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☆ Add the climate crisis to the long list of things messing up supply chains this summer
▼ + stars: | 2023-09-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The climate crisis is throwing a wrench into already messy supply chains. Climate change and the El Niño weather phenomenon are affecting water levels in the Panama Canal. The situation is serious this summer because of a historic drought affecting rainfall that feeds into the Panama Canal. Advertisement Advertisement Watch:Droughts aren't a new phenomenon at the Panama Canal — climate change has been associated with unpredictable weather for years. Supply chains were already in chaos from COVID-19, geopolitics, and rising costs in ChinaTo be sure, the vessel congestion at the Panama Canal is troubling because it adds to the existing stress on the world's supply chains.

Persons: Nari Viswanathan, Viswanathan, Project44, Stephen Lamar, Jon Davis, Donald Trump, Biden Organizations: Service, American Apparel & Footwear Association, CNBC Locations: Panama, Washington, El, COVID, China, China . Washington, Beijing, India, Vietnam

☆ The congestion at the Panama Canal is so bad that one shipper paid $2.4 million to jump a line and get through the waterway: report
▼ + stars: | 2023-09-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Panama Canal has been hit by a serious drought this year, causing long transit times for ships. A shipper recently paid $2.4 million for a winning bid to jump the queue, according to one energy shipping firm. AdvertisementAdvertisementThe congestion in the Panama Canal is closely watched because 40% of US container traffic passes through the waterway, according to an August report from Container xChange, a logistics platform. The Panama Canal Authority said in a Tuesday statement that there's been an improvement in the queue of vessels waiting to transit the canal. AdvertisementAdvertisementThe Panama Canal Authority and Avance Gas did not immediately respond to requests for comment from Insider sent outside regular business hours.

Persons: Oystein Kalleklev, Kalleklev, there's, project44 Organizations: Service, Gas, Shipping, Maersk, Wall, Panama Canal Authority, Bloomberg, Avance Locations: Panama, Wall, Silicon

☆ Indian EV cell maker Log9 flags production hit on delayed visas to Chinese experts
▼ + stars: | 2023-08-28 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

"If the Chinese engineers don't arrive on time, then our cell line production will get impacted," Log9's co-founder and director, Pankaj Sharma, told Reuters. A delay of about four months in the issue of visas would hamper the speed at which its factory reaches peak production levels, Sharma said. Log9's Bengaluru factory, its only manufacturing unit currently, has an annual installed capacity of 250 MWh of battery production. Log9 has sold over 1,000 battery units so far in 2023 after clocking sales of 4,000 units last year, according to Sharma, who declined to disclose the production figures. The company will begin the next funding round by the end of this year or early next year, Sharma said.

Persons: Pankaj Sharma, Sharma, Amara Raja, Rama Venkat, Dhanya Skariachan, Eileen Soreng Organizations: Reuters, Maersk, Blue Dart Express, Quantum Energy, Hala, Malaysia's Petronas, Thomson Locations: BENGALURU, Bengaluru, New Delhi, China, India

☆ Container ships are waiting at Asian ports as retailers struggle to shift excess stock
▼ + stars: | 2023-08-25 | by ( Lucy Handley | ) www.cnbc.com time to read: +5 min

As firms making goods from apparel to electronics hold excess stock, there's less of a demand to ship products. This means some vessels are waiting in ports because of sailings being "blanked," or canceled. "We are arranging a contingency plan with alternative services," MSC added. "If you fly to Singapore, you'll see all these ships outside the port … A lot of ships are parked there waiting till there are better yields," he added. Excess stockFlexport, which is at 10th place in CNBC's Disruptor 50 list, regularly surveys customers on how much stock they're holding.

Persons: Andrew Merry, It's, Sanne Manders, there's, Manders, Bernstein, Niels Rasmussen, Rasmussen, it's, Simon Heaney, Heaney Organizations: MSC, CNBC, CMA CGM, Maersk, Baltic and International Maritime Council, Shanghai Shipping Exchange, Blank, Drewry Locations: Singapore Strait, Asia, Europe, —, Singapore, East, North Europe, CNBC's

☆ The world's worst traffic jam isn't on any road — it's at one of the most important shipping routes where ships are paying upto 3x fare just to get across
▼ + stars: | 2023-08-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Over 200 ships are currently stuck in a massive traffic jam in the Panama Canal. The US is the largest user of the Panama Canal, so the bottleneck could hit holiday shipping. AdvertisementAdvertisementThe world's worst traffic jam is at the Panama Canal, where hundreds of massive ships are stuck due to a serious drought that reduced water levels. The traffic jam is so bad that ships have paid multiple times the toll to pass through. AdvertisementAdvertisementThe US is also the largest user of the Panama Canal, accounting for 70% of the waterway's traffic, per Container xChange.

