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☆ Biden promise to rival China on shipbuilding faces a big economic problem
▼ + stars: | 2024-04-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

The Biden administration is correct that China has not played fair. But he said the nations that could rival China in shipbuilding are Asian competitors. Shipbuilding subsequently dropped to around five ships per year, which is approximately the current rate of U.S. shipbuilding. President Joe Biden speaks to members of the United Steel Workers Union at the United Steel Workers Headquarters on April 17, 2024 in Pittsburgh, Pennsylvania. Biden announced new actions to protect American steel and shipbuilding industries including hiking tariffs on Chinese steel.

Persons: Biden, Ben Nolan, Nolan, Reagan, Joe Biden, Jeff Swensen, —, Darron, Wadey, Lloyd, Matson, George Washington, Ronald O'Rourke, O'Rourke Organizations: Mitsui Shipbuilding Co, Taicang Port Economic, Technological, Future Publishing, Getty, CNBC, Shipbuilding, Global, United States, Trade, U.S . Trade, U.S, China's Ministry of Commerce, United Steel Workers, Japan's Nippon Steel, United Steel Workers Union, United Steel Workers Headquarters, Analysts, Matson Shipping, Jones Act, Philly Shipyard, CMA CGM, Matson, United, Maritime Administration, U.S ., Huntington Ingalls Industries, News Shipbuilding, U.S . Navy, U.S Navy, Newport News Shipbuilding, Virginian Pilot, Tribune, Service, Force, warfighting, Navy, Biden, Congressional Research Service Locations: Taicang Port, Suzhou, Jiangsu province, China, U.S, Japan, South Korea, United States, Pennsylvania, Pittsburgh , Pennsylvania, American, Bangladesh, U.S . Virgin Islands, Great, Mississippi, Ohio

☆ Baltimore port crisis: World's largest container ship company, MSC, dumps diverted cargo problem on US companies
▼ + stars: | 2024-03-28 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

MSC, the largest ocean carrier in the world, has joined the list of ocean carriers terminating the delivery of diverted containers outside of the port for shipping clients as a result of the container ship accident near the Port of Baltimore that led to the tragic bridge collapse. With the Baltimore port indefinitely closed, the decision places the onus of cargo pick up at a diverted port and transport to its final destination on the shipper. MSC added that "passage to and from Baltimore is at this time impossible and will not be reestablished for several weeks if not months." Maersk is the only major carrier to say it will provide transport from diverted ports for customers. Maersk was the charter of the Dali, 10,000-container capacity containership that lost control and crashed into the Francis Scott Key Bridge in the early hours of Tuesday.

Persons: Francis Scott Key Organizations: CNBC, MSC, Port, CMA, Evergreen, Maersk Locations: Port of Baltimore, Baltimore, Dali

☆ Baltimore port bridge collapse: Global ocean carriers declare 'force majeure,' leaving U.S. companies on hook for urgent cargo pickup
▼ + stars: | 2024-03-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.

Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port

☆ Fatal Houthi rebel attack may be a ‘red line’ in Red Sea shipping crisis
▼ + stars: | 2024-03-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

The deadly strike marks a significant escalation of the Houthi attacks on ships in the Red Sea and and comes despite a US-led naval coalition to protect the crucial waterway. Fewer ships appear to be transiting through the Red Sea and adjoining Suez Canal after the latest attack, according to maritime risks analytics company Windward. According to Windward, the number of bulk carriers anchoring outside ports to the north and south of the Suez Canal surged 225% Wednesday compared with the previous day. Windward data shows that last month the number of bulk carriers in the Red Sea was already at its lowest level in two years. Just 30% of the usual shipping capacity — including container ships, bulk carriers, car carriers, and tankers carrying oil and liquefied natural gas — is still passing through the Red Sea and Suez Canal, according to Sand.

