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Two commercial ships that diverted their course in the Red Sea and Gulf of Aden were connected to the same maritime group whose vessel was seized by Yemen’s Houthis, according to shipping data and British maritime security company Ambrey. Israel on Sunday said the Houthis had seized a British-owned, Japanese-operated cargo ship in the southern Red Sea, describing the incident as an “Iranian act of terrorism” with consequences for international maritime security. The Houthis, an ally of Tehran, confirmed that they had seized a ship in that area but described ...

Recognizing the need to keep crew connected to home, family, and popular culture, innovative fleets such as TMS Gas Cardiff of the UK, Nereus Shipping SA in Greece, Tomini Transports LLC in Dubai, and GFS Fleet Management in Dubai have turned to KVH Industries, Inc. (Nasdaq: KVHI) for content services designed to enhance crew well-being. Content options range from daily local news to blockbuster films, popular TV programming, real-time sports statistics, music, and social engagement through karaoke and other content. “It’s vital to remember that commercial vessels aren’t simply floating ...

At KORMARINE 2023, ABS and Hanwha Ocean signed a landmark strategic framework agreement to advance the digital transformation of shipbuilding. Under the agreement, ABS and Hanwha Ocean will work together conducting joint development projects aimed at examining digital technologies related to smart yards and smart ships with a focus on safety, cyber resilience, autonomous, remote-control and smart functions developed by Hanwha Ocean. The agreement will also look at ways to improve and optimize shipyard operations. “The use of new technologies is driving shipyard production into new and exciting frontiers, using ...

Two wind turbines have started operation at a finished-vehicle logistics terminal operated by an NYK affiliate company at the port of Tianjin, China. Together with the terminal’s solar power system, which has been in operation since March 2022, the new facility will be able to supply all the electricity needed by the finished-vehicle logistics terminal operated by the NYK affiliate at the port of Tianjin. In fact, on January 17 the terminal was presented with a carbon neutrality evaluation certificate from China Classification Society, a third-party certification body. The terminal’s ...

Satellite communications and technologies specialist Tototheo Maritime has passed the 1,000-ship mark in Fleet Xpress terminal installations, in a significant milestone for its collaboration with Inmarsat that reinforces the appeal of high-speed maritime broadband services. Tototheo has worked closely with Inmarsat Maritime, a Viasat business, for over 30 years and has played a key role supporting commercial shipping’s uptake of the Fleet Xpress service since its launch in 2016. The 1,000 terminal installations have included container and general cargo ships, tankers, bulk carriers and very large crude carriers. Despina Panayiotou ...

As stories of the oil price cap fill the press, readers could be forgiven for thinking that sanctions concern only tanker operators and the oil industry. But as Torbjörn Claesson, Corporate Lawyer at The Swedish Club points out – operators running bulk carriers and container ships can still be impacted by sanctions. Claesson was speaking in Oslo at the recent Marine Insurance Nordics conference. “Container ships, for example, can carry potentially thousands of articles that are sanctioned,” he said. “Bulk carrier operators too have to be careful. The issue with ...

Does the 12-month Hague-Visby Rules time bar apply? On 24 May 2023 the Court of Appeal handed down its judgment in FIMBANK PLC and KCH SHIPPING CO LTD dealing with the issue of whether the 12-month time bar under the Hague-Visby Rules applies to claims for misdelivery of cargo after discharge. bulk carrier loading The Court of Appeal upheld the earlier decisions of the tribunal and the High Court in favour of the carrier that the 12-month time bar indeed applies to misdelivery claims after discharge. An earlier English case ...

South African state-owned logistics company Transnet said on Monday it was suspending processing trucks carrying coal to its Richards Bay terminal in order to restore order after unprecedented traffic coming into the port. The company is struggling to provide sufficient freight rail and port capacity to transport bulk minerals coal, iron ore, manganese and chrome to export markets as its rail operations are hobbled by shortages of locomotives and spares as well as cable theft and vandalism. Ports operated by Transnet have also struggled with bad weather and underinvestment in ...

China’s coal imports from Russia slipped in October to a eight-month-low as less competitive prices and weak restocking demand at Chinese utilities affected purchases. Russian arrivals were 7.64 million tons last month, compared to September’s 9.24 million metric tons, registering their lowest level since February, data from the General Administration of Customs showed on Monday. The falling shipments came partly as a new export duty on some Russian commodities, including coal, went into effect on October 1, making Russian imports more expensive. Prices for thermal coal with energy content at ...

Export prices for Russian wheat remained flat last week amid reduced shipments in the face of difficult weather at ports, analysts said. The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in late December was $230 per metric ton last week, unchanged from the previous week, the IKAR agriculture consultancy reported. The Sovecon agriculture consultancy saw the price for the same class of wheat last week at $230-236 per ton FOB, the same as in the previous week. “There’s probably nowhere lower we can go. (Such price ...

Speculators ramped up their enthusiasm for Chicago soybeans and soymeal last week as crop concerns for Brazil and a tight U.S. meal market have been raiding the headlines. In the week ended Nov. 14, money managers extended their net long in CBOT soybean futures and options to an 11-week high of 87,913 contracts from 68,598 a week earlier, predominantly on new gross longs. Funds added more than 80,000 contracts to their net long in the three weeks ended Nov. 14, their biggest three-week soy buying spree since June. CBOT January ...

Chicago soybeans gained more ground on Tuesday, with prices underpinned by hot weather in top exporter Brazil which is likely to stress the newly planted crop despite some rains over the weekend. Wheat rose, recouping some of the last session’s losses, although the improved condition of the U.S. winter crop limited gains and corn edged lower. “Brazil’s soybean planting is running well below last year’s pace,” said one Singapore-based trader. “High temperatures and lack of rains are threatening the crop.” The most-active soybean contract on the Chicago Board of Trade ...

Oil fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of a meeting of OPEC+ this Sunday when the producer group may discuss deepening supply cuts due to slowing global growth. Both contracts had climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26. futures fell 80 ...

Energy – USD pushes oil higher The oil market managed further gains yesterday. ICE Brent settled 2.12% higher on the day. Growing expectations that we will see some action taken by OPEC+ at their upcoming meeting this weekend are providing support. Speculators will not want to go into this weekend with sizeable short positions. Given expectations, we will likely have to see at least Saudi Arabia rolling over their additional voluntary cut into 2024. Rising geopolitical tension provided a further boost to the market with an Israeli-owned ship taken by ...

A slowdown in the Chinese economy and lacklustre global demand to further weigh in on crude oil prices in the coming months, according to analysts. Brent crude futures settled at $80.61 a barrel on November 17, while West Texas Intermediate crude (WTI) closed at $75.89 per barrel, registering the fourth weekly loss. “Excess US inventory levels and Chinese economy slowdown are playing against upward movement in crude prices. On the other hand, OPEC has given a bullish outlook for demand for the year. We don’t expect crude prices to fall ...