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…
Skou Appointed CEO of Maersk Line
Søren Skou has been appointed new CEO of Maersk Line with effect from 16 January 2012. Søren Skou was previously CEO of Maersk Tankers and replaces Eivind Kolding who is leaving Maersk Line to become Chairman of the Executive Board of Danske Bank. ”Under Eivind Kolding’s skilled leadership, Maersk Line has undergone an impressive turnaround. Its competitiveness has improved significantly and at the same time, Maersk Line has set new standards for the industry with regards to environment and reliability.
Fog Lifts as Maersk CEO Remains Upbeat
Container shipping fundamentals at best since 2010 - CEO. Denmark's A.P. Moller Maersk gave an upbeat outlook for container shipping on Wednesday, lifting its shares by more than 4.5 percent as investors looked beyond one-off second-quarter charges. Maersk has been hit by low oil prices at its energy arm and sliding prices in its shipping business in recent years due to lacklustre global trade and a glut of available ships for hire. But its chief executive Soren Skou, who has staked his future on Maersk as a transport business…
New Maersk CEO Soren Skou Mulls Revenue Growth
New AP Moller-Maersk chief executive Soren Skou is aiming for revenue growth according to an interview with the Financial Times. He reveals the task ahead after succeeding Nils Andersen. Danish conglomerate boss said that the group was buffeted by short-term “headwinds” in all of its businesses — from the world’s largest container shipping line to oil production and drilling rigs. “In the long term, we are challenged on top-line growth. Obviously, for us it’s important that we…
Maersk CEO: Rates to Rise as Box Sector Cuts Capacity
A.P. Moller-Maersk on Wednesday disappointed investors with a third-quarter loss for its container business but Chief Executive Soren Skou said he expects freight rates to rise as the industry tackles overcapacity. * Maersk Line posted a net loss of $116 million against analysts' expectations of a $174 million profit. * "Consolidation will in itself not affect the overcapacity, but I notice that companies have stopped ordering ships," Skou said at a conference call. * "In addition…
Maersk to Lower CapEx, Consider Dividend Cuts to Retain Credit Rating
The world's biggest container shipper A.P. Moller-Maersk may consider selling assets or cutting dividends as it seeks to retain its credit rating, the company said on Tuesday. Maersk's Baa1 credit rating was put under review for a downgrade by Moody's in September, after it announced it would split up the company to focus on the shipping business and spin off its energy assets. Last month, Standard & Poor's lowered the company's credit rating to BBB from BBB+ with a negative outlook.
25,000-TEU Ships Possible, Not Practical
Maersk Line CEO Soren Skou said ships with capacities of 25,000 twenty-foot-equivalent units are possible but not practical today, and that he expects 18,000-19,000-TEU container ships to remain the largest afloat for years to come, according to a report in JOC. Skou believes there are no design barriers that would prevent construction of a 25,000 TEU ship. However, he said: “Unless the market really starts to grow very very fast, I don’t think you're going to see 25,000-TEU ships anytime soon.
Maersk Line CEO Expects Shipping Consolidation to Speed Up
The world's number one container shipping company Maersk Line expects consolidation in the industry to speed up as freight rates fall due to too many vessels for too few goods, Chief Executive Soren Skou from Maersk Line said on Monday. "I expect a number of deals," Skou told Reuters in an interview. Singapore-based Neptune Orient Lines said on Saturday it is in preliminary discussions with France's CMA CGM and A.P. Moller-Maersk, which controls Maersk Line, about a potential acquisition of NOL.
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.
Maersk Box Unit Records Q3 Loss
A.P. Moller-Maersk , the world's biggest shipping firm, said the container business on which it is staking its future made a loss in the third quarter of the year as freight rates declined further. Shares in the Danish company fell as much as 9 percent after profit in the three months to the end of September fell 44 percent and came in below forecasts. Low oil prices have depressed returns from the energy business which is the other main arm of the company. The results underline…
Skou Replaces Andersen as Maersk CEO
Danish shipping and oil company A. P. Moller-Maersk has appointed Soren Skou, head of its container shipping unit Maersk Line, as new chief executive for the group replacing Nils Smedegaard Andersen who has been in the job since 2007. Soren Skou will remain as CEO of Maersk Line in addition to his position as CEO for the Maersk Group. Andersen will leave the group, Maersk said in a statement. "The Board of Directors has tasked the new management to investigate the strategic and structural options to further increase agility and synergies," it said. Reporting by Teis Jensen
Maersk CEO: Listing of Energy Unit Most Likely
A. P. Moller-Maersk's Chief Executive Soren Skou sees a listing of the company's energy unit as the more likely option, he said in an interview with Bloomberg. He said that the company was still working on finding solutions for the energy unit and is looking at all options but that a stock exchange listing of the unit is probably "the more likely option". Skou replied "yes" when asked if a stock market listing looked as if it would make the most sense at the moment. Maersk, the world's biggest container shipper…
Maersk Line CEO Visits Panama Canal Expansion
Panama City, Panama, May 14, 2013 – Maersk Line CEO Søren Skou visited the Panama Expansion construction site accompanied by Panama Canal Administrator Jorge L. Quijano during his recent trip to Panama. Skou and other Maersk Line executives had the opportunity to see the construction site of the new locks in the Atlantic side, which will allow the transit of Post-Panamax vessels through the Panama Canal. During the visit, Panama Canal Administrator Jorge Luis Quijano updated the delegation on the progress of the expansion program.
