Chinese China Shipping Container Lines (CSCL) informs in a profit warning that the carrier expects a total deficit of about USD 426 million in 2015, with operational losses accounting for a majority of the deficit.
The slowdown in the global economy and the declining growth in China are the reasons cited by the carrier as the cause of the severe deficit in a sector which is characterized by record-low rates and a massive overcapacity of vessels.
More from ShippingWatch
In the drama surrounding the merger between tanker majors Euronav and Frontline, one of the arguments from Euronav’s biggest shareholder, the Saverys family, is that the merger will pull Euronav in the wrong direction on the green agenda. Euronav tells ShippingWatch that the company rejects this criticism.