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☆ How the Worst Drought in a Century Is Changing the Panama Canal
▼ + stars: | 2023-06-20 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/how-the-worst-drought-in-a-century-is-changing-the-panama-canal-50e58f13

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☆ How the Panama Canal Is Adapting to the Worst Drought in a Century
▼ + stars: | 2023-06-20 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/how-the-worst-drought-in-a-century-is-changing-the-panama-canal-50e58f13

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☆ Ocean Freight Rates Slump as Demand for Apparel and Electronics Weakens
▼ + stars: | 2023-05-22 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ocean-freight-rates-slump-as-demand-for-apparel-and-electronics-weakens-460d0a0c

☆ The ‘Bad Boy’ of Shipping Cashes In on Russian Oil
▼ + stars: | 2023-05-04 | by ( Joe Wallace | Costas Paris | ) www.wsj.com time to read: 1 min

Most Western shipping companies stopped moving Russian oil after the U.S. and allies sanctioned Moscow’s prize export. In Greece, home to one of the world’s biggest merchant fleets, tanker owners are doubling down. At the front of the pack is George Economou , a 70-year-old shipping tycoon with a taste for art by Francis Bacon, minimalist superyachts and ventures some rivals say they wouldn’t dare attempt.

☆ Maersk Earnings Weighed Down by Sharp Drop in Freight Rates and Volumes
▼ + stars: | 2023-05-04 | by ( Costas Paris | Dominic Chopping | ) www.wsj.com time to read: 1 min

The container ship Maersk Batam is loaded in the Port of Southampton, on the south coast of England. Photo: adrian dennis/Agence France-Presse/Getty ImagesA.P. Moller-Maersk on Thursday posted a sharp drop in first-quarter net profit as inventory corrections in Western economies sent shipping demand falling, pushing freight rates and volumes lower. The Danish shipping giant said it expects the destocking effort, the result of an enormous inventory buildup last year that left retailers swamped with goods, to wind down by the end of the second quarter but that trade volumes are still contracting.

☆ Iran Seizes Second Oil Tanker in a Week
▼ + stars: | 2023-05-03 | by ( Dion Nissenbaum | Costas Paris | ) www.wsj.com time to read: 1 min

Iranian naval boats swarmed the Niovi after it left Dubai early Wednesday morning. Photo: HANDOUT FROM U.S.NAVAL FORCES CENTRAL COMMAND/VIA REUTERSIranian forces seized a Panama-flagged oil tanker on Wednesday in the Strait of Hormuz, the U.S. Navy said, marking the second time in less than a week that Iran has captured a commercial ship in the region. A dozen small Iranian naval boats swarmed the 360-yard-long Niovi after it left Dubai en route to the United Arab Emirates port of Fujairah early Wednesday morning, the navy said. The Iranian boats forced the Niovi to reverse course and head toward Iran’s coast.

☆ Iran Seizes U.S.-Bound Oil Tanker
▼ + stars: | 2023-04-27 | by ( Costas Paris | Aresu Eqbali | ) www.wsj.com time to read: 1 min

The oil tanker Advantage Sweet in Turkey earlier this year. Photo: YORUK ISIK/REUTERSIran’s naval forces on Thursday seized an oil tanker bound for Texas in the Gulf of Oman, a move that drew condemnation from the U.S. military at a time of heightened tensions between Tehran and Washington. The Islamic Revolutionary Guard Corps Navy seized the tanker, Advantage Sweet, while it moved through international waters at 1:15 p.m. local time, U.S. Naval Forces Central Command said. The U.S. Fifth Fleet, which is tasked with monitoring maritime activity in the area, is monitoring the situation, according to U.S. naval forces.

☆ Russian Shipbuilders Are Running Out of Parts
▼ + stars: | 2023-04-24 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

The Russian shipbuilding sector is facing its biggest challenge since the collapse of the Soviet Union, some executives say. Photo: Peter Kovalev/Zuma PressRussian shipbuilding behemoth United Shipbuilding Corp. is running out of key engine parts, delaying or halting the production of tankers and ocean vessels the country needs to move its oil and cargo. Soon after Russia invaded Ukraine in February 2022, the U.S. and Europe slapped Russia with sanctions and export controls that have disrupted the flow of engine parts, propellers and fuel pumps.

