Italian shipbuilder Fincantieri on Thursday raised its full-year forecast on revenue to "above" 8 billion euros ($8.43 billion), from "about" previously indicated, boosted by all business segments.The Trieste-based vessel maker reported a nine-month core profit (EBITDA) a 19% rise to 328 million euros, while its January to September revenue stood at 5.58 billion euros, up 3.7% yearly.
Hapag-Lloyd's CEO said on Thursday he expects continued strength in container shipping volumes, which are driven by global demand for transporting goods and seen as a proxy for trade and a health barometer for the world economy.The volume of twenty-foot equivalent (TEU) containers moved by its 292 ships rose to 9.3 million metric tons in the nine months from January to September, up 5% from 8.
Imports of liquefied natural gas (LNG) from Russia at the Netherlands' main terminal in Rotterdam have risen in recent months, underlining the need for further sanctions, the Dutch government said on Monday.Imports of Russian LNG at the GATE terminal in Europe's largest sea port have increased in the third quarter
The cost of insuring a ship through the Red Sea has more than doubled since the start of September and some underwriters are pausing cover as the risk of attack from Yemen's Houthis on commercial vessels increases, industry sources said.The Iran-backed Houthis first launched aerial drone and missile strikes on the waterway in November.
Shipbuilder PaxOcean announced it has signed a contract with an undisclosed Greek shipowner for the construction of up to 10 multipurpose service vessels (MPSV).The significant order comes as demand rises across the offshore support vessel (OSV) sector.PaxOcean, part of Singapore-based Kuok Maritime Group, said the "state-of-the-art" vessels will be built at its yard in Zhoushan, China
Global manufacturing activity and freight are showing signs of a recovery, after a downturn took hold in the second half of 2022 and lasted for most of 2023, which could support petroleum consumption and prices later in 2024.But indicators from the United States have been more mixed and manufacturers there may struggle until the central bank starts to cut interest rates to stimulate consumption
Hapag-Lloyd Chief Executive Rolf Habben Jansen said on Wednesday that demand for container shipments across the world's oceans has risen significantly in recent weeks but the upswing may be short-lived.The CEO told customers at an online presentation that the increase since the start of May was due to a combination of stocks being replenished in some sectors
Unregulated tankers sidestepping Western sanctions are posing a bigger risk to the Mediterranean region and Greece is undertaking more protective measures to safeguard its coast, the country's shipping minister told Reuters on Tuesday.Up to 850 oil tankers are estimated to form the so-called shadow fleet transporting oil from countries such as Iran and Venezuela as well as Russia
The shipping industry's pledge to limit its carbon footprint may suffer a setback as the current Red Sea crisis prompts it to use more vessels and take longer routes to ensure the smooth sailing of global maritime trade.Iranian-backed Houthi militants' attacks on vessels passing through the southern Red Sea have choked trade through the Suez Canal
The volume of goods moving through Spain's top ports rose by as much as 25% in January as attacks on shipping in the Red Sea caused companies to divert Europe-bound vessels around southern Africa instead.Spain's northern ports have also seen volumes in transit jump by up to triple as traders opt to avoid moving goods by truck through Europe because of widespread blockades by farmers
Seafarer abandonment is on the rise, according to latest figures from the International Transport Workers Federation (ITF).In 2023, a total of 132 vessel abandonments were reported, which is 13 more than in 2022 – an increase of 10.92%. IFT said it made 129 of those reports.Under the Maritime Lamour Convention 2006 (MLC)
The cost of shipping goods through the Red Sea is rising as Yemen's Houthis step up attacks on ships they deem connected to Israel with fears of a spillover that could disrupt global supplies sailing through the region, industry sources said.Yemen's Houthis said on Tuesday they hit a Norwegian commercial tanker with a missile in their latest protest against Israel's invasion of Gaza