James Marson and Oksana Pyrozhok of The Wall Street Journal is report that Ukrainian farmers have sharply increased sales since Russian warships were pushed back by attacks with naval drones. They write: Farmers like Oleksandr Kosenyuk in this central Ukrainian village are ramping up exports of grain thanks to a surprising military success that has subdued the Russian Black Sea Fleet hundreds of miles away. Ukrainian naval drones have sunk a series of Russian warships, putting swaths of the Black Sea all but off limits to the Russian Navy and allowing Ukraine to increase grain exports … [Read more...]
Somali Pirates on the Move Again
The Associated Press reports that the EU maritime force says it is shadowing a Bangladesh-flagged ship seized by pirates off the Somali coast. They write: The 23 crew members of a Bangladesh-flagged cargo ship boarded by pirates off Somalia this week have been taken hostage, and a European Union vessel is tracking the ship as it heads toward the coast, the EU’s maritime security force said Wednesday. The hijacking of the MV Abdullah, first reported Tuesday by the British military, took place nearly 700 miles (1,100 kilometers) east of Somalia’s coastal capital Mogadishu. An EU ship … [Read more...]
Meet the World’s Largest Cargo Plane
Jennifer Hiller and Brian McGill of The Wall Street Journal report that Radia Inc., a unicorn startup, plans to use rocket science to overcome one of the wind power industry’s biggest hurdles with a giant cargo plane. The plane has a massive 261-foot wingspan and a fuselage volume of 272,000 cubic feet. They write: An aerospace engineer thinks he knows how to transform renewable energy: by building the world’s largest plane. Mark Lundstrom, an MIT-trained rocket scientist and Rhodes scholar, has spent more than seven years with an engineering team designing the WindRunner, a gargantuan … [Read more...]
Shifting Container Ship Traffic
Michael Rudolph of FreightWaves reports that the trade routes to the East Coast are struggling against the turmoil in the Red Sea conflict and in the Panama Canal, with the droughts, are causing a shift to the West Coast ports. Rudolph writes: A recent round of U.S. and British strikes on Houthi targets in Yemen raise fresh questions about the impact of container shipping in the Red Sea, as shippers continue to seek alternative means of navigating the crisis. The strikes, which were conducted on Saturday, spurred threats from Houthi leaders and a warning from Jake Sullivan, national … [Read more...]
A Growing Russian and Chinese Bond
Gleb Stolyarov of Reuters reports on the booming trade partnership between Russia and China thanks to Western firms abandoning the Russian market. Stolyarov writes: Business at Nikita Minenkov's logistics company, based near the Amur River that marks the border between Russia and China, was going well. Since Moscow's invasion of Ukraine it's gone even better - company turnover has doubled for two years running. Minenkov's Eurasia Logistics Group is one of multiple Russian businesses to benefit from a sharp uptick in trade with China, since Western firms abandoned the Russian market … [Read more...]
British Cargo Vessel Carrying Fertilizer Sinks in Red Sea
Middle East correspondent Benoit Faucon of The Wall Street Journal reports that the cargo vessel Rubymar, a British owned ship struck by a Houthi missile on Feb. 18, has sunk. It carried fertilizer, threatening an environmental disaster for the region’s marine ecosystem. He writes: A British-owned ship struck last month by Yemen’s Iran-backed Houthi forces has sunk into the Red Sea, U.K. and Yemen officials said Saturday, threatening to cause an environmental disaster with its cargo of fertilizer. A Houthi missile strike on Feb. 18 had blown a hole in the cargo vessel, Rubymar, which was … [Read more...]
Global Shipping Lines Extend Vessel Sharing Agreement as Earnings Slide
Dominic Chopping of The Wall Street Journal reports that global shipping lines extended their vessel-sharing agreements as carrier earnings slide. He writes: Four Asian and European container lines are extending their vessel-sharing agreement as rival carriers reset their alliances in a market beset by plentiful capacity and low freight rates. China’s Cosco Shipping, CMA CGM of France, Taiwan’s Evergreen Marine and Hong Kong-based Orient Overseas Container Line, a unit of Cosco, agreed to continue sharing ship capacity through 2032 under the Ocean Alliance pact they formed in … [Read more...]
Supreme Court: New Container Terminal Must Use Union Dockworkers
Paul Berger of The Wall Street Journal tells his readers the decision means the South Carolina port will have to use union dockworkers at its new container terminal. He writes: The U.S. Supreme Court declined to hear a case brought by South Carolina’s ports authority, letting stand a lower-court ruling that effectively requires the Port of Charleston to use an all-union labor force at a new container terminal. The decision on Tuesday caps a long-running battle over labor rules at the site and diminishes hopes in South Carolina and Georgia, both right-to-work states, that they can … [Read more...]
Houthi Rebels Dig In along the Red Sea
Sam Dagher and Mohammed Hatem at Bloomberg report that Iran-backed Houthis are preparing for a long battle with the U.S. in the Red Sea. They write: Houthi militants and their Iranian backers are preparing for a lengthy confrontation with the US and allies around the Red Sea regardless of how the Israel-Hamas war plays out. The Yemen-based group is shoring up military and defense capabilities to continue attacking ships around the vital waterway, according to several people with knowledge of the situation, who asked not to be identified discussing sensitive matters. Steps include … [Read more...]
America to Invest Billions to Protect Ports from Chinese Cyberattacks
Dustin Volz, Gordon Lubold, and Doug Cameron of The Wall Street Journal are reporting the U.S. is investing billions to replace China-made cranes at the nation’s ports. They write: The Biden administration plans to invest billions in the domestic manufacturing of cargo cranes, seeking to counter fears that the prevalent use of China-built cranes with advanced software at many U.S. ports poses a potential national-security risk. The move is part of a set of actions taken by the administration Wednesday that is intended to improve maritime cybersecurity. They include a U.S. Coast Guard … [Read more...]
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