Maersk boss Skou shoots down price war talk as Trump’s battle with Beijing dents container shipping demand

Soren Skou shot down rumours Maersk Line had started a price war in the container market as the world’s largest shipowner warned of escalating trade tensions between the US and China clouding its market outlook. AP Moller-Maersk chief executive Skou was forced to defend the company’s performance in a conference call after it reported a weaker than forecast first quarter performance which tipped its stock downwards this morning. “I can…

May 24, 2019
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Maersk cuts loss as it launches $1.5bn buyback

Danish giant AP Moller-Maersk has logged a reduction in its first quarter loss as it cut costs at boxship division Maersk Line. The net deficit to 31 March was $69m, down from $329m in the same period of 2018. Revenue increased by 2.5% to $9.5bn, with the Ocean division putting on 1.7%, terminals and towage 8.8% and logistics and services stable. Danish Shipping rings the changes after resignations EBITDA improved…

May 24, 2019
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Richard Branson seeks ‘rebels and rogues’

Virgin Voyages supremo Richard Branson tweeted about a mysterious event in London this week that promised an epic night for “rebels, rogues, eccentrics and pioneers”. The tycoon said eagle-eyed locals should be on the lookout for posters reading “Sailors Wanted!” These could then be used as tickets for an “exclusive, invite-only event that will never again take place on land” called Scarlet Night. TradeWinds did not manage to get its…

May 23, 2019
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GSL snaps up Zeaborn boxship trio for Maersk charters

New York-listed Global Ship Lease (GSL) is adding three boxships to its fleet in a $48.5m deal. The company said it is buying the 7,849-teu vessels built in 2004 with a new bank loan on market terms over five years. The first ship will be handed over in the second quarter and start a five-year charter to Maersk Line. The other two will join the fleet in the third quarter…

May 23, 2019
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Jens & Waller lifts fleet to 10 containerships

German boxship owner Reederei Jens & Waller has taken its fleet into double figures with the purchase of another feeder vessel. The Drochtersen-based company has emerged as the buyer of the 1,118-teu Max Centaur (built 2007), its seventh feeder container vessel in two years, managing director Ulf Jens has confirmed. The vessel, renamed Jette, has reportedly been purchased from Vroon-controlled BalticMax Holding Co for $5.7m, with a charter to Maersk…

May 23, 2019
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Celsius lifts fleet to 43 with from Oltmann containership

Danish shipowner Celsius Shipping has added another boxship, bringing its fleet to 43. The Jeppe Jensen-led company has confirmed the purchase of the 4,132-teu containership JPO Capricornus (built 2005) from German KG (limited partnership) shipowner Oltmann. Celsius Shipping cuts new turf in the product tanker market with Interorient deal The Hyundai Samho Heavy Industries-built vessel has reportedly gone for $8.6m. Panamax revival The deal comes amid renewed interest for traditional…

May 23, 2019
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Exposure to tech start-ups benefits shipping business, says Christian Oldendorff

Christian Oldendorff has suggested his investments in data-focused start-ups is leading to a more innovative culture at his family shipping business. Seeking to illustrate how a traditional shipping business model can be enhanced, the third-generation German shipowner said those investments are enabling his shipping company to optimise its operations with a better vision. “Some of the companies are bringing back their culture into our core business,” Olderdorff told the Sea:…

May 22, 2019
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Zim cuts loss as box rates rise

Israeli container line Zim has reduced its first quarter loss as rates rose. The company said the net deficit was $24.3m, compared to $34.1m the year before. Revenue grew 6% to $796.2m year-on-year, but its ships carried 4.3% less cargo at 668,000 teu. The average freight rate per teu rose to $1,019 compared to $938 in 2018, however. Adjusted EBITDA stood at $69.3m from $27.5m in 2018. In the second…

May 22, 2019
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Transpacific freight rates battered by US-China tussle

Container freight rates continue to drop across the board as trade tensions batter the sector. The biggest hit was on the transpacific, where the escalating trade war between China and the US fuelled a drop of around 20% this month. Freight rates from Shanghai to Los Angeles dropped nearly 10% in the week ending 19 May, down $137 to $1,399 per 40-foot container (feu). That added to a 9% drop…

May 22, 2019
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IMO tightens efficiency rules for gas carriers and boxships

The International Maritime Organisation (IMO) is tightening energy efficiency rules for boxships and gas carriers. A draft of a new agreement drawn up last week shows that new containerships will now be required to be up to 50% more efficient by 2022, against the previous target of 30% by 2025, Reuters reported. New general cargoships, LPG and LNG carriers and hybrid diesel-electric cruiseships will also have to be up to…

May 20, 2019
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