|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||6.66 - 6.72|
|52 Week Range||5.07 - 7.57|
|Beta (3Y Monthly)||1.02|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.11 (1.69%)|
|1y Target Est||N/A|
ZigZag, a London-based returns logistics startup, has raised strategic investment with Maersk Growth, the investment arm of shipping giant A.P. Møller – Maersk. The startup cashes in on the returns logistics economy, helping e-commerce retailers manage their returns without complications. The rise of e-commerce has parallelly led to the growth of product returns — a bitter pill to swallow for e-retailers, but an unavoidable part of an e-commerce transaction nevertheless.
Deutsche Bank Loses Another Billion Or So “According to Plan” Deutsche Bank (NYSE:DB) lost another $924 million the past quarter, worse than expected. Revenue is also down by €900 million, with falls in every segment. In its defense, CFO James von Moltke said that the loss is “entirely in line with our plans”. How good […]The post Market Morning: Deutsche Down, GE Up, Shipping Cost Tremors, FOMC On Deck appeared first on Market Exclusive.
Maersk is teaming up with big shippers to test a new marine fuel made from plant fibers that aims to mitigate ocean freight's contribution to climate change. The Copenhagen-based company said the pilot project will include automotive logistics company Wallenius Wilhelmsen, Copenhagen University, BMW Group, H&M Group, Levi Strauss & Co. and Marks & Spencer. Lignin is a plant fiber and a byproduct of ethanol production and pulp and paper mills.
Top shipping, retail and transport companies are looking to develop an alternative marine fuel which aims to reduce carbon emissions from ships, in another step to push the sector to go green. The IMO, a United Nations agency, has said it aims to halve greenhouse gas emissions from 2008 levels by 2050. Investor and activist pressure is prompting companies to look to speed up reducing the industry's carbon footprint.
Maersk said its goal of carbon-free shipping will be best reached with new types of marine fuels based on alcohol, renewable natural gas and ammonia. It is urging refiners and fuel producers to start research into how these fuels can be produced at scale to reduce the shipping industry's contribution to greenhouse gas emissions. The world's largest shipping fleet by size, Maersk is also the largest producer of greenhouse gases in container shipping.
In a rare bit of good news for container shipping, Maersk said full-year operating earnings will come in better than originally forecast. The Copenhagen-based company increased its forecast thanks to better-than-expected performance in its ocean freight segment. Despite lower freight rates and slower global demand growth, ocean freight's results were "driven by strong reliability and capacity management combined with lower fuel prices." Maersk also said it saw improved margins in the terminal and towage business.
Global Container Terminals Inc. (GCT) said it will take part in the TradeLens blockchain platform developed by Maersk and IBM (NYSE: IBM). TradeLens has said the platform allows shippers, ocean carriers, freight forwarders, port and terminal operators, inland transportation and customs authorities to interact more efficiently through real-time access to shipping data and shipping documents. TradeLens will facilitate "seamless data sharing, collaboration and improved trade flows" with ocean carriers, beneficial cargo owners and railways, GCT said in a statement, adding that 10 of its ocean carrier customers have committed to using the TradeLens platform.
Calls for mandatory slow steaming and new marine fuel oil taxes to cut shipping's carbon footprint are gathering steam. French President Emmanuel Macron recently called for mandated slow steaming and, earlier this week, one of his ministers called on the European Union to tax shipping bunkers. The container shipping consultant believes the fitting of scrubbers on container ships to abate sulfur emissions and avoid using the low-sulfur IMO 2020 fuel that becomes mandatory Jan. 1 could induce some lines to offer faster services.
Maersk Line will only charge for the "extra cost of compliance" as the carrier introduces new IMO 2020 low-sulfur fuels in the coming months. As reported by FreightWaves, shippers and forwarders have expressed dismay about the complexity of the charges being levied by some container lines as they phase in new low-sulfur bunker fuels ahead of the Jan. 1 International Maritime Organization deadline. Shippers have also complained about a lack of transparency, suspecting that some container lines will use the introduction of the new fuels to bolster profits.
A.P. Møller – Maersk has not been shy about its ambition to become a global digital logistics integrator. The container shipping giant has been busy investing in startups, digital forwarding, blockchain, data management and freight brokerages over the last two years. It also has consolidated Damco's supply chain offering and its various regional shipping companies under the Maersk Line brand.
