Newsport-and-shipUs Is Biggest Loser From Trump'S Metals Tariffs
port-and-ship
Hellenic shipping news
Feb 17, 2025Us Is Biggest Loser From Trump'S Metals Tariffs
in Commodity News
17/02/2025
U.S. President Donald Trump says trade wars are easy to win. If so, his 25% tariffs on steel and aluminium imports ought to have big overseas producers like Rio Tinto RIO, RIO begging for mercy. Yet shareholders in the $107 billion miner and rivals like BHP BHP have already shrugged off concerns. Granted, they may be overly optimistic, or reckon the levies, set to go into effect next month, won’t be imposed. But it also could be because the duties would hurt the U.S. the most.
These universal tariffs would hit the major exporting countries like Canada and Mexico as well as other mining players equally. That means none would suddenly have an advantage to jostle for a larger slice of the pie. That may yet change: Trump has indicated he may grant an exemption to Australia. But it’s the source of just 1.5% of U.S. aluminium imports and a similarly de minimis amount of steel.
Regardless, the U.S. will bear most of the pain. It relies on Canada for around a quarter of its steel and around 60% of its aluminium imports. The only country with the capacity to step in would be top producer China.
But one of the reasons given for imposing the tariffs is to reduce the dominance of the People’s Republic – though that’s overstated. Sure, its exports of the metal last year of 110 million tonnes were double that of 2020. But only a trickle went directly to the United States. Some get there indirectly, but the vast majority went to countries that use it domestically, a senior industry insider told Breakingviews.
Moreover, another rationale for the levies is to support U.S. producers. With the industry running at around 75% of capacity, steelmakers could increase output. But the short-lived bump in shares of players like Cleveland-Cliffs CLF suggests investors are sceptical.
The outlook is even bleaker for aluminium: domestic players provide around 650,000 tonnes, with imports almost 10 times that. Building more smelters would be costly, take five years or more, and require a degree of certainty about long-term returns that Trump’s volatile trade policy cannot provide. It’s probably why Alcoa’s AA stock has retreated.
That means the main impact of tariffs would be to make the U.S. pay more for its dependence on the same overseas suppliers. That would push up prices for everyone buying end-products from tin foil to cutlery to wind turbines to cars. As the largest consumers, Americans would be the biggest losers.
Source: Reuters
4
Recent CommentsJD
JD
John Doe1 week ago
Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius!
100
JDJD
2repliesJD
John Doe1 week ago
Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius!
100
JDJD
2repliesJD
John Doe1 week ago
Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius! Lorem ipsum, dolor sit amet consectetur adipisicing elit. Repudiandae, exercitationem earum hic numquam assumenda voluptatem velit nemo consequatur sed, ullam, iste porro vitae eius placeat dolorum dolore dolor! Inventore, eius!
100
JDJD
2replies
Hellenic shipping news
China’S Shipbuilding Dominance Poses Economic And National Security Risks For The Us, A Report Saysin Shipbuilding News
13/03/2025
In only two decades, China has grown to be the dominant player in shipbuilding, claiming more than half of the world’s commercial shipbuilding market, while the U.S. share has fallen to just 0.1%, posing serious economic and national security challenges for the U.S. and its allies, according to a report released Tuesday by the Center for Strategic and International Studies.
In 2024 alone, one Chinese shipbuilder constructed more commercial vessels by tonnage than the entire U.S. shipbuilding industry has built since the end of World War II. China already has the world’s largest naval fleet, the Washington-based bipartisan think tank said in its 75-page report.
“The erosion of U.S. and allied shipbuilding capabilities poses an urgent threat to military readiness, reduces economic opportunities, and contributes to China’s global power-projection ambitions,” the report said.
Concerns about the poor state of U.S. shipbuilding have been growing in recent years, as the country faces rising challenges from China, which has the world’s second largest economy and has ambitions to reshape the world order. At a congressional hearing in December, senior officials and lawmakers urged action.
Last week, President Donald Trump told Congress that his Republican administration would “resurrect” the American shipbuilding industry, for commercial and military vessels, and he would create “a new office of shipbuilding in the White House.”
“We used to make so many ships,” Trump said. “We don’t make them anymore very much, but we’re going to make them very fast, very soon. It will have a huge impact.”
In February, the heads of four major labor unions called on Trump to boost American shipbuilding and enforce tariffs and other “strong penalties” against China for its increasing dominance in that sector.
“What we are seeing now is a recognition of the strategic significance of shipbuilding and port security, and the related challenges posed by China,” said Matthew Funaiole, a senior fellow in the China Power Project at CSIS and a co-author of the report. Funaiole said concerns over shipbuilding are “a fairly bipartisan issue.”
The report said that China’s shipbuilding sector went through “a striking metamorphosis” in the past two decades, transforming from a “peripheral player” to the dominant player on the global market, with efforts centered on one state-owned enterprise: China State Shipbuilding Corporation, or CSSC.
At the same time, China has greatly expanded its navy. Last year, a CSIS assessment found that China was operating 234 warships, compared with the U.S. Navy’s 219, although the U.S. continued to hold an advantage in guided missile cruisers and destroyers.
In developing recommendations for the U.S. to compete with China, the researchers zoomed in on the Chinese company’s use of Beijing’s “military-civil fusion” strategy, which blurs the lines between the country’s defense and commercial sectors.
They found that CSSC, which builds both commercial and military ships, sells three-quarters of its commercial production to buyers outside China, including to the U.S.-allied Denmark, France, Greece, Japan and South Korea. These foreign firms are thus funneling billions of dollars to Chinese shipyards that also make warships, advancing China’s modernization of its navy and providing Chinese defense contractors with key dual-use technology, the report said.
The CSIS researchers suggested that, as a long-term fix, the U.S. should invest in rebuilding its shipbuilding industry and work with allies to expand shipbuilding capacities outside China. For the near term, they recommended actions to level the playing field and “disrupt China’s murky dual-use ecosystem,” such as by charging docking fees on Chinese-made vessels and cutting U.S. financial and business ties with CSSC and its subsidiaries.
The Trump administration has proposed new fees on China-linked vessels calling on U.S. ports. A BlackRock-led consortium last week agreed to acquire stakes in 43 ports across the globe, including the two ports on either side of the Panama Canal, from a Hong Kong-based conglomerate.
Source: APport-and-ship
13 March 2025
Hellenic shipping news
Imo: Statement On The Loss Of Seafarers In The Attack On A Merchant Ship In Odesain International Shipping News
13/03/2025
Secretary-General of the International Maritime Organization, Mr. Arsenio Dominguez, has issued a statement following an attack in Odesa on 11 March:
“I am deeply saddened to hear of the tragic loss of seafarers in the recent attack in Odesa, which has claimed the lives of four seafarers. My thoughts and condolences are with the families and loved ones of those who have lost their lives, as well as those who were injured.
Seafarers ensure the continuous flow of essential goods that sustain communities worldwide. They must never become targets in conflicts beyond their control. We must reaffirm our collective commitment to their safety and well-being.
I reiterate my call to all parties involved to work together to ensure that such acts of violence against innocent seafarers and shipping do not continue. International shipping should never become a casualty in the broader geopolitical landscape.
The IMO remains committed to supporting efforts to improve the safety of all those who work in the global maritime industry.”
Source: IMOport-and-ship
13 March 2025
Hellenic shipping news
Uk Ship Crash Captain Is Russian National, Owner Saysin International Shipping News
13/03/2025
The captain of a ship that hit a U.S. tanker off northeast England is a Russian national, the company which owns the vessel said, as police continued their inquiries into the accident and fears over the environmental impact of the crash eased.
The Solong container ship crashed into the Stena Immaculate, a tanker carrying jet fuel for the U.S. military, on Monday. A day later, British police arrested Solong’s captain on suspicion of gross negligence manslaughter.
Police said the 59-year-old remained in custody while detectives conduct inquiries into what happened alongside other authorities.
