Hanne B. Sørensen, chief executive of A.P. Møller-Maersk’s third-party logistics subsidiary, will be replaced by current Maersk Line Head of East West Trades Klaus Rud Sejling, the company said in a statement.
The Shanghai Containerized Freight Index fell 3.5 percent from last Friday to a reading of 707.68, declining for the second straight week as the short-term boost after Hanjin Shipping filed for receivership at the end of August has now faded.
The Japanese ocean carrier has acquired a 25 percent share of EMAS Chiyoda Subsea, a construction firm specializing in offshore and subsea oil and gas facilities, from Singapore’s Ezra Holdings and Japan’s Chiyoda Corporation.
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The South Korean carrier said certain providers have been charging its customers more than what it would have charged to transport cargo and has tried to intervene, taking its concern up with the Federal Maritime Commission.
The South Korean liner carrier is surely to blame for its own demise, but how much of its demise can be attributed to luck in an industry where most play follow the leader?
The future of South Korea’s largest container shipping company looks grim, with numerous media outlets reporting lenders are refusing to extend the company additional credit.