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☆ Shipping giant Maersk says Baltimore port reentry decision is near as collapsed bridge cleanup progresses
▼ + stars: | 2024-05-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

The remains of the Key Bridge in the Patapsco River entrance to Baltimore Harbor on May 2, 2024, in Baltimore, Maryland. Van der Steene says the Maersk team has seen less than 200 containers taken off the Dali over the last nine days. But based on North American freight orders from Asia, Van der Steene described 2024 as a "year of reinvigoration." Peak shipping season, which starts in June and continues through the summer for the back to school shopping and then the holidays, is expected to be normal in volume, Van der Steene said. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Van der Steene.

Persons: Moller, Charles Van der Steene, Brendan Smialowski, Dali, Francis Scott Key, Van der Steene, Maersk, Kevin Dietsch, Van de Steene, Vincent Clerc, Good Hope, Chip Somodevilla, Van der Organizations: Maersk, Port, Unified Command, CNBC, Afp, Getty, Dali, Salvage, Francis Scott Key Bridge, North, Shipping, Imports, U.S Locations: Port of Baltimore, Baltimore, Maersk North America, Patapsco, Baltimore Harbor, Baltimore , Maryland, Port, Norfolk, Newark, Good, North America, Panama, Asia, U.S, Europe, Vietnam, China, Mexico, United States

☆ EV charging for the U.S. freight trucking market is starting to scale
▼ + stars: | 2024-03-21 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

Einride plans to open many EV charging stations for freight trucking on the West and East coasts, though California is the only state in which there are any EV freight charging stations of scale today. Voltera, which develops, owns and operates EV infrastructure, said the site was permitted, built, electrified and operational in under 18 months. "In the world of charging infrastructure, that's pretty remarkable," its CEO Matt Horton said in a statement. One of the first EV charging stations of scale for freight trucks is opening near the major ports of Los Angeles and Long Beach, California, as the trucking market takes some limited, but significant steps to build the infrastructure required for a long-term transition to EV trucking and net-zero shipping. Additional EV charging projects at ports in New York and New Jersey, as well as the Pacific Northwest, are planned.

Persons: NFI, Matt Horton, Robert Falck, Einride, Moller, Erik Neandross, —, Neandross Organizations: EV, West, Volvo, Southern California Edison, Maersk, CNBC, Pepsi, Walmart, U.S, California Air Resources Board, Department of Energy, Environmental Protection Agency, EPA Locations: East, California, Lynwood, America, Southern California, Ontario , California, U.S, Sweden, Einride, Los Angeles, Long Beach , California, Government, New York, New Jersey, Pacific Northwest, Shanghai, Chicago

☆ Neanderthal glue points to complex thinking
▼ + stars: | 2024-02-21 | by ( Katie Hunt | ) edition.cnn.com time to read: +4 min

CNN —Neanderthals likely made a type of glue from two natural compounds to help them better grip stone tools, according to a new analysis of forgotten artifacts recently rediscovered in a Berlin museum. “The fact that Neanderthals made such a substance gives insight into their capabilities and their way of thinking,” he said. The stone tools were unearthed around 1910 at a French archaeological site called Le Moustier that scientists believe Neanderthals used between 120,000 and 40,000 years ago. Their study, published Wednesday in the journal Science Advances, found that the makers of the stone tools used the adhesive to mold a handle rather than haft the tool to wood. P. SchmidtMicroscopic wear showed the stone tools appeared polished over the handheld part but not elsewhere, likely revealing abrasion from the movement of the tools within the ocher-bitumen grip.

