OPEC+ agrees on record production cut
Oil & GasOPEC and its allies have agreed to cut oil production by 9.7 million barrels per day starting May 1st. The record cut is aimed at stabilizing the oil price which has dropped dramatically due to...Read more
“Project cargo demand stays positive if virus contained by Q4”
Drewry expects demand growth for breakbulk and project cargo to stay positive if the coronavirus is contained by the fourth quarter of 2020. “We expect demand for this year to be on par with 2019...Read more
AAL offers free freight transport to charities
ShippingPRESS RELEASE – AAL Shipping has launched a new initiative offering free freight transport to charities worldwide. Named ‘Get Onboard!’, the initiative will run for an indefinite period and will consider any registered charity worldwide...Read more
Temporary lay-offs and worktime reduction at Wärtsilä
Equipment manufacturersPRESS RELEASE – To mitigate the negative impact caused by the pandemic, Wärtsilä is taking steps to minimise the negative impact on its operations. These actions include reduced worktime and temporary lay-offs of personnel. The Finnish...Read more
12% less breakbulk in North Sea Port but steel volumes rise
Ports & TerminalsNorth Sea Port’s breakbulk and ro/ro volumes dropped significantly in the first quarter of 2020. The decrease is mainly a result of the global economic environment and not of the corona crisis. “But the impact...Read more
Konecranes sends 2,000 employees home for 90 days
EquipmentPRESS RELEASE – Konecranes has concluded its negotiations with the Finnish works council regarding temporary layoffs covering all of the company’s employees in the country, some 2,000 in total. The negotiations were started last week...Read more
Freight forwarders declare ‘Force Majeure’
Project logisticsDHL Global Forwarding and Ceva Logistics have declared ‘force majeure’, temporarily relieving the companies of their normal contractual obligations if the inability to perform is caused by consequences of the coronavirus. DHL Global Forwarding was the...Read more
Breakbulk Europe moved to end September
EventsBreakbulk Europe has been postponed until the 29th of September as a result of the coronavirus pandemic. The event will now take place at Messe Bremen from 29 September to 1 October 2020. “We have been...Read more
Konecranes discussing temporary lay-offs of up to 2,000 employees
EquipmentCrane manufacturer Konecranes has started talks with Finnish works councils to discuss temporary lay-offs of up to 90 days. The talks cover Konecranes’ entire Finnish operation which has some 2,000 employees in total. Many of Konecranes’...Read more
Singapore opens port for crew changes
CoronavirusSingapore has opened its port for crew changes, answering the call of the shipping industry. Since the outbreak of the coronavirus, many ports prohibited crew changes leaving seafarers stuck on their ships and putting extra...Read more
BIFA: extend Brexit transition to cushion corona shock
CoronavirusPRESS RELEASE – The British International Freight Association (BIFA) is calling upon the UK government to request an extension to the Brexit transition period. As a result of the coronavirus, “members will be less well...Read more
Oil companies cut investments by tens of billions of dollars
PetrochemicalFaced with the coronavirus and the crude price collapse, oil and chemical companies are drastically scaling back capital investments to preserve cash. Most major companies have announced multibillion-dollar reductions. Shell will reduce its 2020 capital expenditure...Read more
WW reduces fleet and cancels dividend in COVID-19 response
Ro/ro shippingPRESS RELEASE – Wallenius Wilhelmsen (WW) is taking “decisive action” in response to the coronavirus. The company will reduce its active fleet by sending 10 vessels into cold lay-up, scrapping another four vessels and possibly...Read more
Geodis creates air and rail services for urgent shipments
Freight forwardingPRESS RELEASE – Geodis has established a number of air charter services to assist cargo owners with urgent shipments between China, Europa and the United States during the ongoing Coronavirus crisis. Rail alternatives are also...Read more
DSV withdraws guidance for 2020 as corona impact starts to show
Project logisticsDSV has withdrawn its 2020 guidance of USD 1.1 billion as the coronavirus outbreak is heavily affecting the company’s income. In February, the result was already USD 21 million below budget and with the virus...Read more
Jumbo: “Our ships continue sailing”
ShippingFollowing the Dutch measures to slow down the spread of the coronavirus, Jumbo Shipping has reported its ships have received the necessary instructions and, for now, continue their schedule. The company’s offices have been closed...Read more
Siemens Gamesa: “We will maintain manufacturing and installation operations”
Wind energyWhile the coronavirus is reaping havoc and the oil price plunged below 30 dollars, Siemens Gamesa has provided a shred of good news in an otherwise disastrous week: the wind turbine manufacturer will be able...Read more
Industry lashes out over coronavirus-related seafarer treatment
The maritime industry is frustrated by the treatment of seafarers who are left stranded on board of their ships as a consequence of the coronavirus. Travel restrictions are hampering crew changes causing logistical difficulties and...Read more