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☆ Panama Canal says shipping rebound is underway after record drought
▼ + stars: | 2024-11-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

watch nowAfter two years of record drought conditions amid a challenging El Nino weather system which decimated vessel transits, the Panama Canal is experiencing a trade rebound. The U.S. is the largest user of the Panama Canal, with total U.S. commodity export and import containers representing about 73% of Panama Canal traffic, and 40% of all U.S. container traffic traveling through the Panama Canal every year. Despite competition from the Suez Canal, Vásquez predicts that the Panama Canal will recover to pre-drought volumes, with a focus on larger vessels and energy-related trade. The Panama Canal drought began in late 2022 and was described as the worst in the canal's history by January 2024. The Panama Canal Authority reported a 29% drop in vessel transits during fiscal year 2024.

Persons: Ricaurte Vásquez, Vásquez Organizations: Panama Canal Authority, CNBC, Panama Canal, Maersk, Port, International Longshoremen's Association Locations: Nino, Panama, U.S, Gatun, Suez, Port of Panama, Asia, Gulf Coasts

☆ US carries out second consecutive night of strikes in Yemen, US defense official says
▼ + stars: | 2024-11-11 | by ( Oren Liebermann | Karina Tsui | ) edition.cnn.com time to read: +3 min

CNN —The United States has carried out a second consecutive night of strikes against Houthi targets in Yemen, a US defense official said Sunday. Details of the types of weapons, targets or locations of the strikes were not immediately available, though there were reports of explosions in the Amran and Saada governorates, north of the capital of Sanaa, where the US has carried out strikes in the past. They say they won’t stop striking Israel and its allies until a ceasefire is reached in the Palestinian enclave. The US has struck Houthis targets in Yemen multiple times over the last 11 months but the attacks have continued. In mid-October, Defense Secretary Lloyd Austin announced that the US struck the militant group using stealth B-2 bombers for the first time.

Persons: Lloyd Austin, Joe Biden, Austin, ” Organizations: CNN, US, Hamas, United Nations, Refugee, ” CNN Locations: United States, Yemen, Saada, Sanaa, Iran, Aden, The, Suez, Syria, Gaza, Iraq, Israel, Saudi, Lebanon

☆ Ozempic-fueled slimming is blowing up the wedding dress industry
▼ + stars: | 2024-10-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Price distortions and dysfunction are nothing new in the $73 billion wedding industry. For better or worse, many brides are using the drugs ahead of their big day, lured in by the promise of rapid weight loss. The right fitThe ideal time to buy a wedding dress is eight to 10 months before the event, according to wedding planning site the Knot, and some planners recommend buying a full year in advance in case of shipping delays. “Usually, the dress was ordered somewhere in the middle of those 50 pounds.”It’s hard to overstate how such drastic weight loss can complicate a wedding dress’ fit. “Weight loss has always been a top of priority.

Persons: CNN Business ’, Tami Luhby, Susan Ruddie, Dresser, Spring, That’s, they’re, ”, Myrna Lundberg, “, Lundberg, ” Lundberg, “ It’s, — it’s, you’re Organizations: CNN Business, New York CNN, FDA, Drug Administration, Bureau of Labor Statistics, CNN Locations: New York, China, Suez, United States

The terror attack has helped push the Middle East to the brink of a wider regional war. One year after the massacre, the Middle East has only plunged deeper into violence and is on the brink of a broader war. Globally, the immediate concern is that oil supplies will diminish significantly should conflict spill over to the rest of the Middle East. Everyone but Biden can see this," wrote Andrew Exum, a former US deputy assistant secretary of defense for Middle East policy, in The Atlantic last week. The global economy on edgeWhen the conflict began a year ago, there were fears that wider conflict in the Middle East could impact the global economy.

