Marine Link
Tuesday, March 19, 2024
SUBSCRIBE

Canal News

18 Mar 2024

Houthi Attacks Must Ease for Salvage of Two Vessels, IMO Head Says

On March 2 at approximately 2:15 a.m. (Sanaa time), Rubymar, a Belize-flagged, UK-owned bulk carrier, sank in the Red Sea after being struck by an Iranian-backed Houthi anti-ship ballistic missile on Feb. 18. The ship had been slowly taking on water since the attack. (Photo: U.S. Central Command)

Efforts to limit environmental damage from a cargo vessel that sank after a Houthi missile strike and another abandoned during a fiery assault are on hold until attacks on ships ease, the United Nations' maritime shipping regulatory agency said on Monday.The UK-owned Rubymar last month became the first vessel lost since the Houthis began targeting commercial ships in the Red Sea area in November. The bulk carrier with 21,000 metric tons of fertiliser contained in its cargo hold…

14 Mar 2024

Hapag-Lloyd to Seek Cost Cuts After Net Profit Slump

© olrat / Adobe Stock

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

13 Mar 2024

Ships Above 12,000 TEU Drive 100% Increase in Average Ship Size

Source: BIMCO

Since 2006, the average container ship has doubled in size to 4,580 TEU and ships with a capacity of more than 12,000 TEU has accounted for 51% of the fleet’s capacity expansion. Today, just 626 ships provide 36% of the fleet’s capacity, and the trend is set to continue as the large ships dominate the order book, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.When the Emma Maersk was delivered in August 2006, the ship was by far the largest container ship in the world. It is 400 metres long, 56 metres wide and has a capacity of about 17,800 (14,000 TEU when delivered).

11 Mar 2024

US-British Forces Strike Houthi Targets in Yemen

© Peter Hermes Furian / Adobe Stock

Yemen's port city of Hodeidah and other western coastal areas were hit on Monday by a dozen airstrikes attributed to a U.S.-British coalition defending ships in the Red Sea, according to Al Masirah, the main Houthi-run television news outlet.The strikes follow the first civilian fatalities and vessel loss since the Iran-aligned Houthis began attacking commercial shipping in November. They also coincide with the first day of the Islamic holy month of Ramadan, a period of fasting for Muslims.Al Masirah did not specify which targets…

11 Mar 2024

Panama Canal to Increase Daily Transits to 27

Source: Panama Canal Authority

In response to the current and projected level of Gatun Lake, the Panama Canal Authority has announced, through Notice to Shipping Lines No. A-08-2024, that it will increase the number of daily slots available in the Panamax locks.Two additional slots will be offered by auction for transit dates scheduled starting March 18, and one additional slot will be available for transits scheduled starting March 25. This will bring the number of transits from 24 to 27.These measures allow the majority of ships that wish to transit the Canal to have a better chance of obtaining a reservation…

07 Mar 2024

Ship Evacuated After First Civilian Fatalities in Houthis' Red Sea Attacks

(Photo: U.S. Central Command)

India's navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group's campaign against the key shipping route.The Iran-aligned militants fired a missile at the Barbados-flagged, Greek-operated True Confidence on Wednesday about 50 nautical miles off the southern Yemeni port of Aden, setting it ablaze.In a statement, the owners and manager said all 20 crew and three…

06 Mar 2024

US Container Shippers Slow Walk New Contracts, Eye Easing of Red Sea Rate Hikes

© Mariusz / Adobe Stock

U.S. importers are playing the waiting game with new container shipping contracts, gambling the rate spike from Red Sea vessel attacks will fade and put them in a stronger negotiating position, shipping industry analysts said.Iran-aligned Houthi missile and drone attacks on commercial ships in the Red Sea have forced most container carriers to reroute vessels around Africa and sent spot rates soaring.That price shock is a "gift" that carriers will be giving back when the assaults stop…