Persons: Ami Daniel, ”, Peter Sand, “, Hapag Lloyd —, Christine Lagarde, CMA CGM, Stephen Cotton, Cotton, David Ashmore, Reed Smith, John Stawpert, ” Maisie Linford Organizations: London CNN, Liberian, ” Windward, CNN, Maersk, MSC, European Central Bank, Drewry, CMA, International Transport Workers ’ Federation, International Chamber of Shipping Locations: Red Sea, Iran, Suez, Africa, Windward, Red, Norway, Sand, “, London, Good, Gulf, Aden and Red, Aden

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

☆ Oil prices rise more than 3% as U.S. warns Houthis against Red Sea attacks, OPEC pledges unity
▼ + stars: | 2024-01-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Oil rose more than 3% on Wednesday as the U.S. warned Houthi militants against further attacks in the Red Sea and OPEC pledged to remain united in supporting prices. This comes a day after Danish shipping giant Maersk halted all shipping through the Red Sea until further notice due to repeated Houthi attacks on vessels. German shipping company Hapag-Lloyd confirmed Wednesday that it would continue to avoid the Red Sea. Oil prices have been volatile this week, with U.S. crude and the global benchmark settling more than 1% lower on Tuesday despite Maersk's decision to continue avoiding the Red Sea due to attacks by the Houthis. OPEC and its allies issued a statement Wednesday pledging to remain united in the group's "efforts to maintain oil market stability going forward."

Persons: Brent, Lloyd, John Kirby, Kirby, Amrita Sen, We've, we're, Sen Organizations: Houthi, Reuters, The West Texas Intermediate, CMA, CNBC, Maersk, Security, OPEC, Traders, CNBC PRO Locations: Sea, Libya, Yemen, Iran, The U.S, United States, U.S, China . U.S

☆ Houthi attacks rocking Red Sea trade routes likely won't end anytime soon. Here's what could happen next
▼ + stars: | 2023-12-21 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Houthi military helicopter flies over the Galaxy Leader cargo ship in the Red Sea in this photo released on Nov. 20, 2023. Houthi Military Media | Via ReutersDrone and missile attacks by Yemen-based Houthi militants have upended shipping through the Red Sea and Suez Canal, a narrow waterway through which some 10% of the world's trade sails. And will a U.S.-led naval security coalition be effective enough to make the Red Sea trade routes safe for trade again? Zoom In Icon Arrows pointing outwards An infographic titled 'Bab-el-Mandeb Strait: Trade route between East and West narrows amid Houthi threat' created in Ankara, Turkiye on December 18, 2023. Concerns grow as major maritime transportation companies alter their ship routes in response to the increasing Houthi threats in the Red Sea.

Persons: Lloyd, Ryan Bohl, Rane, Khaled Abdullah, Houthi, Rather, Mohammed Hamoud, Mohammed al, Sidharth, , Kaushal, Corey Ranslem Organizations: Galaxy Leader, Houthi, Media, Reuters, . Central Command, BP, Maersk, MSC, CMA, Pentagon, DHL, Middle East, CNBC, Hezbollah, Saudi, Arab, Hamas, Royal United Services Institute, Maxar, Dryad Locations: Red, Yemen, Suez, Africa, Asia, Europe, North Africa, U.S, Lebanese, America, Israel, Saudi, Sanaa, Saudi Arabia, Iran, Mandeb, Trade, East, West, Ankara, Turkiye, Hodeida, Islamic Republic, Gaza, Palestinian, Israel's, Sana'a, London, Bahrain, Canada, France, Italy, Netherlands, Norway, Spain

☆ Red Sea crisis: Who are the Houthis and why are they attacking ships?
▼ + stars: | 2023-12-19 | by ( Christian Edwards | ) edition.cnn.com time to read: +10 min

CNN —Yemen’s Iran-backed Houthi rebels are stepping up their strikes on ships in the Red Sea, which they say are revenge against Israel for its military campaign in Gaza. While the Houthis may not be able to pose a serious threat to Israel, their technology can wreak havoc in the Red Sea. Video Ad Feedback Video shows moment Houthi rebels storm cargo ship in the Red Sea 02:30 - Source: CNNWhy are the Houthis attacking ships in the Red Sea? A number of countries have taken steps to try and push back Houthi aggression in the Red Sea region. The United Nations Security Council has meanwhile approved a resolution calling on Yemen’s Houthi rebel group to “cease its brazen” attacks in the Red Sea.

