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CMA CGM Sees Overcapacity Looming
Shipping group CMA CGM benefited in the first quarter from a rebound in demand for consumer goods and higher freight rates linked to Red Sea disruption, but expects an influx of new ships to weigh on the market later in the year, it said on Friday.France-based CMA CGM, the world's third-largest container line, reported first-quarter net profit of $785 million, recovering from a $90 million loss in…
US Anchors Aid Pier to Gaza Beach. Aid Delivery Faces Tough Road Ahead
The United States anchored a temporary floating pier to a beach in Gaza on Thursday to boost aid deliveries, but Washington is facing the same challenges that have beset the United Nations and relief groups for months when it comes to distributing assistance to the war-torn enclave.These include working in a war zone to stave off a looming famine and a dire shortage of fuel for aid trucks. The United…
Hapag-Lloyd Raises Lower End of Outlook but Profit Falls
German container firm Hapag-Lloyd on Wednesday raised the lower end of its 2024 outlook amid rising demand and freight rates, but posted an 84% drop in first-quarter net profit.Commercial shipping has faced global disruptions, including in the Red Sea region, where operators are avoiding the Suez Canal because of attacks on vessels by Yemen-based Houthi militants.The crisis has raised freight rates…
Port of Los Angeles Nets $58 Million for Harbor Maintenance
The Port of Los Angeles will receive an estimated $58 million in federal funding this year for maintaining its harbor channels and repairing its wharves, the U.S. Army Corps of Engineers announced. According to the port, the record amount—a nearly tenfold increase compared with $6 million it received in 2023—reflects the federal government's commitment to fully implementing long sought reforms to the…
Vos Steps Down as President of Stolt Tankers
Lucas Vos is stepping down as President, Stolt Tankers effective July 1, 2024. He will be replaced by Maren Schroeder as President and Chief Operating Officer, while Bjarke Nissen will assume the role of Chief Commercial Officer at Stolt Tankers.Ms. Schroeder has held the position of Managing Director, Shipowning, at Stolt Tankers since 2022, and prior to joining as Fleet Director in 2019, was Head of Technical at Vroon B.V.
Port of New Orleans CEO Brandy Christian to Step Down
The Port of New Orleans (Port NOLA) announced that its President and CEO Brandy D. Christian will step down mid-June 2024 to pursue an opportunity in the private sector. Christian has served as the President and CEO of Port NOLA since January 1, 2017, and as the CEO of the New Orleans Public Belt Railroad (NOPB) since its acquisition by Port NOLA on February 1, 2018, during which time Port NOLA increased…
Silversea Takes Delivery of New Cruise Ship Silver Ray
Royal Caribbean Group’s Silversea has taken delivery of Silver Ray, the second ship in its Nova Class, from shipbuilder Meyer Werft in Germany.The 54,700 GT Silver Ray has capacity for 728 passengers. It joins sister ship, Silver Nova, as one of the most energy efficient ultra-luxury and expedition cruise ships ever built Other notable features of Silversea’s Nova Class include an asymmetrical design and 4…
Interview: Caroline Yang, CEO, Hong Lam Marine & President, SSA
Caroline Yang, by anyone’s standard, is a busy woman. She is the CEO of Hong Lam Marine, a Singapore ship owner, which owns, operates and manages its own fleet of 33 vessels. She also is the president of the Singapore Shipping Association [SSA], a national trade association in one of the world’s most important and dynamic maritime hubs. She shares insight on her dual positions and the many challenges…
AMSA: MLC Complaints Decreased in 2023
Complaints about breaches against the Maritime Labour Convention (MLC) on ships decreased in 2023, compared to the previous year, the Australia Maritime Safety Authority’s (AMSA) latest report on seafarer welfare shows.The report records an 18% decrease in complaints to AMSA about breaches to the MLC, down to 214 complaints in 2023, from 261 complaints in the previous year.Of the complaints received in 2023…
Eye on Design: Hybrid Blood, Sweat, and Tears
In earlier columns, I have discussed various approaches and issues with Hybrid Propulsion.I have now had the pleasure of a number of years of experience with the design, operation, upgrade, modification, and maintenance of ship (and car) hybrid propulsion systems and may be able to make a claim of gradually becoming a little less confused.It is still not easy, but at the same time, I am starting to…
Charting the Future: Hiroaki Sakashita President & CEO, ClassNK
