Crisis in Red Sea Risks Port Overcrowding & May Drive Shipping Costs
HSBC Global Research has issued a caution regarding the potential implications of the current crisis in the Red Sea on maritime logistics.
Shipping
Container Shipping Costs Escalate Due to Security in Red Sea
In recent developments the shipping industry is witnessing a hike in short-term rates for container transport across Asia, Europe, and the USA.
IMarEST Appoints New Chief Executive
The Institute of Marine Engineering, Science & Technology (IMarEST) has officially announced Chris Goldsworthy as new chief executive officer.
Guangzhou Wenchong to Construct Methanol-Powered Vessels
Maersk has selected a shipyard in the southern region of China to construct its upcoming series of vessels powered by methanol.
13-Year Jail Sentence for Former Chinese Shipbuilding Head
Hu Wenming, former chairman of state-owned China Shipbuilding Industry Co (CSIC), has been sentenced to 13 years in prison and fined $700,000.
Wheat Futures Rose After Mine Incident in Ukraine
Wheat futures rose due to incident in Black Sea where a vessel preparing to load grain from Ukraine struck a mine, increasing fears of turbulence
Red Sea Route Changes: Higher Costs, More Delays
Major suppliers for global retailers such as IKEA & Amazon are adjusting shipping routes, marking the most significant disruption since COVID
Zodiac Maritime Explores Potential of Nuclear-Powered Ships
Zodiac Maritime is collaborating with KEPCO E&C, HD KSOE and Lloyd's Register of South Korea to create plans for ships powered by nuclear energy.
New Horizons: Beks Maneuvers Its Only Newcastlemax Vessel
According to Brokers, the Bekmezci family sold their first and only large cargo ship, a newcastlemax, after having it for a year.
Louis Dreyfus Prepares Juice Ship for Suction Sails
In a significant move, the Louis Dreyfus Company, has chosen to equip its leased juice transport vessel with four innovative suction sails.
Harim Group Chosen to Acquire HMM
The Harim Group has been chosen by state-owned creditors to acquire a controlling interest in HMM, South Korea's premier shipping company.
Bulk Carrier Hijacked Off Somalia Coast
Off the Somalian coast, commercial vessel remains hijacked by group of unknown assailants, significantly raising fears of persisting instability.
Panama Canal to Increase Daily Transits Next Month
Starting from January, the Panama Canal Authority will increase daily transits to 24, following consistent rain over the last 6-week period.
Egypt: 55 Vessel Diversions Since Nov Amid Growing Strains
The Suez Canal Authority of Egypt disclosed that they are vigilantly observing the repercussions of escalating tensions in the Red Sea.
Christening Ceremony for 3 Towboats at Middle River Marine
Middle River Marine, based in Mokena, Illinois, added three towboats—namely, the M/V Carmalee Rose, Macey Lauren, and Ava Renee—to its fleet.
FPSO Atlanta: Yinson's Fleet Addition Poised for 2024 Launch
In a grand event at Dubai Drydocks World on December 13, 2023, Yinson Production warmly welcomed the latest jewel in its crown, the FPSO Atlanta.
IMO Commemorative Farewell for Secretary-General Kitack Lim
Resolution entitled "Appreciation of the Services of Mr Kitack Lim" recognizes Mr. Lim's leadership and achievements during his tenure at the IMO
Ocean Carriers Re-enter Charter Market Due to Increased Demand
Anticipation of better-than-expected demand across trade routes leads ocean carriers to re-enter charter market in search of available tonnage.
Hydrotug 1 is the World’s First Hydrogen-Powered Tug
The world’s first hydrogen-powered tugboat successfully launched by Belgian shipping and cleantech group, CMB.TECH & the Port of Antwerp-Bruges.
Largest Global Car Carrier Gets Green Light in Principle
Deltamarin has recently obtained Approval in Principle (AiP) from DNV for their groundbreaking design of an 11,000 CEU pure car and truck carrier