Persons: CNN —, Israel, Biden, Allah, Hussein, ”, Zaidis, Khaled Abdullah, aren’t, Israel –, Carney, Yemen’s, Joe Biden, ” Biden, “, Houthis “, ” Sare’e, Mohammed al, Al Jazeera Organizations: CNN, CNN — Yemen’s, United, Hamas, Reuters, UN, United Nations Development Programme, United Nations Office, Humanitarian Affairs, Center for Strategic, International Studies, US, Maersk, Lloyd, CMA CGM, Evergreen, United Arab Emirates, Prosperity, United Nations Security Locations: CNN — Yemen’s Iran, Red, Gaza, United States, United Kingdom, Yemen, Iran, Islam, Saudi Arabia, Saudi, Sanaa, Iran’s, Israel, Islamic Republic, Hezbollah, Lebanon, Tehran, Eilat, Suez, Egypt, Hapag, Africa, Russia, China, Britain, Palestine

☆ Fact Check: Image does not show Israeli-managed ship attacked in the Indian Ocean
▼ + stars: | 2023-11-28 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

The Malta-flagged container ship attacked in November is managed by Singapore-based Eastern Pacific Shipping (EPS), which is in turn controlled by Israeli billionaire Idan Ofer. The same image can be seen in a Reuters report (photograph 8/19) (archived) about the incident dated Jun. Another photo of the ship on fire, captured from a different angle, was also published by Reuters (archived) in 2019. At the time, the U.S. blamed the incident (archived) and an explosion aboard a second tanker in the Gulf of Oman on Iran, which denied the allegations. The ship image dates to 2019 and is unrelated to the Nov. 24, 2023, attack on the Mayet.

Persons: Idan Ofer, Read Organizations: Eastern Pacific Shipping, CMA, Reuters, U.S, Galaxy Leader, Facebook, Twitter, Iranian Students ’ News Agency, Thomson Locations: Norwegian, Gulf of Oman, Malta, Singapore, Iranian, Israel, Red, ISRAELI, U.S, Iran

☆ US Navy foils gunmen attempting to hijack an Israel-linked tanker off Yemen
▼ + stars: | 2023-11-27 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +7 min

A US Navy warship responded to a distress call and secured the seized ship, an official said. London-based Zodiac Maritime is part of Israeli billionaire Eyal Ofer's Zodiac Group. Crew members of the Central Park tanker locked themselves in the ship's safe room for safety, the official told Griffin. Zodiac Maritime has been targeted previously amid a wider yearslong shadow war between Iran and Israel. Both the Symi and the Central Park had been behaving as if they faced a threat in recent days.

Persons: —, Ambrey, Zodiac, Eyal Ofer's, Ofer, Daniel Guy Ofer, Jennifer Griffin, Griffin, Mason, — Jennifer Griffin, @JenGriffinFNC Organizations: US Navy, Zodiac, Service, Attackers, Liberian, Zodiac Maritime, Associated Press, Reuters, Clumvez Shipping Inc, Eyal Ofer's Zodiac Group, Clumvez Shipping, Fox News Chief National, Central, NEW, U.S, US, Navy, Business, United Kingdom Maritime Trade Operations, CMA, AP, Ships, AIS, Israel, Palestinian Locations: Israel, Yemen, Gulf, Aden, London, Saudi, Houthi, Gulf of Aden, Japanese, Iran, Oman, British, Yemen's, Djibouti, Somalia, Suez, Red

DUBAI, United Arab Emirates (AP) — Attackers seized a tanker linked to Israel off the coast of Yemen on Sunday, authorities said. The attackers seized the Liberian-flagged Central Park, managed by Zodiac Maritime, in the Gulf of Aden, the company and private intelligence firm Ambrey said. London-based Zodiac Maritime is part of Israeli billionaire Eyal Ofer’s Zodiac Group. Both the Symi and the Central Park had been behaving as if they faced a threat in recent days. The Houthis did not immediately acknowledge the seizure of the Central Park.

