Panalpina's office in Luxembourg becomes the latest place where DSV makes cuts as part of its integration of the Swiss company. Negotiations with union have been ongoing for months and have reduced the number of layoffs.
The sanctions imposed on Venezuela could have far-reaching consequences if all the tanker ships that have called at one of the country's major ports in the past six months have to be pulled from the market, show numbers from Clarksons.
When DSV Panalpina negotiates future contracts with shipowners, among others, new climate targets will be a deciding factor. "This will be much more prominent than it has been previously," CEO Jens Bjørn Andersen tells ShippingWatch.
Maersk Broker reports a profit of DKK 43.4 million for 2019 compared to DKK 55 million the year before. The corona crisis generates considerable uncertainty as to the 2020 result, which is, however, expected to finish in line with last year.
Four tanker ships with ties to Greece have been blacklisted by the US for sailing with oil from Venezuela. According to a ship database, the ships are ultimately controlled by several well-known Greek shipowners.
While product tanker rates have been exceptionally high and have given Hafnia a record result, the company's stock has gone down 35 percent since the turn of the year. "Disappointing," says CEO Mikael Skov, who believes that there is only one way to change this.
Singapore-based X-Press Feeders foresees a dive in activities and has scaled down its fleet by up to 20 percent to address the impact of the coronavirus. In the long term, growth ambitions remain intact, COO Francis Goh tells Shippingwatch.
Strained offshore ship operator Solstad Offshore has secured support from its bondholders for a rescue plan. John Fredriksen and Kjell Inge Røkke have both pledged to subscribe to shares, though the former's position will be reduced.
Maersk CEO Søren Skou was very outspoken in his criticism of the state aid awarded to the container liner's former collaborator HMM, but Skou declines to comment on CMA CGM's state aid. Danish Shipping, however, sent ShippingWatch a comment on the matter of its own accord.
A growing number of tanker ships are queuing off the coast of China's busiest ports, waiting to offload crude oil to the country's refineries. China's demand for oil in May was almost back to levels seen prior to the coronavirus outbreak.
The number of capesize vessels scrapped in the first quarter is already about surpass the full year 2019. Golden Ocean expects that more will be scrapped this year. However, an improvement in rates is expected to slow the scope of scrapping, according to Bimco.
Thorco bought a lot of ships from its rivals after the financial crisis. But the market never recovered, and now the gamble has resulted in bankruptcies, large claims and a loss of DKK 1 billion. There was no other way out, says Thor Stadil, who has stepped down as chairman.
Australia's Maritime Safety Authority has detained a container vessel from shipping company APL after the ship lost at least 40 containers in the waters off Sydney. The authority is currently inspecting the vessel.
DFDS has been approved for wage compensation totaling almost USD 6 million during the coronavirus crisis, in which the shipping company had to send employees home and pull several ships from operations. Other maritime companies are also on the list.