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...The boss of shipping giant AP Møller-Maersk has warned it could take months to reopen the crucial Red Sea trading route, risking an economic and inflationary hit to the global economy, companies and consumers...
...Exxon is leading a fightback by the petrochemicals industry against UN plans to limit the production of plastics....
...Darren Woods received salary, stock options and a bonus amounting to $36.9mn in 2023, the US’s biggest oil company reported in a securities filing on Thursday....
...Exxon produced 11.2mn metric tonnes of polyethylene last year and operates a chemical recycling plant for plastic in Baytown, Texas....
...arguing it has the right of first refusal over Hess’s stake in the Guyanese development.On Monday, Exxon chief Darren Woods insisted the conflict would not undermine the companies’ ability to work together...
...Exxon has begun an arbitration process against Chevron over the latter’s $53bn deal for Hess, arguing it has the right of first refusal over Hess’s stake in the oil-rich Stabroek Block off the coast of Guyana...
...Denmark’s Ultrabulk, another big shipping company, and Drax, the UK power generator, are also collaborating on the project....
...That seems to be the strategy adopted by big container shipping companies....
...Exxon confirmed talks were ongoing with Chevron and Hess and said the company “owe[d] it to our investors and partners to consider our pre-emption rights”....
...Exxon confirmed talks were ongoing with Chevron and Hess and said the company “owe[d] it to our investors and partners to consider our pre-emption rights”. Read more here...
...Exxon did not immediately respond to a request for comment....
...Last year was Exxon’s second-most profitable on record, with profits of $36bn, only behind 2022....
...A US hedge fund is seeking to reverse a high-profile deal between Frontline, controlled by shipping magnate John Fredriksen, and one of Belgium’s oldest shipping dynasties....
...Equatorial Guinea wanted a foreign company to take over the assets from Exxon and has been wooing international oil companies including Eni, the Italian producer, and several Nigerian companies, according...
...Daniel Richards, a director at London-based maritime consultancy MSI, said delays at the ports could force some companies to hold extra stock....
...Hess would then revert to a standalone company, albeit without an embedded takeover premium owing to the confirmed Exxon overhang....
...But Woods said on Monday that the company had no interest in acquiring Hess itself....
...However, Judge Schaffer in the Insolvency and Companies List, part of the High Court, found against Staveley on a series of grounds....
...Follow This, backed by thousands of small investors, has used shareholdings in oil and gas companies to file climate resolutions at oil companies in Europe and the US for years....
...The container shipping industry, a bellwether of global trade, is facing a difficult period following a boom driven by the Covid-19 pandemic....
...French container shipping group CMA CGM abandoned its pursuit of UK logistics company Wincanton on Tuesday, making it almost certain that a rival bid by GXO would succeed....
...According to figures from Clarksons, a shipping services company, container ship arrivals in recent days at the mouth of the Red Sea are 90 per cent down on levels in early December last year....
...Enrico Vergani Partner and Lead on Shipping, Transport & Logistics, BonelliErede (lawyers) London EC4, UK...
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