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☆ Red Sea crisis: The shipping industry is sounding the alarm as another vessel sinks
▼ + stars: | 2024-06-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Leading shipping groups have urged governments “with influence” to put a stop to Houthi attacks on vessels in the Red Sea after a second freighter sank this week. The latest sinking is likely to have led to another death, according to a statement Wednesday from more than a dozen shipping associations, including the International Chamber of Shipping and the World Shipping Council. The longer diversion around the southern tip of Africa has sent shipping costs soaring and is causing congestion at ports in Asia and Europe, threatening to scramble global supply chains. We call for states with influence in the region to safeguard our innocent seafarers and for the swift de-escalation of the situation in the Red Sea,” they added. “Houthi attacks continue to make the Red Sea unsafe, and increases in charter activity and rates indicate carriers expect congestion to remain a factor for some time,” he added.

Persons: ”, “, Hapag Lloyd, Judah Levine Organizations: London CNN, International Chamber of Shipping, World Shipping Council, Maritime Trade, Royal Navy, Shipping, Maersk, Drewry, Carriers Locations: Red, Africa, Asia, Europe, ., Yemen, Gaza, Suez, London, Red Sea, Singapore, Malaysia, Shanghai, China, Barcelona, Spain

☆ 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

☆ How Maersk grew its shipping empire and how it’s evolving
▼ + stars: | 2024-03-30 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Each year about 90% of world trade is transported by ship, according to the World Economic Forum. With its fleet of over 670 vessels, Maersk , one of the world's largest shipping companies, transports about one in five of those containers. The company logged record profits in 2022 due in part to pandemic-induced buying and higher freight rates. It also chartered the vessel that crashed into the Francis Scott Key Bridge in Baltimore earlier this week. CNBC examines the issues facing Maersk, and its rivals Hapag-Lloyd and MSC, and looks at how the company is trying to transition for future growth.

Persons: Francis Scott Key Organizations: Economic, International Longshoremen's Association, CNBC, Maersk, Hapag, Lloyd, MSC Locations: Panama, North America, Baltimore

☆ CNBC Daily Open: Wall Street focus turns to the Fed
▼ + stars: | 2024-03-18 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks close lowerWall Street ended lower on Friday as investors await the Federal Reserve's policy meeting this week for insights on rate cuts. He told CNBC inventories are depleted in many cases and the ocean carrier has seen a recovery after the Chinese New Year. [PRO] U.S. election risk on China stocksGoldman Sachs has revised its barometer for the level of risk from U.S.-China tensions in Chinese stocks.

Persons: Jerome Powell, Joe Biden, Lloyd, Jobs, Goldman Sachs Organizations: Federal Reserve, New York Stock Exchange, CNBC, Nasdaq, Dow, Bank of Japan, Congress, Tech Locations: Asia, U.S, China

☆ CEO of Hapag-Lloyd, one of world's top ocean shippers, says the outlook has changed for global economy, trade demand
▼ + stars: | 2024-03-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

We saw them coming up a bit towards the end of the quarter, and then of course, the Red Sea crisis ... which again changed the market." Rolf Habben Jansen, CEO of Hapag-Lloyd, the world's fifth-largest ocean carrier, tells CNBC he has an improved view on trade for the rest of 2024. "It's a concerning situation and I think the [Red Sea] outlook is very difficult," Jansen said. In addition to the added costs, according to Sea-Intelligence, the Red Sea diversions could increase carbon dioxide emissions by 260%–354%. New ocean alliance with MaerskThe reduction in global freight and schedule reliability are headwinds ocean carriers have been facing for months.

