DP World buys Australia’s Silk Logistics Dubai-based ports and logistics player DP World has reached an agreement to acquire Australian port-to-door logistics services provider Silk Logistics. The transaction, subject to shareholder approval of Silk Logistics and standard closing conditions, values the company at about A$174.5m ($115.6m) or A$2.14 per share. Silk Logistics operates 21 logistics […]
HD Hyundai Heavy Industries has initiated a landmark demonstration of autonomous operations aboard an 8,000 TEU containership equipped with cutting-edge autonomous navigation systems. The demonstration, which began on November 4, 2024, is part of a South Korean government-backed program aimed at advancing and commercializing autonomous shipping technologies. The initiative is overseen by South Korea’s Ministry […]
Folk Maritime Services Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has launched a new regional shipping route, the “India-Arabian Gulf Service.” This route connects key GCC ports, including Dammam and Umm Qasr, with major commercial ports in India, such as Nhava Sheva and Mundra. The inaugural vessel for this service, the “Asterius,” […]
ABS has released a pivotal report on the integration of advanced nuclear reactor technology for commercial ship propulsion, particularly targeting LNG carriers. Supported by a contract from the U.S. Department of Energy, the study investigates the feasibility of high-temperature gas-cooled reactor (HTGR) technology and its potential to transform maritime operations. Key Insights from the Study: […]
French startup VELA, launched in November 2022, has successfully raised €40 million ($43 million) in a significant funding round. The capital will enable VELA to construct the world’s largest sailing cargo trimaran, aimed at providing a sustainable transatlantic cargo service for a variety of products, including pharmaceuticals, industrial parts, healthcare equipment, and cosmetics. This financing […]
Hapag-Lloyd has revised its earnings forecast for 2024, following the lead of its upcoming Gemini Cooperation partner, Maersk. The German shipping line attributes this upward adjustment to stronger-than-expected demand and improved freight rates. In its preliminary figures for the first nine months of 2024, Hapag-Lloyd reported an EBITDA of approximately USD 3.6 billion (EUR 3.3 […]
Grain de Sail, a French sail cargo company and chocolatier, has unveiled its most ambitious project yet: the Grain de Sail III, a significantly larger sail cargo ship designed to enhance its operations. With a capacity of 200 TEU (approximately 2,800 metric tons), this new vessel aims to scale up the company’s sustainable maritime transport […]
Revolutionizing Warehouse Leasing in the UAE Dubai Customs is excited to announce the launch of an innovative digital platform, likened to the ‘Airbnb of warehouses.’ Unveiled at Gitex Global 2024, this platform is designed to streamline the registration and leasing process for various warehouse types, from dry storage to climate-controlled facilities, all through a centralized […]
Ukraine has formally requested the International Maritime Organization (IMO) to deploy a monitoring mission to its southern Odesa region ports, as Foreign Minister Andrii Sybiha reported on Wednesday. This request comes in response to a surge in Russian missile strikes targeting Ukraine’s port infrastructure, which have resulted in damage to four foreign-flagged civilian vessels since […]
The maritime industry stands on the brink of a technological revolution. As one of the oldest forms of global transportation, shipping has historically lagged in adopting new technologies. However, the rise of artificial intelligence (AI), advanced analytics, and enhanced connectivity is ushering in a transformative era that promises to redefine maritime operations. The Imperative for […]
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