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The Leading Maritime & Transport News Portal
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Tuesday, March 26, 2024
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US sanctions shipping company, targeting Iran and Houthi rebels
THE US Department of Treasury recently announced sanctions on shipping company Vishnu Inc and its vessel, the Lady Sofia, for allegedly facilitating illicit shipments to China to support Iran and Houthi rebels in Yemen, reports New Delhi Logistics Insider.
The Lady Sofia, a Suezmax oil tanker registered in the Marshall Islands, was found to have conducted a ship-to-ship transfer with the sanctioned vessel Mehle.
The Mehle, posing as a fictitious Amor vessel and utilizing identification spoofing technology, falsely broadcasted its location as the South China Sea while unloading its cargo onto the Lady Sofia near Singapore.
Earlier, on January 12, the Treasury had identified the Mehle as belonging to Cielo Maritime Ltd, which was sanctioned for aiding Sa'id al-Jamal, an alleged Houthi financial facilitator sanctioned by the US Office of Foreign Assets Control in June 2021.
"The United States is steadfast in its commitment to countering terrorist financing and will continue to use all available means to disrupt significant ongoing illicit commercial activity," said US State Department representative Matthew Miller.
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Korean Shipbuilding stocks surge amid US-China tensions
INVESTORS in the Korean market are showing increased interest in shipbuilding and shipping stocks, foreseeing potential benefits for the local industry amid escalating tensions between the US and China, with the sector becoming the latest battleground between the two economic giants, reports Korea JoongAng Daily.
Five labour unions in the US, including the United Steelworkers, lodged a complaint with US trade authorities, alleging unfair practices by Chinese shipbuilders.
This tension is expected to favour Korean shipbuilders, especially given rising crude prices, which will likely spur additional orders from oil and gas companies.
As a result major shipbuilding stocks in Korea have demonstrated strong performance.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE) witnessed a 4.96 per cent gain following media reports on the petition from the US labour unions.
Hanwha Ocean, listed on the Kospi, surged 11.34 per cent and maintained a flat closing, with a 5.56 per cent increase seen during mid-trading.
Hyundai Mipo Dockyard experienced a 6.46 per cent surge, with a minimal 0.15 per cent decrease.
The US unions' petition calls for an investigation into unreasonable and discriminatory acts, policies, and practices by Chinese players and the government aimed at securing dominance in the maritime and shipbuilding sectors.
These include imposing port fees on Chinese-built ships to counteract the country's significant presence in the market.
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Gangs loot UNICEF container with aid for newborn babies and mothers
THE United Nations International Children's Emergency Fund (UNICEF) reported that one of its containers, containing essential supplies vital for the survival of newborns and their mothers, was looted by gangs at Haiti's main port in the capital, reports Jamaica Observers.
The looted container, which contained items crucial for maternal, neonatal, and child health, including resuscitators and related equipment and supplies for early childhood development, education, and water equipment, was among seven containers targeted in the early morning.
"Depriving children of vital health supplies amidst a collapsing healthcare system is a violation of their rights," said UNICEF representative Bruno Maes.
"Looting of supplies that are essential for life-saving support for children must end immediately, and humanitarian access must remain safe."
Armed groups infiltrated the city's primary port, cutting off one of the capital's vital channels for food and supplies as the nation teeters on the brink of collapse.
At present, more than 260 containers owned by humanitarian organizations are under the control of armed groups at the port.
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Chinese naval ships sighted around West Philippine Sea
A CHINESE warship was spotted in the vicinity of the Philippine-occupied Pag-asa Island last Tuesday while other Chinese vessels kept crowding around Panatag (Scarborough) Shoal and other parts of the West Philippine Sea (WPS), according to the Armed Forces of the Philippines (AFP).
Col Francel Margareth Padilla, the AFP spokesperson, told a press briefing last Wednesday that as of March 19, six China Coast Guard (CCG) vessels and eight Chinese maritime militia ships remained in the waters of Panatag, also known as Bajo de Masinloc.
The shoal lies within Manila's 370-kilometre exclusive economic zone (EEZ), some 220 km west of Zambales province.