Persons: Lars Oestergaard Nielsen, Maersk's, Insider's Rebecca Cohen Organizations: Morning, Wall, Bloomberg, Clarksons Research Services, Reuters, Panama Canal Authority, Maersk Locations: Panama, Americas, project44, Gulf, East Coast

[1/2] Pedestrians walk on an overpass near skyscrapers at the Central Business District (CBD) in Beijing, China August 21, 2023. China's prolonged economic slowdown this year comes amid weakening demand both at home and globally, a property crisis and rising unemployment. "China will continue to expand market access, comprehensively optimise the business environment ... and protect the rights and interests of entrepreneurs in accordance with the law." Eskelund, who is also Chief Representative for Danish shipping giant Maersk in Greater China and Northeast Asia, said: "I think China is evolving. This has come as European leaders have also emphasised derisking their economic ties with China.

Persons: Florence Lo, Jens Eskelund, crackdowns, Eskelund, Valdis, Laurie Chen, Shri Navaratnam Organizations: Central Business, REUTERS, European Chamber of Commerce, Reuters, China ., China . European Union, Thomson Locations: Beijing, China, BEIJING, Greater China, Northeast Asia, Danish, China . European

☆ 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

☆ How Y Combinator-backed Seabound is using carbon-capture tech to tackle the shipping industry's problematic emissions
▼ + stars: | 2023-08-21 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +9 min

The Y Combinator-backed Seabound believes its on board carbon-capture tech can play a key role. Fredriksson is the cofounder and CEO of Seabound, a climate-tech startup that aims to lower the greenhouse-gas emissions produced by the shipping industry. Seabound, backed by the famed accelerator Y Combinator, has built a carbon-capture machine that can be retrofitted onto ships. Having tested it on land, Seabound is now using a commercial container ship as its lab in a pilot project with the London-based shipping company Lomar Shipping. Fredriksson added that Seabound's reaction was exothermic, meaning it needed an injection of heat to get started but then was self-sustaining.

Persons: Seabound, Alisha Fredriksson didn't, Fredriksson, It's, Stephen Turnock, Ed Phillips, Alisha Fredriksson, Wen, Turnock, Alisha Fredriksson Decarbonization, we're, We're, Capital's Phillips, Leapfrogging Organizations: Shipping, Maritime Organization, Service, University College London, University Maritime Advisory Services, Southampton University, International Maritime, Planet Capital, Lomar Shipping, Ships Locations: Wall, Silicon, London, Yalova, Turkey

"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

Containers of the Hapag-Lloyd shipping company are pictured at the Valparaiso port, Chile November 24, 2022. Chief Executive Rolf Habben Jansen said there were signs of recovery in spot freight rates and loadings. Shares in Hapag-Lloyd, the world's fifth-largest shipping line, were 2.9% down at 187.5 euros in early trade. Its first half revenues were 41% lower at 10.0 billion euros. EBITDA is expected to be between 4 billion and 6 billion euros.

Persons: Rodrigo Garrido, EBIT, Lloyd, Rolf Habben Jansen, Vera Eckert, Friederike Heine, Kim Coghill, Barbara Lewis Organizations: Lloyd, REUTERS, Companies, Maersk, CMA CGM, Reuters, Thomson Locations: Valparaiso, Chile, FRANKFURT, Hapag, North America, Ukraine

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

☆ Italy’s bank tax may be anything but “one-off”
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022. REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get. In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts. The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter. Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.

Persons: Matteo Salvini, Guglielmo Mangiapane, –, Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto Organizations: Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson Locations: Rome, Italy, Spain, Hungary

[1/2] People shop for clothes at Target retail chain in Westbury, New York, U.S., May 20, 2021. Walmart (WMT.N) and Target (TGT.N), the two biggest retailers in the United States, have set a cautious tone for the rest of the year. David Klink, senior equity analyst at Huntington Private Bank, said he saw "encouraging" signs in Amazon's results. Walmart, which reports on Aug. 17, had a better-than-expected first quarter and forecast sales to be up about 3.5% for the year. "I think that value-based retailers like Walmart and Target" will hold up better than others, he said.

