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Brokers Launch Port Disruption Insurance Amid Shipping Chaos
Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.Ports across the globe are dealing with multiple issues that are disrupting flows of goods, including attacks by Yemen's Houthis on commercial shipping as well as…
Egypt Studying Further Expansion of Suez Canal
Egypt is studying further expansions of the Suez Canal to extend and complete a second channel of the waterway, the canal's head said on Monday, a move that could allow for higher volumes of shipping and prevent blockages from halting traffic.The comments come as the canal is seeing a sharp fall in revenue due to shipping companies diverting away from the waterway, the shortest route between Europe and Asia, because of attacks by Houthi militants in Yemen against ships in the Red Sea.Any new ext
Red Sea Shipping Disruptions Could be Avoided by Using the Arctic, But Challenges Exist
Attacks by Yemeni Houthi rebels on merchant ships in the Red Sea have hit world trade. Between November and December 2023, the number of containers travelling through the Red Sea each day fell by 60% as ships moving goods between Asia and Europe diverted their routes around the Cape of Good Hope at the southern tip of Africa.This route results in at least ten days more sailing time, so has caused freight prices to surge and has triggered costly delays to production.
Suez Canal Ship Traffic Unaffected After Tanker Collision
Normal traffic is expected to resume through the Suez Canal within hours, the head of the canal authority said on Wednesday, following the collision of two vessels."Slight contact" was made after LNG carrier BW Lesmes made a sudden stop due to a technical failure that coincided with a strong current that drove oil tanker Burri towards it, authority chairman Osama Rabie said.The canal authority responded by sending tugboats to move both ships…
Suez Canal Tugboat Sinks After Collision with Tanker
A Suez Canal tugboat sank on Saturday and one of its crew was missing after it collided with a Hong Kong-flagged LPG tanker though shipping traffic in the strategically important waterway was largely unaffected, the canal authority said.Convoys of ships passing through the canal from the north were not affected, while the passage of ships travelling from the south returned to normal by about midnight on Saturday…
Ever Given: “The Captain Has Command of the Ship at All Times”
The Panama Maritime Authority has submitted its accident investigation report on the Ever Given to the IMO which includes the conclusion that “the Captain has command of the ship at all times.”On 23 March 2021, the Suez Canal was blocked for six days after the grounding of Ever Given between March 23 and March 29, 2021. The 20,000 TEU container vessel was struck by strong winds and ended up wedged across the waterway with its bow and stern stuck in the canal banks…
Follow the Money: Norway is Fertile Grounds for Shipping Projects
With the world’s largest sovereign wealth fund, Norway’s financial muscle is beyond question. Howev-er, at a corporate level, the country’s capital markets offer a range of benefits to overseas companies seeking equity, debt … or both. Øivind Amundsen is CEO of Oslo Børs and, as you would expect, a strong advocate of the Norwegian capital as a place to raise money for marine-related projects. The diverse nature of the companies which are listed on the Børs…
Suez Canal Activity Resumes after Troubled Bulk Carrier Refloated
Tugboats refloated a large ship that had been stranded for several hours in the Suez Canal on Thursday, and sources said shipping traffic through one of the world's busiest waterways had returned to normal.Two canal sources said traffic was back to normal by around 11:00 am local time (0800 GMT), around six hours after the incident began and three-and-a-half hours after the vessel was refloated.Shipping agent Leth Agencies identified the ship as the 190 meter (623 foot) Xin Hai Tong 23…
Dredge Firms Focus on Sustainability as ESG Issues Climb Agenda
Climate change, rising sea levels, land reclamation and offshore energy are all factors underpinning business models at Europe’s dredge and marine engineering majors. They are adopting strong sustainability credentials as their operations come under closer environmental, social, governance (ESG) scrutiny and new opportunities open up in the US offshore wind sectorThe relatively small number of global…
Containership Refloated After Breakdown in the Suez Canal
A containership that broke down in Egypt's Suez Canal on Sunday causing some traffic to be diverted has resumed its journey, the Canal Authority said.The authority said in an earlier statement that the MSC Istanbul, sailing under the flag of Liberia, became stranded while transiting the canal on its way from Malaysia to Portugal.Four tugboats had been working to move it, and traffic in the vital waterway had not been affected, the statement said."All the ships that are coming from the north have
