Latest Maritime News
16-29 March 2021
Suez Canal Traffic Resumes After Cargo Ship Ever Given is Moving Again

The Ever Given, the massive container ship that became wedged in the Suez Canal and cut off traffic in the vital waterway for almost a week, has been refloated, authorities said Monday.

The ship sailed north to the Great Bitter Lake, arriving there just before 1 p.m. ET, according to Leth Agencies, which is a transit agent at the Suez Canal. The vessel will now undergo a technical inspection.

Earlier on Monday, the Suez Canal Authority said the ship had “responded to the pulling and towing maneuvers” and had corrected its course by 80%. Continue reading here (Source: CNBC)
Backlogs From Suez Stranding Could Take Months to Clear, Maersk Says

The stranding of a container ship in the Suez Canal has created disruptions in the global shipping industry that could take weeks and possibly months to clear, shipping group Maersk said.

“Even when the canal gets reopened, the ripple effects on global capacity and equipment are significant,” the world’s largest container shipping company said in an advisory statement for customers published on Monday.

Maersk has three vessels stuck in the canal and another 29 waiting to enter, it said, adding that it had so far rerouted 15 vessels to sail south of Africa instead. Continue reading here (Source: Reuters)
Can the Industry Recapture Its Pre-Pandemic Momentum?

While 2020 was obviously a lost year for the cruise industry, it also helped accelerate change and, in unexpected ways, may have strengthened its long-term outlook. Confronted by the first total stop in passenger traffic since World War II, companies were forced to repeatedly turn to the capital markets for survival while also taking the opportunity to reexamine their fleets along with other aspects of the business.

Despite the long pause, most analysts believe the industry will rebound.

“The best ‘good news’ is it’s undeniable there is a tremendous amount of pent-up demand for cruising combined with an eventual light at the end of the tunnel,” wrote C. Patrick Scholes, an analyst at Truist Securities. Loyal cruisers continue to bemoan the loss of their preferred travel experience while cruise lines have issued millions of dollars in “future cruise credits,” managing cash flow by converting canceled reservations into credits – as opposed to having to make refunds. Continue reading here (Source: The Maritime Executive).
Oil Prices Witness More Than 2% Slump

Oil prices have witnessed a drop of more than 2% today as news reports have revealed that the vessel blocking the Suez Canal has been almost freed from the shoreline, easing concerns over oil supply.

Brent oil dropped by $1.38, or 2.1%, at $63.19 a barrel while US crude fell $1.48, or 2.4%, to $59.49 a barrel, reported Reuters.

The stuck container ship Ever Given has almost been refloated and will undergo inspection before it is finally moved, the news agency reported citing a source with knowledge of the matter. Continue reading here (Source: Offshore Technology).
Container Ship Operators Are on a Tear as Freight Rates Skyrocket

For the past 20 years, the Port of Los Angeles has been the busiest seaport in the Western Hemisphere, responsible for exporting commodities such as soybeans and raw cotton and importing everything from furniture to electronics. In 2020, container volume reached 9.2 million 20-foot equivalent units (TEUs), with total cargo handled valued at $259 billion.

Last month, the Port of L.A. saw an incredible 47% increase in container traffic compared to February 2020, representing the strongest February in its 114-year history. The port processed nearly 800,000 TEUs during the month, marking the seventh straight month of year-over-year growth. Continue reading here (Source: Forbes)
Key Steps Towards a High Performing Maritime Industry

Achievement of an efficient, resilient, safe, and sustainable maritime ecosystem is a multi-year, multi-stage project that requires a sequence of interlocking actions. Attainment of the ultimate goals of any major project requires a series of intermediate steps where accomplishment of one step establishes the foundations for the achievement of subsequent steps. A number of different enablers support the application of Maritime Informatics[1] to create higher levels of maritime efficiency, safety, environmental sustainability, and resilience.[2] In this concise article we identify these enablers and map out how they link to each other in cause-effect relationships (see the following diagram). We also show with a dotted line how lessons learned during each of the phases shown in the diagram can inform improvements in the prior phase. Continue reading here (Source: The Maritime Executive.
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