Ernst Russ, the German company that owned the Portuguese-flagged Solong, confirmed on Wednesday that the captain was Russian. The rest of the 14-strong crew, one of whom is missing and presumed dead, was a mix of Russian and Filipino nationals.
The Russian embassy in London did not immediately respond to an emailed request for comment.
Monday’s crash caused huge fires and explosions and leaked fuel into the sea, prompting worries over the impact on the environment and protected bird colonies, but the coastguard said on Wednesday that there had been no further reports of pollution from either vessel since then.
Fires onboard the Solong, which was being held in position by a tug, have greatly reduced, while there were no visible flames seen at the Stena Immaculate, the Maritime and Coastguard Agency said.
“Salvors will only board the vessels when it is safe to do so. Only then will it be possible to carry out comprehensive damage assessments,” the statement added.
The Stena Immaculate was at anchor when it was struck by the smaller Solong, leading to speculation about the cause of the crash. The spokesperson for British Prime Minister Keir Starmer has said there was no suggestion of “foul play”.
The operators of the vessels and maritime authorities have yet to offer an explanation of why multiple safety systems on board modern vessels failed to prevent the collision.
The 23-strong crew who were onboard the Stena Immaculate were all evacuated safely. They were reported to be Americans.
Russians account for an estimated 11% of the global seafarer workforce, according to shipping officials.
Maritime safety records suggest that the Solong had some minor issues when it was inspected last year, but none were deemed as grounds for detaining the vessel.
“Ernst Russ confirms that all deficiencies that were detected during routine port state control inspections of the Solong back in 2024 were promptly rectified,” the company said in a statement.
While Britain’s Marine Accident Investigation Branch will gather initial evidence, overall responsibility for investigating the crash lies with the U.S. and Portuguese authorities, the flag states of the vessels.
Source: Reutersport-and-ship
13 March 2025
Hellenic shipping news
Yemeni Armed Forces Ban All Israeli Ships From Passing Via Red Sea, Bab Al-Mandab Straitin International Shipping News
13/03/2025
All Israeli ships are now banned from passing through the Red Sea, Bab al-Mandab Strait, the Gulf of Aden, and the Arabian Sea, according to a statement from the Yemeni Armed Forces released late March 11 on X, formerly known as Twitter.
The Yemeni Armed Forces attributed the immediate ban to the expiration of the deadline set by Houthi leader Abdul Malik al-Houthi for mediators to pressure and persuade the Israelis to reopen the crossings and allow the entry of aid into the Gaza Strip.
Any Israeli ship attempting to violate this ban shall be targeted in the declared zone of operations, the Yemeni Armed Forces said in the statement.
In a separate statement on March 12, the Humanitarian Operations Coordination Center, representing the Houthi fighters, attributed the ban to Israel’s failure to fully implement all stages of the ceasefire agreement. The center urged Israel to cease its aggression against the Gaza Strip, which began on Jan. 19, and to fulfill its obligations regarding humanitarian aspects.
The HOCC further stated that the shipping passage ban will remain in effect until the crossings to the Gaza Strip are reopened and humanitarian aid, including food and medical supplies, is permitted to enter.
The statement specified that ships wholly owned by Israeli individuals or entities, and/or flying the Israeli flag, are prohibited from transiting through the Red Sea, the Arabian Sea, the Bab el-Mandeb Strait, and the Gulf of Aden, starting at 11:55 pm Yemen Standard Time on March 11 (08:55 pm UTC).
Oil transits through the Bab al-Mandab Strait at the southern end of the Red Sea fell to 2.5 million b/d in 2024 from 6.9 million b/d in 2023, while those via the Suez Canal, which connects the Red Sea to the Mediterranean, dropped to 3.9 million b/d from 7.9 million b/d, according to S&P Global Commodities at Sea.
LNG ship transits via the Red Sea and the Suez Canal have been halted for over a year due to increased attacks on merchant ships.
In a rare move for LNG ships, the Salalah LNG, an Oman LNG carrier, passed through the Bab al-Mandab Strait and Red Sea shipping route in February, according to CAS data, as major shipping companies remain sidelined from the key waterway.
Source: Plattsport-and-ship
13 March 2025
Hellenic shipping news
Trump Is Targeting China-Made Containerships In New Flank Of Global Economic War On The Oceansin International Shipping News
13/03/2025
U.S. government pushback against China’s growing dominance in the shipbuilding industry that began under President Joe Biden is being escalated by the Trump administration as part of the president’s widening global economic and trade war, with the world’s largest ocean freight companies facing the threat of fines of up to $1.5 million for Chinese-made container ships that call on U.S. ports.
In recent years, China’s presence in the shipbuilding sector has rapidly grown, with China overtaking former leader South Korea in all vessel building sectors. In 2024, Chinese-built container vessels held 81% market share, according to Veson Nautical data. In the bulk carrier fleet, Chinese ships represented 75% of the global fleet. In key energy markets, China has been increasing its presence as well. China now has a 48% market share in the liquified petroleum gas carrier market, edging out South Korea’s 46%. Only in the LNG carrier market did South Korea retain its lead, holding a 62% share versus China’s 38% share.
While China has been increasing its shipbuilding for decades, “the dominance of Chinese shipbuilding has been further elevated during the last five years,” said Peter Sand, chief shipping analyst at Xeneta. Attractive financing from Chinese banks and leasing institutions, improved quality of the output, and competitive pricing against the South Korean yards which have dominated the building of advanced and large ships, are all factors, he said.
Under Biden, U.S. Trade Representative Katherine Tai initiated an unfair trade investigation of China’s shipbuilding under Section 301 of the 1974 Trade Act. A report released in January 2025 concluded that China’s financial support, barriers for foreign firms, intellectual property theft, procurement policies, and forced technology transfers have given its shipbuilding and maritime industry an unfair advantage.
In his speech to Congress last week, Donald Trump announced that he would create a new office of shipbuilding in the White House that would offer special tax incentives to bring more shipbuilding back to the U.S.
To penalize ocean carriers using Chinese-made vessels to move trade, the U.S. government has proposed steep levies on Chinese-made ships arriving at U.S. ports. For Chinese-owned operators (such as COSCO), a service fee of up to $1 million could be charged on each vessel. For non-Chinese owned ocean carriers with fleets containing Chinese-built vessels, the service fee would be up to $1.5 million for each U.S. port of call.
The massive jump in Chinese ship orders reflects the concerns from the U.S. government.
On Tuesday, the House Armed Services Subcommittee on Seapower and Projection Forces is holding a hearing on U.S. shipbuilding, with a public hearing by the USTR scheduled for March 24.
In addition to the service fee charged for Chinese-made vessels making port calls, the USTR report from January proposed that ocean carriers with 50% or more of their orders in Chinese shipyards, or vessels expected over the next 24 months, be charged up to $1 million per vessel per entrance to a U.S. port. The fees could be refunded annually in an amount up to $1 million per entry into a U.S. port of a U.S.-built vessel.
The proposals to limit China’s shipbuilding dominance would also impose restrictions on U.S. exports, starting at 1% of all U.S. products exported by vessel needing to be exported on U.S.-flagged vessels of U.S. operators. Over the course of seven years, the restrictions will be gradually increased to at least 15% of all U.S. goods needing to be exported on U.S.-flagged vessels of U.S. operators, of which 5% must also be U.S.-built.
“It remains to be seen how the international shipping community will deal with the hurricane of ideological hurdles set up by the Trump administration aimed at limiting the footprint and dominance of China,” said Sand.
According to VesselBot, 21% of all U.S. trade imported into the U.S. in 2024 arrived on Chinese-built vessels.
The global fleets of major ocean carriers are at risk of being subjected to the steep financial penalties.
Chinese-made vessels comprise 24% of the global fleet for MSC, the largest ocean carrier in the world, while its new vessel order book shows 92% of its future vessels will be made in China, according to data compiled by Lloyd’s List.
