Tower Bridge glass walkway shatters as bottle of beer dropped 140ft above the Thames

first_img The £1m glass walkway that opened across Tower Bridge a fortnight ago has been smashed after a beer bottle was dropped onto it by a caterer.  The walkway, which is 140ft high and boasts a unique view of the bridge and Thames below, was initially cracked by the bottle, but reports suggest a woman walking over the broken glass in stiletto heels caused the pane to shatter further.  Bosses replaced the cracked glass, which was in one of five layers, over the weekend. Chris Earlie, head of Tower Bridge, said the attraction was “completely safe”, though a glass ban may be brought in. The shattered glass Here’s how the world was alerted to the news:   Was in tower bridge walkway today, someone dropped a beer bottle; this happened pic.twitter.com/fYFju69XBS— Peter Gordon (@the1gordo) November 21, 2014  Well that tweet got quite a bit of attention… The damage was superficial and there was *never* any danger!— Peter Gordon (@the1gordo) November 24, 2014 To all of you asking about the welfare of the beer, no need to worry, I’m pretty sure it was finished— Peter Gordon (@the1gordo) November 24, 2014 Express KCS Tower Bridge glass walkway shatters as bottle of beer dropped 140ft above the Thames whatsapp whatsapp Monday 24 November 2014 9:25 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comKansas coach fired for using N-word toward Black playerthegrio.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Show Comments ▼ Share Tags: bridges and landmarks London buildingslast_img read more

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Oil prices just fell to their lowest in four years

first_img Thursday 27 November 2014 4:21 am The fall in oil prices continues apace. The price of both West Texas Intermediate (WTI) and Brent oil fell to $72.78 and $76 per barrel respectively this morning – both four-year lows – as traders nervously awaited the outcome of a meeting of the Opec group of oil-producing countries in Vienna today. The 12-member group is meeting as the price of oil continues to slide on concerns of an over-supply in the next few months. It had been hoped the group would come to an agreement around cutting production by at least one million barrels a day, but that now looks unlikely. Although Saudi Arabian oil minister Ali al-Naimi hinted yesterday Gulf producers – Saudi, Kuwait, Qatar and the UAE – had come to an agreement, the consensus is that it probably doesn’t involve a cut in production.Earlier in the day, al-Naimi had said he expected the oil market to “stabilise itself eventually”, suggesting he has enough confidence in market forces to avoid a curb in output for now. But even if a cut is announced, will it be enough to stabilise prices in the long-term? Jameel Ahmad, chief market analyst at FXTM, thinks not.The longer term outlook for both crude and Brent oil is that the commodity will likely continue to trade in a bearish direction in the longer term. Around this time next year, the current forecast is that the Federal Reserve will have begun raising US interest rates, which will not only increase substantial demand for the US dollar but also pressure commodity prices. This is probably another reason why there is hesitation from some to cut production, because fears will resurface regarding oil prices in the future anyway. Emma Haslett More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Share whatsappcenter_img whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef PickNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For Seniors Oil prices just fell to their lowest in four years Tags: Oil priceslast_img read more

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Denmark’s ISS strikes deal for UK engineer

first_img Denmark’s ISS strikes deal for UK engineer Express KCS whatsapp ISS, a leading facility services provider, yesterday bought the UK, Ireland and European operations of British technical services company GS Hall.The deal values the business at £53m, including debt and a £6m earn-out to be paid in the first half of this year depending on the business’s financial performance. Denmark-based ISS has funded the transaction through its existing debt facilities.Established in 1895, GS Hall is focused on the UK mechanical and electrical services markets, specialising in the self-delivery of services to accounts in the business service & IT and retail & wholesale customer segments. “This is the right company in the right market at the right time for us,” said ISS group chief executive Jeff Gravenhorst. “This acquisition will strengthen our ability to meet the increasing demand for integrated facility solutions where technical services is an important and deciding component for the customer in choosing the right partner. Furthermore, the acquisition will enhance our offering in energy management which is an emerging demand from our customers.” Tuesday 20 January 2015 8:14 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp Show Comments ▼ Share Tags: NULLlast_img read more

