|Bid||8,942.00 x 0|
|Ask||8,954.00 x 0|
|Day's Range||8,750.00 - 9,034.00|
|52 Week Range||6,555.90 - 9,350.00|
|Beta (3Y Monthly)||1.03|
|PE Ratio (TTM)||59.06|
|Forward Dividend & Yield||150.00 (1.70%)|
|1y Target Est||1,548.30|
A group of the world's biggest container ship companies aims to end the Tower of Babel built over the last half century in ocean freight. The Digital Container Shipping Association (DCSA), comprised of Maersk, Mediterranean Shipping Company (MSC), Hapag-Lloyd, and Ocean Network Express (ONE) said it is officially open after the U.S. Federal Maritime Commission gave its permission to allow the carriers to talk amongst themselves.
The board that heads the Port of Los Angeles will vote today on a relatively small project, but one with ramifications well beyond the port's gates. The board is scheduled for a rehearing today of an appeal to deny the APM Terminals subsidiary of Maersk a permit to install electric charging stations, scaffolding and additional equipment at its Pier 400 facility. The International Longshore and Warehouse Union (ILWU) asked the board to deny the permit, saying it would be the first step to automating their members out of work.
Could this be the year ocean carriers get shippers to pay up? The world's container ship lines want to go cold turkey on non-remunerative ocean freight rates. Alison Leavitt, managing director of the Wine and Spirits Shippers Association, told a crowd at the Coalition of New England Companies for Trade that shippers should prepare for ocean carriers to hold the line on rates that can better cover their costs this year.
Australian start-up IncoDocs has successfully raised Australian $1.2 million ($855,000) in seed funding from three major investors, including Maersk Growth, Transition Level Investors and Blackbird Ventures, the company announced today. Based in Brisbane, Australia, IncoDoc's vision is to provide all companies, regardless of their size, the opportunity "to participate and thrive in global trade." To achieve that IncoDocs has developed a system that will allow small- and medium-sized enterprises to take part in the digital revolution by simplifying and automating the complex documentation process. "At IncoDocs, we have experienced first-hand the challenges that (small and medium shippers) face in global trade.
Livingston International has joined TradeLens, the blockchain shipping initiative developed by Maersk and IBM. The Canadian customs broker and Blockchain in Transport Alliance (BiTA) member will take part in a pilot program involving the Canada Border Services Agency (CBSA). Livingston will be responsible for inputting and accessing shipment information, and streamlining procedures.
The number two man at Maersk is departing as the Danish company largely completes the divestment of its energy business. Claus Hemmingsen, a 38-year veteran of Maersk, will depart from the world's largest shipping company by the end of June, the company said today. In addition to sitting behind Chief Executive Officer Soren Skou, Hemmingsen headed Maersk's energy division since 2016.
Chairman makes mea culpa on previous energy bets as he pledges the focus will be making container shipping simple and easy. Jim Snabe, the chairman of the board of directors for Maersk, laid bare the difficult straits that faced the world's largest shipping company as it jettisons legacy businesses to make a hard tack toward becoming a leading integrated transportation-and-logistics company. Snabe, who took the chairman's role in 2017, said the company's poor performance last year reflected the ongoing challenges facing the container shipping industry overall.
The main shareholder and the chairman of Danish shipping group A.P. Moller-Maersk both backed management's efforts to reshape the business, although other investors raised concerns on Tuesday about the rate of progress. The company is a "supertanker" that takes a long time to turn around, Ane Maersk Mc-Kinney Uggla, chairwoman of the A.P. Moller Foundation, which owns a controlling stake in the company, told reporters before the company's annual meeting.
Berlin-based fliit , a digital logistics startup that connects food shippers and carriers in Germany, has raised €10 million ($11,231,530) in a Series A round. Participants included Maersk Growth and Alstin ...
Maersk cancelled plans to sell its offshore oil support fleet, citing poor market conditions for a sale. Maersk Supply Service, which has about 40 offshore supply ships in its fleet, was listed for sale in 2017, part of the broad exit of Maersk from its energy business, which included tankers and oil drilling. Maersk had hoped to find a buyer or split-off Maersk Supply Service by the end of last year.
Negotiations continue between Contship Italia and a consortium including Geneva-based shipping line Mediterranean Shipping Company (MSC) for the sale of Contship's shares in the southern Italian port of Gioia Tauro. Sources close to the deal indicated that the sale of Contship Italia's 50 percent stake in Gioia Tauro could be agreed to within the next few weeks after nearly three years of talks. MSC already owns a 50 percent stake in the Medcenter Container Terminal (MCT) at Gioia Tauro through its investment vehicle, CSM.
World's biggest shipping line trials a backhaul voyage with biofuel in a bid to get jump on 2050 target for shipping industry to go zero carbon. Maersk (Nasdaq OMX: MAER.B) and its partners are set to launch a decarbonisation pilot project that will begin this week with the departure of an ultra-large container ship (ULCS) from Rotterdam, en route to Shanghai using biofuels. Partnering with eight multinational companies that established the Dutch Sustainable Growth Coalition (DSGC) in 2012, Maersk has agreed to sail one of the first ULCSs, the 18,000 twenty-foot equivalent unit (TEU) Mette Maersk on a return journey using up to 20 percent sustainable second-generation biofuels that will save 1,500 tons of carbon and 20 tons of sulfur in a single voyage.
