Maersk Shutters China-based Container Factory
Danish shipping group A.P.
Indian Court Refuses to Quash Antitrust Probe at Mumbai
An Indian court has declined to quash or stall an antitrust investigation into Dubai-based port operator DP World's alleged anti-competitive behaviour at the country's largest container port in Mumbai, three sources told Reuters on Wednesday.The Competition Commission of India (CCI) last month said it suspected antitrust violations by DP World and Denmark's A.P. Moller-Maersk at the terminals they operate at state-owned Jawaharlal Nehru Port Trust (JNPT).The CCI's probe followed a complaint by Singapore's PSA International Pte Ltd…
Maersk Warns Trade War Will Impact Box Shipping
Top U.S. importers are stocking up on Chinese goods before new import tariffs take effect, shipping giant A.P. Moller-Maersk said on Wednesday, but warned a trade war would hit demand for container shipping in the coming years.Maersk's data indicated that imports into the United States from China had grown 5 to 10 percent year-on-year in the third quarter as companies such as Walmart and Home Depot built up inventories to avoid new import tariffs, Chief Executive Soren Skou said."The irony is that after (U.S.
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.
India to Probe Alleged Antitrust Behavior by Maersk, DP World at Mumbai Port
India's antitrust regulator has ordered a probe into alleged anti-competitive practices by Denmark's A.P. Moller-Maersk and Dubai's DP World at the terminals they operate at the country's largest container port in Mumbai, five sources familiar with the matter told Reuters.The decision by the Competition Commission of India (CCI) to investigate follows a complaint by Singapore's PSA International Pte Ltd, which alleged that Maersk and DP World created entry barriers to hinder the…
Maersk Ousts Danske Bank Chairman after Scandal
Danske Bank's largest shareholder, the Maersk family, has ousted the lender's chairman after a money laundering scandal that has also forced out its chief executive.A.P. Moller Holding, which controls about 21 percent of the share capital in the bank, has nominated Karsten Dybvad, who currently heads the Confederation of Danish Industry, to replace Ole Andersen as chairman of Denmark's largest bank.The move is a rare example of Denmark's Maersk family, which controls shipping giant A.P. Moller-Maersk through A.P.
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…
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…
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…
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…
Rio Tinto Hires CFO Stausholm from Maersk
Major miner Rio Tinto named Jacob Stausholm, formerly CFO of Danish shipping company A.P.
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…