Maersk Line, the world’s largest ocean shipping company, has garnered attention for its plan to buy 20 of the world’s largest-ever container ships, called Triple E vessels. They will carry 18,000 TEU (twenty-foot containers), 2,500 more than Maersk’s current largest ships.
Maersk started ordering the vessels two years ago, and last week, the first of them was launched in a South Korea shipyard. On March 4, Maersk CEO Soren Skouannounced at a conference (video) that the shipping line plans to launch five of the massive ships in the second half of the year on its route from Asia to Europe and back.
Having such capacity may be good for Maersk in the longer term, but in the immediate future it may not much help the company and certainly not the shipping industry as a whole. The world’s waterways are already overloaded with ships ordered in a frenzy before the financial crisis, but in the absence of the kind of growth that accompanied the bubble. An oversupplied market has translated into low shipping rates.
The route that’s been hit worst of all by the global slowdown? Asia-Europe. With Europe sinking into recession and Asia no longer as dependent upon high-wealth European consumers, it’s unclear exactly when the once-vibrant route will need the kind of shipping traffic that it has. Maersk’s new behemoths clearly don’t help the cause.
Then again, Skou suggests concerns might be premature. “It’s really a 2014 issue as opposed to a 2013 issue because they will not hit the market with any meaningful addition to capacity this year.” Even so, a sour outlook for global trade means there’s likely more trouble ahead for the oceangoers who move the world’s goods.
DENVER (AP) — Oil and gas drilling is under review by lawmakers in Colorado, where lawmakers typically defer to state regulators on how drilling should be regulated.
Two bills up for initial consideration Thursday have the potential to anger the powerful energy industry. The first bill would dramatically increase maximum daily fines for environmental infractions from $1,000 a day to $15,000 a day. The second bill would require that each oil and gas location be inspected at least once a year.
The bills are the first of a series of proposals aimed at reining in the state’s powerful oil and gas industry. The energy industry believes regulation is better left to oil and gas regulators, not state lawmakers.———–Although this is a step in the right direction, I think that any fine imposed upon the gas industry is futile. With the profits initially made by gas companies I don’t think that $15,000 a day is even relevant to cost of replacing the groundwater of an area exposed to fracking. In other words, I don’t think any amount of money is the equivalent to pure water. —ƒƒƒ
Chairman of Chesapeake Energy Aubrey K. McClendon has served as Chairman of the Board, Chief Executive Officer and a director since co-founding the Company in 1989. From 1982 to 1989, Mr. McClendon was an independent producer of oil and gas.
–—————-with such a laundry list of ties to the industry you would think he knows better by now but this is the epitome of greed in my opinion. When there are people that go to sleep without heat, you would think he could cough up a few million to revamp a city, create a non-profit hospital or restore the education system of an entire state. This is the line where capitalism has gone horribly wrong. Sleep well tonight MR.McClendon your time and kind is soon going to be over. www.noharmtothefarm.com