Persons: —, Israel, Chuck Frielich, Frielich, Yemen's Houthi, Mohammed Hamoud, barraged, Ammar Safarjalani, Ismail Haniyeh, Haniyeh, Fuad Shukr, Hasan Nasrallah, Qasem Soleimani, JOSEPH EID, JALAA MAREY, Nasrallah, bode, Benjamin Netanyahu, Carmel Gat, Netanyahu, Joe Biden, Biden, Andrew Exum, Brent, Vladimir Putin Organizations: Service, Israel Defense Forces, Hamas, Iranian Revolutionary Guard Corps, The Washington Institute for Near East, Getty Images Iran, Getty, Israel's, United Nations General Assembly, Citigroup, Iranian, US, Middle, Business, Bank of Israel, Reuters, IMF Locations: Israel, Iran, Gaza, Suez, Aden, Red, Palestine, Syria, Damascus, Xinhua, Tehran, Beirut, Haniyeh, Shukr, Lebanon, AFP, Hezbollah's, United States, Ukraine

☆ Missile attack by Yemen’s Houthi rebels hits container ship in first attack in 2 weeks
▼ + stars: | 2024-08-04 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +5 min

DUBAI, United Arab Emirates — A missile attack by Yemen’s Houthi rebels struck a Liberian-flagged container ship traveling through the Gulf of Aden, authorities said Sunday, the first assault by the group since Israeli airstrikes targeted them. Gen. Yahya Saree, a Houthi military spokesman, claimed the attack in a prerecorded statement Sunday afternoon. The rebels have targeted more than 70 vessels with missiles and drones in a campaign that has killed four sailors. Meanwhile Saturday, the U.S. military’s Central Command said its forces destroyed a Houthi missile and launcher in Yemen. Hamas’ Oct. 7 attack on Israel, which killed 1,200 people and saw 250 others taken hostage, sparked the war.

Persons: Yemen’s Houthi, Ismail Haniyeh, Yahya Saree, JMIC, ”, Saree, Abraham Lincoln, Theodore Roosevelt Organizations: United Arab Emirates, Liberian, Maritime Information, U.S . Navy, United, U.S MQ, U.S . Defense Department, U.S ., CIA, U.S, U.S . military’s, Command, West Bank Locations: DUBAI, United Arab, Aden, Gaza, Iran, Gulf, Groton, ”, United Arab Emirates, Jeddah, Saudi Arabia, U.S, Israel, United States, Britain, Tel Aviv, Hodeida, Asia, East, Europe, Suez, Sanaa, Haniyeh, Tehran, Gulf of Oman, Yemen, Hamas

☆ ‘It’s All Happening Again.’ The Supply Chain Is Under Strain.
▼ + stars: | 2024-06-24 | by ( Peter S. Goodman | ) www.nytimes.com time to read: +1 min

Stephanie Loomis had hoped that the chaos besieging the global supply chain was subsiding. The multiplying costs of moving freight. Over the last few months, she has watched cargo prices soar as a series of disturbances have roiled the seas. That prompted ships to avoid the waterway, instead moving the long way around Africa, lengthening their journeys by as much as two weeks. Then, a severe drought in Central America dropped water levels in the Panama Canal, forcing authorities to limit the number of ships passing through that crucial conduit for international trade.

Persons: Stephanie Loomis, Loomis, Houthi Organizations: Americas, Rhenus Logistics Locations: Germany, Yemen, Suez, Asia, Europe, East Coast, United States, Africa, Central America, Panama

☆ 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

☆ The US has been 'too passive' with the Houthis in the Red Sea and should go after their leaders, says retired US general
▼ + stars: | 2024-06-03 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

The US has been "too passive" in the Red Sea, a retired US general told CBS' Face The Nation. The Houthis have been using drones and missiles to target commercial shipping in the Red Sea. AdvertisementA retired US general said the US has been too passive when it comes to the Houthis, letting them dominate the Red Sea, and said that it should go after their leaders instead. "We've been too passive," Kenneth F. McKenzie, who previously led the US Central Command, told CBS' Face The Nation on Sunday. "We've allowed the Houthis really to dominate the global maritime communications by closing down effectively the Suez Canal," he said.

Persons: Kenneth F, McKenzie, —, We've Organizations: CBS, US Navy, Service, US Central Command, Business Locations: Red, Suez

☆ US Navy warships in the Red Sea are fighting off missiles new to combat that are 'way faster' than anything else, destroyer captain says
▼ + stars: | 2024-05-20 | by ( Jake Epstein | ) www.businessinsider.com time to read: +6 min

Since then, the Iran-backed rebels have fired dozens of anti-ship ballistic missiles into the Red Sea and Gulf of Aden. An anti-ship ballistic missile "is just way faster than anything else, Cmdr. Jeremy Robertson, captain of the guided-missile destroyer USS Carney, told reporters during a media event on Monday. The Houthis maintain a sizable arsenal of anti-ship ballistic missiles, according to an analysis by the the International Institute for Strategic Studies think tank. US Navy guided-missile destroyer USS Carney defeats a combination of Houthi missiles and drones in the Red Sea on October 19, 2023.

