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 […]
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 […]
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 […]
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 […]
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,” […]
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 […]
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 […]
DP World has announced the acquisition of 47,000 TEUs (Twenty-foot Equivalent Units) that are now registered and branded under the company. This strategic move significantly enhances DP World’s cargo capacity, allowing for a more agile response to customer needs. The addition of these containers ensures seamless access to vital container capacity, empowering customers to maintain […]
A.P. Moller – Maersk celebrated the naming of its latest dual-fuel methanol container vessel, Alexandra Maersk, today at the Port of Felixstowe, England. This 16,000 TEU vessel is the fifth in a series of innovative ships, reinforcing the company’s commitment to sustainable shipping. Mike Kane, the UK’s Maritime Minister, highlighted the significance of this vessel […]
Hurricane Milton is rapidly intensifying as it moves across the Gulf of Mexico, now classified as a high-Category 5 storm, with sustained winds reaching 155 knots and a dangerously low central pressure of 897 mb. According to the National Hurricane Center (NHC), conditions could allow for further intensification overnight due to the warm waters of […]
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