port-and-ship
09 November 2025
Marine Insightport-and-ship
Nov 09, 2025Marine Insight
Two tankers carrying about 1.5 million barrels of Russian Urals crude have been left idling at sea near the Suez Canal for more than a week.
Tracking data from LSEG and OilX show that the vessels Sikar and Monte 1 were both loaded with crude at Russia’s Baltic port of Primorsk in early October.
The Sikar, which left on 6 October, has been anchored near the Mediterranean entrance of the Suez Canal since 24 October, while the Monte 1, which departed on 7 October, transited through the canal on 30 October and is now anchored in the Red Sea.
The United States and the European Union recently increased sanctions on Russia’s oil industry, targeting its two biggest producers, Rosneft and Lukoil, for the first time. Together, these companies are estimated to account for around 5% of the global oil supply.
The new restrictions are aimed at limiting Russia’s oil income and increasing pressure on Moscow to move toward peace talks over the war in Ukraine.
Following the new measures, Russian crude is being sold in Asia at its biggest discount to Brent in a year. Refiners in India and China, two major buyers of Russian oil, have reportedly cut back on their purchases.
The Sikar has listed Port Said as its destination, while Monte 1 does not have a confirmed port to discharge its cargo. Both ships are sailing under the flag of Gambia.
Glory Shipping HK Ltd manages the Sikar, and Mariam Ship Management Service operates Monte 1. Attempts to reach both ship managers for comment were unsuccessful.
Industry analysts said that the delay shows the growing problems Russia faces in exporting its oil. The tightening sanctions are discouraging buyers and making deliveries more difficult, leaving some tankers stuck at sea with no confirmed buyers.
Reference: Reuters
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Disclaimer : The information on this website is for general purposes only. While efforts are made to ensure accuracy, we make no warranties of any kind regarding completeness, reliability, or suitability. Any reliance you place on such information is at your own risk. We are not liable for any loss or damage arising from the use of this website.
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Two Oil Tankers With 1.5 Million Barrels Of Russian Oil Idle At Sea Amid SanctionsTwo tankers carrying about 1.5 million barrels of Russian Urals crude have been left idling at sea near the Suez Canal for more than a week.
Tracking data from LSEG and OilX show that the vessels Sikar and Monte 1 were both loaded with crude at Russia’s Baltic port of Primorsk in early October.
The Sikar, which left on 6 October, has been anchored near the Mediterranean entrance of the Suez Canal since 24 October, while the Monte 1, which departed on 7 October, transited through the canal on 30 October and is now anchored in the Red Sea.
The United States and the European Union recently increased sanctions on Russia’s oil industry, targeting its two biggest producers, Rosneft and Lukoil, for the first time. Together, these companies are estimated to account for around 5% of the global oil supply.
The new restrictions are aimed at limiting Russia’s oil income and increasing pressure on Moscow to move toward peace talks over the war in Ukraine.
Following the new measures, Russian crude is being sold in Asia at its biggest discount to Brent in a year. Refiners in India and China, two major buyers of Russian oil, have reportedly cut back on their purchases.
The Sikar has listed Port Said as its destination, while Monte 1 does not have a confirmed port to discharge its cargo. Both ships are sailing under the flag of Gambia.
Glory Shipping HK Ltd manages the Sikar, and Mariam Ship Management Service operates Monte 1. Attempts to reach both ship managers for comment were unsuccessful.
Industry analysts said that the delay shows the growing problems Russia faces in exporting its oil. The tightening sanctions are discouraging buyers and making deliveries more difficult, leaving some tankers stuck at sea with no confirmed buyers.
Reference: Reuters
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Disclaimer : The information on this website is for general purposes only. While efforts are made to ensure accuracy, we make no warranties of any kind regarding completeness, reliability, or suitability. Any reliance you place on such information is at your own risk. We are not liable for any loss or damage arising from the use of this website.
Marine Insight
port & ship
09 November 20254 min readTwo Oil Tankers With 1.5 Million Barrels Of Russian Oil Idle At Sea Amid Sanctions
Marine Insight
09 November 2025
port-and-ship
Maersk Signals $2B Investment To Boost India’S Port InfrastructureA.P. Moller-Maersk announced a series of strategic initiatives to strengthen its maritime ties with India during India Maritime Week 2025.
