Maritime and shipping news covering container lines, ports, freight rates, shipbuilding, and global trade routes.
The Singapore-flagged container ship GFS Pride sank in the Strait of Hormuz after being struck by unknown projectiles on Oct. 13. Iran's Revolutionary Guards Navy claimed the vessel attempted an unauthorized route before catching fire upon striking a mine.
Ship-to-ship transfers off India's west coast surged to 82 cargoes in September, shifting operations from congested Fujairah and Sohar. Meanwhile, Russia's share of India's oil imports fell to 44% in August as U.S. and UAE volumes rose, though higher U.S. prices drove the total import bill up by 25%.
The U.S. Army Corps of Engineers has granted final approval for the Georgia Ports Authority to build a new $2.3 billion container terminal in Savannah. Work begins in January 2028, aiming to boost the port's annual capacity from 7.75 million to over 12 million TEUs by the mid-2030s.
President Lee Jae Myung celebrated the return of the PanStar Acro after a successful Arctic voyage intended to offer an alternative to the Suez Canal. Seoul aims to establish regular services by 2030, though diplomatic sensitivities regarding Russia and commercial viability remain significant hurdles.
The article argues that the EU ETS SMAP mechanism requires reinforcement to ensure long-term maritime decarbonisation. It contends that current support levels are insufficient for scaling green e-fuels, which need long-term offtake agreements, and suggests prioritizing e-fuel rewards over short-term technological options.
Soaring shipping costs are creating a market split, piling heavy crude oil in the Americas while buyers in Asia and Europe face shortages. Benchmark prices remain above $100 a barrel despite surging Venezuelan exports and record Canadian output, driven by quintupled freight rates from the US Gulf Coast to Asia.