Hapag-Lloyd to Seek Cost Cuts After Net Profit Slump
German container shipper Hapag-Lloyd said on Thursday the global oversupply of container ships and a crisis in the Red Sea will force it to cut costs in 2024, adapting sailings and ports following a bruising 83% fall in net profit.Ship operators face prolonged disruption while Yemen-based Houthi militants are attacking vessels travelling on one of the world's busiest routes, wiping out the benefit from higher freight rates with costly redirections around Africa.Hapag-Lloyd's problems chime with those of competitors such as Maersk and CMA CGM, exacerbated by the arrival of additional ships orde
Posidonia 2024 Exhibitors Anticipate Paradigm Shift as AI Gains Traction
The maritime industry, often viewed as conservative and measured in its approach to technological integration, is on the cusp of a transformative era with artificial intelligence (AI) emerging as a prominent player. Insights from key exhibitors at the upcoming Posidonia Shipping Εxhibition reveal a new landscape, where industry leaders strategically align with the inexorable rise of AI and consider adopting it already.According to Theodore Vokos, Managing Director, Posidonia Exhibitions S.A.…
Ukrainian Sea Drones Damage Russian Black Sea Fleet Patrol Ship Near Crimea
Ukrainian sea drones damaged a Russian Black Sea Fleet patrol ship off occupied Crimea, Ukrainian military intelligence said on Tuesday.The intelligence agency said on Telegram messaging app that its special unit Group 13 attacked the Russian Black Sea Fleet patrol ship Sergey Kotov near the Kerch Strait."As a result of a strike by Magura V5 maritime drones, the Russian ship Project 22160 Sergey Kotov sustained damage to the stern, starboard and port sides," it said. The message added that the ship was worth about $65 million.Andriy Yermak…
Brazil's Paranagua Port Resumes Operations After Fire
An important export terminal for agricultural commodities at the Paranagua port in southern Brazil resumed operations on Saturday after three of its berths were temporarily halted due to a fire earlier this week.The local port authority said in a statement that operations at Paranagua's Export Corridor were resumed at 1 p.m. local time (1600 GMT), with berths 212 and 213 performing export operations and berth 214 an import operation.Maintenance was being carried out on the affected equipment…
Five Killed After Barge Hits Bridge Near China's Guangzhou
Five people were killed after a barge collided with a bridge over a waterway in China's Pearl River Delta near Guangzhou city, causing part of the bridge to break off, plunging vehicles into the water, Chinese state media reported on Thursday.The barge was travelling from Foshan city to a southern district of Guangzhou when it crashed into the bridge at 5:30 a.m. (2130 GMT) on the Hongqili Waterway, the Guangzhou Maritime Safety Administration said in a statement.Images on state…
Greek Ship Attacked in Red Sea by Houthis Arrives in Aden
The Greek-flagged bulk cargo vessel Sea Champion arrived in the southern Yemeni port of Aden on Tuesday after being attacked in the Red Sea in what appeared to have been a mistaken missile strike by Houthi militia, shipping and military sources said.Shipping risks are escalating due to repeated drone and missile strikes in the Red Sea and Bab al-Mandab Strait by the Iran-aligned Houthis since November. U.S. and British forces have responded with several strikes on Houthi facilities but have so far failed to halt the attacks.The Sea Champion…
Maersk Warns Oversupply to Hit Profits
Maersk warned on Thursday that container shipping overcapacity would hit profits more than expected this year and that it didn't see a major boost from the jump in freight rates due to Red Sea disruptions, hammering its shares.The warning, which also led the Danish shipping giant to suspend its share buyback programme, is in stark contrast with investors' recent optimism about the sector.Container shipping companies have been among the best-performing stocks in Europe this year…
