Shipping lines cannot blindly use quarantined ships as an opportunity to achieve force-majeure compensation. They must first examine the circumstances, Bech-Bruun shipping lawyer Johannes Grove Nielsen tells ShippingWatch.
A number of organizations have sent a letter to EU Commission President Ursula von der Leyen, criticizing the EU for approving the Block Exemption Regulation for the container industry. They hold that the scheme should only be extended by one year.
Maersk has now received a response from local authorities in China after several seafarers last week were isolated on ship Gjertrud Maersk with symptoms of covid-19. The results show cases of coronavirus infections, the company tells ShippingWatch.
Just as China seems to be emerging from the coronavirus, Europe and USA are entering times of unprecedented uncertainty. ONE's CEO Jeremy Nixon gives his insights on how to lead a huge container carrier during a state of emergency.
Sliding demand forces container alliance 2M, which consists of Maersk Line and MSC, to void more than one fifth of its voyages between Asia and Europe as well as Asia and the Mediterranean in the second quarter of 2020, reports Sea-Intelligence.
Logistics and shipping company Wallenius Wilhelmsen hires a new chief financial officer from SAS, Torbjørn Wist, who will join the car carrier in September.
Equinor projects that oil field Johan Sverdrup can produce more oil faster than expected. Expectations for peak levels in both phases one and two have been raised.
DFDS was one of several shipping lines that received a letter on force majeure from their yards in China. According to the ferry operator, the yards are operational again, and newbuild construction follows the set plan.
The coronavirus makes it nearly impossible to predict trade routes, prompting logistics firm DHL to declare the current situation force majeure. This is not yet the case for DSV Panalpina, while Blue Water describes a situation in which "the normal cargo flow is down."
Several seafarers aboard vessel Gjertrud Maersk are suspected of coronavirus infection. On Thursday, they were evacuated to receive treatment in Chinese city Ningbo. Maersk awaits report from authorities.
The CEO of the Swedish tanker carrier Stena Bulk, Erik Hånell, is responsible for seven offices and several hundred employees across the globe, all affected by the coronavirus outbreak. Many work from home or in shifts. Hånell worries the most about the times to come after corona.
Cargill Ocean Transportation CEO Jan Dieleman and former Maersk Vice CEO Claus Hemmingsen are two of three newly elected members of the board at Global Maritime Forum.
Japan's MOL earlier this week heralded extraordinary losses from factors including a loan to Gearbulk. "We are not in default on the loan," the dry bulk company's managing director tells ShippingWatch.
French container line CMA CGM has carried out the first part of the refinancing plan the carrier announced in November. It demonstrates the group's resilience, says Chair and CEO Rodolphe Saadé.
Maersk informs its customers in a letter that freight volumes will decline in the coming weeks, and that the shipping line is preparing for its network "to match reduced demand." Sailings between Asia and Europe have been canceled.
With Zeamarine's collapse, peers were favored with vessels at reasonable prices and new customers. So far, however, the benefits of fewer players remain to be seen. ShippingWatch has interviewed AAL Shipping's CEO Kyriacos Panayides.
Dee4 Capital Partners hires a new general manager for its Copenhagen office. He has history with Viking Supply Ships and marine insurer Orca.
Norwegian car carrier Wallenius Wilhelmsen has temporarily dismissed more than half its production staff in the US and Mexico due to the corona crisis.
German bank NordLB has more than halved its shipping portfolio during 2019 and has set a target to completely exit the industry by the end of 2021.
Nordic Shipholding is currently negotiating with another tanker shipping line as to a potential merger. The negotiations have been ongoing since late last year, and the plan is to create a new player based in Copenhagen.
South Korea's HMM injects USD 25 million into a fund under The Alliance, which functions as an emergency measure in case cargo gets stuck in a bankruptcy, as happened with Hanjin's collapse years ago.
Maersk Product Tankers, which operates more than 80 vessels on behalf of Maersk Tankers, turned red figures on the bottom line into a pre-tax profit of USD 91 million in 2019.
J. Lauritzen is infused with fresh millions by owner Lauritzen Fonden after booking another deficit for 2019. The funds will bolster the company for the uncertainty created by coronavirus in 2020, CEO Mads P. Zacho tells ShippingWatch.
MP Pension, which holds more than DKK 100 million in Maersk stock, also voices criticism of Maersk Chairman Jim Hagemann Snabe's DKK 7 million salary. The pension company wants to block any further salary increases for the chairman.
The Norwegian shipping group's CEO Thomas Wilhelmsen has inherited control of the family's shares in Tallyman AS.
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