Short interest for A. P. Moller Maersk gives investors a sense of the degree to which investors are betting on the decline of A. P. Moller Maersk's stock. Short interest data is updated every two weeks.

A. P. Moller Maersk Stock (OTC:AMKBY), Short Interest Report

A. P. Moller Maersk

A P MOLLAR-MAERSK A/

A.P. Moller-Maersk is a Denmark-listed global conglomerate involved in global trade, shipping, and energy. Maersk Line, the largest contributor to group revenue and earnings, has been the largest container shipping company globally for more than 20 years. Maersk was founded in 1904 and has since been run by the Moller-Maersk family, which currently holds slightly more than 50% of the share capital. The group has been active over the past few years in divesting noncore operations, such as its long-standing stakes in Danske Bank and Dansk Supermarked as well as its oil and gas operations.

Francis Scott Key bridge in Baltimore

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The insurance sector anticipates significant liabilities, as per the Financial Times, with insurers expected to cover extensive losses, including bridge damage, port disruptions, and potential loss of life.

How Much Will Baltimore Bridge Damage Cost — And Who Will Pay For It?

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The collapse of the Francis Scott Key Bridge in Baltimore is causing concern for global trade and industry. The chartered ship involved was operated by Synergy Group and chartered by Danish shipping giant AP Moller Maersk. 

Baltimore Key Bridge Tragedy Pressures Global Trade: Shipping Already Hit By Panama Canal, Red Sea Challenges

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BP and the United Arab Emirates state-owned ADNOC intended to buy a 50% stake in the Israeli oil and gas exploration and production company.

Geopolitical Unrest Halts BP, Adnoc&#39;s $2B Bid For Israeli Gas Firm

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Baltimore was rocked by tragedy early Tuesday as the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37930898/watch-baltimores-key-bridge-collapses-after-ship-collides-rescue-operations-for-7-people-underway" rel="noreferrer noopener">Francis Scott Key Bridge&nbsp;collapsed</a>&nbsp;after a cargo ship, operated by&nbsp;Synergy Group&nbsp;and chartered by Danish shipping giant&nbsp;AP Moller Maersk&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>), lost power and struck a support column. This catastrophic event led to multiple vehicles plunging into the river below, sparking a desperate search for survivors.
Effect Of Collision: As rescue efforts unfolded, it was reported by several media outlets that two persons working on the bridge had been rescued, while tragically, six others were presumed dead by their employer.
Vital Link:&nbsp;The Key Bridge, a vital thoroughfare facilitating the passage of over 30,000 vehicles daily, stands as a critical artery in the region&#8217;s transportation network.&nbsp;
Constructed between 1972 and 1977 for $60.3 million, the bridge primarily comprises lightweight concrete, as outlined in a November 2021 report by the U.S. Federal Highway Administration, Vox <a href="https://www.vox.com/2024/3/26/24112776/baltimore-bridge-collapse-francis-scott-key-maryland-cargo-ship-explainer-analysis">reported</a>.
The incident&#8217;s repercussions extend beyond Baltimore, <a href="https://www.benzinga.com/markets/equities/24/03/37939090/baltimore-key-bridge-tragedy-pressures-global-trade-shipping-already-hit-by-panama-canal-red-sea" target="_blank" rel="noreferrer noopener">affecting global trade</a> amidst existing challenges in the shipping industry such as record-breaking droughts in Panama to Houthi strikes on ships in the Red Sea.
See Also: <a href="https://www.benzinga.com/money/best-supply-chain-related-stocks" target="_blank" rel="noreferrer noopener">Best Supply Chain Related Stocks</a>
Who Bears The Costs?&nbsp;The insurance sector anticipates significant liabilities, as&nbsp;<a target="_blank" href="https://www.ft.com/content/17cf3f2e-e64d-4666-b1c2-2723347c2ada" rel="noreferrer noopener">per</a>&nbsp;the Financial Times, with insurers expected to cover extensive losses, including bridge damage, port disruptions, and potential loss of life. The focus reportedly centers on protection and indemnity insurance, with&nbsp;Britannia P&amp;I Club, among others, facing scrutiny in navigating this complex situation.
Initial estimates suggest potential insurance payouts could rival the approximately $1.5 billion disbursed after the 2012 <a href="https://www.benzinga.com/news/earnings/12/02/2311852/royal-caribbean-sinking-as-tourists-stay-ashore">Costa Concordia cruise ship crash</a>, as per a marine insurance expert quoted by FT.
President&nbsp;Joe Biden&nbsp;expressed his commitment to federal support for the bridge&#8217;s reconstruction, pledging the government&#8217;s full backing. &#8220;It is my intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect the Congress to support my effort,&#8221; he said in remarks from the White House. &#8220;To the people of Baltimore, I want to say, we&#8217;re with you. We&#8217;re going to stay with you as long as it takes.&#8221;
Flexport CEO&nbsp;Ryan Petersen,&nbsp;whose company has two containers on the ship, underscored the intricate legal nuances surrounding liability in a social media post. Contrary to his initial assumptions, he said cargo owners may only be responsible for damages to the vessel and cargo, with the ship operator and their P&amp;I insurance carrier assuming broader financial obligations.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This morning I tweeted that the cargo owners would have to pay for the damages to the bridge under the principle of maritime law known as general average. I was wrong. It appears they will only have to pay for the damage to the vessel and the cargo, split pro rata based on how…
&mdash; Ryan Petersen (@typesfast) <a href="https://twitter.com/typesfast/status/1772756557891297376?ref_src=twsrc%5Etfw">March 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Read Next: <a href="https://www.benzinga.com/24/03/37952153/xi-jinping-meets-american-ceos-in-effort-to-mend-china-us-business-ties">Xi Jinping Meets American CEOs In Effort to Mend China-US Business Ties</a>
Photo via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

