Feeder shipping line MPC Container Ships should withdraw its proposal for a refinancing plan, says one of the shipping company's bondholders, which says the current proposal favors shareholders, reports Norwegian media.
There has been little news on Søren Toft since he, garnering much attention from the international shipping world, quit his job as COO at Maersk to become CEO of MSC. Toft is now ready to name a date for when he will start his new job in Geneva.
Container shipping companies blank even more sailings in the third quarter. Container carriers particularly pull capacity from the North Atlantic routes, which, according to Sea-Intelligence, indicates that the economy has yet to see a structural improvement.
A.P. Møller-Maersk appoints a new regional managing director of Asia Pacific, who comes from logistics company DB Schenker. He replaces the current regional managing director, who will take over Maersk's office in Latin America.
Costamare, which owns a large fleet of containers, has just settled new credit facilities. The company has now landed debt transactions for more than USD 435 million and has pushed larger installments into the future.
11 of the world's largest container shipping lines have reduced their fleet in the first half of the year, in which the coronavirus crisis has played a major part and has reduced demand, writes Alphaliner. Only one player has increased its capacity.
Upwards of 35 percent of the seafarers currently deployed on Maersk's ships have been at sea for longer than required by their contracts, the shipping line tells CNN. This is because of the coronavirus crisis, which has made it difficult to change crews around the world.
Container carriers such as Maersk, Hapag-Lloyd and CMA CGM have managed and operated their fleets in a way which makes Moody's reconsider its rather pessimistic view of the sector in light of the coronavirus, the credit rating bureau tells ShippingWatch.
The world's biggest container shipping lines have been able to raise rates during the coronavirus crisis, and this could pave the way for a billion dollar overall profit in 2020, reports Sea-Intelligence.
German container line MPC Container Ships is in urgent need of fresh capital to withstand the market downturn that followed the coronavirus outbreak. Without a deal, the carrier risks a fire sale of ships and, in the end, bankruptcy.
New technology and digitalization in shipping are often used incorrectly or end up being a stress factor for officers, a new report from Danish university Aarhus University concludes based on data from eight vessels. At worst, it may lead to accidents.
As the latest in a line of shipping companies, Maersk declares that the coronavirus does not seem to have impacted container freight as hard as first feared, creating hopes that container lines can avoid a combined loss in 2020, and that the bottom has been reached, assess analysts.
Royal Arctic Line has hired new employees at its Aalborg and Nuuk terminals to become more efficient after its partnership with Iceland's Eimskip officially took off. "It didn't make much difference before whether we arrived two hours early or late," RAL CEO tells ShippingWatch.
Software firm Kontainers has been sold in a transaction that could amount to USD 12 million. The digital company has previously announced deals with container major Maersk and logistics companies Toll and Ceva.
Hapag-Lloyd has so far described its extraordinary cost reductions in 2020 due to the coronavirus as a plan totaling a "triple-digit million dollar figure". New information shows that the figure will total at least USD 400 million.