Shipping Firms

The United States is warning shipping companies that they could face sanctions for making payments to Iran to safely pass through the Strait of Hormuz. The alert posted Friday by the US Office of Foreign Assets Control adds another layer of pressure in the standoff between the US and Iran over control of the Strait of Hormuz. About a fifth of the world's trade in oil and natural gas typically passes through the strait at the mouth of the Persian Gulf in peacetime. Iran effectively closed the strait to normal traffic by attacking and threatening to attack ships after the US and Israel launched a war on Feb. 28. It later began offering some ships safe passage by detouring them through alternate routes closer to its shoreline, charging fees at times for the service. That "tollbooth" effort is the focus of the US sanctions warning. The payment demands could include transfers not only in cash but also "digital assets, offsets, informal swaps, or other in-kind payments," including ...

Velocity has announced a ₹100 crore investment to scale Velocity Shipping, its AI-led logistics platform, with plans to double its team and raise volumes five-fold by CY26

With five container terminals, JNPA is India's largest container port, having a capacity of over 10.1 million twenty-foot equivalent units (TEUs). It handled a record 7.3 million TEUs in FY25

It is alleged that ABG Shipyard Ltd transferred huge amounts of money to its related parties, and thereafter, adjustment entries were made

This massive investment will go toward building out shipping, logistics, infrastructure, and terminal expansion

The government has issued advisories to ship companies to enhance reporting, tracking and security protocols for vessels on West Asian routes and coming into Indian waters. In a circular dated April 10, 2024, the Directorate General of Shipping (Mumbai) advised ship managers, ship masters and seafarers to enhance the mechanism for reporting and tracking maritime activities to safeguard the interest of merchant ships and their crews. The ministry has identified sensitive zones that include the Persian Gulf, Strait of Hormuz, Gulf Of Oman, Arabian Sea, Gulf of Aden, Bab Al Mandeb Strait, Red Sea, Somali Basin and Arabian Sea region. The circular said in the event of any incidents or security escalation due to incidents, all vessels transiting through these areas are requested to submit their details via the online Ship Reporting Form. "This measure is critical for maintaining a comprehensive and up-to-date vessel. database, which will facilitate easier tracking and coordination at th

US officials have expressed concern about the implications rippling beyond the immediate region after a key bridge harbouring America's largest vehicle handling port collapsed in Baltimore when a cargo ship crashed into it, even as experts predicted repercussions to be "modest and mainly localised". The 2.6km-long, four-lane Francis Scott Key Bridge over the Patapsco River in Baltimore was destroyed after Dali, a 984-foot cargo ship bound for Sri Lanka, collided against a bridge column in the early hours of Tuesday. The collapse of the bridge has indefinitely halted the flow of ships in and out of Baltimore Port. We are concerned about the local economic impact, with some 8,000 jobs directly associated with port activities," US Transportation Secretary Pete Buttigieg told reporters in the White House on Wednesday. "We're concerned about implications that will ripple out beyond the immediate region because of the port's role in our supply chains, he said, describing the Baltimore po

Amendment to have such a facility could be part of new government's early legislative agenda

The National Action Plan for Green Shipping promotes eco-friendly practices and incentives for low-emission ships, positioning India's maritime sector for a prosperous and environmentally responsible future, Director General of Shipping Shyam Jagannathan said on Wednesday. Speaking at the 13th edition of the South Asia's largest maritime exhibition and conference -- INMEX SMM India 2023 -- here, Jagannathan also said that the sector's vision encompasses quadrupling port capacity, clean energy fuel hubs, and cruise tourism growth, among others. The three-day conference, which is being hosted in the city in collaboration with German exhibition organiser Hamburg Messe und Congress, will cover several issues concerning the industry, including green shipping and digitalisation, among others. "The National Action Plan for Green Shipping promotes eco-friendly practices and incentives for low emission ships, positioning India's maritime sector for a prosperous and environmentally responsibl

The Mediterranean Shipping Company (MSC) has started to re-route its ship on the shipping lanes off the Sri Lankan coast in a bid to save the massive blue whales

E-commerce shipping firm Shiprocket on Friday said it has committed to acquire a 75 per cent stake in customer data platform (CDP) Wigzo Tech.

Maersk said its key ocean business is now expected to grow below the global container demand" amid uncertainty around the supply chain logjams

The last 61 ships, out of 422 ships that were queuing when the vessel was dislodged on Monday, passed through the vital trade artery on Saturday

Vessel charges jump up to seven times to $160,000-170,000 per day since February

There was no truck movement at three Adani ports in the state of Gujarat on the west coast, Mundra, Dahej and Tuna, the report said

A massive consolidation is underway in the $500 billion global industry

Says, shipping companies are turning around, with a general increase in capacity utilisation