Maersk has unveiled a plan to expand its operational footprint in the country through port infrastructure investments, vessel reflagging, and enhanced local partnerships across the maritime value chain.
At the center of the strategy is a memorandum of understanding (MoU) signed between APM Terminals Pipavav (Gujarat Pipavav Port Limited), part of A.P. Moller – Maersk, and the Gujarat Maritime Board. The deal outlines a proposed expansion with an investment scope of $2bn (approximately ₹17,000 crore).
Subject to a long-term concession agreement with Indian authorities, the expansion will enhance the port’s capacity and capabilities with container and liquid cargo handling infrastructure, while strengthening multimodal connectivity with the Dedicated Freight Corridor and the national hinterland.
“This investment plan is not just about expanding Pipavav Port, it’s about unlocking new opportunities for Gujarat, for India, and for global trade,” said Jon Goldner, chief executive of APM Terminals Asia & Middle East. “Supporting the Hon’ble Prime Minister Shri Modiji’s vision, we are building the capacity, resilience, and sustainability needed to serve India’s economy for decades to come.”
As part of its strategy, Maersk has registered a new legal entity, Maersk Bharat IFSC Pvt. Ltd., at GIFT City IFSCA, Gujarat and flagged two vessels – Maersk Vigo and Maersk Vilnius – under the Indian flag.
The company is also deepening its collaborations with Indian shipyards for vessel repair and maintenance activities. Multiple MoUs have been signed with different yards to explore repair, maintenance, and new-building opportunities, establish capabilities that meet international operational standards, and create opportunities for knowledge transfer and skill development.
Additionally, Maersk said that it is exploring local manufacturing and the procurement of containers from Indian companies, working closely with partners to share technical specifications and quality requirements for procuring seaworthy containers, with the aim of establishing a domestic production roadmap.
“India possesses significant infrastructure capabilities that Maersk wishes to capitalise on,” noted Ahmed Hassan, head of asset strategy at A.P. Moller-Maersk. “By flagging vessels under the Indian flag, manufacturing seaworthy containers in India and engaging local yards for maintenance and repair work, we’re not just expanding our operational flexibility; we’re investing in the development of India’s maritime ecosystem and demonstrating our belief in the country’s technical capabilities.”
Meanwhile, Maersk is partnering with educational institutes and organisations focused on skill development in the maritime sector, providing onboard training opportunities to maritime cadets and ratings.
Shipping Telegraph
port & ship
04 November 20253 min readMaersk Signals $2B Investment To Boost India’S Port Infrastructure
Shipping Telegraph
04 November 2025
port-and-ship
Msc Crosses The 7M Teu MarkThe records continue to tumble for Mediterranean Shipping Co (MSC), the world’s largest container carrier, with the latest data from Alphaliner showing the Geneva-based boxline’s fleet has breached the 7m teu mark.
The Soren Toft-led liner now has a fleet of 7,002,757 teu, with an orderbook on top in excess of 2m teu. Putting MSC’s current fleet in perspective, it is larger than the combined fleet of the Gemini Cooperation – a rival offering on the main east-west trades made up of Maersk and Hapag-Lloyd. Likewise, MSC’s fleet today – not including its orderbook -is larger than the combined fleets of the Premier Alliance members, a grouping of Asian liners, Yang Ming, HMM, and Ocean Network Express (ONE).
Last week, MSC bought the 2007-built, 3,534 teu Newnew Star 2 from Chinese owner Hainan Yangpu Newnew Shipping, with the ship expected to be renamed MSC Rabat IV, according to Alphaliner. This ship – one of around 400 secondhand ones bought by MSC in the 2020s, saw the Gianluigi Aponte-founded line crest the 7m teu mark, a size unlikely to be matched by its peers anytime soon.
MSC has tripled in size over the past decade via a massive newbuild campaign and a historic foray in the secondhand markets. It was at the start of 2022 that MSC became the world’s largest liner by operated container vessel capacity, surpassing Maersk, which had been at the top of the rankings for more than a quarter of a century.
MSC’s expansion has propelled landlocked Switzerland to become one of the top shipowning countries in the world. Online pricing portal VesselsValue released its annual chart of the top 10 shipowning nations by total asset value in January, with Switzerland creeping into ninth spot thanks largely to MSC’s container and cruise fleets.
