The intra-Asia container freight market strengthened for a third consecutive week as unrest in the Middle East and typhoon-related disruption across China tightened capacity and pushed rates higher on most major trades. Drewry’s Intra-Asia Container Index (IACI), a benchmark widely monitored by procurement teams, rose 6% week on week on 20 August, to $1,091 per 40ft, and the consultant expects prices to continue increasing in the coming weeks, supported by persistent ... The post War and weather continue to limit intra-Asia capacity and keep rates high appeared first on The Loadstar .
Shanghai-listed Ningbo Marine is lining up another five bulk carrier newbuildings in China, expanding a fleet renewal programme that could see the owner add close to 600,000 dwt of fresh tonnage. The Zhejiang Energy-backed company has approved up to CNY980m ($136m) for four 65,000 dwt bulkers, while wholly owned Ningbo Marine Singapore has been cleared …
US sanctions experts say the Trump administration's new campaign to economically isolate Iran could be an effective escalation -- but only if Washington backs its threats with action. US Treasury Secretary Scott Bessent unveiled what he called “Operation Economic Outcast” on August 24, describing it as an unprecedented effort to force Iran's trading partners to choose between maintaining commercial ties with Tehran and access to the US financial system. Yet Bessent announced few immediate measures, leaving the central question unresolved:…
Global container port congestion has reached a new high as East Asia’s typhoon season continues to disrupt vessel schedules, with more than 4.3 million teu now waiting to berth. On Sunday, Typhoon Narra hit southern China, compounding cargo backlogs caused by typhoons Bavi, Noul, and Dolphin. And the situation is unlikely to be relieved any time soon, with Typhoon Saudel set to make landfall along the coast from central Zhejiang to central ... The post Global port congestion at new high as more typhoons hit China appeared first on The Loadstar .
The world’s biggest oil refiner, China’s state-held Sinopec, is looking to transform its business as domestic fuel sales crumble amid the electric vehicle boom. China Petroleum & Chemical Corporation, as Sinopec is officially known, will be allocating more capital to new energy and chemicals by the end of the decade to grow revenues and profits amid the lowest domestic fuel sales in China in nearly a decade. “As the company grows in scale, its ability to respond to market changes becomes inadequate, and the 'big company syndrome'…
China on Tuesday signaled it would not end its ties and trade relations with Iran following the U.S. sanctions unveiled on Monday that target Chinese and Hong Kong entities for helping Iran do business. On Monday, the U.S. Administration announced a series of new sanctions against individuals and entities linked with Iranian trade and economy, including the shipping and oil industry. However, “Operation Economic Outcast,” launched by Treasury Secretary Scott Bessent, stopped short of sanctioning any Chinese banks. The oil trade remains…
Kongsberg Maritime has secured a contract to deliver a fully integrated suite of technology and equipment for a new multi-purpose deepwater installation and construction vessel that will be owned and operated by Solstad Offshore and SBM Offshore. The vessel, which will be built in China, represents a new generation of offshore construction assets designed to ...
Klaus-Michael Kühne, the former CEO of family-owned global logistics powerhouse Kuehne+Nagel International AG, died Sunday at the age of 89, the company announced. Born in Hamburg, Germany, Klaus-Michael Kühne in 1958 joined the company co-founded by his grandfather 68 years earlier in Breman, Germany. In 1966, at age 29, he took over as chief executive officer of K+N Speditions-AG, as the company was called at the time. In 1974, with the internationalization of the business, both K+N and Klaus Michael moved to Switzerland. In 1979, he opened K+N’s first office in China. The company moved its
China just put the world's largest all-electric container ship into commercial service, a 419-foot vessel that carries 742 containers on the battery power of 300 electric cars and has no fuel tank at all Autonocion.com
