Maersk’s Big Oil Exit Comes With a $1.2 Billion Ball-and-Chain

By Christian Wienberg (Bloomberg) -- A.P. Moller-Maersk A/S is about to exit the Danish offshore oil industry that it created half a century ago. But for the next few decades, it will be stuck with a liability that’s as big as $1.2 billion stemming from that business. Maersk on Friday won a key approval to sell its energy unit to Total S.A., with the Danish Energy Agency … [Read more...]

CMA CGM Lines Up LNG Fuel Supply for Gas-Powered Megaships

CMA CGM has reached an agreement with French energy company Total on the supply of LNG fuel for the shipping company's nine record-setting newbuildings to be powered by natural gas. Under the agreement, Total will supply around 300,000 tons of liquified natural gas per year for a period of 10 years. The supply will commence upon delivery of the containerships beginning in … [Read more...]

Birth of Another LNG Giant Shows Majors’ Edge Over Traders

By Anna Shiryaevskaya and Francois de Beaupuy (Bloomberg) -- Total SA’s billion-dollar deal to buy liquefied natural gas assets from Engie SA shows how much size matters in the industry. After Royal Dutch Shell Plc’s takeover of BG Group Plc last year, industry consultant Wood Mackenzie Ltd. says the latest accord is evidence that the biggest energy companies with … [Read more...]

Maersk Steers Shipping Forecasts Lower

by Stine Jacobsen (Reuters) - A.P. Moller-Maersk , the world’s largest container shipping group, cut the profit forecast for its core business on Tuesday after a costly cyber attack and a weaker than expected third quarter. Maersk, which agreed to sell its oil and gas business to Total in a $7.5 billion deal this year, has to prove to investors that the firm’s … [Read more...]

Threat of Price War Clouds Horizon for Maersk Shipping Business

By Jacob Gronholt-Pedersen COPENHAGEN, Aug 22 (Reuters) - A.P. Moller-Maersk has been fortified by the $7.5 billion sale of its oil and gas business to France's Total, but the company's main sea freight business faces the threat of a new price war in a consolidating industry. Maersk, the world's biggest container shipping company, has shifted its focus this year from … [Read more...]