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.
International shipping company Hapag-Lloyd raised its full-year earnings guidance on Thursday citing stronger-than-expected demand and higher freight rates.Despite increased expenses from the diversion of vessels around the Cape of Good Hope, Hapag-Lloyd says it now expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2024 of between $4.
An oil tanker caught fire off the Baltic Sea coast of northern Germany early on Friday, and all seven crew members on board at the time were taken ashore, maritime rescue services said in a statement.Three vessels have been deployed to the burning tanker Annika in the Mecklenburg Bay to extinguish the blaze, with several firefighting teams also en route to the site via helicopters
The German government is working on a deal to secure the future of Meyer Werft, a 229-year-old shipyard and one of the world's largest cruise ship builders, Chancellor Olaf Scholz assured workers during a visit to the company on Thursday."We all want to secure the continued existence of the shipyard - and with it everything that depends on it," Scholz said at a meeting of the works council
European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas.The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the bloc did in 2022 for Russian seaborne oil.
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
A cargo ship leaving Russia that made an unscheduled stop at the German port of Rostock is under investigation there for carrying cargo in possible breach of sanctions, German authorities said on Wednesday.The Atlantic Navigator II, managed by Canada-based CSAL and sailing under the Marshall Islands flag, has been detained by German customs.
The biggest operational crane on the U.S. Eastern Seaboard towered over Baltimore's port on Friday, ready to begin clearing the wreckage of the Francis Scott Key Bridge days after a cargo ship crashed into it, sending the span crashing into the harbor.Crews were still surveying the damage as of midday Friday.
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)
Germany and its European Union partners are examining whether they could mount a new maritime mission to protect commercial vessels under threat of attack in the Red Sea, a foreign ministry spokesperson said on Thursday."We as the German government are ready for this. It is important that we as the EU are able to act as quickly as possible in view of the ongoing attacks," the spokesperson said
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