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Sports Direct boss Ashley under fire from Scottish MPs over USC

first_img whatsapp Sports Direct boss Ashley under fire from Scottish MPs over USC Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof Share Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorVikings: Free Online GameIf you’re over 50 – this game is a must!Vikings: Free Online GamePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinitionTheFashionBallPrince Harry Admits Meghan Markle May Not Be The OneTheFashionBallTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img whatsapp MIKE ASHLEY could face a grilling by Scottish MPs over the administration of clothing retailer USC, with politicians pressing to launch a full parliamentary investigation into his activities.The Scottish Affairs Committee is launching an inquiry into the fast fashion chain, with MPs last week branding the redundancies of more than 200 people as “despicable” and “appalling”. Ashley put USC into administration last month, saying all stores were to close; it was bought out soon after by Republic, which Ashley also owns. Although the vast majority of jobs were saved, those working in a depot in Dundonald, Ayrshire, were not so lucky and were let go. Labour backbencher Brian Donohoe, who secured the debate that took place last week, said he had been asked to attend a meeting at his Central Ayrshire constituency to give members of the Commons Scottish Affairs and Business Committees first-hand accounts of their treatment, the Herald reports.He said MPs would be listening to the workers to “use the feedback to press for a full parliamentary investigation into Ashley’s activities”. “We can’t allow someone to operate in this way,” Donohoe is reported as saying. “These people were thrown on to the scrapheap without the pay they were due, without the bonus they were promised and not a penny in redundancy money. The taxpayer has been left to pick up the bill.”“There are many questions to be answered about how the business has been run, about the administration process and about the total lack of consultation with staff and government officials.”Donohoe, who is also the secretary of Westminster’s Rangers Supporters Club, is also hoping to remove Ashley from involvement in the Scottish football club. Monday 2 February 2015 8:18 pm Express KCS Show Comments ▼last_img read more

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City Moves for 23 April 2015 | Who’s switching jobs

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunComedyAbandoned Submarines Floating Around the WorldComedyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyTheFashionBallPrince Harry Admits Meghan Markle May Not Be The OneTheFashionBall whatsapp Share Express KCS Tags: NULL whatsapp City Moves for 23 April 2015 | Who’s switching jobs Wednesday 22 April 2015 8:54 pm Show Comments ▼ N+1 SingerThe corporate advisory and broking firm has appointed Nic Hellyer as director in its corporate finance team. He joins from HSBC, where he was managing director and head of its UK mid-market advisory team. Hellyer has also held roles at UBS and KPMG.Standard CharteredSir Iain Lobban has been appointed senior adviser to the bank’s board financial crime risk committee. He was director of GCHQ between mid-2008 and late 2014, having previously served as director-general of operations from 2004.BNP Paribas Real Estate The property advisory firm has announced two appointments to its West End office leasing team. Jack Knivett and Rob Rooney both join from Farebrother, where they were partner and associate partner respectively. Knivett has also held roles at Edward Charles & Partners and Doherty Baines. Rooney worked at Cushman & Wakefield before joining Farebrother in 2008.Liberty GlobalThe cable company has appointed Yasemin Arik as vice president, M&A and corporate development. Between 2008 and 2014, she was a principal at Apax Partners, where she focused on private equity investments in the media sector. Arik has also held positions at Thomas H Lee Partners in Boston and Morgan Stanley in New York.PwC LegalPeter Workman has been appointed partner in PwC’s legal division. He joins from King & Wood Mallesons, and he specialises in buyouts, buy-ins and general M&A.TowryThe wealth adviser has announced the appointment of David Smith as HR director. He most recently held interim HR consultancy roles at OCS Group and the British Council. Smith has also held senior HR positions at LV=, Virgin Atlantic Airways and Sainsbury’s.TMF GroupThe business services firm has appointed Michael Adams as global head of structured finance. He joined TMF three years ago, and has also held senior positions at BNY Mellon, Barclays Capital and Grant Thornton.To appear in City Moves please email your career updates and pictures to [email protected] up to receive the new City Moves morning update if you haven’t already. last_img read more

