OCEAN SHIPPERS
Trade strains boost cargo rates at pace recalling Covid ‘chaos’
Global goods trade is rebounding, boosting shipping rates and triggering memories of past disruptions for supply-chain managers.
Yemen's Houthis say they attacked three ships, two US destroyers
Yemen's Houthis group has launched attacks on three ships in the Indian Ocean and the Red Sea, and two U.S. destroyers in the Red Sea. The group claims the attacks are acts of solidarity with Palestinians in Israel's war in Gaza. The group has been using missiles and drones against ships sailing towards Israeli ports since November.
Houthis attack four ships in Indian Ocean, Red Sea
Iran-aligned Houthi militants have launched repeated drone and missile strikes in the Red Sea, Bab al-Mandab Strait and Gulf of Aden since November, forcing shippers to re-route cargo to longer and more expensive journeys around Southern Africa and stoking fears that the Israel-Hamas war could spread and destabilise the Middle East.
US container shippers slow walk new contracts, eye easing of Red Sea rate hikes, analysts say
Iran-aligned Houthi missile and drone attacks on commercial ships in the Red Sea have forced most container carriers to reroute vessels around Africa and sent spot rates soaring.
Government, exporters, shippers discuss Red Sea crisis; commerce ministry asks FIEO to share specific issues
The exporting community has urged the commerce ministry to intervene in freight rates as the shippers are charging huge amounts.
War, weather put ocean shippers on notice for rough seas in 2024
"This is seemingly the new normal - these waves of chaos that seem to rise and fall. Before you get back to some level of normalcy another event happens that sort of throws things out of whack," said Jay Foreman, CEO of Florida-based Basic Fun, who sends toys from factories in China to Europe and the United States.
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Merchant ship linked to Israel hit by drone strike off India's coast
A drone strike damaged a merchant ship in the Indian Ocean off the coast of India, causing a fire on board. The unclaimed attack targeted a Liberia-flagged chemical/products tanker reportedly affiliated with Israel. The incident resulted in no casualties, as reported by the United Kingdom Maritime Trade Operations and maritime security firm Ambrey.
Shippers know the Suez is always a crisis waiting to happen
The Suez Canal has been here before. What’s more, the stretch of water joining Europe to the Indian Ocean will face such crises again and again, forcing shippers to be ready at any moment.
US official tells AP an Israeli-owned ship was targeted in suspected Iranian attack in Indian Ocean
The attack Friday on the CMA CGM Symi comes as global shipping increasingly finds itself targeted in the weekslong war that threatens to become a wider regional conflict — even as a truce has halted fighting and Hamas exchanges hostages for Palestinian prisoners held by Israel.
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.
Freight market pendulum swings back toward normal
In the meantime, as per maritime research firm Drewry, global average ocean freight rates for a 40-foot container have jumped for five weeks.
Shipping's greener fuel quest runs into climate complications
Establishing and quantifying regulations for 'green' shipping is turning out to be more complicated than expected.
Panama Canal imposes shipping restrictions to cope with worsening drought
The canal connecting the Atlantic and Pacific oceans has been long struggling with water supply shortages since before a 2016 expansion allowed much larger ships to pass through.
US-China tensions amplify global trade shifts, says shipping CEO
For much of the past year, the two countries have been steadily becoming less reliant on one another.
Shipping, allied industries battle choppy waters as margins sink
As things stand, freight rates in key transit routes have declined over the past 3-4 months to as much as just a quarter of what they averaged a couple of years ago due to lower consumption in western markets amid global economic headwinds. With that, containers have piled up at Indian ports, resulting in a reversal of the situation from just a year ago when shippers were running from pillar to post to get their hands on empty containers.
China eyes strategic naval bases in Africa for power projection
China till date has employed more than 40 naval task forces to Africa and has escorted 7,000 Chinese and foreign ships. PLA also conducts port calls, joint military drills, and offshore military education which lead to improvement in its interoperability, knowledge of foreign forces, surveillance, and intelligence skills at a relatively low cost across Africa.
World’s largest ocean freight carrier launches air-cargo business
The new business will led by Jannie Davel, a former managing director of cargo at Delta Air Lines Inc. who has also worked at Emirates and DHL, with the 777-200Fs to be provided by Atlas Air, which will fly them on MSC’s behalf.
Can global shipping be fixed? One regulator will try.
The commission regulates the international shipping industry at American ports, an element of modern life that is typically ignored but has emerged as a reason major retailers are short of popular goods, and why people renovating homes are waiting months for doorknobs.
Singapore's $14 billion mega-port takes aim at shipping chaos
The just-in-time system for shipping has broken down as exporters in Asia face obstacles getting goods transported to customers in the US and Europe, and the situation has only worsened this year with Covid lockdowns in China and the war in Ukraine.
Biden says new shipping costs law may help tame inflation
The president also has stressed that a concentration of corporate shipping power in the hands of a few large companies has fed higher shipping costs in ways that hurt businesses and exacerbate problems with inflation.
Shanghai lockdown easing doesn’t mean end to shipping snarls
The world’s supply chains have taken a battering this year from China’s Zero Covid policy, which has hampered the production and delivery of everything from bathroom faucets to Apple iPhones.
How to issue bill of lading and why it is important in exports
A BOL contains information such as details of the shipping line, the pick-up date, name of the vessel used for transport, details of the goods, nature of the consignment transported, and the kind of packaging used, among other details.
Shipper Maersk says port delays will stretch into new year
To meet the rising demand, Maersk said it has added more capacity but this could not offset the port congestion that sent third-quarter container volumes down 4% from the same period in pre-pandemic 2019.
The world’s shippers are earning the most money since 2008
With the merchant fleet hauling about 80% of world trade, the surge reaches into every corner of the economy. The boom back in 2008 brought with it a huge wave of new vessel orders, but the rally was quickly undone by a demand collapse when a financial crisis triggered the deepest global recession in decades.
Container shipping giant freezes spot rates amid trade chaos
Global supply chains, with container shipping as their backbone, are struggling to keep pace with the demand for goods and overcome labor disruptions caused by Covid outbreaks.
Ships skip Singapore as China congestion snarls supply chain
The disruption is causing further pain for global shippers already struggling with interruptions to supply chains from the pandemic, and the Ever Given’s grounding in the Suez Canal earlier this year.
Ocean cargo snarls force global commerce to look outside the box
In the U.S., the volume of imported goods accounts for about 12% of gross domestic product and most arrive by sea.
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.
More women are now making their mark in world of shipping
Shipping Corporation of India has been at the forefront of attracting women officers, on both the nautical side and the engine side.
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