Selfinvest, the parent company of United Shipping & Trading Co., USTC, delivers a record result for 2019/2020 with a profit of DKK 1 billion before taxes. Prospects for the coming year are more uncertain.
DHL's chief executive Tim Scharwath does not think the industry will see any more acquisitions in the wake of the coronavirus crisis. It takes stability to make acquisitions, he points out. Competitors such as Maersk and NTG have otherwise predicted lower prices of potential acquisition targets.
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.
Ceva Logistics is at the center of a protracted dispute with former bondholders and a key employee. The dispute concerns a restructuring of Ceva years ago. Ceva denies the accusations, but the case could result in "a material loss," writes owner CMA CGM, which is already struggling with a large debt following the acquisition.
The bottom line continues to grow at USTC company SDK, though revenue dropped for the first time in years. But the company aims for growth again already this year, in which it is in acquisition talks, CEO tells ShippingWatch.
Ceva Logistics' new CEO Mathieu Friedberg has a stated goal of making the company profitable already in 2020, despite the fact that the coronavirus has hit the market hard. "We just have to fight harder than what we expected," he tells ShippingWatch.
DSV Panalpina can again glimpse the full-year result the company projected prior to the coronavirus crisis, says major bank Jefferies after news that the company's second quarter has been better than expected. This makes analyst "tip his hat."
The coronavirus crisis has put several things on hold at logistics company Scan Global, which has made an ambitious growth plan aimed at boosting earnings. Part of the plan is acquisitions, where the company is currently "taking a breather", says CEO, who is pleased with a reasonable start to 2020.
Logistics group DSV Panalpina has hired several employees from now-closed shipping line Zeamarine. The hires come months after DSV Panalpina struck an exclusive deal with wind turbine manufacturer Vestas.
A record number of tanker vessels made their way through the Suez Canal in May. This development is likely due to an increase in fleet activity as a result of higher tanker rates, writes Bimco. Meanwhile, a growing number of container liners currently opt for the route south of Africa instead.
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.
DSV Panalpina CEO Jens Bjørn Andersen expects semi-trucks to be first in line for testing fuel from a new hydrogen plant backed by several well-known companies, while shipping must wait a little longer.
Panalpina's office in Luxembourg becomes the latest place where DSV makes cuts as part of its integration of the Swiss company. Negotiations with union have been ongoing for months and have reduced the number of layoffs.
When DSV Panalpina negotiates future contracts with shipowners, among others, new climate targets will be a deciding factor. "This will be much more prominent than it has been previously," CEO Jens Bjørn Andersen tells ShippingWatch.
Interesting acquisition opportunities could emerge for DSV Panalpina as a result of the current market downturn, writes banking major Jefferies. A former target is brought into play, but not before Panalpina has been absorbed completely.