East Coast News

Strong global demand pushed up CMA CGM's third-quarter profit while the current quarter was seeing a rush to ship goods from China, the shipping group said on Friday as it played down the risk to trade from possible U.S. tariffs.The French company reported a net profit of $2.73 billion for third quarter, up from $388 million in the year-earlier period, supported by a 5.5% increase in volume for its main ocean shipping division.Like other shipping firms, CMA CGM has benefited from restocking by U.S.

Donald Trump’s victory in the US Presidential Election is has importers on edge, fearing another spike in ocean container shipping freight rates premised on President Trump's vow on blanket tariffs of up to 20% on all imports into the US and additional tariffs of 60% to 100% on goods from China.Data from Xeneta shows the last time that President Trump ramped up tariffs on Chinese imports during the trade war in 2018, ocean container shipping freight rates spiked more than 70%.

Seaway7, part of the Subsea7 Group, has secured a ‘substantial’ contract from ScottishPower Renewables for the transport and installation of the inter-array cables of the East Anglia TWO offshore wind project.Seaway7’s scope of work for East Anglia TWO includes the engineering, supply and installation of the 64 inter-array cables.Execution of the scope will be led from Seaway7’s Aberdeen office in the UK, with offshore activities scheduled to commence in 2027.Although the exact value of the contract has not been specified…

The US Federal Maritime Commission (FMC) has opened a 15-day comment period for members of the public to comment in response to a newly filed vessel sharing agreement between Ocean Network Express (ONE), Hyundai Merchant Marine (HMM) and Yang Ming Marine Transportation (Yang Ming).ONE, HMM and Yang Ming are parties to THE Alliance Agreement (No. 012439) that is currently in effect.The five-year agreement, titled the Premier Alliance Agreement, authorizes the three ocean common carriers to share vessels…

Danish firm Cadeler has signed firm contracts, valued up to $415 million, for the transport and installation of turbines and foundations for East Anglia TWO offshore wind farm, being developed by ScottishPower Renewables, part of Iberdrola Group.The contracts, valued between $390 million and $415 million, are for the transportation and installation of 64 turbines, each rated at 15 MW, along with their foundations.The offshore works are set to commence in 2027 and will see the use of one of Cadeler’s newbuild A-class vessels…

U.S. shippers are steering clear of East and Gulf Coast ports amid worries the 45,000 dockworkers at those trade hubs will go on strike again if their union leader does not land a new contract with employers by a Jan. 15 deadline.The International Longshoremen's Association (ILA) labor union and the United States Maritime Alliance (USMX) employer group had ended a three-day strike in October with a tentative agreement on wages, but left the thorny issue of port automation still to be resolved."Anything we expect that we need in the back half of January…

The ongoing impact of conflict in the Red Sea, spiraling freight rates and congestion across global ocean container supply chains resulted in record high carbon emissions from the ocean container shipping industry in Q3.The Xeneta and Marine Benchmark Carbon Emissions Index (CEI), which measures carbon emissions across Xeneta’s top 13 ocean container shipping trades, hit 107.9 points in Q3 – the highest on record and up 12.2% compared to a year ago before the Red Sea crisis.The CEI is based on Q1 2018…

U.S. shippers are steering clear of East and Gulf Coast ports amid worries the 45,000 dockworkers at those trade hubs will go on strike again if their union leader does not land a new contract with employers by a Jan. 15 deadline.The International Longshoremen's Association (ILA) labor union and the United States Maritime Alliance (USMX) employer group had ended a three-day strike in October with a tentative agreement on wages, but left the thorny issue of port automation still to be resolved."Anything we expect that we need in the back half of January…

U.S. President Joe Biden on Tuesday announced a $3 billion investment from his Inflation Reduction Act to improve the country's port infrastructure.The investment includes $147 million in awards for the Maryland Port Administration, which owns the Port of Baltimore, the White House said in a statement.The funding will be used to create union jobs and upgrade port infrastructure to cleaner equipment, the statement added.The announcement comes after the three day port strike on the U.S.

Patriot Offshore Maritime Services NY, a subsidiary of Lake Success, N.Y. based Liberty Green Logistics, announced it has been awarded a 10-year contract to provide crew transfer vessel (CTV) services for Empire Offshore Wind LLC.Patriot Offshore's new CTV will service Equinor’s New York offshore wind farm during the construction and O&M phases of the project. The Jones Act qualified CTV will be constructed in a U.S. shipyard and will commence operations in 2026.The 29.5-meter newbuild CTV will be Patriot Offshore's second…

The union representing 45,000 East Coast and Gulf Coast dockworkers and a group representing employers will resume negotiations next month toward reaching a new six-year contract ahead of a Jan. 15 deadline, they said on Friday.The International Longshoremen's Association union agreed to end a three-day strike on Oct. 3 after it won agreement for a 62% wage hike over six years with the United States Maritime Alliance employer group after significant involvement by the White House…

Amidst sensational headlines and questionable policy decisions from Washington, D.C., the U.S. offshore energy sector stands resilient. This vital industry not only powers our nation with reliable energy but also enables hundreds of thousands of jobs across all 50 states and strengthens national security. From the Gulf of Mexico to the burgeoning offshore wind farms along the East Coast, the resilience and innovation of this sector are critical to driving economic growth and ensuring our nation’s energy security.The Gulf of Mexico has long been a cornerstone of U.S.