Persons: Patrick Schmidt, ”, Moustier, Gunther Möller, Schmidt, It’s, sapiens, Marie, Hélène, ” Schmidt Organizations: CNN, University of Tübingen’s, French National Museum of, Schmidt Locations: Berlin, Paris, Europe, ocher, Italy, France

☆ Shipping giant Maersk says Red Sea vessel diversions could extend into second half of 2024
▼ + stars: | 2024-02-14 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Moller-Maersk, the second-largest global ocean carrier, is advising customers to prepare for a Red Sea crisis that could stretch well into the second half of this year. "Unfortunately, we don't see any change in the Red Sea happening anytime soon," Charles van der Steene, regional president for Maersk North America, tells CNBC. After attacks on two U.S.-flagged Maersk vessels on January 24, the Maersk Detroit and Maersk Chesapeake, Maersk Line, Limited — a U.S. subsidiary of Maersk, which operates U.S.-flagged vessels independently — announced it would no longer traverse the Red Sea. The global shipping and logistics company's cautious view of the Red Sea safety conditions comes despite a U.S.-led multinational military operation in the region, Operation Prosperity Guardian. "Our advice to our customers is specifically about building upon the uncertainty by being agile," said van der Steene.

Persons: Ebba, A.P ., Kristian Helgesen, Moller, Charles van der, Good Hope, der Steene, Maersk, van der, van der Steene, van der Steen, Panama hasn't, we're Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Maersk North, CNBC, Maersk Detroit, Maersk Chesapeake, Prosperity, U.S, Gaza, Maritime Security Program, VISA, Voluntary Intermodal, U.S ., Intelligence, East, Oceania Locations: Suez, Egypt, Maersk North America, Gulf, Aden, Hangzhou, Maersk, U.S, Good, Asia, Limited's U.S, West Coast, East Coast ., East Coast, Cape Hope, Panama, Ports, Mexico, Pacific Northwest, Los Angeles, Long, China, Australia, New Zealand

☆ When it comes to explaining market sell-offs, look for the simplest explanation
▼ + stars: | 2023-12-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The simplest explanation for Wednesday's sell-off was that the market was dramatically overvalued and due for a pullback. Look at the Breakwave Dry Bulk Shipping ETF (BDRY). BDRY is essentially a play on global shipping, which is itself a play on the state of the global economy. There's an ETF for global shipping companies If you'd rather play global shipping companies directly, there's an ETF for that as well. The SonicShares Global Shipping ETF (BOAT) is a modified market cap weighted ETF that contains all the big global shipping companies: Kawasaki Kisen Kaisha, Mitsui, Euronav, Matson, AP Moller, Hapag-Lloyd, Maersk, COSCO Shipping, etc.

Persons: William of Ockham, overvalued, —, stupidly, overbought, Santa Claus, Matson, AP Moller, DBRY Organizations: Traders, Santa, Bulk Shipping, Global Shipping ETF, Kawasaki, Mitsui, Euronav, AP, Maersk, COSCO Locations: America, U.S, Hapag, COSCO Shipping, India

☆ Maersk quietly settled its $44 million lawsuit against the companies behind the Ever Given, the ship that blocked the Suez Canal
▼ + stars: | 2023-12-04 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Shipping giant Maersk has settled a case over the grounding of the Ever Given in the Suez Canal. When the lawsuit was first reported by Danish news site Shipping Watch in February, Maersk had sought about $44 million from several entities connected to the ship. According to Shipping Watch, Maersk had estimated that about 50 of its ships had been severely delayed by the blocking of the Suez Canal. Both Evergreen and Bernhard Schulte Ship Management have denied having any responsibility for damages, Shipping Watch reported. According to shipping news outlet Maritime Executive, the Maersk case was being closely watched by relevant companies worldwide as a potential roadmap for further litigation.

Persons: —, Moller, Bernhard Schulte, Janina von Spalding, Shoei Kisen Organizations: Shipping, Maersk, Service, Shipping Watch, Bernhard Schulte Ship Management, Bloomberg, Evergreen, Authority, Maritime Locations: Suez, Danish, Denmark, Rotterdam, Netherlands

☆ AI, autonomous systems, and digital connectivity could help ships cut emissions
▼ + stars: | 2023-11-30 | by ( Amanda Paule | ) www.businessinsider.com time to read: +10 min

Autonomous and AI systems could help reduce ships' fuel use. "The only time the maritime industry is ever on the front page of a paper is when there's an accident. Sea Machines RoboticsJohnson said he saw that decarbonization was not only a bonus of Sea Machines' technology but its best value proposition. The Sea Machines Robotics team can monitor (and celebrate) autonomous vessel operations from a control room. Smart-Ship's "Throttle & Bow Buster" is one of three force-feedback levers they offer to help ships increase safety and fuel savings.

