After over a year of sharing the helm of Pacific International Lines (PIL) with Gan Chee Yen, Lars Kastrup has been appointed the sole CEO of the Singapore-based container carrier.
The container market has turned and can see the beginning of the end of the extreme upswing. New numbers from World Container Index shows a ”material weakening” in spot rates, according to analyst.
The situation is stabilizing in Shanghai, and overall the ports in China are working well, states Maersk. On the other hand, the carrier reports of heavy pressure in European ports.
Tuesday, disagreement between labor union and employers led to a temporary breakdown in the ongoing negotiations about wages for 12,000 German port workers. Negotiations may recommence Wednesday, according to media.
For a number of years, Shell will supply container carrier CMA CGM’s ships in Singapore with LNG. CMA CGM banks heavily on LNG as an alternative to conventional fuel oil.
The price of usual consumer goods such as shoes and fridges will remain largely unchanged following the green transformation of shipping, concludes analysis by NGO Transport & Environment.
Despite concerns over a potential recession, freight volumes at Maersk do not show any signs of crisis yet, CEO Søren Skou tells Børsen.
Container carrier Maersk will allegedly double its order for methanol vessels with an additional 12 ships, writes media. Maersk declines to comment.
Work stoppage may worsen bottlenecks in major northern European ports, predicts Hapag-Lloyd. Strikes ”complicate the current situation” with large freight volumes.
Problems with bottlenecks and overload lie with US ports, not carriers, according to Maersk Chair Robert Mærsk Uggla. The comment arrives after repeated criticism from US President Joe Biden.
Icelandic container carrier Eimskip’s subsidiary in Denmark has been searched by Danish competition authorities.
Monday, terminals in Antwerp operated at reduced capacity in order to avoid being hit by a national strike paralyzing Belgian airports and public transportation.
The US Coast Guard and Maersk have been fighting over a fine given to Maersk for failing to report an offence case from 2014 and 2015 to authorities. After an appeal, the fine was annulled, and Maersk subsequently changed its internal procedures.
Demand in the US moves from goods to services, and this results in lower import of Chinese goods to the US, according to logistics heads. Data from China confirms declining orders at Chinese companies.
US Coast Guard has appealed a verdict in an offence case, in which a Maersk captain in April was suspended for four months after having shown ”inappropriate conduct” toward a deck cadet. The case is one of several sexual offence cases aboard Maersk vessels.
Even though spot rates are falling and thereby are likely to put pressure on contract earnings at Maersk, Sydbank and Xeneta predict the carrier may face an upward adjustment to the financial result.
Diving spot rates on container freight mean that more shippers are expected to want to leave the more costly long contracts, according to analysts. This may hit carriers such as Maersk, where seven out of ten are on contract. Futures indicate rate decline as well.
Spot rates on the container market have declined in the past two weeks. The likelihood of a bigger drop in rates has increased, according to Sea-Intelligence.
Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.
Particularly two cases of harsh weather, where container ships from ONE and Maersk lost 2,550 boxes to the sea, have made the number of lost containers increase markedly in the past two years, according to new report.
The culture in the maritime industry needs to change, states Maersk Chair Robert Mærsk Uggla after the carrier has been sued by two women accusing Maersk of having failed to protect them from assaults.
Empty containers crucially needed by Asian exporters are accumulating in the port of Rotterdam where carriers prioritize shipments of filled boxes.
Regional Chinese container carrier CULines has used the Covid-19 pandemic as a springboard to ensure major growth, according to a report by Sea-Intelligence.
US and European companies are not in the process of withdrawing production from factories in Asia. Global trade will grow more or less in step with GDP developments, Maersk CEO tells the Financial Times.
The two women, who have sued Maersk in the US for failing to take responsibility in cases of rape and sexual harassment, have filed the cases to the US Coast Guard. One case has been transferred to the prosecution authority after ended investigation.
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