Page 2 - Shipping Industry

Shipping chaos may continue till demand moderates

Since the Houthi attacks on commercial vessels started in the Red Sea towards the end of last year, major shipping lines have been re-routing their vessels around Africa

Suspected Houthi attacks target ship in Gulf of Aden, Israeli city of Eilat

Suspected attacks by Yemen's Houthi rebels early Wednesday targeted a ship in the Gulf of Aden and the southern Israeli port city of Eilat, authorities said. The attacks follow the departure of the USS Dwight D. Eisenhower after an eight-month deployment in which the aircraft carrier led the American response to the Houthi assaults. Those attacks have reduced shipping drastically through the route crucial to Asian, Middle East and European markets in a campaign the Houthis say will continue as long as the Israel-Hamas war in the Gaza Strip rages. The ship attack happened off the coast of Aden, the British military's United Kingdom Maritime Trade Operations center said. The captain of a merchant vessel reported a missile impacted the water in close proximity to the vessel, the UKMTO said. The crew are reported safe and the vessel is proceeding to its next port of call. The UKMTO did not say if the ship had been damaged. Meanwhile, the Israeli military early Wednesday said a drone f

Garden Reach Shipbuilders stock price rallies 11% on $54 million order win

The rise in stock price came after the company announced that it has secured an international order worth $54 million for the construction and delivery of four multi-purpose vessels of 7,500 DWT each

8 crew members of ship that crashed into Baltimore bridge leave for India

Eight Indian crew members of the cargo ship 'Dali' that crashed into a famed Baltimore bridge in March left for India on Friday after nearly three months on the mammoth vessel. According to Baltimore Maritime Exchange, four of the 21 crew members are still on board the 984-foot cargo ship MV Dali, which is tentatively scheduled to leave Friday evening for Norfolk, Virginia. The rest of the crew has been moved to a service apartment in Baltimore and will remain there pending an investigation. Notably, 20 of the crew members were Indian nationals. They were on board the MV Dali Cargo, which struck the pillars of Baltimore's Francis Scott Key Bridge resulting in its collapse and the death of six construction workers in the tragic incident. Dali will undergo repair at Norfolk. The departure of eight Indian crew members including a cook, a fitter and seamen follows a deal approved by the judge. None of these are officers. The rest 13 would remain in the US, mainly because of the pendin

Houthi rebels launch boat-borne attack against Greek-owned ship in Red Sea

Yemen's Houthi rebels launched a boat-borne bomb attack against a commercial ship in the Red Sea on Wednesday, authorities said, the latest escalation despite a US-led campaign trying to protect the vital waterway. The use of a boat loaded with explosives raised the spectre of 2000's USS Cole attack, a suicide assault by al-Qaida on the warship when it was at port in Aden, killing 17 on board. Associated Press journalists saw the Cole in the Red Sea on Wednesday, now taking part in the US campaign while visiting one of her sister ships, the USS Laboon. Yemen's military spokesman Brig. Gen. Yahya Saree claimed responsibility for the attack, identifying the vessel targeted as the Liberian-flagged, Greek-owned bulk carrier Tutor. He described the attack as using a drone boat, as well as drones and ballistic missiles. In a warning to shippers, the British military's United Kingdom Maritime Trade Operations centre described the vessel as being hit in its stern by a small white craft ...

'AI can help shipping industry cut emissions by 47 mn tonnes every year'

The use of the technology could reduce the need for maneuvers and route deviation from close encounters with high-risk marine targets

Indian ship recyclers' revenue likely to rise 15% this fiscal: CRISIL

The Indian ship recycling industry will see revenue growth of 15 per cent this fiscal after two years of decline, Crisil ratings said on Thursday. The rating agency said the growth will be supported by the increased availability of ageing vessels for recycling due to addition of new vessel capacity globally and higher competitiveness of Indian ship recyclers compared to key rival nations -- Bangladesh and Pakistan. "The Indian ship recycling industry will see revenue growth of 15 per cent this fiscal after two years of decline -- 22 per cent in fiscal 2024 and 8.5 per cent in fiscal 2023," it said. According to the rating agency, the increased availability of ageing vessels will bring down input cost for ship recyclers. "This, along with higher capacity utilization leading to better efficiency, will improve operating profitability by 75 basis points (bps) to 6.5 per cent this fiscal," it said. Crisil ratings said higher cash generation and absence of capital expenditure (capex), a

India plans new shipping firm to expand fleet by 1,000 ships in next decade

Indian companies paid freight costs of $85 billion in the financial year 2019/20, of which $75 billion was paid for use of foreign vessels

At $10,000, shipping container rates are again the talk of global trade

With capacity stretched by more than five months of attacks on vessels in the Red Sea, the container shipping industry is scrambling to meet demand that's picking up in the US and Europe

Here's how disruptions in the Red Sea are driving up carbon emissions

For companies struggling to account for "and lower" the climate-warming emissions associated with their businesses, these rerouted journeys add to the challenge

This shipbuilding stock has zoomed 76% in 10 days; at new high post Q4 nos

Cochin Shipyard stock update: The stock hit a new high after the company reported a near 7-fold jump in net profit in Q4FY23 backed by a 114 per cent surge in revenue.

