Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
A slowdown in China has sent commodity prices swooning and dealt a blow to global growth. Now a stuttering recovery in the world's second-largest economy could spark the biggest shipping union in years.
Neptune Orient Lines, owned by Singapore's state fund Temasek Holdings, over the weekend announced that it has entered exclusive talks with, France's CMA CGM—the world's third largest container shipping line—over a potential takeover.
If it goes through, NOL and CMA's merger would be the biggest container shipping deal in years.
Analysts say the deal is a sign of further consolidation in the global shipping industry on the back of a collapse in freight rates as growth in China slows, reducing the country's appetite for commodities just as a backlog of large vessels come into service.
"There is definitely a consolidation trend going on," Singapore Shipping Association's president Esben Poulsson told CNBC's The Rundown on Monday.
"At a difficult moment of the cycle, consolidation is obviously a way for these players to gain greater market share and greater strength toward the customers."
Even so, the price of the merger will "no doubt the price will reflect that we are in a difficult period," said Paulsson.
The Baltic Dry Index (BDI), a measure of freight rates for shipping bulk cargoes such as iron ore, coal and grains tanked to a new record low last week, reflecting slowing global trade.
"There's simply too much capacity and obviously at these current rates, it's not a sustainable business, it cannot continue on a long-term basis but it is a function of the market," said Paulsson.
In an report in October, London-based shipping consultancy Drewry said container shipping is set for another three years of overcapacity and financial pain due to slowing global trade and a bloated order book of large vessel capacity—placed when China was gobbling up large amounts of raw material imports that are now slowing.
China October imports fell 18.8 percent in value from a year ago, the General Administration of Customs said in early November. Exports also declined.
While import volumes for some commodities rose on stockpiling, iron ore import volumes fell 4.9 percent on year, hitting the BDI as dry bulkcarriers ship more iron ore than any other commodity.
Drewry said that an additional 1.6 million twenty-foot equivalent unit (teu) of capacity is being added to the world container fleet this year, which is equivalent to container shipping growth rate of 7.7 percent – far above its forecast of just 2.2 percent.
Another 1.3 million teu will be added to the global fleet in 2016, with over-capacity now tipped to exceed that during the global financial crisis in 2009, added Drewry.
Last month, NOL reported a wider net loss of $96.1 million for the third quarter of this year – worse than the loss of $52.3 million in the same period last year – due to weak global demand and a steep decline in freight rates.
NOL, which is 66.9 percent owned by Singapore sovereign wealth fund Temasek Holdings, had said earlier in November that it was in preliminary discussions with CMA and Denmark's AP Moller-Maersk, the world's largest container shipping line, over a possible sale.
This came after China shipping giants Cosco Group and China Shipping Group are said to be in talks over a possible merger, Reuters reported in August, citing a source with direct knowledge of the discussion.
Share prices of NOL were jumped Monday after its weekend announcement.
OCBC Investment Research said in a note Monday that even though it thinks CMA could even be willing to pay a premium due to NOL's technologically up-to-date and operationally efficient fleet, investors should be cautious of the deal falling through given the poor industry outlook.