Persons: —, Jeremy Robertson, Carney, MCS2 Aaron Lau, Robertson, we've, Dwight D, Eisenhower, Petty, Bill Dodge, The Carney, Lisa Franchetti, Franchetti Organizations: Service, Navy, Business, US Navy, International Institute for Strategic Studies, Central Command, AP, Israel, Naval, Fleet Locations: American, Iran, Gulf of Aden, Suez, Yemen, Tehran, Washington, Pacific, China, Souda Bay, Greece, Mayport , Florida

☆ Port of Virginia is making big changes to become No. 1 on the East Coast for super-sized ocean containerships
▼ + stars: | 2024-05-09 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

The dredging project is expected to be completed in Fall 2025, making the Port of Virginia the deepest and widest harbor on the East Coast. "Ultra-large container vessels have challenged every port," said Stephen Edwards, CEO of the Port of Virginia. Edwards said the port was able to quickly absorb Baltimore freight because of the ocean carrier service overlap in calling on the Port of Virginia, Baltimore and Port of New York/New Jersey. In January, the port became the first East Coast port to power all its terminals with 100% clean energy, eight years ahead of the 2032 target it set for that goal. The expansion will increase the fleet at NIT to 152 electric stacking cranes, seven electric rail cranes, and 31 electric ship-to-shore cranes.

Persons: Lori Ann LaRocco, Stephen Edwards, " Edwards, Edwards, It's, Good Hope, D'Andrae Larry, Larry, Jones, monopiles, Monopiles Organizations: NIT, CNBC, U.S ., Commonwealth, Walmart, Maersk, Port, Baltimore, Rail, Norfolk International, Uber, Virginia Department of Transportation, Dominion Energy, Rappahannock Electric Cooperative, ClearView Energy Partners, of Ocean Energy, U.S, District of Columbia, Dominion Locations: Port of Virginia, Port, Virginia, U.S . East Coast, Norfolk, Coast, of Virginia, East Coast, U.S, Delaware, South, Southeast Asia, Northeast Asia, India, Red, Suez, Good, Baltimore, Port of Baltimore, Port of New York, New Jersey, of Virginia's, Commonwealth, Norfolk , Virginia, East, Virginia Beach

☆ Maersk Says Expanded Houthi Attacks Are Forcing More Delays
▼ + stars: | 2024-05-06 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: +1 min

Global shipping lines have become increasingly strained as the Houthi militia in Yemen broadens its attacks on cargo vessels, one of the largest companies in the industry warned on Monday. “The risk zone has expanded,” Maersk, the second-largest ocean carrier, said in a note to customers, adding that the stress was causing further delays and higher costs. Since late last year, the Houthis have been attacking ships in the Red Sea, which cargo vessels from Asia have to travel through to reach the Suez Canal. But in recent weeks, the Houthis have been trying to strike ships making that longer journey in the Indian Ocean. Because going around Africa takes longer, shipping companies have had to add more vessels to ensure that they can transport goods on time and without cutting volumes.

Persons: ” Organizations: ” Maersk Locations: Yemen, Red, Asia, Suez, Europe, Africa

☆ Oil dips as investors eye Israel-Gaza truce talks, U.S. Fed policy review
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. Oil edged down in early trade on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanded conflict in the Middle East, while worries about the outlook for U.S. interest rates weighed on the market. The delegation was expected to report back within two days, two Egyptian security sources said. On the economic front, investors are on watch this week for the U.S. Federal Reserve's May 1 policy review, with stubborn inflation pushing out market expectations for any rate cuts, which could bolster the U.S. dollar and hamper oil demand. Some investors are cautiously pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next as inflation and the labor market remain resilient.

Persons: Israel, Yemen's, Yahya Sarea Organizations: Brent, U.S . West Texas, Qatari, Suez, MSC Orion, U.S, U.S . Federal, U.S . Locations: New Mexico, U.S, Israel, Cairo, Gaza, Rafah, Iran, U.S .