Persons: Shannon Stapleton, David Klink, Neil Saunders, Joseph Feldman, Siddharth Cavale, Ananya Mariam Rajesh, Rosalba O'Brien Organizations: REUTERS, Walmart, Target, Foods, Huntington Private Bank, Amazon, Apple, Maersk, WPP, Telsey, Thomson Locations: Westbury , New York, U.S, United States, Seattle, New York, Bengaluru

☆ Siemens Energy’s flop puts brakes on green race
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

An offshore wind turbine of the Siemens Gamesa company is seen from the Telde coast on the island of Gran Canaria, Spain, May 2, 2022. REUTERS/Borja SuarezLONDON, Aug 7 (Reuters Breakingviews) - Siemens Energy’s (ENR1n.DE) growing wind woes will have wider repercussions. The $13 billion German group unveiled on Monday a 2.2 billion euro ($2.4 billion) charge because of quality issues linked to its troubled wind turbine unit Siemens Gamesa. A previous profit warning in June, also linked to malfunctioning turbines, erased a third of Siemens Energy’s stock market value. Bruch says he is now prioritising the profitability of Siemens Gamesa, implying a pause over plans to add more wind capacity.

Persons: Borja Suarez, Jefferies, Siemens Gamesa, Reuters Breakingviews, Christian Bruch, Bruch, Yawen Chen, headwinds, Lisa Jucca, Oliver Taslic Organizations: Siemens, Gran Canaria, REUTERS, Borja Suarez LONDON, Reuters, Siemens Energy, Investors, Siemens Gamesa, JPMorgan, Global, Twitter, Thomson Locations: Gran, Spain, Germany

☆ Saudi’s swelling fund has scope for foreign binge
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.

Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom

☆ Indian lenders’ earnings get credit reality check
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. REUTERS/Rupak De Chowdhuri/File PhotoMUMBAI, Aug 7 (Reuters Breakingviews) - A near three-fold jump in net profit did little to cheer State Bank of India (SBI.NS) investors. April to June is seasonally weak for farm credit, and Khara said some delinquent accounts have already bounced back. Granted, overall delinquencies remain low: gross non-performing assets are just 2.76% of SBI’s portfolio, and less than half that at HDFC Bank. The fear is, as one executive told Breakingviews, that this is worsening as pandemic-era support schemes wind down and interest rates rise.

Persons: Dinesh Khara, Khara, Breakingviews, Shritama Bose, headwinds, Antony Currie, Thomas Shum Organizations: State Bank of India, REUTERS, Reuters, HDFC Bank, Bajaj Finance, Services, Twitter, Adidas, InBev, Thomson Locations: Kolkata, India, MUMBAI

☆ CNBC Daily Open: Financial markets aren’t the economy
▼ + stars: | 2023-08-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. JPMorgan Chase no longer thinks the U.S. economy will slip into a recession this year. "Given this growth, we doubt the economy will … slip into a mild contraction as early as next quarter," wrote Feroli. CNBC Pro's Sarah Min explains how the Federal Reserve might react, depending on what the price numbers look like.

Persons: nonfarm payrolls, That's, Dow Jones, JPMorgan Chase, Michael Feroli, Sarah Min Organizations: CNBC, Federal, U.S, Nasdaq, Credit Agricole, Maersk, JPMorgan, Apple Locations: Manhattan, New York City, U.S, Cupertino

☆ Maersk Is Cutting Costs on Continued Container Downturn
▼ + stars: | 2023-08-04 | by ( Dominic Chopping | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/maersk-is-cutting-costs-on-continued-container-downturn-7d9fc165

Persons: Dow Jones

☆ 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

☆ Coinbase dangerously raises the stakes
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado RuvicNEW YORK, Aug 4 (Reuters Breakingviews) - Coinbase Global (COIN.O) just showed its hand in a dangerous game. Because trading activity is notoriously volatile, Coinbase boss Brian Armstrong is sensibly seeking new lines of business. After a 170% rise in the company’s share price this year, the legal limbo raises the stakes in a more worrisome way. models beauty’s new look read moreEditing by Jeffrey Goldfarb and Sharon LamOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado, Brian Armstrong, Coinbase, Armstrong, Anita Ramaswamy, headwinds, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Ten, U.S . Securities, Exchange Commission, California and, Twitter, Maersk, Adidas, InBev, Thomson Locations: Ten U.S, California, California and New Jersey