While search and rescue remains the top priority following the tragic collapse of the Francis Scott Key Bridge in Baltimore early Tuesday, the costs to global trade, markets and industry are already<a href="https://www.benzinga.com/news/24/03/37930898/watch-baltimores-key-bridge-collapses-after-ship-collides-rescue-operations-for-7-people-underway"> being examined</a>.
The container ship that veered off course and struck the bridge, causing its dramatic and immediate collapse, was the Dali, operated by charter vessel company Synergy Group and chartered by Danish shipping giant AP Moller Maersk (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>).
Maersk&#8217;s shares were down nearly 6% Tuesday, although it was not known whether the company will face any liability over the accident. It issued a statement that read:
&#8220;We are closely following the investigations conducted by authorities and Synergy, and we will do our utmost to keep our customers informed.&#8221;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26104010/newplot-2024-03-26T143951.328.png" alt="" class="wp-image-265775" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26104010/newplot-2024-03-26T143951.328.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26104010/newplot-2024-03-26T143951.328-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
<h2 class="wp-block-heading">East Coast Shipping Hub</h2>
Baltimore is an important shipping hub. It is the ninth-biggest U.S. port for international cargo and in 2023 it handled 52.3 million tons valued at nearly $81 million, according to a statement from the office of Maryland Gov. Wes Moore.
Moore issued a statement following the incident. It read: &#8220;We are thankful for the brave men and women who are carrying out efforts to rescue those involved and pray for everyone's safety.&#8221;
In a statement on the Maryland Port Administration website, it was announced: &#8220;Vessel traffic into and out of the Port of Baltimore is suspended until further notice. This does not mean the Port of Baltimore is shutdown. We are still processing trucks inside of our terminals.&#8221;
<h2 class="wp-block-heading">Auto Trade And Supply Chains</h2>
Baltimore is one of the chief ports serving the U.S. automobile industry, and in 2023 it handled 847,158 cars and light trucks. 
There was little market impact on U.S. carmakers General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), with shares of both automakers trading higher Tuesday. 
Shipping lines were likely to be affected, however, creating further problems for global supply chains. 
Already under pressure due to lanes through the Red Sea and Suez canal being hit by attacks from Iran-backed Houthi rebels, shipping companies heading for Baltimore will now have to divert to alternative East Coast ports.
Supply side shocks are the &#8220;worst thing&#8221; that can occur for the Fed and the economy, Citigroup&#8217;s Andrew Hollenhorst told Bloomberg, adding that such shocks reduce capacity and increase inflation. 
Emily Stausbøll, an analyst at Oslo-based shipping-analytics company Xeneta, said in a statement: &#8220;Far East to US East Coast ocean freight services have already been impacted by drought in the Panama Canal and recent conflict in the Red Sea, which saw rates increase by 150%. This latest incident will add to those concerns."
The SonicShares Global Shipping ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOAT#NYSE">BOAT</a>), which tracks prices of global freight companies, was down slightly on Tuesday morning.
U.S. companies listed within the BOAT ETF include Golden Ocean Group Ltd&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOGL#NASDAQ">GOGL</a>), a Bermuda-based dry bulk shipper, which fell 1%, and Star Bulk Carriers Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBLK#NASDAQ">SBLK</a>) which fell 2.3%.
Cruise lines also operate out of Baltimore, with both Carnival Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Royal Caribbean Cruises Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) owning major terminals in the port. Shares in both companies were trading a little higher on Tuesday morning.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37920082/can-carnival-stock-cruise-higher-after-q1-earnings">Can Carnival Stock Cruise Higher After Q1 Earnings?</a>
Image via Shutterstock.

International oil group BP plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) and the Abu Dhabi National Oil Company have suspended talks in their joint bid to buy a stake in Israeli gas company NewMed Energy.
U.K.-based BP and the United Arab Emirates state-owned ADNOC were negotiating the $2 billion purchase of a 50% stake in the Israeli oil and gas exploration and production company.
According to a <a href="https://newmedenergy.com/wp-content/uploads/2024/03/NewMed-IR-10.3.24-%D7%9E%D7%95%D7%A0%D7%92%D7%A9.pdf">statement</a> by NewMed: &#8220;The Committee and Consortium have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction.&#8221;
NewMed added that the process would remain suspended until discussions either resume or are terminated.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/13080344/newplot-2024-03-13T120321.756.png" alt="" class="wp-image-249855" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/13080344/newplot-2024-03-13T120321.756.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/13080344/newplot-2024-03-13T120321.756-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37591635/gold-speculators-pave-ground-for-multi-year-bull-market-in-metals">Gold Speculators Pave Ground For &#8216;Multi-Year Bull Market In Metals&#8217;</a>
BP spokesperson David Nicholas declined to comment. 
The deal was announced in March 2023 and was seen as an important step in the &#8220;normalization&#8221; of diplomatic relations between Israel and the UAE. The talks, however, appear to have become strained as Israel&#8217;s response to <a href="https://www.benzinga.com/news/23/10/35136071/israel-under-siege-unprecedented-hamas-attack-sparks-intense-clashes-netanyahu-says-we-are-at-war">Hamas&#8217; Oct. 7 attack</a> has further soured Arab-Israeli tensions. 
The Israel-Hamas war and its wider influence have also made trading conditions for Western companies operating around the Middle East extremely tough.
<h2 class="wp-block-heading">Shipping And Coffee Drinkers Hit</h2>
Many shipping companies, including oil companies and container freighters such as Moller Maersk (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>) and Hapag Lloyd, are now incurring greater costs and delays by avoiding Red Sea routes as Iran-backed Houthi militia continue to attack international shipping in the area.
The SonicShares Global Shipping ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOAT#NYSE">BOAT</a>), an exchange-traded fund that holds global freight companies, is up around 5% since the start of the year.
Meanwhile, Starbucks Corporation (NASADAQ: SBUX) reported last week that its Middle Eastern franchisee, Kuwait-based Alshaya Group, had sacked 2,000 employees across the region as boycotts of Western companies caused &#8220;difficult trading conditions.&#8221;
The company said in January it was seeing a "significant impact on traffic and sales" in the Middle East as citizens boycotted the company due to its alleged support for Israel.
Now Read: <a href="https://www.benzinga.com/government/24/03/37632374/fears-of-middle-east-escalation-as-israel-and-hezbollah-clashes-intensify">Fears Of Middle East Escalation As Israel And Hezbollah Clashes Intensify</a>

Geopolitical Unrest Halts BP, Adnoc's $2B Bid For Israeli Gas Firm

Zim Integrated Shipping Services Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) shares are trading lower Thursday as turmoil in the Red Sea creates <a href="https://www.benzinga.com/markets/equities/24/02/37014564/red-sea-crisis-hits-maersk-outlook-oversupply-will-cause-price-pressure-impact-results">uncertainty among shipping companies</a>.
The Details: 
Shipping giant Moller Maersk (OTCPK:AMKBY) shares are leading the industry lower after it reported earnings on Thursday and warned of uncertainty in its 2024 guidance. 
"The current market remains one of robust volumes, but while the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results," warned Maersk CEO Vincent Clerc. 
Many shipping and freight companies have re-routed ships in order to avoid the Red Sea due to continuing attacks on vessels by Iran-backed Houthi militia. Bank of England Monetary Policy Committee member Catherine Mann warned of a possible rise inflation resulting from the supply chain disruption. 
According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Zim shares are falling on heavy volume with more than 10.3 million shares traded, compared to the stock&#8217;s average volume of 7.909 million shares. 
Related News: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37013352/whats-going-on-with-bitcoin-miner-cleanspark-stock">What&#8217;s Going On With Bitcoin-Miner CleanSpa</a><a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37013352/whats-going-on-with-bitcoin-miner-cleanspark-stock">rk Stock?</a>
ZIM Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Zim Integrated Shipping shares are down 7.58% at $12.25 at the time of publication. 
Photo by andy-li from Unsplash

