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Euronav appoints former CFO as CEO

Antwerp-based crude oil tanker company Euronav announced that its current CFO Hugo De Stoop will succeed Paddy Rodgers as CEO of the company in the course of the second quarter of this year. The Company has now started a search for a new CFO.

US investigation clears major shipping companies

Two of the biggest container shipping companies, Maersk and the Mediterranean Shipping Company, were cleared in an investigation of the sector by the US Department of Justice, on Tuesday February 26. If the investigation was to charge the companies, it could have imposed large fines at a time when the container sector faces many difficulties due to slowing global economic growth.

BDO, Moore Stephens merge, boosting their shipping presence

BDO has completed its merger with Moore Stephens LLP, creating the largest UK accountancy and business advisory firm focused on mid-sized, entrepreneurially-spirited businesses. As the company reported, the merged firm will operate under the BDO brand and as part of BDO’s international network, which has 80,000 people and revenues of $9 billion across 162 countries.

Tips to overcome pitfalls from a merger

McKinsey says that mergers, driven by overcapacity, can provide sizable operational synergies and commercial opportunities by combining two complementary businesses and provides tips for help industry players better manage the integration process.

Transport demand to increase in 2018

Hapag-Lloyd expects transport demand to increase by 4% in 2018, while in the same time, the German shipping group predicts that more shipping firms will proceed to mergers during 2018. After the company’s merger with Arab UASC, it could achieve up to 90% of its targeted annual savings in 2018 and 100% in 2019.

Japanese merger “turning point” for container shipping

The business integration of the three major Japanese container shipping companies, K Line, MOL and NYK, is expected in April of this year, marking a new beginning in the global supply chain. Ocean Network Express, aims to provide more competitive services, responding to the imbalance of supply and demand in the container shipping industry.

K Line CEO: We must be ready ahead of major challenges

Although combined efforts have borne fruit in 2017, it appears that more time will be required before K Line sees a substantial recovery in the supply-and-demand balance, so it must continue to be prepared for tough times, was the main takeout of K Line’s President & CEO, Eizo Murakami, in his New Year Message.

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