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China Anchors “Monster Ship” in South China Sea
The Philippine Coast Guard (PCG) said on Saturday that China's largest coastguard vessel has anchored in Manila's exclusive economic zone (EEZ) in the South China Sea, and is meant to intimidate its smaller Asian neighbour.The China coastguard's 165-meter 'monster ship' entered Manila's 200-nautical mile EEZ on July 2, spokesperson for the PCG Jay Tarriela told a news forum.The PCG warned the Chinese vessel it was in the Philippine's EEZ and asked about their intentions…
Iranian Warship Capsizes During Repairs
The Iranian navy frigate Sahand capsized during repairs in the southern port of Bandar Abbas, Iranian state media reported on Sunday."As Sahand was being repaired at the wharf, it lost its balance due to water ingress. Fortunately ...the vessel is being returned to balance quickly," the official news agency IRNA reported, citing a navy statement.It did not specify when the accident occurred.
German Government Considers Lifeline for Embattled Shipbuilder Meyer Werft
The German government is considering support for Meyer Werft, one of the world's biggest cruise ship builders, an economy ministry spokesperson said on Wednesday, as the cash-strapped company mapped out hundreds of planned job cuts to stem costs.The government is considering federal assistance for Meyer Werft together with the state of Lower Saxony, home of the shipyard in Papenburg where the over…
Novorossiisk Port Operating as Normal After Drone Attacks
Russia's Black Sea port of Novorossiisk was operating as normal on Wednesday after an attempted Ukrainian maritime drone attack, the Interfax news agency reported on Wednesday, citing the local administration."There are no restrictions. Shipping goes as normal," Interfax quoted a statement from the local administration.Novorossiisk is Russia's largest Black Sea port and a key outlet for crude oil and oil products exports and transit in Russia's south.
GMS: Vessel Prices Expected to Decline in July
Vessel prices are already down by about USD 20 – USD 25 / LDT, reports cash buyer GMS, as further decline is expected in the first half of July as previously forecast.Shipowners and cash buyers are now chasing down a declining market, and recyclers are facing exacerbating economic challenges. Not only are local steel plate prices in shambles, but currencies are also taking tumbles at key destinations…
Greek Coastguard Officers to Testify as Suspects in Migrant Shipwreck Probe
Greek coastguard officers will testify as suspects as part of a disciplinary investigation into their role in a deadly migrant shipwreck off Greece, three sources told Reuters on Thursday.Hundreds are feared to have died when a vessel, monitored by the Greek coastguard for several hours, capsized and sank in international waters off the southwestern Greek coastal town of Pylos on June 14, 2023.Up to 700 people were in the trawler which left Libya heading for Italy.
China Cracks Down on Shipping of Illicit Drugs at Ports
Chinese authorities have seized 4.5 tons of illicit drugs at border ports so far this year leading to 381 arrests, state media said on Tuesday, amid new efforts to fight trafficking and high-level counternarcotics talks between Washington and Beijing.The United States, where fentanyl abuse has been a major cause of death, has pushed China for deeper law enforcement cooperation, including further controls on the chemicals used to make fentanyl and which are often shipped from China, experts say.W
Historic Tall Ship Embarks on Round-the-world Tour
The Amerigo Vespucci, which Italians call the world's most beautiful ship, is taking a taste of its homeland on a round-the-world tour, with temporary expositions at several stops showcasing Italian products and heritage, authorities said.Tall ship Vespucci, named after the explorer who gave his name to America, is a navy boat that entered service in 1931. Some 2,700 square metres (29,000 square feet) of sails are tied to its three masts…
Russian Navy to Hold Drills in Pacific, Sea of Japan, Sea of Okhotsk
The Pacific Fleet of the Russian Navy will hold exercises June 18-28 in the waters of the Pacific Ocean, the Sea of Japan and the Sea of Okhotsk, TASS state news agency reported on Tuesday.The drills involve about 40 ships, boats and support vessels, around 20 naval aircraft and helicopters, including long-range anti-submarine aircraft Tu-142M3, Il-38 and Il-38N, as well as anti-submarine and search and rescue helicopters, TASS reported, citing the fleet's press service.(Reuters - Reporting by L
GMS: Knuckle-Biting Third Quarter for Ship Recyclers
Cash buyer GMS predicts a knuckle-biter of a third quarter for ship recycling, given that:• (confusing) budgets were announced in Bangladesh and Pakistan this week• taxes and duties are to be imposed on FO / LO on incoming vessels in Bangladesh • India’s first post-election budget is due in July under the freshly formed coalition government• Alang recyclers are still fresh in the wake of post-election…
