Maersk Leases Singapore Oil Storage Ahead of IMO 2020
Maersk Oil Trading has leased oil storage space in Singapore, signalling a push by one of the world's biggest ship fuel buyers into the Asian bunkering hub ahead of changes to global fuel standards from 2020, trade sources said.Maersk Oil has taken storage at the Tankstore oil terminal in Singapore, a spokesman for parent A.P. Moller-Maersk told Reuters, without giving further details.The firm has leased 120,000 cubic meters of space for fuel oil for six months, said three trade sources with direct knowledge of the matter.
Boxships Buffeted by Competing Calamities
Overcapacity, Fleet Supply, Weakened Earnings, Consolidation – and now – fears of trade wars fuel further uncertainties for an already unsteady boxship climate. MLPro’s Barry Parker digs in to get to the bottom of all of it.The report season for 2018 Q1 corporate results saw an “earnings miss” (reported earnings below consensus forecasts of analysts) for the bellwether of listed container equities, A.P. Moller (APM), with its largest portfolio holding being Maersk Line. In a media telephone interview…
Maersk Cuts 2018 Guidance, Eyes Market Recovery
Danish shipping company A.P. Moller-Maersk slashed its 2018 earnings forecast on Tuesday due to weak second-quarter freight rates and higher prices for bunker fuel, although the downgrade was smaller than feared, analysts said.The world's biggest container shipper also said spot freight rates have restored after a significant drop in the second quarter, and that its volumes are growing in line with the market.Following the unexpected announcement, Maersk's share price initially…
Maersk to Install Scrubbers on Select Vessels Ahead of 2020
A.P. Moller-Maersk, the world's biggest container shipping group, will add devices to reduce harmful exhaust emissions to some of its ships ahead of new global fuel regulations starting in 2020.To combat air pollution, the International Maritime Organization (IMO), the United Nations' shipping agency, has set global regulations to cap the sulphur content in marine fuels, known as bunkers, at 0.5 percent down from 3.5 percent now.Shipowners could meet the new regulations by installing sulphur-stripping exhaust cleaning systems…
Nolan Tapped to Take Over as TOTE CEO
Tim Nolan has been named the next president and CEO of U.S. domestic ocean carrier TOTE Inc., parent company Saltchuk announced today. TOTE is the parent company to TOTE Maritime and TOTE Services.Nolan, who is currently president of TOTE Maritime Puerto Rico, will succeed retiring president CEO Anthony Chiarello who will step down July 16 after eight years at the helm.Nolan has been with the TOTE family of companies since 2013. He will remain in Jacksonville, Fla., as TOTE’s…
Maritime Ports Pushed to Up Cyber Security
Resilience planning, Info Sharing Take Spotlight“Oh what a tangled web we weave, when first we practice to deceive.” That old chestnut gets turned on its head when it comes to port cyber security. It’s more like “Oh what a tangled web we’ve woven, so much harder to stop data stolen.”Ports today have the physical aspect of security pretty well nailed shut - gates, locks, fencing, alarms, cameras, drones, etc. As Chris Mason, Rajant Corp.’s director of sales for EMEA, notes, “Every…
Maersk to Pursue Separate Listing of Maersk Drilling
Danish shipping company A.P. Moller-Maersk has decided to pursue a demerger with its offshore drilling operation Maersk Drilling via a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019.Maersk Drilling will become a stand-alone company next year as its parent company continues its exit from the oil and gas business.Having evaluated the different options available for Maersk Drilling, A.P. Moller – Maersk has concluded that listing Maersk Drilling as a standalone company presents the most optimal prospects for its shareholders…
Sea Machines Moves to Larger, Waterfront Location in Germany
U.S. based Sea Machines announced that it has moved its team in Hamburg, Germany to a larger waterfront work space in the Hammerbrook area.The company said the move supports growing in interest in its autonomous controls and advanced perception technology in European markets ahead of an upcoming product release. The new location more than triples the space Sea Machines had previously and provides dockage for the company's test vessels. The space also accommodates the locally expanding team…
Maersk Tests Russian Arctic Route
The Danish-flagged cargo ship Venta Maersk, owned by the world's biggest shipping group A.P. Moller-Maersk, has successfully passed through the Russian Arctic, in a trial voyage showing that melting sea ice could potentially open a new trade route from Europe to east Asia.Palle Laursen, the chief technical officer of A.P. Moller-Maersk saying that the cargo vessel has made the journey as a one-off trial. “The trial allowed us to gain exceptional operational experience, test vessel systems…
Rio Tinto Hires CFO Stausholm from Maersk
Major miner Rio Tinto named Jacob Stausholm, formerly CFO of Danish shipping company A.P.
