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” - 1 Vincent Clerc - 1 Maersk - 1
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London CNN — Shipping - 1 ” Maersk - 1 Drewry Shipping - 1

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3 mentions found


☆ Layoffs at Maersk hit 10,000 as pandemic shipping boom turns to bust
  + stars: | 2023-11-03 | by ( Anna Cooban | ) edition.cnn.com   time to read: +1 min
London CNN —Shipping giant Maersk is laying off thousands more workers as weak demand and lower freight prices pummel its revenues — a sign the pandemic-driven boom in shipping is turning to bust. “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressures on our cost base,” Maersk Chief Executive Vincent Clerc said in a statement. The composite cost of shipping a 40-foot container on eight major global routes stood at $1,406 this week, according to London-based Drewry Shipping. Maersk also said it expected its full-year profit to come in at the lower end of its previously stated range of $9.5 billion to $11 billion. The company’s shares sank as much as 12.5% in early trade Friday, extending those losses later to trade down 17.2% by 7.41 a.m.
Persons: ”, Vincent Clerc, Maersk Organizations: London CNN — Shipping, ” Maersk, Drewry Shipping Locations: Danish, London
☆ Shipping Companies Face More Dangerous Shoals
  + stars: | 2022-12-30 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Container spot rates started to slip early this year and their descent accelerated in the second half. The last two years featured supply-chain disruptions, limited shipping capacity and remarkably high container rates. But 2023 will be rather different—and not in a good way, at least from the perspective of the world’s shipping giants. Container spot rates started to slip in early 2022 and their descent accelerated in the second half of the year. The World Container Index compiled by London-based Drewry Shipping Consultants is down 77% so far this year.
☆ CMA CGM Looks to Route its Logistics Strategy Through U.S. Ports
  + stars: | 2022-12-14 | by ( Paul Berger | Paul Bingham | Director Of Transportation Consulting At S P Global Market Intelligence | ) www.wsj.com   time to read: +5 min
French container line CMA CGM sees the ownership of cargo terminals at U.S. ports as the next step in its bid to extend its shipping business into greater inland logistics. “Port terminals are an essential piece of the supply-chain efficiency, being at the crossroads of sea and land operations,” said Christine Cabau Woehrel, CMA CGM Group’s executive vice president of operations and assets. CMA CGM earned $17.9 billion in net profits in 2021 and its earnings in the first three quarters of this year reached more than $20.4 billion. The purchases come as CMA CGM is spending billions to buy logistics operations and more recently launch an airfreight service. China’s Cosco Shipping Ports has expanded its terminal operations around the world in concert with expansion by state-owned Cosco Shipping Lines.
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