Maritime News

An increase in the annual subsidy for operation of U.S.-flag ships under the Maritime Security Program has been inserted into a U.S. House bill to lift the United States’ 40-year-old ban on oil exports.

Zim Integrated Shipping Services refused to comment on reports it is planning an initial public offering in the U.S. next year.

The imminent suspension of several liner services between Asia and the U.S. East Coast and South America during the slack shipping season threatens to put as many as 50 Panamax container ships out of work by January, according to Alphaliner.

The container shipping industry is facing three more years of overcapacity and financial pain because of slowing global trade and a bloated order book of large vessels, forcing Drewry to slash its growth forecast for 2015 and revise down estimates for future years.

Container line APL has launched a weekly service connecting North Asia markets with the U.S. West Coast using U.S.-flagged vessels in a speedy transit that will be controlled by the carrier from end-to-end, including the rail link to inland destinations.

The labor dispute that clogged West Coast ports with containers for months is still shaping freight markets, speakers at the JOC Inland Distribution Conference say, months after a contract was signed and the freight logjam broke.

FedEx founder, CEO and Chairman Fred Smith expects some of the cargo diverted from congested West Coast ports to remain moving through other entry points as shippers diversify their supply chains.

Hyundai Merchant Marine said it will spin off its dry bulk division and its two U.S. West Coast container terminals as the Korean company seeks to bolster liquidity at its core container shipping business.

Panama Canal Administrator Jorge Quijano has assured shipping leaders that the canal’s new, larger locks should open on schedule by April, despite concerns that the opening would be delayed by leaks in one of the locks’ concrete sills.

The Coast Guard said its search for the 33 persons aboard the cargo ship El Faro would be halted at 7 p.m. EDT Wednesday, more than six days after the TOTE Maritime cargo ship sank off the Bahamas during Hurricane Joaquin.