MSC Confirms Toft’s Appointment as CEO of Shipping and Logistics Business

By Jonathan Saul LONDON, Nov 18 (Reuters) - Swiss headquartered container group MSC has hired Soren Toft as chief executive of its shipping and logistics business from rival A.P. Moller Maersk , a company spokesman said on Monday. Toft will report directly to Diego Aponte, MSC group's president, and Gianluigi Aponte, the company's founder and group chairman, the MSC … [Read more...]

Saudi Coalition Says Yemen’s Houthis Seize Vessel in Red Sea

DUBAI, Nov 18 (Reuters) - The Saudi-led military coalition engaged in Yemen said on Monday that the Iran-aligned Houthi movement had seized a vessel towing a South Korean drilling rig at the south end of the Red Sea. Coalition spokesman Colonel Turki al-Malki said in a statement carried on Saudi state media that the vessel was seized late on Sunday by armed Houthis. He did … [Read more...]

Malaysia Bans Open-Loop Scrubbers

KUALA LUMPUR, Nov 18 (Reuters) - Malaysia has prohibited the use of open-loop scrubbers by ships plying Malaysian waters, as Southeast Asia's third-largest economy joins the growing number of nations adopting new industry guidelines on reducing sea pollution. New regulations from the International Maritime Organisation (IMO) will require shippers to adopt more … [Read more...]

Maersk Keeps Costs Down with Uncertain Outlook

By Jacob Gronholt-Pedersen and Stine Jacobsen COPENHAGEN, Nov 15 (Reuters) - A.P. Moller-Maersk said on Friday prospects for a pick-up in demand for seaborne container traffic were clouded by an uncertain economic outlook but the shipping group's focus on driving down costs helped its shares higher. The world's biggest container shipping firm said global container demand was … [Read more...]

Hapag-Lloyd Sees Better Freight Rates, Higher Volumes in 2019

FRANKFURT, Nov 14 (Reuters) - German container shipping line Hapag-Lloyd on Thursday reported it more than doubled earnings before interest and taxes (EBIT) to 643 million euros ($708.59 million) in the first nine months of 2019, citing better performance in volumes and freight revenues. "Despite geopolitical tensions and trade restrictions, we benefited from higher … [Read more...]