If the charges come out in the present form, it’s going to have significant consequences,” Soren Toft, CEO of MSC, told CNBC at the recent TPM Conference in Long Beach, California.
Toft, who is chairman of the World Shipping Council, said the proposed charges would reach roughly $20 billion-plus for the industry. That would translate into an additional $600-$800 per container. “So very, very significant,” Toft said.
“Either we will have to revise our network and withdraw coverage, or we will have to add that cost on top, and ultimately the consumer will have to pay,” Toft said.
To mitigate the costs, the ocean carrier would need to pair down port calls and divert containers to major ports. Toft said one port that could be eliminated, with containers diverted to alternative ports such as Los Angeles and Long Beach, would be the Port of Oakland.
“I think a lot of the marginal ports, the peripheral ports will be at risk,” Toft said. “You can add a number of more ships [to move the containers], but if you have no capacity at those ports, you will have choke points. U.S. ports are not very competitive when it comes to the cost of moving things.”
These changes would have an impact on port throughput because the truck and rail chassis needed to move the containers will not be at the right ports. In addition to the misallocation of equipment, Toft said this switch in port strategy could create congestion at some ports, which would impact the supply chain.
The changes would come in a U.S. ports market that is already operating with widespread issues.
“U.S. ports, unfortunately, are not seeing their full potential, because the ports are not operating 24/7. If you look at the realities, probably the U.S. ports are effectively operating 60% of the work week,” Toft said. “So there’s a massive potential here.”
MSC is not alone in facing the shipbuilding charges.
Maersk, the No. 2 ocean carrier, has a current fleet that is 20% Chinese-made, with 79% of its orderbook from China. CMA CGM’s fleet is 41% Chinese, with 54% Chinese-made vessels on order, while Hapag Lloyd’s global fleet is 21% Chinese-made, with 89% of future orders to be made in China.
U.S. shipbuilding has not been competitive
Because of China’s dominance in shipbuilding, there has been a bipartisan push on Capitol Hill to incentivize a sluggish U.S. market.
Senator Mark Kelly (D-AZ), Senator Todd Young (R-IN), Representative John Garamendi (D-CA-8), and Representative Trent Kelly (R-MS-1) introduced the Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act, to close the gap with international builders through a series of programs.
Kelly told CNBC that China operates 5,500 ocean-going vessels worldwide while the U.S. has under 100 vessels.
To provide cushion for the buildout of new vessel infrastructure, Kelly said that over the course of ten years, the U.S. would reflag 250 vessels to U.S. flags. This reflagging would mean the ship is crewed by American captains, insured by the U.S., and adheres to U.S. maritime safety standards.
According to the Hudson Institute, approximately 70% of Chinese-owned vessels are registered in China. Among the rest of the top ten vessel-owning countries, only 27% of fleets are traversing the water under their national flag vessels. A little over 43% of the U.S. fleet is flagged by the U.S.
Another lever to encourage U.S. shipbuilding would be tax credits. According to Kelly, China’s subsidies and state financing in the shipbuilding sector average around $15 billion a year. Subsidies in the country’s steel industry also help keep costs down. Around 60% of the cost of the construction of a container ship is steel.
“The loss of U.S. shipbuilding and shipping has resulted in the reduction in the number of shipyards for not just commercial ships but also warships and military sealift ships for the U.S. Navy,” said Kelly, who served in the Navy for 25 years. “The U.S. military aircraft carrier capacity lacks 90-100 ocean-going tankers to fuel warships in a wartime emergency. This is a matter of national security.”
Arnav Rao, transportation policy analyst at the Open Markets Institute and former staffer for Senator Jack Reed (D-Rhode Island), blasted the Biden Administration for rejecting the Nippon Steel bid for U.S. Steel on national security grounds saying, “The result is the United States robbed itself of the ability to modernize steel-making that could have also supported new U.S. shipbuilding — in support of U.S. national security.”
In February, President Trump said he would only support a “minority stake” for the Japanese company.
Sand tells CNBC that the price tag of a Chinese-made vessel is estimated to be around $295 million, depending on the size and type of vessel. A U.S.-made vessel can be approximately two to four times more expensive. Meanwhile, back orders of U.S. naval ships could result in wait times of many years for new container vessels.
The future of the U.S. cargo vessel market
The U.S. maritime fleet is divided into three segments: the domestic fleet (known as the Jones Act fleet), the international fleet, and the Military Sealift Command (MSC). According to the U.S. Department of Transportation, the total U.S. flag merchant fleet is 185. UNCTAD data shows that 80 merchant vessels currently fly under the U.S. flag for international commerce.
Ships and barges that carry cargo and passengers between U.S. ports, and U.S. island territories, are part of the domestic fleet. These vessels must be made and operated in the U.S., a requirement in the Jones Act that was enacted in 1920. The U.S.-flag international fleet consists of vessels that carry passengers or cargo between the U.S. and foreign countries. These vessels do not need to be built in the U.S., but they must be owned and crewed by U.S. citizens. The MSC fleet is a part of the Department of Defense, primarily used to resupply Navy combatant ships at sea, and including oil tankers and containerships.
The leading U.S. commercial shipyard constructing vessels for operation in the domestic Jones Act trade lanes is the Philly Shipyard in Pennsylvania, which supplies around 50% of the largest U.S. commercial vessels, including tankers and container ships. The shipyard also constructs training vessels for the U.S. Maritime Administration (MARAD). Philly Shipyard was acquired in June 2024 by South Korea’s Hanwha Systems and Hanwha Ocean.
Kelly, who recently visited the shipyard, said it is a matter of national security for LNG and tanker vessels to be made in the U.S. and transport U.S. energy.
David Kim, CEO of the Hanwha Philly Shipyard, said the Ships for America Act will strengthen the country’s maritime industrial base while making American-built ships competitive in the global shipping industry. “We are working to expand the capacity of our shipyard and welcome initiatives such as the Ships for America Act to boost the industry,” said Kim.
In 2022, Matson Navigation Company, a leading U.S. Jones Act carrier in the Pacific, signed with Philly Shipyard to build three new 3,600 TEU (twenty-foot equivalent unit) Aloha Class containerships for an aggregate price of approximately $1 billion (or $330 million each). Chinese vessels of the same size are estimated to cost $60 million.
The cutting of steel plates for the vessels began in September 2024, with the first vessel in this contract expected to be delivered in the fourth quarter of 2026, and subsequent deliveries in 2027. Four newly built Jones Act containerships were built for Matson between 2003 and 2006.
Not only are U.S. vessels more expensive to make, but operating a U.S. vessel costs around twice as much as South Korean or Chinese vessels with a crew from the Philippines, with costs ranging from $5,000 per day for a smaller vessel to $10,000 per day for a largest vessel.
Main operational costs include manning, insurance, stores & spares, lubricants, repairs & maintenance and dry docking, and management & administration. Sand said the biggest expense is salaries of the crew. “Keeping operational costs as low as possible is key to the profitability of carriers when the markets are low,” he added.
Operational costs do not include fuel, finance cost, canal fees, or terminal handling charges.
In addition to Philadelphia, Kelly said there are existing shipyards with potential for shipbuilding in Mississippi, Alabama, Louisiana and Texas that could be scaled up using incentives in the SHIPS for America Act. The bill itself is agnostic about where or how to build specific infrastructure.
“The SHIPS Act would reduce the cost of constructing a U.S.-built cargo vessel capable of serving in international commerce by offering tax credits, grants and other incentives to make capital investment comparable with the cost of investments in allied countries,” Kelly said. “We are not trying to out-build China. We are looking to close that gap.”
Source: CNBCport-and-ship
13 March 2025
Hellenic shipping news
Ukraine Bets On Us Lng As Gas Import Needs Risein Freight News
13/03/2025
Ukraine may import large volumes of U.S. gas this year via terminals in Germany, Greece, Lithuania and Poland, its state gas operator said, as Kyiv struggles with the impact of Russian attacks on its infrastructure.