Houthis Fire Missiles at Two Ships in Red Sea
Yemen's Iran-aligned Houthis said on Tuesday they had fired missiles at two vessels in the Red Sea, causing damage to the ships.The Houthis have been targeting commercial vessels with drones and missiles in the Red Sea since mid-November, in what they describe as acts of solidarity with Palestinians against Israel in the Gaza war.The group's military spokesman said it had fired naval missiles at the Star Nasia and Morning Tide, identifying the Marshall Islands and Barbados-flagged ships…
Houthis Fire Missiles at Two Ships In The Red Sea
Yemen's Iran-aligned Houthis fired missiles at two vessels in the Red Sea, they said on Tuesday, causing minor damage to a cargo ship that was sailing off the coast of Yemen's Hodeidah.The Houthis have been targeting commercial vessels with drones and missiles in the Red Sea since mid-November, in what they describe as acts of solidarity with Palestinians against Israel in the Gaza war.The group's military spokesman said it fired naval missiles at the Morning Tide and Star Nasia…
US Strikes Another Houthi Anti-Ship Missile
U.S. Central Command forces on Saturday struck a Houthi anti-ship missile that was aimed into the Gulf of Aden and prepared to launch, the U.S. military said, with the latest round of strikes coming hours after the United States struck three other Houthi anti-ship missiles."U.S. forces determined the missile presented a threat to merchant vessels and U.S. Navy ships in the region, and subsequently struck and destroyed the missile in self-defense," the U.S. Central Command said in a statement on X.The incident…
Ship Traffic Resumes in Bosphorus Strait After Incident
Ship traffic in Turkey's Bosphorus Strait is set to resume for northbound vessels as of 1700 GMT on Sunday, after a suspension due to an anchor failure on one ship, the Tribeca shipping agency said.According to a report shared by the agency, the Liberia-flagged tanker Peria's anchor self-released due to bad weather around the Yavuz Sultan Selim bridge area during its passage through the strait and tugs were dispatched for assistance.The ship will proceed to the Kucukcekmece anchorage area under escort tugs, the report also said.(Reuters - Reporting by Ezgi Erkoyun; Editing by Hugh Lawson)
US Strikes Three Houthi Anti-Ship Missiles
U.S. Central Command forces on Friday conducted strikes against three Houthi anti-ship missiles that were aimed into the Southern Red Sea and were prepared to launch, the U.S. military said on X, formerly called Twitter."U.S. forces identified the missiles in Houthi-controlled areas of Yemen and determined that they presented an imminent threat to merchant vessels and the U.S. Navy ships in the region. U.S. forces subsequently struck and destroyed the missiles in self-defense," the U.S.
US Says Houthis Launch Missiles at Tanker
Iran-allied Houthi militia launched two anti-ship ballistic missiles at a U.S.-owned tanker ship on Thursday night that hit the water near the vessel, causing no injuries or damage, U.S. Central Command said.The incident, the latest amid growing tensions in the Red Sea that has disrupted global trade and raised fears of supply bottlenecks, took place at around 9 p.m. Yemen local time (1800 GMT), according to the post on X, formerly Twitter.The Houthis, who control most of Yemen…
QatarEnergy Stops Red Sea LNG Shipping Due to Attacks
QatarEnergy, the world's second largest exporter of liquefied natural gas, has stopped sending tankers via the Red Sea although production continues, a senior source with direct knowledge of the matter told Reuters on Monday.Yemen's Iran-backed Houthi group has since November been attacking vessels in the Red Sea, part of a route that accounts for about 12% of the world's shipping traffic, in what they say is an effort to support Palestinians in the war with Israel.At least four tankers used to carry Qatari LNG were held up over the weekend after U.S.
