A prolonged crisis in the Red Sea has been identified as a significant factor behind AP Moller-Maersk’s sharp decline in earnings before interest, taxes, depreciation, and amortisation (EBITDA), which dropped 92% year-on-year (YoY) for the first quarter (Q1) of 2024. While gross revenue stood at $3.2 billion for Q1 in 2023, the line’s EBITDA fell to $1.5 billion. Excluding depreciation and amortisation, EBIT decreased to $117 million from $2.3 billion
Category: Shipping News
Urgent Upgrades Needed to Boost Competitiveness of South African Ports
Addressing the persistent equipment issues at South African ports is crucial for maintaining the competitiveness of the sea freight sector. Years of neglect and mismanagement of funds have led to significant capital expenditure shortfalls, creating substantial challenges in upgrading the necessary infrastructure. While borrowing funds remains an option, it exacerbates the country’s escalating debt levels. Peter Besnard, CEO of the South African Association of Ship Operators and Agents (Saasoa), underscores
Maersk Commits $600 Million to Upgrade Nigeria’s Port Infrastructure
Danish shipping giant Maersk has announced a $600 million investment aimed at upgrading Nigeria’s port infrastructure, signaling a significant boost to the country’s maritime sector. The investment pledge was secured during a meeting between Nigerian President Bola Tinubu and Maersk chairman Robert Maersk Uggla at the World Economic Forum gathering in Saudi Arabia. Uggla expressed the company’s commitment to enhancing existing facilities and making ports more accommodating for larger vessels.
Transnet’s Port Partnership Sparks Economic Optimism in Cape Town
The City of Cape Town has hailed as “long overdue” the recent announcement by Transnet seeking a private partner for port development, marking a pivotal shift towards enhancing productivity. James Vos, Mayoral Committee Member for Economic Growth, praised the move as a critical step towards addressing the port’s well-documented inefficiencies, which have long burdened South Africans. He emphasized the significant impact of delayed imports on both exporters and consumers, stressing
AD Ports Group Spearheads Luanda Port Terminal Modernization
In a groundbreaking initiative poised to reshape Angola’s maritime landscape, AD Ports Group has solidified strategic alliances with local entities Unicargas and Multiparques, securing a 20-year concession agreement with the Luanda Port Authority. This landmark collaboration represents a significant stride towards the modernization and expansion of the existing Luanda multipurpose port terminal, heralding a new era of efficiency and growth in the region’s logistics domain. With a committed investment of
Green methanol-enabled Ane Maersk makes first call in Dubai
Maersk’s first large vessel that can run on green methanol, Ane Maersk, arrived in Dubai, UAE for the very first time and was welcomed by DP World at Jebel Ali. “Serving the AE7 string, which connects Asia and Europe, Ane Maersk arrived in the UAE on her rotation, beginning in Hamburg in Germany and covering several ports in Europe, the Mediterranean and the Gulf countries. She will further sail to
Port Modernization in Guinea-Bissau To Boost Regional Trade
Senegal’s ambitious construction of the Ndayane Port, set to become West Africa’s largest deep-sea port by 2027, is a testament to the region’s commitment to infrastructure development. With gas production from Grande Tortue Ahmeyim (GTA) in Senegal and Mauritania, and first oil from Sangomar in Senegal, the MSGBC nations are gearing up to accommodate increased exports. Guinea-Bissau, recognizing the need to modernize its ports, initiated a significant project to upgrade
The Lobito Corridor Sparks Agricultural and Industrial Development
The dynamism of the Lobito Corridor is fueling increased production of agricultural goods by the business class and family producers across six provinces in Angola. Lucas Ábias, acting president of the Chamber of Business Development in Benguela province, made this acknowledgment during the opening of the International Forum for Investment in the Central and Southern region of Angola. Ábias highlighted the positive impact of the corridor’s development on entrepreneurship, particularly
Maersk enhances service between India and North Europe
Maersk announced an upgrade to its ME2 ocean service to include port calls in North Europe, namely Rotterdam, Felixstowe and Bremerhaven. “This extension of the ME2 service to key destinations in North Europe will benefit North India’s exporters, particularly those in the lifestyle and retail sectors. With upgraded service, manufacturers and exporters will get expedited access to important consumer markets in North Europe. The transit times for ocean transports between
Los Angeles, Long Beach ports finish Q12024 with volume gains
The Port of Los Angeles handled 743,417 container units in March, a 19 percent increase over the previous year. It was the eighth consecutive month of year-over-year growth at the port, says an official release. “For the first quarter ending March 31, local dockworkers moved 2,380,503 TEUs across Los Angeles marine terminals – nearly 30 percent more than 2023. It was among the port’s best first quarter starts, behind only