|Bid||8,640.00 x 0|
|Ask||8,648.00 x 0|
|Day's Range||8,608.00 - 8,776.00|
|52 Week Range||6,716.00 - 10,555.00|
|Beta (5Y Monthly)||1.05|
|PE Ratio (TTM)||3,197.19|
|Forward Dividend & Yield||150.00 (1.75%)|
|Ex-Dividend Date||Apr 03, 2019|
|1y Target Est||1,548.30|
The goal of the International Maritime Organization (IMO) to turn the oceangoing vessel industry emissions and carbon free beyond 2050 will require a technological replacement to the dominant fossil fuel-burning engines of the world's maritime fleet, World Shipping Council President and CEO John Butler told U.S. lawmakers of the House Coast Guard and Maritime Transportation Subcommittee on Tuesday. While emissions- and carbon-free technologies, such as battery and hydrogen power, are already in the development stages for short-sea and ferry vessel applications, their scale is nowhere near the level to power today's large oceangoing vessels.
Strict EU enforcement of competition rules prevents the development of the global champions necessary to compete with Chinese and U.S. companies, the head of shipping company Maersk warned in an interview. Skou is a member of the European Round Table for Industry (ERT), a lobby group of 55 CEOs and chairs of large European companies. Last month, the group urged the EU to develop a new strategy to enhance global competitiveness.
Maersk , the world's biggest shipping company, plans to focus on premium services such as cold storage and digital solutions to avoid competing with its own freight-forwarding clients as it expands in the land transportation business. Since announcing a new strategy in 2016, which included selling its oil and gas business, Maersk has focussed less on market share and more on profitability and cost-cutting in its container and logistics business. While Maersk moves around one in five containers shipped at sea, it handles land transportation from ports to warehouses and distribution centres for less than a quarter of its customers.
Maersk in Rio de Janeiro and Sao Paulo on Dec. 18, as part of probe into alleged bribes paid to state-owned oil company Petroleo Brasileiro SA (Petrobras). Reuters said Maersk was one of the companies targeted for allegedly paying bribes to get an edge in securing shipping contracts with Petrobras, in what it said was the "latest phase of a sprawling graft probe" popularly known as Operação Lava Jato or Operation Car Wash.
APM Terminals (APMT) says it has signed a letter of intent to sell APM Terminals Rotterdam, which it has operated since October 2000, to Hutchison Ports. The sale does not involve APMT's other major terminal in Rotterdam, Maasvlakte II, which opened in April 2015. Both terminals are built on Maasvlakte, artificial land with sand dredged from the North Sea made near the entrance to the Port of Rotterdam.
Global shipping giant Maersk has opened its latest logistics and distribution center to cope with growing domestic demand in Vietnam and "significant trade growth" in the region. The center is located in northern Vietnam, about 25 kilometers east of Hanoi's city center and 120 kilometers west-northwest of the seaport of Hai Phong. Built by Mapletree Logistics Bac Ninh Phase 3 and located inside the VSIP Industrial Park in Bac Ninh, Maersk says that the warehouse area is 10,8458 square meters with a clearance of nine meters.
Carolina Dybeck Happe will start in early 2020 and replaces Jamie Miller, whose departure was announced earlier this year as new Chief Executive Officer Larry Culp seeks to simplify operations and generate cash after booking billions of dollars in losses. The company is betting on Happe's experience at Maersk, where her focus was on lowering costs, as it looks to stabilize its power business, which has long been a drag on earnings. The analysts added that while Happe does not have much experience of highly levered turnarounds, her focus while working with Culp will likely be on improving margins and cash flow.
A.P. Moller-Maersk's finance chief Carolina Dybeck Happe will leave the shipping group to take up a similar position at General Electric early next year, the companies said on Monday. Dybeck Happe, who joined Maersk in January this year, is the second senior executive in two weeks to announce her departure from Maersk.
General Electric traded higher Monday after the industrial group named Carolina Dybeck Happe as its new chief financial officer following the planned departure of Jamie Miller.
Shippers are decidedly unhappy with the announcement by the European Commission (EC) that it favours extending container shipping's consortia block exemption regulation (BER) for an additional four years. "We are disappointed by that decision," said Rogier Spoel, maritime policy manager at the Dutch Shippers' Council.
Catapult, a Kansas-based platform that provides multimodal cargo rates, has announced the integration of data from the world's largest ocean container carrier, Maersk Line, into its QMS 5.0 rate-management platform. Catapult allows freight forwarders, shippers and carriers to access air, ocean and ground rate contracts via a cloud-based API-enabled system, allowing users to view, compare and quote multimodal buying and selling rates. "The integration of a deep link to Maersk's booking portal means users can instantly book the Maersk Spot [the carrier's online booking system] rates," said Catapult in a statement on Nov. 14.
Mediterranean Shipping Company (MSC) has confirmed that Soren Toft will join the company as chief executive officer. Toft's appointment was rumored last week after his resignation as chief operating officer of A.P. Moller-Maersk. "MSC is delighted that Mr. Toft will be supporting the Aponte family at the helm to ensure that the company remains a global leader in the years to come," MSC said in a press release on Monday, Nov. 18.
Mediterranean Shipping Company (MSC) and Maersk might be partners in the 2M Alliance, a vessel-sharing agreement on the Asia-Europe, trans-Pacific and trans-Atlantic trades, but the world's two largest container ship operators are also fierce competitors. Maersk announced Toft's departure to "pursue an opportunity outside the company," but the executive reportedly told Danish media he had accepted a CEO role at an unidentified company.
Could Soren Toft – who was the chief operating officer of Maersk until Nov. 11 – have jumped ship and joined the Danish shipping giant's rival MSC? Switzerland-based MSC, a partner of Maersk in the 2M alliance, refused to respond when FreightWaves asked if, as widely rumored, the 45-year old Toft will be announced as the company's new CEO next week. Diego Aponte, the son of controlling shareholder Gianluigi Aponte, is the carrier's current president and CEO.
Maersk chose profitability over market share in the third quarter as the container shipping giant bolstered its bottom line on lower revenues. A.P. Moller – Maersk (APMM) said its ocean container shipping division generated freight revenues of $6.373 million in the quarter ended September 30, down 0.9% compared to a year earlier.