Plagued by overcapacity and ongoing losses, the container shipping industry is rife with talk of potential mergers and acquisitions. The consolidation of the highly fragmented industry is long overdue, especially when contrasted with such other heavily capitalized transportation sectors as railroads and airlines.
The possibility that a new wave of M&A may be imminent was [...]
There is little prospect of a bidding war for Neptune Orient Lines between prospective suitors Maersk Line and CMA CGM as the risks involved in acquiring a loss-making line in a weak market will lean heavily on the sale price, Drewry believes.
However, price will be the sticking point, Drewry said in its Container Insight [...]
From the Wall Street Journal:
The nation’s largest container port saw falling imports in October, joining other West Coast ports in reporting a weak end to what is usually the peak season for shipping volumes.
The Port of Los Angeles handled 358,602 containers loaded with imported goods last month, a decline of 3.3% from the [...]
From the ILWU Dispatcher:
David Gonzales, ILWU Local 26. Photo by Slobodan Dimitriov.
Local 26 member David Gonzales is leading an impressive but quiet effort with other volunteers in Wilmington who serve hundreds of meals each week to homeless and hungry people in the harbor area.
“I know what it’s like to be on the [...]
From the Citizens’ Trade Coalition:
As might be expected from a back-room deal negotiated with the aid of hundreds of corporate advisors, while the public and press were shut out, the proposed Trans-Pacific Partnership (TPP) not only continues the awful legacy of past trade agreements that put corporate profits ahead of jobs and wages, [...]
From the Journal of Commerce:
Retailers anticipate a jolly November for U.S. ports, with the National Retail Federation predicting that containerized imports will increase 8.3 percent over November 2014. Furthermore, last-minute importers of holiday merchandise should experience little if any port congestion.
November 2014 was one of the slowest months of the year on the [...]
”Work, in fact, cannot be a mere cog in a perverse mechanism which grinds resources in order to make a profit.” — Pope Francis, Nov. 7, 2015
Pope Francis’ Nov. 7 speech was summarized in a Catolic News Agency article titled ”If you have the right to work, you have the right to rest, [...]
Neptune Orient has sold its main office building and some vessels amid four consecutive years of losses.
Neptune Orient Lines Ltd. said it’s in separate talks with France’s CMA CGM SA and Denmark’s A.P. Moeller-Maersk A/S on a potential sale of the Singapore container shipping company.
CMA CGM has made a preliminary offer for [...]
”The most dramatic symbol of these problems is that an 18,000 container Triple-E freighter, one of the largest (and therefore theoretically most cost-efficient) container ships on the planet, was idled by Maersk in late October.” — Fortune
From an article titled ”Maersk’s terrible earnings report shows ocean shippers are sinking themselves” in Fortune Magazine:
A message from ILWU International President Robert McEllrath:
”While we prevailed in this round of attacks on our workplace safety and collective bargaining rights, politicians have already fired another round. Thank you for your support to defeat the amendments, and stay tuned to make your voice heard again.” — Robert McEllrath, ILWU International [...]
Just hours after two misguided amendments were defeated in the House of Representatives, opportunistic politicians proposed yet another piece of legislation that fails to address the root causes of congestion. From an article titled ‘Feds more likely to intervene in future port slowdowns under proposed bill’ in The Oregonian:
Instead of leaving it to [...]
From the Wall Street Journal:
Maersk is canceling options to buy six Triple-E vessels.
The world’s biggest container-ship operator is altering course, slashing jobs and canceling or delaying orders for new vessels after years weathering a sharp downturn in the container-shipping market.
Danish conglomerate A.P. Møller-Maersk A/S said Wednesday its Maersk Line container-shipping unit would [...]
Japan’s Prime Minister Shinzo Abe and Canada’s prime minister-designate Justin Trudeau agreed to promote the Trans-Pacific Partnership (TPP), Japan’s foreign ministry said in a statement.
Last month, 12 Pacific Rim countries including Japan and Canada agreed the TPP, a pact which aims to liberalize commerce in 40 percent of the world’s economy by reducing or [...]
Japan’s three largest container lines saw their group revenues miss forecasts and remain almost flat in the first half of the current fiscal year, while Mitsui O.S.K. Lines (MOL) slipped into the red.
MOL, NYK Line and “K” Line reported their financial results for the first half of 2015, which started in April, revising [...]