ClassNK is one of the world’s leading maritime classification societies with more than 9,200 ships totaling more than 273 million gross tons under class at the end of 2023, and a global service network of more than 120 survey offices. Last month while in Tokyo we had the opportunity to sit with Hiroaki Sakashita, President & CEO, ClassNK, a marine industry veteran for his insights on the trends driving…
Ultra-fast Boat Delivered to Northern Territory Police
Dongara Marine delivered a fast patrol boat to law enforcement personnel in Australia’s Northern Territory. Completed in March 2024, PV Deutrom was purpose designed, built, and equipped for police operations requiring very high speed and the ability to carry multiple personnel. Dongara Marine also supplied a custom, heavy duty aluminium trailer to enable the vessel to be used throughout the Territory’s…
Adversarial Seas: AI and the Evolving Cyber Threat in Maritime
The maritime transportation system, the lifeblood of global trade, is undergoing a digital revolution. Automation and artificial intelligence (AI) are transforming how ships operate and cargo moves. However, this increased reliance on technology creates a double-edged sword: while AI offers powerful tools for cybersecurity, it also presents new vulnerabilities to exploit. This article explores the…
Bean Tapped to Succeed Ian Gooch as London P&I Club CEO
The London P&I Club said that Ian Gooch will be stepping down during the year from the role of CEO after 15 years as CEO and 21 years as a Director of A.Bilbrough & Co., the company that manages The London P&I Club.Subject to regulatory approval, Ian Gooch will be succeeded by James Bean, from NorthStandard P&I Club.A qualified Solicitor, Bean has worked within the marine insurance industry since 2005 and was appointed to the NorthStandard’s senior leadership team in February 2023.
Sea Drone Warfare has Arrived, and the US is Floundering
The U.S. Navy's efforts to build a fleet of unmanned vessels are faltering because the Pentagon remains wedded to big shipbuilding projects, according to some officials and company executives, exposing a weakness as sea drones reshape naval warfare.The lethal effectiveness of sea drones has been demonstrated in the Black Sea where Ukraine has deployed remote-controlled speed boats packed with explosives…
Royal Navy Seizes Over $250M Worth of Drugs in Caribbean Sea
The crew of U.K. Royal Navy’s offshore patrol vessel HMS Trent has seized over $250 million worth of cocaine in the latest drugs bust in the Caribbean Sea, bringing the total drugs seized by the vessel so far to over $640 million.The latest bust came after HMS Trent was alerted to potential smugglers by a United States maritime patrol aircraft and used her powerful radars to track down the suspicious vessel.With the Royal Navy ship closing in…
Ship Recycling Activity Climbs in Week 18
Activity across the Indian sub-continent ship recycling markets has been climbing on the back of recently witnessed agitations in the trading lanes, reports cash buyer GMS.“A growing number of Ship Owners are biting the recycling bullet and selling their overaged but still trading vessels. Containers have been the first segment to be squeezed out by this recent dip in freight rates as several units were (and continue to be) introduced for a recycling sale…
Esgian Week 18 Report: Confirmations, Terminations and Suspensions
Esgian reports an eventful week with contract confirmations, terminations and suspensions in its Week 18 Rig Analytics Market Roundup.Report SummaryContractsBurullus Gas Company, the self-operated joint venture between Shell Egypt, the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC) and Petronas, has agreed to move forward with the development of Phase…
Long Term Rates Edge Up Globally as Red Sea Conflict Continues
Ocean freight container carriers are treading a fine line between risk and reward during new contract negotiations as the market remains gripped by uncertainty in the Red Sea, according to new data on the Xeneta Shipping Index (XSI®).The latest data released by Xeneta on May 2 shows the Global XSI (the average rate of all valid long term contracts in the market) remained fairly flat in April at 154.3 points…
Maritime Trafficking: How Balkan Gangsters Became Europe's Top Cocaine Suppliers
In 2018, convicted cocaine trafficker Slobodan Kostovski fled a Brazilian prison and made his way back to Europe with a fake passport.The Serbian senior quickly fell into old habits, police allege. Last August, Kostovski was arrested in Belgrade, accused of shipping 2.7 metric tonnes of cocaine from Brazil aboard a 22-meter vessel apprehended near Spain’s Canary Islands.Nicknamed “the General” by his associates…