Persons: Lloyd, Jansen, Rolf Habben Jansen, Hapag Lloyd, Hansen, it's, Lars Østergaard Nielsen, Nielsen, " Hansen Organizations: CNBC, Intelligence, EU, Trading, Maersk, Hapag, Gemini, Sea, MSC Locations: U.S, Asia, West Coast, East Coast, Gulf Coast, Red, Aden, Yemen, Africa, Europe, Suez, Panama, California

☆ 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

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ White House, Capitol Hill divide on use of military in Red Sea is getting dangerous for the economy
▼ + stars: | 2024-02-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

U.S. import and export data shows that the majority of the country's trade is on foreign-flagged vessels. The Congressional calls to consider prioritizing U.S.-flagged vessels come at a time when the Iranian-backed Houthis continue to attack shipping in the Red Sea. Other nations, including U.S. ally France, have already declared their priority is to escort French-linked vessels after facing nationalistic pressure. "It could also be argued that directing military action to defend U.S. commercial shipping is within this power. However, most vessels transiting through the Red Sea are not U.S. ships, which raises questions about the extent to which these authorities can be exercised," they wrote.

Persons: Gerald R, Dwight D, Eisenhower, Mohammed Al, —, Biden's, Charles, Bud, Darr, Salud Carbajal, Hapag Lloyd, Carbajal's, Tim Kaine, Todd Young, Chris Murphy, Mike Lee Organizations: United States, Ford, Anadolu, Getty, Capitol, U.S, MDS Transmodal, Congressional, Gaza, Senate Foreign Relations, White House, Representatives, MSC, U.S . Navy, Maersk, White, Senate Armed Services, Foreign Relations, Senate, Relations, Counterterrorism Locations: Red, U.S, Iranian, Iran, France, Marshall, United States, East, South Asia, Central Asia

☆ Demand for shipments from China via rail through Russia has 'skyrocketed' since the Red Sea attacks
▼ + stars: | 2024-02-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +6 min

And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.

Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg

☆ '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

☆ Global shipping recession could end as freight rates soar on Red Sea troubles
▼ + stars: | 2024-01-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Stringer | Bloomberg | Getty ImagesVessels transiting the Red Sea have faced attacks over the past several weeks from Yemen-based Houthis, prompting shipping companies to change routes, leading to a spike in freight rates. Alan Baer CEO of OL USAVessel-Operating Common Carriers (VOCC) are ocean carriers that own and operate vessels responsible for managing cargo and transporting them. Luis Boza/ | Nurphoto | Getty ImagesWhile the recent spikes in freight rates might not help shippers relive their glory days following the pandemic, they would substantially boost profitability. Brashier noted that both contracted rates for ocean carriers and spot market rates may rise further. Overall, container freight will still [find it] difficult to manage oversupply issue.

Persons: Stringer, Houthi, Alan Baer, Baer, Luis Boza, Nico Luman, Jefferies, Brashier, Daejin Lee Organizations: Bloomberg, Getty, Houthi, U.S, U.S . Central Command, USA, CNBC, Evergreen, Shipping, Logistics, Head, Research, Fertistream Locations: Suez, Egypt, Yemen, South Africa, Gibraltar, Maersk, Lisbon, Portugal, Asia

☆ Russia's dark fleet of ships kept its oil exports strong. But 2 recent incidents in the Red Sea highlight the risks of that strategy.
▼ + stars: | 2024-01-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

However, a recent incident in the Red Sea highlights some of the risks faced by dark fleet ships, which typically have opaque ownership and frequently change their vessel names and flag registrations. The vessel was carrying Russian oil loaded at the port of Ust-Luga. "This was the second tanker mistakenly targeted by the Houthis whilst carrying Russian oil," Ambrey added. The Houthis have been attacking commercial ships in the Red Sea since November in retaliation for Israel's bombings in Gaza. AdvertisementThe Houthi's attacks in the Red Sea are upending global shipping with major shipping lines, including Maersk and Hapag-Lloyd, changing up their shipping routes to avoid risk.

Persons: —, It's, Ambrey, Lloyd, Matthew Loh Organizations: Service, Business, Panama, Union Maritime, Maersk, Hapag Locations: Russia, Iran, Yemen, Ust, Red, Gaza

☆ 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

☆ The Red Sea attacks appear to be hurting traders and suppliers across the globe — but Russia's oil trade with India is still booming
▼ + stars: | 2024-01-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian oil cargoes are still sailing via the Red Sea to get to India, according to S&P Global. Iran-backed Houthi rebels have been attacking commercial ships in the Red Sea since November. Many commercial shipping lines and vessels have rerouted from the Red Sea to avoid getting caught in the attacks. It's not immediately clear why ships carrying Russian oil to India haven't rerouted to avoid potential attacks in the Red Sea. Hardeep Singh Puri, India's petroleum and natural gas minister, said recently that the country is monitoring the situation in the Red Sea.

