CONTAINER SHIPPING NEWS
Global sea transport leaps most since 2010 after Red Sea attacks
Global sea transport sees a surge in activity due to geopolitical disruptions and attacks in the Red Sea. Vessels reroute to avoid conflict zones, impacting carbon emissions.
Zero factual inaccuracies with our Adani research: Hindenburg on Sebi notice | Read short seller's full response here
Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
Suspected Houthi attack targets a ship in the Gulf of Aden, while Iraqi-claimed attack targets Eilat
Early Wednesday, a suspected missile attack by Yemen's Houthi rebels targeted a ship in the Gulf of Aden. Concurrently, an Iraqi militant group allied with the Houthis claimed responsibility for a drone attack on the southern Israeli port city of Eilat. These incidents mark an ongoing escalation linked to the Israel-Hamas conflict in Gaza, as well as tensions involving Yemen's internal politics.
Dali cargo ship leaves Baltimore for Virginia, nearly 3 months after bridge collapse
Dali to off-load cargo containers at Virginia International Gateway before heading to Norfolk International Terminal for salvage and repairs.
Ship attacked by Yemen's Houthi rebels in fatal assault sinks in Red Sea in their second sinking
A bulk carrier sank in the Red Sea days after an attack by Yemen's Houthi rebels, who are believed to have killed one mariner on board. The sinking of the Tutor marks an escalation in the Houthis' campaign targeting Red Sea shipping, despite ongoing U.S.-led efforts to halt the attacks. The attack, using drone boats, highlights the ongoing conflict in the region. The shipping industry has condemned the attacks, calling for them to stop immediately. Meanwhile, the Houthis claim that U.S.-led airstrikes targeted areas in Yemen under rebel control.
Container shortage is shipping’s Achilles’ heel
An initial surge in freight prices — prompted by ships taking the much longer route around the Cape of Good Hope — petered out in March, yet prices have now surged even higher.
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Escalating emissions: How Red Sea disruptions are driving up carbon emissions
Many companies had already revamped their supply chains as they navigated COVID-19 disruptions, extreme weather risks, trade protectionism that forced them to change suppliers, and rising freight costs.
French shipping giant expects slump in cargo rates
CMA CGM SA anticipates lower ocean freight rates as new vessel deliveries boost capacity impacted by ship diversions to avoid the Red Sea conflict.
Cargo ship that caused Baltimore bridge collapse had power blackout hours before leaving port
Investigators attribute the March collapse of Baltimore's Francis Scott Key Bridge to the cargo ship Dali's electrical blackout, caused by a crewmember's mistake during maintenance. The ship lost power shortly after leaving the port, crashing into a bridge support. The National Transportation Safety Board conducts a comprehensive investigation, expected to last over a year. Meanwhile, the FBI initiates a criminal inquiry into the incident.
An Adani project will put India on global maritime map
India's ambition to be a manufacturing powerhouse got a boost with Adani Group's Vizhinjam Port in Kerala getting approval to operate as India's first transshipment port. The port's strategic location between the Suez Canal and the Strait of Malacca will enhance India's global sea trade presence, attracting ultra-large container vessels and boosting container traffic.
S Jaishankar speaks to Iran counterpart about 17 Indians on a ship seized off UAE coast
The ship's seizure has raised concerns about the welfare and safety of the Indian crew members, prompting Jaishankar to take proactive measures to address the issue.
Trapped vessels start to move out of Baltimore following bridge disaster
Port of Baltimore opened a temporary channel to free trapped tugs after a bridge collapse. Recovery team aims to reopen the port, starting with freeing cargo vessel Dali stuck under debris in challenging conditions.
Salvage crews work to lift first piece of collapsed Baltimore bridge
The steel truss bridge collapsed early on Tuesday morning, killing six road workers, when a massive container ship lost power and crashed into a support pylon. Much of the span crashed into the Patapsco River, blocking the Port of Baltimore's shipping channel.
Tangled in steel with no way out: How the crew stuck in Baltimore is faring
The Dali cargo ship crew, mainly from India, remain in Baltimore post-bridge collision, awaiting debris clearance for the vessel to resume its voyage to Sri Lanka, amid praise for their swift actions.
At collapsed Baltimore bridge, focus shifts to the weighty job of removing the massive structure
Teams work to clear Francis Scott Key Bridge debris, reopening Port of Baltimore. Salvage operation led by Coast Guard and state officials. Workers from Mexico, Guatemala, Honduras, and El Salvador involved. President Joe Biden and Synergy Marine Group mentioned in aid efforts.