The White House has spearheaded talks to end the more than three years of war that have followed Russia’s invasion of Ukraine. Kyiv said it was willing to accept a ceasefire proposal on Tuesday, but Moscow has yet to agree to a deal.
U.S. imports of gas into Ukraine have the potential to strengthen an economic partnership with Washington and the presence of U.S. gas in Ukraine’s storage facilities could deter Russian attacks.
Dmytro Lyppa, the head of Ukraine’s gas operator, told Reuters in an interview Ukraine could import at least 4 billion cubic metres of gas between April and October.
Reuters calculations based on average prices for gas find the total imports bill would be at least $1 billion.
Of the total imported via Europe, up to half would be made up of LNG shipped to European terminals, rather than pipeline gas, and of this, Lyppa said as much as possible could be from the United States.
“If we take the political aspect, it is better for us to bring as much (U.S. LNG) as possible to Poland and gradually bring it to us,” Lyppa said in an interview cleared for publication on Wednesday.
The geopolitical situation meant that U.S. LNG could be preferred over rival Qatari LNG, for instance, Lyppa said, provided the price difference was not significant.
END TO RUSSIAN TRANSIT
Ukraine was a major pipeline transit route for Russian gas until the beginning of this year, when the transit deal between the two countries expired, depriving Russia of revenues from transit fees.
Ukraine also has large underground gas storage facilities, and President Volodymyr Zelenskiy said Kyiv and the White House have discussed using the sites to store U.S. LNG that could replace some of the western European gas on which Ukraine relies.
Russian forces have intensified attacks on Ukrainian gas infrastructure – production and underground storage facilities – in recent weeks, reducing Ukraine’s gas production and limiting its ability to remove fuel from storage.
Ukraine was producing 52-53 million cubic metres of gas per day before the latest attacks, but a senior industry source said the attacks reduced production by up to 40%, forcing Kyiv to increase imports. Some output has been restored, but officials have declined to give updated figures.
In preparation for the 2025-26 winter heating season, Ukraine typically starts pumping gas into storage when the current peak demand season ends around April as temperatures rise and consumption begins to decline.
Energy officials have estimated Ukraine needs to have at least 13 bcm of gas in reserve by mid-October for the winter season to run smoothly.
Lyppa said that LNG could be supplied to Ukraine from terminals in Germany, Greece, Lithuania and Poland.
The Polish and Lithuanian routes were the cheapest, but Lyppa said Ukraine would also have to use other pipelines as the Polish interconnector allows the import of only up to 7 million cubic metres per day, compared with demand of 20-25 million.
Source: Reutersport-and-ship
13 March 2025
Hellenic shipping news
Us Consumer Inflation Cools In February Before Import Tariffs Hitin World Economy News
13/03/2025
U.S. consumer prices increased moderately in February as higher shelter costs were partially offset by cheaper airline fares, giving the Federal Reserve room to keep interest rates unchanged next week while monitoring the economic impact of a trade war.
But the relief offered by the tame Consumer Price Index report from the Labor Department on Wednesday could be temporary as the data did not capture a cascade of tariffs by President Donald Trump’s administration, which has caused a surge in consumers’ inflation expectations and prompted economists to upgrade their inflation forecasts.
The stock market has suffered heavy losses in recent days as trade tensions threatened the U.S. economic expansion.
“Trade wars are expected to raise prices in future inflation reports,” said Chris Low, chief economist at FHN Financial. “The Fed is sidelined now by price uncertainty, but the odds they can cut again this year once the smoke from the tariff back-and-forth clears increased today nonetheless.”
The CPI rose 0.2% last month, the smallest gain since October, after accelerating 0.5% in January, the Labor Department’s Bureau of Labor Statistics said.
An increase of 0.3% in the cost of shelter, which includes hotel and motel rooms, accounted for nearly half of the rise in the CPI. Shelter prices rose 0.4% in January.
They were partially offset last month by a 4.0% decline in airline fares, portending weaker demand as corporations and consumers cut back on spending. U.S. airlines cut their earnings estimates on Tuesday, citing mounting economic uncertainty.
Gasoline prices fell 1.0% as slowing global economies cool demand for oil. Food prices rose 0.2% after advancing 0.4% in January. Grocery store prices were unchanged amid cheaper fruits and vegetables as well as nonalcoholic beverages and dairy products. But egg prices rose 10.4%, maintaining their upward trend. An avian flu outbreak has forced farmers to cull hens, causing an acute egg shortage.
Egg prices, which fueled much of the voter discontent with inflation, increased 58.8% on a year-on-year basis in February.
In the 12 months through February, the CPI increased 2.8% after climbing 3.0% in January. Economists polled by Reuters had forecast the CPI would gain 0.3% and advance 2.9% on a year-on-year basis.
The CPI increased at a 4.3% annualized rate in the three months to February, leaving prices running at levels above the Federal Reserve’s 2% target in the first full inflation report of the Trump administration.
Trump early this month triggered a trade war, increasing the tariffs on goods from China to 20% and imposing a new 25% duty on Canadian and Mexican imports, before providing a one-month exemption for any goods that meet the rules of origin under the U.S.-Mexico-Canada Agreement on trade.
Enhanced steel and aluminum tariffs took effect this week, drawing swift retaliation from Europe.
The dollar rose against a basket of currencies. U.S. Treasury yields edged higher.
INFLATION EXPECTATIONS
Consumers, fearful of higher prices, likely rushed last month to buy goods like motor vehicles and other big-ticket items, which economists expect to show up in the coming months.
Consumers’ inflation expectations shot up in February.
“The longer that inflation runs above the Fed’s target, even if it is due to temporary forces like tariffs, the greater the chance that expectations de-anchor to the upside,” said Stephen Juneau, a U.S. economist at Bank of America Securities. “Were that to happen, restoring price stability would be that much harder for the Fed.”
Excluding the volatile food and energy components, the CPI climbed 0.2% in February after gaining 0.4% in January. In the 12 months through February, the so-called core CPI increased 3.1%. That was the smallest gain since April 2021 and followed a 3.3% rise in January. The core CPI rose at a 3.6% rate in the three months to February.
Goldman Sachs now estimates the core Personal Consumption Expenditures Price Index, one of the measures tracked by the Fed for monetary policy, will pick up from 2.65% in January to around 3% by December. It had forecast annual core PCE inflation would remain in the mid-2% area for the rest of this year.
The U.S. central bank is expected to keep its benchmark overnight interest rate unchanged in the 4.25%-4.50% range at the end of a two-day policy meeting next week. Financial markets expect the Fed to resume cutting rates in June because of the deteriorating economic outlook, after it paused its easing cycle in January.
The policy rate has been reduced by 100 basis points since September when the Fed started reducing borrowing costs. The central bank hiked the policy rate by 5.25 percentage points in 2022 and 2023 to tame inflation.
Source: Reutersport-and-ship
13 March 2025
Hellenic shipping news
Zim Reports Reported Full Year Revenues Of $8.43 Billion, Net Income Of $2.15 Billionin International Shipping News
13/03/2025
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM” or the “Company”), a global container liner shipping company, announced today its consolidated results for the three and twelve months ended December 31, 2024.
Fourth Quarter and Full Year 2024 Highlights
Net income for the fourth quarter was $563 million (compared to a net loss of $147 million in the fourth quarter of 2023), or diluted earnings per share of $4.664 (compared to diluted loss per share of $1.23 in the fourth quarter of 2023); net profit for the full year was $2.15 billion (compared to a loss of $2.69 billion for the full year of 2023; net loss for the full year of 2023 was primarily driven by a non-cash impairment charge of $2.06 billion).
Adjusted EBITDA for the fourth quarter was $967 million, a year-over-year increase of 409%; Adjusted EBITDA for the full year was $3.69 billion, a year-over-year increase of 252%.