EU Proposes to Sanction Shipping Giant Sovcomflot
The European Union is proposing to sanction Russia's oil-shipping giant Sovcomflot in a move to limit the Kremlin's ability to finance its war against Ukraine, Bloomberg News reported on Tuesday, citing a document seen by it.The move would follow similar punitive measure imposed on the leading Russian tanker group early in 2024 by the U.S., with Washington pushing to tighten the screws on Moscow for…
Hapag-Lloyd Sees No Immediate Suez Passage Even if Ceasefire Reached Now
German shipping company Hapag-Lloyd does not anticipate the shipping industry to resume sailing through the Suez Canal anytime soon, even if a ceasefire between Hamas and Israel was reached now, a spokesperson for the company told Reuters on Tuesday.The comments from the world's fifth-biggest shipping firm come after Palestinian groups welcomed a U.N. Security Council resolution backing a proposal…
Ship Recycling: Budget News for Bangladesh
An eventful week in the ship recycling industry saw the announcement of the Bangladeshi budget surprisingly deliver negative news for Chattogram’s ship recycling sector, reports cash buyer GMS.“Bangladesh’s proposed budget has surprisingly fallen short of appreciating, assessing, or even addressing the extent of the nation’s ongoing economic crises via establishing realistic targets and measures needed to correct recently erupted financial abnormalities…
Sovcomflot Says Revenues Took a Hit from Western Sanctions
Russia's leading tanker group Sovcomflot said western sanctions and changing market conditions may cut its revenues this year, a rare admission from a major Russian business of the damage western restrictions against Moscow are having.The U.S. imposed sanctions on Sovcomflot, which was previously one of the world's leading tanker operators, in February, in an attempt to reduce Russia's revenues from…
Port Strike Suspended at Argentine Grains Hub
Port worker unions in Argentina cut short a planned strike in grains shipping ports in the Rosario region following government-ordered talks, a union head said on Thursday, in welcome news for the country's farm exports.The area north of the city of Rosario along the Parana River is Argentina's main agricultural exports hub, where more than 80% of its processed soybeans, corn, wheat and other farm products are shipped to global markets.The FESIMAF maritime workers federation…
Government Shipbuilding Could Soon Enter American Living Rooms
With the U.S. Navy and U.S. Coast Guard FY 2025 budget requests offering uninspiring news for traditional shipbuilders, industry observers might be forgiven for checking out and dismissing 2024 as just another dull year in the frustrating business of government shipbuilding.But with an election season underway and an increasingly disorderly sea, the year may end up being far more exciting for industry than most U.S.
Container Shipping Market Set to Surpass Red Sea Crisis Peak
Ocean freight container shipping spot rates are set to exceed the level seen at the height of the Red Sea crisis when the latest round of increases hit the market on June 1, according to the latest data released by Xeneta.Peter Sand, Xeneta Chief Analyst, said: “The ocean freight container shipping market has seen rapid and dramatic increases during May and that is set to continue with further growth in spot rates.“On 1 June…
MARAD’s Centers of Excellence: Addressing Maritime Workforce Needs and Preparing the Next Generation
Of the many challenges confronting the United States’ maritime industry today, some of the more crucial and complicated are related to the development of a well-trained workforce.As is the case in any sector, those responsible for staffing jobs within the maritime industry must promote awareness, secure potential recruits, train recruits to be effective employees, retain high-quality workers, and provide sufficient levels of professional development…
How Are Advances in Simulation Shaping the Future of Maritime Training?
An increasing demand for safety and sustainability in the maritime industry has been instrumental in the advancement of simulation technology, which is revolutionizing maritime training by providing immersive, cost-effective, and risk-free learning experiences.Although simulation training has been used in the maritime industry for several decades, early simulation technologies were very basic compared to the sophisticated systems available today.
When War Risk becomes War Reality: Growing Insurance Complexity
Marine insurers and legal practitioners are grappling with unresolved challenges even two years after the outbreak of the Russia-Ukraine war. The conflict had brought chaos “not only in the lives of those in the region, but for the maritime industry trying to make sense of the shock,” said Burkhard Fischer, 2023-24 chairman of the Association of Average Adjusters, in his address to the body’s annual conference in London on May 9…
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