MAERSK LINE LTD
The weeks-long traffic jam of cargo ships at the Myanmar’sbiggest port threatens to scare potential investors away and choke off nascent economic growth, says a report in Reuters. The bottleneck at the dilapidated port was caused by a spike in demand for goods as the opening up of the economy accelerates following a historic election win by Aung San Suu Kyi’s National League for Democracy (NLD) in November. “Because of the general growth of the economy we are packed. The ships have nowhere to go,” said Ma Cherry Trivedi, managing director of Ayuroma International, an advisor to Myanmar Industrial Port (MIP), where congestion has been worst. Its main port has changed little since the end of British colonial rule nearly 70 years ago – emblematic of ramshackle infrastructure that could hold back the foreign investment Suu Kyi needs to live up to sky-high expectations and remake a country impoverished by decades of junta rule. The number of ships docking in Yangon has doubled over the past decade and the number of containers has jumped fourfold, data shows, clogging up inadequate storage space, overwhelming sclerotic logistics systems and delaying deliveries. Industry sources said the holdup cost major shipping lines millions of dollars a week.
Maersk Line, the world's biggest container shipper and a unit of Danish conglomerate A. P. Moller-Maersk, said on Friday in relation to the collapse of South Korea's Hanjin Shipping Co Ltd: * Maersk Line expects minimal impact on its customers' cargo. * Maersk Line on Aug. 30 instructed its global operations centres to not load any cargo onto Hanjin owned vessels. * Says customers have cargo on board two of Hanjin's operated vessels, Maersk Sebarok and Maersk Senang
Starting next year, the price to ship a container across the Atlantic ocean is to soar, as container shipping lines on the Atlantic will be seeking hefty rate increases s next year. Rates for 20 foot containers heading westbound to U.S. Atlantic, Gulf and Pacific ports would rise by $600 from January 1, 2000, carriers in the Trans-Atlantic Conference Agreement (TACA) said. For 40 and 45 ft units the increase would be $750, they said
Maersk Line, part of the Danish group A.P. Moller - Maersk, will provide free ocean freight for 147 containers (3,525 metric tons) of rice donated by the Government of Thailand to Haiti through the World Food Program. The rice will be split and shipped across four sailings, from Laem Chabang, Thailand to Caucedo, Dominican Republic, before being trucked into Haiti. The first shipment set sail on 15 March 2010, on Maersk Line vessel Maersk Kendal
NOAA Administrator Jane Lubchenco recently appointed nine new members to the Hydrographic Services Review Panel, a federal advisory committee that gives NOAA independent advice for improving ocean and coastal navigation products, information, data and services. “Optimizing the benefits of navigation services and products is a priority for the agency,” said Margaret Spring, chief of staff for NOAA and the agency’s representative to the Committee on the Marine
Danish shipping giant A.P. Moeller-Maersk A/S’s container altered its strategy this month by planning to expand its fleet through acquisition, breaking from its previous preference of building its own boats, reports Forbes. Though, container line, which this month ditched a strategy of building new vessels and will instead try to grow through acquisitions, is targeting South Korea’s two biggest shipping firms, Bloomber quoted as Jefferies International Ltd, saying.
