ITF newsletter on the economic crisis |  |
- Company shorts - 01 Mar. 12
- Maersk Line and Maersk Tankers in the red
- Ports in North Europe affected by austerity
- Dublin port master plan
- Shipping giants seek rate increases
| Posted: Asian container lines Nippon Yusen Kaisha (NYK) Line, Hyundai Merchant Marine (HMM), Hanjin Shipping and Evergreen will start a new six-week service between the US east coast and South America. Stockholm-listed shipowner Transatlantic is splitting its shipping business from the offshore and icebreaking division, which is planned to move to Denmark. This is part of a restructuring process, as the company reported a US$66.2 million loss in 2011. French ports of Le Havre, Rouen and Paris, which formed Haropa, an economic interest group to promote trade along the Seine, could be merged into a single transport authority, according to a report commissioned by the government. Profits at the Nasdaq-listed dry bulk shipowner Globus Maritime have dropped 12 per cent, in spite of a 20 per cent increase in revenues following a 42 per cent enlargement of the company's fleet capacity. Singapore-listed shipbuilder Cosco Corp has sealed orders worth US$190 million for seven dry bulk vessels for two European companies. Losses at the New York-based tanker company Overseas Shipholding Group (OSG) have hit US$192.9 million for 2011, although the full-year revenues remained flat at $1.1 billion. Sources: Lloyd's List, International Freighting Weekly; 1 March 2012 |
| Maersk Line and Maersk Tankers in the red Posted: Two divisions of the Danish conglomerate AP Møller Maersk have posted losses for 2011, but the group had an overall profit of US$3.38 billion, down 33 per cent from $5 billion a year before. Maersk Line, the world's largest carrier, expects another difficult year after losing $537 million in 2011, in spite of an 11 per cent surge in volumes to 8.1 million feu and a five per cent increase to $25.1 billion in revenues. The box line said high fuel costs, lower rates and oversupply had a negative effect on profitability. Maersk Tankers, the third largest tanker in the world, made a $151 million loss in 2011, about $33 million worse than in 2010. On the other hand, the group's container handling division, APM Terminals handled 33.5 million teu, eight per cent more than in 2010, and posted a $649 million profit, a 24 per cent annual surge. Source: Lloyd's List; 29 February 2012 |
| Ports in North Europe affected by austerity Posted: Imports through six Northern Europe ports (Le Havre, Antwerp, Zeebrugge, Rotterdam, Hamburg and Bremen/Bremerhaven) are expected to increase moderately by three per cent to 16.5 million teu this year, and outgoing volumes to grow by five per cent to 17.8 million, according to Hackett Associates and the Bremen Institute of Shipping Economics and Logistics (ISL). Total European import grew by 4.8 per cent in 2011, after a weak forth quarter. Incoming volumes at the container ports in North Europe drop seven per cent in the last quarter and are forecast to remain flat for the first three months of 2012, amid signs of a mild recession. Sources: International Freighting Weekly; Lloyd's List; 29 February 2012 |
| Posted: Dublin Port Co (DPC) has unveiled expansion plans to double Ireland's largest port's throughput to 60 million tonnes by 2040. Some €110 million will be invested during the first five years of the €600 million master plan to build a €30 million cruise terminal and a car storage facility. Cruise Dublin, a joint initiative between DPC, Dublin City Council and Dublin Chamber of Commerce is to look into the needs of the cruising industry. The programme is also aimed at increasing the rail freight volumes over the next three decades. Source: Lloyd's List; 29 February 2012 |
| Shipping giants seek rate increases Posted: Geneva-based Mediterranean Shipping Co has announced a US$400 per teu rate increase to be implemented for Asia to Europe trade from 1 April 2012, in addition to a $750 rate restoration and emergency bunker surcharge planned to come into effect from 1 March. Maersk Line, Cosco Container Lines and Hapag-Lloyd have notified shippers of similar rate hikes for westbound trades from Asia. The ten members of the Westbound Transpacific Stabilization Agreement have announced rate increases for US to Asia routes. Shipping lines say they had to increase the rates in order to provide reliable services. Source: Lloyd's List; 29 February 2012 |
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