Persons: Ambrey, Zodiac, ” Zodiac, Eyal Ofer’s, Ofer, Daniel Guy Ofer, ”, — Organizations: United Arab Emirates, — Attackers, Liberian, Zodiac Maritime, Associated Press, Turkish, Clumvez Shipping Inc, Eyal Ofer’s Zodiac Group, Clumvez Shipping, U.S, United Kingdom Maritime Trade Operations, CMA, Central, AP, Ships, AIS, Israel Locations: DUBAI, United Arab, Israel, Yemen, Gulf, Aden, London, Saudi, Houthi, U.S, Iran, Oman, British, Yemen's, Djibouti, Somalia, Suez, Palestinian, Red

☆ Israeli-managed vessel hit by suspected Iranian drone, US official says
▼ + stars: | 2023-11-25 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +2 min

RIYADH, Nov 25 (Reuters) - A container ship managed by an Israeli-controlled company was hit by a suspected Iranian drone in the Indian Ocean, causing minor damage to the vessel but no injuries, a U.S. defence official said on Saturday. The Malta-flagged CMA CGM SYMI, recently renamed Mayet, was struck on Friday by an unmanned aerial vehicle, which appeared to be an Iranian Shahed-136 drone, in the northeast portion of the Indian Ocean, the official said, asking not to be named. Israel called the vessel's seizure an "Iranian act of terrorism". Singapore-based Eastern Pacific Shipping (EPS), which had rented Mayet, said it was aware a container ship was targeted in a possible security incident on Friday. The United States has blamed Iran for unclaimed attacks on several vessels in the region in the past few years.

Persons: Yemen's Houthis, Idan Ofer, Mayet, Aziz El Yaakoubi, Sybille de La, Maayan, Helen Popper Our Organizations: Eastern Pacific Shipping, Reuters, Dubai's, United, Britain's Maritime Trade Operations, Dubai Newsroom, Thomson Locations: RIYADH, Israeli, U.S, Malta, Iranian, Iran, Russia, Ukraine, Israel, Singapore, Dubai's Jebel Ali, Oman's, United States, Tehran, Red, Paris, Jerusalem

☆ Ousted OpenAI CEO Altman welcome in France, minister says
▼ + stars: | 2023-11-18 | by ( ) www.cnbc.com time to read: +2 min

Sam Altman, CEO of OpenAI, speaks during The Wall Street Journal's WSJ Tech Live Conference in Laguna Beach, California on October 17, 2023. Ousted OpenAI CEO Sam Altman is welcome in France, France's digital minister said in a statement on X, a day after the board of the company behind ChatGPT fired Altman without giving a reason. "Sam Altman, his team and their talents are welcome in France if they want to," Digital Minister Jean-Noel Barrot said in a statement on X on Saturday. It uses generative AI meaning it can learn from past data to create new content including text, images and computer code. In a video message to tech leaders on Friday, Macron said generative AI has huge potential and that France plans a conference about AI in Paris next year.

Persons: Sam Altman, ChatGPT, Altman, Jean, Noel Barrot, Emmanuel Macron, OpenAI, Macron, Xavier Niel, Rodolphe Saade, Eric Schmidt Organizations: OpenAI, Tech, Conference, Digital, Microsoft, French CMA, CMA, U.S Locations: Laguna Beach , California, France, Europe, Paris, French

☆ Paris to send tents, medicine in humanitarian shipment to Gaza
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ibraheem Abu Mustafa/File Photo Acquire Licensing RightsPARIS, Oct 26 (Reuters) - Paris will send an aircraft filled with humanitarian aid for civilians in Gaza, including tents, medicine and emergency medical equipment, the French foreign ministry said on Thursday. The shipment includes 336 tents, 28 metric tons of food supplements, 70,000 water purification tablets, 18 emergency ventilators, medication and solar lamps. Ahead of the summit, diplomats spent days debating whether to call for a "humanitarian pause" or "pauses". A draft intended as a final summit declaration includes the latter, expressing the leaders' "gravest concern for the deteriorating humanitarian situation in Gaza". The French foreign ministry reiterated its call for a "humanitarian truce" to allow for delivery of urgent aid.

