Maersk Line News
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Changi Airport, Southeast Asia’s largest freight airfield, plans to attract more gold bars, tuna and vaccines to Singapore as it seeks to increase handling of high-value cargo to make up for slowing trade.
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A.P. Moeller-Maersk A/S said its container-shipping line, the world’s largest, posted a first- quarter profit as freight rates picked up.
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European stocks climbed to their highest level in almost five years as a report showed that U.S. consumer confidence rose more than economists had predicted, while banks and carmakers increased.
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Hapag-Lloyd AG, Europe’s fourth- largest container-shipping line, said its first-quarter loss almost halved as freight rates rose slightly and it reiterated its forecast of a 2013 operating profit.
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The 33,000 containers handled at JadeWeserPort since Germany’s only deepwater docks opened for business in September are a far cry from the annual 2.7 million forecast when state governments embarked on the 1 billion-euro ($1.3 billion) project a decade ago.
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Maersk Line, the world’s biggest container shipping company, will stop using the Panama Canal to transport goods from Asia to the U.S. East Coast as bigger ships help the company move them profitably through Suez Canal.
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A.P. Moeller-Maersk A/S, owner of the world’s biggest container-shipping company, plans to add more vessels to its Singapore base after making the city-state its biggest hub after the headquarters in Denmark.
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Maersk Line, the world’s largest container carrier, said it will cut 9 percent of its shipping capacity on Asia to Europe, its largest trade route, in an effort to restore profitability.
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As Europe’s economic slowdown reshapes global trade patterns, the world’s biggest container line is accelerating its strategy to tap into Asian growth by starting a new direct route to South Korea.
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The container shipping industry may face a wave of mergers as carriers try to cushion themselves from the current crisis and grow to lower costs and improve access to funding.
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