Splash247
port & ship
04 November 20252 min readMsc Crosses The 7M Teu Mark
Splash247
04 November 2025
port-and-ship
Pakistan Navy To Commission First Chinese-Built Submarine In 2026 Under $6.5 Billion DealPakistan’s navy expects to commission its first Chinese-designed Hangor-class submarine in 2026, under a defence deal worth around US$5 billion (S$6.5 billion) with Beijing.
According to Pakistan’s naval chief Admiral Naveed Ashraf, the project under which Islamabad will acquire eight submarines by 2028 is progressing smoothly. He told Chinese state media that the new fleet would significantly improve the country’s ability to patrol the North Arabian Sea and safeguard its maritime interests.
Under the agreement, the first four diesel-electric submarines are being built in China, while the remaining four will be assembled in Pakistan to help develop local shipbuilding skills.
Pakistan has already launched three of the submarines into China’s Yangtze River from a shipyard in Hubei province. Admiral Ashraf reportedly said that Chinese equipment has been reliable, advanced and suited to the navy’s operational needs.
He added that the Pakistan Navy is focusing on new technologies such as artificial intelligence, unmanned systems and advanced electronic warfare, and is exploring further cooperation with China in these areas.
The update comes after an incident in May when Pakistan’s air force reportedly used Chinese-made J-10 fighter jets to shoot down an Indian Air Force Rafale aircraft made by France. The clash between the two nuclear-armed neighbours surprised many and sparked debate over the performance of Western and Chinese weapons.
According to data from the Stockholm International Peace Research Institute (SIPRI), Pakistan is China’s largest arms customer, accounting for more than 60 per cent of Beijing’s total weapons exports between 2020 and 2024.
China has also invested heavily in Pakistan’s infrastructure under the China-Pakistan Economic Corridor (CPEC), a 3,000-kilometre route connecting China’s Xinjiang region to the deep-water port of Gwadar. The corridor, part of President Xi Jinping’s Belt and Road Initiative, gives Beijing strategic access to the Arabian Sea and a direct link to Middle Eastern energy supplies, bypassing the vulnerable Strait of Malacca.
The initiative also expands China’s influence towards Afghanistan, Iran, and Central Asia, while strengthening its ties with Bangladesh and Myanmar, moves that analysts say increase pressure on India.
India currently operates three indigenously built nuclear-powered submarines and several diesel-electric attack submarines developed or acquired with France, Germany and Russia.
Admiral Ashraf said Pakistan’s partnership with China extends beyond defence equipment, built on trust and shared goals. He added that both countries plan to expand cooperation in shipbuilding, training, technology, and industry in the coming years.
Reference: Reuters
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Disclaimer : The information on this website is for general purposes only. While efforts are made to ensure accuracy, we make no warranties of any kind regarding completeness, reliability, or suitability. Any reliance you place on such information is at your own risk. We are not liable for any loss or damage arising from the use of this website.
Disclaimer : The information on this website is for general purposes only. While efforts are made to ensure accuracy, we make no warranties of any kind regarding completeness, reliability, or suitability. Any reliance you place on such information is at your own risk. We are not liable for any loss or damage arising from the use of this website.
Marine Insight
port & ship
04 November 20254 min readPakistan Navy To Commission First Chinese-Built Submarine In 2026 Under $6.5 Billion Deal
Marine Insight
04 November 2025
port-and-ship
Maersk Signals $2 Billion Investment In Indian Port InfrastructureFILE PHOTO: Crew members look out from the MV Maersk Mc-Kinney Moller as it berths at a PSA International port terminal in Singapore, September 27, 2013. REUTERS/Edgar Su/File Photo
A.P. Moller – Maersk announced a series of strategic initiatives to expand its operational footprint in India during India Maritime Week 2025, with plans centered on port infrastructure investments, vessel reflagging, and enhanced local partnerships.
APM Terminals Pipavav signed a Memorandum of Understanding with Gujarat Maritime Board outlining a proposed expansion with an investment scope of $2 billion (approximately ?17,000 crore). Subject to a long-term concession agreement with Indian authorities, the expansion will enhance the port’s capacity and capabilities with container and liquid cargo handling infrastructure, while strengthening multimodal connectivity with the Dedicated Freight Corridor and the national hinterland.