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Sajid Javid’s busy first day as business secretary – here’s what he said on the BBC, strikes and the EU

first_img whatsapp Share Tuesday 12 May 2015 5:09 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunComedyAbandoned Submarines Floating Around the WorldComedyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteabley Lynsey Barber Show Comments ▼ Tags: BBC General Election 2015 People Sajid Javid Sajid Javid’s busy first day as business secretary – here’s what he said on the BBC, strikes and the EU whatsapp Not even 24 hours into his first day as business secretary in David Cameron’s all-Tory cabinet, and Sajid Javid is on the front foot with a media blitz having appeared on three different morning TV and radio shows.Notably, the government’s business secretary chose the BBC (appearing on BBC Breakfast, Radio 5 Live and Radio 4’s Today) to reject claims that the Tories plan to go to war on the BBC. “Not at all,” said Javid, when asked if there was a war. “There is a bit of over-excitement in those headlines. First of all, John Whittingdale is an excellent choice for culture secretary. He is someone who is hugely experienced.”Javid was formerly culture secretary in the coalition government but that mantle has now been handed to select committee heavyweight Whittingdale.”When it comes to long-term funding of the BBC, clearly there’s been lots of changes in the broadcasting environment, not least technology changes. I think it’s sensible to look at that, to make sure the BBC is on a sustainable long-term funding arrangement,” Javid told the Today programme about the review of its charter.Javid said he believed “passionately in free enterprise” and laid out some of his plans.He will push for new laws on strikes: “There will be a minimum threshold of turnout of 50 per cent of those entitled to vote. We’ve also said that, when it comes to essential public services, at least 40 per cent of people need to vote for strike action.”The government is “absolutely committed” to a referendum on the EU membership, regardless of the outcome of negotiations on the terms of membership, he said this morning. “What I want to see first is a successful renegotiation,” said Javid, declining to say which way he would vote if an in/out referendum were to be held tomorrow.Read more: What you need to know about Sajid Javid last_img read more

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Swedish krona jumps against the euro as it climbs out of deflationary spiral

first_img Show Comments ▼ whatsapp Share whatsapp The Swedish krona jumped against the euro this morning after official data showed it had come out of deflation for the month of May.The krona rose more than one per cent to 0.108 against the euro, and 0.56 per cent to 0.1217 against the dollar. Prices in the country rose 0.1 per cent in May, up from a 0.2 per fall in April – beating expectations of a 0.1 per cent fall. It seems Swedish meatballs are setting people back further, though: prices were pushed up by food, while clothing and footwear also jumped.The news follows yesterday’s upgrade of its inflation expectations, which rose to 1.8 per cent, from 1.7 per cent.Colin Bermingham, an economist at BNP Paribas, suggested the figures were unlikely to encourage Sweden’s central bank to lower its key interest rate, which currently stands a -0.25 per cent, further. “This makes a rate cut ahead of the 2 July policy meeting less likely though we maintain our central view that rates will be cut by another 15bp at that meeting,” he said.  “Can we write [this] up as ‘inflation back with a vengeance’?” asked Societe Generale’s Kit Juckes. “Maybe that’s a bit strong, but the temptation is there because Sweden is either a country in the grips of a deflationary trap, or a country with 2.5 to three per cent real GDP growth, a six per cent GDP current account surplus and a 15 per cent fall in the real effective exchange rate in the last two years.”SEK-EUR(Source: Bloomberg) Emma Haslett Swedish krona jumps against the euro as it climbs out of deflationary spiral Thursday 11 June 2015 6:15 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorTotal PastAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongTotal PastPost FunGreat Songs That Artists Are Now Embarrassed OfPost FunLearn It WiseAfter Losing 70lbs Susan Boyle Is So Skinny Now She Looks Like A ModelLearn It WiseTaco RelishKate & Meghan Are Very Different Mothers, These Photos Prove ItTaco RelishLivestlyThe Best Redhead Actresses, RankedLivestlyTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Tags: NULLlast_img read more