Movers & Shakers

Turmoil In The Red Sea: Why Zim Integrated Shipping Stock Is Sinking

The impact of shipping disruptions hasn&#8217;t yet been felt in global commodity markets, but the companies that are carrying freight around longer routes are <a href="https://www.benzinga.com/topic/red-sea">certainly feeling the pain</a>.
What Happened: Shares in Danish shipping giant Moller Maersk (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>) were down 15.5% in morning trade in the U.S. after it warned of the possible impact of the &#8220;new uncertainty&#8221; on its 2024 earnings. The company added that it was immediately suspending its share buyback program.
Vincent Clerc, CEO, said: &#8220;The current market remains one of robust volumes, but while the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results.&#8221;
He added, when <a href="https://www.cnbc.com/2024/02/08/maersk-q4-earnings-2023-suspends-share-buybacks-amid-red-sea-disruption.html">interviewed</a> on CNBC earlier: &#8220;The impact of this situation is causing new uncertainty for how this is going to play out from an earnings perspective throughout the year.
&#8220;We have very little visibility as to whether this is a situation that will resolve in a matter of weeks or months, or whether this is something that is going to be with us for the full year.&#8221;
Maersk now anticipates full-year earnings in 2024 to be somewhere between $1 billion and $6 billion. In its full-year 2023 results, announced on Thursday, the company reported earnings of $9.6 billion.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/08130848/newplot-73.png" alt="" class="wp-image-209714" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/08130848/newplot-73.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/08130848/newplot-73-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/news/24/01/36861784/houthis-vow-to-continue-targeting-us-uk-after-firing-another-missile-at-washingtons-warship-in-red-s">Houthis Vow To Continue Targeting US, UK Warships In Red Sea &#8211; Benzinga</a>
Fourth-quarter earnings were also on the low side of expectations. For the October-December period, Maersk reported core earnings of $839 million compared to the $1.13 billion expected by the market.
While the company called the results &#8220;solid,&#8221; it said its $51.1 billion annual revenue had been impacted by declining freight rates.
Although the share buyback was canceled, the company said it was paying an annual dividend of NOK515 ($48.50) per Copenhagen-listed share. Shares on the Danish exchange were down 16% to NOK10,780.
Why It Matters: Many container shipping firms and bulk carriers have been avoiding the Red Sea due to the continuing attacks on vessels by Iran-backed Houthi militia from Yemen.
This has caused delays and additional costs as shipping heading for Europe and the U.S. east coast diverts around the Cape of Africa. The Containerized Freight Index has more than doubled since October, from around 1,000 to more than 2,000 points.
Oil that is usually shipped through the Red Sea has also been diverted around Africa, but so far the price response has been minimal.
On Thursday, Bank of England Monetary Policy Committee member Catherine Mann warned of the supply chain disruption from the Red Sea could quickly feed into goods pricing around the world and drive another rise in inflation.
Meanwhile, Germany said it was deploying a naval frigate to the region to have it take part in an EU mission to defend shipping from further attacks.
Now Read: <a href="https://www.benzinga.com/news/24/01/36813186/houthi-rebels-fire-missile-at-us-warship-amid-red-sea-conflict-theyre-now-finally-calling-a-spade-a">Houthi Rebels Fire Missile At US Warship Amid Red Sea Conflict</a>
Image: Shutterstock

Red Sea Crisis Hits Maersk Outlook: 'Oversupply Will Cause Price Pressure, Impact Results'

Guidance

A.P. Moller - Maersk Earlier Said High Uncertainty Remains Around Duration And Degree Of Red Sea Disruption

A.P. Moller - Maersk Earlier Said It Expects Significant Oversupply Challenges In Ocean Industry Will Materialize Over Course Of 2024

Earlier Announced A.P. Moller - Maersk Sees Container Volume Growth 2.5%-4.5%, Inline With Market

Buybacks

Earlier Announced A.P. Moller - Maersk Terminates Fifth Phase Of Share Buyback Program

A. P. Moller Maersk (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>) reported quarterly losses of $(0.14) per share. The company reported quarterly sales of $11.74 billion which beat the analyst consensus estimate of $11.46 billion by 2.41 percent. This is a 34.11 percent decrease over sales of $17.82 billion the same period last year.

Earnings

Earnings Beats

Earlier Reported A. P. Moller Maersk Q4 2023 GAAP EPS $(0.14), Sales $11.74B Beat $11.46B Estimate