☆ 'Big Short' investor Michael Burry rang the alarm on bloated inventories last year. Maersk's shipping slump suggests he was right to worry.
▼ + stars: | 2023-08-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Michael Burry warned surplus inventory leads to price cuts, slimmer profits, and pressure on stocks. The shipping giant's earnings suggest "The Big Short" investor's call was at least partly right. In other words, many of the shipping giant's customers ordered fewer goods last quarter, and focused on offloading their bloated inventories instead. Burry, the investor of "The Big Short" fame, appears to have seen the downturn coming. But the fact that Maersk is seeing its customers cut back on shipping in order to reduce their inventories could signal that consumer spending is now under pressure as Burry predicted.

Persons: Michael Burry, Burry Organizations: Maersk, Service, Scion Asset Management Locations: Wall, Silicon, North America, Europe

☆ Shipping giant Maersk beats expectations despite 72% profit plunge on falling container rates
▼ + stars: | 2023-08-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Danish shipping giant Maersk on Friday reported a sharp fall in second-quarter earnings on the back of plunging container rates, but still managed to beat market expectations and upgrade its full-year guidance. Analysts had projected an EBITDA of $2.41 billion, according to Refinitiv data. "Our decisive actions on cost containment together with our contract portfolio cushioned some of the effects of this market normalisation. Cost focus will continue to play a central role in dealing with a subdued market outlook that we expect to continue until end year." Maersk also narrowed its profit forecast for the full year and now expects underlying EBITDA to come in between $9.5 billion and $11 billion, having previously estimated a range of between $8 billion and $11 billion.

Persons: destocking, Vincent Clerc Organizations: Maersk, Analysts, Revenue Locations: North America, Europe

☆ Maersk has ways to grow again despite headwinds
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Container ship "Evelyn Maersk" is loaded during snowfall at a container terminal in a harbour amid the coronavirus disease (COVID-19) pandemic, in Hamburg, Germany, April 6, 2021. Arch rival and privately-owned Mediterranean Shipping Company (MSC) is deploying cash reserves on acquisitions to diversify away from container shipping. Maersk also needs to strengthen its logistics and services unit, where organic revenue fell 19%, dragged down by lower retail demand, particularly in North America. Last year's purchases of Pilot and LF Logistics helped prop up the division, but Maersk needs to invest more. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evelyn Maersk, Fabian Bimmer, A.P, Moller, Boss Vincent Clerc, EBITDA, Clerc, Pamela Barbaglia, Pierre Briancon, Streisand Neto Organizations: REUTERS, Fabian Bimmer LONDON, Reuters, Maersk, Walmart, Nike, Unilever, CMA CGM, Mediterranean Shipping Company, LF Logistics, Twitter, Adidas, InBev, Thomson Locations: Hamburg, Germany, North America

☆ Drought threatens major European river trade route with ripples across the continent
▼ + stars: | 2023-08-04 | by ( Lucy Handley | ) www.cnbc.com time to read: +3 min

Barges of coal at the inland harbor in Duisburg, on the river Rhine in Germany, on Thursday, July 20 2023. The river Rhine, an important trade route that runs through Germany via European cities to the port of Rotterdam, has become shallower at critical points. As water levels go down, a vessel's capacity reduces and shipping costs rise, with prices increasing as rivers become shallower. Water levels at Kaub are closely followed, and if they fall too low, vessels have to sail with reduced loads. Ben Kilb | Bloomberg | Getty ImagesFalling water levels can "significantly impair" manufacturing output, according to the Kiel Institute for the World Economy (IFW).

Persons: Ben Kilb, Lloyd, Tim Beckhoff, we've, Marc Schattenberg, Schattenberg, Beckhoff, Goarshausen Organizations: Bloomberg, Getty, Maersk, Hapag, McKinsey, CNBC, Deutsche Bank ., Deutsche Bank, Kiel Institute Locations: Duisburg, Germany, Europe, Rotterdam, Kaub, Frankfurt, Karlsruhe, St

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