Operating income (EBIT) for the fourth quarter was $658 million, compared to operating loss of $54 million in the fourth quarter of 2023. Operating income for the full year of 2024 was $2.53 billion, compared to operating loss of $2.51 billion for the full year of 2023.
Adjusted EBIT for the fourth quarter was $658 million, compared to Adjusted EBIT loss of $49 million in the fourth quarter of 2023. Adjusted EBIT for the full year of 2024 was $2.55 billion, compared to Adjusted EBIT loss of $422 million for the full year of 2023.
Revenues for the fourth quarter were $2.17 billion, a year-over-year increase of 80%; revenues for the full year were $8.43 billion, a year-over-year increase of 63%.
Carried volume in the fourth quarter was 982 thousand TEUs, a year-over-year increase of 25%; carried volume in the full year was 3,751 thousand TEUs, a year-over-year increase of 14%.
Average freight rate per TEU in the fourth quarter was $1,886, a year-over-year increase of 71%; average freight rate per TEU in the full year was $1,888, a year-over-year increase of 57%.
Net leverage ratio1 of 0.8x at December 31, 2024, compared to 2.2x as of December 31, 2023; net debt1 of $2.88 billion as of December 31, 2024, compared to net debt of $2.31 billion as of December 31, 2023.
Eli Glickman, ZIM President & CEO, stated, “We are pleased and proud with the Company’s outstanding performance in 2024, during which we delivered record carried volume as well as exceptional profitability. Based on our continued progress upscaling our capacity and optimizing our cost structure, we reported our best results ever, excluding the extraordinary COVID period. Consistent with our commitment to returning capital to shareholders, the dividend declared today, together with the dividends distributed during 2024, total $7.98 per share, or $961 million, representing approximately 45% of our full year net income.”
Mr. Glickman added, “The benefits of our fleet transformation were evident throughout 2024 and reflected in our strong financial results, as well as volume growth that far outpaced the overall market. With larger vessels well-poised to meet emissions reduction targets and tailored to the trades in which we operate, we increased carried volumes 14% year-over-year, compared to average market growth of approximately 6%, while delivering superior margins. Driving our market share gains was the new capacity deployed on the Asia to U.S. East Coast trade, the successful expedited services to the U.S. West Coast, and our expanded presence in Latin America.”
Mr. Glickman concluded, “We enter 2025 with a more resilient business and modern cost- and fuel-efficient capacity, 40% of which is LNG-fueled. While acknowledging that our industry is highly volatile, exacerbated by current uncertainty related to geopolitics, international political dynamics and economic, fiscal and monetary policies, we are confident in our agile approach and competitive position in the industry. Our 2025 outlook of Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million assumes trade conditions in the Red Sea will not normalize until the second half of the year at the earliest.”
Financial and Operating Results for the Fourth Quarter Ended December 31, 2024
Total revenues were $2.17 billion for the fourth quarter of 2024, compared to $1.21 billion for the fourth quarter of 2023, mainly driven by the increase in freight rates and carried volume.
ZIM carried 982 thousand TEUs in the fourth quarter of 2024, compared to 786 thousand TEUs in the fourth quarter of 2023. The average freight rate per TEU was $1,886 for the fourth quarter of 2024, compared to $1,102 for the fourth quarter of 2023.
Operating income (EBIT) for the fourth quarter of 2024 was $658 million, compared to operating loss of $54 million for the fourth quarter of 2023. The increase was driven primarily by the above-mentioned increase in revenues.
Net income for the fourth quarter of 2024 was $563 million, compared to net loss of $147 million for the fourth quarter of 2023, also mainly driven by the above-mentioned increase in revenues.
Adjusted EBITDA for the fourth quarter of 2024 was $967 million, compared to $190 million for the fourth quarter of 2023. Adjusted EBIT was $658 million for the fourth quarter of 2024, compared to Adjusted EBIT loss of $49 million for the fourth quarter of 2023. Adjusted EBITDA and Adjusted EBIT margins for the fourth quarter of 2024 were 45% and 30%, respectively. This compares to 16% and -4% for the fourth quarter of 2023, respectively.
Net cash generated from operating activities was $1.15 billion for the fourth quarter of 2024, compared to $162 million for the fourth quarter of 2023.
Financial and Operating Results for the Full Year Ended December 31, 2024
Total revenues were $8.43 billion for the full year of 2024, compared to $5.16 billion for the full year of 2023, driven primarily by an increase in freight rates and carried volume.
ZIM carried 3,751 thousand TEUs in the full year of 2024, compared to 3,281 thousand TEUs in the full year of 2023. The average freight rate per TEU was $1,888 for the full year of 2024, compared to $1,203 for the full year of 2023.
Operating income (EBIT) for the full year of 2024 was $2.53 billion, compared to operating loss of $2.51 billion for the full year of 2023. The increase was primarily driven by the above-mentioned increase in revenues and the impairment charge recorded in 2023.
Net income for the full year of 2024 was $2.15 billion, compared to net loss of $2.69 billion for the full year of 2023, driven mainly by the above-mentioned increase in revenues and the impairment charge recognized in 2023.
Adjusted EBITDA was $3.69 billion for the full year of 2024, compared to $1.05 billion for the full year of 2023. Adjusted EBIT was $2.55 billion for the full year of 2024, compared to Adjusted EBIT loss of $422 million for the full year of 2023. Adjusted EBITDA and Adjusted EBIT margins for the full year of 2024 were 44% and 30%, respectively. This compares to Adjusted EBITDA and Adjusted EBIT margins of 20% and -8% for the full year of 2023, respectively.
Net cash generated from operating activities was $3.75 billion for the full year of 2024, compared to $1.02 billion for the full year of 2023.
Liquidity, Cash Flows and Capital Allocation
ZIM’s total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) increased by $451 million from $2.69 billion as of December 31, 2023 to $3.14 billion as of December 31, 2024. Capital expenditures totaled $214 million for the year ended December 31, 2024, compared with $116 million for the year ended December 31, 2023. Net debt position as of December 31, 2024, was $2.88 billion compared to a net debt position of $2.31 billion as of December 31, 2023, an increase of $567 million. ZIM’s net leverage ratio as of December 31, 2024, was 0.8x, compared to 2.2x as of December 31, 2023.
Fourth Quarter 2024 Dividend
In accordance with the Company’s dividend policy, the Company’s Board of Directors declared a regular cash dividend of approximately $382 million, or $3.17 per ordinary share. Together with prior dividend distributions made in respect to the full year of 2024 (including the special dividend paid in December 2024), dividend distributions for the year totaled $961 million, or $7.98 per ordinary share, reflecting approximately 45% of 2024 net income. The dividend will be paid on April 3, 2025, to holders of record of ZIM ordinary shares as of March 24, 2025.
All future dividends are subject to the discretion of Company’s Board of Directors and to the restrictions provided by Israeli law.
Source: ZIMport-and-ship
13 March 2025
Hellenic shipping news
Oil, Commodities Optimistic On Russia-Ukraine Peace Deal, Says Jim Rogersin Commodity News
13/03/2025
The Donald Trump-led US government is likely to succeed in brokering a peace deal between Russia and Ukraine, which could bring some stability to the oil market, even as the ongoing tariff conflict continues to cast a shadow over global commodity flows, according to prominent investor Jim Rogers.
Rogers, chairman of Beeland Interests and co-founder of the Quantum Fund with George Soros, told Platts that he strongly believed the worst between Russia and Ukraine was over, and that world commodity and energy markets would start factoring in the possibility of a peace deal sooner rather than later.
“If anybody can help to work out a peace deal between Russia and Ukraine, it’s Trump. My view is that things from now on will get less bad on the geopolitical situation there,” Rogers said.
Ukraine is ready to accept an immediate 30-day ceasefire with Russia after talks with the US in Jeddah, Saudi Arabia, according to a joint statement by the US and Ukrainian governments published on March 11, promising a potential detente in the conflict that has significantly impacted global commodity markets since 2022.
