Maersk to Compete with UPS, Fedex
A.P. Moller-Maersk plans to expand its transport and logistics business to compete directly with package delivery companies UPS and Fedex as part of a major restructuring, its chief executive said Tuesday. Maersk, the world's largest container shipping company, has sold off the majority of its energy assets to focus entirely on transport and logistics. "We're building this company that is a global integrated container business, a company very similar to UPS and Fedex," CEO Soren Skou told investors at a capital markets day in Copenhagen on Tuesday.
Moody's Downgrades Maersk's Credit Rating
Moody's downgraded A.P. Moller-Maersk's credit rating on Tuesday, piling pressure on the world's biggest container shipper as it juggles a major restructuring with a multi-billion dollar acquisition of a German rival. Moody's said the downgrade from Baa1 to Baa2 with a negative outlook "reflects Maersk's deteriorating credit profile". The credit rating firm put the Danish shipping company under review in September, when it announced a split-up to focus on the shipping business and spin off its energy assets.
Evolving Threats Met by Market Innovation
A look at commercial off-the-shelf technologies and products designed to mitigate risk at sea and in port. In a post 9/11 world, many facets of maritime security only seem to grow. Global threats, despite best efforts, do not diminish. Chief among these issues are port security, the protection of critical energy assets and the scourge of piracy on the high seas. As the cost of meeting both challenges climbs, ship operators and port executives look to economically manage their risk. The effort weighs heavily on the bottom line at a time when many maritime sectors are struggling in the red.
France Gets EU Backing for Takeover Decree
France has received EU backing for a new decree allowing the government to block foreign takeovers of French companies in strategic industries, Economy Minister Arnaud Montebourg said on Thursday. In a surprise move, the government widened in May its control over mergers in industries deemed key to France's national interests as General Electric was seeking to buy the energy assets of French group Alstom. "The European Commission in recent days notified the French government of its approval of the decree as perfectly in line with European treaties," Montebourg said in a speech.
LNG Export Strategies on Agenda at London 'Russian Day'
The role of Russia as a key global supplier of natural gas will be amplified at upcoming 'Russian Day' event. The Russian Energy Minister, Alexander Novak, confirms he will host a special ‘Russian Day’ at one of the world’s leading gas industry events in London this October. The role of Russia as a key global supplier of natural gas will be examined during the day-long session, which also welcomes Novak’s Deputy, Pavel Fedorov, plus chief executives from petrochemical giant SIBUR and liquefied natural gas exporter, Sakhalin Energy.