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US, UK Ship Investors Hit by Soaring Red Sea Insurance
War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting…
Diplomacy Underway to Allow Houthis a 'Climbdown' from Attacks
Diplomatic efforts are underway to try to find a "climbdown" for Yemen's Houthis, the special U.S. envoy to Yemen said in a video recording released on Tuesday, in an apparent reference to finding a face-saving solution to ending their attacks on ships in the Red Sea.U.S. Special Envoy Tim Lenderking recorded his comments on Friday for a think-tank conference before flying to Oman for talks on the crisis that has triggered retaliatory U.S.
Ocean Infinity Invests in RAD Propulsion
Marine electric product company RAD Propulsion announces that it has secured £1,000,000 investment from Ocean Infinity, a marine technology business that deploys innovative robotic and autonomous vessel solutions.The investment is part of a raise round to facilitate RAD’s rapid operational scale up as its RAD 40 electric drive goes into mass production. This year, RAD will see its products become available to OEM partners around the world, with new product development underway too.
Russian Oil Flows Through Red Sea Face Lower Risks
Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India.
Philippines Plans to Buy Submarines to Defend Sovereignty in South China Sea
Philippines President Ferdinand Marcos Jr has approved the third phase of the military's modernization, which includes the purchase of the country's first submarine, in order to defend its maritime sovereignty in the disputed South China Sea.Navy spokesperson for the West Philippine Sea, Roy Trinidad, said on Thursday the third phase of modernization reflected a shift in strategy away from internal…
bound4blue to Install Its eSAIL on Cargo Vessel Newbuild
bound4blue reports it has been selected to install a 22-meter-high eSAIL on board the newbuild multipurpose cargo vessel Na Pae E Hiro, helping shipowner SNA TUHA’A PAE (SNA) reduce energy consumption by 10%. Launching in 2026, the trailblazing ship will mix green technology with an ambition to accelerate development of the remote Austral Islands, carrying both vital supplies and up to 200 tourists on its voyages from Tahiti to the South Pacific archipelago.The eSAIL…
Designing Ships Around Emissions: The Right Path or a Fork in the Road?
When discussing ship design, the maritime industry has been tossing around a number of new terms and definitions. Sustainability, alternative fuel “ready”, digitization and lifecycle are a few of the terms becoming more commonplace amid the industry’s search for zero emissions solutions. As IMO MEPC 80 meetings push emissions reduction to meet “well to wake” requirements, we will learn much of the challenge is tied to energy and infrastructure ashore.
China Presses Iran to Rein in Houthi Attacks in Red Sea
Chinese officials have asked their Iranian counterparts to help rein in attacks on ships in the Red Sea by the Iran-backed Houthis, or risk harming business relations with Beijing, four Iranian sources and a diplomat familiar with the matter said.The discussions about the attacks and trade between China and Iran took place at several recent meetings in Beijing and Tehran, the Iranian sources said, declining to provide details about when they took place or who attended."Basically…
Seafarer Abandonment Is on the Rise
Seafarer abandonment is on the rise, according to latest figures from the International Transport Workers Federation (ITF).In 2023, a total of 132 vessel abandonments were reported, which is 13 more than in 2022 – an increase of 10.92%. IFT said it made 129 of those reports.Under the Maritime Lamour Convention 2006 (MLC), a seafarer is deemed to have been abandoned if the shipowner fails to cover the cost of repatriation…
Ukraine's Black Sea Grain Export Success Tested by Red Sea Crisis
Ukraine has managed to boost its Black Sea grain exports to a level not seen since before Russia's invasion, although the Red Sea shipping crisis poses a new challenge to its crucial agricultural trade.Kyiv's success in replacing a UN-backed Black Sea export deal with its own shipping scheme has brought relief for Ukrainian farmers and importing countries while representing a naval breakthrough for…
US Navy Intercepts Missiles in Red Sea While Escorting Maersk Ships
Maersk said explosions nearby forced two ships operated by its U.S. subsidiary and carrying U.S. military supplies to turn around when they were transiting the Bab al-Mandab Strait off Yemen, accompanied by the U.S. Navy."While en route, both ships reported seeing explosions close by and the U.S. Navy accompaniment also intercepted multiple projectiles," Maersk said in a statement, adding it was suspending Red Sea transits by vessels of the U.S.
