Shipping shares plummet on the New York Stock Exchange
Black Monday for tanker and bulk shares on Wall Street, where investors do not share the view that the low oil price brings increased demand in the global shipping industry. Massive declines across tanker and dry bulk Monday night.
BY OLE ANDERSEN
Shipping shares on Wall Street were hammered down across the board on Monday, which brought double-digit drops on a day marked by investors' concerns about the consequences of the low oil price.
German logistics giant DHL reports significantly higher revenue from ocean freight in the first half of the year, with the frenzied freight market from Asia to Europe and the US contributing to the growth. The company maintains its projections.
The weak tanker market pulled Teekay into the red in the second quarter, and the Canadian company points to continued uncertainties in light of the Covid-19 pandemic while noting improvements in sight.
The French oil major expands its partnership with the Danish service carrier, which secures long-term contracts on eight vessels that will now deliver far more than safety solutions. The agreement is expected to create jobs for more than 160 seafarers.
The US Federal Maritime Commission is launching an expedited inquiry into eight container carriers in connection with surcharges introduced at the currently red-hot market. In a comment to ShippingWatch, Hapag-Lloyd denies allegations that surcharges are not handled properly.