It added that a ceasefire agreement remains subject to Russian acceptance and implementation, emphasizing that Moscow’s reciprocity remains critical to achieving peace.
“If you look at the recent developments, Trump does not mind doing things differently in Washington. Therefore, there is hope for a peace deal. If you look at the trend, oil is not depressed, although it’s down from its lows. I would rather own oil rather than short it,” Rogers said.
“That said, the ‘drill, baby, drill’ push by the new US government will boost supplies. Trump has always been in favor of more drilling. And once we see more output coming to the market, it could have an impact,” he added.
Price outlook, tariffs
S&P Global Commodity Insights expects 1 million b/d of growth in non-OPEC+ crude and condensate production on average in 2025. As of March 7, the average price of Platts Dated Brent for the year stood at $77 per barrel. For March, the month-to-date price fell to $72 per barrel, down from $75 in February and $79 in January, amid concerns over the global economy and new tariffs by the US — those implemented and incoming – on its trade partners.
Commodity Insights forecasts that global oil and liquids production will outpace demand throughout the year. Consequently, Platts Dated Brent is projected to average $73 per barrel in 2025, lower than the $81 average recorded in 2024, with further declines anticipated in 2026.
Regarding the tariff war that started after Trump resumed his presidency earlier this year, Rogers said it would create a new layer of uncertainty for the markets and potentially affect demand for commodities.
“Tariffs have never been good for most countries — historically, it has never been the case. Other than helping a small group of people, tariffs have created more problems than they have sorted,” he added.
He added that the markets for new commodities, such as lithium, were developing fast and would offer strong opportunities for growth and investment in the medium to long term.
“While lithium and other new markets will offer good scope since supply is l not growing the way demand is looking, commodities like agriculture will continue to offer opportunities as those markets are more depressed than others. I would also still buy gold and silver, although I would look at silver more than gold because it’s cheaper,” Rogers added.
Asian seaborne lithium prices were rangebound in the week ended March 7 amid consistent sluggish demand from downstream. Platts assessed battery-grade lithium carbonate at $9,400/mt March 7, up $200/mt day over day and down $100/mt week over week.
Global slowdown concerns
Commenting on the global market outlook, Rogers said that while he expects US markets to witness a period of turbulence in the foreseeable future, China will stage a revival. This development is taking longer than expected because of the twin woes of a pandemic and a property market crash.
“The US market has witnessed the longest period in history without a problem. We are overdue for a problem. I see signs of inflation rising, interest rates getting higher again,” Rogers said.
According to S&P Global Ratings, the highly uncertain environment poses risks to the global economy this year. US trade policy is a key swing factor that is affecting the outlook. Tariffs are expected to trigger higher inflation in the US and contribute to lower global growth, with smaller and more trade-oriented economies being affected relatively more.
The weaker external environment will weigh on growth in Europe this year, but this will be partly offset by resilient labor markets and potentially supportive fiscal policies. In China, growth will be supported by more expansionary fiscal policy, although stimulus efforts are likely to be moderate. More domestically oriented economies such as India and Japan will be more sheltered from external conditions, according to Ratings.
“I have sold out of most markets. I am sitting on US dollars, and I have not sold out of China. I also believe that India is doing things differently, which is good for its economy. I am more optimistic about India than I have been ever in my entire lifetime,” Rogers said.
Source: Plattsport-and-ship
13 March 2025
Bunker Port News Worldwide
Petrobras Eyes Opportunities In Argentina; Advances In Colombia, Africa ProjectsBrazilian state-run oil firm Petrobras PETR3 is looking at potential opportunities in Argentina while advancing in projects in Colombia and Africa, the firm’s exploration and production head Sylvia dos Anjos said on Tuesday.
Gas from the Vaca Muerta region would be interesting to Petrobras as a pipeline connecting Argentina, Bolivia and Brazil could be used to transport it, Anjos said on the sidelines of the CERAWeek conference in Houston.
She added the firm could also look for oil opportunities in Argentina, as Petrobras actively seeks to replenish its oil reserves through projects overseas amid difficulties to obtain environmental licenses to drill in Brazil.
In Colombia, the company is currently drafting the development plan of an offshore project where 6 trillion cubic feet of gas have been discovered, while waiting for a government license.
Some 13 million cubic meters per day of gas from the project would be supplied to Colombia via pipeline, Anjos said.
In Africa, the firm expects exploratory wells to be drilled between July and August in an oil block in which it has a stake in Sao Tome and Principe. Another area in South Africa should be drilled in the second half, the executive added.
Source: Reutersport-and-ship
13 March 2025shipping telegraph
Zim Reports Staggering Year; Logs Net Profit $2.15BnIsraeli container liner company ZIM Integrated Shipping Services (ZIM) reported revenues for the fourth quarter of $2.17bn, a year-over-year increase of 80%. The company’s revenues for the full year were $8.43bn, a year-over-year increase of 63%.
ZIM said the total revenues of $2.17bn for the fourth quarter of 2024, compared to $1.21bn for the fourth quarter of 2023, were mainly driven by the increase in freight rates and carried volume.
For the year, the company reported net profit of $2.15bn compared to a loss of $2.69bn for the full year of 2023.
The company’s net income for the fourth quarter stood at $563m, compared to a net loss of $147m in the same period of 2023.
ZIM’s adjusted Ebitda for the fourth quarter was $967m, a year-over-year increase of 409%; Adjusted Ebitda for the full year was $3.69bn, a year-over-year increase of 252%.
Futhermore, the adjusted Ebit for the fourth quarter was $658m, compared to loss of $49m in the fourth quarter of 2023. ZIM’s adjusted Ebit for the full year of 2024 was $2.55bn, compared to loss of $422m for the full year of 2023.
Eli Glickman, ZIM president and CEO, attributed the company’s performance in 2024 to record carried volume and exceptional profitability.
Meanwhile, the company’s chief executive said trade conditions in the Red Sea will not normalize until the second half of the year at the earliest.
“Based on our continued progress upscaling our capacity and optimizing our cost structure, we reported our best results ever, excluding the extraordinary COVID period. Consistent with our commitment to returning capital to shareholders, the dividend declared today, together with the dividends distributed during 2024, total $7.98 per share, or $961 million, representing approximately 45% of our full year net income.”
Glickman added, “The benefits of our fleet transformation were evident throughout 2024 and reflected in our strong financial results, as well as volume growth that far outpaced the overall market. With larger vessels well-poised to meet emissions reduction targets and tailored to the trades in which we operate, we increased carried volumes 14% year-over-year, compared to average market growth of approximately 6%, while delivering superior margins. Driving our market share gains was the new capacity deployed on the Asia to U.S. East Coast trade, the successful expedited services to the U.S. West Coast, and our expanded presence in Latin America.”
“We enter 2025 with a more resilient business and modern cost- and fuel-efficient capacity, 40% of which is LNG-fueled. While acknowledging that our industry is highly volatile, exacerbated by current uncertainty related to geopolitics, international political dynamics and economic, fiscal and monetary policies, we are confident in our agile approach and competitive position in the industry. Our 2025 outlook of Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million assumes trade conditions in the Red Sea will not normalize until the second half of the year at the earliest,” Glickman concluded.port-and-ship
13 March 2025Splash 247
All-Dc-Ships Project Kicks OffTwelve partners from eight European countries have come together to drive forward a €10.2m ($11.1m) project that will demonstrate a full DC electrical grid concept on a real vessel.
The ALL-DC- SHIPS project will advance the electrification of maritime transport with a fully DC-based architecture, including the secondary network supplying hotel loads. There will be developments on power converters with wide bandgap components, solid-state protection devices and energy management systems for better overall efficiency.
Professor Pietro Tricoli from the University of Birmingham commented: “To support this [green] transition, shipboard power systems must integrate high-power components and protection devices more efficiently”
While some vessels have already incorporated DC primary grids, their secondary grids have largely remained based on traditional AC solutions.
