The world’s shipping lines risk bankruptcy and will have to shed assets in order to stay afloat, an industry expert has warned CNBC.» Read More
*A.P. MOLLER-MAERSK down 10 pct on dividend pay. LONDON, March 31- European shares extended gains on Tuesday and headed for their best quarterly performance in several years, with Kingfisher leading the market higher after announcing it planned to sell about 60 B&Q stores in Britain. Shares in Europe's biggest home-improvement retailer were up nearly 5 percent...
COCOLI, Panama, March 26- As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion that would allow it to handle the world's biggest ships. It is being headed by Italy's Salini Impregilo and Spain's Sacyr, and should open on April 1, 2016. "Looking at our geology and...
COPENHAGEN, Denmark— Maersk Line says it has ordered seven ice-class container vessels from Chinese shipyard COSCO as a first step in a $15 billion investment program. The Copenhagen- based company said Thursday it needs new vessels to "grow with the market," and expects to announce more orders this year. Maersk Line is part of shipping and oil group A.P....
European stocks ended the day in the green on Tuesday afternoon, after fluctuating throughout in the day.
European shares closed higher on Tuesday, boosted by easing tensions in Ukraine and stellar earnings reports.
China's rejection of a game changing container shipping alliance has deepened pessimism in an industry plagued by overcapacity, analysts say.
European shares closed higher on Tuesday, bouncing back from Monday's losses.
A.P. Moller-Maersk said on Tuesday it had dropped its ship pooling plan after China's Ministry of Commerce announced it had not approved it.
European shares closed slightly up on Wednesday, after wavering throughout the day, as investors looked towards central bank policy.
Danish shipping and oil group Moller-Maersk reported a first-quarter net profit above forecast thanks to doubling of profit in container shipping business Maersk Line.
The sanctions taken against Russia by the West over its annexation of Crimea are already having an impact.
European equities closed lower on Wednesday as investors continued to fret over mixed signals from U.S. Federal Reserve officials.
Danish shipping group delivered better-than-expected net profit and raised earnings outlook for the year on stronger Asia growth.
"We are expecting the market to go through a consolidation phase," Katrina Dudley of Franklin Templeton.
The world's three largest ocean carriers are forming an "alliance" on the trade routes connecting the world's three biggest economic centers.
Shipping group Moller-Maersk delivered better-than-expected earnings on Friday and lifted its profit target, but the group's CEO warned that the outlook for container shipping remained challenging.
European stocks closed higher after volatile trade on Friday, boosted by a rally in the auto sector. The pan-European FTSEurofirst 300 closed provisionally at a new 5-year closing peak.
The chief executive of the world's largest container shipping company Moeller-Maersk told CNBC that the company would not order any new ships this year and it had idled 28 vessels around the world this year.
The routes are getting investment from shippers, said Maersk CEO Nils S. Andersen.
Over-capacity in the global container ship market will continue to provide a drain on profit growth in 2013, according to Maersk CEO of North Asia, Tim Smith