Top U.S. importers are stocking up on Chinese goods before new import tariffs take effect, shipping giant A.P. Moller-Maersk said on Wednesday, but warned a trade war would hit demand for container shipping in the coming years.Maersk's data indicated that imports into the United States from China had grown 5 to 10 percent year-on-year in the third quarter as companies such as Walmart and Home
Commodity trader Trafigura had leased 35 newly built crude oil and oil product tankers from an undisclosed Asian financial partner with the vessels expected to be delivered late this week and all through 2019, the company said."Until 2020, the vessels will run on regular fuel, and from then onwards, whenever allowed (some ports do not allow usage of open loop scrubber)
A section of the lower Mississippi River has been closed to vessel traffic after a tug caught fire near mile marker 673 on Wednesday. All crew is reported safe, and there have been no reports of pollution.The U.S. Coast Guard said it is responding to a fire on board the uninspected towing vessel Jacob Kyle Rusthoven near West Helena, Ark. after being notified of the incident at 10:30 a.m.
A.P. Moller-Maersk, the world's biggest container shipping group, will add devices to reduce harmful exhaust emissions to some of its ships ahead of new global fuel regulations starting in 2020.To combat air pollution, the International Maritime Organization (IMO), the United Nations' shipping agency, has set global regulations to cap the sulphur content in marine fuels, known as bunkers, at 0.
Danish shipping company TORM is installing scrubbers to its vessels, allowing them to continue running on high sulfur fuel oil after the International Maritime Organization's marine fuels sulfur limit is cut in 2020.A press release from the company said that it has decided to install scrubbers on 14 vessels including all vessels currently on order and the three LR2 vessels that were delivered
Shipping group Maersk said on Thursday 94 companies and organizations have so far joined a blockchain platform developed with IBM aimed at boosting efficiency and limiting the enormous paper trail of global container shipping.The industry has seen little innovation since the container was invented in the 1950s, and cross-border trade still leaves an enormous trail of paperwork and bureaucracy.
Denmark's A.P. Moller-Maersk has chosen Carolina Dybeck Happe as its new Chief Finance Officer, it said on Wednesday.Happe will take the position at a time where Maersk is undergoing a strategic transformation from a broader conglomerate including an oil business to a more focused shipping company.
Singapore marine fuel sales climbed to a four-month high of 4.283 million tonnes in May, up 1.2 percent from the previous month and 2.5 percent higher compared with a year ago, data from the Maritime and Port Authority of Singapore (MPA) showed on Wednesday.The strong volumes sold in May were largely in line with industry expectations and come despite sharply higher bunker fuel prices due to
Captain Sig Hansen has been fishing crabs in Alaska aboard the F/V Northwestern for more than 30 years. In 2005, Discovery Channel aired the documentary TV show “Deadliest Catch”, which portrays real life aboard fishing vessels in the Bering Sea. Since then, he has been one of the most charismatic characters of the globally watched TV show.
A Danish court on Wednesday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier.The 2014 bankruptcy of OW Bunker, then the world's leading supplier of marine fuel oil with a 7 percent market share
A.P. Moller-Maersk missed first-quarter profit expectations on Thursday and warned that political and trade tensions clouded the outlook, sending shares in the world's biggest container shipper sharply lower.Earnings before interest, tax, depreciation and amortization (EBITDA) for the three months to March 31 rose 5 percent to $669 million but came in well below the $852 million forecast by
Danish oil product tanker operator Torm on Tuesday said it has stopped taking new orders in Iran as a consequence of U.S. plans to reimpose sanctions on Tehran."We follow the situation closely and always follow the rules. Therefore, we have also stopped taking new orders in Iran," a spokeswoman told Reuters.Torm operates 79 oil product tankers worldwide.