Deals
Negative Rates Hit Global Shipping Market
- Banks using record-low rates to prop up struggling companies
- Maersk CEO says cheap money hampering industry consolidation
Shipping containers sit stacked at the Port Jersey Marine Terminal above New York.
Photographer: Craig Warga/BloombergThis article is for subscribers only.
The owner of the world’s biggest shipping line says negative interest rates are hurting the industry by delaying the consolidation wave so badly needed.
The monetary policy environment “means that consolidation will be much slower because it’s easy for banks to keep weak shipping companies above water,” Nils Smedegaard Andersen, chief executive officer of A.P. Moeller-Maersk A/S, said in an interview.