27 billion. Three companies in particular are expected to take the lead.
South Korea's HMM is the most recent shipping line to join the Getting to Zero Coalition, which is working to develop the first CO2-free vessel before 2030. The coalition counts companies such as Maersk, MAN and Euronav.
Søren Toft's departure from Maersk makes CEO Søren Skou consider changing the management structure at the world's largest container line. As ShippingWatch reported earlier Friday, Toft will become CEO of MSC, but Skou does not expect that this will impact the two companies' alliance.
A number of well-placed sources confirm to ShippingWatch that Maersk's former COO Søren Toft's next job will be as MSC's new CEO. The change will be officially announced next week.
The two offshore oil service companies Subsea 7 and Saipem are weighing a merger that would create a major European player in the segment.
Russia's state-owned tanker carrier Sovcomflot saw improvements on both the top and bottom line in the third quarter, primarily driven by a more volatile market, which saw higher rates.
The EU Commission will now review a special rule that exempts Italian port operators from corporate tax in an effort to avoid disrupting competition, says EU Commissioner for Competition Margrethe Vestager.
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