The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for trade route, industry sources said on Wednesday.Iran-aligned Houthi militants first launched aerial drone and missile strikes on the waterway in November in what they say is solidarity with Palestinians in Gaza.
The Port of Oakland’s container business continues to grow. Total cargo volume shot up 10% year-to-date, January through November 2024, compared to the same period in 2023.“We are optimistic that strong container volume will continue through the end of the year,” said Port of Oakland Manager of Business Development and International Marketing Carolyn Almquist.
Lloyd's of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore's Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday.Some estimates for the total insured losses from the bridge collapse run into billions of dollars, given the loss of lives, bridge repair costs and traffic re-routing.