“This investment plan is not just about expanding Pipavav Port, it’s about unlocking new opportunities for Gujarat, for India, and for global trade,” said Jon Goldner, Chief Executive of APM Terminals Asia & Middle East. “Supporting the Hon’ble Prime Minister Shri Modiji’s vision, we are building the capacity, resilience, and sustainability needed to serve India’s economy for decades to come.”
Maersk has registered a new legal entity, Maersk Bharat IFSC Pvt. Ltd., at GIFT City IFSCA, Gujarat and flagged two vessels – Maersk Vigo and Maersk Vilnius – under the Indian flag, aligning with the growing importance of domestic tonnage for supply chain resilience.
The company is deepening its collaborations with Indian shipyards for vessel repair and maintenance activities. Multiple MoUs have been signed with different yards to explore repair, maintenance, and new-building opportunities, establish capabilities that meet international operational standards, and create opportunities for knowledge transfer and skill development.
Maersk is also exploring local manufacturing and the procurement of containers from Indian companies, working closely with partners to share technical specifications and quality requirements for procuring seaworthy containers, with the aim of establishing a domestic production roadmap.
“India possesses significant infrastructure capabilities that Maersk wishes to capitalise on,” said Ahmed Hassan, Head of Asset Strategy at A.P. Moller – Maersk. “By flagging vessels under the Indian flag, manufacturing seaworthy containers in India and engaging local yards for maintenance and repair work, we’re not just expanding our operational flexibility; we’re investing in the development of India’s maritime ecosystem and demonstrating our belief in the country’s technical capabilities.”
The initiatives align with India’s Maritime India Vision 2030, which seeks to develop world-class mega ports, transshipment hubs and modernize infrastructure at an estimated investment of 1.25 trillion rupees.
CMA CGM has also committed to India’s maritime sector by signing a letter of intent with Cochin Shipyard Limited to build six dual-fuel LNG containerships in India, marking the first time a major international container shipping company has ordered LNG vessels from an Indian shipyard. The vessels will each have a capacity of 1,700 TEUs and will be registered under the Indian flag, with deliveries scheduled between 2029 and 2031.
Nearly 95% of India’s trade by volume and around 70% by value traverses the nation’s maritime routes. Maritime India Vision 2030, launched in 2021, includes over 150 strategic initiatives to modernize ports, expand shipping capacity, and strengthen inland waterways.
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gCaptain
port & ship
01 November 20253 min readMaersk Signals $2 Billion Investment In Indian Port Infrastructure
gCaptain
01 November 2025
port-and-ship
Cma Cgm, Rsgt Sign Term Sheet For An Envisioned $450M Jeddah Terminal JvMarseille-based container shipping line CMA CGM signed through its fully owned subsidiary CMA Terminals a term sheet with Saudi Arabia’s Red Sea Gateway Terminal (RSGT), the national terminal operator, for a potential joint venture to build and operate Terminal 4 at Jeddah Islamic Port.
The planned Terminal $450m investment will deliver a 2.6 million TEU new infrastructure, advanced handling equipment, and next-generation digital and sustainability capabilities.
The potential sub-concession would be structured under RSGT’s existing long-term concession with Saudi Ports Authority (Mawani) and forms part of RSGT’s option to expand Jeddah Islamic Port’s capacity on the allocated Terminal 4 area, as stipulated in the 2020 concession agreement.
The joint venture will operate as a separate 2.6 million TEU container terminal adjacent to the existing RSGT terminals.
CMA CGM said the new Terminal 4 will be capable of berthing and operating mega containerships with maximum efficiency, and supports the Kingdom’s broader logistics strategy to increase gateway throughput, expand transshipment, and reinforce the Red Sea’s pivotal role along the Europe-Asia-Africa corridor.
Rodolphe Saadé, chairman and chief executive officer of CMA CGM Group, stated: “I am pleased to announce this partnership with RSGT, which represents a new step in the development of Jeddah Islamic Port and supports Saudi Arabia’s Vision 2030.”
