News

A simple oversight in labeling an electrical wire was a likely causal factor in the blackout aboard the boxship Dali, resulting in the vessel's allision with a bridge pier and the destruction of the Francis Scott Key Bridge, according to the National Transportation Safety Board. 

The first round in the process for the potential sale of South Korea’s K Shipbuilding was completed last week, with reports that U.S. private equity investor TPG Group has jumped in as an entrant.

Ukrainian officials are reporting that several vessels were damaged and there is a fire aboard a Turkish-flagged LPG carrier after a Russian barrage targeting Ukrainian ports overnight along the Black Sea and Danube.

One of the storied names in cargo shipping, Ellerman City Liners, looks to continue its rebirth by expanding and consolidating Europe’s short sea shipping sector. The company reported last week that it has agreed to acquire Norway’s Viasea Shipping. 

Three months after the Hong Kong Convention (HKC) came into force, the ship recycling industry looks much the same. The yards remain busy, the paperwork continues to grow, and the sweeping reform promised by the Convention has yet to take shape.

The company, which in recent months has been implementing a plan to divest less efficient vessels and pump investments into new tonnage, said that it has placed an order at Jiangsu Hantong Ship Heavy Industry for the construction of four 4,500 TEU container vessels.

South Korea's business leaders are aware that a multi-billion-dollar diplomatic agreement to invest in the U.S. market could dent future plans for investment at home, since so much of South Korea's industrial capital will be going overseas to projects in the United States.

The Suez Canal Authority (SCA) is optimistic that transits are gradually returning to normal after the canal witnessed the passage of three mega ships operated by CMA CGM in a span of one week.

On Sunday, coinciding with the arrival of the supercarrier USS Gerald R. Ford in the Caribbean, Secretary of State Marco Rubio announced that the State Department intends to designate Venezuela's Cartel de los Soles as a foreign terrorist organization - a formal designation under U.S. law that imposes counterterror sanctions on a group.

India's refiners have "largely stopped" buying oil from Russia after U.S. pressure, U.S. President Donald Trump said Thursday - a remarkable turnaround after years of Indian leadership in the Russian oil market. 

Despite reporting better than expected third quarter results and narrowing the range for its yearly income estimate, investor concerns continue to grow on the container shipping segment as Maersk pointed to continuing issues.

The fatal engine room fire aboard the dredger Stuyvesant in November 2024 that killed the vessel’s first engineer is the subject of a new report from the National Transportation Safety Board (NTSB). It finds that the lack of adequate checks after a routine maintenance procedure failed to detect a missing cap that contributed to the lube oil leak that started the fire.

Philippine officials are reporting that there were no injuries as two ferries made contact early on Tuesday, November 4, in an apparent docking accident. The Coast Guard believes it was due to the rough weather, as one of the strongest typhoons of the season was passing through the central Philippines.

The offshore wind energy sector in the U.S. suffered another setback on Tuesday, November 4, as part of the efforts of the Trump administration to derail future projects. The U.S. District Court for the District of Columbia granted a federal motion that clears the way for the Bureau of Ocean Energy Management to review the approvals and permits issued to the project during the Biden administration.

The Suez Canal Authority is continuing its outreach to the shipping industry as it reported its first significant increases in transit volume since the start of the regional crisis in late 2023. They reported the highest monthly rate of returning vessels in October since the beginning of the war in the Middle East.

The container sector continues to grow, with attention focused on the carriers’ total orderbook, which is more than 10 million TEU is the largest in history. While all the largest carriers continue to grow, two carriers, MSC Mediterranean Shipping Company and HMM, hit significant milestones in their strategies recently.

MSC Mediterranean Shipping Company confirmed the earlier reports that the world’s largest container carrier has committed to reflag vessels into the Indian registry. The move follows CMA CGM and Maersk, which have also moved ships to the Indian flag in response to new regulations and the Indian government’s desire to increase the amount of trade carried on domestic ships.

A product tanker operated by Stolt Tankers sailing near the coast of Somalia is reporting shots fired and a possible boarding attempt. It is the latest in a series of suspicious activities being reported in the past few days, increasing fears of renewed piracy in the region.

Iran appears to have accelerated the import of sodium perchlorate, the primary material used to manufacture ammonium perchlorate, which in turn makes up 70 percent of the standard fuel load of most of Iran’s solid-fueled ballistic missiles.

South Africa has temporarily shelved plans for establishing a shipping line to allow for further consultations. Early last month, the Cabinet approved the withdrawal of the Merchant Shipping Bill, which was tabled in parliament in May 2023.