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Displaying items by tag: profits plunge

Danish shipping group AP Moller-Maersk has reported a steep drop in profit and revenue in the third-quarter of this year.

The giant operator which has a fleet of more than 700 vessels among them Laura Maersk, has said it would cut 10,000 jobs as it battles with lower freight rates and subdued demand for container shipping.

The Copenhagen based group has kept its full-year guidance for revenue and operating profit but now expects both to land at the lower end of the range.

"Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base," CEO Vincent Clerc said in a statement.

"Since the summer, we have seen overcapacity across most regions triggering price drops and no noticeable uptick in ship recycling or idling," he said.

The group which has 65 terminals across 36 countries, had already in August warned of a steeper decline in global demand for shipping containers by sea this year. The reason cited was due to slow economic growth and destocking in the aftermath of the Covid-19 pandemic.

RTE News has more.

Published in Ports & Shipping

Coastal Notes Coastal Notes covers a broad spectrum of stories, events and developments in which some can be quirky and local in nature, while other stories are of national importance and are on-going, but whatever they are about, they need to be told.

Stories can be diverse and they can be influential, albeit some are more subtle than others in nature, while other events can be immediately felt. No more so felt, is firstly to those living along the coastal rim and rural isolated communities. Here the impact poses is increased to those directly linked with the sea, where daily lives are made from earning an income ashore and within coastal waters.

The topics in Coastal Notes can also be about the rare finding of sea-life creatures, a historic shipwreck lost to the passage of time and which has yet many a secret to tell. A trawler's net caught hauling more than fish but cannon balls dating to the Napoleonic era.

Also focusing the attention of Coastal Notes, are the maritime museums which are of national importance to maintaining access and knowledge of historical exhibits for future generations.

Equally to keep an eye on the present day, with activities of existing and planned projects in the pipeline from the wind and wave renewables sector and those of the energy exploration industry.

In addition Coastal Notes has many more angles to cover, be it the weekend boat leisure user taking a sedate cruise off a long straight beach on the coast beach and making a friend with a feathered companion along the way.

In complete contrast is to those who harvest the sea, using small boats based in harbours where infrastructure and safety poses an issue, before they set off to ply their trade at the foot of our highest sea cliffs along the rugged wild western seaboard.

It's all there, as Coastal Notes tells the stories that are arguably as varied to the environment from which they came from and indeed which shape people's interaction with the surrounding environment that is the natural world and our relationship with the sea.