After the stunning rally that ended 2023, investors <a href="https://www.benzinga.com/news/earnings/24/01/36466738/us-stocks-set-to-open-weaker-as-traders-eye-key-main-street-events-analyst-sees-buying-opportunity-">started 2024 with sobering losses</a> that appeared to reflect the <a href="https://www.benzinga.com/news/24/01/36458551/hamas-deputy-leader-killed-in-suspected-israeli-drone-strike-in-beirut-oil-prices-fall">darkening geopolitical outlook</a>.
There were some heavy losses across Asia on Tuesday — particularly in China, where weak home sales data undermined the property sector. In the U.S., the mega-cap Dow Jones Industrial Average eked out narrow gains, but both the S&amp;P 500 and NASDAQ indexes lost ground.
The SDPR S&amp;P 500 Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the exchange traded fund that tracks the S&amp;P 500 fell 0.6% on Tuesday and the Invesco QQQ Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) which tracks tech stocks on the NASDAQ 100 fell 1.7%. Premarket trading on both ETFs indicated opening losses on Wednesday.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/03090258/newplot-13-1.jpeg" alt="" class="wp-image-173318" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/03090258/newplot-13-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/03090258/newplot-13-1-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/03090258/newplot-13-1-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Also Read: <a href="https://www.benzinga.com/news/24/01/36458551/hamas-deputy-leader-killed-in-suspected-israeli-drone-strike-in-beirut-oil-prices-fall">Hamas Deputy Leader Killed In Suspected Israeli Drone Strike In Beirut: Oil Prices Fall</a>
<h2 class="wp-block-heading">Geopolitical Gloom Deepens</h2>
The news from the Middle East and Red Sea were certainly sobering. Maersk (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>), the shipping company which last week had decided to resume routes through the Red Sea, suffered another attack by Houthi rebels. U.S. warships engaged with enemy vessels, while Iran sent a cruiser to the region.
It was later reported that Israel<a href="https://www.benzinga.com/news/24/01/36458551/hamas-deputy-leader-killed-in-suspected-israeli-drone-strike-in-beirut-oil-prices-fall"> had killed the deputy leader of Hamas</a> in a drone strike on a building in Beirut, the capital of Lebanon.
This incident, being Israel&#8217;s first incursion outside of Gaza in this conflict, raises concerns about the potential involvement of Lebanese Hezbollah militants and their allies, including Iran and Syria, further intensifying regional tensions.
Yet the market action didn&#8217;t feel like a reaction to geopolitical events. Gold prices fell, as the tradition safe haven asset did not attract spooked buyers. The iShares Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) fell 0.2%.
&#8220;Geopolitical tensions remain high but do not seem to be having a direct market influence as both gold and oil are trading lower,&#8221; said Marc Chandler at Bannockburn Global.
<h2 class="wp-block-heading">Equity Losers In Sell-Off</h2>
Looking at the losers on the S&amp;P 500 — including the Magnificent Seven stocks, which all lost between 1% and 5% — and it was a list of the best performers of 2023.
&#8220;I wouldn&#8217;t have been surprised to see profit taking — you&#8217;ve got a lot of portfolio managers who underperformed their index, so they&#8217;re re-orientating their portfolios towards a less hawkish Fed — they need to allocate towards stocks,&#8221; said Tom Lee at Fundstrat, in an interview on CNBC on Tuesday.
The largest downturns on the S&amp;P 500 on Tuesday were seen in the three cruise line operators: Norwegian Cruise Line Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) fell 8.6%, Royal Caribbean Cruises (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) lost 7.2% and Carnival Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) shed 6.7%.
During 2023, only three stocks — including Mag7 giants Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) up 227%, and Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) up 172% — outperformed Royal Caribbean, which gained 128% over the year. Carnival wasn&#8217;t far behind with an annual gain of 98%, while NCLH rose by 47%.
Another big story of 2023 — the growth of artificial intelligence — drove semiconductor stocks to cyclical highs, and many of these stocks were among Tuesday&#8217;s big losers.
AMD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) fell 6%, Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTL#NASDAQ">INTL</a>) shed 4.9% and Applied Materials (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) lost 4.8%.
<h2 class="wp-block-heading">What To Expect Ahead In 2024</h2>
Premarket trading on Wednesday indicated the likelihood of further equity losses — particularly in the stocks mentioned above. 
But the selling has not been broad based. There were plenty of gainers, particularly in the pharmaceuticals, healthcare and financial sectors.
Capex has risen during 2023, indicating companies feel confident about their earnings growth in 2024 — and earnings will be the ultimate driver, along with Federal Reserve policy, as the year advances.
Thus, the fourth-quarter 2023 earnings season, which kicks off in a few weeks, will be key for investment decision-making as companies provide further details on their outlooks for the coming year.
Now Read: <a href="https://www.benzinga.com/general/entertainment/24/01/36456513/new-year-resolution-stocks-can-getting-fitter-be-a-winner-on-the-stock-market">New Year Resolution Stocks: Can Getting Fitter Be A Winner On The Stock Market?</a>
Photo: Shutterstock

AMAT

INTL

NCLH

NVDA

A Glitch In The Rally? Cruise Operators And Chip Stocks Targeted In Profit Taking

In the opening session of the new year, WTI crude oil prices surpassed $73 per barrel <a href="https://www.benzinga.com/markets">with a 2.6% increase.</a> 
This rally is directly tied to escalating tensions in the Red Sea. The region, a critical global trade conduit, is generating significant headwinds for global equity markets. Major European equity indices are all in the red. U.S. futures are also trading with the minus sign at the time of publication.
What Happened: Over the weekend, a concerning escalation unfolded as U.S. Navy helicopters engaged and destroyed three Houthi boats in the Red Sea, according <a href="https://www.nytimes.com/2023/12/31/world/middleeast/us-houthi-clash.html">to</a> the New York Times.
These boats reportedly attempted to board a container ship, leading to several casualties. Iranian state-run media, IRNA and Tasnim, have reported the deployment of an Iranian destroyer to the Red Sea. 
The Pentagon reported that in just one month, the Houthis have hijacked a container ship and launched over 100 drone and ballistic missile attacks, targeting 10 merchant vessels from more than 35 nations. 
This development poses a risk of further inflaming the already high tensions in the area and potentially undermines Washington&#8217;s efforts to secure this vital trade route. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Iranian?src=hash&amp;ref_src=twsrc%5Etfw">#Iranian</a> Navy has dispatched a destroyer to the Red Sea <a href="https://t.co/5UfEU0mULB">https://t.co/5UfEU0mULB</a> <a href="https://t.co/znuGFYL2s6">pic.twitter.com/znuGFYL2s6</a>
&mdash; Tasnim News Agency (@Tasnimnews_EN) <a href="https://twitter.com/Tasnimnews_EN/status/1742047945069826520?ref_src=twsrc%5Etfw">January 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="539" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/02095342/MapChart_Map-1-1024x539.png" alt="" class="wp-image-172422" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/02095342/MapChart_Map-1-1024x539.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/02095342/MapChart_Map-1-300x158.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/02095342/MapChart_Map-1-768x404.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/02095342/MapChart_Map-1-1536x809.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/02095342/MapChart_Map-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Image:&nbsp;<a href="https://www.mapchart.net/" target="_blank" rel="noreferrer noopener">MapChart</a>
Why It Matters: The Red Sea is pivotal for global trade. The International Chamber of Shipping notes that 12% of global trade passes through this route, linking to the Suez Canal. 
Last week, about half of the container ship fleet that travels through the Red Sea and Suez Canal (accounting for 18% of global capacity) was rerouted. 
This development arises during a period of intensified strife. The news coincides with the ongoing conflict between Israel and Hamas. A series of assaults on ships carried out by groups affiliated with Tehran followed.
Shipping Industry Response And Market Reactions: AP Moller-Maersk A/S (OTCPK: AMKBY), the world&#8217;s second-largest maritime shipping line, temporarily suspended all Red Sea transit for 48 hours. Other shipping giants are also under close scrutiny as shipping costs have spiked significantly over the past month. The SonicShares Global Shipping ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOAT#NYSE">BOAT</a>), which tracks stocks from companies operating in the global maritime shipping industry, has risen by 11% over the past three weeks. 
Now Read: <a href="https://www.benzinga.com/markets/equities/24/01/36449314/nasdaq-and-s-p-500-futures-dive-oil-heats-up-cryptos-surge-on-first-trading-day-of-2024-unraveli">Nasdaq And S&amp;P 500 Futures Dive, Oil Heats Up, Cryptos Surge On First Trading Day Of 2024: Unraveling Forces at Play</a>
Image: Shutterstock

Macro Economic Events

Econ #s

WTI Crude Oil Prices Soar On New Year's Kickoff As Tensions Escalate In Red Sea Between US, Iran

