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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...
...shipping group Maersk....
...and assume global responsibility for potential future international risks.”...
...Shares in AP Møller-Maersk plunged on Thursday after it warned of a “difficult patch” for the container shipping industry, suspended its share buyback programme and slashed its dividend....
...The re-routings have forced shipping lines to devise new arrangements for goods going between Asia and ports in Italy, Greece and Turkey....
...Maersk, operator of the second-biggest container ship fleet, announced last year that from January 2025 it would end its 2M alliance with Mediterranean Shipping Company, the world’s biggest container line...
...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....
...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....
...Container shipping lines had already warned this year would be much tougher, but the outlook has deteriorated....
...With shipping markets in a swirl, groups like Maersk have few options but to batten down the hatches, cut costs and preserve cash....
...He anticipated most shipping lines would follow a “hybrid” approach, increasing speeds only to 15 or 16 knots....
...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....
...Denmark’s Maersk, the world’s second-biggest container shipping line, confirmed that it had chartered Dali....
...The company’s backers include the bulk shipping arm of Japan’s Mitsui OSK Lines, one of the world’s biggest operators of ships for carrying commodities such as coal and iron ore....
...Shares in Denmark’s AP Møller-Maersk, operator of the world’s second-largest container ship fleet, fell sharply this month after its chief executive warned that industry overcapacity would put the company...
...Some rival shipping groups including AP Møller-Maersk have suspended the Red Sea route linking Europe and Asia....
...Global shipping companies have halted journeys through the Red Sea because of the threat of attacks by Yemeni rebels, in moves that could disrupt vital trade through the Suez Canal....
...Longer supply lines tie up more vessels, boost freight rates, widen origin-destination spreads, and lift bunker demand....
...“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....
...Maersk’s decision coincides with similar moves by other shipping groups....
...Shapps said the assaults on shipping had forced 12 international companies, including energy group BP and Maersk, to suspend passage through the Red Sea, and caused insurance costs to increase 10-fold since...
...Maersk, the world’s second-largest container shipping line, said it would no longer send its US-flagged fleet through the area....
...Shipping lines have increasingly been deserting Red Sea and Suez Canal routes since late November....
...Logistics companies have looked anew at routes through Russia following the decision of most large container shipping lines to divert Asia to Europe sailings that would normally go through the Suez Canal...
...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...
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