Tag

Container Shipping

All articles tagged with #container shipping

business1 year ago

"Baltimore Bridge Collapse Fallout: MSC's Cargo Ship and the 1851 Law Complication"

MSC, the world's largest ocean carrier, has decided to terminate the delivery of diverted containers outside of the Port of Baltimore, placing the responsibility of cargo pick up and transport on the shipper due to the port's indefinite closure following a container ship accident and bridge collapse. Other major carriers have also announced similar moves, causing disruptions in the supply chain and logistics industry. The situation has prompted meetings with transportation officials and industry professionals to mitigate congestion and address potential supply chain impacts.

business-shipping1 year ago

Maersk's Profits Hit as Red Sea Disruption Leads to Share Buyback Suspension

Maersk warned that container shipping overcapacity would impact profits more than expected this year and downplayed the boost from the jump in freight rates due to Red Sea disruptions, leading to a 17% plunge in its shares. The company suspended its share buyback program and expects the oversupply of vessels to affect earnings in the coming years, with a projected underlying EBITDA of $1-6 billion for 2024, below analyst expectations. CEO Vincent Clerc cautioned against expecting a significant profit boost from the Red Sea crisis and emphasized the long-term impact of overcapacity on shipping prices.

business2 years ago

"Maersk's Container Shipping Faces Sluggish Demand Ahead"

A.P. Moller-Maersk, one of the world's largest container shippers, has warned of a steeper decline in global demand for shipping containers by sea this year, with container volumes expected to fall by as much as 4%. The company attributes this decline to muted economic growth and customers reducing inventories. CEO Vincent Clerc does not anticipate a rebound in trade activity this year and predicts that the drawdown of inventories will take longer in the U.S. than in other regions. Maersk's second-quarter earnings fell to $2.91 billion from $10.3 billion a year earlier, but beat analysts' expectations. The company has also narrowed its profit forecast for the year.

finance2 years ago

ZIM Integrated Shipping Services Q1 2023 Results: Brace for Losses

ZIM Integrated Shipping Services is expected to report a large loss for Q1 2023, with analysts forecasting a loss of $0.22 per share and a 57.3% YoY decrease in revenue. The container shipping company is facing a tough market ahead, with shipping rates continuing to dip and newbuilds set to hit the market. Despite this, some investors remain bullish on the stock and forecast a dividend surprise, but the company's switch to losses could usher out remaining bulls. The author maintains a bearish investment thesis on the stock heading into a lackluster year ahead.

shipping2 years ago

US Imports Rise in April, California's Port Dominance Slips, and Poor Service Threatens Ag Export Recovery.

US imports are rising off their lows, with monthly imports now either at or above 2019 levels, depending on which data source you use. Several ports saw large month-on-month import gains in April, with imports from China bouncing back up to 36.8% in April from just 31.6% in March. However, the National Retail Federation struck a more cautious note, highlighting the declines versus the 2021-22 peak, the uncertainties ahead, and a reduced outlook for peak season.

business2 years ago

Bed Bath & Beyond seeks financial recovery through various means.

Bankrupt retailer Bed Bath & Beyond is seeking tens of millions of dollars in claims against container shipping lines, alleging that they did not perform during the supply chain crisis. The company has filed a claim with the Federal Maritime Commission seeking at least $31.7 million from OOCL, a subsidiary of China’s Cosco, and is poised to pursue at least $7.8 million in claims against South Korea’s Yang Ming. BBB is also seeking reparations for peak season surcharges, detention, and demurrage charges.