He added: “By combining CMA CGM’s global expertise with RSGT’s local strength, we will contribute to making Jeddah a key logistics gateway on the Red Sea. This investment reflects our confidence in the Kingdom’s long-term ambitions and our commitment to supporting its economic transformation.”
Once completed, the project will increase Red Sea Gateway Terminal’s annual handling capacity up to 8.8 million TEUs.
Shipping Telegraph
port & ship
31 October 20252 min readCma Cgm, Rsgt Sign Term Sheet For An Envisioned $450M Jeddah Terminal Jv
Shipping Telegraph
31 October 2025
port-and-ship
Excelerate Energy Seals $450M Deal For Iraq’S First Floating Lng Import TerminalU.S.-based LNG company Excelerate Energy signed a $450m agreement with a subsidiary of Iraq’s ministry of electricity for the development of the country’s first liquefied natural gas (LNG) import terminal at the port of Khor Al Zubair, the company said in its statement.
The deal, signed at the office of the prime minister, establishes a fully integrated floating LNG import terminal in Iraq.
The agreement includes a five-year contract for LNG supply and regasification services with extension options, and a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d).
Excelerate will construct the floating LNG import terminal, designed for 500 MMscf/d of regasification capacity.
The company will deploy its newest floating storage and regasification unit (FSRU), Hull 3407, and will be responsible for delivering the topside equipment and berth modifications to enable FSRU operations at the jetty.
The FSRU, Hull 3407, is currently under construction by HD Hyundai Heavy Industries in South Korea and is on track for delivery in 2026.
The vessel is designed with a storage capacity of 170,000 cubic meters and a regasification capacity of up to 1 billion standard cubic feet per day.
As part of the integrated arrangement, Excelerate will serve as the LNG supplier to the terminal.
The project is expected to begin commercial operations in 2026, subject to final permitting and construction timelines, and other closing conditions.
“The landmark agreement we reached today with the Ministry of Electricity demonstrates Excelerate’s strong commitment to Iraq’s energy future and regional stability,” said Steven Kobos, president and chief executive officer of Excelerate Energy. “By combining terminal development, LNG supply, and operational expertise, we are helping Iraq secure reliable energy, diversify its fuel mix, and strengthen its long-term energy security.”
Shipping Telegraph
port & ship
31 October 20252 min readExcelerate Energy Seals $450M Deal For Iraq’S First Floating Lng Import Terminal
Shipping Telegraph
31 October 2025
port-and-ship
Apm Terminals Eyes $2 Billion Investment In Indian PortOctober 30, 2025
Danish shipping company Maersk said on Thursday its APM Terminals unit may invest around $2 billion in the Pipavav Port in western India.
Maersk said in a statement it had signed a memorandum of understanding with the Gujarat Maritime Board on increasing capacity at the port.
"Subject to a long-term concession agreement with Indian authorities, the expansion will significantly enhance the port's capacity and capabilities," it said.
Maersk said it had also signed memorandums of understanding with several shipyards on exploring deeper cooperation.
"India possesses significant infrastructure capabilities that Maersk wishes to capitalise on," it said.
(Reuters)
Maritime Logistics Professional
port & ship
31 October 20251 min readApm Terminals Eyes $2 Billion Investment In Indian Port
Maritime Logistics Professional
31 October 2025
port-and-ship
Cma Cgm Plots Expansion In Saudi Arabia With $450M Jeddah Terminal JvFrench shipping and logistics group CMA CGM has taken another step to expand its terminal footprint in the Middle East, signing a term sheet with Saudi Arabia’s Red Sea Gateway Terminal (RSGT) for a potential joint venture to build and operate Terminal 4 at Jeddah Islamic Port.
The agreement, signed by CMA Terminals during the Future Investment Initiative (FII9) in Riyadh, lays the groundwork for a $450m, 2.6m teu facility that would operate as a separate terminal adjacent to RSGT’s existing operations.
The project would be developed under a sub-concession within RSGT’s long-term deal with the Saudi Ports Authority (Mawani). It forms part of an expansion clause in RSGT’s 2020 concession, which allows for additional capacity at the Kingdom’s busiest Red Sea gateway.
RSGT group CEO Jens Floe said the plan reflects a shared intent to boost capacity, reliability, and technology at Jeddah. “By bringing CMA CGM to consolidate their volumes on Terminal 4, we can accelerate upgrades and service enhancements while maintaining high standards across the terminal,” he said.