Persons: —, AP Moller, Michael Johnson, Johnson, who's, Sea Machines Robotics Johnson, decarbonization, they've, Jelle, Jelle Tiemensma, Sofia Fürstenberg Stott, Stott, Mikael Lind, Lind Organizations: Service, International Maritime Organization, AP Moller, Maersk, AP, AP Moller Holding, Business, Companies, Crowley, Machines, Sea Machines Robotics, Machines Robotics, Smart, Sofia, Sustainable Shipping, Research Institutes of Sweden, International

☆ Laura Enever: Australian surfer officially breaks world record after taming giant wave
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Ben Church | ) edition.cnn.com time to read: +3 min

CNN —Australian surfer Laura Enever can finally celebrate officially breaking a world record for the largest wave ever paddled into by a woman. Guinness World Records and the World Surf League (WSL) have now verified the size of the 13.3-meter (about 43.6-foot) wave that she successfully surfed in Hawaii on January 22. “Andrea Moller held this record before me and it’s an honor to hold that record and keep pushing big wave surfing. Video Ad Feedback He loves giant waves, hates being underwater 01:30 - Source: CNNShe has since entered into WSL Big Wave events where she continues to push herself to the limits. Germany’s Sebastian Steudtner owns the record for the biggest wave ever surfed, riding a 26.21-meter (about 86-foot) whopper in 2020.

Persons: Laura Enever, “, ” Enever, Andrea Moller –, ”, I’m, Enever, “ Andrea Moller, Laura, Jessi Miley, Dyer, “ Laura, Aaron Gold, Germany’s Sebastian Steudtner Organizations: CNN, Guinness World Records, Surf League, Junior, Big Locations: Australian, Hawaii, Enever

☆ Maersk to Cut 10,000 Jobs as Cargo Boom Ends
▼ + stars: | 2023-11-03 | by ( Dominic Chopping | Costas Paris | ) www.wsj.com time to read: 1 min

Maersk enjoyed record profits over the past two years as the pandemic drove a surge in demand for goods. Photo: JACOB GRONHOLT-PEDERSEN/REUTERSShipping and logistics giant A.P. Moller-Maersk said it would cut more than 10,000 jobs, as a pandemic-fueled cargo boom has ended, leaving the industry with a surplus of ships and sharply lower freight rates. Maersk, a bellwether for global trade, saw its third-quarter profit plummet to $521 million from $8.88 billion last year. Its main Ocean division posted a quarterly loss for the first time in many years.

Persons: JACOB GRONHOLT, PEDERSEN, Moller, Maersk Organizations: Maersk, REUTERS Shipping

[1/2] Containers are seen on the Maersk's Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain January 20, 2023. REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down 17.5% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices, sending its shares tumbling. The industry invested heavily in new container ships during and after the pandemic to meet strong demand and benefit from record freight rates. A large number of new ships entered the market since the summer with no signs of idling or scrapping, said Clerc.

Persons: Jon Nazca, Moller, Vincent Clerc, Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Johannes Birkebaek, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Revenues, Thomson Locations: Algeciras, Spain, COPENHAGEN, North America, Copenhagen

☆ Maersk's woes signal slow-motion industry crash
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Boss Vincent Clerc is not alone in trying to manage a crisis that is battering the container shipping world and which analysts at DNB Markets reckon could last up to 2030. He may also suspend the company's share buyback programme which has been put under review. Investors – spoilt by 16 consecutive quarters of earnings growth up to September – knocked 17% off the company’s share price following the news. The unit, which handles container shipping, reported a 56% drop in third-quarter sales due to a steep fall in freight rates. The World Trade Organization halved its growth forecast for global goods trade this year.

