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WEEK 10 MARKET UPDATE

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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ocean freight services port

WEEK 9 MARKET UPDATE

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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Shipments

WEEK 8 MARKET UPDATE

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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WEEK 7 MARKET UPDATE

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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WEEK 6 MARKET UPDATE

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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PORTS AND OCEAN FREIGHT

WEEK 5 MARKET UPDATE

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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