CMA CGM chairman and CEO Rodolphe Saadé described the move as a “new step in the development of Jeddah Islamic Port” that aligns with Saudi Arabia’s Vision 2030. He said combining CMA CGM’s global network with RSGT’s local expertise would help make Jeddah a “key logistics gateway on the Red Sea”.
The duo said the new terminal will be designed to handle the world’s largest containerships, featuring next-generation equipment and digital systems aimed at improving efficiency and sustainability. If completed, the facility would further bolster Jeddah’s role as a regional transhipment hub linking Europe, Asia, and Africa, while deepening CMA CGM’s long-term presence in the Red Sea region.
Splash247
port & ship
30 October 20252 min readCma Cgm Plots Expansion In Saudi Arabia With $450M Jeddah Terminal Jv
Splash247
30 October 2025
port-and-ship
Cooec Lands $800M Deal From Thailand’S PttepCNOOC subsidiary, China Offshore Oil Engineering Co (COOEC), has signed a contract for the construction of a wellhead platform and subsea pipelines for Thailand’s PTTEP.
The contract, worth approximately $800m, is for the Bundled Phases 4 EPCI turnkey platform and marine management construction work package.
The project will be executed under a long-term agreement model. PTTEP stated that the offshore delivery of the wellhead platforms and subsea pipelines will be between 2027 to 2029 through annual orders.
COOEC’s scope will be the design, procurement, construction, offshore transportation, installation, and commissioning of the EPCI deal.
This is the second offshore engineering EPCI project undertaken by COOEC for PTTEP. The entire project will take place from 2025 to 2029. The previous project was the construction of four wellhead platforms for the Zawtika 1B gas field off Myanmar.
This award comes soon after the announcement that COOEC won an EPC contract worth around $4bn for work on QatarEnergy’s Bul Hanine offshore oil field.
The project scope includes the design, procurement, construction, transportation, installation, and commissioning of over 60 individual offshore oil and gas facilities and 40 subsea pipelines and cables, as well as the retrofitting of existing platforms and decommissioning of abandoned platforms.
Splash247
port & ship
30 October 20251 min readCooec Lands $800M Deal From Thailand’S Pttep
Splash247
30 October 2025
port-and-ship
Iran Demands $170 Million Fine From Israeli Shipping Magnate After Seizing Cargo ShipIran has demanded a $170 million fine from Israeli billionaire Eyal Ofer, the owner of a cargo ship it seized in the Strait of Hormuz last year, accusing him of financing terrorism through his shipping activities.
According to Iranian judiciary spokesperson Asghar Jahangir, charges have been filed and the case has been brought before the court, though no trial date has been announced yet.
Jahangir said the fine equals the value of the seized ship, excluding its cargo, and added that Ofer was considered an “influential figure” within the Israeli government.
The vessel, MSC Aries, was intercepted on 13 April 2024 by the Islamic Revolutionary Guard Corps (IRGC), the military branch of Iran’s armed forces that operates under the direct authority of Supreme Leader Ayatollah Ali Khamenei.
The Portuguese-flagged ship was seized in the Gulf of Oman near the Emirati port city of Fujairah, and its 25 international crew members were detained.
At the time of the seizure, Iran’s state-run IRNA news agency reported that the ship was managed by Zodiac Maritime, a London-headquartered firm linked to Ofer, describing him as a “Zionist capitalist.”
Zodiac Maritime later clarified that the vessel was owned by its affiliate, Gortal Shipping, and had been chartered on a long-term basis to Geneva-headquartered Mediterranean Shipping Company (MSC).
Ofer, aged 75, is one of Israel’s most prominent businessmen, with an estimated net worth of $28.2 billion, according to Forbes. His business empire spans shipping, real estate, and finance.
The MSC Aries was last tracked off Dubai and was reportedly heading towards the Strait of Hormuz when it was detained. The ship’s Automatic Identification System (AIS) had been switched off at the time, a practice occasionally used by vessels linked to Israel while navigating through high-risk zones.
Video Credits: CNBC-TV18/YouTube
Footage from the incident showed IRGC commandos descending by helicopter onto containers stacked on the vessel’s deck.
