Maersk Tanker Unit to Wind Down Customer Agreements in Iran
Danish oil product tanker operator Maersk Tankers, part of shipping group A.P. Moller-Maersk, said on Wednesday it would wind down its customer agreements in Iran by November following new U.S. sanctions on Tehran."We will perform customer agreements entered into before May 8 and ensure that they are wound down by November 4, as required by the re-imposed U.S.
Vestas, Maersk Tackle wind turbine Transport, Installation Costs
Project has secured $7.3 mln in public funding; sector races to build ever bigger turbines. Danish wind turbine maker Vestas and offshore services firm Maersk Supply Service are teaming up to tackle the cost of transporting and installing ever larger wind turbines. Seeking to remain profitable as European countries phase out subsidies, the industry is turning to ever bigger turbines to harness power more efficiently and respond to pricing pressure for new equipment around the globe. Vestas and fellow Danish company Maersk Supply Service, part of A.P.
Nolan Tapped to Take Over as TOTE CEO
Tim Nolan has been named the next president and CEO of U.S. domestic ocean carrier TOTE Inc., parent company Saltchuk announced today. TOTE is the parent company to TOTE Maritime and TOTE Services.Nolan, who is currently president of TOTE Maritime Puerto Rico, will succeed retiring president CEO Anthony Chiarello who will step down July 16 after eight years at the helm.Nolan has been with the TOTE family of companies since 2013. He will remain in Jacksonville, Fla., as TOTE’s…
Maersk Poaches New CFO from Assa Abloy
Denmark's A.P. Moller-Maersk has chosen Carolina Dybeck Happe as its new Chief Finance Officer, it said on Wednesday.Happe will take the position at a time where Maersk is undergoing a strategic transformation from a broader conglomerate including an oil business to a more focused shipping company.The 45-year Swede, who comes from a CFO position at the world's biggest lock group Assa Abloy, will start on Jan. 1 2019 at the latest, Maersk said in a statement.The move comes after…
Cyber Threats Prompt Return of Radio for Ship Navigation
The risk of cyber attacks targeting ships' satellite navigation is pushing nations to delve back through history and develop back-up systems with roots in World War Two radio technology. Ships use GPS (Global Positioning System) and other similar devices that rely on sending and receiving satellite signals, which many experts say are vulnerable to jamming by hackers. About 90 percent of world trade is transported by sea and the stakes are high in increasingly crowded shipping lanes.
ICHCA Community on Global Cargo Chain Saftey
The leading NGO for the global cargo handling industry ICHCA will use its 65th anniversary conference in October to tackle risks to the cyber and physical security of the global cargo chain, said a press statement. Following the Petya attack in June, one of the biggest cyber-attacks ever experienced in global shipping which crippled A.P. Moller-Maersk’s computer systems worldwide for 5 days, the need to protect against both cyber and physical threats to critical maritime infrastructures has been topmost on the minds of many in the cargo handling industry.
Maersk Wants Trade Finance Role
Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry. Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.P. Moller-Maersk, is offering to finance shipments and remove the paper trail from financing deals. Maersk says it has no need to ask for collateral - one of the biggest headaches for banks and customers in trade finance deals - because it is carrying the goods on its vessels.
Maersk Tankers Invests in Quantitative Hedge Fund
Maersk Tankers said on Wednesday it has entered into an equity agreement with U.S. hedge fund CargoMetrics, giving it access to analytical models and algorithms to better manage its tanker operations. Maersk Tankers, a unit of shipping group A.P. Moller-Maersk , has invested a "significant" but undisclosed amount in the Boston-based hedge fund, which will give the firm exclusive right to its analytical models, algorithms and capabilities. CargoMetrics links satellite signals, historical shipping data and proprietary analytics for trading purposes in its systematic investment platform.
Balancing Efficiency & Security as Maritime Goes Digital
Hand in hand with the digital craze in maritime is the caution of cyber attacks. We live and operate in a complex society. That society would be impossible without modern computers and other information technologies Those technologies have largely been developed piecemeal to address particular issues, and for the most part they have generally achieved their particular goals. Maximum efficiency is gained when multiple technologies are joined to coordinate their work. Computers get smaller and faster, with ever-growing memory. Joining computers together allowed for creation of the internet.
Maersk Sheds Oil Tanker Division
A.P. Moller-Maersk has agreed a $1.71 billion deal to sell its oil tanker division to its controlling shareholder, who in turn will enter an ownership consortium with Japan's Mitsui & Co. The Danish conglomerate last year embarked on a restructuring to focus on transport and logistics and last month sold its oil and gas business to Total in a $7.45 billion deal. Maersk said it will use the proceeds to reduce debt and that the sale, which it expects to close by next month, will have no impact on its financial guidance for 2017. A.P.
Offshore Rig Firms See End to Historic Downturn
Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves. The nascent demand for harsh-environment rigs…
Maersk Steers Annual Shipping Forecast Lower
Maersk restates annual guidance after energy deal; lowers forecast for its key container business. A.P. Moller-Maersk , the world's largest container shipping group, cut the profit forecast for its core business on Tuesday after a costly cyber attack and a weaker than expected third quarter. Maersk, which agreed to sell its oil and gas business to Total in a $7.5 billion deal this year, has to prove to investors that the firm's strategy to focus on transport and logistics is the right one even with oil prices rising again.
