Friday, November 13, 2015

Maersk Line - decline in 3rd quarter profit

Maersk Line posted disappointed profit for the 3rd quarter of 2015.   I fear we will not be seeing and upturn in the industry until there is more consolidation in the industry.

From Maersk Line

“The Maersk Group delivered an underlying profit of USD 662m in the third quarter. The decline of nearly 50 percent compared to last year was primarily due to container freight rates deteriorating to a historically low level, especially in the later part of Q3, and profits in Maersk Oil being impacted by the lower oil price. The expected underlying result of around USD 3.4bn for 2015 reflects good performance in very challenging oil and container shipping markets, where the continuous actions taken in all our business units to reduce the cost base will enable us to maintain our ability to pursue the opportunities arising in our industries,” says Group CEO Nils S. Andersen.

Monday, November 9, 2015

American President Line (APL) parent company confirms takeover talks

NOL, the parent company of APL has confirmed they are in take over talks with
Maersk and CMA CGM.  I presume they are in separate talks with each company,
however the combination of these 3 companies would certainly be interesting.

From World Maritime News

Singapore-based container shipping company Neptune Orient Lines Limited (NOL) is in preliminary discussions with French CMA CGM SA and Danish A.P. Moeller-Maersk A/S with respect to a potential acquisition of NOL, the company said, thus confirming recent media reports.
“NOL has a duty to assess all options to maximise shareholder value and improve its competitiveness. From time to time, NOL enters into discussions on possible combinations involving NOL, while remaining focused on returning its core liner business to sustainable growth and profitability,” NOL added.
However, the company stressed that there is no assurance that any such discussions will result in any definitive agreement or transaction, or that any offer for NOL will be made.
“NOL will make an appropriate announcement in the event that there are any material developments. Shareholders of NOL and investors are therefore advised to exercise caution when dealing in shares in and other securities of NOL,” the company concluded.
The confirmation comes on the back of an announcement dating back to July, in which NOL said that the investment company Temasek Holdings Pte. Ltd, NOL’s majority stake owner, was in talks with an undisclosed buyer to sell its stake in NOL, but that there was still no definitive deal yet.
Previously, NOL had been linked to a potential merger with German carrier Hapag-Loyd and subsequently Hong Kong’s Orient Overseas (International) Ltd, nevertheless none of them were realized.Tamasek holds 65% stake in the company whereas the remaining 35% is traded on the Singapore Stock Exchange. NOL, which operates through the APL brand, has 92 vessels in its fleet.

Thursday, November 5, 2015

Swift International Logistics- license revoked by the FMC

The U.S. Federal Maritime Commission has received several complaints from customers of
Swift, stating their cargo has not been delivered, and they cannot get information from Swift.

On Nov. 3, 2015 the FMC announced they have revoked the license of Swift, and some of the apparently abandoned cargo is in peril of being auctioned.  Following is the news release from the FMC.

November 3, 2015

On November 2, 2015, the Federal Maritime Commission (FMC) revoked Swift International Logistics Inc.’s (Swift) ocean transportation intermediary (OTI) license. Swift is no longer authorized to provide OTI services. Consumers and businesses should not tender cargo to Swift or its agents for the international shipment of goods.
The Commission has information that four shipments that were handled by Swift will be auctioned by transportation providers to whom payments for service have not been made.
The consignees are:
  1. Naveed Ali 
    • place of delivery: Jebel Ali, United Arab Emirates 
    • estimated date of arrival: 7 October, 2015
  2. Francoise Marie
    • place of delivery: Bassens, France
    • estimated date of arrival: 25 August, 2015
  3. Allan Fraser Brown
    • place of delivery: Dar Es Salaam, Tanzania
    • estimated date of arrival: 18 September, 2015
  4. Pasquale Vassilli
    • place of delivery: Lisbon, Portugal
    • estimated date of arrival, 27 August, 2015
The above-named consignees or their agents should contact the Commission’s Office of Consumer Affairs and Dispute Resolution Services at 202-523-5807 or as soon as possible.
click here for link to FMC