Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive
Twelve mariners were rescued after a small cargo vessel capsized near the Dominican Republic.Carnival Corp said the crew aboard its cruise ship Carnival Vista rescued six from the water early Wednesday morning after the cargo vessel Two Brothers capsized about 30 miles north of Puerto Plata overnight.
The number of U.S. liquefied natural gas (LNG) vessels transiting the Panama Canal to Asia halved in November compared with a year ago as Asia prices for the gas this week traded at their steepest premium to European prices in nearly two years.A severe drought has cut vessel traffic through the canal
A fire that broke out Thursday aboard the cargo ship Ken off the Philippines has been extinguished, the Philippine Coast Guard said.The vessel, owned by Pherwin Shipping Corp., reportedly caught fire near Castilla Anchorage Area in Sorsogon at around 11 a.m. local time.The Coast Guard said it coordinated with the Philippine Navy and Bureau of Fire Protection (BFP) for joint search and rescue and
A cargo ship that ran aground off St. Thomas in the U.S. Virgin Islands earlier this month has been refloated and towed to a safe mooring location at the Crown Bay Sandfill dock, the U.S. Coast Guard said.Vessel owners and salvors will now coordinate further operations to remove the damaged cargo, remaining oil and conduct further salvage or repair operations for the Bonnie G.
The union representing St. Lawrence Seaway workers in eastern Canada said it reached a tentative labor agreement on Sunday, ending a week-long strike that shut down a key North American trade route linked to the Atlantic Ocean.The Unifor union, representing some 360 workers, said it agreed to a deal with the St.
Carnival Corp's Australian unit has been ordered to pay the medical expenses of a woman who contracted COVID-19, with a judge ruling that the cruise ship operator misled passengers about safety risks in a landmark class action ruling.The decision from Australia's Federal Court is the first class action win against a cruise ship operator in the world, according to Shine Lawyers
Singapore-based Berge Bulk has launched a ship fitted with steel-and-composite sails to cut fuel consumption and carbon dioxide emissions, with an eye to converting more vessels that ply routes with favourable wind conditions.The dry bulk carrier Berge Olympus, equipped with four sails known as WindWings, is chartered by mining giant Vale and will sail between Brazil and China
Exxon Mobil Corp chose BlackRock as the potential buyer for its majority stake in Italy's main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement.The stake sale drew interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia.
Taiwan unveiled its first domestically developed submarine on Thursday, a major step in a project aimed at strengthening the island's defense and deterrence against the Chinese navy, though it won't enter service for another two years.Taiwan, which China claims as its own territory
Global industrial production and containerised freight flows remained in the doldrums at the start of the third quarter, confounding predictions earlier in the year for a strong rebound.Manufacturers and distributors in North America and Europe were struggling to reduce excess inventories after the post-pandemic rotation from goods to services spending.
A Panamanian-flagged vehicle carrier vessel rescued three sailors from a Russian yacht that was mauled by sharks in the Coral Sea. The Australian Maritime Safety Authority (AMSA) said it coordinated the rescue after the Russian-registered Tion activated its emergency position-indicating radio beacon (EPIRB) at 1:30 a.m. (AEST) on Wednesday.