Friday, October 18

Tag: Marine Freight

U.S. Navy Destroys Boats Controlled by Iran-Backed Militias in Red Sea
31Dec By adminNo Comments
World

U.S. Navy Destroys Boats Controlled by Iran-Backed Militias in Red Sea

By Benoit Faucon and Carrie Keller-LynnUpdated Dec. 31, 2023 11:26 am ETListen to article(2 minutes)A U.S. Navy vessel destroyed three boats carrying pro-Iranian Yemeni rebels after they attacked a Danish-owned containership early Sunday, the latest in a string of assaults that have disrupted maritime traffic in the Red Sea. Meanwhile, Israeli forces raided what they described as a key Hamas command post in Khan Younis on Saturday, gathering intelligence as Israel searches for Hamas leaders and underground tunnels in the militant group’s southern stronghold, currently the focus of Israel’s ground campaign in the Gaza Strip.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Hapag-Lloyd to Continue Avoiding Red Sea Despite U.S.-Led Naval Deployment
28Dec By adminNo Comments
World

Hapag-Lloyd to Continue Avoiding Red Sea Despite U.S.-Led Naval Deployment

German shipping company Hapag-Lloyd said it will continue to avoid the Red Sea because it considers the area is still too dangerous despite the U.S. and allies deploying naval ships to deter further strikes by Houthi militants.“We continuously assess the situation and plan a next review on Friday,” a spokesperson of the German shipping giant said Wednesday. It will continue to reroute its ships via the Cape of Good Hope in South Africa.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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U.S. Says Iran Drone Struck an Oil Tanker Near India
23Dec By adminNo Comments
World

U.S. Says Iran Drone Struck an Oil Tanker Near India

A chemical tanker in the Indian Ocean was struck by a drone launched directly from Iran early Saturday, the Pentagon said, signaling a widening risk to shipping after Yemeni rebels started attacking vessels in the Red Sea.“The motor vessel Chem Pluto, a Liberia-flagged, Japanese-owned, and Netherlands-operated chemical tanker was struck at approximately 10 a.m. local time today in the Indian Ocean, 200 nautical miles from the coast of India, by a one-way attack drone fired from Iran,” a Pentagon spokesperson said in a statement. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Houthi Rebel Attacks Rattle Global Shipping
13Dec By adminNo Comments
World

Houthi Rebel Attacks Rattle Global Shipping

Updated Dec. 12, 2023 9:22 pm ETYemen’s Houthi forces have attacked several commercial ships crossing through the Bab el-Mandeb strait in recent days, creating a new front in the battle between Israel and Hamas and complicating efforts by the U.S. and its allies to secure the critical shipping lane.Houthi rebels claimed responsibility on Tuesday for a strike on the Norwegian tanker Strinda a day earlier off Yemen’s coast, as the Iranian ally escalates attacks to disrupt the flow of cargoes in response to fighting in Gaza. The elevated risk of moving cargoes through the region has resulted in higher costs for shippers and also prompted some countries to rethink security measures to allow safe passage.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44...
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Maersk to Cut 10,000 Jobs as Shipping-Industry Boom Ends
4Nov By adminNo Comments
World

Maersk to Cut 10,000 Jobs as Shipping-Industry Boom Ends

Updated Nov. 3, 2023 8:16 am ETShipping and logistics giant A.P. Moller-Maersk said it would cut more than 10,000 jobs, as a pandemic-fueled cargo boom has ended, leaving the industry with a surplus of ships and sharply lower freight rates. Maersk, a bellwether for global trade, saw its third-quarter profit plummet to $521 million from $8.88 billion last year. Its main Ocean division posted a quarterly loss for the first time in many years.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Auto & Transport Roundup: Market Talk
25Oct By adminNo Comments
World

Auto & Transport Roundup: Market Talk

The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.0644 GMT – Kuehne+Nagel International’s third-quarter earnings beat and cost-control should be seen by investors as positive, Citi analysts say in a note. The Swiss shipping and logistics company’s adjusted EBIT of 446 million Swiss francs surpassed the company-compiled consensus of CHF427 million thanks to stronger-than-expected pricing in both its sea and air freight segments, the analysts say. The company attained a conversion ratio of around 44% in its sea business, compared with a consensus of around 41%, while its 33% conversion ratio in its air freight business beat the consensus of around 30%. “We see the beat and cost-control likely to be ...
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Israel Is Vulnerable to ‘Force Majeure’ Claims
23Oct By adminNo Comments
Business

Israel Is Vulnerable to ‘Force Majeure’ Claims

Israel faces a vulnerability in its conflict with Hamas that has thus far escaped notice: potential supply-chain disruptions caused by skittish shippers. A Taiwanese container ship bound for Ashdod recently was rerouted to Haifa, a port city in northern Israel. The managing company, Evergreen Line, urged customers to take delivery of goods at Haifa, then announced it would immediately cease performing under the Israeli delivery contract, invoking the doctrine of “force majeure”—superior force—to justify its decision. This legal maneuver is suspect. Contractual force majeure is rarely invoked and enforced to allow the nonperformance of contracts that have become either impossible or impracticable due to some catastrophic event, including natural disasters and wars. The defense has historic...
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