Maritime News

The owners of the cargo ship El Faro, which sank off the coast of the Bahamas after it was trapped in the path

An arm of the Organization for Economic Cooperation and Development said stronger action is needed to reduce greenhouse gas emissions from ships, and that a carbon tax on shipping would be a way to achieve it.

Pharmaceutical companies have increased their oceangoing share of shipments. Ocean carriers and cold chain service providers are happy for the business, but the moves have also creased concerns over insurance and liability.

Hapag-Lloyd is pressing ahead with its initial public offering despite market volatility that has prompted some other German firms to re-think their share listing plans, the chief executive of the world’s fifth largest ocean carrier said.

Singapore-based APL has added a new connection to its recently announced Eagle Express service between Asia and the U.S. that will link the islands of Guam and Saipan to Yokohama from Nov. 24.

Growth in consumption of fruits, vegetables, meat and fish in emerging and newly industrialized countries should accelerate in the coming years, creating tailwinds for reefer container and specialized reefer operators.

Spot rates on containerized imports from Asia were flat to down this past week even though October is normally the peak month of the year in the eastbound Pacific. Hopes for a strong peak season are therefore fading fast.

An increase in the annual subsidy for operation of U.S.-flag ships under the Maritime Security Program survived in a U.S. House-passed bill to end the United States’ 40-year-old ban on oil exports, but the bill’s chances of becoming law remain iffy.

Investigators seeking to determine why the TOTE Maritime cargo ship El Faro sank in Hurricane Joaquin last week with the loss of its 33-member crew are taking a close look at the vessel’s sister ship.

Japan’s Mitsui O.S.K. Lines may incur a group net loss in the first half of fiscal 2015, which started in April, due to an extraordinary charge resulting from the collapse of Daiichi Chuo Kisen Kaisha, a mid-size domestic peer and equity-method affiliate.