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World's First Marine Insurance Blockchain Platform Launched

Lars Henneberg. Photo: EY

 EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD announce members of the marine industry are using Insurwave, a blockchain platform to support marine hull insurance.    In an increasingly complex and ever evolving risk landscape,

Fourth CMA CGM Vessel Handed Over to Seaspan

Image:  Seaspan Corporation

 Seaspan Corporation  announced  that it has accepted delivery of the CMA CGM Chennai, a 10000 TEU containership that will commence a fixed rate time charter with CMA CGM S.A.  for a three year term with an option to extend for an additional three years.   The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co.

CMA CGM Posts 17.1% Hike in Sales in Q1

Photo: CMA CGM

 CMA CGM said that its first quarter sales rose $5.41 billion, up 17.1 percent from the year-earlier period, buoyed by a rise of 15 percent in volumes.   The Container Line cited good results of vessel-sharing Ocean Alliance and strong momentum of the African/US and North America/South America lines.

CMA CGM Sets Surcharge to Offset Fuel Price Surge

Photo: CMA CGM

French shipping group CMA CGM said on Friday it would introduce an exceptional surcharge after its first quarter earnings were hit by a sharp rise in bunker fuel prices.The move comes after Maersk Line, the world's largest container shipping company, announced a similar "emergency bunker surcharge" earlier on Friday.

Maersk Line Introduces Bunker Surcharge

File Image: CREDIT Maersk

The world's largest container shipping company Maersk Line is increasing prices because of a surge in the cost of bunker fuel.   The shipping fuel has become increasingly costly as global crude oil prices have returned to peaks not reached since 2014, lifted by the United States' exit this month from

Baltic Index Marks Second Straight Weekly Decline

File Image (CREDIT: AdobeStock / © Lidian Neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday to mark a second straight weekly decline, as rates across vessel segments fell.   The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 32 points, or 2.

ZIM Posts 14.7% Increase in Revenue in Q1

Photo: ZIM Integrated Shipping Services Ltd.

 The container shipping industry is dynamic and volatile and has been marked in recent years by instability, due to ongoing changes in market conditions. Since the second half of 2016 and through the third quarter of 2017, increases were recorded in freight rates as well as in bunker prices.    Commencing

Haulio Raises $1.1m in Investment

Photo: Haulio

Singapore’s home-grown container haulage start-up Haulio has raised S$1m in seed round investment, led by PSA unboXed together with 500 Startups, NUS Enterprise and several logistics industry angel investors in May 2018.  This seed funding comes after their previous pre-seed round of S$75,000 from

Valero Boosts Imports of Venezuelan Oil as Sanctions Loom

© sarojmornparn / Adobe Stock

U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.Venezuelan oil production has tumbled to a multi-decade low this year,

German Shipowners Get Back to Basics

(Photo: Pospiech)

The situation for the shipping companies based in Germany has been, much like the rest of the world in 2017, mostly tight. Currently, the German shipping companies are undergoing changes against this background. They are concentrating more and more on their core competences. Maritime Reporter & Engineering News' man in Germany,

Bulk Shipping: Economics 101

© yaniv / Adobe Stock

Supply and Demand in the bulk transport sectors will define the course line ahead. Less ships and more cargo will be the key.The drybulk sector – where iron ore, coal, grain and other raw materials dominate – is still wrestling with a decade-long hangover that began with the financial collapse of 2008.

Baltic Index Down for Fifth Straight Session

© hdcphoto / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth-straight session on Monday as capesize vessel rates remained weak.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 34 points, or 2.

PAO Sovcomflot: Tanker Market is Challenging

Photo: PAO Sovcomflot

 PAO Sovcomflot (SCF Group) continued to increase the share of its fleet serving long-term energy projects over the first quarter ending 31 March 2018. This helped offset the negative impact of the protracted decline in freight rates that continues within the conventional tanker freight markets.  Nikolay Kolesnikov,

Federal Funding for Port of Vancouver

Photo: Vancouver Fraser Port Authority

 The Vancouver Fraser Port Authority received federal funding for projects that will improve the flow of goods to and from the Port of Vancouver.   Through the collaborative efforts of the port authority, Transport Canada, B.C.’s Ministry of Transportation and Infrastructure, TransLink and the Greater Vancouver Gateway Council,

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