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☆ Logistics companies scramble after bridge collapse closes Port of Baltimore until further notice
▼ + stars: | 2024-03-26 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed, Baltimore, Maryland, on March 26, 2024. At the time of the collision, the vessel had two pilots from the Port of Baltimore on board. The steel frame of the Francis Scott Key Bridge lies in the water after it collapsed in Baltimore, Maryland, on March 26, 2024. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. "The collapse of the Baltimore bridge primarily affects coal exports from CNX and CSX terminals," said Madeleine Overgaard, dry market data manager for the global trade data platform Kpler.

Persons: Francis Scott Key, Dali, Roberto Schmidt, Paul Brashier, Brashier, Goetz Alebrand, Wes Moore, Larry, Richard Meade, Meade, Kena Betancur, Andy Lipow, Lipow, Helen Delich Bentley, Judah Levine, Madeleine Overgaard, Levine, Tasos Katopodis Organizations: Afp, Getty Images Logistics, Port, Eastern Seaboard, ITS Logistics, Getty, Americas, DHL Global, Maryland Gov, Baltimore, AFP, Uber Freight, IKEA, Lipow Oil Associates, Maersk, Freightos, CSX, East, Francis Scott Key Bridge Locations: Baltimore , Maryland, Baltimore, New York, New Jersey, Norfolk, Port of Baltimore, Colombo, Sri Lanka, Port, American, Taicang Port, Suzhou, China's, Jiangsu, East Coast, Norfolk , Virginia, Maryland, Midwest, New England, Virginia, North East , Maryland, Gulf Coast, Philadelphia, Suez, CNX, Freightos, Asia, U.S

☆ Baltimore’s Port Handled a Record Amount of Cargo Last Year
▼ + stars: | 2024-03-26 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +2 min

The port handled a record amount of cargo last year, making it the 20th biggest port in the nation ranked by total tons, according to the Bureau of Transportation Statistics. Around the world, about 40 ships, including 34 cargo vessels, have Baltimore listed as a destination, including 10 commercial ships with anchors dropped in nearby waters, according to MarineTraffic, which tracks ships. The arrival of large container ships to the port “continues to demonstrate Baltimore’s capabilities of handling supersized vessels,” Governor Moore said in the statement. The port handled nearly 850,000 cars and light trucks last year, more than in any other U.S. port for the past 13 years. It was the ninth-busiest port in the nation last year for receiving foreign cargo, in terms of volume and value.

Persons: Francis Scott Key, Wes Moore, Georgios Hatzimanolis, ”, Dali, Governor Moore Organizations: Port, Bureau of Transportation Statistics, Gov, Maryland Port Administration, Cruise Line Locations: Port of Baltimore, United States, Maryland, Baltimore, New Jersey, North Carolina, Baltimore’s, State

☆ Shipping giant Maersk confirms it chartered ship that collided with Baltimore bridge
▼ + stars: | 2024-03-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

A US Coast Guard helicopter flies over the Dali container vessel after it struck the Francis Scott Key Bridge that collapsed into the Patapsco River in Baltimore, Maryland, US, on Tuesday, March 26, 2024. The commuter bridge collapsed after being rammed by the Dali ship, causing vehicles to plunge into the water. Photographer: Al Drago/Bloomberg via Getty ImagesDanish shipping giant Maersk on Tuesday confirmed it had chartered the container ship which crashed into the Francis Scott Key Bridge in the U.S. city of Baltimore in the early hours of the morning. The bridge partially collapsed following the incident, which occurred at 1:35 a.m. local time Tuesday, according to local officials. We can confirm that the container vessel "DALI", operated by charter vessel company Synergy Group, is time chartered by Maersk and is carrying Maersk customers' cargo," the company said in a statement.