A strike by 45,000 dockworkers halting shipments at U.S. East Coast and Gulf Coast ports entered its second day on Wednesday with no negotiations currently scheduled between the two sides, sources told Reuters.The lack of progress is raising concerns among those reliant on shipments that the disruption could be prolonged.The International Longshoremen's Association union strike has blocked goods from food to automobile shipments across dozens of ports from Maine to Texas, which…

Long lines of container ships lined up outside major U.S. ports on Thursday as the biggest dockworker strike in nearly half a century entered its third day, preventing unloading and threatening shortages of everything from bananas to auto parts.No negotiations were scheduled between the International Longshoremen's Association and employers, but the port owners, under pressure from the White House to hike their pay offer to land a deal, signaled late on Wednesday they were open to new talks."The longer this goes on…

U.S. dock workers and port operators have reached a tentative deal that will immediately end a three-day strike that has shut down shipping on the U.S. East Coast and Gulf Coast, the International Longshoremen's Association (ILA) union and the United States Maritime Alliance (USMX) said on Thursday.The tentative agreement is for a wage hike of around 62% over six years, a source familiar with the matter told Reuters. The workers union had been seeking a 77% raise while the employer…

U.S. East Coast and Gulf Coast ports began reopening late on Thursday after dockworkers and port operators reached a wage deal to settle the industry's biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time.The strike ended sooner than investors had expected, weakening shipping stocks across Asia on Friday as freight rates were no longer expected to surge.At least 54 container ships queued outside the ports as the strike had prevented unloading and threatened shortages of anything from bananas to auto parts.

The International Longshoremen's Association (ILA) and United States Maritime Alliance (USMX) announced in an historic development for U.S. maritime industry that they had reached a tentative agreement which officially ends the longshoremen strike that had significantly disrupted East and Gulf Coast ports. After weeks of negotiation, the ILA secured a 62% wage increase over six years for its 47,000 members over this resolution; ending labor unrest that had brought critical U.S.

A strike by dockworkers on the U.S. East Coast and Gulf Coast that disrupted much of the nation's ocean shipping this week ended on Thursday, but a key issue driving labor unrest across the continent - the growing use of automation - was unresolved.Companies view automation as a path to better profit while unions see it as a job-killer. For North American dockworkers battling automation, Europe's port worker contracts may point a way to resolve the issue.Some 45,000 port workers…

Oceans worldwide hold untold riches hidden beneath the waves. Now treasure hunters are using  cutting-edge technology to explore them, discovering some of history's most treasured sunken finds from Caribbean waters to Arctic depths rewriting maritime history and uncovering fortunes lost at sea.According to estimates by marine archaeologists and treasure hunting experts, the value of treasure lying beneath the waves could range anywhere between $60 billion to over $100 billion.

European automakers are the most likely to be affected by the dockworkers strike at U.S. East Coast and Gulf Coast ports because they rely heavily on those locations, but a longer walkout could prove "debilitating" to the entire sector, industry officials and analysts said.The dockworkers began their first large-scale stoppage in nearly 50 years early on Tuesday, halting the flow of about half the nation's ocean shipping.The International Longshoremen's Association union representing 45…

American Offshore Services (A-O-S) has deployed its hybrid-ready crew transfer vessel (CTV) to support the offshore wind industry on the U.S. East Coast.The M/V Generater CTV is the second vessel in the A-O-S’ G-Class series, which has been delivered from Metal Shark Boats in Louisiana.The G-Class vessels are designed to transport technical personnel and essential equipment to offshore wind farms, and have the capacity to accommodate 24 passengers.The vessel has been designed for future hybrid integration…

“The Shanghai Containerized Freight Index (SCFI) fell another 10% in week 39. In total, the SCFI has dropped 43% during the third quarter, the largest Q3 drop in a year not affected by the COVID pandemic (2020-2023) since the SCFI was launched in October 2009,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The only third quarter to see a bigger decline in spot rates was in 2022 when a 24-month boom in cargo volumes and high consumer spending during the pandemic was replaced…

The International Longshoremen's Association (ILA) strike is creating a ripple effect around global trade networks, leading to major supply chain disruptions that affect both consumers and the broader economy. As the strike drags on for several weeks, its impacts become increasingly severe on industries, logistics, and international trade - with cascading effects lasting even after any potential settlement agreement has been made. Below we explore weekly impacts of ILA strike…