Persons: Khan Younis, Abu Mustafa, Tassilo Hummel, Rod Nickel Organizations: United Nations, REUTERS, Rights, CMA CGM Foundation, Thomson Locations: Gaza, Paris, Egypt, AFP, Brussels, Israel

☆ CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet
▼ + stars: | 2023-10-20 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Shipping billionaire Rodolphe Saadé said carriers should accept that the industry is returning to normal cycles that include long periods when profits are tight. Photo: benoit tessier/ReutersRodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings. The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels.

Persons: Rodolphe Saadé, benoit tessier, Saadé Organizations: Shipping, CMA

☆ Renault, Volvo, CMA CGM pool forces to develop electric vans
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gonzalo Fuentes//File Photo Acquire Licensing RightsPARIS, Oct 6 (Reuters) - Carmakers Renault (RENA.PA) and Volvo and shipping group CMA CGM said on Friday they will jointly develop a new generation of electric vans, aiming to begin production in 2026. Renault and Volvo signed binding agreements to launch a new company where they will initially each hold a 50% equity stake and invest 300 million euros over the next three years, they said in a statement. CMA CGM signed a non-binding letter of intent with Renault and Volvo to join the new company and invest 120 million euros through PULSE, its Energy Fund dedicated to accelerating the decarbonization of transport and logistics sectors. There was no further detail on when this might happen or what stake it may take in the venture. The creation of the new company is expected early 2024 and remains subject to the completion of all regulatory approval processes.

Persons: Gonzalo Fuentes, Carmakers, Dominique Vidalon, Elaine Hardcastle Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Carmakers Renault, Volvo, CMA, CMA CGM, Energy Fund, Thomson Locations: Porte, Paris, France

☆ Container ships are waiting at Asian ports as retailers struggle to shift excess stock
▼ + stars: | 2023-08-25 | by ( Lucy Handley | ) www.cnbc.com time to read: +5 min

As firms making goods from apparel to electronics hold excess stock, there's less of a demand to ship products. This means some vessels are waiting in ports because of sailings being "blanked," or canceled. "We are arranging a contingency plan with alternative services," MSC added. "If you fly to Singapore, you'll see all these ships outside the port … A lot of ships are parked there waiting till there are better yields," he added. Excess stockFlexport, which is at 10th place in CNBC's Disruptor 50 list, regularly surveys customers on how much stock they're holding.

Persons: Andrew Merry, It's, Sanne Manders, there's, Manders, Bernstein, Niels Rasmussen, Rasmussen, it's, Simon Heaney, Heaney Organizations: MSC, CNBC, CMA CGM, Maersk, Baltic and International Maritime Council, Shanghai Shipping Exchange, Blank, Drewry Locations: Singapore Strait, Asia, Europe, —, Singapore, East, North Europe, CNBC's

"The main issue with methanol at this stage is increasing access and the scale of green production," Peter Lye, global head of shipping at Anglo American, said. Reuters GraphicsNetherlands-based OCI, which supplied green methanol to Maersk's first ship, can produce up to 200,000 tpy of the renewable fuel. Bashir Lebada, CEO of OCI's methanol and fuels business, said the vessel orders have given suppliers a confidence boost in advancing their green methanol projects even though production is "very small" now. Most green methanol projects are located in China, northern Europe and North America - far from major bunker hubs Singapore and the United Arab Emirates, creating a logistical gap. Within Asia, South Korea and China are set to increase their capacity to fuel ships with green methanol.