China took control of the resource-rich shoal in 2012 after a standoff with the Philippine Navy. But in 2016, a Hague-based arbitral tribunal declared that the shoal was a traditional fishing ground shared by Filipinos, Vietnamese and Chinese.
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Indian navy captures ship from Somali pirates, rescuing 17 crew members
INDIAN naval forces, along with special commandos, successfully seized a cargo vessel that had fallen into the hands of Somali pirates, rescuing 17 crew members in the process, reports Aljazeera.
The navy announced that all 35 pirates aboard the Maltese-flagged bulk cargo vessel MV Ruen had surrendered.
The ship was inspected thoroughly to ensure no illegal arms, ammunition, or contraband were present.
The MV Ruen, which had been hijacked late last year, was first intercepted by the navy.
"The pirates onboard the vessel have been called upon to surrender and release the vessel and any civilians they may be holding against their will," said the navy.
"The Indian navy remains committed to maritime security and safety of seafarers in the region."
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Dunkirk port, CEVA in deal for car logistics operation
THE Port of Dunkirk, CEVA Logistics have signed a contract for new vehicle logistics operation, reports London's Port Technology.
The deal involves a 9.5-hectare plot of land, which CEVA will develop to facilitate the import and export of new automobiles by sea.
Dunkerque-Port selected CEVA Logistics as a candidate in a Call for Expressions of Interest for the site, in the eastern part of the Port of Dunkirk, CEVA will be deploying a completely new vehicle logistics park, linked to the maritime flows of exports and imports to and from the Port of Dunkirk.
The site will contain vehicle reception and storage areas, as well as loading and unloading areas for trains and vehicle transport trucks. Development will start in October 2024.
Following completion, CEVA expects to handle around 47,000 vehicles a year and to reach an annual volume of 95,000 vehicles by March 2025.
These projections are based on CEVA's close relationships with the major auto makers, who are keen to transit their flows through the Port of Dunkirk, the gateway to France's battery valley and the only European port to offer an ecosystem around electric mobility, reported CEVA.
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CX February's cargo volume up 3pc y-o-y but down 7pc from January
HONG Kong's Cathay Pacific carried 107,039 tonnes of cargo in February, an increase of 3 per cent compared with the same month last year.
The month's cargo revenue tonne kilometres (RFTKs) increased 3.8 per cent year on year. The cargo load factor decreased by 7.5 percentage points to 59.2 per cent, while available cargo tonne kilometres (AFTKs) increased by 16.9 per cent year on year.
In the first two months of 2024, the tonnage increased by 11.4 per cent against a 17.6 per cent increase in AFTKs and a 7.5 per cent increase in RFTKs, as compared with the same period for 2023.
Commenting on the month's cargo business, Cathay Pacific's chief customer and commercial officer Lavinia Lau said: "Demand was weaker in February, which was expected given the timing of Chinese New Year, with tonnage down by 7 per cent compared with the previous month. However, when compared with February 2023, tonnage was up by 3 per cent.
"There was a healthy spike in demand before Chinese New Year, and although demand from Hong Kong and the Chinese Mainland declined during the holiday period, the impact was also less than in previous years."
Ms Lau pointed out that in the two months there was good growth in tonnage on long-haul routes from other markets in Asia, as well as on routes from Hong Kong and the Chinese Mainland.
"We observed encouraging growth in special products such as pharmaceuticals, perishables and machinery parts. Overall for January and February combined, our cargo performance has met expectations, with increased tonnage carried compared with the same period last year," she added.
Looking ahead, Ms Lau said: "On the cargo side, we expect demand to pick up towards the second half of the month as we approach the end of the first quarter. E-commerce continues to drive demand out of Hong Kong, although we maintain a balance in our tonnage with the wide range of freight solutions we provide to customers to meet their cargo requirements."
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Cathay sticks to prudent spending despite bumper 2023 profits
HONG Kong flag carrier Cathay Pacific Airways says it has to stick to prudent spending despite last year's hefty profits, declining to offer passengers perks such as discounts on tickets amid growing calls for the company to give back to the community.
