Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Damco News

15 Jan 2024

Inchcape Shipping Services Names Svend Stenberg Mølholt CCO

Svend Stenberg, Chief Commercial Officer at Inchcape Shipping Services. Credit: Kasper Fuglsang

Port agency and marine services company Inchcape Shipping Services (ISS) announced the appointment of Svend Stenberg Mølholt as Chief Commercial Officer, effective January 9, 2024.Svend has been in the shipping industry for 20 years, most recently serving as the Group COO in Monjasa Holding, a global fuel and shipping company. While serving as the Group COO, Svend also held the position of Chairman of the Board at RelateIT, one of Denmark’s largest NAV/Business Central partners.

01 Sep 2020

Maersk to Slash Jobs in Major Reorganization

Credit: eyewave/AdobeStock

Maersk will cut jobs in a major shake-up that will affect a third of the shipping giant's staff as it seeks to integrate its seaborne container and in-land logistics businesses, it said on Tuesday.Maersk, which handles about one in five containers shipped worldwide, has been under pressure from investors to speed its transformation from an unwieldy conglomerate but has proved resilient in the face of the COVID-19 pandemic.Cost cuts and its reinstatement of more upbeat guidance last month have helped to double its share price since March and the shares were trading 0.9% up at 9,652 crowns by 08

20 Jul 2020

Crowley Logistics Hires Bennett as SVP, GM

Brett Bennett (Photo: Crowley)

Crowley Maritime Corporation announced Brett Bennett will join the company August 3 as senior vice president and general manager of Crowley Logistics, succeeding Steve Collar, who retired last month after a 43-year career with Crowley. He will report to Ray Fitzgerald, Crowley’s chief operating officer, and work from the corporate headquarters in Jacksonville, Fla.Bennett comes to Crowley from Wallenius Wilhelmsen Solutions where he served as senior vice president and head of global terminals and stevedoring.

27 Jun 2019

Shipping Companies: Is Bigger Better?

© Julien/Adobe Stock

“If consolidation was the solution to all that ails shipping, then container liner companies would be super profitable. They are not. In ‘commoditized’ sectors of the shipping industry, which by now includes pretty much everything apart from very small niche markets, there is hardly any economies of scale at the company level. As long as bigger is not in fact much better, then meaningful consolidation will not happen.”Dr. Roar Adland, visiting scholar at MIT Center for Transportation and Logistics and Professor at the Norwegian School of Economics (NHH).Like any other business…

03 Jun 2019

World’s First Digital Shipping Company Getting Ready

Shipping Container IoT visionary Loginno is adding another strong player, as Flemming Frost, 35-year veteran logistics manager, jumps in to assist in the creation of Contopia (a mesh of "Container" and "Utopia").Loginno is creating Contopia, the world’s Internet-of-Shipping-Containers infrastructure, by partnering with shipping companies to convert entire container fleets to IoT-enabled fleets, mining cargo, and voyage data through a patented low-cost device. This  initiative "The Contopia Factor," or TCF for short, to be revealed June 6th.A well-rounded manager with more than 35 years of business experience from the transport and logistics industry…

01 May 2019

Thygesen: Chairman of Maersk Supply Service

Henriette Thygesen has been appointed new Chairman of the Board of Directors of Maersk Supply Service. Image: Maersk Supply Service

Henriette Thygesen has been appointed new Chairman of the Board of Directors of Maersk Supply Service as of 1 June 2019. Current Chairman of Maersk Supply Service and Vice CEO of A.P. Moller – Maersk Claus V. Hemmingsen will leave A.P. Moller – Maersk end June having concluded on the separation of the oil and oil related companies.Thygesen has been CEO of Svitzer since September 2016. She is a member of the A.P. Moller - Maersk Executive Leadership Team and has held leading roles across a number of A.P. Moller – Maersk business units over the last 25 years, including CEO of Damco Americas.

19 Sep 2018

Maersk to Merge Damco, Ocean Product Units

(Photo: Eric Haun)

A.P. Moller-Maersk will merge Damco Supply Chain Services and Maersk Line's Ocean Product, the Danish shipping giant announced on Wednesday, as it seeks to offer customers the chance to deal with one firm when shipping goods across the world.The operator of Maersk Line, the world's largest container shipping company, kicked off a restructuring drive in 2016 that saw it sell its oil and gas business last year to focus on transport and logistics business.Maersk said its latest change would take effect on January 1…