☆ War in Gaza has immediate implications on Suez Canal, Egyptian minister says
▼ + stars: | 2024-04-28 | 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 EmailWar in Gaza has immediate implications on Suez Canal, Egyptian minister saysRania Al Mashat, Egypt's minister for international cooperation, discusses the Egyptian economy as the Israel-Hamas war continues and amid the Houthi attacks in the Red Sea.

Persons: Rania Al Mashat Locations: Gaza, Suez, Israel, Red

☆ German frigate Hessen sailors were on watch 12 hours a day in the Red Sea with only seconds to react to threats in the 'worst case scenario'
▼ + stars: | 2024-04-22 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Read previewSailors aboard a German warship that was recently deployed to the Red Sea were on watch for 12 hours a day, and in the "worst" situations, they might've only had seconds to respond to the deadly Houthi threats endangering ships in these waters. The Hessen, a Sachsen-class frigate, left the Red Sea and entered the Suez Canal on Saturday after spending nearly 60 days operating in Middle Eastern waters, Germany's military said Monday. Around 240 crew members aboard the Hessen were on "a permanent war march" during the mission, the German military said in a statement, according to a translation. German military photoThe short timeframe underscores how fast some of the Houthi threats are. In late-February, the Hessen accidentally targeted a US MQ-9 Reaper drone that was operating around the Red Sea and fired several missiles at the aircraft.

Persons: —, Bab, Volker Kübsch, Kübsch Organizations: Service, Business, US Navy, German Navy, Navy, Aspides, Sachsen Locations: Hessen, Sachsen, Suez, Yemen, Gulf, Aden, Mandeb, Germany, Wilhelmshaven, Hamburg

☆ The US Navy has fired off nearly $1 billion in weapons fighting threats from Iran and the Houthis
▼ + stars: | 2024-04-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

US naval forces in the Middle East have been involved in shooting down malign threats for months. The cost of munition expenditure during this time is approaching $1 billion, the Navy secretary said. AdvertisementThe US Navy has fired nearly $1 billion in missiles to counter threats from Iran and its proxy forces over the past six months, the sea service's top civilian official revealed on Tuesday. USS Dwight D. Eisenhower conducts flight operations in response to the Houthis in the Red Sea. The Pentagon's Red Sea operations, however, have raised questions about sustainability, as the Houthis show no sign of letting up their attacks.

Persons: —, Navy Carlos Del Toro, Arleigh Burke, Aaron Lau Del Toro, Biden, Dwight D, Eisenhower, Kaitlin Watt Del Toro, Israel Organizations: Service, US Navy, US, Navy, Defense, Carney, Senate, House Republicans, Congress Locations: Iran, Yemen, Israel, Suez, Ukraine, Red, Gulf of Aden

A battle is playing out in the Red Sea as Yemen's Houthi militia attacks commercial shipping vessels headed to the Suez Canal using weapons supplied by Iran. Now a US-led task force is fighting back. We compare the weapons and tactics and tell you who holds the power in this global conflict.

Locations: Suez, Iran

☆ Opinion: What does Iran really want?
▼ + stars: | 2024-04-14 | by ( Peter Bergen | ) edition.cnn.com time to read: +10 min

“A modern, strong, peaceful Iran could become a pillar of stability and progress in the region,” former US Secretary of State Henry Kissinger wrote in 2006. Iran introduced into the Iraqi war zone highly effective roadside bombs known as EFPs – Explosively Formed Penetrators – that wounded and killed hundreds of American soldiers. The official US Army history of the Iraq War concluded that Iran was the only winner of that war. Iran’s ‘cookie-cutter approach’Norman Roule was the top US intelligence official on Iran from 2008 to 2017. The withdrawal of the US troops from neighboring Iraq is a key goal of Iran, which exerts considerable influence over some Iraqi politicians.

Persons: Peter Bergen, Osama bin Laden, Shah, Henry Kissinger, Iran’s ayatollahs, Karim Sadjadpour, Sadjadpour, Reagan, bin Laden, bin, al, Saddam Hussein, –, Noam Chomsky, Iran’s, Norman Roule, Roule, propping, Bashar al, Assad, Christine Abizaid, ”, Trump, Obama, Donald Trump, ‘, Benjamin Netanyahu, hasn’t, Joe Biden, Netanyahu, hadn’t, Biden, Abizaid, Mohammed Shia Organizations: New, Arizona State University, Apple, Spotify, CNN, Saturday, East, CIA, US Army, Israel, US National Counterterrorism Center, US Treasury Department, ‘ Deemed, United Nations, Israel’s, Hamas, Iran, White, ISIS Locations: New America, Israel, Iranian, Damascus, Iran, United States, Palestine, ”, Lebanon, Beirut, Saudi, al Qaeda, Iraqi, Saddam, Iraq, Syria, Yemen, Red, Suez, Gaza, New York, Damascus ”, Jordan

