Market News

A potentially catastrophic fire aboard the container vessel MSC Capetown III at the Port of Colombo was successfully extinguished by the Sri Lanka Ports Authority (SLPA) Fire Brigade on Sunday (August 11th). The blaze erupted around midnight while the ship was docked at the Jaya Container Terminal (JCT) Berth IV. Swift action by port authorities prevented [...]

Civil society organizations target methane emissions, urge investment in zero-emission solutions A global shift away from liquefied natural gas (LNG) is on the horizon, driven by the “Beyond Methane Pledge” launched by a coalition of seven environmental organizations. Announced on July 31, 2024, the initiative aims for a complete phase-out of LNG and other methane-based [...]

Singapore-based shipping giant, Ocean Network Express (ONE), has announced a significant upgrade to its KVT (Korea-Vietnam-Thailand) service. Effective August 4th, the service will feature an enhanced port rotation of Incheon, Gwangyang, and Busan in South Korea, followed by Ho Chi Minh City in Vietnam, and Laem Chabang in Thailand (both discharge and load calls), concluding [...]

Typhoon Gaemi has caused widespread devastation across Taiwan, resulting in the sinking of a cargo ship and the grounding of several others. The powerful storm brought torrential rain, destructive winds, and hazardous waves to the northern part of the island, following a deadly path through the Philippines where it claimed 25 lives. The Fu Shun, [...]

Air cargo operations are gradually returning to normal following widespread disruptions caused by a global IT outage last week. The incident, triggered by a faulty software update from cybersecurity firm CrowdStrike, sent shockwaves through the aviation sector, causing widespread delays, cancellations, and operational gridlock. Major airports and cargo handling giants like Schiphol and Swissport have [...]

Suez Canal Traffic and Revenue Collapsed The Suez Canal Authority (SCA) has revealed a catastrophic 23.4% decline in annual revenue for the fiscal year 2023/2024. This dramatic downturn is directly linked to the escalating Red Sea crisis. Heightened tensions in the region, primarily driven by the Israel-Yemen conflict, have compelled ship owners to avoid the [...]