The escalating disruptions in the Red Sea, caused by attacks led by Yemen-based Houthi rebels targeting ships, have triggered a significant shift <a href="https://www.benzinga.com/topic/geopolitics">in global trade patterns.</a>
Industry data from Flexport Inc., unveiled in a <a href="https://www.bloomberg.com/news/articles/2023-12-28/red-sea-attacks-latest-half-of-container-ship-fleet-avoids-route?srnd=premium&amp;sref=TBDibEcD">Bloomberg</a> story on Thursday, reveals a startling development: around half of the container-ship fleet that typically passes through the Red Sea and Suez Canal is rerouting to avoid the area. 
This shift, involving approximately 300 vessels capable of carrying 4.3 million containers, represents about 18% of global shipping capacity.
<h2 class="wp-block-heading">The Rerouting Challenge</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="700" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28152726/Suez-Map-1024x700.jpg" alt="" class="wp-image-170763" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28152726/Suez-Map-1024x700.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28152726/Suez-Map-300x205.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28152726/Suez-Map-768x525.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28152726/Suez-Map-1536x1050.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28152726/Suez-Map.jpg 1580w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Image: <a href="https://www.mapchart.net/">MapChart</a>
Rerouting around Africa adds approximately 25% more travel time compared to the usual Suez Canal route, connecting Asia and Europe. 
This not only increases operational costs for shippers but is also likely to inflate consumer prices for a wide range of products, including everyday items like clothing, food, and oil.
The Houthi, originating from Yemen, have justified their attacks as a stance against Israel, which is currently involved in a war against Hamas. 
However, their targets are not limited to vessels with direct Israeli connections, posing a broader threat to international trade. In response, a U.S.-led task force is stepping up efforts to enhance security along this crucial maritime corridor.
The data from Flexport aligns with findings from Kuehne &amp; Nagel International AG (OTCPK: KHNGY), another freight-forwarding giant. Their data, as of Wednesday, showed 364 vessels, with a capacity of 5 million TEUs, rerouting around Africa &#8211; a notable increase from 314 vessels recorded on Dec. 22. Over the past month alone, shares of Kuehne &amp; Nagel International AG have risen by 20%, reaching the highest level since October 2021. 
Clarksons Research highlights the impact of these diversions: a 40% decrease in Gulf of Aden arrivals and a 45% reduction in the Suez Canal southbound transits between Dec. 22 and 26.
<h2 class="wp-block-heading">Market Reactions: Maritime Shipping Stocks Rocket </h2>
Shares of the Danish business conglomerate&nbsp;A.P. Moeller-Maersk A/S (OTCPK: AMKBY), the world&#8217;s second-biggest container line, have risen by nearly 20% over the past two weeks. 
Another industry giant, the German Hapag-Lloyd Aktien (OTCPK: HLAGF) saw a remarkable 40% boost in its share price during the same time frame. 
The Honolulu-based Matson Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MATX#NYSE">MATX</a>) witnessed an 11% rally, similar to the one seen by Global Ship Lease Inc. New (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSL#NYSE">GSL</a>). 
The SonicShares Global Shipping ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOAT#NYSE">BOAT</a>), which tracks stocks from companies operating in the global maritime shipping industry, has soared by 10%.
Chart Courtesy of TradingView: Houthi Attacks Fueled Shipping Companies&#8217; Stocks 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28123241/BOAT_2023-12-28_17-32-22_c2924-1024x495.png" alt="" class="wp-image-170664" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28123241/BOAT_2023-12-28_17-32-22_c2924-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28123241/BOAT_2023-12-28_17-32-22_c2924-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28123241/BOAT_2023-12-28_17-32-22_c2924-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28123241/BOAT_2023-12-28_17-32-22_c2924-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28123241/BOAT_2023-12-28_17-32-22_c2924.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read now: <a href="https://www.benzinga.com/government/23/12/36328651/end-of-year-rally-for-oil-as-red-sea-tensions-drive-up-shipping-costs">End-Of-Year Rally For Oil As Red Sea Tensions Drive Up Shipping Costs</a>
Photo: Shutterstock

Asia

HLAGF

KHNGY

MATX

Trade Turmoil: Houthi Attacks In Red Sea Ignite Rerouting Crisis, Drive Surging Shipping Stocks

Denmark&#39;s Shipping group,&nbsp;A. P. Moller Maersk A/S&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/amkby#OTC">AMKBY</a>), on Wednesday stated that it has&nbsp;<a class="editor-rtfLink" href="https://www.maersk.com/news/articles/2023/12/27/maersk-signs-mou-with-city-of-yokohama-and-mitsubishi-gas-chemical" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">penned&nbsp;</a>a Memorandum of Understanding (MoU) with the City of Yokohama and Mitsubishi Gas Chemical (MGC) to focus on the development of green methanol bunkering infrastructure in Yokohama, with its 16,000 TEU green methanol-powered container vessels to be delivered since 2024.&nbsp;
In another development, Maersk recently&nbsp;<a class="editor-rtfLink" href="https://www.maersk.com/news/articles/2023/12/15/maersk-operations-through-red-sea-gulf-of-aden" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">stated&nbsp;</a>that it would send vessels through the Red Sea after a U.S.-led coalition offered naval security against attacks by Iran-backed Houthi rebels.
This decision follows the initiation of Operation Prosperity Guardian (OPG), a U.S.-led coalition providing naval security. This development is widely celebrated within the industry as it positively impacts the efficiency and functionality of global trade.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/23/12/36367992/inflation-warning-for-2024-red-sea-disruptions-causing-freight-rate-spikes-and-higher-costs" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Inflation Warning For 2024: Red Sea Disruptions Causing Freight Rate Spikes And Higher Costs</a>
On Sunday, Maersk announced the discontinuation of rerouting vessels around southern Africa due to the associated long and expensive journey, as&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/4af8ca2f-a34c-42cc-b0f8-8f4d30d35c5c" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">per&nbsp;</a>the FT report.&nbsp;
&quot;With the Operation Prosperity Guardian initiative in operation, we are preparing to allow for vessels to resume transit through the Red Sea both eastbound and westbound,&quot; as per the report.
Instead, the company will opt for the more direct route through the Suez Canal under the protection of the coalition.
The recently revealed multinational operation, announced by the U.S. last week, aims to enhance a naval task force in the Red Sea. Its primary objective is to secure the safe transit of commercial vessels through this crucial global trade route. The Red Sea has been a target for drone and missile attacks by the Houthis, a militia group based in Yemen, posing a threat to maritime traffic.
Price Action: AMKBY shares traded lower by 2.10% at $8.85 on the last check Thursday.
Photo via Company

Shipping Giant Maersk Eyes Development Of Green Methanol Bunkering Infrastructure In Yokohama: Details

