Wednesday, February 5

Tag: Water Transport/Shipping

Major Australian Ports Reopen After Cyberattack Halts Operations
13Nov By adminNo Comments
World

Major Australian Ports Reopen After Cyberattack Halts Operations

Updated Nov. 12, 2023 11:20 pm ETSYDNEY—Some of Australia’s biggest ports restarted operations on Monday following a cyberattack that disrupted container traffic ahead of Christmas and highlighted vulnerabilities in the nation’s critical infrastructure.Dubai-based DP World shut down its terminals in Sydney, Melbourne, Brisbane and Fremantle after detecting suspicious activity on its systems on Friday. Operations at the four terminals, which handle almost 40% of goods in and out of the country, resumed on Monday morning after it successfully tested key systems.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Ukraine Damages Russian Cruise Missile Carrier In Latest Strike On Crimea
5Nov By adminNo Comments
World

Ukraine Damages Russian Cruise Missile Carrier In Latest Strike On Crimea

Moscow said a Ukrainian strike had damaged a Russian ship moored in occupied Crimea, the latest sign that Ukraine’s stepped-up attacks are dealing further blows to the Russian Navy. Russia’s statement came after Ukraine’s Air Force on Saturday said it had launched cruise missiles at a shipbuilding facility in Kerch, in east Crimea, that had damaged one of Russia’s most modern cruise missile carriers. The hit to the ship came as Ukraine’s top military commanders describe the battlefield situation as a stalemate.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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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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Panama Canal to Halve Daily Sailings This Winter Due to Drought
1Nov By adminNo Comments
World

Panama Canal to Halve Daily Sailings This Winter Due to Drought

Panama Canal officials will cut available slots for ship transits by half this winter as extreme drought leaves the man-made waterway lacking enough water.  The changes come after Panama Canal experienced its driest October on record, continuing a monthslong spell of warmer temperatures and low rainfall. Officials have already restricted traffic on the waterway, which handles around 7% of global seaborne trade.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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GM’s Cruise Pauses All Driverless Operations After California Crackdown
27Oct By adminNo Comments
World

GM’s Cruise Pauses All Driverless Operations After California Crackdown

Cruise, the self-driving car unit of General Motors, is suspending all of its driverless operations, after regulators in California said the vehicles are unsafe in public and pulled the company’s self-driving permit.“The most important thing for us right now is to take steps to rebuild public trust,” Cruise said late Thursday in a post on X, the social-media platform formerly known as Twitter. “Part of this involves taking a hard look inwards and at how we do work at Cruise, even if it means doing things that are uncomfortable or difficult.”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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CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet
21Oct By adminNo Comments
World

CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet

Rodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings.The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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