05 Mar 2024

Egypt's Non-oil Business Sector Hurt by Suez Canal Disruption

© loicbocquet/ Adobe Stock

A downturn in Egypt's private sector activity deepened in February as a drop in Suez Canal freight due to attacks on shipping in the Red Sea worsened a long-running foreign currency shortage, a survey showed on Tuesday.The S&P Global Purchasing Managers' Index (PMI) for Egypt slipped to 47.1 in February from 48.1 in January, remaining below the 50.0 threshold that separates growth from contraction for a 39th consecutive month.The overall index reading was the lowest for 11 months…

04 Mar 2024

Egypt Studying Further Expansion of Suez Canal

© Nancy Pauwels / Adobe Stock

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 extension would come on top of current work to extend the second channel by 10 kilometers, and to deepe

04 Mar 2024

Risk Reigns in Ocean Shipping, Industry and Economic Experts Say

© dbvirago / Adobe Stock

Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers, at a level we haven't seen since the end of World War II," former U.S. Defense Secretary Robert Gates said at the opening of S&P Global's TPM24 container shipping conference in Long Beach, California, on Monday.Houthi missile and drone attacks on merchant ships in the Red Sea and Gulf of Aden are top of mind…

04 Mar 2024

Ships Entering Yemeni Waters Must Obtain Permit, Houthi Minister Says

© Celt Studio / Adobe Stock

Ships will have to obtain a permit from Yemen's Houthi-controlled Maritime Affairs Authority before entering Yemeni waters, Houthi Telecommunications Minister Misfer Al-Numair said on Monday.Houthi militants have repeatedly launched drones and missiles against international commercial shipping in the Gulf of Aden since mid-November, saying they are acting in solidarity with Palestinians against Israel's offensive in Gaza.The near-daily attacks have forced firms into long and costly diversions around southern Africa…

01 Mar 2024

US Gulf Coast Fuel Oil Imports Hit Five-year Low

© scandamerican / Adobe Stock

Imports of fuel oil bound for the U.S. Gulf Coast fell to a five-year low last month as refiners ran more cheap, heavy Canadian crude and geopolitical tensions in the Middle East pressured fuel oil flows.Fuel oil deliveries to the Gulf Coast dwindled in February to just 318,000 barrels per day (bpd), a 20% drop from the prior month and marking their lowest level since February 2019, data from tanker tracking firm, Kpler showed.Heavy fuel oil feedstocks like high sulfur fuel oil…

01 Mar 2024

Only Grain Ships from Black Sea and for Iran Still Crossing Red Sea

© wifesun / Adobe Stock

Grain ships originating from the Black Sea or bound for Iran are about the only ones still sailing through the Red Sea as Houthi militants continue to attack vessels in the area, analysts said on Friday.The attacks by the Iran-aligned Houthis have disrupted global shipping since November and forced firms to re-route to longer and more expensive journeys around southern Africa."Just about all (dry bulk grain) vessels going from the Americas and western Europe are avoiding the Red Sea…

29 Feb 2024

BIMCO: Tanker Supply/Demand Balance will Tighten

© alexyz3d / Adobe Stock

The BIMCO Tanker Shipping Market Overview & Outlook February 2024 by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, forecasts that the supply/demand balance will tighten further during both 2024 and 2025.Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is also expected to tighten in 2024 but weaken in 2025. Like the crude tanker market, longer sailing distances support demand growth despite slowing oil demand.