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City Moves for 02 October 2015 | Who’s switching jobs

first_imgBAKER & MCKENZIEThe law firm has appointed Dyann Heward-Mills as a partner to its data protection and privacy practice in London. The qualified barrister joins from GE Capital, where she was global senior privacy counsel. Prior to joining GE Capital, Heward-Mills spent five years at Linklaters as their senior privacy and communications lawyer. She was called to the bar in 2001, completing her pupillage at Hogarth Chambers, Lincoln’s Inn.FITCH RATINGSBrian Coulton joins the ratings agency as chief economist. He joins from Legal and General Investment Management, where he was their emerging market strategist since 2010. Before that, he spent over a decade with Fitch. He’s also been an adviser at the Treasury.PRAMERICA The investment manager has appointed Michael Samaha as managing director for its global institutional relationship group. He joins from PIMCO, where he was responsible for the Middle East and Africa. At Pramerica, he will focus on expanding its operations in the Middle East and Europe.MOSAIC SMART DATAThe fintech data analytics firm has appointed Tim Apps, former Deutsche Bank executive, as chief technology officer, and Nishat Rezvi, formerly of Goldman Sachs, as head of European sales.IP GLOBALThe property investment company has appointed David Bellingham as director of sales for Europe and the UK. Previously the chief executive of PIAS, an investment subsidiary of Aviva, he joins the IP global management team.JERSEY OIL AND GASThe North Sea-focused firm has appointed Frank Moxon as non-executive director.Moxon has over 25 years’ experience as a corporate financier and is former head of corporate finance at Williams de Broe. He is managing director of Hoyt Moxon, and a fellow of the Energy Institute and a member of the Petroleum Exploration Society of Great Britain.EBIQUITYThe market performance company has appointed Michael Karg as chief executive. He succeeds Michael Greenless, and will officially take the reins in January 2016. Karg has a career in the marketing industry which spans over 15 years, and has worked at agencies like Razorfish and Digitas.To appear in City Moves please email your career updates and pictures to [email protected] up to receive the new City Moves morning update if you haven’t already. Express KCS whatsapp Share City Moves for 02 October 2015 | Who’s switching jobs center_img whatsapp Thursday 1 October 2015 9:39 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorTheFashionBallAlica Schmidt Is The Most Beautiful Athlete To ExistTheFashionBall Show Comments ▼last_img read more

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Comment / Analysis: short-term pain for long-term gain at APM Terminals, while Damco shines