Maersk Poaches New CFO from Assa Abloy
Denmark's A.P. Moller-Maersk has chosen Carolina Dybeck Happe as its new Chief Finance Officer, it said on Wednesday.Happe will take the position at a time where Maersk is undergoing a strategic transformation from a broader conglomerate including an oil business to a more focused shipping company.The 45-year Swede, who comes from a CFO position at the world's biggest lock group Assa Abloy, will start on Jan. 1 2019 at the latest, Maersk said in a statement.The move comes after…
Maersk Says It's Been Cyber Attacked
Shipping giant A.P. Moller-Maersk, which handles one out of seven containers shipped globally, said the Petya cyber attack had caused outages at its computer systems across the world on Tuesday. The attack came as computer servers across Europe and in India were hit by a major ransomware attack. "Global cyber-attack Petya is affecting multiple businesses," Maersk said on Twitter. The breakdown affected all business units at Maersk, including container shipping, port and tug boat operations, oil and gas production, drilling services, and oil tankers, the company said.
Maersk Unable to Process Orders after Cyber Attack
Shipping giant A.P. Moller-Maersk, which handles one in seven containers shipped worldwide, is not able to process new orders after being hit by a global cyber attack, it told Reuters on Wednesday. "Right now, at this hour, we're not able to take new orders," Maersk Line Chief Commercial Officer Vincent Clerc said in a telephone interview. "Because of limited availability of some of our systems, we also have issues in processing orders that were taken just before it went down," he said.
Global Shipping Feels Fallout from Maersk Cyber Attack
Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry. About 90 percent of world trade is transported by sea, with ships and ports acting as the arteries of the global economy. Ports increasingly rely on communications systems to keep operations running smoothly, and any IT glitches can create major disruptions for complex logistic supply chains. The cyber attack was among the biggest-ever disruptions to hit global shipping.
Maersk Expects Client Business Back to Normal by Monday
Danish shipping giant A.P. Moller-Maersk expects client-facing operations to return to normal by Monday and is resuming container deliveries at its major ports following a cyber attack on Tuesday. 'We expect that by Monday we'll be back to something that looks a lot more like a normalised state of business again,' Vincent Clerc, chief commercial officer at the company's shipping unit Maersk Line, told Reuters in a telephone interview. 'We take the core operating systems for Maersk Line and APM Terminals up first…
Maersk: Too Early to Predict Financial Impact of Cyber Attack
Asia CEO said ports have resumed releasing cargo; will discuss settlement, liability issues with customers. Maersk said it was too early to predict the financial impact of last month's global Petya cyber attack that hit the shipping giant's computers and delayed cargoes, but added that normal operations had resumed at its ports. A.P. Moller-Maersk, Danish owner of the world's biggest container shipping line, operates 76 ports via its APM Terminal division and was one of the many firms hit by the ransomware virus along with Russia's Rosneft and advertising agency WPP.
Cyber Threats Prompt Return of Radio for Ship Navigation
The risk of cyber attacks targeting ships' satellite navigation is pushing nations to delve back through history and develop back-up systems with roots in World War Two radio technology. Ships use GPS (Global Positioning System) and other similar devices that rely on sending and receiving satellite signals, which many experts say are vulnerable to jamming by hackers. About 90 percent of world trade is transported by sea and the stakes are high in increasingly crowded shipping lanes.
