The Maritime Executive writes that Oldendorff Carriers will fit the first rotors on a bulker used to haul coal from Canada. They report: Oldendorff Carriers, one of the leading operators of bulk carriers, is joining the growing ranks of shipping companies adopting wind rotors on bulkers to improve operating efficiency and reduce emissions. The company has participated in several studies looking at the potential of wind-assisted propulsion and the use of rotors and now has ordered its first installation. They report by mid-2024 one of its post Panamax vessels will be fitted with a rotor … [Read more...]
Panama Canal Logjam: Ships Seeking Alternate Routes
Ships are finding alternate routes to avoid the Panama Canal log jam, in which wait times averaged about 15 days or more, reports Sam Chambers of Splash 247.com. He writes: Global shipping has swiftly learned to live without the Panama Canal with real-time seaborne trading maps experiencing one of the greatest and swiftest shifts over the past month. The transit backlog at the interoceanic waterway today numbers just 77 ships, 13 below the average since the 2016 expansion of the locks, and down by more than 50 vessels in the space of just a fortnight. For those in the queue, however, wait … [Read more...]
Cracks in China’s Belt and Road Initiative Surface
Laurance Norman and Kim Mackrael of The Wall Street Journal are reporting that tensions over Ukraine and trade have grown between the EU and China as leaders set to meet in Beijing. Italy has formally withdrawn from the Belt and Road Initiative, the latest European country to do so. They write: European Union leaders plan to warn Chinese leader Xi Jinping that the bloc is prepared to impose new sanctions and trade penalties on his nation unless it acts to address economic frictions and rein in exports to Russia of goods used for its war in Ukraine, EU officials said before a summit … [Read more...]
Commercial Shipping Lanes Under Fire from Ballistic Missiles and Drones
Nancy Youssef of The Wall Street Journal is reporting that the Iran-backed Houthi forces in Yemen are claiming responsibility for attacks in the Red Sea, pointing to the Israeli-Gaza war as their reasoning. The Pentagon warns of a possible response. She writes: A U.S. destroyer and three commercial ships operating in the Red Sea came under drone and ballistic-missile attacks, the Pentagon said Sunday, marking the most significant escalation of a weekslong military attack on ships operating in those waters. In two instances on Sunday, the USS Carney, an Arleigh Burke-class destroyer, came … [Read more...]
World’s Largest Container Shipper Sued for Exploitative Pandemic Behavior
Costas Paris of The Wall Street Journal is reporting that the bankruptcy estate for Bed Bath & Beyond wants the world’s biggest ocean container mover to pay for pandemic disruptions. He writes: The bankruptcy estate of Bed Bath & Beyond has filed the largest ever lawsuit with the Federal Maritime Commission, seeking around $300 million from Mediterranean Shipping Co. for allegedly overcharging to move its cargo during the pandemic. The bankrupt retailer wants Geneva-based MSC, the world’s largest boxship operator in terms of capacity, to pay around $150 million for damages and an … [Read more...]
China Proposes Massive Integrated Super Port Across Islands
Cichen Shen of Lloyds list is reporting that China is proposing a multi-billion dollar port project, including up to 50m teu of container capacity. The project is envisaged as a strategic move to strengthen trade in Southern China and drive integration through one of the country’s largest economic powerhouses. She writes: BEIJING is considering a proposal to construct a massive integrated super port across islands south of Hong Kong, consolidating regional port resources to challenge Singapore’s shipping hub status. The infrastructure project, potentially costing over $20bn, is also … [Read more...]
Israel and Hamas Conflict Spilling into World’s Oceans
Costas Paris of The Wall Street Journal tells his readers that an Iran-backed group took Galaxy Leader’s 25 crew members hostage in the Red Sea over the weekend. He writes: Iran-backed Yemeni rebels said they hijacked an Israeli-linked cargo ship with 25 crew members in the Red Sea over the weekend, heightening tensions in the Gaza conflict. The Houthis, a rebel group that controls Yemen’s north, said on X, formerly Twitter, that they are taking the vessel to the Yemeni coast and would continue to target vessels linked to Israel because of its attacks on Gaza. Middle East brokers … [Read more...]
Container Liners Seeking Substantially Higher Rates
Mike Wackett of The Loadstar writes that several container liners are expecting to record a fourth-quarter loss and there's confidence that the new Asia-North Europe contract rates would close above current spot levels. He continues: MSC has joined rivals CMA CGM and Hapag-Lloyd in announcing a substantial FAK (freight all kinds) general rate increase (GRI) from Asia to North Europe for 1 December. It remains to be seen whether MSC’s 2M Alliance partner, Maersk, will throw its weight behind the FAK hikes with its own increase. The Geneva-headquartered carrier advised customers it would … [Read more...]
U.S. Probing 100 Vessels in Suspected Russian Oil Sanction Violations
Timothy Gardner of Reuters writes that a source with knowledge of the new notices said some of the vessels now under investigation were involved in lifting Russian oil from the Pacific port of Kozmino, while others had loaded at the port of Primorsk on the Gulf of Finland. He continues: The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, according to a source who has seen the documents. The notices, sent by the Office of Foreign Assets Control to ship management … [Read more...]
China Flooding International Markets with Unfair Prices
Stella Yifan Xie and Tom Fairless of The Wall Street Journal report that China is flooding international markets with unfairly low prices as they are facing an economic slowdown at home. They write: Some Chinese factories, saddled with overcapacity in a struggling economy, are trying to export their way out of trouble and stoking new trade tensions in the process. Makers of electric vehicles, solar panels and other products are cutting prices and trying harder to muscle into overseas markets as they face weakened demand at home, upsetting competitors who see threats to their bottom … [Read more...]
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