Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Morten Imsgard News

29 Mar 2019

Maersk Ditches Offshore Services Sale

(Photo: Maersk Supply Service)

A.P. Moller-Maersk said on Friday it had abandoned plans to sell its offshore services business, blaming tough market conditions for the blow to the Danish conglomerate's attempts to focus entirely on its transport and logistics business."This disturbs the tale they started to tell in 2016.

21 Feb 2019

Maersk Shares Fall on Trade War Fears

File Image: CREDIT Maersk

The world's largest container shipping company, A.P. Moller-Maersk, warned trade headwinds would slow growth this year, sending its shares down 10 percent on Thursday.Maersk is also moving ahead with spinning off Maersk Drilling, announcing it expected its new listing in Copenhagen to begin trading on April 4.Maersk, a bellwether for global trade, warned that growth in the number of containers being moved around the world would deteriorate further this year.It expected global container growth of 1-3 percent in 2019…

07 Aug 2018

Maersk Cuts 2018 Guidance, Eyes Market Recovery

Photo courtesy of Maersk

Danish shipping company A.P. Moller-Maersk slashed its 2018 earnings forecast on Tuesday due to weak second-quarter freight rates and higher prices for bunker fuel, although the downgrade was smaller than feared, analysts said.The world's biggest container shipper also said spot freight rates have restored after a significant drop in the second quarter, and that its volumes are growing in line with the market.Following the unexpected announcement, Maersk's share price initially…

07 Nov 2017

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. Expectations for the container shipping business had been high after Chief Executive Soren Skou said in August that fundamentals were "at their best since 2010".

04 May 2017

DONG Energy Settles Platform Dispute

DONG Energy said it has reached a settlement with Daewoo Shipbuilding & Marine Engineering and Technip over who bears responsibility for construction errors concerning an offshore platform for the idled Hejre field. The settlement clears a major hurdle for the Danish company's plans to divest its oil and gas unit to focus on its growing business of developing offshore wind farms. DONG said in a statement that the agreement will reduce the 2.5 billion Danish crowns ($367 million) of provisions it made in relation to the Hejre field ahead of its listing, which was one of the largest in the world last year. It will also have a positive impact of around 900 million crowns on operating profit in DONG's Discontinued Operations…

28 Apr 2017

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," said Soren Skou, CEO of both Maersk Line and its parent A.P. Moller-Maersk Group. The boards of Maersk Line and the Oetker Group…

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.