Preparations are underway to re-tender the development of Larnaca Port after Cyprus terminated a $1.3 billion concession agreement. Transport Minister Alexis Vafeades announced that Qatar, along with other investors, had expressed interest in the port. The re-tendering process might be delayed by potential legal actions from the previous operator, Kition Ocean Holdings. Kition Ocean Holdings, a joint venture between Israeli investor Eldeman Holdings BV and Cypriot firm Alexandrou Corporate Services
Category: Shipping News
Singapore Expands Port Capacity to Reduce Congestion
The Port of Singapore is increasing its capacity and reopening older berths to alleviate congestion at the world’s largest transshipment hub. Container ships arriving at the typically efficient Port of Singapore have faced berthing delays of up to seven days, with total capacity waiting at dock reaching 450,000 TEU, according to analyst Linerlytica, as reported by Seatrade Maritime News earlier this week. The Maritime & Port Authority of Singapore (MPA)
Maersk ups full year earnings forecast as port congestion grows
AP Møller – Maersk expects a stronger financial performance in the second half of the year as container spot rates hit their highest level since August 2022. The Danish shipping company has upped its full year 2024 EBIT forecast to $1 – $3 billion from negative $2 billion – $0 previously and its full year EBITDA forecast to $7 – $9 billion from $4 – $6 billion previously. “On the
Major Progress Made in Cleanup Efforts Following Key Bridge Collapse in Baltimore
The Unified Command for the Key Bridge Response, led by the US Coast Guard, reported significant progress by the end of May, announcing the clearance of a 400-foot-wide swath of the federal channel on May 20, facilitating the transit of pre-collapse, deep-draft commercial vessels to the Port of Baltimore. Efforts to remove sections of the wreckage are ongoing, with the Unified Command aiming to fully restore the Fort McHenry Federal
Turkey-Flagged Tanker Boarded and Robbed Off Cape Verde: Heightened Piracy Concerns in West Africa
In a significant escalation of piracy incidents off the coast of West Africa, a Turkey-flagged product tanker was boarded and robbed southwest of Nova Sintra, Cape Verde, early on Friday morning. According to British maritime security consultants Ambrey, the tanker was boarded by 10 armed suspects wielding AK-47s. The assailants reportedly damaged communication equipment, seized control of the bridge, and confined all crewmembers. A report from the International Chamber of
East and Southeast Asian Ports Dominate 2023 Global Container Port Performance Index
The latest Container Port Performance Index (CPPI) reveals that East and Southeast Asian ports excelled in 2023, securing 13 of the top 20 positions. Developed by the World Bank and S&P Global Market Intelligence, this fourth edition of the CPPI underscores how regional disruptions affected port performance worldwide. The index is based on empirical and objective data focused exclusively on the time vessels spend in port. The 2023 CPPI introduces
Russia and China to form Arctic liner
Russia is pressing ahead in a project with the Chinese to make all-year container shipping voyages along the Northern Sea Route (NSR) possible. Rosatom, which oversees the NSR, and China’s NewNew Shipping are forming a joint venture to develop a fleet of five ice-classed boxships which will work all year round. NewNew has already completed a number of Arctic transits over the past couple of years. Russian president Vladimir Putin
Top 10 countries in Africa with the best logistics performance
From the shiny cars lining up at the dealership to the countless goodies stacked on supermarket shelves, and even the packages delivered right to our doorsteps, logistics is the invisible force that keeps it all moving. With it, we can get our hands on the things we need and want. Consider logistics as the lifeblood of the global economy, ensuring that goods and resources move efficiently to where they are
Top 10 highest-ranking ports in Africa
In today’s interconnected world, ports play a pivotal role in facilitating global trade and driving economic growth. Serving as crucial gateways for international commerce, ports are vital components of supply chains, enabling the smooth movement of goods, commodities, and resources between nations. Ports are the lifelines of global trade, serving as hubs that connect producers, suppliers, and consumers across continents. They provide a platform for the efficient exchange of goods,
Deendayal Port Authority Achieves Milestone with First Loading of Indigenous Freight Wagons
Deendayal Port Authority (DPA) in Kandla, Gujarat, has marked a significant milestone by berthing the vessel MV OLIVIA at Cargo Jetty No. 15 for the first-ever loading of indigenous “Made in India” freight wagons. In a press release, DPA expressed pride in this achievement, emphasizing its impact on the Indian logistics and maritime sectors. The vessel MV OLIVIA loaded 24 packages of Gondola-type wagons, with a total weight of 454.104