Shorter RFPs gain ground as market softens

A white semi-truck is traveling down a road with a blue sky in the background.

After years of soaring rates and strained capacity, shippers have been buoyed by a softening market over the past few months. As capacity loosens up and spot rates fall, shippers and carriers alike are taking a look at their contracts. While carriers are hoping to lock in new annual rates before they dip even lower, shippers may be interested in evaluating shorter-term options that allow them to take advantage of future market shifts. 

“For the first time in more than 3 years, the market is more...

https://www.freightwaves.com/news/shorter-rfps-gain-ground-as-market-softens

UNCTAD: Ukraine war raises global shipping costs, stifles trade

The Russian invasion of Ukraine is stifling the trade and logistics of Ukraine and the Black Sea region, increasing global vessel demand and the cost of shipping around the world.

In a report entitled “Maritime trade disrupted: The war in Ukraine and its effects on maritime trade logistics” published June 28, the UN’s trade and development agency, UNCTAD, says that Ukraine’s trading partners now have to turn to other countries for the commodities they import.

It attributes the shipping and...

https://www.marinelog.com/legal-safety/shipping/markets/unctad-ukraine-war-raises-global-shipping-costs-stifles-trade/

Carnival quarterly update gives cruise share prices a boost

Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK), the world’s largest cruise company, today released its second quarter business update and though there was plenty of red ink splashing around, investors liked the rest of what Carnival had to say enough to give the company’s stock a boost that saw the company’s share up by over 11% as of 2.30 p.m. today.

Other cruise shares also went up in Carnival’s slipstream, with both Norwegian Cruise Lines Holdings (NYSE: NCLH) and Royal Caribbean...

https://www.marinelog.com/legal-safety/shipping/carnival-quarterly-update-gives-cruise-share-prices-a-boost/

Maersk reports “best earnings quarter ever”

A.P. Moller – Maersk (Maersk)may no longer be quite the world’s largest operator of containerships, but it continues to be a money machine, reporting record results for first quarter 2022 across all its businesses. Revenue was up 55% to $19.3 billion, EBITDA more than doubled to $9.1 billion and free cash flow increased to $6 billion.

“In Q1 we delivered the best earnings quarter ever in A.P. Moller – Maersk with growth across Ocean, Logistics and Terminals,” said CEO Søren Skou. “The increased...

https://www.marinelog.com/legal-safety/shipping/markets/maersk-reports-best-earnings-quarter-ever/

Descartes Releases April Report on Global Shipping Crisis: Record Import Volumes but Reduced Port Congestion

ATLANTA, Georgia – Descartes Systems Group (Nasdaq: DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, released its April report on the ongoing global shipping crisis and analysis for logistics and supply chain professionals. The report shows stronger U.S. ocean container import volumes in March, but reduced wait times at top U.S. ports. However, China’s COVID lockdowns combined with recent geopolitical conflict suggest there may be continuing levels of...

https://allaboutshipping.co.uk/2022/04/23/descartes-releases-april-report-on-global-shipping-crisis-record-import-volumes-but-reduced-port-congestion/

EU has opportunity to harness crisis to deepen economic union, Structural reforms required to safeguard democratic future, and more

EU has opportunity to harness crisis to deepen economic union

By Ellie Groves and Taylor Pearce

The response from the European Commission after the 2008 financial crisis was slow and partial. Having learned from these missteps, the European Union’s response to Covid-19 was swift. The Russian invasion of Ukraine has posed yet another crisis. The EU has an opportunity to harness these crises to implement much-needed reform within its institutions and member states.

 Structural reforms required...

https://allaboutshipping.co.uk/2022/04/23/eu-has-opportunity-to-harness-crisis-to-deepen-economic-union-structural-reforms-required-to-safeguard-democratic-future-and-more/

Structural reforms required to safeguard democratic future, Europe needs action now on inflation to brake loss of euro trust, and more

Structural reforms required to safeguard democratic future

By Sunil Sharma and William White

Macroeconomic stabilisation policies cannot address the deep structural problems that confront the economies of many advanced democracies. Indeed, pretending that they can poses a threat to democracy itself as a worsening economic reality increasingly disappoints popular expectations. To confront this political vulnerability, actual policies must be improved, but popular expectations must also become more...

https://allaboutshipping.co.uk/2022/04/22/structural-reforms-required-to-safeguard-democratic-future-europe-needs-action-now-on-inflation-to-brake-loss-of-euro-trust-and-more/

Fugro Trading update Q1 2022

Strong revenue and backlog growth

Improved EBIT and cash flow

  • Revenue increased by 23.3% supported by high client demand in energy and infrastructure markets
  • Overall margin improvement in a seasonally weak quarter
  • Free cash flow was negative EUR 7.2 million; a significant year-on-year improvement
  • 12-month backlog is up by 27.8% to EUR 1,164 million
  • Outlook full-year 2022: continued revenue growth and further margin expansion.

NOTE: SEE ATTACHED PDF for KEY FIGURES

Mark Heine, CEO: “We experience...

https://allaboutshipping.co.uk/2022/04/22/fugro-trading-update-q1-2022/

FTSE opens higher following mixed overseas trading, with Tesla helping lift tech sentiment

Sophie Lund-Yates, Lead Equity Analyst at Hargreaves Lansdown
  • Tech-heavy NASDAQ is down over 1% after Netflix’s disappointing subscriber losses, but Tesla results put the worst of tech fears to bed
     
  • FTSE100 up 0.4%, following mixed trading from Wall St and Asia
     
  • US Federal Reserve chair Jerome Powell, ECB President Christine Lagarde and Bank of England governor Andrew Bailey are due to meet today, with inflation, interest rates and the Ukraine crisis likely to be discussed
     
  • Oil price...

https://allaboutshipping.co.uk/2022/04/21/ftse-opens-higher-following-mixed-overseas-trading-with-tesla-helping-lift-tech-sentiment/

Rentokil 1st quarter trading update – sales grow after raising prices

Steve Clayton, fund manager of the HL Select UK Growth Shares fund

Rentokil Initial has released a trading update covering the three months to end-March. The group’s sales grew by 1.8% to £722m. Strip out the extraordinary contribution from Covid-related disinfection revenues in the prior year and the underlying growth rate was 12.3%. The group was able to recover all of its input cost inflation by raising its own prices, achieving organic revenue growth of 8.0% in the process. The large...

https://allaboutshipping.co.uk/2022/04/21/rentokil-1st-quarter-trading-update-sales-grow-after-raising-prices/

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