Maersk bought two e-commerce companies on Friday and said more acquisitions were coming soon as the world's biggest container shipping line boosts its bet on land-based services.Maersk, which handles one in five containers shipped worldwide, aims to expand its land-based logistics services, hoping to gain a larger share of the supply chain from existing shipping clients such as Puma and Walmart.
The world's biggest container shipping company, A.P. Moller-Maersk, on Monday lifted its full-year earnings outlook after reporting strong preliminary quarterly results as chaotic conditions in the global supply chain pushed freight rates higher.In the wake of the coronavirus pandemic
Tanker shipping company Euronav on Tuesday announced it has signed onto a joint development program (JDP) to develop dual fuel ammonia (NH3)-fitted tankers.The company said it will work alongside the world's largest shipbuilder, Hyundai Heavy Industries (HHI), and classification societies Lloyd’s Register and DNV in an effort to accelerate the development of NH3-powered very large crude carrier
Denmark's Maersk said on Wednesday it expected its "exceptionally strong" performance in the first quarter to continue for the rest of the year, driven by high demand for shipping containers from China to the United States.Maersk, which handles about one in five containers shipped worldwide, said there were not enough ships available in the world to meet a surge in consumer demand
The U.S. trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals.Manufacturers lack the capacity to satisfy the surge in demand because of resource constraints and bottlenecks in the supply chain. Inventories are very lean.
Belgium-based Euronav has ordered two very large crude carriers (VLCC) from South Korean shipbuilder Hyundai Samho, with an option for a third.The fuel-efficient newbuilds will be liquefied natural gas (LNG)-ready, and Euronav said it is working in cooperation with the yard and classification society to include an Ammonia-ready notation with the potential to reduce CO2 emissions to zero when
Carnival Corp may shift home ports of its cruise ships to other parts of the world if a ban on sailing from the United States is not lifted, Chief Executive Officer Arnold Donald said on Wednesday.Cruise ships in the United States remain under a “no-sail order”, and Carnival has said recent guidelines from the U.S.
Royal Caribbean Group reported a billion-dollar net loss for the fourth straight quarter on Monday, as the cruise operator continued to be affected by a coronavirus-triggered halt to voyages.Cruise operators have been shoring up cash reserves by issuing new shares, selling assets or raising billions of dollars in debt over the last few months as the virus outbreak brought the industry to a
A surge in demand for goods like furniture and exercise equipment from locked-down consumers has sparked a jump in shipping rates, boosting profits for Danish freight giant Maersk, the company said on Wednesday.Yet shares in the world’s largest container shipping line fell as much as 8% as it missed analysts’ lofty forecasts for the end of last year and gave more cautious guidance for 2021 than
Shipping group Maersk said on Wednesday it is confident about the outlook for shipping beyond 2020 as a second wave of coronavirus infections has only had a limited impact on global freight volumes.Maersk, the world’s biggest container shipping line, has recovered faster than expected after the pandemic halted trade around the world, benefiting from higher retail sales in the United States.
Royal Caribbean Group reported a billion-dollar net loss for a third straight quarter on Thursday, as the cruise operator suffered from a COVID-19-driven halt to voyages.The cruise industry has virtually come to a standstill as the pandemic halted voyages that had become a hotbed of infection.
Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).