Global logistics leader DP World has announced a £1-billion expansion of London Gateway, set to establish it as Britain’s largest container port within five years. The investment will fund the construction of two additional shipping berths, bringing the port’s capacity to six berths capable of accommodating the world’s largest container vessels. Additionally, a second rail terminal will be constructed to support the anticipated growth in containerized trade. By the end
Category: Shipping News
Global Shipping Industry Faces Challenges with Ageing Fleet Amid Shipbuilding Boom
The global shipping industry is grappling with an ageing merchant fleet, and even the current surge in shipbuilding may fall short of replacing older vessels in time, according to Xclusive Shipbrokers’ latest weekly report. The report highlights a significant rebound in shipbuilding over the past two years, primarily fueled by a recovery in freight rates post-Covid-19. “This surge has led to a notable increase in the orderbook-to-fleet ratios across various
Maersk Defies Russian Threats with New Weekly Container Service to Ukraine
Maersk has launched a new weekly container service to Ukraine, pushing forward amid escalating Russian attacks on merchant ships and Ukrainian ports. According to the Ukrainian news portal Dumskaya, the first vessel under this service departed from Port Said, Egypt, on Thursday and is scheduled to reach Chornomorsk on October 22. Maersk’s Ukraine office issued a statement to clients, emphasizing that the new service “marks a significant step forward in
MSC Acquires Majority Stake in Brazilian Port Operator Wilson Sons
Mediterranean Shipping Company’s maritime services subsidiary, SAS Shipping Agencies Services, has agreed to acquire a 56.47% controlling stake in Brazilian port operator Wilson Sons for 4.3 billion Brazilian real (R13.44 billion). In a regulatory filing, Wilson Sons confirmed it received notification from its controlling shareholder, OW Overseas Investments, regarding the execution of a share purchase agreement. This agreement involves OW Overseas (the seller) and SAS Shipping Agencies Services Sàrl (the
Four Crew Members Missing After Russian Cargo Ship Capsizes Near Sakhalin Island
Four crew members remain missing after the small general cargo ship Grigory Lovtsov capsized near Korsakov port at the southern end of Sakhalin Island, in Russia’s Far East. Russian authorities reported that three crew members were rescued, though all are suffering from hypothermia. The Grigory Lovtsov, a 41-meter, 200-dwt vessel that has operated in Russia since 2010, was carrying a crew of seven. Sakhalin Oblast Governor Valery Limarenko stated on
Galp Energia Prepares for Major Drilling Operations Off Namibia with Santorini Drillship
A drillship formerly active in the Baleine offshore exploration area off Côte d’Ivoire has arrived off the coast of Namibia, where it is set to conduct single-well drilling for Portuguese energy multinational Galp Energia. The Santorini, owned by Italian oilfield services company Saipem SpA, is part of a significant investment totaling N$2.1 billion by Galp, following exploratory drilling in January 2023. Currently stationed off Long Beach between Walvis Bay and
Brazil’s Port Privatization Strategy Expands with Auction of 35 Terminals
Brazil has announced plans to auction off 35 terminals as part of its ongoing privatization efforts, marking a key step in the country’s strategy to modernize its port infrastructure. This announcement follows the recent acquisition by MSC subsidiary SAS Shipping Agencies Services, which secured a 56.47% stake in port operator Wilson Sons for 4.3 billion Brazilian reais. The government’s initiative aims to enhance efficiency and competitiveness in global trade by
Cosco Shipping Energy Transportation Strengthens Global Chemical Logistics with Asset Consolidation
Cosco Shipping Energy Transportation is consolidating its parent company’s chemical product supply chain assets to enhance its position in the global chemical logistics market. The newly established Dalian Cosco Shipping Energy Transportation Supply Chain Company will merge Cosco Shipping’s transportation, warehousing, and logistics assets for LPG and chemical products. “The asset consolidation will enhance the company’s service capabilities in the chemical and energy logistics sectors and optimize overall business performance,”
Tragic Accident Claims Lives of Two Workers at Virginia Ship Repair Yard
Two workers tragically lost their lives in an accident at the Marine Hydraulics International (MHI) Ship Repair Yard in Norfolk, Virginia, last week. Emergency services responded to the incident on the Elizabeth River at approximately 7:45 AM on Wednesday. One worker was pronounced dead at the scene, while another, who was critically injured, was transported to the hospital but succumbed to his injuries several hours later. MHI issued a statement
Namibia’s Tridock Shipyard to Launch $728 Million Drydock Facility at Walvis Bay
Tridock Shipyard Namibia (Pty) Ltd has unveiled plans for a cutting-edge drydock facility at Walvis Bay, projected to cost $728 million. The facility, expected to generate an initial annual revenue of US$150 million (N$2.7 billion), aims to double this revenue within three years of operation, according to a recent report in Mining & Energy. The project will create approximately 1,000 direct jobs, along with a range of downstream employment opportunities,