☆ Will the Baltimore Bridge Disaster Make Inflation Worse? - The New York Times
▼ + stars: | 2024-04-02 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

It has been a week since the Dali, a container ship, struck the Francis Scott Key Bridge in Baltimore. It’s still stuck there, and the images remain amazing, in part because the vessel is so huge compared with what’s left of the bridge. And with the ship and pieces of the bridge blocking the harbor entry, the Port of Baltimore remains closed. Well, it would have been quite a big deal if it had happened in late 2021 or early 2022, when global supply chains were under a lot of pressure. The Dali is no Ever Given, the ship that blocked the Suez Canal when it ran aground in 2021.

Persons: Dali, Francis Scott Key, It’s, what’s, Dali Baltimore Locations: Baltimore, Port, Los Angeles, Dali, East Coast, Suez

☆ Now is probably a good time to hedge against downside risk in the stock market. Here are 4 ways you can protect your portfolio — including 2 that are historically cheap.
▼ + stars: | 2024-03-31 | by ( William Edwards | ) www.businessinsider.com time to read: +7 min

But with the market at an all-time high, now is probably a good time to hedge against potential downside, experts say. That's especially the case because there's an elevated degree of risk facing stocks, and the cost of some insurance measures is historically cheap. Related storiesThe S&P 500 also looks overextended on a technical basis, according to many measures. AdvertisementRosenberg Research"The definition of a stretched market is one when the S&P 500 gaps 14% or more above the 200-day trendline. Beyond extreme, in fact — back to 1928, the S&P 500 has only drifted this far above the moving average 7% of the time," Rosenberg said.

Persons: Jim Smigiel, they've, Louis Fed, Phillip Colmar, Colmar, David Rosenberg, Rosenberg, Steve Sosnick, we're, Smigiel, Sosnick Organizations: Service, Nvidia, Microsoft, Bank of America's, Survey, Bank of America, SEI, Fed, Louis Fed Inflation, MRB Partners, Rebels, Rosenberg Research, Interactive Brokers Locations: Ukraine, Russia, Israel, Palestine, Suez

☆ Opinion: Trump videos send wildly different messages
▼ + stars: | 2024-03-31 | by ( Richard Galant | ) edition.cnn.com time to read: +19 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. In a video promoting the Bible, Trump said, “Religion and Christianity are the biggest things missing from this country. … we need to bring them back.”On Good Friday, Trump posted a very different kind of video. It showed an image of President Joe Biden lying sideways and tied up in the bed of a pickup truck. “Robert F. Kennedy Jr.’s independent presidential campaign can’t win, but it could swing the presidency to former President Donald Trump,” Begala wrote.

Persons: Matthew Arnold, Homer, King James, Donald Trump, ”, Lee Greenwood’s, AJ Willingham, Trump, Joe Biden, Drew Sheneman, MAGA, Biden, Fareed Zakaria, ” Zakaria, Candida Moss, he’ll, he’s, Barack Obama, Bill Clinton, Julian Zelizer, ” “, …, ” Clay, “, Obama, “ Obama, CNN Trump, —, Attorney Alvin Bragg, “ Trump, Stormy Daniels, ” Norman Eisen, Andrew Warren, James Antle III, stoked, Letitia James, Dali, Francis Scott Key, Tasos Katopodis, Richard Timme, ” Timme, Salvatore R, Mercogliano, ’, Jalal Baig, Catherine, Princess of Wales, Baig, Paul Hockenos, “ It’s, Robert F, Kennedy Jr, Nicole Shanahan, Eric Risberg, Paul Begala, Ross Perot, George H, Bush, “ Robert F, can’t, ” Begala, ” Shanahan “, Sergey Brin, Hillary Clinton, Pete Buttigieg, Ro Khanna, Lee Drutman, Mark Osler, Jill Filipovic, Lisa Murkowski, Obeidallah, Johnson Ronna, Ronna McDaniel, Justin Sullivan, McDaniel, ” McDaniel, David Zurawik, Jack Ohman, Walt Handelsman, Tim Hubbard, Dennis Muilenburg —, Max, David Calhoun, ‘, ” Hubbard, Annelle, ” Sheline, ” Don’t, Frida Ghitis, Putin, Howard Fischer, Keith O’Brien, Pete Rose, Nick Anderson, Agency Sara Stewart, Mary Ziegler, Patrick T, Brown, shouldn’t, Emma Firth, Carter ’ Parkwood, Roxanne Jones, Cowboy Carter, Beyoncé, ” Jones Organizations: CNN, Oxford University, New, Trump, Nasdaq, NYPD, Hollywood, Biden, Cupp, Obama, Manhattan, Attorney, Democratic, US Coast Guard, Baltimore, Federal Highway Administration, RFK Jr, RFK, Google, The New York Times, Republican National Committee, NBC News, “, Press, NBC, MSNBC, Content Agency Boeing, Notre Dame, Boeing, US State Department, Israel, Tribune, Agency, Sony, AP Locations: Independence, New York City, America, New, Manhattan, Queens, New York, Baltimore, Coast, Suez, Port, China, Argentina, Red, Gaza, Wales, Northern California, California, Israel, Columbia

