PANAMA CANAL INCHES BACK TO NORMALITY
The Panama Canal Authority (ACP) has upped the maximum authorised draft allowed for vessels transiting the larger neopanamax locks by 30 cm to 14.94 m as it gets back to normal operations following more than a year of drought linked difficulties. The canal increased daily transits to 35 slots on Monday with plans to get to 36 transits next month. Bulker transits through the Panama Canal hit 7.2m dwt in July, the highest level since October last year, on the back of steadily increasing transit slot availability, something Clarksons Research described in a recent report as “encouraging news” for exporters ahead of the forthcoming US grain harvest. The ACP has given itself a six-year deadline to complete the construction of a giant $1.6bn new reservoir along the Indio river to help provide water security in the years ahead so that the vital waterway can maintain a minimum of 36 transits a day.
MSC CLOSES IN ON 20% SHARE OF CONTAINER SHIP MARKET
According to analyst Alphaliner MSC has added 400,000 teu in capacity to its fleet alone this year. The company’s operated fleet now stands up at 19.8% of global container ship capacity, the highest ever held by a single line. It’s share of the global fleet was up one percentage point on 18.8% from end July 2023. “Only Maersk has come close to dominating the market in the same way. The latter reached a peak market share of 19.4% in 2018 but has seen its market participation decline in each of the five consecutive years since then,” Alphaliner commented in its weekly report. Maersk, while retaining its rank as the world’s second largest container line, has seen its market share decline over the 12 months dropping 0.8% to 14.4% at end July this year compared to 15.2% at end July 2023. Third place CMA CGM also saw decline in its share of the fleet from 12.8% at end July 2023 to 12.4% at end July 2024.
HOUTHI MISSILE STRIKES BREAK RED SEA CALM PERIOD
United Kingdom Maritime Trade Operations (UKMTO) received reports of attacks on a merchant vessel in the Gulf of Aden on August 3, with one missile finding its target around 125 nm east of the port city Aden in Yemen. The Master’s report said the vessel had been hit by an unknown explosive, which the company security officer later reported as a missile. No fire, water ingress or oil leaks were reported. Houthi spokesperson Yahya Sare’e claimed in a social media post that the group’s naval and missile forces had targeted 2002-built, Liberian-flagged, 2,490 teu container ship Groton with multiple ballistic missiles. The ship operates on CMA CGM’s India Gulf Red Sea Express service BIGEX2 and was targeted on its routine journey between Jebel Ali and Djibouti. The Joint Maritime Information Centre (JMIC) update on the incident confirmed the ship had been targeted in two attacks, one 170 nm east of Aden where a missile hit the water around 100 meters off the vessel, and the successful attack that struck Groton above the waterline 125 nm east of the city. While there has been a recent break in attacks on shipping in the region, the US military continued to target Houthi assets, destroying a Houthi missile and launcher, three Houthi USVs and one Houthi uncrewed aerial vehicle (UAV) in the past week.
JP MORGAN TAKES OVER US CARRIER BOLD OCEAN
Investors advised by JP Morgan Asset Management have acquired US shipping and logistics firm Bold Ocean from private equity firm Nova Infrastructure for an undisclosed sum. Annapolis, Maryland-based Bold Ocean operates nine vessels that transport goods under long-term charter with the US government. In 2018, a group of companies in US flag shipping, fleet technical management, and marine personnel were consolidated under one parent company. The Bold Ocean companies include Schuyler Line Navigation Company, Schuyler Services, Schuyler Technical, Chesapeake Crewing and Argent Marine Operations. The new strategic ownership group will be pursuing growth opportunities to expand the company’s US flag fleet and logistical services, Bold Ocean said, adding that its chief executive, Dion Nicely, will stay at the helm. “We believe Bold Ocean will benefit from our global maritime platform, bringing scale and growth opportunities, at a time when we expect the US flag market to continue to evolve and grow,” said Andy Dacy, the managing director of the global transportation group at JP Morgan.
