On Friday, China announced a tariff increase of 34% on all US imports, in retaliation to the new tariffs announced by US President Donald Trump. These are in addition to tariffs implemented in February and March, focusing on goods such as grains, coal, LNG and crude oil.In 2024, China was the third largest importer of US exports (measured by value), accounting for 7% of US exports.
The rhythmic clang of hammers and the bright flashes of welding torches filled the air at Skaramangas Shipyard near Athens last month, as workers busily repaired the bow of a large tanker. Nearby, other vessels awaited their turn in the dry dock—an unmistakable sign of renewed activity at the once-idle shipyard.
Dry bulk contracting falls 70% below average amid low rates.“Over the past three months, dry bulk newbuilding contracting has been 70% below the yearly average. Declining freight rates in recent months, a cloudy outlook and high newbuilding prices contributed to the slowdown, and contracting in 2024 will likely fall short of 2023 levels,” says Filipe Gouveia, Shipping Analyst at BIMCO.
Finnish shipbuilder Meyer Turku has floated out Star of the Seas, the second Icon-class cruise ship for U.S. cruise giant Royal Caribbean.The float out was celebrated at the Turku, Finland shipyard with an event that included the firing of a ceremonial cannon. The dry dock gates were opened, and the dry dock—measuring 16 meters deep, 80 meters wide and 365 meters long—was filled with water
The U.S. Navy on Friday announced it has placed a $6.75 billion order with San Diego shipbuilder General Dynamics NASSCO for up to eight John Lewis Class (TAO-205) Fleet Replenishment Oilers. The ships are scheduled for delivery through January 2035.The Navy, which has been looking for ways to reduce costs and increase efficiency across its shipbuilding and repair programs
Hanwha Ocean on Wednesday announced it has secured a contract that makes it the first Korean shipbuilder to provide maintenance, repair, and overhaul (MRO) services for the U.S. Navy.The 40,000-ton U.S. Navy dry cargo and ammunition ship USNS Wally Schirra is undergoing maintenance and inspection at Hanwha Ocean’s Geoje shipyard
Danish shipping company Norden said on Tuesday that it has closed its acquisition of Nordic dry bulk operator Norlat Shipping.The deal was announced in July but remained subject to regulatory approvals. Financial terms were not disclosed. “We are delighted to have received the green light for the acquisition last week and with the closing of the acquisition today we look forward to welcoming the
The Panama Canal expects to increase the number of daily transit slots for vessels to 36 from the current 34 beginning in September, the canal's deputy administrator said, as rains allow authorities to ease drought-imposed restrictions.Panama experienced its third-driest year on record in 2023
The crew of a Greek-owned vessel damaged in an attack by Yemeni Houthi militants has been evacuated, and the abandoned ship is drifting in the Red Sea, the United Kingdom Maritime Trade Operations said on Friday.One sailor from Tutor, the Liberia-flagged coal carrier, remains missing, officials in the Philippines said.
The river Rhine in south Germany reopened to cargo shipping on Friday after being closed by high water since the weekend, navigation authorities said.Falling water levels after dryer weather this week mean Rhine river shipping has re-started around Maxau in south Germany, the German inland waterways navigation agency said. This means sailings to Switzerland are again possible.
Libra Group exited the container shipping market this week after selling close to 100 vessels for more than $2 billion over several years to focus on innovation and sustainability as new drivers of growth, the company's executive chairman said.The container market hit rock bottom nearly a decade ago before rebounding to record highs during the COVID pandemic as demand for consumer goods
The crude oil tanker market is grappling with an ageing fleet of vessels which need to be replaced, posing a challenge as shipyards are focused on building other types of ships, a top executive with commodity trader Trafigura said on Tuesday.The crude tanker market, including VLCC supertankers