☆ The Dali Is a Big Ship. But Not the Biggest.
▼ + stars: | 2024-03-28 | by ( Ella Koeze | ) www.nytimes.com time to read: +4 min

Empire State Building Approximate width 1,454 feet long MSC Irina Biggest container ship in the world 200 feet wide 24,346 containers 1,312 feet Ever Max Biggest container ship to sail into Baltimore 167 feet 15,432 containers 1,201 feet Eiffel Tower 410 feet 1,083 feet Dali 157 feet 9,971 containers 984 feet Container ship of the 1970s ~2,500 containers 66 feet 705 feet Football field Shapes are approximate. 160 feet 360 feet Empire State Building Approximate width 1,454 feet long MSC Irina Biggest container ship in the world 24,346 containers 200 feet wide 1,312 feet Ever Max Biggest container ship to sail in the Port of Baltimore 15,432 containers 167 feet 1,201 feet Eiffel Tower 410 feet 1,083 feet Dali 157 feet 9,971 containers 984 feet Container ship of the 1970s ~2,500 containers 66 feet 705 feet Football field Shapes are approximate. 160 feet 360 feet 1,454 ft. 1,312 ft. 1,201 ft. 1,083 ft. 984 ft. 24,346 containers 705 ft. 15,432 containers 9,971 containers ~2,500 containers 360 ft. 66 ft. 200 ft. 167 ft. 410 ft. 157 ft. 160 ft. Approximate width Empire State Building MSC Irina Biggest container ship in the world Ever Max Biggest container ship to sail into Baltimore Eiffel Tower Dali Container ship of the 1970s Football field Sources: “The Geography of Transport Systems,” by Jean-Paul Rodrigue; VesselFinder; the Empire State Building; the Eiffel Tower; ShipHub; Maryland Port Administration Note: Widths shown are for the widest point for each ship.

Persons: Dali, Jean, Paul Rodrigue, Francis Scott Key, Theo Notteboom, Athanasios Pallis, ”, Rodrigue, “ Organizations: ., Eiffel, Transport Systems, Empire, Francis Scott Key Bridge, Container, Port Economics, Management, Eastern Seaboard, Texas, M University, Galveston, Baltimore . Locations: Baltimore, Port, ShipHub, Maryland, Panama, Eastern U.S, Suez

☆ Opinion: Why ‘black swans’ are behind the Key Bridge and other shipping disasters
▼ + stars: | 2024-03-28 | by ( Opinion Salvatore R. Mercogliano | ) edition.cnn.com time to read: +9 min

CNN —The allision between the container ship MV Dali and the Francis Scott Key Bridge in Baltimore on Tuesday has prompted numerous questions — not only about how this tragedy occurred, but also about our global shipping processes. This marked the start of a campaign by the Houthis, in support of Hamas in their attack on Israel, against global shipping transiting the Red Sea, Bab-el-Mandeb and the Gulf of Aden. Now, two years later, Baltimore is closed with remains of the Key Bridge athwart the main shipping channel. No one agency has oversight of or coordinates global shipping or ports in the US. There is also no overall maritime strategy for the nation, although the US Department of Transportation, Maritime Administration has been tasked to develop one.