29 Feb 2024

Germany Opens Remote-Controlled Center for Inland Shipping

© SEAFAR

SEAFAR, a Belgian technology and service provider for remote-controlled inland waterway shipping operations, has set up the first Remote Operations Center in Germany; a project completed in conjunction with HGK Shipping and Reederei Deymann.The Remote Operations Center, opened on February 28, 2024, enables captains to navigate vessels on inland waterways from dry land, a development seen as central to stemming problems from the shortage of specialist workers. The partners are working with the public authorities to use the permits…

27 Feb 2024

Red Sea Ship Attacks Hit Regional Economies

“During the first seven weeks of 2024, cargo volumes to and from ports in the Gulf of Aden and Red Sea declined 21% y/y. The number of ships arriving in these ports significantly declined as merchant shipping increasingly avoided transiting through the region due to concerns over attacks on ships by the Houthis,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Since November 2023, Houthi forces have attacked ships in the Red Sea and Gulf of Aden. In December, most container and gas carriers started avoiding the region and by January…

23 Feb 2024

Red Sea Ship Attacks Not Driving Inflation, Moody's Says

© helivideo / Adobe Stock

Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive route around Africa. Rerouting takes vessels and crew out of danger from drone and…

22 Feb 2024

Houthis Vow to Step Up Ship Attacks in the Red Sea

(Photo: Indian Navy)

Yemen's Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship and a drone assault on an American destroyer on Thursday, and they targeted Israel's port and resort city of Eilat with ballistic missiles and drones.The statement by a Houthi representative on social media site X came shortly after the group's leader said it was ramping up attacks on ships in the Red Sea and other waters - including with new "submarine weapons" -to mirror Israel's military operations in the Gaza Strip.Houthi militants have launched repeated drone and missile strikes in the Red Sea…

16 Feb 2024

Red Sea: Far East-US Spiraling Ocean Freight Rates Set for Decline

© MAGNIFIER / Adobe Stock

Spiraling ocean freight rates from the Far East to the United States, caused by the Red Sea crisis, may have peaked, with some relief on the horizon emerging for the shippers, according to the latest analysis from Xeneta, and ocean and air freight rate benchmarking and market analytics platform.The latest data released by Xeneta indicates a peak may have been reached after spot rates from the Far East into the US declined slightly since the last round of General Rate Increases (GRIs) were implemented at the start of February.Into the US East Coast…

14 Feb 2024

Star Bulk to Avoid Red Sea After Attacks on Its Ships

© debjit / Adobe Stock

Greece-headquartered Star Bulk will halt sailings through the Red Sea after Yemen's Iran-aligned Houthis attacked two of its ships in recent days, the group's CEO said.The Houthis have targeted 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."Going forward, we will not be passing the Suez Canal any more because we are obviously a target of the Houthis - being a public company registered in the U.S.," Star Bulk CEO Petros Pappas told a Feb.

13 Feb 2024

Port of Antwerp Disrupted by Belgian Farmers' Protests

© Alexandre / Adobe Stock

Operations at the port of Antwerp, one of Europe's biggest container ports, were seriously impacted on Tuesday as hundreds of farmers on tractors blocked the roads around the port to demand better pay and working conditions, officials said.The protest follows a large number of similar actions by angry farmers in France, Belgium, the Netherlands and beyond, as farmers also demand looser environmental rules and better protection against cheap imports."Operations are heavily disrupted," Stephan Van Fraechem, the director of the association of port companies Alfaport VOKA, told Reuters.

12 Feb 2024

US Import Volumes Seen Rising Despite Red Sea Disruptions

© Anthony Sanchez / Adobe Stock

Inbound cargo volume at the United States’ major container ports is expected to see year-over-year increases through the first half of the year despite attacks on ships in the Red Sea, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.“Only about 12% of U.S.-bound cargo comes through the Suez Canal but the situation in the Red Sea is bringing volatility and uncertainty that are being felt around the globe,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “U.S.

11 Feb 2024

FMC Mulls Investigation into Suez and Panama Canal Impacts

© Pabkov / Adobe Stock

The US Federal Maritime Commission (FMC) held an informal public hearing examining impacts from attacks on merchant shipping in the Red Sea and Gulf of Aden on February 7.Opening the hearing, Commissioner Carl Bentzel, voiced concern about safe access through both the Suez and Panama Canals.“What is at stake is severe international economic disruption. The United States is still recovering from the aftershock of the pandemic induced supply chain disruption that that saw 30% increases…

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week