Persons: Francis Scott Key, Dali, Al Drago, DALI Organizations: US Coast Guard, Bloomberg, Getty Images, Maersk, Synergy Group, Synergy Locations: Dali, Patapsco, Baltimore , Maryland, U.S, Baltimore, London

☆ EV charging for the U.S. freight trucking market is starting to scale
▼ + stars: | 2024-03-21 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

Einride plans to open many EV charging stations for freight trucking on the West and East coasts, though California is the only state in which there are any EV freight charging stations of scale today. Voltera, which develops, owns and operates EV infrastructure, said the site was permitted, built, electrified and operational in under 18 months. "In the world of charging infrastructure, that's pretty remarkable," its CEO Matt Horton said in a statement. One of the first EV charging stations of scale for freight trucks is opening near the major ports of Los Angeles and Long Beach, California, as the trucking market takes some limited, but significant steps to build the infrastructure required for a long-term transition to EV trucking and net-zero shipping. Additional EV charging projects at ports in New York and New Jersey, as well as the Pacific Northwest, are planned.

Persons: NFI, Matt Horton, Robert Falck, Einride, Moller, Erik Neandross, —, Neandross Organizations: EV, West, Volvo, Southern California Edison, Maersk, CNBC, Pepsi, Walmart, U.S, California Air Resources Board, Department of Energy, Environmental Protection Agency, EPA Locations: East, California, Lynwood, America, Southern California, Ontario , California, U.S, Sweden, Einride, Los Angeles, Long Beach , California, Government, New York, New Jersey, Pacific Northwest, Shanghai, Chicago

☆ 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

☆ There's been a rebound in volatile shipping stocks. The market opportunity isn't over, report says
▼ + stars: | 2024-03-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

During 2022-2023, ocean carriers used some of those reserves for their own buying sprees to expand their footprints. While adding to the ocean carrier bunker fuel costs, they are being compensated.. "The Red Sea diversions are a good thing for ocean carriers. The big question mark is the duration of the diversions and the surcharges the ocean carriers can charge. Those two regions have steadily taken market share away from the West Coast ports, with shippers also benefitting from investments in ports infrastructure. "The West Coast ports have strengthened infrastructure," Iampieri said.

Persons: Marc Iampieri, Cash, Iampieri, Jeff Bezos, It's, Paul Brashier, Brashier, AlixPartners Organizations: Bloomberg, Getty, Dow Jones Transportation, Fortune, Convoy, Amazon, Technology, Ocean, Maersk, CNBC, ITS Logistics Locations: Panama, Red, East Coast, AlixPartners, Flexport, Europe, North America, Asia, West Coast, East, Gulf, Mexico, West, Los Angeles, Long

☆ Oil prices rise as market monitors Gaza cease-fire talks, OPEC production cuts
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden speaks during the annual National Prayer Breakfast at the U.S. Capitol in Washington, D.C., U.S., February 1, 2024. Crude oil futures rose Tuesday amid uncertainty about the prospects for a cease-fire in the Israel-Hamas war and as some investors expect OPEC+ will extend its production cuts beyond the first quarter. President Joe Biden told reporters in New York City on Monday that he hoped a cease-fire would be reached in the Israel-Hamas war by March 4. OPEC+ will soon make a decision on whether to extend its production cuts beyond the first quarter. Raj said the lack of clarity in the Israel-Hamas war and the ongoing turmoil with Houthi militants in Yemen gives traders little reason to sell oil right now.

Persons: Joe Biden, Biden, there's, Ahmed Abdel Hadi, Al Mayadeen, Goldman Sachs, Manish Raj, Raj, Israel, Charles van der Organizations: U.S, Capitol, Washington , D.C, West Texas Intermediate, Brent, OPEC, Velandera Energy Partners, CNBC, Reuters, Maersk North Locations: Washington ,, Israel, New York City, Lebanon, U.S, Gaza, OPEC, Saudi Arabia, Yemen, Maersk

☆ U.S. crude hovers near three-month high as Middle East conflict rages on
▼ + stars: | 2024-02-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures hovered near three-month highs Tuesday as the conflict in the Middle East rages on. U.S. crude gained 3% last week to settle Friday at its highest price, $79.19 a barrel, since Nov. 6. The global benchmark rose 1.5% for the week to settle at its highest price since Jan. 26. Houthi militants on Monday attacked another cargo ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel. The attack highlights the ongoing threats to commercial vessels in the Red Sea, which has forced shipping giants such as Maersk to divert cargo around the Cape of Good Hope in Africa.

