Lines cut fleets as profits erode, says Maersk CEO Global shipping lines are starting to take container ships out of operation as rising fuel prices and falling freight rates erode profits, according to the head of industry leader, Maersk Line. Logistics major in joint venture deal Barloworld Logistics has entered into a joint venture with Manline. Trading as Barloworld Manline Logistics (BML), the JV became effective on March 1. Airline caters for movie celebrity’s unique needs Uggie, the 10-year-old Jack Russell Terrier and star of the Oscar-winning silent movie, The Artist, was the latest celebrity on board Virgin Atlantic Cargo’s Los Angeles- London flight. He was due to appear on The Graham Norton Show, BBC News, Channel 5 News, Blue Peter and Newsround to name a few. 324 ships now lie idle The idle containership fleet stands at 324 units (aggregating 711 000 TEUs) as at March 8, based on the latest Lloyd’s List Intelligence inactive vessel survey. Repatriate profits or else Zimbabwe’s cabinet has ordered all foreign-owned mining companies to repatriate their export earnings banked in offshore accounts saying the country is losing billions of dollars in potential revenue, reports Voice of America (VOA).
