Methanol Institute Publishes Guide to Methanol as a Marine Fuel
The Methanol Institute (MI) has published the first comprehensive guide to methanol as a marine fuel.“Marine Methanol Future-Proof Shipping Fuel” includes sections that address regulatory drivers, environmental performance, engines and fuel systems, bunkering, handling and safety characteristics, costs and pricing, availability and feedstocks for conventional and renewable product. Also included are case studies on first movers including AP Moller-Maersk, Waterfront Shipping,…
Debunking Four Myths that Stand in the Way of Wind-powered Cargo Ships
Sailing cargo ships are making a genuine comeback.Japanese bulk carrier MOL is operating a wind-assisted ship. American food giant Cargill is working with Olympic sailor Ben Ainslie to deploy WindWings on its routes. Swedish shipping company Wallenius is aiming for Oceanbird to cut emissions by up to 90%. The French start-up Zephyr & Borée has built the Canopée, which will transport parts of European Space Agency’s Ariane 6 rocket this year.I researched the decarbonisation of the shipping industry.
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, the ship's owners and the technical manager at the Danish Maritime and Commercial High Court…
World's Biggest Containership, Ever Alot, to fly the Panama Ship Registry Flag
The Panama Ship Registry has added Ever Alot to its fleet, touted as the world’s biggest container ship and the first to break the 24,004 TEU mark. Panama has 18 of the world’s 20 largest container ships in terms of TEUs.The vessel is mammoth at 400 x 61.5 m, launched at the end of June and surpassing the Ever Ace as the world's largest container ship. Like the other vessels, Ever Act, Ever Aim and Ever Alp, which have a slightly smaller capacity of 23,992 TEUs, it belongs to Evergreen's "A" Class, sailing mainly between Europe and Asia.
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, the two-way portion would be lengthened to 85 kilometers (53 miles) from 75 kilometers…
Insurance Insights: Larger Vessels, Larger Exposures
The blocking of the Suez Canal by one of the largest container ships in service in the world – the Ever Given – in March 2021 caused huge delays to hundreds of vessels waiting to transit the canal, one of the biggest chokepoints on the critical East/West trade shipping route. The blockage was estimated to have affected an estimated $9.6bn of goods each day, or around 12% of total world trade.The latest in a growing list of incidents involving large vessels, the Ever Given has…
Ever Given Returns to the Suez Canal
The giant container ship Ever Given, which blocked the Suez canal for six days in March, crossed the waterway on Friday for the first time since it left Egypt after the incident.The ship, en route from the United Kingdom to China, crossed the canal among a convoy of 26 vessels sailing from the Mediterranean Sea to the Red Sea, the Suez Canal Authority (SCA) said in a statement. Another 36 ships crossed the waterway from the south.A group of SCA senior pilots and two tugboats escorted the Ever Given throughout its journey through the canal…
Ever Given Arrives in Rotterdam
The container ship Ever Given, which got stuck in the Suez Canal for six days in March, arrived in the Dutch port of Rotterdam on Thursday after being released by authorities in Egypt.It was scheduled to dock at Rotterdam's ECT Delta terminal for unloading until Aug.
Ever Given Begins Exit from Suez Canal
The Ever Given, one of the world's largest container ships, resumed its journey to leave the Suez Canal on Wednesday, 106 days after becoming wedged across a southern section of the waterway for nearly a week and disrupting global trade.The Ever Given started to head north in the late morning across the Great Bitter Lake, which separates two sections of the canal and where it had been moored with its Indian crew since being refloated on March 29.It then joined the back of a northbound convoy, passing the site of a ceremony where the Suez Canal Authority (SCA) and representatives for the ship signed the compensation settlement that allowed for its release.Tarek Alzeki…
Ever Given's Suez Canal Detention Order Lifted
An Egyptian court has lifted the detention order on the Ever Given container ship, allowing its expected release from the Suez Canal on Wednesday, a lawyer and judicial sources said.The Ever Given's owners and insurers announced on Sunday that they had reached a settlement with the Suez Canal Authority (SCA) over compensation for the ship becoming grounded in March and blocking traffic in the waterway.The ship has been held under court order in a lake between two stretches of the canal since it was dislodged on March 29 as the SCA pushed for compensation from its Japanese owner Shoei Kisen and
Suez Canal Controlled Ever Given's Speed Before It Grounded, Insurer Says
The speed of a container ship that blocked the Suez Canal in March was controlled by the Egyptian waterway’s operator before it ran aground, the vessel’s insurer said on Thursday.The statement from UK Club came after the head of the Suez Canal Authority (SCA) said the ship was sailing too fast when it became grounded, but that the canal bore no responsibility.The Ever Given, one of the world’s largest container ships, is still being held in the canal while both sides continue compensation talks.