Ketamine valued at $42.3 million (Rupee300 crore) has been seized by the Indian Coast Guard (ICG) after a successful operation in the Indian Ocean. A combined sea-air operation led to the ICG vessel Rajveer intercepting the cargo vessel near Car Nicobar Islands in Indian waters after it was spotted acting suspiciously by a surveillance plane. ICG told local media the intercepted shipment belonged to a drug cartel with a maritime network spanning the Indian Ocean.
Leading ports, banks, oil and shipping companies on Monday launched an initiative which aims to have ships and marine fuels with zero carbon emissions on the high seas by 2030, in another step by the maritime sector to reduce CO2. International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050. Sixty commercial groups including shipping companies such as A.P. Moller Maersk, which owns the world's biggest container shipping line, commodities players such as COFCO International, Cargill, Trafigura, mining group Anglo American as well as banks such as Citigroup, ABN AMRO and Societe Generale have committed to the "Getting to Zero Coalition".
U.S. Southeast ports dodged the worse of Hurricane Dorian as it passed through the region. The ports of Wilmington, North Carolina and Norfolk, Virginia remain closed as of Friday, Sept. 6. Hapag-Lloyd said four container ships in THE Alliance arrived at the port of Savannah on Friday.
Does container shipping have a drug problem? After a string of busts in the U.S. in recent months, attention has now switched to the U.K., where authorities have seized 1,279 kilograms of heroin with a street value of £130 million ($148 million). The drugs were found Aug. 30 by officers from Border Force and the National Crime Agency (NCA) in a container stowed on the Maersk Gibraltar at the Port of Felixstowe.
With most U.S. and European oil majors side-lined, the huge South Pars Oil Layer project will most likely go to a Russian or Chinese partner
International Federation of Freight Forwarders Associations (FIATA) has called for urgent dialogue with major carriers in the wake of recent moves by shipping lines to impose penalties on shippers that mis-declare cargoes. Maersk, Hapag-Lloyd, HMM and OOCL have announced plans to impose penalties on shippers.
CMA CGM said its container ships will not traverse Arctic waters as part of a pledge to protect the region's environment. The world's superpowers are eyeing the Arctic for oil and mineral exploration, as well as increasing use of the Northern Sea Route along the coast of Siberia. Last year, China declared itself a "Near-Arctic" state as it outlined its own policy for use of the Northern Sea Route.
Maersk, the world's largest container line, has announced a partnership with Indian digital trucking marketplace BlackBuck, marking the shipping company's entry into the Indian online containerized trucking market. BlackBuck is a heavyweight in the Indian freight digitalization scene, having enrolled roughly 300,000 active trucks on its platform. This collaboration would help Maersk to provide its customers hassle-free movement of export and import containers deep into the Indian countryside.
Atlas Van Lines is hoping to streamline the moving process for both residential and corporate clients through its new SimpliCity powered by Atlas app. SimpliCity eliminates this process, shifting the power to schedule the move back to those needing the service, not the moving company providing the service. It takes a different set of moving tools to meet those expectations and provide a simple and smooth moving experience," said Jack Griffin, chairman and CEO of Atlas World Group.
Carolina Dybeck Happe, the company's chief financial officer, said in a call with investment analysts that the company has in total around 6,000 people working in information technology, about half of whom are contractors. The company is looking at increasing the share working directly for Maersk "in the more strategic areas, and the important areas, and then keep a healthy balance of contractors for the rest," she said. Adam Banks, Maersk's chief technology and information officer (CTO), told the Danish newspaper Borsen in July that the company was hiring 26 new employees a week and that in a year and a half it planned to have 4,500-5,000 IT employees.
Earlier today in Europe, Danish shipping giant A.P. Moller–Maersk reported a massive increase in second quarter underlying profit and earnings before interest, tax, depreciation and amortization. Maersk today reported slight growth in second quarter revenues to US$9.6 billion "which is on par with last year," the group said. The group also attributed increased profitability to strong operational performance in its ocean business and also to an average increase in sea freight rates of 1.4 percent along with a volume increase of 1.4 percent.