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...Maersk is a bellwether of global trade, carrying about a fifth of ocean freight....
...shipping group Maersk....
...For the fourth quarter, Maersk reported an operating loss of $537mn compared with a profit of $5.1bn a year earlier....
...Maersk added that terminals in Algeciras and Tangier were also suffering....
...Two of the world’s biggest container shipping lines have announced a new partnership, in a major reshaping of the industry’s commercial relationships....
...Its operating result in the fourth quarter fell from a profit of $5.1bn in 2022 to a loss of $537mn last year. Maersk suspended its share buyback programme....
...Danish shipping line AP Møller-Maersk will cut 10,000 jobs, almost a tenth of its workforce, after it reported sharp falls in revenues and profits in “a difficult market environment”....
...Vincent Clerc, Maersk’s chief executive, told the Financial Times that the closure of the Red Sea to most shipping after a series of attacks was “brutal and dramatic” and that there were “no winners” as...
...With shipping markets in a swirl, groups like Maersk have few options but to batten down the hatches, cut costs and preserve cash....
...But the disruption has been something of a gift to shipping lines. Danish containerline Maersk joined other groups and confirmed this week that transits along the route would pause....
...Maersk’s announcement illustrates how shippers are now preparing for a prolonged disruption....
...Denmark’s AP Møller-Maersk said on Sunday that it would stop rerouting vessels around southern Africa, a long and costly route, and would proceed through the Suez Canal after the coalition, Operation Prosperity...
...Denmark’s Maersk, the world’s second-biggest container shipping line, confirmed that it had chartered Dali....
...Container shipping lines had already warned this year would be much tougher, but the outlook has deteriorated....
...Dominated by a few huge companies like Switzerland’s MSC and Denmark’s Maersk, container lines operate like a regular conveyor belt across the oceans....
...He anticipated most shipping lines would follow a “hybrid” approach, increasing speeds only to 15 or 16 knots....
...Maersk had flagged 10,000 job cuts at the end of last year. Logistics now account for 15 per cent of CMA CGM’s core profits, compared with under 4 per cent a year earlier....
...The 102-day time required to complete a loop between Asia and north Europe and back via the Cape of Good Hope means a line needs to deploy 16 ships for a weekly service, instead of the normal 12....
...Indeed, AP Moller-Maersk warned earlier this year of a bigger than expected hit to 2024 profits. Longer routing around the Cape of Good Hope has temporarily absorbed capacity....
...Some spot rates cited on Maersk’s website have more than tripled since October, JPMorgan said in a note this week....
...“We’re doing severe export controls, in line with applicable sanctions,” said DHL....
...Maersk’s decision coincides with similar moves by other shipping groups....
...But container lines are having a much harder year as their customers cut back on stock levels and the industry braces for the arrival of a huge number of new ships ordered during the upturn....
...C2X and Maersk declined to comment on how large its series A financing round had been....
...Adyen: Shares jumped 17 per cent following the Dutch payments group’s better than expected results on Thursday, as growth in its online business helped to offset a slowdown in retail sales....
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