IRAN THREATENS TANKERS AS PANAMA DENIES REGISTERING IRANIAN-OWNED VESSELS Iran is renewing its threats against tankers and retaliation for actions by the United States to “interfere” with the transportation of Iranian oil. The latest statements came in response to the U.S.’s move in February to seize another shipment of 500,000 barrels of Iranian fuel oil …
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HOUTHIS VOW TO EXTEND ATTACKS DEEPER INTO THE INDIAN OCEAN Another ship has been damaged by the Houthis, who now claim to have hypersonic missiles in their armoury and will expand their target zone deeper into the Indian Ocean to try and prevent enemy vessels from passing via the Cape of Good Hope. To date, …
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INDIAN NAVY ASSISTS MSC SHIP WITH FIRE AFTER HOUTHI ATTACK MSC Mediterranean Shipping Company confirmed that its vessel MSC Sky II suffered minor damage including a fire after it was struck by the Houthis. The Indian Navy went to the vessel’s aid after the attack and reported that they also escorted the ship to safe waters. The 30,000-dwt vessel is operating …
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THREAT OF STRIKE LOOMS LARGE OVER EAST, GULF COAST PORTS There’s an increasing abundance of skittishness surrounding the future of East and Gulf Coast ports. The labor contract between the International Longshoremen’s Association and the United States Maritime Alliance (USMX) is set to expire at the end of September. The ILA represents some 70,000 dockworkers, …
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CMA CGM UNVEILS NEW-LOOK BOXSHIP From yards in Asia, new look containerships are emerging from drydocks as the sector ushers in a greener era, spending billions of dollars on a next generation of vessels. An eye-catching new delivery came out of South Korea’s Hyundai Heavy Industries (HHI) this week, the 2,000 teu LNG dual-fuel CMA CGM Mermaid (pictured), the first in a …
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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 …
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Houthis Target Two More Merchant Ships with New Attacks The Houthi militants targeted both a British and an American ship overnight as they vowed to continue their attacks. This came just a day after the UK’s Defense Secretary Grant Shapps said the UK believed the militants still had “an appetite” to continue targeting ships despite …
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RED SEA-DRIVEN SURGE IN CONTAINER SHIPPING RATES LOSES MOMENTUM Mass diversions of container ships around Africa’s Cape of Good Hope caused spot rates to surge, but the Red Sea effect has a limit, which may have already been reached. Upward momentum has slackened. Rates in most lanes have leveled off. Several indexes for European lanes …
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PORT OF NEW ORLEANS GETS $226M FOR INTERNATIONAL CONTAINER TERMINAL Efforts to build an international container terminal at the Port of New Orleans capable of handling ultra large container vessels got a boost Monday from the federal government. The port announced it was awarded an additional $226.2 million grant to assist in constructing the $1.8 …
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CONTAINER SHIPPING RATES SPIKE AS RED SEA CRISIS DRAWS FIRST BLOOD For cargo importers, the outlook is now clear: higher freight costs and longer delays. For liner profits, sentiment is increasingly bullish — but there are uncertainties. Spot rates and surcharges are rising fast, but liner costs are also increasing due to much higher fuel …
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