Maersk Sues Evergreen Over Suez Canal Blockage
Shipping group Maersk said on Monday it had filed a lawsuit against the owner and operator of container ship Ever Given, which blocked the Suez Canal for six days in 2021, claiming compensation for delays caused by the incident.The Danish company did not disclose the size of the claim or when it was filed. The news was first reported by industry media ShippingWatch.dk."Maersk has raised a claim against Evergreen…
Traffic in Suez Canal Normal After Ship Breakdown Dealt With
Shipping traffic in the Suez Canal was proceeding normally on Monday after tugs towed a cargo vessel that broke down during its passage through the waterway, the Canal Authority said.The breakdown was expected to cause only minor delays, with convoys of ships resuming regular transit by 11:00 local time (09:00 GMT), shipping agent Leth said.The M/V Glory, which was sailing to China, suffered a technical fault when it was 38km into its passage southward through the canal…
Tanker Refloated After Running Aground in the Suez Canal
Tug boats refloated an oil tanker that was briefly stranded in Egypt's Suez Canal late on Wednesday due to a technical fault with its rudder, the Suez Canal Authority (SCA) said.The vessel, Affinity V, had been blocking the southern section of the canal, two navigational sources said, but SCA sources said shortly after midnight local time that traffic had returned to normal.The incident occurred in the same southern, single-lane stretch of the canal where a giant cargo ship, the Ever Given, ran
Egypt's Suez Canal Revenue Hits Record High of $7B
Egypt's Suez Canal revenue hit a record high of $7 billion in the financial year to June 30, up 20.7% from the previous year, Canal Authority Chairman Osama Rabea said on Monday.A statement from the authority attributed the rise to an increase in vessel numbers and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21.The number of vessels transiting the canal rose 15.7% to 22,032.The canal is the fastest shipping route between Europe and Asia and one o
Melting Arctic Ice Could Transform International Shipping Routes -Study
Melting ice in the Arctic Ocean could yield new trade routes in international waters, reducing the shipping industry’s carbon footprint and weakening Russia’s control over trade routes through the Arctic, a study found.With climate change rapidly warming the world’s oceans, the future of the Arctic Ocean looks grim. Climate models show that parts of the Arctic that were once covered in ice year-round…
Old is Gold: Sky-high Cost of Ageing Containerships Sounds Inflation SOS
Shipping companies are transforming rust buckets into gold mines in a modern-day alchemy that could fuel already rampant inflation for years to come.The disruption to world trade caused by pandemic lockdowns and a shortage of new cargo vessels has pushed freight rates for ageing containerships to record highs.Cashing in on the boom, shipping firms are locking in long-term leases lasting three to four years…
Evergreen Declares General Average Following Containership Ever Forward Grounding
Evergreen Marine, the owner of a containership stuck aground in the Chesapeake Bay, has declared general average after two failed attempts to refloat the vessel.The Ever Forward has been stuck near the Port of Baltimore since March 13 despite the efforts of dredgers and salvors who have been working for more than a week to dig out and refloat the 1,095-foot vessel. Separate attempts to refloat the ship on Tuesday and Wednesday were unsuccessful…
COVID Curbs Bite at Chinese Ports, Threatening Global Supply Chains
The queues of container ships outside major Chinese ports are lengthening by the day as COVID-19 outbreaks in manufacturing export hubs threaten to unleash a fresh wave of global supply chain shocks, ship owners, logistics firms and analysts say.China is experiencing its biggest spike in COVID-19 infections since an initial outbreak in the central city of Wuhan was contained in early 2020.The spread of the highly-infectious Omicron variant this month has led to movement controls across China…
Evergreen Containership Still Aground Near Baltimore
The Ever Forward containership is currently grounded in the Chesapeake Bay near Baltimore, according to the U.S. Coast Guard, nearly a year after another ship run by the same company blocked the Suez Canal for six days.The containership is operated by Evergreen Marine Corp Taiwan Ltd 2603.TW, the same Taiwanese transportation company that operates the Ever Given.
Work to Widen Suez Canal is Underway
Egypt is working to improve the Suez Canal by making an additional 10 kilometers accessible to two-way traffic, while widening and deepening another 30 kilometers, the chairman of the authority managing the waterway said on Tuesday.Suez Canal Authority Chairman Osama Rabie, giving the first news conference on the expansion which began in June, said it would be too expensive to widen the entire length of the waterway linking the Red Sea and the Mediterranean.However…
