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One Year Ago Today: U.S. Maritime Industry Delivers in Wake of FSK Bridge Collapse
We are at the one-year since the Francis Scott Key (FSK) Bridge collapsed over the Patapsco Riverâs Fort McHenry Channel in Baltimore, Maryland. Nearly 100 percent of the wreckage and debris removal was conducted by the Jones Act private sector U.S. maritime industry. The FSK collapsed at about 1:28 a.m. local time on March 26, 2025 after the container ship MV DALI lost power and collided with one of bridgeâs support piers.
Suez Chair: Canal Expansion to be operational Q1 2025
The new stretch of the Suez Canal near Egypt's Little Bitter Lake will be operational in the first quarter of this year, the chairman of the canal authority Osama Rabie said on Tuesday.In a statement, Rabie said the navy would reissue navigational maps after adding the 10-km (6.2 mile) extension to the canal.Egypt said on Saturday it had successfully tested the new 10-km stretch near the canal's southern endâŠ
Suez Canal Expands as Revenues Plunge $7B
Egypt successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway has plunged since Yemen's Houthi militants began attacking vessels in the Red Sea.The Suez Canal Authority said in a statement that during a trial run two ships passed through a new stretch of the canal's two-way section without incident.Following the 2021 grounding of the container ship Ever Given that blocked the vital waterway for six daysâŠ
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 asâŠ
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 shipsâŠ
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 SaturdayâŠ
Ever Given: âThe Captain Has Command of the Ship at All Timesâ
The Panama Maritime Authority has submitted its accident investigation report on the Ever Given to the IMO which includes the conclusion that âthe Captain has command of the ship at all times.âOn 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 banksâŠ
Follow the Money: Norway is Fertile Grounds for Shipping Projects
With the worldâs largest sovereign wealth fund, Norwayâs financial muscle is beyond question. Howev-er, at a corporate level, the countryâs capital markets offer a range of benefits to overseas companies seeking equity, debt ⊠or both. Ăivind Amundsen is CEO of Oslo BĂžrs 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 BĂžrsâŠ
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 23âŠ
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 Europeâs 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 globalâŠ
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 EvergreenâŠ
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 canalâŠ
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 industryâs carbon footprint and weakening Russiaâs control over trade routes through the Arctic, a study found.With climate change rapidly warming the worldâs oceans, the future of the Arctic Ocean looks grim. Climate models show that parts of the Arctic that were once covered in ice year-roundâŠ
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 yearsâŠ
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 unsuccessfulâŠ