Persons: Evelyn Maersk, Fabian Bimmer, Moller, Boss Vincent Clerc, –, Clerc, Pamela Barbaglia, Aston Martin, Aimee Donnellan, Streisand Neto Organizations: REUTERS, Reuters, Shipping, Maersk, World Trade Organization, X, Macquarie, Pfizer, Thomson Locations: Hamburg, Germany

COPENHAGEN, Denmark (AP) — Maersk, the world’s biggest shipping company, said Friday that it plans to eliminate 10,000 jobs due to what it described as a challenging environment for container trade and logistics services. The company said the move would result in savings of $600 million in 2024. The report cited “challenging market conditions resulting in substantially lower freight rates compared to the abnormally high rates in 2022.”A.P. Moller-Maersk CEO Vincent Clerc said the company will continue to streamline its organization and operations. The company said it now expected annual global container volume growth in the range of -2% to -0.5% compared to -4% to -1% previously.

Persons: — Maersk, ” A.P, Moller, Vincent Clerc, ” Clerc, “ Organizations: Maersk Locations: COPENHAGEN, Denmark, Copenhagen

REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down more than 10% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. Shares in the Copenhagen-based group slid 11.1% by 0904 GMT, to their lowest level in three years. The group already warned in August of a steeper decline in global demand for shipping containers by sea this year. Reporting by Jacob Gronholt-Pedersen and Louise Rasmussen, editing by Terje Solsvik, Miral Fahmy, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Jon Nazca, Moller, Vincent Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Thomson Locations: Algeciras, Spain, COPENHAGEN, Copenhagen

☆ Israel's Ports Feel Strain as Shipping Traffic Slows After Attacks
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

Israel's southern coastal city of Ashkelon, which has a small port well in range of Hamas rockets, is not allowing ships to enter, shipping sources said. While the main Israeli ports of Ashdod further up the coast and Haifa in the north, remain open, shipping and maritime security companies are reviewing their operations for Israel, industry sources said. "Israeli ports are deemed to be at heightened risk," said Noah Trowbridge, with British maritime risk advisory and security company Dryad Global. "Since Gaza has a coastline, direct threats to shipping inside Israeli waters cannot be ruled out," BRS said. This compared with a premium of 0.0125% earlier this year, insurance sources said.

Persons: Jonathan Saul, Ari Rabinovitch JERUSALEM, Noah Trowbridge, Hapag Lloyd, Shipbroker BRS, BRS, Moller Maersk, Eli Glickman, INTERTANKO, ” INTERTANKO, Ari Rabinovitch, Sharon Singleton Organizations: Hamas, Dryad, Reuters, Ships, Zim, Ministry of Defense, Facebook Locations: Gaza, Ashkelon, Ashdod, Haifa, Israel, London, East Gulf, Gulf of Oman

Ruckel had to make a choice: Lower the price on Amazon or ask Chewy to raise the price of his product. The company also invests in tools to help sellers offer “competitive prices,” he said. Scott Needham, who sells on Amazon and runs a product-finder tool for other Amazon sellers, said he was “surprised by some of the points that the FTC selected.”watch now“I have over the years been very critical of Amazon,” Needham told CNBC. Competitors like Shopify and Walmart are increasingly viable alternatives for many categories of sellers, Needham said, not to mention rapidly growing Chinese e=commerce companies like Temu. Among those is a greater ability for Amazon sellers to communicate with buyers, offering select customers certain promotions.

Persons: Watchara, Fred Ruckel, Ruckel, Chewy, Fred Ruckel's, that’s, David Zapolsky, ”, ” Zapolsky, “, ” “, I'm, commenter, Scott Needham, ” Needham, “ I’ve, Needham, I’m, ” Scott Moller, Moller, ” Moller, ecommerce, he’s, Molson Hart, Hart Organizations: MediaNews, Riverside Press, Enterprise, Getty, Amazon, CNBC, Federal Trade Commission, FTC, Walmart Locations: Eastvale , California, Amazon’s

☆ Novo Nordisk's Wegovy bonanza looms large in Denmark
▼ + stars: | 2023-10-05 | by ( Maggie Fick | ) www.reuters.com time to read: +6 min

