ZIM confirms US$870 million charter deal for 13 boxships

ZIM will charter 13 container ships from Navios Maritime Partners L.P. for a total of approximately US$870 million, according to a new agreement. The charter deal includes five secondhand vessels, ranging from 3,500 to 4,360 TEU, which are expected to be delivered to the Israeli shipping line in the first and second quarters of the […]

X-Press Pearl is sinking off Sri Lanka

The Singaporean-flagged vessel X-Press Pearl is sinking off the coast of Sri Lanka after two weeks of salvors’ attempts to put out the fire and prevent the vessel from breaking up and sinking. “Although the salvors have tried and exhausted all means, the operation had to be temporality aborted for safety reasons,” confirmed Sri Lanka […]

SM Merchant Marine to expand fleet and buy containers with IPO proceeds

SM Merchant Marine plans to use proceeds from its planned initial public offering in the second half of 2021 to expand its vessel and container fleets. The company plans to continue expanding its intra-Asia reach by joining the K-Alliance, a code-sharing arrangement involving South Korean liner operators’ intra-Asia services. Due to this, the company wants […]

European container carriers increase charges worldwide

Three of the largest container lines in the world have announced a substantial number of rate increases to be implemented later in May and in early in June. One of the lines, the German carrier Hapag-Lloyd, will apply several general rate increases (GRI) in the coming weeks. The Hamburg-based line will implement a GRI of […]

EU puts money where its mouth is with green port funding

European Union has agreed funding for up to 10 pilot projects in sustainable and smart supply chains through port operations with 45 companies involved in the development of the projects. The series of research projects are called MAGPIE, sMArt Green Ports as Integrated Efficient multimodal hubs and will run for a period of five years. […]

Insurers unimpressed with SCA’s public statements

Insurers of the impounded Ever Given vessel remained unconvinced by the public statements made by the Suez Canal Authority (SCA), which is claiming US$916 million for losses following the grounding and blockage of the waterway for six days in March. The SCA filed a lawsuit making the claim for damages soon after the vessel was […]

Critical supply chain congestion requires systemic change

Bottlenecks in key regions such as the Los Angeles port complex and North European ports, exacerbated by the Suez Canal blockage and container shortages have seen growing congestion along supply chains. Project44 VP marketing at project44 Josh Brazil argues the industry must learn lessons from the events of the last year. Congestion at ports around […]

CargoGulf starts new North Asia Gulf Express service

Global non-vessel operating common carrier (NVOCC), CargoGulf has announced the launch of a new container liner service between North Asia and the Arabian Gulf, which is called North Asia Gulf Express (NAGE) service and complements its Arabian Gulf to Asia (AGA) service serving trade to/from Southeast Asia introduced last year. The new service will offer […]

Singapore Port Covid-19 cluster emerges

A Covid-19 cluster has emerged in Singapore’s container port, after a trailer driver tested positive, leading to fears that the virus could have spread through the port. Singapore’s Health Ministry announced on 6 May that it is testing port workers, after a trailer driver, who worked at Brani and Pasir Panjang Terminals, tested positive for […]