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US Import Volumes Seen Rising Despite Red Sea Disruptions
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…
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…
UK Supreme Court Piracy Ruling Gives Guidance on War Risk Provisions in Charterparties
In a well-timed decision given the current situation in the Red Sea and Gulf of Aden, the UK Supreme Court recently handed down judgment in Herculito Maritime Ltd v Gunvor International BV [2024] UKSC 2, a decision that arose from seizure of a ship by Somali pirates.Key factsThe vessel MT Polar was chartered to carry a cargo of fuel oil from St Petersburg to Singapore. The most direct route would be…
Wind Power Outpaces Gas Plants in Europe
Wind power production outpaced gas plants in Europe for the first time last year as fossil fuel electricity generation plummeted, cutting the region's carbon emissions, data from think-tank Ember showed.Europe is ramping up its renewable electricity generation as part of efforts to wean the bloc off Russian fuels and to help meet its climate goal of net zero emissions by 2050.Europe's fossil fuel power generation fell by a record 19% year-on-year in 2023, with gas-fired electricity production do
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…
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…
Asia LNG Imports Are Robust, But Record Supply Keeps Spot Prices Muted
The spot price of liquefied natural gas (LNG) is continuing to meander at low levels amid ample supply from major exporters and signs that winter demand is easing in the top-importing regions of Asia and Europe.The spot price for LNG delivered to north Asia ended at $9.60 per million British thermal units (mmBtu) in the week to Feb. 2, up slightly from the seven-month low of $9.50 the previous week.Spot…
US Forces Shot Down Houthi Drones on Friday
The U.S. Central Command said on Saturday U.S. forces engaged and shot down several unmanned aerial vehicles (UAVs) over the Red Sea on Friday, and also destroyed four drones that Houthi forces were preparing to launch from Yemen."U.S. forces identified the UAVs in Houthi-controlled areas of Yemen and determined that they presented an imminent threat to merchant vessels and the U.S.
Americas Cup Innovation & a Carbon-Free Shipping Future
The Golden Gate Yacht Club (GGYC) represented by BMW Oracle Racing and the Société Nautique de Genève (SNG), the Americas Cup defending champion, represented by Team Alinghi were entwined in a 2.5-year legal battle over multiple court cases, including hearings in the New York Supreme Court and the Appellate Division of the New York Supreme Court, prior to the 33rd edition of the race, due to take place in 2010.The parties disagreed about the location…
OSV Owners Reap the Rewards of Data Sharing
A ‘Connected Future’ seminar, organized by Inmarsat in collaboration with Maritime Reporter & Engineering News and moderated by Greg Trauthwein, encapsulated the critical roles technology and data sharing play in enabling more efficient and sustainable workboat operations, and in improving conditions for crew.Insights from leading Offshore Supply Vessel owners and operators capture the extent to which technology and data sharing are driving greater efficiency…
US-flag Great Lakes Shipping Up 6.5% in 2023
Cargo volumes moved by U.S.-flag Great Lakes freighters in 2023 increased 6.5% compared to 2022, according to latest figures from trade group the Lake Carriers’ Association (LCA).The 81.4 million tons of cargo transported by the U.S. laker fleet 2023 was 1.2% above the fleet’s five-year average, LCA said.Iron ore cargos totaled 42.4 million tons, an increase of 13.4% compared to a year earlier, while limestone shipments increased by 3.9% to 24.6 million tons.
US Shoots Down Missile Fired by Houthis Toward Red Sea
Iranian-backed Houthi militants fired one anti-ship cruise missile from Yemen toward the Red Sea on Tuesday, the U.S. military's Central Command said, adding that a U.S. destroyer in the area shot it down.No injuries or damage were reported, the Central Command said.(Reuters - Reporting by Jasper Ward; editing by Rami Ayyub)
Seçkin Uz Named Managing Director at elkon
In addition to his present and continuing role as managing director of SCHOTTEL Turkey, Seçkin Uz has been appointed managing director of SCHOTTEL’s sister company elkon.In his new position at elkon, Seçkin Uz will be dedicated to utilizing various synergies between propulsion specialist SCHOTTEL and electrical system integrator elkon. At the same time, he aims to strengthen elkon’s international growth and business development in the global maritime industry.Seçkin Uz succeeds Ertuğ Yaşar…
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…
Russian Oil Facilities Hit by Drone Attacks, Fires
Russia energy infrastructure has been hit by drone attacks and fires in the past month, adding to uncertainty in global oil and gas markets already rocked by the conflict in the Middle East.Russia and Ukraine have targeted each other's energy infrastructure in strikes designed to disrupt supply lines and logistics and to demoralise their opponent as they try to get the edge in a nearly two-year-old…
World's Largest Cruise Ship Sets Sail, Bringing Concerns About Methane Emissions
The world's largest cruise ship is set for its maiden voyage on Saturday, but environmental groups are concerned that the liquefied natural gas-powered vessel - and other giant cruise liners to follow - will leak harmful methane into the atmosphere.Royal Caribbean International's Icon of the Seas sets sail from Miami with capacity for 8,000 passengers across 20 decks, taking advantage of the surging popularity of cruises.The ship is built to run on liquefied natural gas (LNG)…
Tanker Ablaze After Being Struck by Houthis in the Red Sea
Yemen's Houthi rebels on Friday stepped up attacks on vessels transiting the Red Sea, including a hit on a fuel tanker operated on behalf of trading firm Trafigura that sparked a fire.Trafigura said that the fuel tanker Marlin Luanda, which was operating on its behalf, was struck by a missile as it transited the Red Sea.Firefighting equipment on board is being deployed to suppress and control the fire caused in one cargo tank on the starboard side…
Freeport LNG Unit Faces Month-long Outage
U.S. liquefied natural gas (LNG) company Freeport LNG said on Friday it expects one of three liquefaction units at its Texas plant will be out of service for about a month after it faced a technical issue during last week's Arctic freeze.This shutdown was the latest in a series of incidents at the plant since it exited an eight-month outage from June 2022 to February 2023 following a fire and explosion.Since April…
Freight Through Suez Canal Down 45% Amid Houthi Attacks
Freight going through the Suez Canal has dropped by 45% in the two months since attacks by Yemen's Houthis led shipping groups to divert freight, disrupting already strained maritime trading routes, according to UN agency UNCTAD.UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warned of risks of higher inflation, uncertainty of food…
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…