Maersk Mulls Trade Financing Growth in India
Shipping major AP Moller-Maersk Group's export-import (exim)-focused trade finance arm Maersk Trade Finance is targeting a 33 percent loan disbursal growth at $200 million in 2019 in India.The trade financing solution arm of Danish business conglomerate said that it disbursed a total of USD 0.7 billion globally till date since its inception in 2015, with over 150 million in India in the year 2018, a 53% Y-o-Y increase as compared to 2017.Vipul Sardana, Global Head of Maersk Trade Finance said “Indian SME sector continues to play a significant role in India's economic development.
Svitzer to Deliver Two Tugs for Suez Canal
Svitzer, part of Denmark-based A.P. Moller - Maersk Group, has signed a 10-year agreement with the Suez Canal Authority wherein the company will provide two newbuild tugs to support operations.The the largest company globally within towage, salvage and related services said in a press release that per agreement, it has to provide two new azimuth stern drive (ASD) tugs for supporting the operations in Port Said and Suez Canal."After several stages of approval and multi-disciplinary approaches…
Svitzer Christens Latest Tug Meridian
The global towage operator Svitzer held a ceremony on the River Thames to officially christened Svitzer Meridian as the latest - and tenth - vessel in its Port of London fleet.During a naming ceremony held on the River Thames with guests representing a variety of customers and partners – including vessel builder Sanmar – the 70 tonnes bollard pull Azimuth Tractor Drive (ATD) Svitzer Meridian was officially christened by representatives from multinational electricity and gas utility company National Grid Grain LNG…
Hamburg Süd Presents RCM
Hamburg Süd is introducing its future use of Remote Container Management (RCM) with full transparency in real time as well as significantly increased efficiency for refrigerated transport chains.In recent months, all the reefer containers used by Hamburg Süd have been outfitted with RCM technology, said the international logistics service sector.Using satellite and mobile radio technology, RCM makes it possible to monitor the refrigerated container and the condition of the cargo inside it – including its location…
Norway to Drillers: Fix Oil Rig Lifeboat Safety
Norway's Petroleum Safety Authority (PSA) has told Transocean, Maersk Drilling and Odfjell Drilling to beef up emergency evacuation equipment and procedures on 22 offshore oil rigs, it said on Wednesday.Drilling rigs are equipped with enclosed lifeboats that can be dropped into the ocean in an emergency and owners must meet a series of technical and operational requirements for how to plan and carry out evacuations."All the audits identified a non-conformity from the regulations.
Regulatory Reform: Good Ideas … Ready to Start?
Regulatory reform is one of President Trump’s priority agenda items. Upon taking office, the President issued a number of Executive Orders focusing attention and demanding action on the myriad of regulations impacting American businesses.Last May, the reform spotlight fell on maritime regulations when the White House Office of Management and Budget (OMB), published a Request for Information (RFI) on how the government should “prudently manage regulatory costs imposed on the maritime sector.” OMB…
Maersk Line Establishes Commercial Office in Nepal
Maersk Line, the global containerized division of the Maersk Group, announced the commencement of its new commercial office in Kathmandu, Nepal from 1st of June this year.Maersk Line since its entry into the Nepal market over 20 years back has been providing shipping and logistical solutions through its strong network in India. However, with the rapid growth of trade in the region, Maersk Line sees an opportunity to serve its customers better by being closer to them.Maersk Line’s…
Migrants Rescued by Boxship Land in Sicily
More than 100 rescued migrants from private cargo ship Alexander Maersk, picked up off the coast of southern Italy on Friday, arrived in the southern port of Pozzallo in Sicily on Tuesday. The new Italian government has closed its ports to ships operated by charities in the Mediterranean, saying the European Union must share the burden of disembarking migrants rescued at sea, mostly off the Libyan coast. The Alexander Maersk is a container ship owned by Maersk Line, part of Danish transport and logistics A. P. Moller-Maersk Group, and is not operated by a non-governmental organisation.
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…
Maersk Introduces Shares Plan for Top Executives
Danish A.P. Møller – Mærsk A/S has decided to establish a restricted shares plan for the members of its Executive Board in addition to the stock option plan established in 2017. "In continuation of the adoption of revised General guidelines for incentive pay and Remuneration Policy for A.P. Møller - Mærsk A/S at the Company’s Annual General Meeting held on 10 April 2018, the Board of Directors has decided to establish a restricted shares plan for the members of the Executive Board in addition to the stock option plan established in 2017," said a press statement.
Maersk Line Scale Up Innovative Smart Reefers in India
In the past one year, Maersk Line, the global containerized division of the Maersk Group has enabled movement of multiple consignments of complex cargo out of India successfully, said a press release. Due to its global presence and network, the exporter network of India has been able to successfully reach out to newer geographies. Commenting on the achievement, recently appointed Managing Director for Maersk Line (India, Sri Lanka, Nepal, Bangladesh, Maldives and Bhutan), Steve Felder said, ”In the past 18 months or so, we have expanded our horizon in various new commodity categories.
Maersk, Statoil and OECD to Discuss Future Ocean Development
Key figures from Maersk Group, Statoil and the Organization for Economic Co-operation and Development have signed up to discuss future ocean business opportunities, demands and strategies at Opening Oceans Conference 2018 (OOC). The event, Nor-Shipping’s first outside its Norwegian home, will see c-level executives gather in Copenhagen on May 2nd and 3rd to examine how to responsibly realise the huge potential of the ocean, gaining the understanding, partners and tools to equip businesses for the way ahead.