Persons: —, Lloyd, Sumit Ritolia, It's, Alexander Novak, Hardeep Singh Puri Organizations: P Global, Service, Maersk, Hapag, P, Reuters Locations: India, Iran, Red, Asia, Europe, Cape, South Africa, Moscow, Ukraine, Russia

☆ 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

A picture taken during an organised tour by Yemen's Houthi rebels on November 22, 2023 showing the Galaxy Leader cargo ship approaching the port in the Red Sea off Yemen's province of Hodeida. Oil prices fell Tuesday as traders monitored rising tensions in the Red Sea amid a backdrop of record U.S. crude production and worries about demand in China. Crude prices had jumped more than 2% earlier in the trading session on escalating tensions in the Red Sea, a crucial global trade chokepoint. And Iran on Monday deployed a destroyer to the Red Sea, according to the country's Tansim news agency. The move by Tehran comes after U.S. Navy helicopters destroyed three boats of Iran-backed Houthi rebels.

Persons: Yemen's Houthi, Brent, Helima Croft, Croft, Adi Imsirovic, Ayatollah Ali Khamenei, Neil Beveridge, Lloyd Organizations: Galaxy Leader, The West Texas Intermediate, RBC Capital Markets, CNBC, Center for Strategic, International Studies, Monday, U.S . Navy, Navy, U.S . Central Command, Energy, Prosperity Locations: Red, Yemen's, Hodeida, China, The, Iran, Tehran, Singapore, Hangzhou, Brent, Israel, Gaza, Suez, Africa, The 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

☆ When it comes to explaining market sell-offs, look for the simplest explanation
▼ + stars: | 2023-12-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The simplest explanation for Wednesday's sell-off was that the market was dramatically overvalued and due for a pullback. Look at the Breakwave Dry Bulk Shipping ETF (BDRY). BDRY is essentially a play on global shipping, which is itself a play on the state of the global economy. There's an ETF for global shipping companies If you'd rather play global shipping companies directly, there's an ETF for that as well. The SonicShares Global Shipping ETF (BOAT) is a modified market cap weighted ETF that contains all the big global shipping companies: Kawasaki Kisen Kaisha, Mitsui, Euronav, Matson, AP Moller, Hapag-Lloyd, Maersk, COSCO Shipping, etc.

Persons: William of Ockham, overvalued, —, stupidly, overbought, Santa Claus, Matson, AP Moller, DBRY Organizations: Traders, Santa, Bulk Shipping, Global Shipping ETF, Kawasaki, Mitsui, Euronav, AP, Maersk, COSCO Locations: America, U.S, Hapag, COSCO Shipping, India

☆ 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

☆ Germany's Kuehne examines offer for Signa's Hamburg skyscraper, Handelsblatt reports
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

View of the construction site of the Elbtower building, owned by Rene Benko’s Signa and a Commerzbank subsidiary, in Hamburg Germany, November 2, 2023. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsFRANKFURT, Nov 26 (Reuters) - German logistics entrepreneur Klaus-Michael Kuehne is examining a takeover of Signa Group's abandoned Elbtower high-rise project in his hometown of Hamburg, Handelsblatt reported. Discussions on the takeover by Kuehne are quite advanced, but no decision has been made, German newspaper Handelsblatt reported, citing a source. Signa, owner of New York's Chrysler Building and Britain's Selfridges store, and spokespeople for Kuehne and the city of Hamburg did not respond to requests for comment on Sunday. This led to the insolvency of its subsidiary Signa Real Estate Management Germany on Friday, Spiegel magazine reported.

