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Shipping stocks slide after US port strike ends

Posted to Maritime Reporter on October 3, 2024

Shipping shares fell across Asia Friday, after U.S. port operators and workers reached an agreement to end the strike at docks on the East Coast and Gulf Coast much sooner than expected. Evergreen Marine, Wan Hai Lines, and Yang Ming Marine…

White House encourages unions and employers to negotiate new port contract

Posted to Maritime Reporter on September 27, 2024

A White House official stated that the Biden administration is encouraging unions and employers to quickly and in good faith negotiate a new contract ahead of any possible strike on Tuesday at ports. The International Longshoremen's Association…

Agriculture groups call on White House to act ahead of possible port strike

Posted to Maritime Reporter on September 27, 2024

Nearly 200 agricultural organizations urged the White House on Friday morning to address U.S. agriculture supply chain issues, in light of a possible East and Gulf Coast ports strike that could start on Tuesday. According to the groups, there are "imminent and serious shipping disruptions"…

Agriculture groups ask White House to avoid East Coast port disruption

Posted to Maritime Reporter on September 25, 2024

On Wednesday, agriculture groups urged the White House take action to prevent a possible strike that could start on October 1 at U.S. East Coast and Gulf Coast ports. These ports handle about half of the nation's ocean imports. The American Farm Bureau Federation and other groups…

Hapag-Lloyd's global order book is expected to increase, but not at a worrying level

Posted to Maritime Reporter on August 14, 2024

According to the German container liner Hapag Lloyd, who spoke with analysts on Wednesday, the global order book for ships, which represents 18% of the fleet of the world, will increase but at a reasonable rate. "I expect that the 18% which is not a concern…

Maersk expects global demand to remain steady, but slower.

Posted to Maritime Reporter on August 7, 2024

Maersk, a shipping company, said on Wednesday that global container demand will likely remain positive over the next few quarters. However, it warned of substantial risks. When it released its preliminary earnings for the second quarter last week…

Expeditors second-quarter earnings falls as Red Sea stress weigh

Posted to Maritime Reporter on August 6, 2024

system. Shares of the business were down about 5% in early trade. e-commerce need had actually strained its air market capability. Jeffrey Musser stated. enhancing market conditions. fell to $175 million or $1.24 per share, compared to $196.8. million or $1.30 per share a year earlier.

DSV Freight expects earnings to increase from Red Sea disruption

Posted to Maritime Reporter on July 24, 2024

DSV, a Danish shipping company, said that it expected disruptions in the Red Sea to have a positive effect on its earnings during the second half. Third-largest global freight forwarder, a company that operates in sea, air and roads divisions…

West, a UK-based ship insurer, has problems with paying claims to a Russian company that is under sanctions

Posted to Maritime Reporter on July 23, 2024

West, a UK ship insurer, said that it would be difficult to pay claims for ships involved with accidents or collisions involving other vessels insured by the sanctions-hit Russian Ingosstrakh. This is another indication of the difficulties with Moscow's oil trading.

UKMTO reports minor damage to vessel after two attacks north of Yemen's Mokha

Posted to Maritime Reporter on July 23, 2024

United Kingdom Maritime Trade Operations said that on Saturday, it received a report about two attacks against a vessel that caused minor damage. The attack took place 64 nautical miles (118.5 km) north of Yemen's Mokha. The captain of the ship…

Spain seizes cargo ship after fuel spill in Ceuta

Posted to Maritime Reporter on July 23, 2024

Spain's Merchant Fleet reported on Monday that Spanish authorities had detained a German cargo ship after it caused a spill while refuelling near the Spanish enclave Ceuta. It added that the owner of the Tony Stark-flagged ship, which is registered in Antigua & Barbuda…

UKMTO reports that two attacks were reported northwest of Yemen’s Mokha. The vessel suffered minor damages.

Posted to Maritime Reporter on July 23, 2024

The United Kingdom Maritime Trade Operations said that on Saturday, it received a report about two attacks against a vessel at 64 nautical miles north of Yemen's Mokha. One of the attacks caused minor damage to a ship. The captain reported that "two attacks" had taken place: first…

Oil tankers caught fire after collision near Singapore; crews rescued

Posted to Maritime Reporter on July 23, 2024

Authorities and a tanker operator reported that two large oil tanks caught fire after colliding on Friday near Singapore, which is the world's largest refuelling station. Two crew members were airlifted from the scene to the hospital, while others were rescued using life rafts.

Early US back-to school sales by retailers hastens peak ocean shipping season

Posted to Maritime Reporter on July 23, 2024

Walmart, Target, and Shein retailers started back-to school sales early in order to prevent Amazon.com Prime Day from stealing U.S. sales for backpacks and computers. This helped advance the peak ocean-shipping season by two-months and increase already high freight rates.

Maersk reports an incident of fire on a vessel near the western coast of India

Posted to Maritime Reporter on July 23, 2024

Maersk said on Friday that a fire had broken out on one of their chartered vessels, sailing from Mundra off the west coast of India, to Colombo in Sri Lanka. Local media reported that the fire was caused by a short-circuit, which resulted in explosions, and that a Filipino seaman died.

Singapore's maritime biofuels centre has completed its final marine decarbonisation trial

Posted to Maritime Reporter on July 23, 2024

The Global Centre for Maritime Decarbonisation in Singapore (GCMD) announced this week that it had completed the final trials of biofuels for ships, with German container company Hapag-Lloyd as well as energy giant BP. The GCMD started an 18…

Sources say that Bahri, the top bidder for Schenker by Deutsche Bahn, has dropped out of the race.

Posted to Maritime Reporter on July 23, 2024

Two people with knowledge of the sale said that Saudi Arabian Bahri dropped its bid to buy Schenker's German logistics unit from Deutsche Bahn, reducing the competition down to DSV or CVC. Sources said that the departure of Bahri means that…

CMA CGM, the shipping giant, signs AI agreement with Google

Posted to Maritime Reporter on July 23, 2024

The French shipping and logistic company CMA CGM announced Thursday that it has entered into a partnership agreement with Alphabet’s Google in order to accelerate the deployment of AI across all its global operations. CMA CGM strives to improve…

Suez Canal revenues drop as some shippers avoid the Red Sea

Posted to Maritime Reporter on July 23, 2024

The Suez Canal’s annual revenue fell by almost a quarter during its most recent financial year, as some shippers chose alternative routes in order to avoid being attacked by Houthis who are aligned with Iran in the Red Sea. Osama Rahbie, head…

Maersk reports that disruptions to container shipping via the Red Sea have increased.

Posted to Maritime Reporter on July 23, 2024

Denmark's A.P. Moller-Maersk, the Danish A.P. Maersk, among other shipping companies, has diverted ships around Africa's Cape of Good Hope to avoid attacks from Iran-aligned Houthi terrorists in the Red Sea since December. The longer voyage times have pushed freight rates up.
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