Container lines use lucrative 2020 to pay down debt and not on new ships and acquisitions
The major European container lines spend the profits from the lucrative year 2020 on improving their debt and capital structures rather than on ordering new ships and making acquisitions, writes Alphaliner.
The current tanker market is catastrophically poor with unprecedented low rates in the otherwise attractive winter months, Norden CEO Jan Rindbo tells ShippingWatch. That is why he projects that Norden's earnings will almost halve in 2021, compared to 2020's record result.
Despite a strong second half-year, Kuehne + Nagel's container volumes declined overall in 2020. Sky-high demand and container shortages have led the logistics company to focus on its "key customers" during the pandemic, says CEO Detlef Trefzger.
A series of shipping companies including DFDS and Klaveness, as well as commodity trader Trafigura, call on the EU to bet on ammonia and hydrogen as the marine fuels of the future. LNG and biofuels emit too much CO2, they say.