By Alexander Whiteman (The Loadstar) - Maersk Line is launching what it claims is an alternative to cargo insurance in response to the rising number of shipments consigned without cover. According to the carrier, some 30% of cargo moved by sea is uninsured, but one source told The Loadstar this figure is could be overly conservative. “In my experience, the actual … [Read more...]
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Moody’s Cuts Maersk’s Credit Rating Amid Fears for Box Shipping Sector
By Mike Wackett (The Loadstar) - Maersk has had its credit rating cut by ratings agency Moody’s to one grade above junk, with the agency concerned about a “significant downside” for the container industry. Moody’s said on Friday it was downgrading Maersk from Baa2 to Baa3, which is at the bottom of its investment grade bond ratings, and just one notch above grades … [Read more...]
DP World Completes Unifeeder Acquisition
By Gavin van Marle - DP World has completed its acquisition of European feeder and shortsea shipping line Unifeeder after this week securing clearance from European monopolies regulators. The €660m deal – the first in which a port operator has taken over a carrier – had been investigated by the European Commission’s competition department. “The commission concluded that … [Read more...]
Warm Welcome for BIMCO Cyber Security Clause for Shipping Contracts
By Mike Wackett (The Loadstar) - BIMCO, the world’s largest shipping association, is finalising a cyber security clause for charter party agreements and other contracts. The move follows a spate of high-profile cyber attacks on Maersk, Cosco and shipbroker Clarksons. The BIMCO cyber security clause will require parties to the contract to have “plans and procedures in … [Read more...]
ONE CEO Reflects on Launch Losses and Unveils Recovery Strategy
By Mike Wackett (The Loadstar) - The Ocean Network Express (ONE) management “underestimated the initial launch resource requirement” in April, resulting in a significant loss of business and a $400m impact on its bottom line. This was the stark admission of chief executive Jeremy Nixon to a group of investors in Tokyo this week. Profitability from synergy cost savings of … [Read more...]