Cosco Overtakes Maersk as Top Box Shipper
The Chinese container shipping company Cosco exceeded Maersk Line as the shipping company handling the most containers in the third quarter, Reuters reported quoting data from shipping consultancy Alphaliner. However, this is mainly because the Maersk group was hit by a hacker attack, reports the Alphaliner analysis house. Cosco increased the handled container volume by 23 percent in Q3 to 5.49 million TEU (20-foot container units) and thus exceeded Maersk Line's 5.26 million TEU. It was unclear how much of COSCO’s activity related to inter-Chinese trade.
China OKs Maersk Hamburg Süd Deal
The Ministry of Commerce (MOFCOM) in China approved Danish shipping giant Maersk Line’s proposed acquisition of Hamburg Süd, reported Reuters. Maersk Line, the world’s biggest container shipping company, will pay 3.7 billion euros ($4.3 billion) to buy German rival Hamburg Sud. However, China has put in place restrictions on Hamburg Süd and Maersk Line’s use of vessel-sharing agreements (VSA). The ministry, in a statement, said the company could not enter a new ship sharing alliance on Far East-South America routes in the five years after the deal.
V.Group Appoints Ian El-Mokadem as CEO
UK-based ship management company V.Group announced the appointment of Ian El-Mokadem as Chief Executive Officer and Martin Gaard Christiansen as Chief Commercial Officer. Both will assume their positions in the autumn. Ian joins from Exova, the global provider of technically demanding testing, calibration and related advisory services, where he served as Chief Executive for the last six years. Ian was responsible for professionalising and growing the business, which operates in 33 countries…
Crowley Names Vargas VP, Business Development
Veteran sales executive in ocean transportation and logistics Daniel Vargas has been appointed vice president of international business development to support the Crowley Maritime Corp. liner and logistics services groups. He will work closely with Crowley's new director of logistics in St. Maarten, Jeffrey de la Combe, to bring supply chain solutions for customers and their cargoes originating outside the U.S. In the newly created role, Vargas will spearhead the development of both full- and less-than-container load cargo (FCL/LCL) originating from international locations…
Cargo Shipping Market to Grow at 3.45% to 2023
Global Cargo Shipping Market is expected to grow around 3.45% CAGR during the period 2017 to 2023, says a report by Market Research Future. In recent years, Global Cargo Shipping Market has advanced rather productively. While, increasing number of countries forging of free trade agreements like ASEAN Free Trade Area (AFTA), Trans-Pacific Strategic Economic Partnership (TPSEP) and North American Free Trade Agreement (NAFTA) will boost the growth of cargo shipping market further.
Strike Disrupts Spanish Ports and Trade Routes
Some of Spain's biggest port terminals came to a standstill on Monday as shipping companies redirected cargos to avoid a dockers' strike. After months of talks between unions, companies and the Spanish government over a reform of port hiring practices, dockers held the first of several planned strikes to protest against possible job losses. Some container shipping firms such as Maersk re-routed boats destined for the southern port of Algeciras to get around the strike, during which dockers will stop working every other hour on Monday, Wednesday and Friday this week.
Maersk Fluid Technology Sees SEA-Mate Order Influx
Maersk Fluid Technology (MFT) has reported a recent influx of orders for its SEA-Mate Blending-on-Board (BOB) system as confirmation of industry demand for technological solutions that enable ship operators to blend fit-for-purpose cylinder lubricant compositions on board their vessels that match actual engine operating conditions and fuel sulphur levels. The use of this type of technology can reduce cylinder oil consumption and alleviate issues such as cold corrosion and excessive cylinder wear, according to MFT.
Ardent Celebrates Second Year
Salvage and wreck removal company Ardent celebrates its second birthday with the passing of May 1, 2017. Ardent maintains a zero lost time incident record since its inception. “Despite the initial focus on implementing the merger and challenging market conditions Ardent has successfully won and executed 125 contracts over the last 2 years” said Ardent CEO Peter Pietka. “Salvage operations are inherently risk filled and completing 125 contracts without a single lost time incident is a testament to the professionalism of our teams,” said Pietka.
Maersk to Pay $4 Bln for Hamburg Sud
The world's biggest container shipping company Maersk Line will pay 3.7 billion euros ($4.02 billion) for its acquisition of smaller German rival Hamburg Sud, it said on Friday. Combined, the two companies will be able to realise annual operational savings of about $350 million to $400 million, Maersk Line said in a statement fleshing out detail on the deal announced in December. "By keeping Hamburg Sud as a separate and well-run company, we will limit the transaction and integration risks and costs while still extracting the operational synergies…
APM Could Exit Tacoma
APM Terminals Tacoma has received notification from Matson, Inc., its main customer, that Matson does not intend to renew its current terminal services agreement after its expiration on December 31, 2017. Accordingly, APM Terminals is evaluating all options with respect to its existing terminal lease, which is currently set to expire on December 31, 2017. The terminal, with 12 employees, became part of the Maersk Group portfolio with the acquisition of US-based Sea-Land Service by Maersk Line in 2000.
Maersk Invests in Refrigerant Container Units
Maersk Line has ordered the first 100 of a total of 200 refrigerated containers to be chilled by Carrier Transicold’s NaturaLINE natural refrigerant based system. Carrier Transicold is a part of UTC Climate, Controls & Security, a unit of United Technologies Corp. (NYSE: UTX). Carrier Transicold’s highly efficient NaturaLINE is the first container refrigeration system to use the natural refrigerant carbon dioxide (CO2), which is a safe and nonozone depleting gas with a global warming potential (GWP) of one.