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Lundh’s chemical coup
Swedish shipbroker races to cash in on management of small Turkish chemical tankers built on spec during the market boom.
Spending on ice
Nils Andersen has slammed the brakes on all new investment at AP Moller-Maersk in light of the global economic slowdown.
AP Moller chief Nils Andersen.
The company has been hit by collapsing container rates and a crash in energy prices and will earn less money in the coming years, the group chief executive warns.
Speaking to the group’s official magazine, he said: “We want to free up cash to allow us to seize investment opportunities if they occur. We will run our business the next couple of years in a way where we do not need additional funds from banks.
“I fully understand how frustrating it must be if you have worked hard on a project that is now being postponed or canceled.
“However, even after reducing our investment plan, we’ll still be investing strongly above our depreciation level over the coming two years.”
Analysts say the move shows just how difficult the money markets are at the present time.
Jacob Pedersen of Sydbank said: “Maersk has a strong history of investing heavily, so this is a pretty drastic situation.”
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RLOG on the up
Great Lakes bulker specialist predicts another profitable year as expanded fleet lifts bottom line.
Full circle for finance man
Investment banker Kevin O'Hara has rejoined New York boutique firm AMA Capital Partners after seven years.
Iran facing shipping squeeze
Trade dwindling as Maersk and Hapag-Lloyd among those pulling out due to US and EU sanctions.
Strike three for Saverys
Shipowner Marc Saverys continues to sell off stock in shipbroker Clarksons.
DSX plays down Daelim drama
Cargill steps in as South Korean charterer coughs up cash to cover early return of bulker to US-listed owner.
Tough end for ASL Marine
Singapore-listed offshore company sees revenue and earnings sliced by a quarter in the final period of 2011.
Dividend chop just the start
Axing of shareholder payouts at OSG may need to be accompanied by asset sales, analyst says.
Peel plots post-panamax port
Port of Liverpool owner ready to spend £250m on new containership facility at Seaforth.
Seabird swoops on contract
Oslo-listed seismic outfit eases financial troubles with award of $13m deal.
GE earnings cut
Weaker bulker markets in third quarter sees Indian owner's profit chopped, but tankers improve.
BLT has some backing
Creditors are being supportive of Indonesian owner’s restructuring efforts, says Kevin Wong.
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