APM Terminals Inland Services Expands in Pune, India
APM Terminals Inland Services inaugurated its new state-of-the-art Inland Container Depot and supply chain solutions facility designed to serve one of India’s fastest-growing hubs for industrial development and manufacturing in the Pune district in Maharashtra state. The new facility, which is over 12 acres in area, can handle more than 60,000 containers annually. Services include Customs clearance, bonded and non-bonded warehousing, empty container acceptance, transportation…
Maersk Drilling: One Dead After Tambar Oilfield Accident
Maersk Drilling said on Friday that an employee, a Norwegian citizen, has died following an accident on a drilling rig at Aker BP's Tambar oilfield off Norway on Thursday. Another person was injured and is receiving medical treatment but his condition is not critical, said Maersk Drilling, which is owned by A.P. Moller-Maersk. The field's production has been shut, Aker BP said in a separate announcement. Reporting by Teis Jensen
Maersk, IBM to Launch Blockchain Joint Venture
The world’s largest container shipping firm A.P. Moller-Maersk is teaming up with IBM to create an industry-wide trading platform it says can speed up trade and save billions of dollars. The global shipping industry has seen little innovation since the container was invented in the 1950s, and cross-border trade still leaves an enormous trail of paperwork and bureaucracy. Success of the platform, which will be made available to the ocean shipping industry around mid-2018, depends on whether Maersk and IBM can convince shippers…
Maersk Profit Miss, Outlook Puts Shipping in Spotlight
Maersk management hints at hitting top of 2018 EBITDA range. A.P. Moller-Maersk's move to focus on transport and jettison oil was tested on Friday as the world's largest container shipping firm missed profit forecasts and gave what analysts saw as a conservative outlook. Shipping, which has been hit by years of overcapacity and slow economic growth, saw early signs of a turnaround in early 2017, but freight rates fell in the second half. "I'm still very optimistic on the fundamentals of the global container shipping industry…
Maersk Energy: Uptick in Offshore Oil
COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said. Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices, lifted by their cost-cutting plans and a crude price recovery. Although this has spurred new investment, it has yet to benefit suppliers, such as Maersk,…
Hapag Lloyd Triples 2017 Profit
Full-year operating profit up by 226 percent; full figures, guidance due on March 28. German container shipping firm Hapag-Lloyd on Wednesday reported its 2017 operating profit more than tripled, citing higher transport volumes and a slight recovery in freight rates. It also said that besides a positive development of worldwide container transport demand and rising revenue from freights, last year's merger with Gulf peer UASC provided more efficiencies. The move made Hamburg-based Hapag-Lloyd the number five container shipper worldwide, amid ongoing consolidation.
Maersk's Port Business Woos Customers with New Transport Services
Danish shipping group A.P. Moller-Maersk's is betting on winning new customers for its port division by becoming a one-stop shop that can transport goods from factory to retailers' shelves. The move comes as Maersk, the world's biggest container shipper, is entering uncharted territory following its sale last year of most of its energy businesses. This marked a major shift of focus for the group towards transport and logistics. Last month, Maersk said it aimed to expand its port and transport services…
Another Maersk Containership Catches Fire
U.S. flagged containership Maersk Kensington reported a fire in a cargo hold while en route from Salalah, Oman toward Suez. The fire is the second reported aboard a Maersk vessel this month. The fire has been contained and all 26 crew members are reported safe and accounted for, according to A.P. Moller-Maersk. The vessel is carrying 3,518 containers (corresponding to 5,616 TEU) and is currently at anchor outside the port of Salalah where it is receiving assistance from shore. The 6,188 TEU Maersk Kensington is owned and operated by Maersk’s U.S. subsidiary Maersk Line, Limited (MLL).
Maersk Says CFO Quits after Organizational Changes
Danish shipping group A.P. Moller-Maersk said on Tuesday its chief financial officer has decided to leave the company after only 16 months in the role. The departure of Jakob Strausholm, who took the role as chief finance, strategy and transformation officer in December 2016, comes after Maersk decided to separate the finance role from its IT and digital transformation function, the company said. The change comes amid a major restructuring and digital drive which Maersk hopes will simplify the process of moving goods around the world.
Maersk to Trial AI-powered Situational Awareness Technology
Danish shipping giant A.P. Moller-Maersk will be the first in the world to trial artificial intelligence (AI) powered perception and situational awareness technology on a containership.Under a deal signed with Boston-based Sea Machines Robotics, Maersk will install computer vision, Light Detection and Ranging (LiDAR) and perception software aboard one of its new-build Winter Palace ice-class containerships.Sea Machines said its solution uses AI to improve at-sea situational awareness…
Maersk Likely to Shelve Plans to List Drilling Division
Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined to be named as the discussions are private.Maersk group has not publicly put a price tag on the division…