Fleet-Heavy Ocean Carriers Also Stuck With too Many Containers. Not only do ocean carriers have too many ships, they also have too many containers to fill vessels that are being deployed. In its latest Container Equipment Forecaster report, Drewry says it expects the global pool of shipping containers to contract, both this year and next. Some 55 million teu of [...]
03/12/2023
Maersk And Ever Given Operator Reach Settlement Over Suez Canal Dispute. A settlement has been reached between Maersk Group and the Danish government regarding the Ever Given, a large container ship grounded in 2021 and closed the Suez Canal for six days. The massive Danish shipping company sued unknown parties, requesting damages in the neighbourhood of $45 million. For months, [...]
03/12/2023
Israeli-owned ship targeted in suspected drone attack: Reports The vessel reportedly had its tracker turned off, a sign that crew members likely expected a threat in the region. A suspected drone attack has hit a container ship owned by an Israeli businessman in the Indian Ocean, according to a United States defence official. The attack was likely carried out using [...]
03/12/2023
Israel-Hamas war impacts Freightos operations as losses persist [Part II]. Disruption in West Bank offices is possible, FreightTech company acknowledges. A company official, who asked not to be identified, told FreightWaves, “It’s business as usual, even if some of it happens after hours when kids are asleep. The reality outside our windows is heavy but deadlines are being met [...]
30/11/2023
Israel-Hamas war impacts Freightos operations as losses persist [Part I]. Disruption in West Bank offices is possible, FreightTech company acknowledges. Freightos, a digital marketplace for international ocean and air shipping, saw losses widen in the third quarter despite a cost initiative last summer while the freight sector’s prolonged downturn keeps a lid on revenues and the war in Gaza clouds [...]
30/11/2023
The ups and downs of logistics in 2023. Despite abundant negative news in freight, 2023 also has had many positive notes As we come closer to the end of 2023, it makes me reflect on the past 12 months. And although the initial reaction might be that there has been a lot of negative news and events in the logistics [...]
27/11/2023
Engine Ordered for World’s First Methanol-Powered VLCC. China Merchants Energy Shipping (CMES), a subsidiary of China Merchants Heavy Industry (CMHI), has placed an order for the first dual-fuel methanol engine in the VLCC segment. The MAN B&W 7G80ME-LGIM (-Liquid Gas Injection Methanol) main engine will be built by CSE (China Shipbuilding Industry Corporation Diesel Engine Co., Ltd.) and will feature [...]
27/11/2023
World’s Largest Iceberg Breaks Free. Nov 24 – The world’s largest iceberg is on the move for the first time in more than three decades, scientists said on Friday. At almost 4,000 square km (1,500 square miles), the Antarctic iceberg called A23a is roughly three times the size of New York City. Since calving off West Antarctica’s Filchner-Ronne Ice Shelf [...]
27/11/2023
Accounting professionals signal slowing global growth. Every quarter, ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) survey Accountants, Auditors, Directors, Managers and CFOs from across the world on how economic conditions are impacting their firms or clients. Our Global Economic Conditions Survey (GECS) has been running since 2011 and provides invaluable on-the-ground insights from a [...]
19/11/2023
Massive impairment charge drags shipping line Zim to $2.3B loss. Excluding impairment, results of Israeli carrier Zim were better than expected. There was no good news on container shipping’s near-term future during Zim’s quarterly call on Wednesday. The company booked a massive, one-off impairment charge and recovery timing was pushed back to 2025. “We expect the industry will be under [...]
19/11/2023
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