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...The group is now navigating a severe industry downturn brought on by slowing global trade and overcapacity just as it faces what one top executive described as the “generational challenge” of cutting the...
...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...
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...That seems to be the strategy adopted by big container shipping companies....
...Shipping currently accounts for around 3 per cent of global carbon emissions annually....
...The re-routings have forced shipping lines to devise new arrangements for goods going between Asia and ports in Italy, Greece and Turkey....
...Hapag-Lloyd operates 6.9 per cent of global container ship capacity, according to figures from Alphaliner, an information service....
...The container shipping industry, a bellwether of global trade, is facing a difficult period following a boom driven by the Covid-19 pandemic....
...of shipping research at Oil Brokerage....
...That means earnings for shipping companies and their shareholders also have a tendency for exaggerated cyclicality....
...That projection is shared by Maersk, which has warned that the upheaval may cause a big hit to global growth....
...Shares of the Hong Kong-listed shipping and logistics subsidiary of Cosco, one of the world’s largest shipping groups, dipped 15 per cent after the company reported profits fell 86 per cent year on year...
...Yet, despite everything, the global supply chain is remarkably resilient....
...The global shipping fleet has reached its oldest average age in almost 15 years, despite growing pressure on shipowners to order new, greener vessels and help decarbonise global trade....
...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....
...How long it lasts depends on when order is restored to shipping lanes....
...The US and 11 other countries condemned attacks by Houthi rebels on commercial shipping in the Red Sea and warned the militant group of potentially severe consequences if their attacks continued....
...“I’m not so much of the view that there’s a huge oversupply in the container shipping industry,” Nixon said....
...The global insurance sector is expecting billions of dollars of claims after the Dali container ship struck the Francis Scott Key Bridge on Tuesday, including for repairing damage to the bridge and paying...
...The boss of shipping giant AP Møller-Maersk warned that it could take months to reopen the crucial Red Sea route to trade, risking an economic and inflationary hit to the global economy, companies, and consumers...
...Global goods trade volumes are expected to return to growth this year after a fall in 2023 because of high energy prices and inflation, the World Trade Organization said on Wednesday....
...But the Center for Global Development think-tank says the US contributes 0.2 per cent of gross national income to protect international waters, as against an average of 0.015 per cent of the world’s 40 most...
...Yet, although there has been significant disruption to the shipping industry, it’s not been enough to derail global economic growth nor prevent worldwide disinflation....
...Lloyd’s List, the shipping news and analysis company, has estimated that if the EU carbon price remains between €80 to €90 per tonne of CO₂, total tax revenues from the coverage of shipping by the ETS could...
...Simultaneous disruption in the Panama and Suez canals, two vital corridors for global trade, is threatening global supply chains in the run-up to Christmas....
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