☆ BNSF Cargo Train Hauling Ethanol Derails in Minnesota
▼ + stars: | 2023-03-30 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

A freight train hauling ethanol, a highly flammable and toxic chemical, derailed in Minnesota early Thursday, sparking a fire and prompting residents to evacuate the area. The derailment occurred in Raymond, a town roughly 100 miles west of Minneapolis, and there were no injuries reported, according to an official at the Raymond fire department. Residents within a half-mile of the accident were asked to evacuate.

☆ Surging Chinese Oil Demand Pushes Shipping Costs Sharply Higher
▼ + stars: | 2023-03-17 | by ( Costas Paris | Joe Wallace | ) www.wsj.com time to read: 1 min

Very Large Crude Carriers can each transport two million barrels of oil. China is on an oil-supertanker hiring spree, a sign energy demand has sped up after the world’s second-largest economy limped out of its Covid-19 lockdowns. Traders carry crude to China, the world’s biggest oil importer, in Eiffel Tower-size tankers called Very Large Crude Carriers that each lug two million barrels of oil. The cost of chartering the most coveted type of these tankers, featuring modern exhaust systems, has shot up to nearly $100,000 a day, ship brokers say. That is double the rate from a month ago.

☆ Norfolk Southern CEO to Pledge Change at Senate Hearing on Ohio Train Derailment
▼ + stars: | 2023-03-09 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

Norfolk Southern Corp. will spend more than $20 million to reimburse residents and clean up a small town in Ohio where one of its trains derailed and spilled toxic chemicals last month, the chief executive of the company plans to tell a Senate committee on Thursday. “I am deeply sorry for the impact this derailment has had on the people of East Palestine and surrounding communities, and I am determined to make it right,” Norfolk Southern Chief Alan Shaw said in prepared remarks to the Senate’s Environment and Public Works Committee.

☆ Norfolk Southern’s Ohio Train Derailment Puts Railroad Equipment Sensors in Spotlight
▼ + stars: | 2023-03-08 | by ( Jemal R. Brinson | Costas Paris | ) www.wsj.com time to read: 1 min

The derailment of a Norfolk Southern Corp. train in a small Ohio town last month is putting renewed attention on the role of sensors that railroads use in a bid to prevent such accidents. The railroad, in response, announced new safety initiatives, including adding 200 temperature detectors to parts of its tracks where existing sensors are at least 15 miles apart, starting near the derailment site in East Palestine.

☆ NTSB to Probe Norfolk Southern Safety Culture After Derailments, Accidents
▼ + stars: | 2023-03-07 | by ( Costas Paris | Dean Seal | ) www.wsj.com time to read: 1 min

The cleanup continued at the site of a Norfolk Southern freight train derailment last month in East Palestine, Ohio. Federal transportation safety investigators have opened a special investigation into Norfolk Southern Corp’s safety culture in connection with recent derailments and fatal accidents in the railroad’s operations. The National Transportation Safety Board said Tuesday it was taking the step “given the number and significance” of accidents and called for Norfolk Southern to immediately review and assess its safety practices. The agency said it has launched investigations into five significant accidents involving Norfolk Southern since December 2021.

☆ Norfolk Southern to Add 200 Temperature Sensors After Ohio Derailment
▼ + stars: | 2023-03-06 | by ( Costas Paris | Colin Kellaher | ) www.wsj.com time to read: 1 min

Norfolk Southern Corp. said it plans to add about 200 temperature detectors along its tracks in the aftermath of a derailment of a train carrying hazardous chemicals in Ohio. The railroad said it would add the hot-bearing sensors to parts of its track where existing sensors are at least 15 miles apart, starting with the track west of East Palestine, Ohio. It said temperature sensors are on average 13.9 miles apart on its network.

☆ Norfolk Southern to Add 200 Temperature Sensors After Ohio Train Derailment
▼ + stars: | 2023-03-06 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

Norfolk Southern Corp. said it plans to add about 200 temperature detectors along its tracks in the aftermath of a derailment of a train carrying hazardous chemicals in Ohio. The railroad said it would add the hot-bearing sensors to parts of its track where existing sensors are at least 15 miles apart, starting with the track west of East Palestine, Ohio. It said it currently has about 1,000 temperature sensors that are on average 13.9 miles apart on its network.

☆ Norfolk Southern’s Second Ohio Derailment Is Investigated
▼ + stars: | 2023-03-05 | by ( Ginger Adams Otis | Costas Paris | ) www.wsj.com time to read: 1 min

Officials on Sunday were investigating what caused a Norfolk Southern Corp. train to leave a track near Springfield, Ohio, in the company’s second derailment in the state in recent weeks. Unlike the Feb. 3 derailment near East Palestine, Ohio, which spilled toxic chemicals, no hazardous materials were aboard the train that went off track on Saturday, officials said.

