The COVID-19 pandemic
has brought an unprecedented disruption to global maritime trade, and an even bigger crisis is down the road unless global coordinated action is taken. Amid a growing uncertainty, the great dilemma for governments seems to be protecting public health and maintaining trade transport at the same time, subsequently, safeguarding global economic stability.
Exploring this conflicting issue was at the center of a Winward webinar, which convened maritime experts to discuss how...
The European Commission has prolonged for another four years the ‘Consortia Block Exemption Regulation
‘. The regulation outlines the conditions under which liner shipping consortia can provide joint services without infringing EU antitrust rules that prohibit anticompetitive agreements between companies. Now the regulation is extended until 25 April 2024.
Generally, EU law bans agreements between companies that restrict competition. However, the Consortia Block Exemption Regulation allows,...
Royal Caribbean Cruises secures a USD 2.2 billion 364-day secured term loan facility to boost its liquidity.
Wallenius Wilhelmsen decided to take strong action to be ready amid the COVID-19
pandemic. The company will withdraw the proposed dividend for 2019, recycle up to four vessels, while it will also place up to 10 vessels in cold lay-up in order to address vessel overcapacity.
According to the company, its overcapacity was equal to a fleet of 10-15 vessels net of already planned redelivery of charter vessels. For this reason, it decided to recycle older vessels, while at the same time cutting...
The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 13-20 March 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.
- In the Middle East, rates for 280,000mt to the US Gulf via Cape to Cape routing, fell back to WS120 having reached just...
US ports ask for $6 billion grants to manage COVID-19 crisis
Shipping firm Wallenius Wilhelmsen announced that amid the COVID-19 crisis and the disruptions in the industry, cuts its dividend to zero and will mothball up to 10 vessels.
In addition, the company added that it will scrap up to four older vessels.
Craig Jasienski, president and CEO of Wallenius Wilhelmsen commented that the company has been feeling the impact of the coronavirus, as the world economy and the global supply chains remain unpredictable.
Our strong focus on synergies and cost...
Amid the COVID-19 pandemic
and the negative affects that has brought for the economy, the Norwegian-based engineering company, Kvaerner is setting precautions so as to reduce any negative influence of the virus upon ongoing projects and future business opportunities.
Specifically, Kvaerner plans to propose at its scheduled general meeting to not pay dividends and a zero increase in the compensation to the company’s directors.
In light of the situation, the company’s CEO proposed a 10% reduction...