Global container shipping rates are a widely used gauge of overall consumer sentiment, with high and rising costs indicating strong demand for goods, gadgets, and clothes, while falling rates attest to slowing or falling buyer interest.As the main conduit for global trade in finished and intermediate goods - including an overwhelming majority of the parts and machinery needed to produce other
The pace of global shipping activity is set to lose steam next year as economic turmoil, conflict in Ukraine and the impact of the pandemic weaken the outlook for trade, U.N. agency UNCTAD said on Tuesday. The world's largest investment banks expect global economic growth to slow further in 2023, following a year roiled by Russia's invasion of Ukraine and soaring inflation.
A new plan proposed by the International Chamber of Shipping (ICS) aims to reward ships and energy producers that invest in low/net zero emission fuels.The organization, which represents 80% of the world’s merchant fleet, on Tuesday said it send a notice to UN regulator the International Maritime Organization (IMO) proposing a "fund and reward" system to catalyze the adoption of alternative fuels
It’s amazing to consider that a commercial vessel in the Pacific Ocean, approaching the mouth of the Columbia River, can continue its eastward journey to finally tie up at the Port of Lewiston, in Lewiston, Idaho, America’s most inland West Coast port, 465 miles from the Pacific Ocean.
A bulk carrier that lost power in bad weather off Australia's east coast has been towed into Botany Bay, near Sydney, the Australian Maritime Safety Authority (AMSA) said.The Hong Kong-registered Portland Bay left Port Kembla on Sunday and experienced engine failure with 21 people on board, about 1.2 kilometers east of Garie Beach, NSW on Monday morning.
The war in the Ukraine is stifling trade and logistics of the country and the Black Sea region, increasing global vessel demand and the cost of shipping around the world, the UN Conference on Trade and Development (UNCTAD) said. Container shipping and global value chains have been disrupted and many countries have had to look further afield for suppliers of oil, gas and grain.
Global port congestion is set to continue until at least early 2023 and keep spot freight rates elevated, logistics executives said on Wednesday, urging charterers to switch to long-term contracts to manage shipping costs.The COVID-19 outbreak has lengthened ship delivery times since 2020, pushing up freight costs
Global Ports Holding PLC, the world's largest cruise port operator, said on Wednesday it had received an approach about a potential cash offer from Swiss-based MSC Mediterranean Shipping Company.Shares of the London-listed company closed up 19% at 109 pence and marked their best day in two years after Global Ports confirmed a Bloomberg report that MSC was considering taking a controlling stake
Maersk has found possible buyers for its stake in Global Ports Investments, which operates ports in Russia as it withdraws from the country following a final cargo shipment this week, the Danish shipping group said on Wednesday.Maersk put its 30.75% share of Global Ports up for sale as it decided to quit Russia because of its invasion of Ukraine.
Carnival Corporation & plc, the world's largest cruise company, announced its current Chief Operations Officer Josh Weinstein will assume the role of President and CEO of Carnival Corporation & plc, effective August 1, succeeding Arnold Donald, who is being appointed Vice Chair and member of the Boards of Directors.
U.S.-based seabed survey and ocean exploration firm Ocean Infinity has hired VARD to design and build a new series of six multi-purpose offshore vessels that will all be operated from shore and will eventually run on green ammonia.This order of six, 85-metre, optionally crewed robotic vessels will take Ocean Infinity’s remote vessel fleet to 23 vessels
As of the end of January 2022, there were over 45 projects in development representing a $136 billion capital expenditure and $4.4 billion annual OPEX opportunity that are forecast to be brought on stream within this and early in the next decade.What a difference a year makes. This time last year there was still some uncertainty around the federal offshore wind permitting process