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...]
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...]
Maersk Sets Goal of Becoming Carbon Neutral by 2050
Maersk sets ambitious net Zero CO2 emission target by 2050. Danish conglomerate A.P. Moller-Maersk, owner of the world’s largest shipping line, unveiled a major new climate initiative on Tuesday that sets an ambitious goal of becoming carbon neutral by the year 2050. In order to achieve this goal, Maersk says it will invest significant resources over the next 5 to 10 … [Read more...]
India to Probe Alleged Antitrust by Maersk, DP World at Mumbai Port, Sources Say
By Aditya Kalra and Aditi Shah NEW DELHI, Nov 20 (Reuters) - India's antitrust regulator has ordered a probe into alleged anti-competitive practices by Denmark's A.P. Moller-Maersk and Dubai's DP World at the terminals they operate at the country's largest container port in Mumbai, five sources familiar with the matter told Reuters. The decision by the Competition Commission … [Read more...]
Maersk CEO Says Data Shows `Ironic’ Twist in U.S. Trade War With China
By Christian Wienberg (Bloomberg) -- The man running the world’s largest container-shipping company says he has access to data that shows Donald Trump has so far failed to wean the U.S. off Chinese imports. Soren Skou, the chief executive of A.P. Moller-Maersk A/S, says Chinese exports to the U.S. actually grew 5-10 percent last quarter. Meanwhile, U.S. exports to China fell … [Read more...]