Baltimore bridge collapse: Six workers presumed dead; shocking sight to see
Six workers are missing and presumed dead after a cargo ship collision caused a Baltimore bridge collapse, leading to a major port closure. Search-and-rescue efforts have ceased due to dangerous conditions. The incident impacts car and coal supply chains, with over 2.5 million tons of coal at risk. Authorities plan to recover the workers' remains.
Biden approves $60 mn in aid after Baltimore bridge collapse as governor warns of 'very long road ahead'
The devastation left behind after the powerless cargo ship struck a support pillar early Tuesday is extensive. Divers recovered the bodies of two men from a pickup truck in the Patapsco River near the bridge's middle span Wednesday, but officials said they have to start clearing the wreckage before anyone could reach the bodies of four other missing workers.
Baltimore's Francis Scott Key bridge collapses after large cargo ship collision. Watch video
The Francis Scott Key Bridge in the US city of Baltimore collapsed after a ship collided with it, the Maryland Transportation Authority said early Tuesday. , Baltimore City police were notified of a partial bridge collapse, with workers possibly in the water, at the Francis Scott Key Bridge," Detective Niki Fennoy said in a statement.
Insurers could face losses of up to $4 billion after Baltimore bridge tragedy
With little clarity on when the Port of Baltimore would re-open, insurers and analysts are now assessing the likely losses borne by underwriters across several product lines including property, cargo, marine, liability, trade credit and contingent business interruption.
Cargo ship had engine maintenance in port before it collided with Baltimore bridge, officials say
A cargo ship in Baltimore crashed into a bridge, leading to fatalities among workers. The incident prompted investigations by multiple authorities and impacted the city's transportation and shipping industries, causing a ripple effect on local and national levels.
'Heroes' scrambled to stop traffic before Baltimore bridge collapsed; construction crew feared dead
In the dead of night, chaos ensued as a cargo ship lost control, colliding with a bridge and causing a catastrophic collapse into the river. Eight individuals entered the water, with two managing to survive. Unfortunately, the remaining six, all identified as members of a construction crew responsible for repairing potholes on the bridge, are currently missing.
Indian Embassy in US condoles "unfortunate accident" at Baltimore bridge; President Biden takes note of prompt action by ship's crew
The Indian Embassy in the US expressed condolences for the Baltimore bridge accident involving a cargo ship with an Indian crew. The ship's distress call saved lives before colliding with the Francis Scott Key Bridge, leading to fatalities and halting port operations. Authorities suspended search efforts for missing workers. President Biden pledged support for recovery efforts.
Baltimore bridge collapse reason: Why did Francis Scott Key Bridge in USA fall and what do we know about ship accident?
The collapse of Baltimore's Francis Scott Key Bridge in the US has raised apprehensions and many questions. We have all details pertaining to the ship and probable factors behind the incident.
South Korean defence chief says North Korea has supplied 7,000 containers of munitions to Russia
North Korea has reportedly sent 7,000 containers of military equipment to Russia to support its war in Ukraine, according to South Korea's defense minister. This includes artillery shells and missiles, with transfers accelerating after a summit between Kim Jong Un and Vladimir Putin. In exchange, North Korea may have received aid and military assistance. The North has also increased missile tests, possibly to distract from its domestic issues and to align with Moscow over the conflict. The recent missile launches follow joint military drills between South Korea and the U.S. and come ahead of South Korea's parliamentary elections.
Maersk, Hapag-Lloyd team up in shakeup of ship alliances
The announcement from Copenhagen-based Maersk and Hapag-Lloyd of Hamburg, Germany, marks another retooling of the world’s three major shipping alliances.
Container shipping’s fat cats require a crash diet
The main problem appears to be supply and not demand. Danish shipping giant Maersk expects global container volume to decline this year.
Shreyas Shipping & Logistics Delisting: Discovered price at Rs 890 vs floor price of Rs 292
The company received 2,245 successful bids between the price range from Rs 292 and Rs 2,920 per equity share for a total of 4,306,743 equity shares. The number of bids received by Shreyas Shipping above the discovered price stood at 196 for 233,668 equity shares.
Disinvestment Target: Can the government break the jinx?
In the past, the government has missed targets set for prior financial years, the most recent being the Rs 1.75 lakh crore target for FY22, which was revised downwards to Rs 78,000 crore in the revised estimates. The actual proceeds for FY22 were at a meagre Rs 14,638 crore, primarily owing to the disruptions caused by the Covid-19 pandemic.
Shippers better hope things don’t go back to normal
The recent rise in the shares of the Asian shipping companies was boosted on optimism that Chinese exports could see a rebound and the worst for the sector was almost over.
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