U.S. President Joe Biden on Tuesday announced a $3 billion investment from his Inflation Reduction Act to improve the country's port infrastructure.The investment includes $147 million in awards for the Maryland Port Administration, which owns the Port of Baltimore, the White House said in a statement.
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.
A crude oil tanker has reported four attacks off Yemen's port of Mokha during the last 24 hours, the United Kingdom Maritime Trade Operations agency said on Friday, and the vessel's manager said the ship and its crew were safe.Yemen's Iran-aligned Houthi militants have launched attacks on international shipping in the Red Sea region since November in solidarity with Palestinians in the war
A merchant vessel reported being hit by a projectile in the Red Sea off the coast of Yemen on Thursday, British security firm Ambrey said.No injuries or damage were reported in the incident, which occurred 84 nautical miles west of Yemen's port of Hodeidah, Ambrey added.The vessel was headed for city of Dammam in Saudi Arabia.
A Greek-owned cargo ship was struck by a small craft off Yemen's Red Sea port of Hodeidah sustaining damage in its engine room, maritime security firms and shipping sources said on Wednesday.The vessel, Tutor, was hit approximately 67.7 nautical miles southwest of Yemen's port of Hodeidah, said British security firm Ambrey
Port worker unions in Argentina cut short a planned strike in grains shipping ports in the Rosario region following government-ordered talks, a union head said on Thursday, in welcome news for the country's farm exports.The area north of the city of Rosario along the Parana River is Argentina's main agricultural exports hub, where more than 80% of its processed soybeans, corn
The 25 crew members of the MSC Aries, which was seized by Iran on April 13, are safe, shipping firm MSC said on Wednesday, adding that discussions with Iranian authorities are in progress to secure their earliest release."We are also working with the Iranian authorities to have the cargo discharged," the Swiss headquartered company said in a statement.
An explosion in the vicinity of a Barbados-flagged, U.S.-owned cargo ship off the port of Aden in southern Yemen was reported by a nearby vessel, British security firm Ambrey said on Wednesday.The ship, located approximately 57 nautical miles southwest of Aden, was hailed by an entity declaring itself to be the "Yemeni Navy" and ordered to alter course, Ambrey said.
A fire caused by nearby explosions broke out onboard a vessel southeast of the Yemeni port city of Aden on Monday, before being contained, the U.K. Maritime Trade Operations (UKMTO) agency and British security firm Ambrey reported."The Master reports the fire onboard has been extinguished and that the crew are all safe.
France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.
BYD's first chartered vehicle carrier has set sail from China's southern city of Shenzhen, carrying more than 5,000 electric vehicles to Europe, state media Xinhua reported on Tuesday.Chinese automakers including BYD, Chery Automobile and SAIC Motor, have been placing orders for vessels to counter rising shipping costs as they boost exports.
Some 151 ships have used Ukraine's new Black Sea shipping corridor since it was set up in August, the Interfax-Ukraine news agency reported on Friday, citing a senior government official.A total of 4.4 million metric tons of cargo, including 3.2 million tons of grain, has been shipped via the corridor, Yuriy Vaskov, deputy minister for renovation and infrastructure, was quoted as saying.A U.N.