GERMAN SHIPPING FIRM
DSV, CVC seen as lead contenders for Schenker after Maersk drops
DSV and CVC emerge as top contenders for DB Schenker after Maersk exits. The potential deal could reshape Euro logistics, with Deutsche Bahn aiming to modernize operations through the sale.
GRSE secures export order worth $54 mn from German co for commercial vessels
Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd has signed a $54 million contract with Germany-based shipping company Carsten Rehder Schiffsmakler und Reederei GmbH and Co. KG for the construction and delivery of four multi-purpose cargo vessels. The vessels, each 120 meters in length and 17 meters in width, will carry 7,500 metric tonnes of cargo.
What happened when a German car factory went all electric
Zwickau, Germany, adapting to the electric vehicle revolution with Volkswagen's factory conversion, navigating through challenges while facing competition from Chinese electric carmakers, emphasizing the need for innovation and adjustments in the auto industry.
Germany fully backs submarine negotiations with India, wants to offer military cooperation alternatives to New Delhi: German envoy
Germany's Ambassador to India, Philipp Ackerman, has expressed full support for the negotiations between the German firm Thyssenkrupp Marine Systems and the Indian Navy for Project 75 India, which aims to build six new conventional submarines. The project, worth over six billion euros, is a key element of Germany's business strategy in Asia, aimed at diversifying its business relations due to various reasons, including the challenging behavior of India's northern neighbor. Germany is committed to teaming up with an Indian dockyard to build high-tech submarines in India, accelerating the defense partnership between the two countries.
Shipping firms warn about deteriorating security situation in Red Sea despite efforts
Major shipping companies are warning that the security situation in the Red Sea is continuing to deteriorate, despite efforts by the west to limit attacks by Yemen’s Houthi rebels.
How companies are responding to attacks on ships in the Red Sea
The attacks, targeting a route that accounts for about 15% of the world's shipping traffic, have pushed several shipping companies to reroute their vessels. The U.S. and Britain launched dozens of air strikes against Houthi military targets overnight on Jan. 11 and 12 in retaliation for the attacks, widening regional conflict stemming from Israel's war in Gaza.
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US warns ships to stay out of parts of Red Sea as Houthi rebels vow retaliation for US, UK strikes
The U.S. Navy issues a 72-hour warning for American-flagged vessels to avoid areas near Yemen after joint U.S.-UK airstrikes on Houthi rebels. The strikes aim to curb Houthi attacks on commercial ships in the Red Sea. President Biden warns of potential further strikes. The Houthi rebels vow retaliation, raising concerns of a broader conflict. The U.S.-led bombardment killed at least five, wounded six. The situation adds to the Middle East's tensions amid Israel's Gaza war. The U.S. Navy also reports a new missile attack off Yemen.
Oil prices firm on Middle East crisis and Libya outage
Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day's heavy losses.
Shipping firms take first steps towards Red Sea return
The world's top shipping companies, including Maersk and Hapag-Lloyd, stopped using Red Sea routes after Yemen's Houthi militant group began targeting vessels this month, disrupting global trade through the Suez Canal.
Charting the Global Economy: Houthi attacks intensify woes for global trade
The recent spate of attacks by Yemen’s Houthi rebels on vessels transiting the major shipping route has resulted in several large shipping companies avoiding the waterway.
How companies are responding to attacks on ships in the Red Sea
Attacks on vessels by Iranian-backed Houthi militants in Yemen, targeting a route that accounts for about 15% of the world's shipping traffic, have pushed several shipping companies to reroute their vessels.
How companies are responding to attacks on ships in the Red Sea
The Swedish hygiene products maker is monitoring the situation and staying in contact with impacted suppliers to ensure continued flow of goods, but sees a limited impact as only a low percentage of its supplies move through the Suez Canal, the company told Reuters. MOSAIC The U.S. fertilizer company said on Dec. 18 it had re-routed a couple of U.S.-bound shipments around the Cape of Good Hope rather than through the Red Sea.
Shipping firms suspend Red Sea traffic after Yemen rebel strikes
Two major shipping firms, Maersk and Hapag-Lloyd, suspend Red Sea passage due to Yemeni rebel attacks. Huthis target ships to pressure Israel amid Gaza conflict, raising fears of regional escalation. Attacks on vessels prompt shipping halts; US defense identifies damaged ship. Hapag-Lloyd ship attacked en route to Singapore, while rebels claim targeting two others. Concerns rise over threats to maritime routes and potential broader conflict, as international responses and patrols intensify in the area.