Persons: Salvatore R, Mercogliano, Francis Scott Key, —, Sal Mercogliano Bennett Scarborough, Dali, ”, Jennifer Homendy, Transportation Pete Buttigieg, John Garamendi of, Dusty Johnson of Organizations: Campbell University, Shipping, YouTube, CNN, MV Galaxy Leader, Baltimore, Federal Highway Administration, Transportation, Bethlehem Steel, Department of Transportation, Maritime Administration, US Coast Guard, Army Corps of Engineers, Maryland Department of Transportation, US Department of Transportation, Federal Maritime Commission, Democratic, Republican, Dusty Johnson of South Dakota, Ocean Shipping Reform Locations: Baltimore, Asia, Suez, Los Angeles, Long, Yemen, Israel, Bab, Aden, China, Argentina, Largo, Dali, Sparrows, United States, John Garamendi of California, Dusty Johnson of South

☆ The Baltimore bridge disaster is just the latest knock to global shipping and trade
▼ + stars: | 2024-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Over the past few years, supply chain woes have repeatedly come into the spotlight. Since then, global integrated supply chain systems just seem to keep getting disrupted — be it by the COVID-19 pandemic or Russia's war in Ukraine. The domino effect is due to the "just in time" model that supply chains have been relying on for decades. Here are three key reasons why supply chains just seem to keep screwing up in recent years. Examining ongoing conflicts in the Black Sea and Red Sea respectively shows how geopolitical conflicts affect global supply chains.

Persons: —, they've, Donald Trump, Dali, Francis Scott Key, Project44, Nari Viswanathan, Viswanathan, tailspin, Julie Gerdeman, Trump, Rahul Khanna, Geoff Weiss, Allan Post, Justus Heinrich, Khanna Organizations: Service, Business, Maersk, BI, Shipping, Allianz, Allianz Commercial, Technologies Locations: China, Ukraine, Baltimore, The Port, of Baltimore, Europe, Asia, Iran, Israel, Suez, Good, Africa, Panama, El, Egypt

☆ The marine insurance industry is bracing for huge claims from the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Huge insurance claims are expected after the Dali collided with a major bridge on Tuesday. The claims could be on par with the $1.5 billion from the Costa Concordia disaster, an expert told Insurance Business. AdvertisementThe marine insurance industry is bracing for huge claims from Tuesday's Baltimore bridge disaster. AdvertisementThe marine insurance and reinsurance markets are likely to foot most of the bills, S&P Global reported on Tuesday. The Baltimore bridge itself is insured by insurance giant Chubb, per Insurance Insider.

Persons: Dali, —, Francis Scott Key, John Miklus, Miklus, Costa Concordia's, You've, Cintia Nazima, Chubb, SCOR Organizations: Business, Insurance, Service, American Institute of Marine Underwriters, Costa Concordia, Maryland Transportation Authority, Wall, P Global, Britannia Locations: Costa Concordia, Tuesday's Baltimore, Costa, Italy, Baltimore, Dali's Baltimore, Britannia, London, Suez

☆ What the Baltimore bridge collapse means for the US economy
▼ + stars: | 2024-03-27 | by ( George Glover | Pete Syme | ) www.businessinsider.com time to read: +5 min

Read previewThe collapse of the Francis Scott Key Bridge on Tuesday is a reminder that the economy remains vulnerable to sudden supply-chain shocks, experts say. Here's how the catastrophe could affect the economy, trade, and the city of Baltimore. "This event will have greater economic implications for the Baltimore economy than nationally," Oxford Economics' chief US economist Ryan Sweet said on Tuesday in a research note. The container ship Dali collided with a key bridge in Baltimore on Tuesday. The port of Baltimore is the busiest for "roll-on/roll-off" cargo, which includes cars, light trucks, and agricultural and construction equipment.

Persons: —, Francis Scott Key, Dali, Ryan Sweet, Michael A, McCoy, Sweet, Michael Tamvakis, Tamvakis, Ioannis Moutzouris, Moutzouris Organizations: Service, Business, Maersk, Oxford Economics, Washington Post, Getty, JPMorgan, International Monetary Fund, City , University, London's Bayes Business, Maxar, University of London Locations: Baltimore, Norfolk, New York, New Jersey, Suez

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