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...For the fourth quarter, Maersk reported an operating loss of $537mn compared with a profit of $5.1bn a year earlier....
...Two of the world’s biggest container shipping lines have announced a new partnership, in a major reshaping of the industry’s commercial relationships....
...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”....
...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....
...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....
...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....
...He anticipated most shipping lines would follow a “hybrid” approach, increasing speeds only to 15 or 16 knots....
...“Some of the competitors in [the] Greater Bay Area continue to receive government incentives, hence able to offer attractive lower price option[s] to shipping lines,” the company added....
...Mærsk also revealed a “near miss” attempted attack by the Houthi rebels on its ship Mærsk Gibraltar a day earlier....
...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....
...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....
...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....
...line) once traded at a sustained premium....
...Maersk, the world’s second-largest container shipping line, said it would no longer send its US-flagged fleet through the area....
...— in line with 2023’s figure....
...The number of diversions has increased since an attack on December 30 on the Maersk Hangzhou, operated by Denmark’s AP Møller-Maersk....
...Mediterranean Shipping Company, the world’s biggest container line, and Maersk, the market number two, have also expanded their logistics operations in recent years, both through organic growth and acquisition...
...That projection is shared by Maersk, which has warned that the upheaval may cause a big hit to global growth....
...Many of these software companies promoting AI say that one line of code will be enough to ensure compliance....
...M&S’s contract with HSBC, which owns M&S Bank, is up for renewal. M&S is likely to push for more control and a bigger cut of the spoils....
...Wall Street’s benchmark S&P 500 was up 0.4 per cent shortly after the opening bell in New York. The tech-heavy Nasdaq Composite rose 0.5 per cent....
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