Maersk Family Foundation Launches Africa Infrastructure Fund
A.P. Moller Holding, which controls Danish shipping giant A.P. Moller-Maersk, said Wednesday it has launched a new fund that will invest in infrastructure in Africa. The fund, which was launched with pension funds PKA, PensionDanmark and Medical Doctors' Pension Fund, has received commitments of $550 million and aims to raise $1 billion. The fund will be managed by former Maersk management members Kim Fejfer, Lars Reno Jakobsen and Joe Nicklaus Nielsen, as well as Jens Thomassen, who is joining from Denham Capital.
Maersk Wants Trade Finance Role
Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry. Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.P. Moller-Maersk, is offering to finance shipments and remove the paper trail from financing deals. Maersk says it has no need to ask for collateral - one of the biggest headaches for banks and customers in trade finance deals - because it is carrying the goods on its vessels.
Maersk Tankers Invests in Quantitative Hedge Fund
Maersk Tankers said on Wednesday it has entered into an equity agreement with U.S. hedge fund CargoMetrics, giving it access to analytical models and algorithms to better manage its tanker operations. Maersk Tankers, a unit of shipping group A.P. Moller-Maersk , has invested a "significant" but undisclosed amount in the Boston-based hedge fund, which will give the firm exclusive right to its analytical models, algorithms and capabilities. CargoMetrics links satellite signals, historical shipping data and proprietary analytics for trading purposes in its systematic investment platform.
Maersk, IBM to Launch Blockchain Joint Venture
The world’s largest container shipping firm A.P. Moller-Maersk is teaming up with IBM to create an industry-wide trading platform it says can speed up trade and save billions of dollars. The global shipping industry has seen little innovation since the container was invented in the 1950s, and cross-border trade still leaves an enormous trail of paperwork and bureaucracy. Success of the platform, which will be made available to the ocean shipping industry around mid-2018, depends on whether Maersk and IBM can convince shippers…
Hapag Lloyd Triples 2017 Profit
Full-year operating profit up by 226 percent; full figures, guidance due on March 28. German container shipping firm Hapag-Lloyd on Wednesday reported its 2017 operating profit more than tripled, citing higher transport volumes and a slight recovery in freight rates. It also said that besides a positive development of worldwide container transport demand and rising revenue from freights, last year's merger with Gulf peer UASC provided more efficiencies. The move made Hamburg-based Hapag-Lloyd the number five container shipper worldwide, amid ongoing consolidation.
Maersk to Expand Onshore Services in Port Division
Danish shipping company A.P. Moller-Maersk will begin expanding onshore services at its global port division to accommodate demands from companies like railway operators and freight haulers, according to newspaper Borsen. "Until now it has been the big shipping lines that have paid our bills, and that's why we've focused on them. But there are thousands of other customers like freight hauling firms or railway operators, and we now begin to expand our range of customers," Henrik Lundgaard Pedersen, chief commercial officer at APM Terminals, told Borsen.
Maersk's Port Business Woos Customers with New Transport Services
Danish shipping group A.P. Moller-Maersk's is betting on winning new customers for its port division by becoming a one-stop shop that can transport goods from factory to retailers' shelves. The move comes as Maersk, the world's biggest container shipper, is entering uncharted territory following its sale last year of most of its energy businesses. This marked a major shift of focus for the group towards transport and logistics. Last month, Maersk said it aimed to expand its port and transport services…
Maersk Says CFO Quits after Organizational Changes
Danish shipping group A.P. Moller-Maersk said on Tuesday its chief financial officer has decided to leave the company after only 16 months in the role. The departure of Jakob Strausholm, who took the role as chief finance, strategy and transformation officer in December 2016, comes after Maersk decided to separate the finance role from its IT and digital transformation function, the company said. The change comes amid a major restructuring and digital drive which Maersk hopes will simplify the process of moving goods around the world.
Maersk to Trial AI-powered Situational Awareness Technology
Danish shipping giant A.P. Moller-Maersk will be the first in the world to trial artificial intelligence (AI) powered perception and situational awareness technology on a containership.Under a deal signed with Boston-based Sea Machines Robotics, Maersk will install computer vision, Light Detection and Ranging (LiDAR) and perception software aboard one of its new-build Winter Palace ice-class containerships.Sea Machines said its solution uses AI to improve at-sea situational awareness…