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...Maersk’s fuel bill will be 50 per cent higher as a result of ships taking the longer route....
...It now expects to make an operating loss of between zero and $2bn, having previously forecast a loss as big as $5bn....
...Shares in Copenhagen-listed Maersk fell more than 13 per cent in early trading on Thursday....
...“They don’t have the scale to continue as they were.”...
...AP Møller-Maersk plunged to an operating loss in the fourth quarter, the container shipping giant said on Thursday, as it warned it would also end this year in a loss even with the current disruption in...
...He said lines were using facilities as far away as Malta and Italy’s Gioia Tauro....
...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...
...Maersk expects volumes to be as much as 2 per cent lower this year. In response, it is cutting 10,000 jobs to save around $600mn of costs next year....
...The move by Maersk came as container shipping rates shot higher this week and economists warned that the global economy would come under fresh inflationary pressure if the disruption continued....
...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....
...Denmark’s Maersk, the world’s second-biggest container shipping line, confirmed that it had chartered Dali....
...A spokesperson described the scene at Maghazi as a “massacre”....
...Container shipping lines had already warned this year would be much tougher, but the outlook has deteriorated....
...That is also boosting share prices for shipping lines. Maersk and Germany’s Hapag-Lloyd are up about 20 per cent over the same period....
...Emissions from container ships, car carriers and dry bulk ships diverting from the Red Sea are set to increase as much as 70 per cent as vessel operators increase speeds to compensate for the longer route...
...It also comes against a deepening overcapacity problem, CMA CGM said, as it echoed warnings from rivals such as AP Møller-Maersk that an influx of new ship deliveries was outpacing demand....
...Maersk has no net debt. In aggregate, the 10 leading operators that report financial information hold $31bn of net cash, thinks Bernstein....
...Container shipping lines are struggling to cope with congested ports and shortages of ships as the crisis in the Red Sea drags into a third month, one of the sector’s most senior executives has warned....
...Daily life in Israel continued as normal on Friday morning after its military struck at least one Iranian military base overnight, in a sign that authorities believe the prospects for further exchanges of...
...Longer supply lines tie up more vessels, boost freight rates, widen origin-destination spreads, and lift bunker demand....
...But it is also the front line in what is potentially a much larger conflict....
...“We’re doing severe export controls, in line with applicable sanctions,” said DHL....
...Maersk said that, as of Monday, it had about 20 vessels paused, half of which were waiting east of the Gulf of Aden and the rest waiting south or north of the Suez Canal....
...Revenues at the London Stock Exchange Group rose in line with expectations in the first three months of the year, as shareholders prepare to vote on doubling the chief executive’s pay....
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