Ballistic missile fired from rebel-held Yemen strikes cargo ship in Red Sea after earlier attack
The official identified the vessel as the MSC Palatium III and said it remained unclear if anyone was hurt. The missile apparently was aimed at the Al Jasrah, which was set on fire by a projectile earlier Friday, the official said. Another missile launched in the salvo missed both ships.
Liberian-flagged cargo ship hit by projectile from rebel-controlled Yemen, set ablaze, official says
A Liberian-flagged cargo ship was struck by a projectile from rebel-controlled Yemen, causing a fire in the Red Sea, escalating attacks by Yemen's Houthi rebels amid tensions from the Israel-Hamas war. The assault adds to recent missile incidents near the Bab el-Mandeb Strait. The Houthis, while not claiming responsibility, continue assaults on ships. Targeting global shipping, these attacks amplify regional conflict risks, impacting vital trade routes.
German industry changes tack as river Rhine runs drier
German industry is looking for alternative transportation methods as the Rhine continues to experience low water levels, negatively impacting freight shipping. The Rhine is an essential commercial route for up to 80% of German inland goods transportation. The decreased levels have caused a drop in the river’s capacity to the equivalent of 150 lorries and is concerning for firms dependent on river transportation, such as chemical makers Covestro and BASF. Both companies have responded by chartering low-water barges to transport raw materials and finished goods.
German businesses bet big on China, and they’re starting to worry
Germany is caught in the middle of a diplomatic scuffle between China and the North America.
ASML, Europe’s most valuable tech firm, is at the heart of the US-China chip war
ASML is being treated as a vital infrastructure tool for the National US national security and at the same time, has become a sort of industrial espionage target for China.
UK, Pakistan sign pact for supply of ammunition to Ukraine via Germany
The UK's ministry of defence signed the pact with Pakistan Ordinance Factories recently, following which an ammunition consignment of 162 containers, including artillery rockets, was shipped from the Karachi Port to Ukraine via Germany in February, ET has reliably learnt. The consignment went via vessel 'MV Juist' from Karachi Port, to be transferred via German Port of Emden.
Pakistan to supply arms to Ukraine via German port now
Supplies of rockets were dispatched from the Karachi Port earlier this month and will enter Ukraine via Emden Port in Germany, said the people. More than 10,000 rockets meant for use in Grad multi-barrel rocket launchers have been shipped, they said. Although Pakistan has been pleading with Russia for discounted oil amid its economic crisis, it has been supplying arms to Ukraine on a regular basis, said one of the persons, who did not wish to be identified.
Stocks in the news: Coal India, RIL, Titan, SBI, Power Grid, GAIL, Cipla and Tata Motors
Coal India, Divi's Labs, BPCL, Paytm, AB Capital, Sundaram Finance, Tata Teleservices, Vinati Organics, KRP Mills, Endurance Tech, PB Fintech and Affle are among the companies that will announce their results for September 2022 quarter today.
Container lines are set to smash year-old profit record by 73%
Two years of economic disruptions have transformed an industry that carries about 80% of global merchandise trade from a perennial money loser into one of the pandemic’s most surprising financial successes.
Russian invasion of Ukraine adds to chaos for global supply chains
Russian invasion of Ukraine is putting at risk global supplies of products like platinum, aluminum, sunflower oil and steel, and shuttering factories in Europe, Ukraine and Russia. And it has sent energy prices soaring, further raising shipping costs.
Circular economy: From ship to chip, a $500 billion opportunity awaits India
For a country where reusing and sharing of products isn’t new, India has been unable to streamline or organise the unstructured secondhand market. Such a move will have environmental and economic advantages that can help multiple industries.
Out-of-control shipping costs fire up prices from coffee to toys
A confluence of factors -- soaring demand, a shortage of containers, saturated ports and too few ships and dock workers -- have contributed to the squeeze on transportation capacity on every freight path.
Logjam deepens at the world's ports as pandemic strikes shipping
The situation arose last year as the expanding pandemic jammed the sprawling, predictable patterns by which shipping containers are shared around the world's ports.
Freight-cost pain intensifies as pandemic rocks ocean shipping
India was also caught up in the freight-rate issue, but its export lobby group said that the container shortage has eased to some extent on the country’s west coast after the government intervened.
Bottlenecks wear down world economy’s fleet of container ships
The world’s top container line, A.P. Moller-Maersk A/S, this month called the challenges “the most dramatic stress test of the past 75 years.”
Little-known German company is hot trade on vaccine cold storage need
Va-Q-tec AG shares soared 84% in November as firms including Pfizer Inc. and Moderna Inc. reported success in developing shots against the coronavirus.
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