Riding the Wave of Global Disruptions
In a year of disruptions, ocean carriers are reaping windfall profits. Danish giant Maersk hasraisedits annual profit forecast for the fourth time, reporting third-quarter earnings of $4.8 billion—a 155% increase year-over-year. High container demand and ongoing challenges in key global shipping lanes like the Red Sea have created an inconvenience for some but a boon for carriers. CEO Vincent Clerc anticipates these rerouting measures to continue "well into 2025."
Similarly, Ocean Network Express (ONE) posted impressive gains with $5.9 billion in revenue and a staggering $2 billion net profit—a 1000% jump from last year. However, ONE's CEO Jeremy Nixon cautions of turbulent times ahead, citing election and labor uncertainties, and emphasizes the need for "agile control" in navigating the evolving landscape.
gCaptain members only newsletter content; sorry I don't have a URL.
Remember this when people say that longshore, maritime, and other logistics workers don't deserve a share of the profits. ("Labor uncertainties.")
Same old story forever from the UniParty: concentrate profits, socialize losses.
Another example:
ONE Reports Staggering 1000% Profit Surge Amid Global Shipping Challenges
https://gcaptain.com/one-reports-staggering-1000-profit-surge-amid-global-shipping-challenges
Cape of Good Profits: Maersk Sees Red Sea Chaos and Soaring Demand Pushing Earnings Even Higher
https://gcaptain.com/red-sea-chaos-and-soaring-demand-push-maersks-profits-higher
The U.S. Environmental Protection Agency (EPA) on Tuesday announced the allocation of nearly $3 billion to fund 55 zero-emission projects at ports across the country.
These projects, supported by the Clean Ports Program, aim to tackle climate change, reduce air pollution, promote high-quality union jobs, and advance environmental justice in communities near port facilities.
Looks like paying off blue city rulers in key election states, huh?
Port Authority of New York and New Jersey (PANYNJ): Awarded $344 million
Port of Oakland: Secured $322 million
Maryland Port Administration (MPA): Selected for over $145 million
Philadelphia Regional Port Authority (PhilaPort): Receiving $77.6 million
Georgia Ports Authority (GPA): With an anticipated $48.7 million
Detroit/Wayne County Port Authority: Selected to receive $21.9 million
Nigeria’s Dangote refinery, larger than any other in Africa or Europe, has shipped its first seaborne gasoline cargo as a vital fuel-producing unit continues to ramp up.
The Sabaek sailed with about 500,000 barrels of gasoline from Dangote to the nearby commercial hub of Lagos in recent days, according to a port report and ship-tracking data compiled by Bloomberg.
Meanwhile, the refinery’s residue fluid catalytic cracker, a crucial unit in the production of the fuel, is continuing to ramp up output, according to a person familiar with the matter, who asked not to be named discussing private information.
Spokespeople for Dangote didn’t immediately respond to a request for comment.
Once fully operational, the 650,000-barrel-a-day plant will transform the regional gasoline market, potentially reducing the need for imports of the fuel from Europe to West Africa.
https://gcaptain.com/africas-largest-oil-refinery-ships-first-cargo-dangote
Chaos is lucrative for some.
The International Union of Marine Insurance (IUMI) has released its 2024 “Stats Report,” providing a detailed analysis of the global marine insurance market.
The report highlights significant growth in marine insurance premiums, which reached a total of US $38.9 billion in 2023—a 5.9% increase over 2022....
While claims remained relatively low, resulting in positive loss ratios across all regions, there was a slight deterioration in 2023 loss ratios, primarily due to the inflationary impact on repair costs.
https://gcaptain.com/dp-worlds-uk-port-investment-is-going-ahead
That's 1.3 bn in pounds. So about $1.7 bn USD.
Read down and you'll see that this is in part a major scheme to replace native British port workers with "cheaper agency workers."
However given the immivasion of UK, this appears to be open borders politicians guaranteeing better jobs for their own demographics, once they crash the border and get union representation????
After fearing the worst from Hurricane Milton, investors in catastrophe bonds appear to have sustained losses well below those predicted as recently as Wednesday.
Overall, losses are now expected to be in the range of $20 billion to $60 billion, meaning cat-bond investors look to be facing a maximum hit of 4%. On Wednesday, before Milton landed, Icosa warned that a direct hit to Tampa threatened to cause insured losses anywhere from $40 billion to $150 billion, resulting in cat-bond losses of 2% to 15%.
Cat bonds have so far been spared major losses this season, thanks to carefully calibrated terms that mean investors are only called on to pay out if specific conditions are met.
https://gcaptain.com/insurance-companies-dodge-bullet-with-milton