Persons: Brent, Tamas Varga, PVM Organizations: The West Texas Intermediate, International Energy Agency, Monday Locations: Suez, Ismailia, Egypt, East, Israel, Lebanon, Gaza, Rafah, U.S, Iran, Red, Hope, Africa, Aden

☆ Houthis claim 'catastrophic' attack in Red Sea that prompted crew to abandon ship
▼ + stars: | 2024-02-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

The Iran-backed Houthi militant group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel in the latest escalation of maritime tensions that have disrupted key trade routes in the Red Sea. Houthi militants later claimed the attack, with spokesperson Yahya Sare'e identifying the vessel as general cargo ship Rubymar and describing it as British. "The ship suffered catastrophic damage and came to a complete halt," Houthi Spokesperson Sare'e said. The hostilities have also prompted armed exchanges between Houthis and British and American forces, which have previously struck at Yemeni targets in a bid to improve maritime security. Sare'e said that the Houthis on Sunday also shot down a U.S. drone in Hodeidah.

Persons: Yahya Sare'e, Sare'e, Ice Brent, Nymex WTI Organizations: Maritime Trade Operations, CNBC, Global, Djiboutian Navy, Hamas, Maersk, Ice, U.S . Central Command, U.S . Navy, Ambrey Analytics Locations: Iran, Yemen, Red, Belize, British, U.S, Saudi, Khair, Varna, Bulgaria, Gulf, Aden, London, Gaza, Danish, Good Hope, Houthis, ., Houthi, Greece, Yemen's

☆ Shipping giant Maersk says Red Sea vessel diversions could extend into second half of 2024
▼ + stars: | 2024-02-14 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Moller-Maersk, the second-largest global ocean carrier, is advising customers to prepare for a Red Sea crisis that could stretch well into the second half of this year. "Unfortunately, we don't see any change in the Red Sea happening anytime soon," Charles van der Steene, regional president for Maersk North America, tells CNBC. After attacks on two U.S.-flagged Maersk vessels on January 24, the Maersk Detroit and Maersk Chesapeake, Maersk Line, Limited — a U.S. subsidiary of Maersk, which operates U.S.-flagged vessels independently — announced it would no longer traverse the Red Sea. The global shipping and logistics company's cautious view of the Red Sea safety conditions comes despite a U.S.-led multinational military operation in the region, Operation Prosperity Guardian. "Our advice to our customers is specifically about building upon the uncertainty by being agile," said van der Steene.

Persons: Ebba, A.P ., Kristian Helgesen, Moller, Charles van der, Good Hope, der Steene, Maersk, van der, van der Steene, van der Steen, Panama hasn't, we're Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Maersk North, CNBC, Maersk Detroit, Maersk Chesapeake, Prosperity, U.S, Gaza, Maritime Security Program, VISA, Voluntary Intermodal, U.S ., Intelligence, East, Oceania Locations: Suez, Egypt, Maersk North America, Gulf, Aden, Hangzhou, Maersk, U.S, Good, Asia, Limited's U.S, West Coast, East Coast ., East Coast, Cape Hope, Panama, Ports, Mexico, Pacific Northwest, Los Angeles, Long, China, Australia, New Zealand

☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ European markets set to open mixed as investors digest fresh economic data; German inflation falls
▼ + stars: | 2024-02-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

European markets are set to open mixed Friday as investors digest the latest slew of corporate earnings and look ahead to fresh economic data. German inflation fell in January to 3.1%, new data from the the federal statistical office showed Friday. Regional markets closed slightly lower on Thursday as investors digested a slew of earnings from Unilever, Societe Generale, Maersk, Siemens and Adyen. In Asia-Pacific, Japan's Nikkei hit fresh 34-year highs on Friday, while most markets were either fully or partially closed for the Lunar New Year holiday. Stateside, U.S. futures were lower Friday morning after the S&P 500 crossed the historic 5,000 milestone for the first time during intraday trading.

Organizations: Unilever, Societe Generale, Maersk, Siemens, Adyen, Nikkei Locations: Italy, Asia

☆ HSBC analyst discusses shipping giant Maersk's fall in profits
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHSBC analyst discusses shipping giant Maersk's fall in profitsParash Jain, head of shipping and ports research at HSBC, says as soon as the Red Sea crisis is over, "reality will hit" and freight rates will drop "quite rapidly."

