October volume at the busiest U.S. seaport fell to its lowest level since 2009 as shippers sent cargo to alternate trade gateways to avoid potential disruptions from ongoing West Coast port labor talks, Port of Los Angeles Executive Director Gene Seroka said on Tuesday.The data comes as ocean trade activity returns to more normalized levels after booming in the early days of the COVID-19 crisis.
North and South Korea exchanged warning shots off the west coast on Monday, accusing each other of breaching their maritime borders amid heightened military tension.The South's Joint Chiefs of Staff (JCS) said it broadcast warnings and fired warning shots to see off a North Korean merchant vessel that crossed the Northern Limit Line (NLL), the de facto sea boundary, at around 3:40 a.m.
Germany has ordered police to guard LNG terminals under construction and increased aerial supervision of its rail network as it prepares a law to bolster the protection of critical infrastructure, its interior minister told Reuters.Suspected sabotage on the German rail network and on the Baltic Sea gas pipelines linking Germany and Russia in recent weeks have raised concerns about the country's
Dutch maritime equipment and technology firm Royal IHC has handed over the converted J-lay vessel Amazon to McDermott International.Royal IHC said: "For this project, Royal IHC has converted Amazon into the modern and state-of-the-art J-lay vessel it is today. The patented system, with dynamic top tension capacity of 1.
Northern Xplorer has signed a letter of intent (LoI) with Portuguese shipbuilder West Sea for the construction its maiden vessel, said to be the world’s first zero-emission cruise ship.West Sea intends to build the 250-passenger vessel at its facility in Viana do Costello north of Porto for expected delivery at the start of the 2025/2026 cruise season.
Harland & Wolff's Appledore site in the UK's southwest has won a £55 million (around $65 million) contract to regenerate a former Royal Navy mine-hunting vessel, HMS Quorn. "On behalf of the Lithuanian Government, the Defence Equipment Sales Authority (DESA) awarded the contract that will see HMS Quorn renovated and restored, bolstering NATO maritime capability in Europe
Shanghai is slowly emerging from a grueling COVID lockdown that has all but immobilized the city since March. Although Shanghai’s port, which handles one-fifth of China’s shipping volumes, has been operating throughout, it has been running at severely reduced capacity. Many shipments have either been canceled, postponed, or rerouted to other Chinese mega-ports such as Ningbo-Zhousan.
Global supply chain problems look to set to worsen, a new report published on Tuesday said, as China's COVID-19 lockdowns, Russia's invasion of Ukraine, and other strains cause even longer delays at ports and drive up costs.The study by analysts at Royal Bank of Canada (RBC) found that one-fifth of the global container ship fleet was currently stuck in congestion at various major ports.
Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.In the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.
Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several nations including the United States sanctioned
Austal USA has been investing mightily, more than $600 million to expand its repair and services business for both commercial and military customers; and in the opening of a state-of-the-art steel panel line in Mobile to complement its established aluminum shipbuilding operations. Rusty Murdaugh, President, Austal USA
Offshore drilling company Seadrill Limited has secured a contract for the West Jupiter drillship with Brazil's Petrobras for work in the Búzios field offshore Brazil. The contract is for a firm term of 1,040 days with the start-up slated for December 2022. The total contract value is about $264 million, including mobilization revenue and additional services.