Tag: shipping

India looking at creating ‘integrated transport planning agency’ similar to ones in UK, US
Business

India looking at creating ‘integrated transport planning agency’ similar to ones in UK, US

India plans to establish Integrated Transport Planning Agency (ITPA) to coordinate transportation strategies across surface, railways, shipping, civil aviation. The agency aims to improve efficiency, reduce logistics cost, and enhance freight and truck speed targets by 2030.!(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function() { n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments); }; if (!f._fbq) f._fbq = n; n.push = n; n.loaded = !0; n.version = '2.0'; n.queue = []; t = b.createElement(e); t.async = !0; t.defer =...
U.S. Navy Destroys Boats Controlled by Iran-Backed Militias in Red Sea
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
Electric Mandates Have California Truckers Charging Overtime
World

Electric Mandates Have California Truckers Charging Overtime

Dec. 29, 2023 12:52 pm ETCompton, Calif.Electric trucks are supposed to save the world, but they’re wasting Mike Stanley’s time. Mr. Stanley, a longtime trucker whose rectangular beard flows down to his chest, now leads operations in the main Los Angeles office of IMC, a Tennessee-based drayage trucking company that carries cargo to and from U.S. ports and rail yards. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Hapag-Lloyd to Continue Avoiding Red Sea Despite U.S.-Led Naval Deployment
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
Maersk to Resume Red Sea Shipments as Multinational Force Deploys
World

Maersk to Resume Red Sea Shipments as Multinational Force Deploys

Moller-Maersk said Sunday it plans to restart shipments through the Red Sea after pausing operations there earlier this month following attacks on its vessels. The shipping and logistics company said it had started preparing to allow vessels to resume both east- and westbound movements through the Red Sea, a waterway that leads to the Suez Canal—a major thoroughfare for global trade.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
U.S. Says Iran Drone Struck an Oil Tanker Near India
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
How the Jones Act Distorts Oil Markets
Business

How the Jones Act Distorts Oil Markets

One small piece of legislation could trim the East Coast’s fuel bill by $802 million a year, according to a new study, while cutting the region’s imports of gasoline by 36% and of jet fuel by 96%. That might sound like a large effect, but it’s only a fraction of the economic gains that could be had from repealing the protectionist Jones Act.This 1920 law, formally called the Merchant Marine Act, says that ships carrying cargo between any U.S. points must be primarily built, owned and crewed by Americans. Although it’s billed as an America First policy, it raises the costs for coastal shipping of domestic products, which often gives imports an edge. The Jones Act makes news whenever a tanker full of Russian natural gas docks in Boston or Puerto Rico, but the same effect is hidden everywher...
The Houthi Assault on Global Shipping
World

The Houthi Assault on Global Shipping

The press is reporting that the Biden Administration is contemplating the use of military force in response to continuing attacks on commercial shipping by the Houthi militia in Yemen. It’s about time. The Houthi missile attacks pose the most significant threat to global shipping in decades, and they will continue unless a global coalition unites to stop them.The USS Carney, a destroyer operating in the Red Sea, shot down no fewer than 14 attack drones launched from Houthi-controlled territory in Yemen on Saturday. A British warship shot down a Houthi drone after it was dispatched to the region to protect commercial ships. This follows weeks of similar attacks that U.S. warships have felt obliged to intercept to protect themselves and other ships.Copyright ©2023 Dow Jones & Company, I...
Houthi Rebel Attacks Rattle Global Shipping
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...
Commodities Carriers Star Bulk and Eagle Bulk Shipping Agree to $2.1 Billion Merger
World

Commodities Carriers Star Bulk and Eagle Bulk Shipping Agree to $2.1 Billion Merger

Star Bulk Carriers and Eagle Bulk Shipping said they agreed to merge in an all-stock deal that would create the world’s fourth-biggest commodities carrier and make it more attractive to large investors. Star Bulk, which is based in Athens, Greece, and Eagle Bulk shareholders will own 71% and 29% of the combined entity, respectively, the companies said Monday. The deal, which values the merged company at roughly $2.1 billion, is slated to close next year.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8