COPENHAGEN, Oct 5 (Reuters) - The whirlwind success of weight-loss treatment Wegovy is providing a bonanza not just for its developer, Novo Nordisk (NOVOb.CO), but also for its home country of Denmark. Interviews with Danish economists, analysts, and executives at the Novo Nordisk Foundation which controls Novo highlight the benefits to the economy from jobs to private wealth - but also the potential pitfalls of relying on a single, outsized company. Record profits for Novo are projected to generate returns for the Foundation of more than $12 billion in coming years. Novo Nordisk added 3,500 jobs in Denmark in 2022, bringing the total in the country to 21,000 employees, out of 59,000 worldwide, a company spokesperson said. Before Wegovy, "we used to be kind of, 'Isn't Denmark the place where Stockholm is the capital?'"

Persons: Danes, Lars Skovgaard Andersen, Lars Christensen, Wegovy, Mads Krogsgaard Thomsen, " Thomsen, Moller, Thomsen, Melinda Gates, Rasmus Kristian Feldthusen, Maggie Fick, Jacob Gronholt, Alexander Smith, Josephine Mason, Michele Gershberg, Catherine Evans Organizations: Novo Nordisk, Novo Nordisk Foundation, Danske Bank, Copenhagen Business School, Novo, Foundation, Reuters, Novo Holdings, Carlsberg, Maersk, U.S, Melinda Gates Foundation, UK's Wellcome Trust, Wegovy, University of Copenhagen, Nokia, Pedersen, Thomson Locations: COPENHAGEN, Denmark, Stockholm, Copenhagen, Danish, Novo, Europe, North America, Asia, OUTGROWING DENMARK, Finland

☆ Novo Nordisk owner readies for big Wegovy windfall
▼ + stars: | 2023-10-03 | by ( Maggie Fick | ) www.reuters.com time to read: +4 min

COPENHAGEN, Oct 3 (Reuters) - The CEO of Novo Holdings said on Tuesday the controlling shareholder of Danish drugmaker Novo Nordisk (NOVOb.CO) is ready for a huge windfall from the runaway success of weight-loss drug Wegovy. Novo Holdings invests and manages the wealth and assets of the Novo Nordisk Foundation, whose newly bulging coffers could make it a major philanthropist and environmental, social and governance (ESG) investor. He was speaking to a group of journalists in Copenhagen, where the investment company, its owner Novo Nordisk Foundation, and the drugmaker Novo Nordisk are all headquartered. [1/4]Novo Holdings A/S CEO Kasim Kutay speaks at Novo Nordisk Foundation in Hellerup, Denmark, October 3, 2023. Novo Holdings' early-stage investments team now has $200 million to deploy each year, Soren Moller, who heads the seed division, told Reuters.

Persons: Kasim Kutay, Wegovy, Kutay, I've, Morgan Stanley, Ali Withers, Peter Lawaetz Andersen, Andersen, Soren Moller, Maggie Fick, Josephine Mason, Louise Heavens, Catherine Evans Organizations: Novo Holdings, Novo Nordisk, Novo Nordisk Foundation, The Foundation, Holdings, Moelis, REUTERS, Foundation, Norway's Coalition, Reuters, Thomson Locations: COPENHAGEN, Danish, Copenhagen, Novo, United States, Hellerup, Denmark, Shanghai, China, Singapore, Boston, San Francisco

☆ Looking for value stocks? Citi lists over 10 European names — for risk-takers and the cautious
▼ + stars: | 2023-09-22 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

European value stocks are doing better than growth stocks right now, according to Citi analysts. Citi defined "quality" value stocks as those in the top fifth and fourth quintiles for three characteristics: value, low risk and quality. Citi said investors "have not been particularly risk-averse," as risky value stocks are up 8.6%, while quality value stocks are down 0.3% in the year to date. Nevertheless, the bank noted that investors appear to have been more cautious since the start of August, as quality value stocks are up 4.6%, while risky value stocks are down 0.6%. 'Risky value' stocks For this screen, Citi looked for stocks that scored in the seventh or above decile for value and those in the fifth or below decile for "value low risk" and quality.