Persons: Jain Organizations: HSBC

☆ European markets head for higher open ahead of a slew of earnings
▼ + stars: | 2024-02-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive open on Thursday as investors focus on a slew of earnings set to come from Unilever, Societe Generale, Maersk, Siemens and Adyen. Regional markets retreated Wednesday amid ongoing uncertainty over the rate cut outlook. Japan's Nikkei led gains in Asia-Pacific markets on Thursday, hitting fresh 34-year highs, after a report suggested the country's central bank would not aggressively tighten its monetary policy. U.S. stock futures were little changed in overnight trading Wednesday after the S&P 500 finished the regular session on the brink of the 5,000 milestone. Investors will monitor fresh U.S. jobless claims data on Thursday to gauge the health of the labor market.

Organizations: Unilever, Societe Generale, Maersk, Siemens, Adyen, Japan's Nikkei Locations: Asia, Pacific

☆ Red Sea disruption adding 'high uncertainty' to earnings outlook, Maersk says
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRed Sea disruption adding 'high uncertainty' to earnings outlook, Maersk saysMaersk CEO Vincent Clerc says shipping disruption in the Red Sea has added "high uncertainty" to the company's 2024 earnings outlook.

Persons: Vincent Clerc Organizations: Maersk

☆ 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

☆ Stocks making the biggest moves premarket: Disney, PayPal, Arm and more
▼ + stars: | 2024-02-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Ralph Lauren reported earnings of $4.17 per share, excluding items, while analysts surveyed by FactSet expected earnings of $3.57 per share. The company, which is anticipating soft sales growth this year, also announced a $1 billion share buyback program. Arm Holdings — The chipmaker's stock soared more than 28% after it reported a fiscal third-quarter earnings beat . Apollo Global Management — Shares rose nearly 3% after the asset management company's fourth quarter earnings topped estimates. The company reported $32 billion of inflows during the quarter, pushing its total assets under management to $651 billion.

Persons: Ralph Lauren —, Ralph Lauren, Morgan Stanley, Ally, Mattel —, Barbie toymaker, LSEG, Moody's, NYCB, FactSet's, —, Jesse Pound, Tanaya Macheel, Lisa Kailai Han, Michelle Fox Theobald Organizations: —, Revenue, Mattel, PayPal, New York Community Bancorp, Arm Holdings, Apollo Global Management, American, American Express, Maersk —, Maersk Locations: Danish

☆ Shipping giant Maersk suspends share buybacks amid Red Sea disruption, flags 2024 earnings uncertainty
▼ + stars: | 2024-02-08 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — Danish shipping giant Maersk on Thursday flagged "high uncertainty" in its 2024 earnings outlook as Red Sea disruptions continued to weigh on the industry. The company also said that it would be suspending share buybacks on the back of the uncertainty. Maersk said it expected underlying EBITDA (or earnings before interest, tax, depreciation and amortization) of between $1 billion and $6 billion this year, compared to the $9.6 billion recorded in 2023. "The impact of this situation is causing new uncertainty for how this is going to play out from an earnings perspective throughout the year," CEO Vincent Clerc told CNBC's "Squawk Box Europe." Global supply chains have faced serious disruption since late 2023 after major shipping companies began diverting journeys away from the Red Sea following a string of attacks by Yemen's Houthi rebels.

Persons: Maersk, Vincent Clerc, CNBC's, Yemen's Houthi Organizations: LONDON Locations: Ocean, Iran, Gaza, Israel

☆ 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

☆ Onboard a U.S. aircraft carrier, a cat-and-mouse game with Houthi forces plays out
▼ + stars: | 2024-02-04 | by ( Courtney Kube | Dan De Luce | ) www.cnbc.com time to read: +3 min

It was the second night in a row that aircraft from the Eisenhower have targeted Houthi militants in Yemen who are attacking cargo ships in the Red Sea. NBC News is currently the only news organization embedded with the U.S. Navy in the Red Sea while it is conducting strikes. Houthi militants based in Yemen have attacked roughly 30 cargo ships navigating the Red Sea since Nov. 19. Houthi leaders dismissed the U.S. and U.K. strikes on Saturday and vowed to continue their Red Sea attacks until Israel ends its military operations in Gaza. On Friday, the carrier's F/A-18 aircraft intercepted multiple drones that Houthi forces were preparing to launch, military officers told NBC News.

