ANGELA CHAO, CEO OF GLOBAL SHIPPING FIRM FOREMOST GROUP, DEAD AT 50
Angela Chao, the CEO of New York-based shipping company Foremost Group, has died in a car accident at the age of 50, according to a news release. The Foremost Group is a global dry bulk shipping company whose clients include Cargill Inc., Louis Dreyfus Commodities Rotterdam and NYK Line, according to the company. The Foremost Group has a fleet of 33 ships valued at $1.2 billion. In addition to serving as CEO of the Foremost Group, Chao served as a board member of the American Bureau of Shipping Council and the Massachusetts Maritime Academy’s International Maritime Business Department advisory board. The U.S. Coast Guard Academy said in a post on X that Chao was “a trailblazer in the maritime industry and a true friend of the Academy.
HOUTHI REBELS DECLARE SUCCESS IN BLOCKING ISRAEL-BOUND TRAFFIC
Yemen’s Houthi rebels believe that they are achieving results in their campaign of attacks on shipping in the Red Sea. Israel-bound traffic through the waterway has tailed off, the group claimed, along with a large share of all other maritime commerce. Despite U.S. efforts to suppress their operations, Houthi forces have continued to mount attacks on Western shipping, with limited success. A Houthi ballistic missile caused minor damage to a bulker on Monday, hitting an Iran-bound ship with NYSE-listed Greek owners. It marked a return to launch activity after nearly a week; during the previous six days, American forces repeatedly destroyed Houthi mobile launchers on the ground, before anti- ship attacks could be carried out. Israeli shippers are also turning to a new overland route through Saudi Arabia. Thanks to Saudi permission, importers can now offload boxes in Bahrain or the UAE and send them by truck over Saudi roadways to the Jordanian border, then onward to Israel. This new land bridge lets Israel-bound cargo bypass the Red
Sea.
MAERSK TO LOOK AT DB SCHENKER ACQUISITION
German rail operator Deutsche Bahn put DB Schenker, one of the world’s largest logistics providers, up for sale in December 2023 in a deal that is expected to be worth EUR20 billion if it goes through. Maersk had previously said it would not be interested in acquiring DB Schenker or similar large forwarding company, however, Vincent Clerc, CEO of AP Moller Maersk revealed a potential change of heart during its Q4 2023 earnings call on 8 February. Maersk has made a number of logistics acquisitions as seeks to broaden its business to become a consolidator and
expects to continue doing so as developing capabilities organically takes too long. The sheer size of the deal makes it one that needs to be looked at by Maersk Clerc said. “It will have a consequence whether we do the deal or we don’t do the deal, because it will change the landscape in logistics depending on who does the deal.”
TURKEY’S ARKAS LINE ENTERS US MARKET
Turkish shipping company Arkas Line is expanding into the US market, connecting major Mediterranean, Black Sea, and African ports with the US east coast. The company is partnering with compatriot Turkon and Hapag-Lloyd, deploying the recently acquired 2,824 teu Sine A on the United States Express (USX) service. The 49-day rotation, featuring seven ships, will become a weekly one when Arkas joins it on February 26. Can Atalay, CEO of Arkas Line, stated, “Our goal is to expand the Arkas Line brand into new territories. Our partners in this service are long-standing collaborators, strong and established companies.”
Arkas has been in existence since 1902. Alphaliner lists it with 35 boxships, ranking as the 30th largest liner in the world.
