Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.Ports across the globe are dealing with multiple issues that are disrupting flows of goods
Canada's largest shipbuilder, Davie, on Monday announced it will establish a shipbuilding presence in the United States.The Quebec-headquartered company's investment in a U.S. shipyard remains subject to final site and partner selection, Davie said in a statement.The move coincides with actions announced by the U.S. government to boost the competitiveness of the U.S.
A merchant vessel reported being hit by a projectile in the Red Sea off the coast of Yemen on Thursday, British security firm Ambrey said.No injuries or damage were reported in the incident, which occurred 84 nautical miles west of Yemen's port of Hodeidah, Ambrey added.The vessel was headed for city of Dammam in Saudi Arabia.
Yemen's Houthi group said on Thursday it launched two joint military operations with the Iraqi Islamic Resistance against ships at Israel's Haifa port."The first targeted two ships carrying military equipments in the port of Haifa, while the second targeted a ship that violated the decision to ban entry to the port," Houthi military spokesperson Yahya Saree said in a televised statement.
Trader Gunvor and French major TotalEnergies have stored North Sea crude in at least four tankers in the past month as on-water stockpiling of the grades hits a 2-1/2 year high, a fresh sign of weak appetite for oil from refiners.At least 2.6 million barrels of North Sea crude grades Forties and Gullfaks have been put in floating storage in Europe, the highest volume since January 2022
The Dutch government on Friday said it would replace nearly its entire navy fleet in the coming 15 years, in a project worth several billion euros that it said would mainly benefit Dutch industry.A large part of the project would consist of the replacement of four air defense frigates, the government said, confirming an earlier report by RTL Nieuws.
Container ship MSC Sky II was continuing its voyage to Djibouti on Tuesday after being hit by a missile a day earlier near Yemen's port city of Aden, its operator MSC said.MSC Sky II was hit by a missile about 85 miles southeast of Aden and 170 miles east-southeast of the Bab al-Mandab Strait while it was sailing from Singapore to Djibouti, the Swiss-headquartered MSC said in a statement.
Yemen's Houthi rebels on Friday stepped up attacks on vessels transiting the Red Sea, including a hit on a fuel tanker operated on behalf of trading firm Trafigura that sparked a fire.Trafigura said that the fuel tanker Marlin Luanda, which was operating on its behalf, was struck by a missile as it transited the Red Sea.
Houthi forces in Yemen struck the U.S.-owned and operated dry bulk ship Gibraltar Eagle with an anti-ship ballistic missile, U.S Central Command said on Monday, although there were no reports of injuries or significant damage.The vessel's U.S.-based operator Eagle Bulk Shipping said that it was hit by an "unidentified projectile" while sailing 100 miles off the Gulf of Aden and suffered limited
The US Coast Guard is continuing to assess a fire reported on the 410-foot general cargo vessel Genius Star XI off Dutch Harbor, Alaska.The vessel is carrying lithium-ion batteries, and the fire started on Christmas Day in cargo hold No. 1. The crew released carbon dioxide into the hold and sealed it over concerns of an explosion.
Galaxy Maritime Ltd, the Isle of Man registered owner of bulk carrier "Galaxy Leader" hijacked by Yemen's Iran-aligned Houthis on Nov. 19, said on Friday that it was encouraged by reports from the Philippines that the release of 17 of their seafarers held by the Houthis was imminent.
A Malta-flagged, Bulgarian-owned bulk carrier was reportedly boarded on Thursday after being involved in an incident in the eastern Indian Ocean off Yemen's Socotra Island, British maritime security company Ambrey said in an advisory note.An Iranian-flagged fishing vessel in the area had switched off its AIS transponder six hours before the incident close to where the bulk carrier appeared to