first_imgThe former is on the path to recovery and remains profitable after a turnaround that eventually paid dividends in 2015. But the performance of APMT was underwhelming, and was overstated by management, with chief executive Nils Andersen saying the group was only “a little bit disappointed” with APMT – still “a very profitable business”.Source: AP Moller MaerskAPM TerminalsMaersk says APMT “now expects an underlying result below 2015 ($626m), due to reduced demand expectations in oil producing emerging economies”.APMT sought strategic ties with Russia’s Global Ports in the past, bending certain unwritten rules for the unit – it prefers to take full control of the assets it targets rather than minority stakes. However, Russia is a long-term game, and so far consolidation in the country hasn’t played out as management expected.In addition, global demand remained weak, especially in Europe, while the slowing Chinese economy and low oil prices continued to weigh on profitability.“Being largely dependent on raw material exports, many economies in Latin America and West Africa, where APM Terminals has significant activities, continue to see declining growth and foreign trade,” Maersk noted.While the number of terminals has risen to 72, from 64 in Q1 15, containers handled – measured on ownership share – fell from 9.1m teu to 8.7m teu.Decreased volumes on the westbound Asia-Europe tradelane impacted terminals in both China and Europe in a global container market that grew by 1.4% in the first quarter, according to Drewry estimates, with some regions “showing modest growth of 3-4% (North America and Middle East/South Asia), while markets declined in Northern Europe and West Africa”.APM Terminals reported ebit of $123m, and currently represents a nice profit pool among its portfolio of assets – given that only Maersk Drilling, among other group assets, generates higher core operating earnings ($261m in the first quarter), and absorbs the same amount of invested capital ($7.7bn)[email protected] AP Moller MAerskHowever, while APMT’s operating income plunged 43% from $216m year-on-year, the most problematic aspect of the business is the amount of cash that it burned in the first quarter, as investment is seen as a key value-driver for its long-term prospects.Cost-saving initiatives contributed to earnings, but with quarterly capex at $960m and operating cash flow at $198m, APM Terminals reported $762m in negative free cash flow (FcF) in the first quarter alone, which was pretty close to the $926m negative FcF attributed to Maersk Oil. That compares with positive unit FcF of $49m one year earlier, when the amount of invested capital, though, was about $2bn lower, at $5.8bn.InvestmentDuring the quarter, APM Terminals wrapped up the acquisition of Spanish Grup Marítim TCB’s port and rail interests.“APM Terminals has yet to receive regulatory approval related to three of 11 terminals under Grup Marítim TCB,” it added, but has decided to press ahead with the deal given that the remaining terminals constitute less than 5% of the enterprise value of the acquisition package.The deal adds eight ports with a combined 2m teu equity-weighted volume to APMT, which also signed an agreement to develop “a new transhipment terminal at the Tangier Med 2 port complex, with an annual capacity of 5m teu”.When it launches in 2019, it will be the first automated terminal in Africa and the total investment is expected to be around $900m, with APMT’s share being 80%. It already operates the APMT Tangier facility at Tangier Med 1 port, which started operations in July 2007 and handled 1.7m teu in 2015.There could be short-term pain for long-term benefits, if its strategy is right – but the problem is that Maersk might have to accelerate cost savings elsewhere if APMT continues to burn cash, and options are thin on the ground.Damco Hanne B Sørensen has led Damco since January 2014, and under her stewardship the forwarder has started to shine again. Its turnaround is by no means over, but all the signs seem to point to a sustained recovery.Damco made a quarterly profit of $2m, versus a loss of $9m one year earlier, with its ROIC coming in at 3% against -11.2% in the previous year. The division was confirmed to be on the right track in early 2016, following a year during which it was mildly profitable after two years of losses.Its quarterly result was mainly driven by cost-cutting and growth in contract logistics, Maersk said, with a “focus on driving customer service improvements, delivering on cost optimisation plans and increasing productivity”.The division is shrinking in terms of revenues, down to $596m from $683m year-on-year, but was in the black and absorbs a very small amount of capital.Talking of which, we should also mention market reports that suggest Maersk’s cash pile gives it plenty of options with regard to capital deployment strategies and M&A.M&A and away There’s talk that Maersk will join the consolidation game in shipping, given that it has cash and equivalents and undrawn facilities of $11.8bn.A bolt-on deal could make sense, but Maersk has recently decided to err on the side of caution and it would seem wise to maintain a low profile in terms of capital deployment in this environment.My initial reaction to the surge in its valuation last week – its shares rose over 6% on Wednesday after the results were out – was to suggest internally that the price movement was likely going to be short-lived, just as happened in the third quarter of 2015. After all, here are some more interesting figures:net interest-bearing debt is up significantly, to about $10bn from $7bn year-on-year, which is still in the comfort zone given its lowly leverage, true – but operating cash flow (OCF) continues to fall;at $250m in the first quarter, OCF compares with $1.9bn in the same period in 2015 and $8bn in fiscal 2015. Unsurprisingly, its net debt is rising while net cash is falling to $3.6bn, down some $400m on 31 Dec 2015.On the bright side, it looks like return on invested capital is bottoming out at about 3%, and remains unchanged quarter-on-quarter, although it sits some 11 percentage points below the 13.8% level it recorded one year earlier. In terms of valuation, we are back to where we were at the beginning of the year, given that its stock price is up 4% since January.Finally, here are a couple of things to like outside the headline numbers:no additional impairments, which indicates that most write-downs (oil related) were accurately recorded in the fourth-quarter; andinvested capital is only mildly rising ($46.6bn vs $44.5bn in the first quarter of 2015 and $43.5bn at the end of fiscal 2015), and so is capex. By Alessandro Pasetti 10/05/2016 Let me make my position clear from the start: I believe that the way Maersk is underestimating certain risks, while overstating its achievement, is near-sensational. While its latest trading update could sound reassuring to the bulls, for me it didn’t change the complexity of a corporate situation that remains critical.Our team was on the call that followed its trading update last week, and was favourably impressed by the enhanced performance of the Danish group – it could have been much worse.My colleague, Mike Wackett, soon identified the key value drivers, pointing out that the numbers were significantly better than expected. Not only did Maersk Line manage to beat consensus estimates, but Maersk Oil is now positioned to break even, with oil prices hovering around $40-45 a barrel from $45-55 previously.The devil is in the detail, however: perhaps the most interesting feedback we got from management on peripheral assets spanned Damco and APM Terminals – both of which deserved a mention, but for very different reasons.last_img read more

