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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...
...As a result, shipping companies are dealing with “some of the most dangerous people in the world....
...The deal-hungry Saadé has turned prudent, although unlike rivals such as Maersk, no job cuts are planned....
...The container ship Gibraltar Eagle was targeted on January 15, as was the Genco Picardy two days later, the Maersk Detroit on January 24 and the Marlin Luanda on January 26....
...For the fourth quarter, Maersk reported an operating loss of $537mn compared with a profit of $5.1bn a year earlier....
...Its operating result in the fourth quarter fell from a profit of $5.1bn in 2022 to a loss of $537mn last year. Maersk suspended its share buyback programme....
...In a surprise announcement on Wednesday, Denmark’s Maersk and Germany’s Hapag-Lloyd said they would establish a “new long-term operational collaboration” from February 2025....
...Daniel Richards, a director at London-based maritime consultancy MSI, said delays at the ports could force some companies to hold extra stock....
...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...
...“Maersk and other shipping companies will now be thinking in months and quarters rather than days and weeks.”...
...Denmark’s AP Møller-Maersk said on Sunday that it would stop rerouting vessels around southern Africa, a long and costly route, and would proceed through the Suez Canal after the coalition, Operation Prosperity...
...Analysts expect the company to make a net loss next year. Priced at 16 times three year forward earnings, the shares are still valued well above their long run average....
...In September, Maersk expanded into the energy business and launched a company to produce green methanol fuel, as it responds to pressure to decarbonise....
...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....
...The company said the vessel was operated by Synergy Group and was carrying Maersk customers’ cargo. “Due to the damage to the bridge and resulting debris, it will not be possible to reach the . . ....
...Mærsk also revealed a “near miss” attempted attack by the Houthi rebels on its ship Mærsk Gibraltar a day earlier....
...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....
...“The attacks we have seen on commercial vessels in the area are alarming and pose a significant threat to the safety and security of seafarers,” the company said in a statement on Tuesday....
...Big share price moves in Europe this morning include Dutch payments company Adyen, UK-based cigarette maker British American Tobacco, and Danish shipping group AP Møller-Maersk....
...C2X, which is 80 per cent owned by the family investment company with the rest belonging to the Maersk public company, is aiming to produce 3mn tonnes of green methanol a year by 2030....
...Share prices for Maersk and Hapag-Lloyd, which were previously at three-year lows, illustrate this. A reprieve will be welcomed by shareholders....
...Leading container ship operators including Denmark’s AP Møller-Maersk, and Hapag-Lloyd are among companies which have increased vessel speeds in an attempt to minimise the extra sailing time for ships that...
...Some spot rates cited on Maersk’s website have more than tripled since October, JPMorgan said in a note this week....
...Big share price moves in Europe today include Danish shipping group AP Møller-Maersk, Swiss banking software company Temenos and UK-based luxury watch retailer Watches of Switzerland: AP Møller-Maersk:...
...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...
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