Speaking at a meeting of Hong Kong's Legislative Council, Cathay CEO Ronald Lam was grilled by lawmakers over the airline's recent performance, touching on cancellation of numerous flights amid holiday seasons and what lawmakers called the airline's "chaotic" management.
Legislators also tried to push the company to dish out offers given its HKD9.78 billion (US$1.25 billion) net profit last year, reports Hong Kong's South China Morning Post.
But Mr Lam stopped short of offering any perks or discounts on its services in return for the government and taxpayers having propped up the airline during the pandemic.
The CEO noted the company lost HKD34 billion during the three years that Covid-19 crippled the travel industry.
"The best [way of returning the favour] is to restore our services as soon as possible and invest in the future," he told lawmakers, pointing to the purchase of 70 planes for passenger flights and cargo.
"In the future, we need to be prudent with our expenditure ... We need to make investments to consolidate Hong Kong's status as an aviation hub."
Mr Lam said Cathay's profits would partly be used to repay the government, "which I know is taxpayers' money".
The government provided a multibillion-dollar bailout to help the company survive the pandemic in 2020.
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Kerry launches Europe-Oceania air-sea operation
HONG KONG's Kerry Logistics has launched an air-sea operation from Europe to Australia and New Zealand as it looks to combat extended ocean shipping times caused by the Red Sea crisis, reports London's Air Cargo News.
The new service will fly cargo from Europe to Hong Kong, where it is placed on a ship for the last leg of the journey.
Kerry is offering flights from airports in the UK, Spain, France, Italy, Belgium, the Netherlands, Germany, Sweden, and Turkey, to Australia and New Zealand with a 20-24 day transit time.
Destinations are Sydney, Melbourne and Auckland. Freight is handled in Kerry's bonded facility in Hong Kong.
Emma Rowlands, strategic sales director Europe, Kerry Logistics, said the new service had been launched as vessels are having to sail around the Cape of Good Hope to avoid attacks in the Red Sea.
"We have been looking for innovative ways to help customers facing issues due to the situation in Red Sea, which has increased transits in excess of 60 days between Europe and Oceania," said Ms Rowlands.
"Our air-sea service provides a cost-effective solution and we have already serviced several key accounts resulting in transit times that have been even better than expected, with shipments arriving in Australia from Europe in fewer than 20 days."
The company claimed that the service is 50 per cent cheaper than air freight and three times faster than seafreight on the same lanes.
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Boeing sees cash drain as 737 Max episode takes toll
AMERICA's major plane maker Boeing predicted a massive cash drain for the first quarter as regulatory scrutiny and slower output of its 737 Max jetliner after its mid-air accident took its toll on company finances, reports Bloomberg.
Cash outflow will reach US$4 billion to $4.5 billion in the first quarter, Boeing chief financial officer Brian West told a Bank of America conference in London.
A plan to reach a $10 billion cash flow target by 2025-26 will be at the far end of that window. For the year, free cash flow will be in the single digit billions of dollars, Mr West said.
"We're not at the moment where we can manage the near term for these financial outcomes because of the work at hand around stability," he said. "Our expectation is that we'll get more predictable and better positioned, but it will take time."
Mr West said margins at the commercial aircraft business will be negative to the tune of about 20 per cent in the first quarter as the company pays out compensation for a near-catastrophic fuselage failure on a Boeing 737 Max 9 aircraft on January 5 and absorbs the broader hit from the episode. While margins will improve for the year, they will remain negative for 2024, the CFO said.
As part of the fallout from the January 5 episode, regulators have capped Boeing's output to make sure the company has the resources to review its manufacturing processes.
He said production rates will be lower in the first half and the rise again in the latter part of the year toward thirty-eight 737 Max units a month. Anything beyond that "will be up to the FAA," he said of the Federal Aviation Administration.
Ryanair said that summer capacity in Europe will be held back by Boeing's delivery delays and separate engine issues afflicting Airbus SE aircraft.
The Irish budget carrier flies an all-Boeing fleet and has been forced to scale back some targets and destinations for this summer because it's not getting the number of planes it had planned for.
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