K Line is taking a JPY50bn ($448m) hit on the cancellation of charter contracts for bulkers and containerships.
Owner of the world’s largest container line AP Moller – Maersk released its annual results on Thursday talking about an accelerated transformation, however, more than two years into a huge restructuring exercise the group remained in the red for 2018.
Sinotrans-CSC Phoenix announced that, the company had received resignations letters from all eight management members of its specialised cargo department, bringing uncertainty the company’s operations.
Container line joint venture Ocean Network Express (ONE) dragged down all of Japan’s big three shipowners in the first half of FY2018 with both NYK and K Line in the red.
New Japanese container line joint Ocean Network Express (ONE) is forecast to lose $600m in its first year of operation with lower than expected volumes caused by issues with its IT systems and higher than expected fuel costs.
Japan's big three shipowners – NYK, Mitsui OSK Lines (MOL) and K Line – all reported first quarter losses hit by the start-up of container line joint venture Ocean Network Express (ONE).
The introduction of the 0.5% low sulphur cap for marine fuels from 2020 is expected to increase losses dues to machinery failures according to insurer QBE.
The waters of South China and Southeast Asia have become the accident hotspot for global shipping, with 30 vessels, making up almost a third of the 94 losses worldwide coming from the region in 2017.
As AP Moller - Maersk seeks to exit energy related business offshore rig owning company Maersk Drilling reported a $1.67bn loss for Q3, hit by impairments of $1.75bn.