Persons: Rene Benko’s Signa, Fabian Bimmer, Klaus, Michael Kuehne, Group's, Handelsblatt, Signa, Kuehne und Nagel, Hapag Lloyd, René Benko, Emma, Victoria Farr, Alexander Smith Organizations: REUTERS, Rights, Kuehne, Lufthansa, Chrysler, Real Estate Management, Spiegel, Thomson Locations: Hamburg Germany, Hamburg, Austrian, Real Estate Management Germany, Signa, Germany

☆ Investing in Space: On satellites, the invisible backbone of global industry
▼ + stars: | 2023-10-19 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +4 min

Shipping company Maersk posted record annual earnings for 2022 but warned that profits are set to tumble this year as a "more balanced demand environment" emerges. CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. GPS, geospatial intelligence and satellite communications are the invisible backbone that powers the world's largest industries today." That's the core of Space Capital managing partner Chad Anderson's pitch to new investors about the value of the space industry – and I think the "invisible backbone" element serves as an important reminder. Satellites have been, are, and will continue to be a critical backbone of the world's industries – even if we don't notice.

Persons: CNBC's Michael Sheetz, Chad Anderson's, David Sherry, Sherry, Starlink, We've, Lloyd Organizations: Shipping, Maersk, Space Capital, Starlink, Mitsui, Eastern Pacific Shipping, Polembros Shipping Locations: Danish, Mitsui O.S.K

☆ Hapag Lloyd expects three tough years for shipping industry -Welt am Sonntag
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 14 (Reuters) - The head of German shipping firm Hapag Lloyd (HLAG.DE), Rolf Habben Jansen, expects the next three years to be difficult because demand for shipping services is growing more slowly than available shipping capacity, he told the Welt am Sonntag newspaper. Freight rates had fallen by around 60% year-on-year, he added. "Container shipping has always been a cyclical business," he told the newspaper. "I don't think it will be as bad as in 2008 and 2009, though." Reporting by Thomas Escritt; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Hapag Lloyd, Rolf Habben Jansen, Thomas Escritt, Kirsten Donovan Organizations: Welt, Sonntag, Container, Thomson

☆ Israel's Ports Feel Strain as Shipping Traffic Slows After Attacks
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

Israel's southern coastal city of Ashkelon, which has a small port well in range of Hamas rockets, is not allowing ships to enter, shipping sources said. While the main Israeli ports of Ashdod further up the coast and Haifa in the north, remain open, shipping and maritime security companies are reviewing their operations for Israel, industry sources said. "Israeli ports are deemed to be at heightened risk," said Noah Trowbridge, with British maritime risk advisory and security company Dryad Global. "Since Gaza has a coastline, direct threats to shipping inside Israeli waters cannot be ruled out," BRS said. This compared with a premium of 0.0125% earlier this year, insurance sources said.

Persons: Jonathan Saul, Ari Rabinovitch JERUSALEM, Noah Trowbridge, Hapag Lloyd, Shipbroker BRS, BRS, Moller Maersk, Eli Glickman, INTERTANKO, ” INTERTANKO, Ari Rabinovitch, Sharon Singleton Organizations: Hamas, Dryad, Reuters, Ships, Zim, Ministry of Defense, Facebook Locations: Gaza, Ashkelon, Ashdod, Haifa, Israel, London, East Gulf, Gulf of Oman

Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. Under a deal between MSC and the city of Hamburg, MSC will make a cash offer of 16.75 euros ($17.99) per share to acquire all listed class A stock in HHLA. The city of Hamburg, which owns 69% of HHLA's A shares and all of its unlisted S-shares, would retain control of Hamburg port with a 50.1% stake via the S-shares. A source familiar with the deal gave an enterprise value of 2.6 billion euros, including 1.4 billion euros in debt. HHLA said its management board would review the MSC offer.

Persons: Fabian Bimmer, Klaus, Michael Kuehne, Lloyd, Kuehne, Marc Zeck, Stifel, Nikolas Mauder, Kepler Cheuvreux, HHLA, Andrey Sychev, Sabine Wollrab, Rachel More, Emelia Sithole, David Holmes Organizations: REUTERS, Kuehne, Reuters, MSC, Thomson Locations: Hamburg, Germany, BERLIN, Hapag, HHLA, Germany's, Gdansk, Frankfurt

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