CMA CGM in debt moves
France’s CMA CGM plans asset sales to raise cash and has asked its banks to reschedule debt payments for this year and next, demonstrating how slumping container ship earnings have…
Maersk laments erosion of shareholder value
The container shipping industry is consistently destroying shareholder value and needs to rein back fleet growth to improve returns, the new chief executive of Maersk Line, operator of the world’s…
Costa Concordia experts set July deadline
Court-appointed experts have until July 21 to complete investigations into the Costa Concordia‘s “black box” voyage data recorder, which should reveal vital information on what happened on the night of…
Costa Concordia’s fateful night
Arrivederci was the name of the vodka-based cocktail of the day on deck three, bingo was running two decks above, while Martin the Magician was getting his show under way…
Torm struggles as cash reserves dwindle
Denmark’s Torm is rapidly depleting its cash reserves and risks being asked to repay all its $1.9bn debt immediately, according to a gloomy annual report that will further increase speculation…
Fredriksen adds to oil tanker war chest
John Fredriksen, the world’s most high-profile shipowner, has unveiled the latest phase of his audacious plan to invest heavily in new oil tankers by selling NKr5.67bn ($1.02bn) of shares in…
OSG weighs options after loss deepens
Overseas Shipholding Group, the largest US oil tanker operator, is considering selling ships, issuing new shares or taking on more debt to improve liquidity, it has announced. The move comes…
Maersk profits sink 33% on container woes
A sharp reversal in the fortunes of Maersk Line, operator of the world’s largest container ship fleet, helped to send net profits at Denmark’s AP Møller-Maersk down 33 per cent…
CMA CGM rescuer wants substantial changes
The entrepreneur who rescued CMA CGM from insolvency has warned that the world’s third-largest container ship operator by capacity needs to make substantial adjustments to reflect his influence and make…
Global slump in box shipping takes Nol into red
Singapore’s Neptune Orient Lines on Wednesday became the highest-profile container shipping company so far to unveil a slide into negative figures for 2011, when it announced a US$478m net loss,…
Shipowners ‘claiming protection of US Bankruptcy Court’
Struggling international shipping companies are increasingly lodging cash with US law firms in the hope of using US bankruptcy laws to provide protection against lenders, senior lawyers have told the…
Maersk Line to cut Asia to Europe capacity
Denmark’s Maersk Line, operator of the world’s largest container ship fleet by capacity, is to significantly reduce capacity in its Asia to Europe services, in a strategic volte-face likely to…
India detains Italian marines over fishermen deaths
The detention by Indian authorities of two Italian marines for allegedly killing fishermen after mistaking them for pirates last week threatens to escalate into a dispute between the two countries…
TNT Express rejects €4.9bn UPS offer
US logistics company UPS is in talks with TNT Express about a possible takeover, after the Dutch delivery company rejected an approach valuing it at about €4.88bn. After many years…
Frontline to steer conservative course
Frontline, operator of one of the world’s largest crude oil tanker fleets, has signalled a conservative approach for the foreseeable future after reporting a $530m net loss for 2011, the…