Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea
AET, a member of the MISC Group, held a naming ceremony in Singapore for its latest liquefied natural gas (LNG) dual-fuel very large crude carrier (VLCC), Eagle Veracruz.The Singapore-flagged 300,000 dwt tanker was named by Singapore’s Minister for Sustainability and the Environment (MSE) Grace Fu, who is also the Lady Sponsor of the vessel.
China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing's commercial interests along the Suez Canal at risk.The Iran-backed Houthi militia from Yemen that seeks "Death to Israel" is challenging the ability of the world's biggest trading nation to defend billions in strategic investments in Egypt.
Recent hostilities in the Red Sea have thrown global shippers of vital goods for a loop - but it is hardly the only issue that big carriers are facing as 2024 kicks off.Giants like Maersk say the industry, which handles 90% of global trade, faces the possibility of significant disruptions, from ongoing wars to droughts affecting key routes like the Panama Canal.
The Indian Navy on Friday rescued the crew of a merchant vessel after its attempted hijack in the Arabian Sea and said it had not found any pirates on board.An Indian Navy warship intercepted the Liberian-flagged MV Lila Norfolk bulk carrier less than a day after it had received a report that the vessel had been hijacked about 460 nautical miles off Somalia.
Brazilian mining firm Vale will install five Rotor Sails from Anemoi Marine Technologies Ltd (“Anemoi”), a supplier of wind-assisted propulsion technology for commercial vessels, onboard a 400,000 dwt Valemax, the world’s largest ore carrier. The vessel is owned by Omani shipowner, Asyad.Five 35-meter-tall, 5-meter-diameter cylindrical sails will be installed on the Sohar Max VLOC.
Israel will provide compensation for ships that are damaged due to the war in Gaza and the government is taking steps to minimise risks for vessels using the country's ports, government advisories said.Israel has vowed to annihilate the Hamas Islamist group after its fighters stormed through Israeli towns from Gaza on Oct.
The Baltic Exchange's main sea freight index rose to its highest in a year on Monday, helped by higher rates for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, climbed 3.2% to 1,991.The capesize index added 176 points, gaining 5.3% to 3,485 - its highest level since May 25, 2022.
A new corridor allowing cargo vessels to carry Ukrainian grain and iron ore from Black Sea ports has significantly lowered freight rates and they are likely to fall further, Ukraine's farm minister said on Monday.Kyiv launched what it calls a temporary humanitarian corridor in August to allow agricultural exports as an alternative arrangement after Russia blocked the U.N.
Avangrid, Inc., a U.S. offshore wind developer and part of the Spanish Iberdrola Group on Wednesday announced the start of the wind turbine installation campaign for Avangrid’s Vineyard Wind 1 project offshore Massachusetts, the first commercial-scale offshore wind farm in the United States.
Dutch offshore installation contractor Van Oord on Saturday held a christening ceremony in Rotterdam for its new cable laying vessel Calypso."The Calypso is equipped with the latest sustainable technologies and will be a key strategic addition to Van Oord’s offshore wind fleet," Van Oord said.The vessel was christened by Ms. Inca Cerutti.
South African President Cyril Ramaphosa said on Sunday that an independent inquiry has found no evidence that a Russian ship had collected weapons from the country late last year destined for Russia.In claims that sparked a diplomatic row, the U.S. ambassador to South Africa, Reuben Brigety