Displaying items by tag: restructuring

14th October 2020

World's Largest Container Line to Cut 2,000 Jobs in Logistics Restructure

Maersk Line, the world's largest operator in container shipping is to cut 2,000 jobs. AFLOAT today tracked the line's Maersk Niamey of 2,592TEU (nominal) arrival at the Port of Cork following a trans-Atlantic route from Puerto Moin, Costa Rica in central America. Cork is part of Maersk's 'CRX - Southbound" service which connects Ireland with other Latin American destinations. The ship's next port of call is the UK at the London Container Terminal at Tilbury. Cork along with Dublin (above photo) and Belfast is also served by Maersk 'feeder' services to mainland Europe.

Shipping container giant, Maersk revealed that it will make around 2,000 staff redundant due to changes to the organisation linked to the integration of Damco into its Ocean Logistics business and the removal of the separate Safmarine brand, which it announced last month.

In a trading update for its third-quarter (Q3) 2020 performance and 2020 full year guidance adjustment, in which the world’s largest container shipping group also reported better-than-anticipated volumes and freight rates in the past three months.

Maersk said it “expects to take a restructuring charge of around US$100m in Q3 2020 related to the redundancies of approximately 2,000 employees as the consequence of the changes to the organisation in Ocean and Logistics & Services announced on 1 September 2020”.

With parent group A.P. Moller-Maersk announcing its was upgrading its full-year guidance for 2020 based on preliminary Q3 figures and the current outlook for Q4, Søren Skou, CEO of A.P. Moller - Maersk said: “A.P. Moller - Maersk is on track to deliver a strong Q3 with solid earnings growth across all our businesses, in particular in Ocean and Logistics & Services. Volumes have rebounded faster than expected, our cost have remained well under control, freight rates have increased due to strong demand and we are growing earnings rapidly in Logistics & Services.

More here LloydsLoadingList reports.

Published in Ports & Shipping

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Fastnet Line Closes For Good

#FERRY NEWS - The Fastnet Line ferry service between Cork and Swansea is to close with the loss of 78 jobs.

As previously reported on Afloat.ie, the operator had been in examinership since last November, and a restructured business plan had been submitted with a view to resuming high-season service in April.

However, in a statement the owners of the Fastnet Line said they had been unable to raise the €1m-plus investment required and that the examinership had "failed".

All 78 jobs will be lost as the company is set to be placed in receivership or liquidation later today.

The Fastnet Line - which was worth around €30 million to Cork in tourist spending - made its maiden voyage from Swansea to Cork in 2010, and was the only direct passenger and freight link between Wales and the south coast of Ireland.

The Irish Times has more on the story HERE.

Published in Ferry

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Competitions

The most significant events for the Half Ton Class has been the annual Half Ton Cup which was sailed under the IOR rules until 1993. More recently this has been replaced with the Half Ton Classics Cup. The venue of the event moved from continent to continent with over-representation on French or British ports. In later years the event is held biennially. Initially, it was proposed to hold events in Ireland, Britain and France by rotation. However, it was the Belgians who took the ball and ran with it. The Class is now managed from Belgium.