☆ Idled Ships, Empty Containers. Ocean Shipping Faces Its Biggest Slump in Years.
▼ + stars: | 2023-03-02 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

LONG BEACH, Calif.—Global shipping executives are wrestling with plunging exports, falling freight rates and mounting suspense over whether the industry is headed for a price war. Traffic from China’s ports has slowed significantly, empty containers are stacked six high and trucks with no cargo dot the highway leading to the major terminals. The world’s largest box-ship operator plans to return dozens of chartered vessels to their owners.

The move against Sun Ship and other offshore entities is the start of a broader campaign to keep Russia from finding offshore workarounds to sanctions. The European Union sanctioned a Dubai-based subsidiary of Russia’s state-owned shipping giant, the manager of dozens of oil tankers that ferry Russian oil and natural gas around the world. The sanctions targeting Sun Ship Management include an EU asset freeze and ban on financing the company, which the EU said is part of government-controlled shipping company Sovcomflot. EU officials discussed listing the company under a new power to go after companies or people that are knowingly helping Russia circumvent Western sanctions. In the end, however, it targeted the company as a subsidiary of Sovcomflot, which is generating revenue for Moscow.

The move against Sun Ship and other offshore entities is the start of a broader campaign to keep Russia from finding offshore workarounds to sanctions. The European Union sanctioned a Dubai-based subsidiary of Russia’s state-owned shipping giant, the first time it has used new powers to hit foreign-based entities that help Moscow circumvent Western restrictions. The sanctions target Sun Ship Management , the manager of dozens of oil tankers that ferry Russian oil and natural gas around the world. The new sanctions include an EU asset freeze and ban on financing the company, which the EU said is part of government-controlled shipping company Sovcomflot .

☆ Biggest Shipping Companies Signal Global Trade Slowdown
▼ + stars: | 2023-02-08 | by ( Costas Paris | Dominic Chopping | ) www.wsj.com time to read: 1 min

Maersk says it is seeing falling demand for freight shipping from both the U.S. and Europe. A Danish shipping giant on Wednesday became the latest company to showcase how global trade has slowed through the Covid-19 pandemic. Moller-Maersk A/S, one of the world’s largest ocean freight companies, said it expects its earnings could plunge nearly 80% this year amid weakening demand to ship containers.

Russia has managed to keep its oil moving to world markets, defying fears that sanctions imposed last month would lead to a plunge in exports. A small office in a suburb of Mumbai helps explain how Russian crude continues to flow. The address is home to an Indian shipping company that didn’t manage a single ship until 2022. It took control of two dozen tankers after the Russian military invasion of Ukraine and has put them to work shuttling Russian crude along newly established trade routes to the Mediterranean, Turkey and India, vessel-ownership and tracking data show.

Moeller-Maersk and Mediterranean Shipping Co. created the so-called 2M alliance in 2015 to help them reduce costs by sharing cargo on major ocean routes. Rivals formed similar partnerships, creating the Ocean Alliance and THE Alliance. Global trade volumes fell 9.5% year over year in November 2022, according to London-based Container Trade Statistics, and global shipping rates have been sliding at a steep pace since early last year. He said the winding down of 2M raised questions over the future of the other two alliances, Ocean Alliance and THE Alliance. So the in-transit issues and all the penalties have pretty much faded away.”Target said in an email that it renegotiates its shipping rates regularly.

The Covid-19 pandemic might not be gone, but the global supply-chain crisis it spawned has abated. Goods are moving around the world again and reaching companies and consumers, despite some production snarls and Covid outbreaks inside China. Gone are the weekslong backlogs of cargo ships at large ports. Ocean shipping rates have plunged below prepandemic levels.

☆ Shipping Industry Balks at Green Energy Transition
▼ + stars: | 2022-12-22 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

Ocean shipping is making its biggest energy transition since switching to oil from coal decades ago, but the shift to low- or no-carbon fuels so far has been messy. Shipowners are split on which fuel should be the new industry standard and how soon they can recoup investments to meet environmental targets established by governments and industry regulators. The price tag on investments needed in new ships, alternative fuel production and other infrastructure has been pegged at $3 trillion over the next few decades, according to shipping-services provider Clarksons.

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