Persons: A.P . Moller, Moller, Emma Mazhari, Rashpal Singh Bhatti, we're, Peter Lye, Greg Dolan, Bashir Lebada, Anita Gajadhar, Jeslyn Lerh, Jacob Gronholt, Johannes Birkebaek, Florence Tan, Barbara Lewis Organizations: Reuters, Maersk, Handout, REUTERS, Container, A.P, CMA, Apple, Nike, Adidas, Walmart, Global, Reuters Graphics, United Arab, Pedersen, Thomson Locations: SINGAPORE, COPENHAGEN, South Korea, Reuters Graphics Netherlands, China, Europe, North America, Singapore, United Arab Emirates, Chile, Argentina, Asia, Copenhagen

Containers of the Hapag-Lloyd shipping company are pictured at the Valparaiso port, Chile November 24, 2022. Chief Executive Rolf Habben Jansen said there were signs of recovery in spot freight rates and loadings. Shares in Hapag-Lloyd, the world's fifth-largest shipping line, were 2.9% down at 187.5 euros in early trade. Its first half revenues were 41% lower at 10.0 billion euros. EBITDA is expected to be between 4 billion and 6 billion euros.

Persons: Rodrigo Garrido, EBIT, Lloyd, Rolf Habben Jansen, Vera Eckert, Friederike Heine, Kim Coghill, Barbara Lewis Organizations: Lloyd, REUTERS, Companies, Maersk, CMA CGM, Reuters, Thomson Locations: Valparaiso, Chile, FRANKFURT, Hapag, North America, Ukraine

☆ Maersk has ways to grow again despite headwinds
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Container ship "Evelyn Maersk" is loaded during snowfall at a container terminal in a harbour amid the coronavirus disease (COVID-19) pandemic, in Hamburg, Germany, April 6, 2021. Arch rival and privately-owned Mediterranean Shipping Company (MSC) is deploying cash reserves on acquisitions to diversify away from container shipping. Maersk also needs to strengthen its logistics and services unit, where organic revenue fell 19%, dragged down by lower retail demand, particularly in North America. Last year's purchases of Pilot and LF Logistics helped prop up the division, but Maersk needs to invest more. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evelyn Maersk, Fabian Bimmer, A.P, Moller, Boss Vincent Clerc, EBITDA, Clerc, Pamela Barbaglia, Pierre Briancon, Streisand Neto Organizations: REUTERS, Fabian Bimmer LONDON, Reuters, Maersk, Walmart, Nike, Unilever, CMA CGM, Mediterranean Shipping Company, LF Logistics, Twitter, Adidas, InBev, Thomson Locations: Hamburg, Germany, North America

If the Black Sea is closed, the Danube is one of the main routes which we will need to use," he told Reuters by phone. Police said Danube grain warehouses had been hit on Monday in a drone attack along with tanks for storing other cargo. Since Monday's air strikes, the Danube channel has seen shipping disruptions, although it was unclear why there was a slowdown of vessel traffic. INSURANCE RATES RISEInsurance sources have said war risk cover for Ukraine's ports that was part of the defunct Black Sea grain deal had been suspended with some insurance providers reviewing provisions for Danube ports. The attack on the Danube infrastructure followed a week of Russian strikes that hit grain-related infrastructure at Odesa's main ports.

Persons: Russia's, Denys Marchuk, Carlos Mera, Mera, Marchuk, Danilov, Olena Harmash, Sybille de La, Tom Balmforth, William Maclean Organizations: Ukrainian Agrarian, Reuters, Police, EU, Romania, Agri Commodities Markets Research, Rabobank, Insurance, Kyiv, Russia, CMA CGM, National Security, Defence Council, Thomson Locations: KYIV, Moscow, Odesa, Reni, NATO, Russia, Izmail, Ukraine, China, Chornomorsk, Ukrainian, Italy, Kyiv, Western, Paris

☆ Rail trade from Canada plummets due to West Coast ports strike, down nearly 50%
▼ + stars: | 2023-07-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Year-over-year intermodal Canadian rail was down 46.2% last week as a result of the strike. Weekly rail trade data from the Association of American Railroads shows the devastating impact that Canadian West Coast ports strike is having on freight rail cargo entering the U.S. The U.S. and Canada have a historically strong trade relationship: Each country is the other's top trading partner. The Canadian Chamber of Commerce estimates $605 million in trade moves through one of those two ports daily. The International Longshoremen and Warehouse Union of Canada begin its strike on July 1.

