Deals
The World’s Shipping Companies Are Going Super-Sized
- Mega ships and M&A have helped container liners cut costs
- Freight rates are climbing as retailers stock for year end
Soren Skou, chief executive officer at A.P. Moller-Maersk, discusses second-quarter earnings, the $732M impairment, his outlook for the fleet, the impact of the cyberattack on earnings and consolidation in the container shipping industry. He speaks on 'Bloomberg Markets: European Open.' (Source: Bloomberg)
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The hulking container ships that transport sneakers, bananas and Barbie dolls around the world keep getting bigger. So are the companies that own them.
A massive consolidation is underway in the $500 billion global industry and the survivors now enjoy big economies of scale and increased demand, one year after excess capacity caused the sector’s worst-ever crisis -- the bankruptcy of South Korea’s Hanjin Shipping Co.