Machinery volumes to decline as Caterpillar’s sales fall by 23%
ConstructionIndustrial manufacturer Caterpillar is shipping out a lot less machinery as a result of the pandemic. Third-quarter sales have fallen by 23% to USD 9.9 billion, compared to USD 12.8 billion in the third quarter...Read more
Schlumberger cuts 21,000 jobs
Oil & GasSchlumberger is cutting 21,000 jobs in response to the pandemic and related oil crisis. CEO Olivier le Peuch says the second quarter “has probably been the most challenging quarter in the past decades.” The company...Read more
Aker Solutions posts better than expected results
OffshoreAker Solutions has recorded better than expected second-quarter results. Cost-saving measures and increased activity in existing projects have led to higher revenue, earnings and order-intake than anticipated following the outbreak of Covid-19. Read more
Logistical challenges and supply bottlenecks push Vestas into red
Wind energyLogistical challenges and supply chain bottlenecks have negatively impacted Vestas’ profits but despite the Covid-19 pandemic, global demand for wind energy remained strong in the first quarter of 2020, says Vestas CEO Henrik Andersen. Read more
DSV Panalpina cuts 3,000 jobs in pandemic response
Freight forwardingDSV Panalpina is cutting 3,000 jobs as part of a cost-cutting exercise sparked by Covid-19. The freight forwarder wants to reduce costs by EUR 190 million annually. Read more
Antwerp’s breakbulk sector continues to be battered
BreakbulkAntwerp’s breakbulk sector has taken another massive beating in the first quarter of 2020, dropping a staggering 27.8%. The Antwerp port authority says “the vicissitudes of world trade since mid-2019 continue to weigh on the...Read more
Order intake Siemens Gamesa shoots up 82%
RenewablesWind turbine manufacturer Siemens Gamesa saw its order intake shoot up by 82% in the last quarter, with the order book reaching more than EUR 28 billion in value. Despite the good long-term outlook, the...Read more
Boskalis back on track after tough first half-year
Offshore Boskalis has returned to calmer waters after a tough start of the year as a result of contractual issues in the offshore wind industry. Revenue increased slightly in the third quarter while the operating result...Read more
Wallenius Wilhelmsen rejects poorly paying car contracts
Ro/roWallenius Wilhelmsen has recorded a 7% lower income in the third quarter of 2019 due to a drop in volumes. The company is faced with slower markets and “consciously” chose not to carry low paying...Read more
Kvaerner reports high revenues but warns for lower rates in 2020
Norwegian EPC-contractor Kvaerner has booked high revenue and order intake in the third quarter of 2019. However, CEO Karl-Petter Løken warns of a poorer year ahead. Kvaerner’s revenue increased sharply from USD 185 million in the...Read more
K+N increases operational result by 48%
PRESS RELEASE – In the first nine months of 2019, Kuehne + Nagel significantly improved its results. The company’s turnover increased by 3.1% to EUR 14.4 billion, while the operational result grew by 48% to...Read more
How Europe’s biggest breakbulk port is looking for growth
InterviewSince its foundation through the merger of Zeeland Seaports and Port of Ghent, North Sea Port is officially the largest breakbulk port of Europe. The port plans to maintain that position by wooing manufacturers and...Read more
Strong project cargo shipments increase Wallenius Wilhelmsen’s income
Ro-roDespite slightly lower volumes, Wallenius Wilhelmsen has increased its income in the first quarter of 2019 thanks to a more favourable cargo mix, strong project cargo shipments in the Atlantic and high fuel cost compensation...Read more
BP’s profit shrinks, but production is set to grow
Oil&GasBP has booked a 9% lower net profit in the first quarter of 2019, but increased oil and gas production and strong trading results did lead to higher operating cash flow. The oil major started...Read moreAgain less breakbulk for Port of Antwerp
Quarterly resultsEurope’s biggest breakbulk port, Antwerp, posted another decline in throughput of conventional breakbulk cargoes. The port contributes the decrease to the “exceptional” first quarter of 2018 when anticipated US import levies drove a build-up of...Read more