Persons: Vancouver and Prince Rupert, Paul Brashier, Prince Rupert, Brashier, Eric Byer, Byer, Willie Adams, Sara Elena, Medea, Rob Ashton, Steve Lamar Organizations: AAR, Association of American Railroads, Railway Association of Canada, Canadian Chamber of Commerce, Warehouse Union of Canada, British Columbia Maritime Employers Association, ITS Logistics, ITS, U.S ., National Association of Chemical Distributors, Products, CNBC, Hyundai, CMA, Canadian Labor, Labor, Bank of Canada, American Apparel and Footwear Association Locations: West Coast, U.S, Canada, Vancouver, British, United States, U.S . West Coast, East Coast, Western Canada, Asia, Chicago, San Francisco

The "slow and go" pace of the International Longshore and Warehouse Union workforce at West Coast ports has slowed ground port productivity to a crawl. "Our data shows that vessels will continue arriving at West Coast ports in the coming days with significant amounts of cargo to unload," said Kyle Henderson, CEO of Vizion. Truck and container backupsThe average truck turns to go in and out of the West Coast ports are up. West Coast ports, which had lost significant volume to East Coast ports over the past year due to volatility in the labor contract talks, had in recent months begun to gain back volume. Recent Panama Canal low water levels limited cargo throughput, and soon after that, large parts of U.S. West Coast ports stopped handling inbound and outbound container trade.

Persons: Kyle Henderson, lashers, Xeneta, Peter Sand, Hapag Lloyd, Paul Brashier, Jerome Powell, Jonathan Ostry Organizations: Fenix Marine Services, Warehouse, Port, CNBC, Vizion, Logistics, Pacific Maritime Association, Long, PMA, Marine Services, East Coasts, Fenix Marine, U.S ., East Coast Ports, CMA, ITS Logistics, Los Angeles, Federal, Georgetown Locations: West Coast, Port of Oakland, Port of Los Angeles, Long Beach , California, Oakland, Los Angeles, Long, Port of Long, Long Beach, Seattle, Tacoma, West, U.S, East, Coast, East Coast, Panama, U.S . West Coast, Gulf, Asia, South America, Los, Houston, Savannah

☆ Vessel buildup grows at West Coast ports as maritime supply chain begins to break, echoing Covid chaos
▼ + stars: | 2023-06-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Tugboats guide the Mediterranean Shipping Co. (MSC) Mia container ship arriving at the Port of Los Angeles in Los Angeles, California, U.S., on Wednesday, April 1, 2020. The number of vessels due to dock at the Port of Los Angeles and Long Beach is increasing as labor slowdowns at West Coast port terminals have impacted supply chain operations, from trucks to rails and ocean carriers. Data from MarineTraffic shows that vessel problems are shifting from isolated to more pervasive. He said these vessels have yet to be loaded/offloaded and sent away, critical to make room for the next wave of vessels heading to Los Angeles. At the Port of Los Angeles, the CMA CGN Lyra has been at the dock since May 31; CMA CGM Amerigo Vespucci has been there since June 1.

Persons: Adil Ashiq, Lyra, Amerigo Vespucci Organizations: Mediterranean Shipping Co, Port, Marine Exchange, Southern, Vessel Traffic Service, North, MarineTraffic, MSC, CNBC, Tesla, CMA, Ports Locations: Port of Los Angeles, Los Angeles , California, U.S, Long, West Coast, Port of Long, Southern California, Los Angeles, LA, North America, of Los Angeles, Europe, Port of Oakland

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