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☆ A look at the true nature of the Chinese cyber threat inside the nation's biggest ports
▼ + stars: | 2024-03-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +13 min

But the Biden administration, lawmakers and ports management continue to differ in their views of the true nature of the threat. Kurt Fredrickson, a Coast Guard spokesman, told CNBC via email that even if the software is not Chinese, all software has vulnerabilities, regardless of origin. "Software is everywhere," Gene Seroka, executive director of the LA port, told CNBC in a recent interview at the TPM conference. They warn the crane software concerns are part of a much larger societal risk. He added that regardless of the origin of the crane software and the origin of a crane's manufacturing, there are ways to mitigate cyber risk.

Persons: Biden, Jay Vann, Robert Murray, it's, Kurt Fredrickson, Murray, Carlos Gimenez, Melanie Stambaugh, Greg Ehrie, Doug Vogt, Vogt, Mario Cordero, Noel Hacegaba, Cordero, Gene Seroka, Lucian Niemeyer, Trump, Niemeyer Organizations: CNBC, ABB, Germany's Siemens, Counterterrorism, Law, Intelligence, Homeland Security, U.S . Coast Guard Cyber Command, Biden Administration, People's, Capitol, National Association of Waterfront Employers, Coast Guard, Transportation, Maritime Security, of South Carolina, Northwest Seaport Alliance, USCG, American Association of Port Authorities, New Jersey Port Authority, Siemens, New, Port, Biden, North Carolina Ports, ZPMC, NC, United States Coast Guard, Samsung, U.S . Department of Homeland Security, DHS, U.S . Coast Guard, Security, Defense for Energy, National Security, Management, Maritime Transportation, Joint Force, MTS, Readiness Locations: China, Swiss, People's Republic of China, U.S, of South, China . Port of Long Beach, Tacoma, Seattle, York, New Jersey, New York, Port of New Orleans, of Long Beach, Port of Long, Port of Los Angeles, Port, Oakland, Georgia, Finland, Japan, Taiwan, Europe, Shanghai

☆ 'The shooting has to stop': World's biggest shipping company pleads with Congress to help end Houthi Red Sea chaos
▼ + stars: | 2024-01-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Ralby stressed the crisis in the Red Sea is not just a U.S. problem, but recent attacks by the U.S. military have led to greater targeting of its vessels. After those attacks, Maersk announced it would no longer be transiting the Red Sea. MSC announced on December 17 that it would divert its services that would typically transit the Red Sea and the Suez Canal around the Cape of Good Hope. Sailing around the Cape of Good Hope to avoid the Red Sea adds one to two weeks to a one-way shipping journey relative to the Red Sea and Suez Canal. Rising freight costs were a big component of inflation during Covid and the Red Sea crisis has renewed fears that another bout of supply chain-triggered inflation could occur.

Persons: Ralby, Ian Ralby, Darr, Charles, Bud, Salud Carbajal, Biden, Hapag Lloyd, Bab, Good Hope, Jon Gold, Phillips, Ralph Lauren, Levi Strauss, Gold Organizations: U.S, Mediterranean Shipping Company, U.S . Navy, Coast Guard, Maritime Transportation, MSC, Senate Foreign Relations Committee, Maersk, Maersk Detroit, Maersk Chesapeake, Navy, Intelligence, Suzuki, Volvo, Michelin, Ikea, National Retail Federation, Bank of America, Van Heusen Corporation, Birkenstock, Capri Holdings, Nike, Corp Locations: Suez, Ismailia, Egypt, Yemen, U.S, Iran, Gulf, Aden, Maersk, Good, Europe's, Asia, Europe, Vietnam

☆ 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

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCan superyachts go electric? Solar-powered electric yachts have hit the superyacht market. Silent Yachts and Sunreef Yachts are two companies working on developing this technology. Allied Market Research predicts the solar boat industry will grow 14% by 2031 to $2.4 billion. CNBC headed to the Cannes Yachting Festival to get an inside look at the companies building solar-powered electric yachts, and to explore the challenges the technology faces in playing a wider role in the future of maritime transportation.

Organizations: Silent Yachts, Sunreef Yachts, Allied Market Research, CNBC, Cannes Yachting Festival

[1/2] Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal Authority has reduced maximum ship weights and daily ship crossings in a bid to conserve water. Container ships are the most common users of the Panama Canal and transport more than 40% of consumer goods traded between Northeast Asia and the U.S. East Coast. Some shipping executives are bracing for more reductions later this year, noting that in 2020 a less severe drought prompted canal operators to reduce crossings to 27 per day. "The Panama Canal is just the latest example."

Persons: Aris Martinez, Max, Drew Lerner, Peter Sand, Steve Ferreira, STRI's Steven Paton, Paton, Brian Bourke, Lisa Baertlein, Marianna Parraga, Elida Moreno, Louise Breusch Rasmussen, Deepa Babington Organizations: Monrovia NSU CHALLENGER, REUTERS, ANGELES, Evergreen Marine, Pacific, Panama Canal Authority, Northeast, U.S ., Smithsonian Tropical Research, El Nino, Central American, Canal Authority, SEKO Logistics, Thomson Locations: Cocoli, Panama, Panama City, HOUSTON, China, U.S, Northeast Asia, U.S . East Coast . U.S, United States, Chile, Brazil, Suez, Gatun Lake, El, U.S . East Coast, Los Angeles, Houston, Copenhagen

☆ France's Michelin cuts cash flow outlook on soaring cost inflation
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - French tyre maker Michelin (MICP.PA) on Tuesday cut its full-year free cash flow guidance citing an uncertain demand outlook, soaring cost inflation and continued supply chain disruptions, but posted better-than-expected quarterly sales. The company adjusted its structural free cash flow guidance to 700 million euros having previously anticipated more than 1.2 billion euros, due to the one-off the impact of inflation and, to some extent, currency effect on its working capital. Michelin, which makes tyres used in cars, aircraft, bicycles and industrial equipment, still expects an operating income from its main business to reach over 3.2 billion euros ($3.2 billion) this year. Sales rose 20.5% year-on-year to 7.44 billion euros in the third quarter. Analysts polled by the company expected sales of 7.16 billion euros.

☆ U.S. lawmakers criticize Biden administration Puerto Rico fuel waiver
▼ + stars: | 2022-10-21 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Oct 21 (Reuters) - A bipartisan group of House of Representatives lawmakers criticized the Biden administration decision on Friday to waive U.S. shipping rules in September for the delivery of fuel to Puerto Rico. The Sept. 28 Jones Act waiver allowed for the delivery of diesel sourced from the mainland United States by British Petroleum (BP.L) Products North America. House Transportation and Infrastructure Committee chair Peter DeFazio, a Democrat, and top committee Republican Sam Graves expressed "concerns and disappointment" over the waiver. DHS issued a waiver of the Jones Act, a century-old law that requires goods moved between U.S. ports to be carried by U.S.-flagged ships. Last month, Puerto Rico Governor Pedro Pierluisi asked the White House for a waiver to increase the availability of fuel after the storm.

It would take effect alongside the European Union’s next batch of sanctions, which include a ban on seaborne imports of Russian oil starting in early December. Russia had already threatened to retaliate by banning oil exports to countries that implement a price cap. The Biden administration has been pushing for governments to introduce a price cap for months. The price at which Russian oil will be capped still needs to be hashed out. But the US Treasury official noted they would be more expensive, raising incentives for buyers to opt in to the price cap system.

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