While the Federal Reserve&#8216;s <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36360990/feds-favorite-inflation-gauge-cools-more-than-expected-cementing-rate-cut-expecta">preferred measure of inflation</a> is now close to its target range of 2%, the current turmoil in the Red Sea could give U.S. policymakers a few headaches <a href="https://www.benzinga.com/news/large-cap/23/12/36365515/oil-prices-bag-second-straight-week-of-gains-on-red-sea-turmoil-but-theyre-still-off-more-than-15-">in the coming months</a>.
On Friday, data showed the headline rate of personal consumption expenditures, an inflation measure used by the Fed in setting policy rates, fell to 2.9% in November.
Some economists are predicting up to four quarter-point rate cuts in 2024 — that would take the Fed funds rate from its current range of 5.25%-5.5% down to 4.25%-4.5% by the end of next year. Are they being over-optimistic given the potential inflationary impact of the suspension of freight through the Red Sea?
<h2 class="wp-block-heading">Red Sea Traffic Re-Routed</h2>
An increasing number of attacks by Yemeni Houthi rebels have disrupted the Red Sea/Suez Canal corridor.
The shipping route accounts for around 12% of global trade and nearly a third of container shipping. It carries freight from Asia and petroleum products from the Arabian Gulf to destinations in Europe and Eastern U.S. ports.
Many freight companies, including oil tankers and those carrying container goods, have now stopped using it.
The alternative route — around the Cape of Africa — adds 3,000-3,500 miles and an additional 10 to 14 days. It has already driven up freight rates to highs not seen since the Covid-19 pandemic. That&#8217;s likely to have an impact on the price of goods they carry. 
Shipping company Maersk (OTCPK: AMKBY) confirmed a surcharge of $700 on a standard 20-foot container. 
Many other shipping companies have since followed suit.
&#8220;For shippers and eventually also for consumers, 2024 starts with higher than expected freight rates,&#8221; <a href="https://think.ing.com/opinions/avoiding-the-red-sea-leads-to-a-disruptive-start-of-2024-for-trade-and-supply-chains">said</a> Rico Luman senior economist at ING. But will this translate into higher prices?
Also Read: <a href="https://www.benzinga.com/government/23/12/36328651/end-of-year-rally-for-oil-as-red-sea-tensions-drive-up-shipping-costs">End-Of-Year Rally For Oil As Red Sea Tensions Drive Up Shipping Co</a>sts
<h2 class="wp-block-heading">Oil Prices Rise For Two Straight Weeks</h2>
Oil prices have already responded. Since BP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) is suspending oil shipments through the region. As a result, the price of Brent crude has risen by around 4.6%. 
The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), an exchange-traded fund (ETF) that tracks the price of light-sweet crude, was up 0.9% at $69.68 on the day and up 2.8% over the week.
But it&#8217;s not only the higher freight rates that could have an impact on inflation. The delays caused by the extra distance of shipping goods around Africa could cause temporary bottlenecks in supply chains. 
&#8220;Companies have started avoiding the Red Sea and this already leads to significant delays in supply chains and prices hikes on the spot market — and it could still get worse,&#8221; added Luman.
IKEA is just one of many companies warning that higher freight rates will affect product availability and prices.
An Ikea spokesperson <a href="https://www.nbcnews.com/business/business-news/ikea-says-products-will-delayed-due-red-sea-diversions-rcna130820">said</a> this week: &#8220;The situation in the Suez Canal will result in delays and may cause availability constraints for certain IKEA products.&#8221;
Logistics experts <a href="https://www.msn.com/en-us/money/companies/container-rates-hit-10000-as-ocean-freight-inflation-soars-in-red-sea-crisis/ar-AA1lRtOa">interviewed by CNBC</a> expect that once the timeline hits the one-month mark, inflationary pressures will be felt in the supply chain first; then, ultimately, by the consumer. 
The impact of delays and higher freight prices will be largely felt in Europe. The continent relies more heavily on oil shipped from the Arabian Gulf.
The U.S. should feel any inflationary impact far less due to its diverse economy. It is also broadly self-sufficient in goods, and agricultural commodities, as well as oil.
Now Read: <a href="https://www.benzinga.com/markets/equities/23/12/36361332/uk-on-the-brink-of-recession-while-us-growth-remains-robust-fed-doves-to-drive-markets-in-early-">UK On The Brink Of Recession While US Growth Remains Robust: Fed Doves To Drive Markets In Early 2024</a>
Image: Shutterstock

Inflation Warning For 2024: Red Sea Disruptions Causing Freight Rate Spikes And Higher Costs

As head of digital assets at Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Ryan Rugg spearheads Web3&#8217;s way into broad institutional adaptation. Rugg brings over two decades of experience in various roles covering fixed income, asset management, insurance and blockchain.
Rugg is among the Web3 figureheads who will be speaking at <a href="https://www.benzinga.com/go/crypto-conference-article-link">Benzinga&#8217;s Future of Digital Assets</a> event Nov. 14, 2023 in New York City. 
Citi released a <a href="https://ir.citi.com/gps/MG9DEWhoYvQJVWLM9Kr3%2BZmqjoztKJcyNHr83F9Wug2pzAGHPQKfp23RAMrkNts%2FJitXoTNqufOvegUjjXh0IA%3D%3D">report</a> forecasting the blockchain-based tokenization market of real-world assets will reach $5 trillion by 2030. The Web 3-friendly large bank pointed out that traditional financial assets are suboptimal, as traditional systems and processes limit them.
As Rugg recently stated in an <a href="https://www.coindesk.com/video/citi-developing-token-services-for-institutional-clients/">interview</a> with Coindesk, clients are certainly taking note.
"It is not about technology. It is about what our clients want – and what our clients want is cross-border multi-bank liquidity. They want to be able to move money, 24/7, 365, and make it programmable,&#8221; she told the publication. 
After evaluating the available technology, Citi concluded the best is is a permission blockchain, she said, explaining the framework behind Citi Token Services, which provides digital asset solutions for institutional clients. &nbsp;
The important notion here is that the bank isn't forcing the adaptation; instead, it is reacting to client needs, developing a solution that prioritizes transaction processing and transparency.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34700479/secs-latest-filings-highlight-auditor-concerns-over-binance-us-collateral-integrity">SEC&#8217;s Latest Filings Highlight Auditor Concerns Over Binance.US Collateral Integrity</a>
A Visionary Of Web 3 Institutional Adaptation
Rugg advocated for new blockchain-driven insurance business models as early as 2019. Back then, she explained the logic behind <a href="https://www.dig-in.com/opinion/new-insurance-business-models-enabled-by-blockchain">blockchain adaptation for insurance business models</a>, illustrating how blockchain enables insurers to adapt policies in real-time based on factors like a ship&#8217;s location or cargo container conditions. Citi is testing these solutions with a global shipping giant, Maersk (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>).
In the health insurance space, blockchain facilitates the collection of real-time, verified data from multiple sources, allowing for customized pricing and more frequent risk assessments. Furthermore, usage-based insurance is transforming the car insurance industry by incorporating real-time data about driving behavior and offering innovative pay-as-you-drive policies.
With one of the largest global banks behind her, Rugg is now positioned as a leading figure in the institutional Web3 space.
Join Benzinga&#8217;s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions &amp; institutional adoption in the crypto space.<a href="https://www.benzinga.com/go/crypto-conference-article-link"> Secure early bird discounted tickets now</a>!
Now Read: <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35212338/caroline-ellisons-testimony-reveals-sam-bankman-fried-was-concerned-about-3-things-binance">Caroline Ellison&#8217;s Testimony Reveals Sam Bankman-Fried Was Concerned About 3 Things</a>
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<ul>
<li>Shipping group&nbsp;A. P. Moller Maersk&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/amkby#OTC">AMKBY</a>)&nbsp;expects&nbsp;<a class="editor-rtfLink" href="https://www.maersk.com/news/articles/2023/02/08/apmm-reports-strong-results-for-2022" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">2023 global GDP growth to be muted&nbsp;</a>with global ocean container market growth of -2.5% - 0.5%.</li>
<li>While the slow-down of the global economy will lead to a softer market in particular in Ocean, Maersk said it would continue to pursue growth opportunities within the Logistics and Terminals businesses.</li>
<li>So, for 2023, Maersk expects an underlying EBITDA of $8.0 billion &ndash; $11 billion, an underlying EBIT of $2.0 billion &ndash; $5 billion, and free cash flow (FCF) of at least $2 billion.</li>
<li>&quot;Guidance for 2023 is based on the expectation that inventory correction will be complete by the end of the first half, leading to a more balanced demand environment,&quot; said the company.</li>
<li>In 2022, Maersk&#39;s revenue was up 32%, and EBIT increased by 57%.</li>
<li>A.P. Moller-Maersk expects to grow in-line with the market.</li>
<li>Price Action: AMKBY shares closed higher by 0.09% at $11.30 on Tuesday.</li>
<li>Photo Via Company</li>
</ul>

