By K. Oanh Ha and Jack Wittels (Bloomberg) -- The world’s largest container shipping companies and the United Nations Secretary-General are appealing to governments to resolve a labor crisis that has stranded 400,000 workers on boats, according to a new estimate from the International Chamber of Shipping. “I am worried that in respect of crew changes, little is going to … [Read more...]
Maersk to Cut Jobs and Retire Brands in Major Reorganization
COPENHAGEN, Sept 1 (Reuters) - Maersk will cut jobs in a major shake-up that will affect a third of the shipping giant's staff as it seeks to integrate its seaborne container and in-land logistics businesses, it said on Tuesday. Maersk, which handles about one in five containers shipped worldwide, has been under pressure from investors to speed its transformation from an … [Read more...]
Maersk Executive Charged In Petrobras Corruption Scheme
by Marcelo Rochabrun (Reuters) - Brazilian prosecutors pressed charges on Friday against two people for an alleged scheme to obtain confidential market information from Petrobras to benefit A.P. Moller-Maersk, the world’s largest shipping company. The case stems from an investigation that started in 2014 as part of Brazil’s sprawling Car Wash scandal, which has since … [Read more...]
COVID: Maersk Is Betting On A “U-Shaped Recovery”
by Christian Wienberg (Bloomberg) --The world’s largest container line may generate $1.5 billion more in operating profit this year than previously expected, as its business proves resilient to the Covid-19 crisis. A.P. Moller-Maersk A/S provided guidance for the first time since March, and painted a brighter picture of the future than investors and analysts had anticipated. … [Read more...]
Maersk Forecasts A Return To Pre-COVID Container Demand In 2021
by Jacob Gronholt-Pedersen (Reuters) - Shipping group Maersk on Wednesday issued full-year earnings guidance above its forecast at the beginning of the year and said it expects demand for moving containers at sea to return to pre-COVID levels in the first half of next year. The company’s share price jumped more than 7% in early trade to an eight-month high, and has doubled … [Read more...]