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Global rates had dropped as the industry added ships in anticipation of an economic recovery, causing overcapacity. Maersk said its first-quarter result was hurt by a 9 percent drop in freight rates and 31 percent higher fuel prices.A.P. Moeller-Maersk fell the most in more than two years in Copenhagen trading after saying its container line, the world’s largest, will at best break even this year, falling short of analyst estimates for a profit.
Maersk shares declined as much as 8.7 percent, the biggest intraday drop since September 2009. The stock was down 5.8 percent at 38,000 kroner at 3:33 p.m. in the Danish capital.
Container lines ended a price war in February after almost a year and began cutting capacity and raising rates to restore profitability.
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STX Group, Korea’s 14th-largest business group, said Thursday that it is considering selling assets to revive its worsening financial health amid the ongoing slowdown in the shipbuilding industry globally.
“As part of our financial restructuring, we are discussing plans to directly list STX Energy and STX Heavy Industries or to sell off assets through the establishment of financial restructuring covenants with the Korea Development Bank,” the company said in response to an inquiry from the Korea Exchange on the day.
Shares of STX affiliates saw a steep decline on the closing of the Korea Composite Stock Price Index, driven by investors’ concerns about the company’s weakening financial structure.
From the Korea Herald
Source: NYTimes
Source: NYTimes
Source: Democratic Underground
Source: New York Times
Source: Daily Mail
Source: NYTimes
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