Not All Underwater Reefs are Made of Coral
When people hear about underwater reefs, they usually picture colorful gardens created from coral. But some reefs are anchored to much more unusual foundations.For more than a century, people have placed a wide assortment of objects on the seafloor off the U.S. coast to provide habitat for marine life and recreational opportunities for fishing and diving. Artificial reefs have been created from decommissioned ships…
Indian Navy Rescues Crew from US-Owned Ship After Attack Off Yemen
The Indian Navy said on Thursday it had rescued the crew of a U.S.-owned vessel in the Gulf of Aden after an attack by Yemen's Houthi movement as tensions in the region's sea lanes disrupted global trade.Following the attack on the U.S. Genco Picardy late on Wednesday, the U.S. military said its forces had conducted strikes on 14 Houthi missiles that "presented an imminent threat to merchant vessels and U.S.
EU Report Recognizes Need for Port Investment Stability
The European Parliament has officially adopted the Berendsen report, an own-initiative report on “building a comprehensive European Port Strategy” (585 in favor, 21 against, 26 abstentions).The European Sea Ports Organisation (ESPO) welcomed the support for the strategic and vital role that Europe’s ports play for European society and economy. ESPO supports the Parliament’s plea to further harmonize the measures to strengthen the resilience and protection of Europe’s critical infrastructure…
US Lists Houthis as Terrorists, Business Fears Lengthy Red Sea Disruption
The United States on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups, while business chiefs warned that disruption to shipping in the Red Sea caused by their attacks could affect supply chains for months.Attacks by the Iran-allied Houthi militia on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers - an escalation of…
Houthis Mistakenly Target Tanker Carrying Russian Oil
Houthi militants mistakenly targeted a tanker carrying Russian oil in a missile attack on Friday off Yemen, British maritime security firm Ambrey said.The United Kingdom Maritime Trade Operations (UKMTO) organisation said it had received a report of a missile being fired 90 nautical miles southeast of Yemen's port city of Aden."The master reported a missile landing in the water 400-500 metres away…
Maersk Hopeful Naval Presence Will Allow Red Sea Transits to Return
Maersk hopes international interventions and a larger naval presence in the Red Sea will eventually lead to maritime commerce to resume through the strait, it said on Friday, following U.S-British strikes overnight against Houthi military targets in Yemen."We hope that these interventions and a larger naval presence will eventually lead to a lowered threat environment allowing maritime commerce to transit through the Red Sea and once again return to using the Suez Canal as a gateway," Maersk sai
Suez Canal Revenues Down 40% Due to Houthi Attacks
Dollar revenues from Egypt's Suez Canal are down 40% from the beginning of the year compared to 2023, canal authority head Osama Rabie said on Thursday, after attacks on ships by Yemen's Houthis caused major shippers to divert away from the route.Ship traffic was down 30% in the period between Jan. 1 and Jan. 11 compared to a year prior, Rabie said, speaking on a late night talk show.The number of vessels to pass through the Suez Canal dropped to 544 so far this year…
Shipping Attacks Push US and Allies to Mideast Crunch Point
When the United States and 11 allies published a joint statement last week calling for an end to Houthi attacks from Yemen on Red Sea shipping, they hoped the implicit threat of force might at least reduce the intensity of fire on foreign vessels.Instead, Wednesday saw the largest single attack yet on foreign vessels, according to Western defence officials, launched seven days after the joint statement.
Wallenius Wilhelmsen Re-Routes Vessels Away from Red Sea
“The safety of our people is our number one priority,” said Wallenius Wilhelmsen in a statement indicating that until further notice it has decided to reroute all vessels to avoid the Red Sea area.“To monitor the ever-changing situation, we have developed a cross-functional team. Aside from ensuring safety, the team is evaluating operational, legal and commercial implications over the next couple of months.”All vessels planned for Red Sea transit will be re-routed to the Cape of Good Hope.