Persons: Eisenhower, Mason, Mohammed Al Organizations: EISENHOWER, Navy, —, NBC News, U.S . Navy, U.S . Central Command, Maersk, U.S, Gaza, Nimitz, Desert Locations: Yemen, Red, U.S, Aden, Israel, Gaza, Iran

☆ Self-navigating ships could change the shipping industry. Here are the companies poised to benefit
▼ + stars: | 2024-02-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +7 min

Worldwide, the autonomous ships market reached $4.13 billion in 2022, and is forecasted to grow to $10.1 billion in 2032, according to Emergen Research . Avikus said this journey marked the first time autonomous navigation successfully enabled a large vessel to complete a trip over 10,000 kilometers. HiNAS 2.0 deployed a level-three autonomous navigation system, meaning that human intervention is only deployed in an emergency situation. The success of the HiNAS 2.0 and Prism Courage journey marked a foray into greater commercialization and implementation of autonomous ship navigation technology. The company is aiming for its fully autonomous ship technology to reach full-scale commercialization by 2025.

Persons: Patrick Ryan, Covid, Courage, Avikus, Carol Schleif, Rudy Negenborn, — Ryan, Ryan, BMO's, Morgan Stanley, Ravi Shanker, Shanker, Hunt, C.H, Robinson, Negenborn Organizations: Research, American Bureau of Shipping, Hyundai, Yara International ASA, Yara, BMO Family, Delft University of Technology, Moeller, Maersk, Yara International, Mitsui, Mitsui O.S.K, Royce, Shipbuilders, Expeditors International Locations: Covid, Avikus, Freeport, of Mexico, Panama, Korea, Red, Suez, U.S, Danish, American, ADRs, Japan

☆ '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

☆ Panama Canal Drought Slows Cargo Traffic
▼ + stars: | 2024-01-26 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +8 min

PANAMA CANAL Colón Atlantic Ocean Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic Source: MariTrace Ship movements from Jan. 19 to Jan. 21, 2024. Panama Canal Drought Slows Cargo TrafficThe lake that allows the Panama Canal to function recorded the lowest water level ever for the start of a dry season this year, which means that vastly fewer ships can pass through the canal. The Panama Canal Authority has reduced daily traffic through the narrow corridor by nearly 40 percent compared with last year. “The fact that the Panama Canal operates on freshwater is a major disadvantage compared to other water routes,” said Ricaurte Vásquez Morales, the administrator of the Panama Canal Authority, in a video address last month. But it may not be enough to meet the pressing demand for cargo traffic through the Panama Canal.

Persons: El, Jan, ”, Ricaurte Vásquez Morales, Gatún, Joshua Tewksbury, Gloria Arrocha Paz, Arrocha Paz Organizations: PANAMA Ship, Panama Canal Authority, Maersk, Panama Canal, Smithsonian Tropical Research Institute, Demand, Times, Smithsonian Tropical Research Locations: PANAMA, Lake Panama, Panama City PANAMA, Lake Panama City PANAMA, Panama, East Coast, United States, Northeast Asia, South America, Tewksbury, Indio, Gatún, Panama City, Panama Canal Authority, What’s

☆ The Houthis are still trying to attack ships, but most of the time, they can't get their missiles in the air before the US blows them up
▼ + stars: | 2024-01-24 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

US forces have been carrying out a handful of preemptive strikes against the rebels lately. This marked the Houthis' first confirmed missile launch in nearly a week, although it's not for a lack of trying. On Jan. 18, the Houthi rebels fired two anti-ship ballistic missiles at a US-owned and Greek-operated tanker. The military asserted in all four cases that it destroyed the Houthi missiles in "self-defense" and its actions make international waters off the coast of Yemen safer to transit. How much, exactly, is unclear, although Pentagon officials estimate the rebels maintain a majority of their ability to launch missiles and drones at ships, per The New York Times.

Persons: —, it's, CENTCOM, Dwight D, Eisenhower, Kaitlin Watt, Yemen's, Khaled Abdullah, Pat Ryder, Ryder, It's Organizations: Wednesday, Service, US Navy, Maersk Detroit, US Central Command, Houthi, Pentagon, Navy, Washington, British, REUTERS, New York Times Locations: Iran, Aden, Red, Yemen, Washington, U.S, Sanaa

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