Maersk Provides Gloomy Outlook For 2023; Expects To Grow In-Line With The Market

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30037492/broadcoms-vmware-draws-more-regulatory-attention-this-time-from-eu" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Broadcom&#39;s Vmware Draws More Regulatory Attention, This Time From EU</a>
<ul>
<li>U.S. chipmaker Broadcom Inc&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avgo#NASDAQ">AVGO</a>) $61 billion Vmware, Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vmw#NYSE">VMW</a>) deal could hit a roadblock with EU antitrust regulators poised to open a full-scale investigation into the deal.</li>
<li>Broadcom pined for early EU approval of the deal by highlighting competition from Amazon.com Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>), and Alphabet Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) Google in the cloud computing market.</li>
<li>Broadcom had a so-called state-of-play meeting with European Commission officials earlier this week.</li>
<li>The EU competition enforcer will likely finish its initial deal scrutiny on December 20.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30037093/mercedes-benz-vans-plans-to-build-ev-plant-in-poland-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Mercedes-Benz Vans Plans To Build EV Plant In Poland</a>
<ul>
<li>Mercedes-Benz Group ADR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgyy#OTC">MBGYY</a>) said its vans division is planning more than a &euro;1 billion investment to build its first electric vans plant in Jawor, Poland.</li>
<li>In this regard, Mercedes-Benz has signed a declaration of intent with the Polish government.</li>
<li>The Jawor factory already produces combustion engines and batteries for Mercedes-Benz Cars.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30036934/geelys-ev-brand-zeekr-pursues-1b-in-us-ipo-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Geely&#39;s EV Brand Zeekr Pursues $1B In US IPO</a>
<ul>
<li>Chinese automotive company Geely Automobile Holdings Ltd&#39;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyf#OTC">GELYF</a>) premium electric car division, Zeekr, has filed for a U.S. initial public offering.</li>
<li>The electric car brand expects to raise over $1 billion through its market debut.</li>
<li>Zeekr filed for the IPO with U.S. regulators last week and aims to go public in the second quarter of 2023.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/12/30038686/air-india-close-to-order-upto-500-jets-from-airbus-boeing" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Air India Close To Order Upto 500 Jets From Airbus, Boeing</a>
<ul>
<li>Tata group-backed Air India is reportedly close to placing around 500 jetliners from Airbus SE (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/eadsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">EADSY</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/eadsf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">EADSF</a>) and Boeing Co (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/ba#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BA</a>) to be delivered over the next decade.</li>
<li>The order includes around 400 narrow-body jets and 100 or more wide-bodies as finishing touches are placed on the mammoth deal in the coming days.</li>
<li>This deal could top $100 billion.</li>
</ul>

Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30039133/credit-suisse-issued-140m-on-suspicious-bills-raising-questions-on-risk-management-efforts" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Credit Suisse Issued $140M On Suspicious Bills, Raising Questions On Risk Management Efforts</a>
<ul>
<li>Credit Suisse Group AG (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cs#NYSE">CS</a>) provided an emergency $140 million loan to Greensill Capital in October 2020, less than five months before it collapsed.</li>
<li>Invoices issued by Sanjeev Gupta&#39;s Liberty Commodities and sold to Greensill formed part of the collateral for the loan.</li>
<li>The commodities company is part of Gupta&#39;s GFG Alliance, which is being probed by the UK&#39;s Serious Fraud Office and French police over suspected fraud and money laundering. </li>
</ul>

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30037901/american-airlines-and-jetblue-airways-tap-their-alliance-amid-antitrust-regulatory-opposition" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">American Airlines And JetBlue Airways Tap Their Alliance Amid Antitrust Regulatory Opposition</a>
<ul>
<li>American Airlines Group, Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aal#NASDAQ">AAL</a>) and JetBlue Airways Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jblu#NASDAQ">JBLU</a>) looked to add a wide variety of new nonstop destinations under their Northeast Alliance (NEA).</li>
<li>The destinations are set to take off from New York&#39;s LaGuardia Airport (LGA), Newark Liberty International Airport (EWR), and Boston Logan International Airport (BOS) in 2023.</li>
<li>U.S. antitrust regulators sought to dissolve the NEA.</li>
<li>The U.S. challenged the arrangement as a virtual merger that could cost consumers over $700 million annually through higher fares.</li>
</ul>

TechCrunch
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/12/30036935/uber-opposes-regulator-move-for-boosting-fares-amid-driver-crisis-surging-costs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Uber Opposes Regulator Move For Boosting Fares Amid Driver Crisis, Surging Costs</a>
<ul>
<li>Uber Technologies Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/uber#NASDAQ">UBER</a>) prosecuted the New York City Taxi &amp; Limousine Commission (TLC) for approving a fare hike for ride-hail apps and taxi drivers amid driver shortage, rising operational costs, and higher inflation. </li>
<li>TLC voted to increase the per-minute rates of ride-hail drivers by 7.42% and per-mile rates by 23.93% to attract more drivers to cater to the post-pandemic increasing demand.</li>
</ul>