The Causeway International Value (Trades, Portfolio) Fund released its fourth-quarter 2018 portfolio earlier this week. Warning! GuruFocus has detected 5 Warning Sign with XTER:LIN. The fund, which is part of Sarah Ketterer (Trades, Portfolio)'s Los Angeles-based Causeway Capital Management, was founded in 2001.
Privately owned Peel Ports is expanding its workforce mostly in Liverpool and plans acquisitions this year, its chief executive said, as Britain prepares its ports to ease any trade disruption caused by Brexit. Ports in the southeast, through which most of Britain's trade with the European Union flows, could become clogged if customs inspections are required when Britain leaves the EU.
Industry lobbyists and seafarers' union present opposing views on whether the alliance structure of ocean carriers has worked. The alliances are made possible by the European Union's block exemption regulations, which allow the ocean carriers to cooperate on issues regarding capacity and rates without facing competition regulations.
Competition rules forbid container lines from discussing their customers with other lines, which makes sense when promoting fair competition, but those same rules could mean that lines cannot confer on hazardous cargoes, which could lead to ship fires and the loss of lives. At-sea disasters on the Yantian Express and APL Vancouver in January, and last year on the Maersk Honam, have seen cargo fires that can burn with such intensity that firefighters struggle for weeks to extinguish the flames. Vessel fire-fighting equipment can often be inadequate in the event of fires caused by cargo such as calcium hypochlorite.
Ever since the buzz around blockchain's capability to induce transparency into supply chain operations, the technology has in many ways held the collective conscious of the logistics world. Logistics blockchain companies CargoX and dexFreight announced a partnership today (March 8) to collaborate in providing digital bills of lading (B/L) and cost-effective logistics operations. This is a perfect match for the Smart B/L™," said Stefan Kukman, CEO and founder of CargoX.
Soren Skou said biggest ocean carrier is more customer-centric than ever, but vessel reliability and detention fees still a pain for customers. Maersk Chief Executive Soren Skou is looking for more small deals in a bid to remake the ocean carrier into a FedEx Corp (NYSE: FDX) or UPS (NYSE: UPS) of the seas for door-to-door service. A big step in that move is making the once painful process of booking ocean freight as easy as sending a parcel or getting a plane ticket.
Dubai's DP World has asked an Indian court to halt an investigation into alleged antitrust violations at the country's largest container port in Mumbai, saying the regulator was seeking excessive information, a court document seen by Reuters showed. The Competition Commission of India (CCI) last year said it suspected antitrust violations by DP World and Denmark's A.P. Moller-Maersk at the terminals they operate at state-owned Jawaharlal Nehru Port Trust (JNPT).
It used to be that you could measure confidence in the container-shipping industry by the ever-increasing scale of the carriers’ vessels and the size of their ship orders. From slowing global trade to rising fuel prices to capacity increasingly out of step with demand, container-shipping operators are facing new challenges over the next two years, hurting prospects for a recovery after nearly a decade of moving in fits and starts toward stability. Shipments of boxes stuffed with clothing, electronics, manufacturing parts and a broad range of consumer goods across the oceans are the backbone of global trade.
The U.S. Justice Department has closed a two-year investigation into allegations of price fixing by some of the world’s biggest container shipping lines without filing charges or imposing fines, according to the companies. Several carriers told The Wall Street Journal that the Justice Department had informed them the probe that began in early 2017 was closed. The antitrust investigation became public in March 2017 when federal agents walked into a meeting of the industry’s 20 biggest companies, gathering under what executives called the “Box Club,” and gave subpoenas to top executives at several companies.
Denmark's A.P. Moller Maersk said on Tuesday a U.S. Department of Justice investigation into the practices of container shipping companies had closed and the group was released from any obligations. In 2017 the Justice Department ordered top executives from several container shipping lines including Maersk to testify in an antitrust investigation over practices by an industry that is the backbone of world trade. "We are pleased to confirm that the United States Department of Justice has closed its investigation into containerised shipping and has released Maersk from any obligations under the Grand Jury subpoenas issued during the March 2017 meeting of the International Council of Containership Operators," Camilla Jain Holtse, A.P. Moller Maersk's head of competition law & policy, said in a statement.
The container industry's surge in growth through nearly four decades is grinding to a halt as the global economy restructures and a number of key factors are altering global value chains (GVCs) according to the world's largest and arguably most successful liner shipping company. In a process it calls reshoring or near-shoring, Maersk says that there are a number of macro-economic factors that are encouraging manufacturers to shift their production centers back to Europe and the U.S.
MILAN/LONDON (Reuters) - European shares dipped on Thursday, weighed down by several weak earnings updates and after data showed that euro zone factory output unexpectedly fell last month. Euro zone factory output slammed into reverse last month as activity in Germany declined again amid trade tensions and struggles in the auto sector, surveys showed. "There is still widespread concern about how well the economy in Europe has been performing in recent months," said Michael Hewson, chief market analyst at CMC Markets.