New Maersk Line procurement policy for container floorboards aims to reduce demand for illegally logged tropical hardwood Today, Maersk Line announced a new policy to refrain from purchasing containers with floors made of uncertified tropical hardwood. “Illegal logging is widely recognised as a serious threat to forests, people and wildlife. We feel obligated to use our purchasing power to push for higher standards and ensure that the timber we use for container floors come from
A new research report confirms the Asia-Europe product 'Daily Maersk' continues to lead competitors in reliabiltiy ratings The report, a joint effort between ecommerce network provider INTTRA and container shipping analyst SeaIntel, examined the performance of the top 20 container lines in schedule reliability. In the past year, Maersk Line has been the No.1 carrier in eight of the months and No.2 for four. The report also highlights, among others
Shares rise 5 pct after improved guidance, better quarter than expected. Maersk indicates more buybacks after first in its history. Efficiency, cost savings boost Maersk Line compared to rivals. Denmark's A.P. Moller-Maersk announced the first share buy-back in its 110-year history on Tuesday as an overhaul of the sprawling shipping and oil empire leaves it with more cash than it can usefully invest. Maersk shares jumped 5 percent after the company reported better than expected quarterly
Odfjell SE’s Extraordinary General Meeting, held December 9, 2015, supported the Nomination Committee's proposal and elected Klaus Nyborg as new director of the Board. Nyborg, a Danish citizen, owns no shares in Odfjell SE and has no formal ties to major shareholders of the company, according to Odfjell. Nyborg was recently Interim CEO of DS Norden AS from 2014-2015, where he has also been on the board since 2012, and chairman since 2015
Dr. August Oetker KG announces that, after more than 80 years, it is divesting its shipping business and will be selling Hamburg Süd with all activities, subsidiaries and principal assets. The world's seventh-biggest container operator, Hamburg Süd
Following the sale of Hamburg Süd to Maerskfor $4 billion, VesslesValue senior analyst William Bennett has compiled a report on the top consolidated container fleets. Currently these top five fleets are worth $33.4 billion and account for 33 percent of the entire container fleet.
Norwegian Cruise Line Holdings Ltd. announced that it has received approval from the government of the Republic of Cuba to operate cruises to Cuba, beginning March 2017. All three of the company’s brands, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises
A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and the Shipping Corporation of India Ltd. (SCI) took delivery of a new liquefied natural fas (LNG) carrier on November 30, 2016, in South Korea.
The ports of Long Beach and Los Angeles are partnering with shipping company Maersk Line to measure the environmental benefits of a $125 million upgrade for 12 Maersk containerships. The initiative will involve the installation of high-tech equipment to track vessel emissions and
Indian state-owned energy firm GAIL India Ltd has scrapped a USD 7 billion tender for hiring newly built ships to ferry LNG from US after bidders did not agree to 'Make-in-India' terms, says a report by PTI. Gail will now hire the ships from the global spot or current market to
German container shipping group Hapag-Lloyd reported a rise in third-quarter net profit and said it would press ahead with cut costs and seek economies of scale to cope with the worst downturn the industry has ever seen. Net profit at the Hamburg-based firm came to 8.2 million euros ($8
GE and Maersk Drilling have partnered for a data analytic-driven pilot project that aims to increase Maersk’s drilling vessels’ productivity and reduce maintenance costs by up to 20 percent. The two companies have collaborated to deploy SeaStream Insight
Maersk Line just published its Colombia trade report for the third quarter of 2016. Total reefer share of Colombia's exports increased to 21% in Q3 2016 - up from 12% in 2015 - with pineapple and banana the strongest performing products.
CMA CGM, the world's third-largest container shipping company, posted on Friday another net loss in the third quarter as freight rates remained weak and it integrated Singapore-based NOL, its biggest-ever acquisition. The sector was showing the "first signs of stabilisation" as
Dampskibsselskabet NORDEN A/S has hired Christian Vinther Christensen as new head of the Dry Cargo Department. Christian Vinther Christensen takes up his new position January 1, 2017 and becomes part of Senior Management reporting to CEO Jan Rindbo.
Akastor ASA (OSE: AKA) announced today that the Agreement with MITSUI & CO., LTD ("Mitsui"), and Mitsui O.S.K. Lines, Ltd. ("MOL"), to create a joint venture with 50/50 ownership between AKOFS Offshore AS ("AKOFS") and Mitsui/MOL has now been approved and
Denmark's A.P. Moller-Maersk and DONG Energy are in talks to merge their oil and gas operations in a deal that would create a business worth more than $10 billion including debt, sources familiar with the matter said. Maersk is working with Bank of America on the potential deal
Dr. August Oetker KG announced that after more than 80 years, it is divesting its shipping business and will be selling Hamburg Süd with all activities, subsidiaries and principal assets. Following intensive talks with several interested parties
Maersk Line and the Oetker Group have reached an agreement for Maersk Line to acquire Hamburg Süd, the German container shipping line. The acquisition is subject to final agreement and regulatory approvals. Hamburg Süd is the world's seventh largest container shipping line and a