03 Sep 2018

Twill Replaces Damco with Maersk

Twill, a digital freight forwarder designed to make shipping simple, has announced a change in its brand affiliation from Damco to Maersk.Launched in April 2017, Twill was created as a ‘Damco innovation’ and operated as a partner with the freight forwarder and supply chain management company, which is part of A.P. Moller - Maersk.The realigning of the brand will make it possible to offer Twill to all Maersk customers, in line with the A.P. Moller - Maersk strategy to become a global integrator of container logistics offering end-to-end solutions.The easy-to-use online Twill platform provides greater control of shipments by offering instant price quotes and booking…

05 Jul 2018

Faster Routes into US from Mexico

A new block (unitary) train service from APM Terminals Lazaro Cardenas in Mexico avoids congestion and delays at other ports to reach hinterland destinations in the US and Mexico - prompting a rise in traffic through the port. Since the terminal opened in February last year, there has been an increase in eight vessel services calling each week. The terminal provides the shortest distance and lowest intermodal cost to Mexico City. As Latin America's first semi-automated terminal, APM Terminals Lazaro Cardenas operates around the clock using the latest technology to offer real-time information, no congestion and swift turnaround times.

20 Jun 2018

DAMCO Names Dixit CEO for India, Bangladesh and Sri Lanka

Ashutosh Dixit  (Photo: DAMCO)

Supply chain management and freight forwarding services provider DAMCO, part of A.P. Moller – Maersk, has announced the appointment of Ashutosh Dixit as CEO for India, Bangladesh and Sri Lanka (IBS) effective from June 15, 2018.A seasoned executive with over two decades of experience in Supply Chain, Ashutosh will lead the next phase of growth for Damco across IBS with a key focus on offering innovative and seamless solutions to customers shipping from and to the IBS markets.Ashutosh comes to Damco from DHL Global Forwarding where he held different leadership positions across functions.

27 Dec 2017

Maritime Cyber Security: The Wrong Formula

© newrossosh / Adobe Stock

For many industries, cyber security is about target hardening and perimeter defense. This makes sense, as cyber security is implemented in much the same way that physical security is implemented. We often think of it in terms of the medieval castle design, which translates to defense in depth in modern vernacular. This formula makes sense, as we can see and touch perimeter defense in physical security. We have seen and are comfortable with things such as fencing, ingress and egress areas (think doors, drives, sidewalks), guard stations, and cameras. We like thinks we can see and touch.

28 Nov 2017

Mærsk Strengthens Executive Board

In line with the strategic direction announced in September 2016 A.P. Møller - Mærsk A/S has made significant progress in focusing the future business on container shipping, ports and logistics. To further accelerate the development of customer oriented end-to-end transportation and logistics solutions the Board of A.P. Møller - Mærsk A/S today announces that it is strengthening the management of the company by appointing the Chief Operating Officer, Chief Commercial Officer as well as the CEO of APM Terminals to the Executive Board. Effective 1st December 2017, Vincent Clerc, Executive Vice President and Chief Commercial Officer, Morten Engelstoft…

15 Nov 2017

Maritime Cyber Security: The Wrong Formula

© leeyiutung / Adobe Stock

For many industries, cyber security is about target hardening and perimeter defense. This makes sense, as cyber security is implemented in much the same way that physical security is implemented. We often think of it in terms of the medieval castle design, which translates to defense in depth in modern vernacular. This formula makes sense, as we can see and touch perimeter defense in physical security. We have seen and are comfortable with things such as fencing, ingress and egress areas (think doors, drives, sidewalks), guard stations and cameras. We like things we can see and touch.

28 Sep 2016

Moody's Threatens Downgrade of Maersk

Denmark-based shipping and oil company A.P. Møller-Mærsk A/S (Maersk)'s decision to split the group into two parts now get the credit rating agency for questioning to the light blue conglomerate's debt. It ends "probably" with a downgrade, because large parts of the oil revenue will no longer contribute to upholster transport division. "We have placed the ratings of Maersk on review for downgrade because we believe that its business diversification will reduce significantly with the separation of its energy businesses which represented 62% of EBITDA as of the first half of 2016," says Maria Maslovsky, a Moody's Vice President-Senior Analyst and lead analyst for Maersk.

25 Sep 2016

Fitch: Maersk Gets Little Solace from Sectoral Diversification

The decision by A.P. Moeller-Maersk A/S to split into two separate divisions - Transport & Logistics and Energy - reflects the challenging fundamentals in the sectors in which it operates, and diminishing counter-cyclical benefits of operating in them in the current economic cycle, Fitch Ratings says. We do not expect the split to significantly improve the performance of the group's separate units, although the increased focus may help long-term strategy execution. We believe operational diversification does not consistently provide material benefit to Moeller-Maersk's business profile because the industries in which the company operates are highly cyclical and volatile.

20 Aug 2016

Maersk Break-Up Soon ?

