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Thursday, September 24, 2020

Business Conglomerate News

Image: A.P. Moller - Maersk

Coronavirus to Hit Earnings: Maersk

Global integrated container logistics company A.P. Moller - Maersk posted improved earnings and free cash flow for 2019, despite weaker market conditions and global container growth of only 1.4 percent.However, the Danish business conglomerate said that the coronavirus (COVID-19)  would hit its earnings this year as the world's largest container shipping company warned of a "very weak" start to the year.The company expects an EBITDA of around USD 5.5bn, before restructuring and integration costs.

© Björn Wylezich / Adobe Stock

Maersk Delivers Chillies from Varanasi to UAE

Maersk, an integrated logistics company, said it has delivered its first end-to-end shipment of freshly produced green chillies from Varanasi to Jebel Ali, United Arab Emirates (UAE), within a duration of nine days.The Danish business conglomerate worked closely with Agricultural and Processed Food Exports Development Authority (APEDA) of India, the apex organization under the Ministry of Commerce & Industry, responsible for the export promotion of agricultural products, to enable…

Photo:Maersk Line

Maersk Unveils its First Cold Store in Russia

Danish international container shipping company A.P. Møller – Mærsk A/S (Maersk) has launched the construction of its new cold store facility in St. Petersburg to address the needs of a high-demand Russian market.The 3-chamber warehouse will offer specialised solutions extending the life cycle of perishable goods, said a press release from the business conglomerate with activities in the transport, logistics and energy sectors.On June 5th, 2019, the ground-breaking ceremony for the new warehouse took place in St.

Image: Maersk

Maersk Mulls Trade Financing Growth in India

Shipping major AP Moller-Maersk Group's export-import (exim)-focused trade finance arm Maersk Trade Finance is targeting a 33 percent loan disbursal growth at $200 million in 2019 in India.The trade financing solution arm of Danish business conglomerate said that it disbursed a total of USD 0.7 billion globally till date since its inception in 2015, with over 150 million in India in the year 2018, a 53% Y-o-Y increase as compared to 2017.Vipul Sardana, Global Head of Maersk Trade Finance said “Indian SME sector continues to play a significant role in India's economic development.

Søren Toft, Chief Operating Officer at A.P. Moller - Maersk. Photo: Maersk Line

Maersk to Cut Carbon Emissions to Zero by 2050

The world's largest container shipping company A.P. Moller -Maersk has pledged to cut net carbon emissions to zero by 2050.The Danish business conglomerate with activities in the transport, logistics and energy sectors said in a press note that to achieve this goal, carbon neutral vessels must be commercially viable by 2030, and an acceleration in new innovations and adaption of new technology is required.Climate is one of the most important issues in the world, and carrying around 80% of global trade, the shipping industry is vital to finding solutions.

Photo: SK Shipping

South Korea's SK Group to Sell SK Shipping

South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing…

Photo: Kattupalli International Container Terminal (KICT)

Adani Mulls Take Over of Katupalli Port

India's Adani Group is likely to take over the operational and management control of Larsen & Toubro (L&T) Kattupalli International Container Terminal near Chennai, reports Business Standard. Adani is in the final stage of getting into an arrangement with L&T to take over the terminal, which the Mumbai-based construction and engineering major built at a cost of Rs 4,000 crore ($645 million). It is learnt that the AP Moller–Maersk Group, a Danish business conglomerate, is also in the race to acquire the container terminal operations of the Katupalli port.

Q4 2019  - Short Sea Shipping Ports