Australian Court Lets Santos Build Barossa Pipeline
Australia's Santos can proceed with construction of an undersea pipeline vital to its $4.3 billion Barossa gas project after a court on Monday ruled in favor of the oil and gas firm in a dispute with an Indigenous man looking to pause the work.Work on the pipeline, which will connect the Barossa gas field to a processing plant in the northern Australian city of Darwin, was paused by court order in November after a suit by a member of an Indigenous group regarded as traditional…
UK and US Launch Land and Sea Strikes on Houthi Military Targets
U.S. and British strikes against Houthi military targets in Yemen were a limited act of self defense and London does not immediately plan any further missions, its junior defense minister said on Friday.The two countries launched strikes from the air and sea against Houthi military targets in Yemen in response to the movement's attacks on ships in the Red Sea since the Israel-Hamas war in Gaza began in October.British Armed Forces minister James Heappey said the strikes were a proportionate response…
US Sinks 3 Ships, Kills 10 After Houthi Red Sea Attack
U.S. helicopters repelled an attack by Iran-backed Houthi militants on a Maersk container vessel in the Red Sea, sinking three ships and killing 10 militants, according to accounts by American, Maersk, and Houthi officials on Sunday.The naval battle occurred around 0330 GMT on Sunday as the attackers sought to board the Singapore-flagged Maersk Hangzhou, Maersk and U.S. Central Command (CENTCOM) said. Helicopters from the USS Eisenhower and USS Gravely joined the ship's security team in repelling the attackers after receiving a distress call…
Ukraine Strikes Russian Naval Landing Warship
Ukraine struck a large Russian landing warship in Crimea with cruise missiles in an overnight attack that killed at least one person and could hinder any Russian attempt to seize more Ukrainian territory along the Black Sea coast.The Russian defence ministry, cited by the Interfax news agency, said Ukraine had used air-launched missiles to attack the Crimean port of Feodosia and that the Novocherkassk large landing ship had been damaged.Russian Defence Minister Sergei Shoigu had briefed President Vladimir Putin in detail about the attack, the Kremlin said.
Cruise Ship Loses Navigation Ability in North Sea During Storm
The Norwegian cruise ship MS Maud suffered a power outage after a rogue wave shattered windows on the bridge while it sailed in the North Sea, causing the vessel to lose its ability to navigate, Danish authorities and the ship's owner said on Thursday.The 266 passengers and 131 crew members were safe, according to the Danish Joint Rescue Coordination Centre."There is no power on the ship. The main engine is functioning but the navigation systems and radars are not," a spokesperson for the centre…
BP Pauses All Shipments Through Red Sea Amid Houthi Attacks
Oil prices were little changed on Tuesday as investors eyed the impact on oil supply after attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Brent crude futures rose 6 cents to $78.01 a barrel at 0726 GMT. The front-month U.S. West Texas Intermediate crude futures contract , which expires on Tuesday, fell 18 cents to $72.29 a barrel. The more active second-month contract dropped 10 cents, or 0.1%…
Commercial Ship Still Hijacked off Somali Coast
A commercial vessel hijacked by unknown assailants remains off the coast of Somalia raising fears of further instability for global shipping as attacks escalate in the Red Sea, maritime security sources said on Monday.A Spanish navy ship was dispatched at full speed on Friday towards the Maltese-flagged Ruen vessel, which sources said had been hijacked.British maritime security company Ambrey said the vessel had reached nine miles offshore from Bander Murcaayo in Puntland, Somalia on Dec.
Bab al-Mandab Shipping Lane Becomes Target as Israel Fights Hamas
Yemen's Houthis have been targeting vessels in the southern Red Sea and the Bab al-Mandab Strait in attacks that the Iran-aligned group says aim to support the Palestinians as Israel and Hamas wage war.Several freight firms including MSC, the world's largest container shipping line, said they would avoid the Suez Canal as a result, which could mean having to circumnavigate Africa instead.War risk insurance premiums have risen as a result.WHAT ARE THE RECENT HOUTHI ATTACKS?* Dec.
Warship Rushes in to Investigate Suspected Pirate Attack off Somalia
A Spanish navy ship is sailing at full speed towards a Maltese-flagged commercial vessel that may have been hijacked by pirates off Somalia, the European Union's Somali counter piracy force said on Friday.If confirmed, it would be the first successful hijacking involving Somali pirates since 2017 when a crackdown by international navies stopped a rash of seizures in the Gulf of Aden and the Indian Ocean.EUNAVFOR's joint operations centre in Spain said it received an alert on Thursday about the "alleged pirate-hijacked vessel" Ruen, which was approximately 500 nautical miles east of Socotra Isl