A.P. Moeller-Maersk A/S, in its strategic review, is considering several options including a two-way split into an energy and a transport company, says a Bloomberg report. According to Danish daily Berlingske, the shipping group is likely to break up into transportation and energy divisions. "Maersk Transport" would include the Maersk Line, APM Terminals, Maersk Tankers, Damco and Svitzer units, while "Maersk Energy" would include Maersk Oil, Maersk Drilling and Maersk Supply Service. The company's chairman first floated the idea of breaking up its business segments in June after appointing a new chief executive, Soren Skou. "The question is whether we should be a large group…

12 Aug 2016

Cost Cuts Ease Pain of Maersk's Gloomy Shipping Forecast

Net profit below forecasts, operating figure above; group hit by low freight rates and low oil prices. A.P. Moller-Maersk's progress in cutting costs reassured investors on Friday after the Danish shipping and oil giant reported a sharp decline in quarterly profit and its new chief executive confirmed that earnings would fall this year. The Copenhagen-based company fired its CEO in June and replaced him with Soren Skou, head of its Maersk Line container business, indicating it could split it into separate companies and sell off part of the group, including its oil division. Skou, a company veteran who has to respond to a shipping industry recession and tough oil markets, is expected to present the results of a strategy review in late September.

13 Jun 2016

Maersk Heir Takes Top Post in Holding Company

Robert Uggla (Photo: Maersk Group)

The grandson of Maersk Mc-Kinney Moller, who transformed A.P. Moller-Maersk into an international conglomerate, was on Monday appointed chief executive of the holding company behind the Danish shipping giant. The move sends a signal that the Maersk family will remain an active owner of the listed company, but it also distances the heir from daily operations, analysts said. Robert Maersk Uggla, 38, who has been CEO of Maersk-owned tug boat operator Svitzer since 2012, will take on the position as CEO of A.P. Moller Holding on Sept. 1., the company said. "Given the development of A.P.

13 Jun 2016

Thygesen Named CEO of Svitzer

Henriette Thygesen (Photo: Maersk Group)

Henriette H. Thygesen, currently Damco CEO for the Americas, has been appointed CEO of Svitzer with effect from September 1. Thygesen, who joined Maersk Group in 1994, has been with the group for 22 years, of which the last nine with Damco. She has previously worked for Maersk Tankers and Maersk Oil and prior to her current role, she was VP and CEO for Damco in North Asia, based in Hong Kong. She holds a Master of Science, a PhD in Applied Mathematics, and an Executive MBA from Columbia University, New York and London Business School. Svitzer’s current CEO, Robert M.

11 Feb 2016

Maersk Falls into the Red

Maersk Line posted a steep decline in profit last year to $1.3bn, well down from the 2014 result of $2.3bn and below its most recent forecast as freight rate declines accelerated in the latter stages of 2015. The net profit of Maersk Group in 2015 amounted to 0.925 billion USD, representing a decrease of 84% yoy. The company revenues decreased with 16% yoy to 40.3 billion USD. The profit decrease appears in almost all sectors of the company, but the worst for 2015 definitely was the oil and offshore. "After a satisfactory result in the first half of the year with a ROIC of 10.2%, Maersk Group was severely impacted by a widening supply-demand gap across most of our businesses, leading to significant oil price and freight rate reductions," says a statement from the company.

23 Feb 2015

Maersk May Reward Shareholders as Oil Unit Suffers

Danish conglomerate A.P. Moller-Maersk may announce a second share buyback scheme in its 110-year history as early as Wednesday, analysts said, allowing it to reward shareholders as its oil unit takes a battering from a slump in prices. Further divestments from its large portfolio of companies may also be on the radar, funding any buybacks or at least increased dividends, with the world's largest container shipping company focusing more closely on the shipping and oil industries. Maersk's will present its fourth quarter results at 0700 GMT on Wednesday. Net profit is expected to rise 9.8 percent to $1.0 billion, boosted by a 59 percent rise in container shipping but hit by a 50 percent drop in its oil business.

22 Dec 2014

Maersk to Continue Russian Operations

Photo: Maersk

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse. "The Group's business with Russia amounts to some two to three percent of our total revenue. In the current situation, where Russian purchasing power and foreign trade is negatively impacted, our shipping business in Russia is also affected," A.P. Moller-Maersk wrote in an mail to Reuters. World's largest container shipping company Maersk Line…

18 Dec 2014

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse. "The Group's business with Russia amounts to some two to three percent of our total revenue. In the current situation, where Russian purchasing power and foreign trade is negatively impacted, our shipping business in Russia is also affected," A.P. Moller-Maersk wrote in an mail to Reuters. World's largest container shipping company Maersk Line, port operator APM Terminals, logistic company Damco and the world's biggest tugboat operator Svitzer are all active in Russia.