India Unveils Landmark Maritime Development Fund and Strategic Measures to Boost Shipping Industry

In a major push to develop India’s maritime capabilities and transform the country into a global shipbuilding hub, Finance Minister Nirmala Sitharaman announced several transformative initiatives in the 2025 budget. Among the most significant is the creation of a ₹25,000 crore ($2.9 billion) Maritime Development Fund, aimed at the long-term financing of India’s shipbuilding and […]

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Black Sea Container Terminals Experience 14% Growth in 2024, Driven by Ukrainian Port Revitalization

In the first nine months of 2024, the Black Sea container terminals of Bulgaria, Romania, and Ukraine collectively handled 979,000 TEU (Twenty-Foot Equivalent Units), marking a significant 14% increase compared to the same period in 2023. This growth highlights the recovery of containerized trade, particularly in Ukraine, following the restoration of key maritime links to […]

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BYD Unveils World’s Largest Car Carrier, the BYD Shenzhen, to Boost Global Expansion

BYD has unveiled the world’s largest RoRo (Roll-on/Roll-off) vehicle carrier, the BYD Shenzhen, which is capable of transporting up to 9,200 cars. This state-of-the-art vessel, named after BYD’s hometown, undocked from Yangzhou Port, located about three hours northwest of Shanghai. The ship measures 219 meters in length, 37.7 meters in width, and has a draft […]

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Hapag-Lloyd Alerts Customers: EU ETS Surcharge Set to Surge by 100%

Hapag-Lloyd has informed its customers that the existing EU ETS surcharges are expected to “roughly double” starting January 1st, as the scope of the EU Emissions Trading System (EU ETS) expands. The company explained that this increase will be driven by the higher emissions costs resulting from the EU ETS’ expansion, as well as the […]

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DP World Strengthens Logistics Network in Australia with Silk Logistics Purchase

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 […]

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HD Hyundai Launches Groundbreaking Autonomous Navigation Demo with 8,000 TEU Containership, Paving the Way for the Future of Maritime Shipping

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 […]

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Saudi Arabia Unveils New Shipping Route: ‘Arabian Gulf-India’ Service

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,” […]

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Unlocking the Future of Maritime Propulsion: ABS Explores Advanced Nuclear Technology for LNG Carriers

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: […]

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VELA Secures €40 Million Funding for World’s Largest Sailing Cargo Trimaran

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 […]

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