Baltimore Bridge collapse: Ship behind mishap to be refloated and moved

The container ship that caused the deadly collapse of Baltimore's Francis Scott Key Bridge is scheduled to be refloated on Monday and moved to a nearby marine terminal. The Dali has remained at the collapse site since it lost power and crashed into one of the bridge's supporting columns on March 26, killing six construction workers and snarling traffic into Baltimore Harbour. High tide Monday morning is expected to bring the best conditions for crews to start refloating and transit work on the ship, according to a statement from the Key Bridge Response Unified Command. Up to five tugboats will escort the Dali on its 2.5-mile (4-kilometre) path to the marine terminal. The work is expected to last at least 21 hours. Crews conducted a controlled demolition on May 13 to break down the largest remaining span of the collapsed bridge. The Dali experienced four electrical blackouts within about 10 hours before leaving the Port of Baltimore for Sri Lanka and hitting the bridge, according t

Ministry aims for 80% landlord model at major ports by 2030: Ramachandran

The shipping ministry is working to shift to an 80 per cent landlord model by the end of this decade to increase efficiency and reduce logistics costs at major ports, a senior government said on Saturday. In the landlord model, private players take over the operational aspects, while the port authority acts as a regulator and landlord. Speaking at CII Annual Business Summit 2024, Ports, Shipping and Waterways Secretary TK Ramachandran said Jawaharlal Nehru Port (JNPT) has become the first major port of the country to become 100 per cent landlord port, having all berths being operated on PPP model. The PPP (public-private partnership) model is considered an effective tool for attracting investment in the port sector. "We have 12 major ports, and we have a huge capacity...we want to shift to an 80 per cent landlord model by the end of this decade," Ramachandran said. He further said the four pillars that the Shipping ministry is working on to improve the cost and ease of doing busin

Geopolitics likely to weigh on Chabahar trade volumes, say experts

With Russia's borders with Europe shut and Iran under sanctions, port to focus on Central Asia

Shipping is a dirty business, but cleaning it up is lucrative; here's why

Investor's love for this exciting new company category may wane when the EV market picks up again, or the smartphone sector finally returns to growth. But, for now, ship maintenance is exciting

After long wait, India inks Chabahar port's 10-year deal with Iran

India's plans with the port go beyond commercial interests, according to the Centre

Crews prepare for demolition at Francis Scott Key bridge collapse site

After weeks of preparation, crews are scheduled to conduct a controlled demolition Sunday to break down the largest remaining span of the collapsed Francis Scott Key Bridge in Maryland, which came crashing down under the impact of a massive container ship on March 26. Of the crew members, 20 are from India and one is Sri Lankan. The steel span landed on the ship's bow after the Dali lost power and crashed into one of the bridge's support columns shortly after leaving Baltimore. Since then, the ship has been stuck among the wreckage and Baltimore's busy port has been closed to most maritime traffic. Six members of a roadwork crew plunged to their deaths in the collapse. The last of their bodies was recovered from the underwater wreckage earlier this week. All the victims were Latino immigrants who came to the U.S. for job opportunities. They were filling potholes on an overnight shift when the bridge was destroyed. The controlled demolition will allow the Dali to be refloated and ..

Red Sea crisis to cause 15-20% industry capacity loss, says Maersk

According to Maersk, the effects of the situation in the Red Sea are widening and continuing to cause industry-wide disruptions

Red Sea disruption to traffic cuts Q2 capacity by 15%-20%, says Maersk

Maersk is viewed as a barometer of world trade

Baltimore bridge collapse: Officials release timeline, cost for rebuilding

Maryland plans to rebuild the Francis Scott Key Bridge in just over four years at an estimated cost between USD 1.7 billion and USD 1.9 billion, a state transportation official said Thursday. The state plans to build a new span by fall of 2028, said David Broughton, a spokesperson for the Maryland Department of Transportation. He said the cost estimate is preliminary, and detailed engineering specifics have not been confirmed. As salvage efforts continue, authorities also announced late Wednesday they had recovered the body of a fifth person who was missing after the bridge's March 26 collapse, which shut down the port of Baltimore, one of the busiest ports in the country. Six members of a roadwork crew plunged to their deaths when a container ship lost power and crashed into one of the bridge's supporting columns. The Key Bridge Response Unified Command announced that the victim found Wednesday was identified as Miguel Angel Luna Gonzalez, 49, of Glen Burnie, Maryland. All of the .