AP Moeller Maersk Group has continued to fix its eyes on its forecast of a $4 billion profit for 2015, despite the challenges it is facing in its operating environment, according to Thisday Live.
The group said in a statement that from its records, its profit for the second quarter was $1 billion, down from [...]
Cosco and China Shipping said recently that they were discussing a “material event,” widely believed to be a merger, and would extend the trading halt on Hong Kong and Shanghai exchanges that has been in force since August 10.
“At present, the event is in the planning process, there are still uncertainties,” China Cosco Holdings [...]
Major container-shipping lines are slashing sailings on the world’s busiest shipping route between Asia and Europe as lower growth in China and a sluggish eurozone economy hurt container volumes.
The late summer season is normally a peak period for container shipping as retailers stock up for Christmas sales. About 95% of the world’s manufactured goods, [...]
The expanded Panama Canal will allow for ships with a breadth of approximately 49 meters, while the Maersk newbuilds will have a breadth of approximately 53.3 meters.
Last week Maersk announced the signing of a $1.1 billion newbuilding contract for nine vessels with a 14,000 TEU capacity.
Maersk is strengthening its fleet with hull [...]
The largest of its kind in Alaska, the electrically-powered gantry crane is more than 340 feet tall with a boom spanning 164 feet, capable of lifting loads up to 60 feet long and weighing up to 145,000 pounds. Roni Toldanes photo
Following on its acquisition of Horizon Lines’ non-Hawaiian business, Jones Act shipping company Matson, [...]
Important message from our brothers and sisters in the Maritime Union of Australia:
100 workers sacked by Hutchison Ports Australia via email sent at midnight last night.
Quoting from the email:
“…your position will not be retained. There are no redeployment opportunities. The intended last day of your employment will be Friday 14 August [...]
Matson, Inc has entered into a private placement agreement pursuant to which Matson expects to issue $75 million of 30-year senior unsecured notes. The Notes will have a weighted average life of approximately 13 years and will bear interest at a rate of 3.92 percent, payable semi-annually, the company said in a press release.
Photo from Matson’s web site offering service to Alaska. Matson has earmarked more than USD 30 million to invest in new equipment planned by Horizon prior to its acquisition.
U. S. carrier Matson, Inc. is pushing ahead with its plans to fund improvements in its new Alaska operations following its acquisition of Horizon Lines’ [...]
BBC photo from Saturday’s event at the Suez Canal.
The first trial operation of the new Suez Canal started Saturday morning, with six large ships crossing in both directions, Youm7 reported.
The trial operation aims to assure that the canal allows ships with different sizes and drafts to sail.
The executive agency that manages [...]
Reports in the past twenty four hours that Hapag-Lloyd has hired investment banks to advise on an initial public offering and the Singapore government is selling its majority stake in Neptune Orient Lines have refuelled speculation of a merger between the two ocean carriers.
The timing of the – as yet unconfirmed – reports is [...]
From Port Technology:
The US Federal Maritime Commission (FMC) has called on the world’s largest shipping companies to provide detailed documentation on how they are implementing service agreements on the US West Coast amid concerns over a supposed collaboration the companies formed to address port congestion, according to the Wall Street Journal.
Nineteen, as yet [...]
APM Terminals, part of A.P. Moller-Maersk, said on Friday it is interested in buying into Greek ports Piraeus and Thessaloniki, slated for privatization if a new bailout deal is agreed between Athens and the European Union.
“Yes, we are interested in the Greek ports of Piraeus and Thessaloniki and are pursuing them as part of [...]
Oil and shipping conglomerate A.P. Moller-Maersk said it was experiencing no problems funding operations in Greece or getting paid by Greek customers despite the imposition of capital controls by Athens.
Maersk Line, the world’s largest container shipping company, has offices in Greece and vessels passing though its ports. Maersk’s terminal operator unit, APM Terminals, was [...]
Excerpts from the Journal of Commerce:
One major global shipper compared the container shipping freight market to a car dealership. “The basic product is not profitable, but if you can sign the customer up for a sufficient number of additionals, you’ll survive,” he told JOC.com.
[S]urcharges contained, among other items, terminal handling fees at both [...]