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Container rates drop to unsustainable levels, Maersk CEO says

The global container shipping market faces overcapacity in the coming years and the rates paid by customers have fallen to an unsustainable level, Maersk CEO Vincent Clerc told the group’s annual meeting of shareholders on Thursday. Maersk last month warned that container shipping overcapacity would hit profits this year, in contrast to the record earnings …

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Houthi attacks put more oil on the water, boost Singapore bunkering – IEA

Houthi attacks which have rerouted ships toward longer journeys around Southern Africa have sharply raised cargoes of oil at sea and hiked ship refuelling sales at Singapore to all-time highs, the International Energy Agency said on Thursday. “In February alone, oil on water surged by 85 million barrels as repeated tanker attacks in the Red …

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