By integrating advanced components with existing power converters and protection devices in primary and secondary grids, the ALL-DC-SHIPS project aims to reduce the risk of blackouts due to faults, improving the overall reliability of the power system.
The ALL-DC-SHIPS project received funding from the European Union’s Horizon Europe programme.port-and-ship
13 March 2025Splash 247
One In Five Shipping Companies Faced A Cyber Attack In The Last 12 MonthsOne in five shipping companies faced a cyber attack in the last 12 months, however, ransom costs are plummeting, according to results from a survey contained in a new 57-page cyber security report published by Thetius, CyberOwl and HFW.
Key results from the shipowner survey show that 7% of survey participants admitted to paying a ransom following a cyber attack. In 2023, nearly 14% admitted to paying a ransom. The average cost of a ransom payment is now less than $100,000. In 2023 it was $3.2m.
93% of crew surveyed said they feel underprepared to navigate current cyber security challenges with 70%of crew respondents saying they felt that training could be improved with exercises and drills.
According to analysis by CyberOwl, of the 1,200+ vessel cyber security cases that they addressed during 2024, 60% of incidents are caused by malware spreading onto vessel systems. 77% of these malware cases were spread through USB and removable media, such as engineers’ laptops.
“With one in five shipping companies facing a cyberattack in the last 12 months, our landmark report could not be more relevant,” said Tom Walters, a partner at HFW. “The shipping industry is increasingly relying on technology for its operations, and with this comes greater exposure from external threat actors. It is vital that companies operating at every stage of the vessel lifecycle take action to protect themselves from the continuing threat.
“The lack of harmonisation across maritime cybersecurity regulations, guidelines, and standards is biting us now. Every year, we add more requirements, but they’re not aligned in the details, and it’s becoming a nightmare for the industry and creating an unsustainable model for the future,” commented Scott Dickerson, director of the Global Maritime Cybersecurity Consortium.port-and-ship
13 March 2025Bunker Port News Worldwide
Saam Ends 2024 With Net Income Of Us$59.2 Million And Proposes A Special Dividend Of Us$39,2 MillionSAAM [SM SAAM] reported net income from continuing operations of US$59.2 million for 2024, EBITDA of US$188 million (+17% vs. 2023) and revenue of US$578 million (+7%), wrapping up a positive year for the company. During the year it also completed the process of integrating the assets acquired from Starnav in Brazil and Pertraly in Ecuador.
It also reported net income from discontinued operations of US$479 million from its port terminal and inland logistics operations sold in August 2023.
“Overall, the year 2024 was positive. We continued to move forward with our strategy to consolidate our leadership in the towage industry and position ourselves as one of the main air cargo logistics providers in the region. Not only did we complete the process of integrating new assets, but we also worked hard to strengthen our internal capabilities, which will allow us to continue growing in the future,” said SAAM’s CEO, Macario Valdés.
The company also reported that the Board of Directors agreed to propose a final dividend of US$39.2 million to shareholders at the annual general meeting. Together with the interim dividend of US$20 million paid in November 2024, this brings the total dividends charged to last year's earnings to US$59.2 million.
Milestones and detail by business area
The year’s milestones include distributing US$ 270 million in dividends, incorporating the first two electric tugboats to the fleet, implementing Operational Control Centers for the towage business, implementing the risk and process management model and launching the 2030 Sustainability Strategy.
SAAM Towage boasted record results, with sales of US$ 483 million and EBITDA of US$ 163 million. Operations in this segment remained stable compared to 2023, mainly due to growth in Brazil and Canada, which offset lower volumes in Panama and Chile. Time charter days—associated with dedicated towage services at oil, gas and mining terminals—increased by 13% because of contracts in Brazil and St. Croix.
Meanwhile, Aerosan reported sales of US$ 94 million and EBITDA of US$ 36 million. Tons handled were up 18%, mainly due to greater export volumes resulting from the new operations in Ecuador and improvements to the company’s facilities, operations and processes.
Source: SAAMport-and-ship
13 March 2025Bunker Port News Worldwide
Guyana Considers Plan To Refine Oil In Us, Import FuelGuyana is considering a plan to export crude oil to the United States for refining and to bring back fuel for domestic supply and possibly for sale to nearby countries, Guyanese President Irfaan Ali said at a conference in Houston on Tuesday.
Guyana has one of the world’s fastest-growing economies thanks to rapidly rising oil output at the country’s prolific offshore oilfields, which are operated by a consortium led by U.S. oil major Exxon Mobil XOM.
The government is entitled to a portion of output as profit oil, which it exports through trading firms that allocate cargoes in different markets, particularly Europe.
Guyana does not have refineries, but is discussing projects with companies and the Dominican Republic to build a small refinery.
Guyana would do anything to keep regional peace, Ali also said at the CERAWeek conference in Houston, when asked about tension with Venezuela.
The South American neighbors are involved in a long-running dispute about which country owns the 160,000-square-km (62,000-square-mile) Esequibo area, which is the subject of an ongoing case at the International Court of Justice
“We just ask that Venezuela respect the ICJ and the rule of law,” he said.
Source: Reutersport-and-ship
13 March 2025Bunker Port News Worldwide
Port Of Tanjung Pelepas Welcomes Hapag-Llyod’S Damietta Maiden CallPort of Tanjung Pelepas (PTP), a joint venture between MMC Group and APM Terminals, welcomed the maiden call of Hapag-Lloyd's Damietta Express on 27 February 2025.
PTP's Chairman, Tan Sri Che Khalib Mohamad Noh, remarked, “The arrival of Damietta Express is a momentous occasion – this is no ordinary vessel, but part of Hapag-Lloyd's latest Hamburg-Express-class fleet and a key carrier within the newly launched Gemini Cooperation network. It is truly an honour for PTP to host this magnificent ship on its inaugural port call at our terminal.”
As a key Asian hub within the Gemini Cooperation of Maersk and Hapag-Lloyd, PTP plays a pivotal role in shaping the success of this global partnership.
“This milestone goes beyond receiving a new vessel at our terminal. It signifies the beginning of a strong and promising collaboration with Hapag-Lloyd, now among our valued customers at this leading transshipment hub in the region,” Tan Sri Che Khalib added.
Port of Tanjung Pelepas (PTP), a joint venture between MMC Group and APM Terminals, welcomed the maiden call of Hapag-Lloyd's Damietta Express on 27 February 2025.
Echoing the Chairman's sentiments, PTP's CEO, Mark Hardiman, extended his utmost appreciation for Hapag-Lloyd's partnership, trust and great confidence in PTP.
“In fact, our planning commenced two years ago when we were presented with the opportunity to support the new modular network under the Gemini Cooperation. Since then, we have undertaken extensive preparations and accelerated development to ensure we are fully equipped to support Gemini and demonstrate our capabilities.”
“At PTP, we are committed to maintaining stable and high productivity levels, even as volumes grow and demands from the Gemini Cooperation network expand. This stability is crucial and brings significant value to our customers. Ensuring schedule reliability has always been at the core of our commitment to our partners,” he stated.
Hapag-Lloyd's Senior Managing Director of Region Asia, Hans Schäfer, remarked, “With the Gemini Cooperation network officially launched in February 2025, it is great to see the Damietta Express – one of our 23,600 twenty-foot equivalent unit (TEU) dual-fuel newbuilds – arriving for her maiden call at PTP.”
“The NE1 Service is one of the backbones of our 57 services in the Gemini Cooperation network and highlights our commitment to optimising global shipping routes. Our goal is ambitious yet clear: to achieve industry-leading reliability of over 90% once the network is fully phased-in. The success of Gemini Cooperation depends on more than ships and schedules. It is also about good and strong collaborations we have with our ports and terminals,” said Schäfer.
