Greece has officially joined the Clean Energy Marine Hubs (CEMH) project, a global initiative focused on promoting the development of clean energy infrastructure and fostering green shipping practices. This marks a significant step for Greece, a key player in the global shipping industry, as it ramps up efforts to decarbonize... (more)

Scorpio Tankers, one of the world’s largest owners of product tankers, has recently announced the sale of one of its LR2 (Long Range 2) product tankers for $73.5 million. This strategic sale is part of Scorpio’s ongoing efforts to modernize its fleet, aligning with market shifts and the company's broader... (more)

The global container shipping market is experiencing a sharp decline in spot rates, with the Shanghai Containerized Freight Index (SCFI) plummeting by 43% in the third quarter of 2024. This marks the largest quarterly drop since the index was launched in 2009, signaling a significant cooling in shipping demand after... (more)

Carnival Corporation, one of the world’s largest cruise line operators, has raised its profit forecast for the remainder of 2024 as demand for cruises continues to surge. Following years of pandemic-related disruptions, Carnival is seeing a robust recovery in bookings, and this positive trend has allowed the company to revise... (more)

The U.S. East and Gulf Coast port strike, which began on October 1, 2024, is intensifying supply chain disruptions as major ports along the coast remain at a standstill. The strike, initiated by the International Longshoremen’s Association (ILA) after contract negotiations with the United States Maritime Alliance (USMX) broke down,... (more)

Singapore continues to dominate the global maritime landscape, having been named the world's top maritime centre for the 11th year in a row, according to the 2024 Xinhua-Baltic International Shipping Centre Development Index. This achievement highlights the city-state’s strategic importance, robust port infrastructure, and innovative shipping services that make it... (more)

An oil tanker operating in the Red Sea was recently damaged by an explosive drone boat attack, further intensifying concerns over the security of one of the world’s most crucial maritime routes. The attack, is the latest in a series of maritime incidents that have raised alarms among global shipping... (more)

The maritime industry is embracing a wave of automation technologies aimed at improving operational efficiency and reducing costs. Autonomous ships and unmanned vessels are becoming a focal point of this transformation, driven by advancements in AI, robotics, and data analytics. These vessels operate with minimal or no crew, using sophisticated... (more)

The U.S. East and Gulf Coast port strike, which began on October 1, 2024, is already causing widespread disruptions to supply chains, with cargo operations grinding to a halt at major ports such as New York, Savannah, Charleston, and Houston. The failure to reach an agreement between the International Longshoremen's... (more)

The global container ship orderbook reached an all-time high in the third quarter of 2024, reflecting strong confidence in the shipping market. Industry players are investing heavily in new vessels, driven by continued demand for containerized goods, fleet modernization efforts, and the need for more efficient ships that comply with... (more)

The rising cost of bunker fuel is placing significant pressure on shipping companies’ profit margins, particularly for operators running older, less fuel-efficient vessels. The price of very low sulfur fuel oil (VLSFO), the most widely used marine fuel post-IMO 2020 regulations, has surged in recent months, fluctuating between $555 and... (more)

Maersk, one of the world's largest shipping companies, has raised its profit forecast for 2024 despite facing ongoing supply chain disruptions and rising operational costs. The upward revision comes as the company continues to benefit from sustained demand for containerized shipping and elevated freight rates, particularly on long-haul routes between... (more)

The global tanker market is projected to continue its upward trajectory in 2024, driven by increasing demand for crude oil transportation, fleet renewals, and new environmental regulations. With accelerating exports, particularly from the U.S. to Asia, large crude oil tankers such as VLCCs (Very Large Crude Carriers) are experiencing higher... (more)

The Ports of Stockholm have announced plans to implement shore power systems, a significant step toward reducing emissions and promoting greener shipping practices. Shore power allows vessels to connect to the local electricity grid while docked, effectively turning off their engines and reducing fuel consumption, emissions, and noise pollution. This... (more)

The looming threat of a dock strike on the U.S. East and Gulf Coasts has the maritime industry bracing for potential disruptions that could severely impact profitability. The International Longshoremen’s Association (ILA), which represents approximately 65,000 dockworkers, is in contentious contract negotiations with the United States Maritime Alliance (USMX), the... (more)

As the maritime industry pushes toward more sustainable operations, shipping companies are facing increasing pressure to invest in alternative fuels and energy-efficient technologies. This trend is driven in part by the International Maritime Organization's (IMO) carbon-reduction targets, which aim to cut greenhouse gas emissions by at least 50% by 2050... (more)

HMM, one of the largest container carriers globally, reported an impressive 88% increase in net profit during the first half of 2024. This sharp rise in profitability reflects a favorable market environment, driven by higher freight rates and improved operational efficiency. HMM’s revenue surged by 18.6% over the same period,... (more)

The maritime industry is witnessing a growing wave of sustainability investments, as shipping companies seek to align with stricter environmental regulations and reduce their carbon footprints. In particular, there is a significant shift toward dual-fuel vessels and greener technologies. These developments are a response to international regulations aimed at reducing... (more)

Yang Ming Marine Transport Corporation has reported a substantial surge in profits for the second quarter of 2024, signaling a robust rebound for the company and showcasing the profitability potential of container shipping even in a volatile global market. For Q2 2024, Yang Ming posted a consolidated revenue of NT$... (more)

The container shipping market, after experiencing a surge in profits earlier in 2024, is now encountering new challenges due to rapidly declining freight rates. Since July, spot rates from Shanghai to the U.S. have dropped by more than 30%, a significant deviation from the usual 5-10% seasonal decline. This volatility... (more)

The maritime industry is undergoing a significant transformation as digitalization becomes increasingly central to its operations. What was once a slow-moving shift toward modern technologies has now become an essential change, driven by the need for efficiency, cost reduction, and resilience in the face of global disruptions. Digital solutions, from... (more)

The tanker market has been experiencing a surge in day rates, driven by increasing global demand for crude oil transportation, particularly from the U.S. to Asia. In 2024, day rates for large crude carriers such as VLCCs (Very Large Crude Carriers) have hit new highs, supported by growing exports from... (more)

Astrup Fearnley, a leading ship finance company, has introduced two new shipping funds aimed at generating $380 million in assets. This bold initiative is designed to capitalize on the growing demand for shipping investments, particularly in an era where the industry is focusing on fleet modernization and environmental sustainability. These funds... (more)

The container shipping industry has made a stunning recovery, with profits surpassing $10 billion in the second quarter of 2024. This comes after a period of volatility in late 2023 when the industry faced losses due to supply chain disruptions, high fuel costs, and fluctuating consumer demand. Major shipping lines... (more)

In recent years, the maritime industry has taken significant steps toward decarbonization, and one of the key initiatives driving this transition is the development of green shipping corridors. These corridors, designated routes between major ports, are designed to support zero-emission vessels by promoting the use of low- or zero-carbon fuels... (more)

The Red Sea shipping routes, which serve as a vital artery for global trade, are currently facing significant disruptions due to a series of attacks on vessels. These attacks have severely impacted the Suez Canal, a critical maritime chokepoint that connects the Mediterranean Sea to the Red Sea. With the... (more)

As of September 2024, the global maritime industry is grappling with significant fuel price fluctuations, a situation compounded by geopolitical tensions and economic uncertainties. The cost of very low sulfur fuel oil (VLSFO), the primary fuel for most modern vessels, is hovering between $555 and $641 per metric ton at... (more)

A potential strike by dockworkers along the U.S. East and Gulf Coasts looms as contract negotiations between the International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) approach their deadline. With the current contract set to expire on September 30, 2024, concerns are growing over the possibility of... (more)