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...Saadé also said he did not want the company to go public because it would curb his agility in a volatile industry. “In a down cycle, our main priority is to control costs,” he said....
...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...
...Denmark’s Ultrabulk, another big shipping company, and Drax, the UK power generator, are also collaborating on the project....
...The best way to win a game of chicken is to project fearlessness, unpredictability and a large dose of foolhardiness. That seems to be the strategy adopted by big container shipping companies....
...A US hedge fund is seeking to reverse a high-profile deal between Frontline, controlled by shipping magnate John Fredriksen, and one of Belgium’s oldest shipping dynasties....
...Daniel Richards, a director at London-based maritime consultancy MSI, said delays at the ports could force some companies to hold extra stock....
...However, Judge Schaffer in the Insolvency and Companies List, part of the High Court, found against Staveley on a series of grounds....
...“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....
...The container shipping industry, a bellwether of global trade, is facing a difficult period following a boom driven by the Covid-19 pandemic....
...It trades at a 45 per cent discount to the S&P 500 on forward earnings, partly because of its lack of large tech companies....
...French container shipping group CMA CGM abandoned its pursuit of UK logistics company Wincanton on Tuesday, making it almost certain that a rival bid by GXO would succeed....
...Its latest came on Friday via its CEVA Logistics unit, which has agreed to buy Wincanton in a deal that values the British delivery and warehousing company at £765mn....
...According to figures from Clarksons, a shipping services company, container ship arrivals in recent days at the mouth of the Red Sea are 90 per cent down on levels in early December last year....
...Although QatarEnergy has yet to issue a formal statement as to the rerouting of its fleet, sources say the company is seeking out security advice on passage (“Cargo ship hit by missile in Red Sea after new...
...The Dassault family, which owns a major defence company, holds Le Figaro newspaper....
...However, the group was working with a salvage company to have the ship towed to Djibouti....
...A reprieve will be welcomed by shareholders. How long it lasts depends on when order is restored to shipping lanes....
...His company estimated that of all shipping segments only container shipping was suffering bigger upheaval as a result of the problems in the Red Sea....
...At the time, a spokesman for the Israeli army claimed that Abu Omar served as a deputy company commander in Hamas’s Eastern Khan Younis Battalion, as well as working for Al Jazeera....
...The Red Sea crisis has caused a surge in costs for container shipping companies, France’s CMA CGM has warned, as it flagged a volatile and unpredictable year ahead after sliding into a fourth-quarter loss...
...The speed increases follow nearly a decade of “slow steaming” by most shipping companies in a bid to economise on fuel use and minimise their carbon emissions....
...Peter Cook, a former head of the Security Association for the Maritime Industry (Sami), a trade association, said that, in the current, tense geopolitical environment, shipping companies had few alternatives...
...But in a statement early on Thursday, the company expressed regret over the tragedy....
...rates,” said Emily Stausbøll, market analyst at Xeneta, a shipping data firm....
...The congressional letter gave the company until March 14 to provide a formal response....
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