John Ehresmann loves that the cost of shipping an ocean container from Asia to a U.S. port or buying a load of lumber has fallen back to earth.If only that were true for everything he buys — but it’s not.Some parts of his supply chain have clearly improved, said the vice president of global supply for Graco Inc, the Minneapolis-based maker of fluid handling equipment such as paint sprayers.
French transport giant CMA CGM is creating a five-year investment fund of 1.5 billion euros ($1.5 billion) aimed at accelerating its energy transition in shipping and logistics, it said on Sunday.The fund will support industrial production of new fuels and low-emission transport solutions across the group's businesses, including maritime
Weakening consumer spending is curbing shipping demand and freight rates, transport giant CMA CGM said on Friday as it reported another jump in quarterly profits.French-based CMA CGM, one of the world's largest container lines, reported a net profit of $7.6 billion for the second quarter, up from $3.5 billion in the year-earlier period and also surpassing $7.2 billion in the first quarter.
Major energy traders are taking hundreds of millions of dollars in losses as they scramble to plug a liquefied natural gas (LNG) supply gap after several outages hampered efforts to fill European storage ahead of the winter heating season.Unplanned disruptions at LNG plants in the United States, Nigeria and Australia have wrong-footed traders, including BP and Shell
Maersk raised its 2022 profit guidance for a second time on Tuesday after beating quarterly revenue expectations as congested global supply chains that have boosted freight rates persist longer than expected.The shipping industry has seen record profits in recent quarters due to a surge in consumer demand and pandemic-related logjams holding up containers in key ports in China
North Kingstown, R.I. shipyard Senesco Marine said it has been selected by the Maine Department of Transportation to build a new hybrid-electric passenger vessel for the Maine State Ferry Service (MSFS).The 154-foot passenger-vehicle ferry, designed by Gilbert Associates, will be equipped with BAE Systems’ electric hybrid propulsion solution to deliver reduced and zero-emission operations
German container shipping group Hapag-Lloyd on Thursday reported first-quarter net profit of 4.2 billion euros ($4.4 billion), more than triple the number a year ago and, forecast another strong performance for the second quarter."The year has got off to an exceptionally strong start on the whole, and whilst there have been first signs that the market has passed its peak
Maersk has found possible buyers for its stake in Global Ports Investments, which operates ports in Russia as it withdraws from the country following a final cargo shipment this week, the Danish shipping group said on Wednesday.Maersk put its 30.75% share of Global Ports up for sale as it decided to quit Russia because of its invasion of Ukraine.
Shipping group Maersk made its last cargo shipment to a Russian port this week and took impairment losses and writedowns of $718 because of Russia's invasion of Ukraine, the Danish firm said on Wednesday.Maersk, which has decided to withdraw completely from Russia, carried out its last cargo operation in a Russian port on Monday, but still has 20,000 containers stranded in Russia.
Shipping group Maersk, often seen as a barometer for global trade, on Tuesday cautioned the container market may normalize in the second half of the year, even as it raised full-year guidance driven by high container freight rates.The shipping industry has seen record profits in recent quarters as a surge in consumer demand, pandemic-related bottlenecks in U.S.
Despite concern that sanctions against Russia would cause a shortfall of fertilizer in Brazil, preliminary shipping data shows orders being fulfilled and vessels heading for Brazil, potentially allowing a normal grain planting season.At least 24 vessels carrying almost 678,000 tonnes of Russian fertilizers from ports in the country are expected to reach Brazil in the next weeks
The Johan Castberg FPSO arrived in Norway on Friday onboard the world’s largest transport vessel Boka Vanguard owned by Boskalis.The vessel reached Norway after a long journey from Singapore, where it was built by Sembcorp Marine. The vessel departed Singapore in mid-February.Upon final completion at Aker Solutions' yard in Stord