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.
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 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.
Four trade associations of the international liner shipping industry submitted comments to the European Commission supporting the extension of the EU consortia block exemption regulation for five years more beyond its current 2020 expiration date.
The French Prime Minister Édouard Philippe announced a national ports strategy and ports mergers, aiming to face challenges that the creation of shipping alliances cause. Namely, France will redefine the financial relations between the State, the local authorities and the major seaports.
In its recently published quarterly magazine, Korean Register cites what it considers to be the top ten issues driving the shipping and shipbuilding market throughout 2017.
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.
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.
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.
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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