The United Kingdom Maritime Trade Operations (UKMTO) confirmed that the ship had been “seized by regional authorities” in the Gulf of Oman. The United States condemned the act as piracy and urged Iran to release the crew.
Israel’s foreign minister at the time called on the European Union to designate the IRGC as a terrorist organisation, calling Iran a “criminal regime” that supports Hamas and violates international maritime law.
The crew members were later released, but Iran kept control of the ship.
Hours after the MSC Aries was seized, Iran launched its first-ever direct attack on Israel, firing hundreds of drones and missiles, most of which were intercepted by Israeli and allied defence systems.
This was not the first time Ofer-linked ships had been targeted by Iran. In February 2023, an oil tanker partially owned by him was struck by an Iranian suicide drone. Another tanker operated by his company was hit in August 2021, killing two crew members.
References: timesofisrael, moneycontrol
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Disclaimer : The information on this website is for general purposes only. While efforts are made to ensure accuracy, we make no warranties of any kind regarding completeness, reliability, or suitability. Any reliance you place on such information is at your own risk. We are not liable for any loss or damage arising from the use of this website.
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Panama Canal Authority Unveils $2.6 Billion Plan To Build Two New Ports By 2029The Panama Canal Authority (ACP) has announced plans to build two new port terminals worth US$2.6 billion by 2029 to increase capacity and stay competitive amid uncertainty over the future of Hong Kong–based Hutchison Holdings’ port operations in Panama.
The two new terminals, Corozal on the Pacific side and Telfers on the Atlantic, will increase Panama’s container-handling capacity from 9.5 million TEUs to 15 million TEUs annually.
The ACP plans to award construction and concession contracts before the end of 2026, with both ports scheduled to begin operations in 2029.
The announcement followed a consultation meeting with around twenty global port and shipping companies, including Cosco Shipping Ports, PSA International, Evergreen, Hapag-Lloyd, and Maersk, who expressed interest in the project.
ACP Vice President of Finance Víctor Vial said that the expansion is essential for maintaining Panama’s competitive position in global trade. He remarked that if expansion does not occur in Panama, neighbouring countries may seize the opportunity instead.
The authority also intends to invest more than US$8.5 billion over the next decade to expand and diversify its business portfolio. Alongside the new ports, projects under consideration include a gas pipeline and a new reservoir.
ACP Administrator Ricaurte Vásquez recently observed that Panama’s five existing main ports, operated by companies from the United States, Taiwan, Hong Kong and Singapore, are operating close to capacity.
He added that the new development would add approximately 5 million TEUs of container transhipment capacity each year, helping relieve congestion across the canal zone.
The project comes as the future of the Balboa (Pacific) and Cristóbal (Atlantic) terminals, both managed by Hutchison’s subsidiary Panama Ports, remains uncertain.
Hutchison is currently seeking to sell its stakes in these terminals to a consortium led by U.S.-based BlackRock and Terminal Investment Limited (TiL), an affiliate of Mediterranean Shipping Company (MSC).
The deal, valued globally at US$22.8 billion, has been welcomed by Washington but opposed by Beijing, which has reportedly sought the inclusion of Chinese state-owned Cosco in the consortium.
According to Hong Kong analyst Lau Siu-kai, Panama’s decision to develop new terminals could help the country regain control and reduce geopolitical tension by diversifying port ownership. He noted that if more companies are involved, the strategic importance of Hutchison’s ports to both the U.S. and China could decrease.
However, Lau also said that the dispute over Hutchison’s existing ports is unlikely to end soon, as both countries are expected to keep firm positions on the issue.
Meanwhile, Panama’s Supreme Court is reviewing several lawsuits that could cancel Hutchison’s port concessions. Canal Affairs Minister José Ramón Icaza said the government is ready for any scenario and would appoint an interim operator if needed before launching a new tender.
The 80-kilometre-long Panama Canal, opened in 1914 and handed over to Panama in 1999, handles about 5% of global sea trade.
References: SCMP, ticotimes
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Marine Insight
port & ship
29 October 20255 min readPanama Canal Authority Unveils $2.6 Billion Plan To Build Two New Ports By 2029
Marine Insight
29 October 2025
port-and-ship