Persons: TotalEnergies, Moller Maersk, — CNBC's Michael Bloom Organizations: Citi, HSBC Holdings, Zurich Insurance Group, ABN AMRO, Imperial Brands, Nokia, BNP, BMW, Bayer, Life, WPP PLC Locations: European, China, Dutch, Danish

☆ Shipping giant Maersk unveils 'trendsetter' green vessel as it aims to be carbon neutral by 2040
▼ + stars: | 2023-09-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Evergreen and other shipping firms have ordered similar vessels, though they have less ambitious carbon neutrality targets than Maersk. Shipping accounts for around 3% of global carbon emissions, an amount comparable to major polluting countries. Denmark's Minister of Industry Morten Bodskov said this is because it is a global industry. In June, a group of 20 nations supported a plan for a levy on shipping industry emissions. "I'm worried about the rhetoric that energy transition is a downside and not really a great opportunity," he added.

Persons: Moller, Vincent Clerc, Clerc, Morten Bodskov, Bodskov, Maersk's, I'm Organizations: Maersk, DENMARK — Shipping, CNBC, Evergreen, Maersk . Shipping, Organization for Economic Cooperation, Development Locations: Copenhagen, DENMARK, China, Argentina, Brazil

☆ Major shipping routes are struggling with water shortages. El Niño could make it worse
▼ + stars: | 2023-08-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

A ship navigates the Panama Canal in the area of the Americas' Bridge in Panama City on June 12, 2023. Luis Acosta | Afp | Getty ImagesAn increasing number of climate-driven extreme weather events is taking its toll on the world's major shipping routes — and El Niño could make matters worse. In drought-stricken Panama, low water levels have prompted the Central American country to reduce the number of vessels that pass through the critically important Panama Canal. The Panama Canal Authority, which manages the waterway, said earlier this month that the measures were necessary because of "unprecedented challenges." "Right now, we do not see that filling up of the water levels that a normal year would bring around.

Persons: Luis Acosta, El Niño, El, Peter Sands, Sands, Lars Ostergaard Nielsen, Moller, Balint Porneczi, Nielsen Organizations: Afp, Getty, Central, Atlantic, Panama Canal Authority, CNBC, Analysts, Planet Labs PBC, El, Maersk, Bloomberg, Palatinate . Locations: Panama, Panama City, Central American, Suez, Europe, Asia, Pacific, Germany, Rotterdam, Bacharach, Rhineland, Palatinate, Frankfurt

"The main issue with methanol at this stage is increasing access and the scale of green production," Peter Lye, global head of shipping at Anglo American, said. Reuters GraphicsNetherlands-based OCI, which supplied green methanol to Maersk's first ship, can produce up to 200,000 tpy of the renewable fuel. Bashir Lebada, CEO of OCI's methanol and fuels business, said the vessel orders have given suppliers a confidence boost in advancing their green methanol projects even though production is "very small" now. Most green methanol projects are located in China, northern Europe and North America - far from major bunker hubs Singapore and the United Arab Emirates, creating a logistical gap. Within Asia, South Korea and China are set to increase their capacity to fuel ships with green methanol.

Persons: A.P . Moller, Moller, Emma Mazhari, Rashpal Singh Bhatti, we're, Peter Lye, Greg Dolan, Bashir Lebada, Anita Gajadhar, Jeslyn Lerh, Jacob Gronholt, Johannes Birkebaek, Florence Tan, Barbara Lewis Organizations: Reuters, Maersk, Handout, REUTERS, Container, A.P, CMA, Apple, Nike, Adidas, Walmart, Global, Reuters Graphics, United Arab, Pedersen, Thomson Locations: SINGAPORE, COPENHAGEN, South Korea, Reuters Graphics Netherlands, China, Europe, North America, Singapore, United Arab Emirates, Chile, Argentina, Asia, Copenhagen