Egyptian Court Delays Hearing in Ever Given Compensation Case
An Egyptian court on Saturday postponed a hearing in a compensation case filed by the Suez Canal authority against the owners of a container ship that blocked the canal for six days in March, giving the sides more time to negotiate, legal sources said.The Ever Given, one of the world's largest container ships, became jammed across the canal in high winds on March 23, halting traffic in both directions and disrupting global trade.The Suez Canal Authority (SCA) initially demanded $916 million in compensation from the Ever Given's Japanese owner Shoei Kisen for disruption caused by the blockage.B
Court Allows Suez Canal to Keep Holding Ever Given
An Egyptian court on Sunday rejected a complaint by the Japanese owner of a container ship that blocked traffic in the Suez Canal for six days in March against the vessel's continued detention by canal authorities, a lawyer said.The Ever Given, one of the world's largest container ships, became jammed across the canal in high winds on March 23, halting traffic in both directions and disrupting global trade.The complaint was attached to a case at the economic court in Ismailia in which the Suez Canal Authority (SCA) sought $916 million in compensation from the Ever Given's owner Shoei Kisen.Als
Shipowner Blames Suez Canal for Ever Given Grounding
The owner of a container ship that blocked the Suez Canal in March says the canal authority was at fault over its grounding as it disputes the vessel's detention and a compensation claim, a lawyer representing the owner said on Saturday.The Ever Given, one of the world's largest container ships, became jammed across the canal in high winds on March 23, and remained grounded for six days, blocking traffic in both directions and disrupting global trade.The vessel has since been held in a lake between two stretches of the canal as the Suez Canal Authority (SCA) pursues a $916.5 million claim agai
Ever Given Insurer Says Egypt's Reduced Claim is Still Too High
UK Club, an insurer of the container ship that blocked the Suez Canal in March, said on Monday a reduced compensation claim made by the Egyptian authorities for almost $600 million to free the vessel and cover related losses was still "exceptionally large".The Suez Canal Authority (SCA) adjusted its claim from an initial $916 million in an effort to settle out of court, SCA head Osama Rabie told private TV network MBC Masr on Saturday.The Ever Given, one of the world's largest container ships…
Egyptian Court Rejects Appeal Against Ever Given Detention in the Suez Canal
An Egyptian court on Tuesday ruled that the containership which blocked the Suez Canal in March could continue to be held in the waterway, rejecting an appeal by its Japanese owner against its detention, a judicial source said.The Ever Given, one of the world's largest container ships, got jammed across the canal on March 23 and remained stuck for six days, stopping traffic in both directions.It has been held in a lake between two stretches of the canal since being dislodged on March 29…
Traffic in Suez Canal Resumes After Ever Given Refloated
Shipping was on the move again late on Monday in Egypt's Suez Canal after tugs refloated a giant container ship which had been blocking the channel for almost a week, causing a huge build-up of vessels around the waterway.With the 400-meter-long (430-yard) Ever Given dislodged, 113 ships were expected to transit the canal in both directions by early Tuesday morning, Suez Canal Authority (SCA) chairman Osama Rabie told reporters.He said a backlog of 422 ships could be cleared in 3 -1/2 days.The Ever Given had become jammed diagonally across a southern section of the canal…
Global Reinsurers Stare at Massive Losses from Suez Canal Blockage
The blocking of the Suez Canal by one of the world’s largest container ships is likely to result in losses worth hundreds of millions of euros for the reinsurance industry, Fitch Ratings said, even as rescue teams were successful in partially refloating the vessel on Monday.The 400-metre (430-yard) long Ever Given got wedged diagonally across the canal in high winds early last Tuesday, blocking the path for hundreds of vessels waiting to transit the shortest shipping route between…
Oil Gains More Than $3/bbl After Suez Canal Ship Grounding
Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S. refiners are mostly recovered from the cold snap that slammed Texas in February.Brent crude settled at $64.41 a barrel, gaining $3.62, or 6%, after tumbling 5.9% the previous day.
Stranded Suez Ship's Owner, Insurers Face Millions in Claims
The owner and insurers of one of the world's largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.GAC, a Dubai-based marine services company…
Tugs Working to Free Grounded Containership in the Suez Canal
The shortest shipping route from Europe to Asia remained blocked on Wednesday as 10 tug boats struggled to free one of the world's largest container ships after it ran aground in the Suez Canal.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement.About 30% of global container shipping volumes pass through the canal each day, carrying everything from fuel to consumer goods.
S. Korea's Daewoo Nets $2.6 Bln Iraqi Port Deal
Iraq agreed a $2.625 billion deal with South Korea’s Daewoo Engineering & Construction on Wednesday to build the first phase at its planned Faw commodities port in the south of the country.Under the contract, signed in Baghdad by representatives of Iraq’s transportation ministry and the South Korean company, Daewoo E&C will handle construction work including building five berths to unload ships and a yard for containers.Daweoo will also carry out dredging and drilling works to create an access navigation channel, Farhan al-Fartousi, Iraq’s director general at the General Company for Ports, tol
Iraq to Sign $2.625 Bln Port Contract with S.Korea's Daewoo
Iraq's government has agreed to sign a $2.625 billion contract with South Korea's Daewoo Engineering & Construction to build the first phase of a giant cargo port in the south of the country, a port manager said on Wednesday.The long-planned and repeatedly delayed Grand Faw port is one of several projects that Iraq hopes will create a shorter transportation corridor between the Middle East and Europe, bypassing the Suez Canal.Under the contract, expected to be signed on Sunday, Daewoo E&C will handle construction works that include building five berths to unload ships and a yard for containers