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...The small group of billionaires at the pinnacle of French business that includes LVMH boss Bernard Arnault and corporate raider Vincent Bolloré has lately had to make room for a new kid on the block: shipping...
...Corporate records show that Swiss-registered Paramount SA entered voluntary liquidation earlier this month. Troost founded Paramount SA in 2017....
...Prior to the Ukraine invasion, Troost was among the largest sellers of crude oil from eastern Russia, which he traded through Paramount Energy & Commodities SA, the company he founded in Switzerland in 2017...
...While some traders in the UAE have chosen to comply with the price cap in order to maintain access to western services, others appear to be trading oil above the cap by using non-European shipping and financial...
...Swiss corporate records show Vitol and Mercantile’s directors stepped down from Amur Trading SA and Amur Investments SA in January....
...Paramount SA regularly sold multiple ESPO crude cargoes per month from Kozmino from at least 2020 until the middle of last year, shipping data showed....
...EP Group’s offer for the Royal Mail comes at a challenging time for the UK mail service, with questions raised around its future and the outlook for its much more highly-valued parcel shipping business....
...Shipping magnate Rodolphe Saadé is expanding his media holdings in France by buying news channel BFM TV and RMC radio station from fellow billionaire Patrick Drahi....
...The abandonment of the bid is a setback for CMA CGM’s efforts to develop a stronger logistics function to complement its core shipping business....
...Some rival shipping groups including AP Møller-Maersk have suspended the Red Sea route linking Europe and Asia....
...An extra 8 per cent in container shipping capacity was likely to come online in 2024, similar to last year’s levels, the company said....
...The Marseille-based transport group, the world’s third biggest container shipping company, will also give up its seat on the board of Air France-KLM....
...CMA CGM, the French shipping group, last month agreed to buy the company for 450p a share in a recommended bid....
...The sector has consolidated in recent years, partly because container shipping lines have sought to use the profits they made during the pandemic to buy logistics businesses and expand the scope of their...
...Around two-thirds of calls to the SA helpline can be resolved far quicker through our online services,” Harra wrote....
...“Paramount SA has acted at all times in line with all applicable laws and regulations....
...Sa’id al-Jamal”, a financier affiliated with Iran’s Islamic Revolutionary Guard Corps — Quds Force....
...The attack seems likely to have been a result of the ship’s previous ownership by Oaktree, one of the US private equity firms that is most active in shipping investment....
...My excellent colleagues Nikou Asgari and Emma Dunkley have the story....
...The World of Work For anyone looking for a boost in the new year, keeping a “smile file” of achievements can be a good place to start, writes Emma Jacobs....
...“[Shipping lines] went into the pandemic barely breaking even,” says John McCown, founder of the shipping consultancy Blue Alpha Capital....
...Wang Chuanfu, chair and chief executive of BYD, told a conference in Shenzhen this month that the company would “deploy seven car carriers in the coming two years to ease the shortage of shipping capacity...
...There were also investments in shipping and retailing. Over the years two of David’s sons, Aidan and Howard, became increasingly active in the family businesses....
...During the height of the pandemic the Marseille-based group benefited from sky-high shipping rates that drove record sales of $74.50bn and profits of $24.9bn last year....
...Paramount SA, Paramount DMCC, Troost and Mauron did not immediately respond to requests for comment....
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