Maritime News

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.

CMA CGM today confirmed it is in talks with the Yildirim Group over the sale of the Turkish conglomerate’s 24 percent stake in the French ocean carrier.

South Korea’s container shipping companies Hanjin Shipping and Hyundai Merchant Marine are leading the country’s cautious financial recovery, but it’s unclear if the good times will last.

Spot rates on the Asia-Mediterranean trade fell to their lowest ever levels this week, hitting $244 per 20-foot container as China shut down during the country’s Golden Week national holidays.

This year’s peak shipping season has come and gone, and with it so has the notion of a traditional peak season, industry executives said at the JOC Inland Distribution Conference here Thursday.

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.