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/22/12/30036930/this-tesla-rival-scraps-european-commercial-ev-partnership-with-mercedes-benz" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tesla Rival Rivian Pauses Plans To Make EV Vans In Europe With Mercedes-Benz</a>
<ul>
<li>Rivian Automotive Holding Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) is not going ahead with a partnership it had earlier announced with Mercedes-Benz Group AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgaf#OTC">MBGAF</a>).</li>
<li>Rivian said that it is pausing plans to produce commercial electric vehicle vans in Europe and, in the process, will not pursue a memorandum of understanding it signed with Mercedes-Benz in early September.</li>
<li>The decision to scrap the partnership comes as Rivian deemed that focusing on consumer business and its existing commercial business represents the most attractive near-term opportunities to maximize shareholder value.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/22/12/30034339/binances-cz-denies-market-hack-after-abnormal-price-movement-suspicions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Binance&#39;s CZ Denies Market Hack After &#39;Abnormal&#39; Price Movement Suspicions</a>
<ul>
<li>Binance CEO Changpeng Zhao &mdash; better known as &quot;CZ&quot; &mdash; has responded to suspicions about the &quot;abnormal price movements&quot; of certain trading pairs on the exchange. </li>
<li>On Sunday, Binance noticed unusual price changes for certain trading pairs that included Sun Token (SUN/USD), Ardor (ARDR/USD), Osmosis (OSMO/USD), FUN Token (FUN/USD), and Golem (GLM/USD) tokens, and launched an investigation. </li>
<li>Zhao declared that the alterations &quot;look like market behavior&quot; and were not caused by hacked accounts or stolen API keys.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/22/12/30035061/microsoft-buys-4-stake-in-london-stock-exchange-enters-10-year-partnership-worth-2-8b-what-investors" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Microsoft To Get 4% Stake, 10-Year Partnership In $2.8B Deal With London Stock Exchange: What You Should Know</a>
<ul>
<li>Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) announced an investment in London Stock Exchange Group plc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnsty#OTC">LNSTY</a>) and a strategic partnership with the exchange.</li>
<li>Microsoft said it has agreed to buy about a 4% equity stake in LSE through certain investment funds affiliated with a consortium comprising BlackRock Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) and Thomson Reuters. The share purchase, subject to customary antitrust and regulatory approvals, is expected to close in Q1 of 2023.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/12/30037937/after-16-years-roches-pharma-division-head-decides-to-step-down" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">After 16 Years, Roche&#39;s Pharma Division Head Decides To Step Down</a>
<ul>
<li>Roche Holdings AG&#39;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTC">RHHBY</a>) head of its pharmaceuticals division, Bill Anderson, has decided to leave after 16 years with the company.</li>
<li>Bill Anderson would quit at the end of the year &quot;to pursue opportunities outside of Roche,&quot; with a successor due to be named by March 2023, Roche said in a statement.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30038003/logistics-firm-maersk-appoints-vincent-clerc-as-ceo" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Logistics Firm Maersk Appoints Vincent Clerc As CEO</a>
<ul>
<li>Shipping company A.P. Moller Maersk (OTC: <a class="ticker" href="https://www.benzinga.com/stock/amkby#OTC">AMKBY</a>) has appointed Vincent Clerc as the new Chief Executive Officer, effective January 1, 2023.</li>
<li>He will succeed Soren Skou, who has led the firm&#39;s transformation from a diversified conglomerate to an integrated logistics company.</li>
<li>Clerc, at present, is the head of Maersk&#39;s Ocean &amp; Logistics business.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/12/30037496/two-down-with-sanofi-bowing-out-from-horizon-buyout-talks-amgen-agrees-to-buy-for-116-5share" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Two Down With Sanofi Bowing Out From Horizon Buyout Talks, Amgen Agrees To Buy For $116.5/Share</a>
<ul>
<li>Amgen Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amgn#NASDAQ">AMGN</a>) has agreed to buy Horizon Therapeutics plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hznp#NASDAQ">HZNP</a>), implying an enterprise value of approximately $28.3 billion, marking the largest healthcare merger of the year.</li>
<li>Last week, Johnson &amp; Johnson&#39;s (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/jnj#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JNJ</a>) unit, Janssen, pulled out of the talks. Sunday, Sanofi SA (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/sny#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SNY</a>) said it couldn&#39;t agree on a price with Horizon.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/22/12/30035131/microsoft-snaps-this-developer-of-high-speed-cables-for-data-transmission#" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Microsoft Snaps This Developer Of High-Speed Cables For Data Transmission</a>
<ul>
<li>Microsoft Corp scooped Lumenisity Limited, a leader in next-generation hollow core fiber (HCF) solutions.</li>
<li>The financial terms of the transaction remain undisclosed.</li>
<li>Microsoft can tap Lumenisity&#39;s HCF product for fast, reliable, and secure networking for global, enterprise, and large-scale organizations.</li>
</ul>

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Broadcom-Vmware Deal Draws European Regulatory Attention, Rivian Pauses Mercedes-Partnered EV Van Plans For Europe, Credit Suisse Issued Loan On Suspicious Bills: Top Stories Monday, Dec. 12

<ul>
<li>Shipping company&nbsp;A.P. Moller Maersk&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/amkby#OTC">AMKBY</a>) has&nbsp;<a class="editor-rtfLink" href="https://www.maersk.com/news/articles/2022/12/12/the-board-of-directors-of-maersk-announces-planned-ceo-transition" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">appointed Vincent Clerc as the new</a>&nbsp;Chief Executive Officer, effective January 1, 2023.</li>
<li>He will succeed Soren Skou, who has led the firm&#39;s transformation from a diversified conglomerate to an integrated logistics company.</li>
<li>Clerc, at present, is the head of Maersk&#39;s Ocean &amp; Logistics business.</li>
<li>&quot;The strong tail winds that benefited the supply chain industries during the pandemic are coming to an end,&quot; said Chair Robert M. Uggla.</li>
<li>&quot;With an increasingly challenging outlook, the Board believes Vincent holds the right experience and capabilities as CEO to pursue and oversee Maersk&#39;s strategic and organizational development in the years to come.&quot;</li>
<li>Maersk operates in more than 130 countries with over 100,000 employees.</li>
<li>Price Action:&nbsp;AMKBY shares closed higher by 2.84% at $10.50 on Friday.</li>
<li>Photo Via Company</li>
</ul>

Logistics Firm Maersk Appoints Vincent Clerc As CEO

On Friday, shares of A.P. M&oslash;ller - M&aelig;rsk A/S (OTC: <a class="ticker" href="https://www.benzinga.com/stock/amkby#OTC">AMKBY</a>) experienced volatile short activity. After the activity, the stock price went down -1.59% to $10.28.
The overall sentiment for AMKBY has been Bearish.
The signal from the volatility alert is trending Bearish. Therefore, the recommendation is to Strong Sell.
The volatility alert was produced on the prior trading date, 10/28/2022 with a volatility change of +111.45%. The current volatility indicator stands at 18.792.
Overview: 
The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: 
Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE 
&nbsp;

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Integrated Logistics Company A.P. Moller – Maersk's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMKBY#OTC">AMKBY</a>) (GB:0O77) (DE:DP4A) shares are down by nearly 6% at the time of writing after a con...