Demand Rising to Keep Stuff Cool on Ocean Voyages
Søren Skou, CEO of container shipping giant Maersk Line is keynote speaker at the 4th Cool Logistics Global conference, 24-26 September in Antwerp, Belgium. Mr. Skou will outline Maersk’s position on the critical actions now needed to sustain the future of global refrigerated transport. Over the past decade and more, expansion of refrigerated container ocean services has underpinned growing world trade in an ever-widening range of perishable commodities, from super deep-frozen tuna to exotic fresh fruit. The refrigerated container is now by far the dominant transport mode for the complex movement of chilled and frozen cargoes across the globe.
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.
Management Changes at A.P. Moller - Maersk A/S
As from December 1, 2007 Nils Smedegaard Andersen (CEO of Carlsberg A/S) will take up the position as Group CEO of A.P. Moller - Maersk A/S and withdraw from the Board of Directors of A.P. Moller -Maersk A/S. At the same date Jess Søderberg will resign as Group CEO of A.P. Moller - Maersk A/S. Originally Jess Søderberg was supposed to retire in 2009. With the advanced management change the Board of Directors has wished to clarify the future management relations and thus keep a constant drive in the company. By choosing Nils Smedegaard Andersen the Board also wishes to add new yet experienced capacity, which jointly with the other members of the management, will constitute a strong team to lead on A.P. Moller - Maersk A/S and create further development and higher profitability.
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.
Maersk Paints a Gloomy Picure
Danish shipping conglomerate A.P. Moeller-Maersk A/S has reported a plunge in profits in the second quarter in the face of tough market conditions. Maersk's quarterly net profit dropped 89 per cent to $118m compared with a year earlier. However, it stuck to a profit forecast of an underlying profit for 2016 significantly below last year’s $3.1 billion. The company maintained its outlook for an underlying profit for the full year significantly below last year's $3.1 billion. Soren Skou, head of Maersk Line called the results “unsatisfactory”. “Cost reductions and operational optimisations . . .
Maersk Line Q3 Performance Better
Maersk Line said it has achieved improved results in the third quarter of 2014 (Q3) through lower costs and increased rates. Revenue in Q3 was $7.074 million, as volumes increased by 3.7% to 2.4 million FFE. Maersk Line said its strategy is to grow with the market and the increase is in line with the above 3% market growth. Søren Skou, CEO of Maersk Line, said, “I am very satisfied with the result. Not least our return on invested capital is satisfactory and again above our long-term target of 10%. Our strategy is paying off. We have proven it is the right strategy for us.
Maersk Line to acquire Hamburg Süd
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 leader in the North - South trades. The company operates 130 container vessels with a container capacity of 625,000 TEU (twenty-foot equivalent). It has 5,960 employees in more than 250 offices across the world and market its services through the Hamburg Süd, CCNI (based in Chile) and Aliança (based in Brazil) brands.
Maersk's New CEO Appointment Raises Prospect of Break-up
Danish shipping and oil group A. P. Moller-Maersk could split up into separate companies, its chairman said on Thursday after naming Soren Skou, the head of its container business, as chief executive. Maersk shares rose more than 10 percent on the news with investors betting on a break-up and seeing the appointment as a sign of a more profound restructuring. "The question is whether we should be a large group, or whether we should be a number of independent companies," Chairman Michael Pram Rasmussen told Danish online media Finans.
Maersk: Hamburg Süd Deal Will Compensate Energy Spin-Off Effects
Denmark’s A.P. Moller-Maersk expects the revenue generated through the recently acquired container carrier Hamburg Süd to compensate for around 60% of revenue loss after the spin-off of the company’s Energy division is completed, Sorens Skou, CEO of Maersk, was quoted by Reuters as saying. Maersk announced a major restructuring in September in which the family-owned group plans to focus on transport and logistics and separate its energy operations. The energy division, which includes exploration and production…
A.P. Moller-Maersk Misses Q4 Forecast
Net operating loss after tax of $2.7 bln means dividend cut. Chairman to step down at end of March. A.P. Moller-Maersk missed fourth-quarter profit expectations on Wednesday as the world's largest shipping company pressed on with changes, taking impairments, slashing its dividend and announcing a new chairman. Hurt by low prices and oversupply in the oil and freight sectors, Maersk announced a major restructuring plan in September. "It was a bad and unsatisfying year," Chief Executive Soren Skou told journalists…