World Maritime News

January 10, 2024

New action plan aims to reverse Hong Kong's maritime fortunes The Hong Kong government has formally unveiled its maritime industry revitalization strategy to reverse the city's decline in port throughput and shipping services. The so-called action plan, published by the Transport and Logistics Bureau, includes building green methanol bunkering infrastructure, enhancing port digitalization, and considers further tax relief for commodities trading and ship leasing. However, the long-standing indu

World Maritime News (69)

December 19, 2023

World Maritime News

Topics on the Houthi attacks against ships CMA CGM, Hapag-Lloyd, Maersk and MSC are pausing Suez Canal transits and instead routing services around the Cape of Good Hope as they await the US Navy to step up maritime protection in the Red Sea following an increasing number of attacks on commercial shipping, including missiles hitting MSC's Palatium III and Hapag-Lloyd's Al Jasrah ships on 15 December. Liner shipping could need up to 1.7m teu additional capacity to reroute all their services tha

World Maritime News (68)

December 06, 2023

World Maritime News

Call for port authorities to support grid upgrades Electrifying container handling equipment is an easy win for decarbonizing terminals. But it requires upgrades to supply networks that can best be helped by ports showing aggregate demand. Port authorities are being asked to aid terminal operators seeking to upgrade electricity supplies to their facilities in an effort to decarbonize. A recent report from APM Terminals and DP World indicated a huge scope for terminals to reduce emissions using

World Maritime News (67)

November 22, 2023

World Maritime News

Shipping companies failing to set science-based climate targets Prominent shipping companies still fail to set science-based net zero targets despite the IMO’s ambitious revision of its greenhouse gas strategy. Just four shipping companies, NYK Line, K Line, Cosco Shipping Logistics, and Höegh Autoliners, have set science-based targets aligning with the United Nations’ Paris Agreement’s aims to limit global warming to 1.5ºC, according to target-validating organization Science Based Targets Init

World Maritime News (66)

November 08, 2023

World Maritime News

Maersk cuts workforce by 10,000 as earnings turn negative Danish shipping giant Maersk has announced it will cut a further 3,500 jobs as earnings for its core container shipping business plunged into negative territory in the third quarter. The move will bring the total job cuts since early 2023 to 10,000 positions. The company said up to 2,500 roles will be eliminated in the coming months, with the remainder in 2024. Read more: Lloyd's List EU ETS to include calls at Tanger Med and East

World Maritime News (65)

October 18, 2023

World Maritime News

Carriers lose fight to keep consortia block exemption regulation The European Commission has finally brought the axe down on the consortia block exemption regulation that had allowed container lines to avoid elements of antitrust law after carriers failed to persuade the regulator to extend the rule. The decision comes after a long-running review of the regulation, which was last extended for a four-year term in 2020 and published its staff working document summarizing its evaluation findings.

World Maritime News (64)

October 04, 2023

World Maritime News

Topics on the Green Corridor Maritime and Port Authority of Singapore, the Port of Rotterdam, and 20 other partners in the Rotterdam-Singapore green corridor project will work together to cut emissions by 20%-30% by 2030 compared with 2022 levels. The corridor’s backers, which include shipping companies, banks, ports, and research institutes, will attempt to meet the International Maritime Organization’s new green targets by developing and using zero- and near-zero-emission fuels in containersh

World Maritime News (63)

September 20, 2023

World Maritime News

More carriers emerge as global terminal operators Mergers and acquisitions will increase the number of global container terminal operators next year as the sector consolidates around larger players and container lines take a more prominent role. Mediterranean Shipping Co. grew strongly after increasing its stake in Terminal Investments Ltd from 60% to 70% in 2022. CMA CGM also saw strong growth as it expanded its portfolio, buying back complete control of its Los Angeles terminal in 2021 and ac

World Maritime News (62)

September 06, 2023

World Maritime News

Carrier diversification strategies called into question Cosco has become the latest container line to promote a new logistics service as part of its container shipping mix, offering a digital end-to-end supply chain product for the Europe-China trade. Cosco is joining many container lines that have moved beyond their traditional remit of shifting boxes on ships from one port to another. This diversification of the sector has been going on for several years. Maersk got the ball rolling with its

World Maritime News (61)

July 26, 2023

World Maritime News

ICS and IAPH launch clean energy marine hubs to support shipping decarbonization Addressing challenges in infrastructure, including production, storage, and transport, is among the main targets of the initiative backed by several countries worldwide. The International Chamber of Shipping has launched the Clean Energy Marine Hubs initiative in cooperation with several other partners, including the International Association of Ports & Harbors, to support clean fuel production and infrastructure i

World Maritime News (60)

July 12, 2023

World Maritime News

Ports of Los Angeles and Nagoya agree on green shipping corridor Los Angeles and Nagoya ports have signed a Memorandum of Understanding to broaden their collaboration on sustainability and operational efficiency initiatives, including a new green shipping corridor. In addition to the green shipping corridor, the ports will collaborate on initiatives such as digital supply chain information sharing and zero-emissions vehicle and equipment testing. According to the statement, they will continue t

World Maritime News (59)

June 28, 2023

World Maritime News

Topics on the container shipping market Expectations of a "stabilization" of container shipping have been overplayed, and the market is now as good as it gets, according to Vespucci Maritime chief executive Lars Jensen. "This market was never stable, and it was never normal," he told an audience at the TOC Conference in Rotterdam. "If you look at spot rate variations in the decade before the pandemic, it was not uncommon for them to change by a factor of three. We also regularly have port strik