During its port call, Damietta Express was successfully refuelled with Liquefied Natural Gas (LNG) via Simultaneous Operations (SIMOPS) bunkering – marking the second such operation at PTP. The first SIMOPS LNG bunkering was completed on Bangkok Express, a sister vessel and LNG dual-fuel container ship of Hapag-Lloyd.
This milestone is particularly significant for PTP, as it is Malaysia's first terminal to conduct SIMOPS LNG bunkering, integrating refuelling seamlessly with cargo handling.
Hardiman reaffirmed that this achievement further strengthens PTP's competitive edge in the global maritime industry by enabling cleaner and more eco-efficient operations.
“PTP's capability in handling alternative marine fuels paves the way for future trials and pilot projects of diverse and emerging fuel solutions, positioning us as a leading energy transition hub. It also demonstrates our commitment to innovative and sustainable energy solutions,” he said, adding that the SIMOPS LNG bunkering operation was a collaboration between PTP, Hapag-Lloyd and PETCO Trading Labuan Company, which set a promising benchmark for future infrastructure development, fuel bunkering capabilities and knowledge-sharing.
Damietta Express is among Hapag-Lloyd's fleet of dual-fuel container ships, designed to run on future ready alternatives. These vessels are expected to reduce emissions by 20% to 25%, underscoring Hapag-Lloyd's commitment to sustainable shipping.
During its port call, Damietta Express was successfully refuelled with Liquefied Natural Gas (LNG) via Simultaneous Operations (SIMOPS) bunkering – marking the second such operation at PTP. The first SIMOPS LNG bunkering was completed on Bangkok Express, a sister vessel and LNG dual-fuel container ship of Hapag-Lloyd.
In 2024, PTP became the first container terminal in Malaysia to handle over 12 million TEUs in a single year. This accomplishment is part of a sustained performance, with PTP consistently exceeding one million TEUs per month for seven consecutive months since May 2024, solidifying its position as a key player in the global maritime industry.
PTP is currently ranked the fifth most efficient container port in the world, according to the Container Port Performance Index (CPPI) 2023 by The World Bank and S&P Global Market Intelligence; PTP is also ranked 15th among the world's top container ports in volume throughput, as reported by Lloyd's List 2023.
Source: Port of Tanjung Pelepas (PTP)port-and-ship
13 March 2025maritime gateway
India’S Trade Deficit Likely Narrowed To $21.5 Bn In February: ReportIndia’s trade deficit likely narrowed to $21.5 billion in February, down from $23 billion in January, according to a report by Union Bank of India. However, the report also noted that the geopolitical risks, especially concerns over tariffs, will continue to influence trade dynamics.
It said “Merchandise trade deficit likely narrowed in Feb 25 to $21.5 bln vis-a-vis $23.0 bln a month ago”. The report suggested that the reduction in the merchandise trade deficit was mainly driven by a moderation in the Non-Oil-Non-Gold (NONG) segment, supported by seasonal factors during the quarter. Despite this improvement, the report added that the extent of recovery in trade balance may be limited due to growing concerns over new trade restrictions and tariff increases following the change in the U.S. administration.
The oil trade deficit is also expected to have narrowed in February, supported by a fall in global Brent crude oil prices. Brent crude dropped to USD 74.95 per barrel in February from USD 78.35 per barrel in January.
A notable trend was the decline in oil imports from Russia, which fell 14.5 per cent month-on-month to 1.43 million bpd, the lowest level since January 2023. As a result, Russia’s share in India’s total oil imports dropped to around 30 per cent in February, a sharp decline from the 2024 average of approximately 38 per cent. Although crude oil prices eased in February, the report noted that the impact on imports might be delayed since contracts are signed in advance. This could explain why India’s oil import bill declined in January compared to December, even though prices and volumes had increased sequentially. Gold imports are estimated to have risen to 70 tonnes in February, up from 40 tonnes in January. This increase was likely driven by seasonal demand during the marriage season.
Additionally, investment demand for physical gold remained strong due to pressure on riskier assets like equities. The report highlights that with ongoing global economic uncertainties under Trump’s second term, the demand for gold as a safe-haven asset is expected to persist. Looking ahead, the report noted that the geopolitical risks, particularly concerns over trade tariffs, will continue to shape India’s trade performance in the coming months.port-and-ship
13 March 2025maritime gateway
Iit Hyderabad, Goa Shipyard Sign Agreement To Incorporate Ai Into ShipbuildingGoa Shipyard Limited (GSL) signed an MoU with IIT Hyderabad to integrate artificial intelligence (AI) into shipbuilding, aiming to enhance vessel design, shipyard security, and operational efficiency.
The agreement, signed on March 10, also involves technology partners Neer Interactive Solutions, the Center for Geospatial AI and Digital Twins (CGDT), and Andhra Mahila Sabha (AMS) Arts and Science College. The collaboration will see GSL using AI-driven generative design and geospatial technologies to improve the accuracy and speed of ship construction while strengthening safety protocols.
In 2020, GSL partnered with IIT Goa for research and product development using similar technologies. GSL has been modernising its infrastructure with AI-based predictive maintenance, automation in ship design, and smart manufacturing processes. The shipyard, which comes under the ministry of defence, specialises in constructing offshore patrol vessels, fast attack craft, and frigates for the Indian Navy and Coast Guard. It is currently building two indigenous warships with stealth features and improved endurance for long-range maritime operations. GSL previously deployed AI for optimising production cycles, improving quality control, and reducing turnaround times.
GSL has expressed a keen interest in digital twin technology, which could allow the shipyard to create a virtual, dynamic replica of a vessel, continuously updated with live data for better decision-making. IIT Hyderabad has pioneered work in deep learning models for industrial automation, real-time geospatial analysis, and digital twins. The Center for Geospatial AI and Digital Twins (CGDT), part of IIT Hyderabad, specialises in integrating AI with geospatial intelligence, enabling real-time monitoring of infrastructure and industrial processes.
Neer Interactive Solutions, a deep-tech firm specialising in AI-driven design solutions, has worked on advanced simulation models for aerospace and defence industries. GSL chairman and managing director B K Upadhyay and IIT Hyderabad director B S Murty spearheaded the discussions that led to the formal tie-up.
The initiative is expected to enhance India’s maritime capabilities by integrating AI-driven efficiency into shipbuilding. By combining GSL’s shipbuilding expertise with IIT Hyderabad’s AI research and the technical capabilities of its partners, the project aligns with India’s push for self-reliance in defence manufacturing, said GSL officials.port-and-ship
13 March 2025Hellenic shipping news
Intermodal Weekly Market Report Week 10 2025 Broker’S Insightin Weekly Shipbrokers Reports
12/03/2025
In view of President Trump’s declared intention to “Make America’s Shipbuilding Great Again,” this week we aim to shed some light
Source: Intermodalport-and-ship
12 March 2025Hellenic shipping news
Shipping Anchors The Eu’S Future’: Union Of Greek Shipowners To Highlight Industry’S Strategic Role At European Shipping Summit 2025in Hellenic Shipping News
12/03/2025
As part of the European Shipping Summit 2025 in Brussels, the Union of Greek Shipowners is organizing a special event on Wednesday 19 March, focusing on the strategic role of shipping in securing Europe’s future.
Entitled ’Shipping Anchors the EU’s Future‘, the event will convene European and international figures with keynote speaker Mr. Charles Michel, President Emeritus of the European Council (2019-2024), former Prime Minister of Belgium (2014-2019), Minister of State.
Representing the world’s leading shipping industry, the Union of Greek Shipowners plays a pivotal role in highlighting the sector’s essential contribution at both global and European levels.
The President of the Union of Greek Shipowners, Ms. Melina Travlos stated:
“Greek shipping means European shipping. With our fleet comprising over 60% of European capacity, we act as responsible leaders—driven by vision, consistency and positions that are both substantiated and realistic. Our efforts underscore the vast contribution shipping makes to Europe’s security and prosperity”.
Source: Union of Greek Shipownersport-and-ship
12 March 2025