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News / Shipping charter market set to sink lower with more ULCVs due to be delivered

first_img Larger containerships are increasingly being consigned to hot or cold lay-up in harbours around the world as more new ultra-large container vessels (ULCVs) are delivered.Last month alone, MSC received the 19,462 teu MSC Mirjam and the 19,437 teu MSC Erica, Evergreen the 14,424 teu Taurus and NYK the 14,026 teu NYK Crane.The MSC Mirjam has joined the Asia-North Europe Shogun/AE1 loop of the 2M alliance, replacing the 16,810 teu Eugen Maersk.Eugen Maersk and sister Edith Maersk are expected to be redeployed onto the 2M’s Europe-Asia-US west coast AE6-TP6/Lion-Pearl pendulum service in a strategic upsizing move on the tradelane.This relentless cascading creates severe headaches for carrier operations staff tasked with redeploying displaced owned and long-term chartered tonnage onto other trades.According to Drewry Maritime Research, there are 34 containerships of 8,000-10,000 teu in lay-up; 13 of 10,000-12,000 teu and 21 ULCVs of over 12,000 teu idled.“Prospects for these large ships are expected to remain dim until the spring, when the launch of the Ocean and THE alliances, scheduled for April, will spur chartering activity,” said Alphaliner.The spike in the number of redundant bigger containerships is, in part, also a result of the demise of Hanjin, as a third of the South Korean carrier’s fleet of 622,000 teu consisted of ships of 10,000 teu and over.Alphaliner adds that there are 10 former Hanjin-controlled ships of 8,500-10,000 teu lying idle, yet to enter the spot market.According to Alphaliner, the number of idle containerships at 28 November reached 357 units, 1.5m teu, equating to 7.4% of the global cellular fleet.It said: “The container charter market continues to battle through a depressed environment….oversupply remains at a substantial level for most ship sizes.”However, it is the classic panamax sector of 4,000-5,100 teu ships that continues to suffer most: 75 are currently seeking employment around the world.The segment “remains chronically oversupplied”, said Alphaliner, and the consultant expects the situation to get worse by the end of the year, as a number of panamax vessels are due for redelivery in the next few weeks.Nevertheless, a moribund containership charter market is good news for carriers which are able to pick up tonnage very cheaply, and with no long-term commitment.For example, a broker notes that Maersk Line recently snapped up the 5,039 teu CSL Manhattan at $4,100 per day on a two-month time charter with options for 12 months, including free positioning.In January 2015, Maersk would have paid $15,000 a day for the same ship, for a 12-month time charter plus options, and would have been required to take the vessel on hire from its spot position. By Mike Wackett 08/12/2016last_img read more

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