[1/4] Klar CEO Stefan Moller poses for a photograph in Mexico City, Mexico, July, 2022, in this handout photo made available to Reuters on August 14, 2023. The executive explained that Klar currently offers credit lines ranging from 1,000 pesos ($58.67) to 30,000 pesos ($1,760.24), but is looking to "experiment" with loans up to 40,000 pesos. "Every three months we re-evaluate the size of the (credit) line," Moller said. "We're still in a market where credit penetration and consumer credit penetration is much lower than it should be compared to economic development indicators." ($1 = 17.0431 Mexican pesos)Reporting by Kylie Madry Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefan Moller, Moller, Klar, We're, Kylie Madry, Marguerita Choy Organizations: Reuters, Victory, Capital, Thomson Locations: Mexico City, Mexico, Handout, Mexican

NEW YORK/LONDON, Aug 10 (Reuters) - Lean times faced by many U.S. and European companies may last longer than expected as they try to sell off their bulging inventories in an economic climate where demand is stalling. Full-to-bursting warehouses means fewer orders for manufacturers, which translates into lower levels of business activity and, ultimately, weaker growth. Now, global demand is falling as borrowing costs have risen, so companies have started running down stocks. Maersk controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies. Refinitiv I/B/E/S data shows U.S. and European companies are expected to report their worst quarterly results in years.

Persons: Vincent Clerc, Hugo Boss, Moller, Stanley Black, Decker, destocking, Levi Strauss, Rajiv Sharma, Arun Sundaram, Guillermo Novo, Cyrus de la Rubia, Siddharth Cavale, David Gaffen, Josephine Mason, Mark John, Jonathan Cable, Helen Reid, Jane Merriman Organizations: U.S, Maersk, Heineken, 3M, . Bureau of Labor Statistics, CFRA Research, Retailers, BASF, London, Rutgers University, Hamburg Commercial Bank, doesn't, Thomson Locations: Ukraine, U.S, United States, Ashland, Hamburg, New York, London

☆ Two measures of global corporate health flash red
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +5 min

Moller-Maersk (MAERSKb.CO) lowered its estimate for global container trade this year as companies reduce inventories and higher interest rates and recession risks in Europe and the United States drag on global economic growth. The company, one of the world's biggest container shippers, said it expects container volumes to fall by as much as 4%. Maersk controls about one-sixth of global container trade, transporting goods for retailers and consumer companies such as Walmart (WMT.N), Nike (NKE.N) and Unilever (ULVR.L). The International Monetary Fund last week said that it expects global economic growth to slow this year, led by advanced economies even as food prices have come down and the March banking turmoil has been contained. It expects the global growth to slow to 3% this year and next, from 3.5% last year.

Persons: Jon Nazca, . Moller, Mark Read, Grey, Sophie Lund, Yates, Hargreaves Lansdown, Swift, David Jackson, Josephine Mason, Catherine Evans, Deepa Babington Organizations: Triple, Majestic, REUTERS, Maersk, WPP, Walmart, Nike, Unilever, Reuters, Ogilvy, Apple, Amazon.com Inc, Companies, Global, Nissan, Caterpillar, Monetary Fund, DHL Group, Thomson Locations: Strait, Gibraltar, Algeciras, Spain, U.S, Europe, United States, Beijing, slowdowns, China

Moller-Maersk (MAERSKb.CO) warned on Friday of a steeper decline in global demand for shipping containers by sea this year prompted by muted economic growth and customers reducing inventories. The company, one of the world's biggest container shippers with a market share of around 17%, said it expects container volumes to fall by as much as 4%. Maersk, one of the world's biggest container shippers with a market share of around 17%, transports goods for retailers and consumer companies such as Walmart, Nike and Unilever. Maersk posted record earnings last year due to high freight rates caused by high consumer demand and pandemic-related log jams at ports. But freight rates have tumbled this year amid a global economic slowdown.

Persons: Andrew Kelly, Moller, destocking, Vincent Clerc, Jacob Gronholt, Pedersen, Terje Solsvik, Jacqueline Wong Organizations: Maersk, REUTERS, Shipping, Walmart, Nike, Unilever, Thomson Locations: Copenhagen, Denmark, Europe, United States

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