Economy

In an unprecedented series of events, global logistics giant Hapag-Lloyd recently experienced a seismic drop in their third-quarter earnings. The world-renowned container line ranked fifth globally, witnessed a staggering 94.4% dip in profits amid a continuously lackluster container market. Underwhelmingly, Hapag-Lloyd claimed profits of $293 million in the recently concluded quarter, a significant drop from […]

MOL Forges Ahead with Green Maritime Innovations Japan’s maritime powerhouse, Mitsui O.S.K. Lines (MOL), is ready to set sail on a new green journey as it looks to bolster the usage of electric vessels throughout Asia. MOL made waves last week as it announced a collaboration with Pyxis Maritime through a Memorandum of Understanding (MoU).

The air is charged with tension as the Swedish Transport Workers Union pushes back against electric vehicle titan, Tesla. The Union has thrown its weight behind Sweden’s Industrifacket Metall, a robust trade union that recently declared a strike against Elon Musk’s automotive giant. Industrifacket Metall sits among the largest trade unions in Sweden, holding a

The U.S. Coast Guard finds itself navigating uncharted waters as it grapples with workforce shortfalls and the ensuing operational adjustments essential for mission accomplishment. Enlisted personnel shortages figure at approximately 10 percent, necessitating significant changes in the modes of operation. The agency has relayed that it presently lacks the capability to operate as it once

The iconic Bukom refinery, a jewel in Shell’s crown, has come into the crosshairs of Chinese corporations as the multinational contemplates a sale. It is said that Shell has called for non-committal proposals for its Singapore-based establishment, with leading Chinese organizations countering with a show of interest. High-Level Chinese Entities Take Notice Reports suggest that

Damen Shipyards, a reputable Dutch maritime tuner, has just handed over the keys of three ASD tugboats to Poland’s established mega-firm, WUZ Ports, and Maritime Services. The splendid inauguration of the new fleet took place in mid-October in the glorious city of Gdansk, Poland. A remarkable occasion indeed, the event brought together a wide array

A Roller Coaster Week for Crude Prices Unending oscillations in the price of crude last week palpably demonstrated the economic impact of recent geopolitical tensions. The roller coaster fluctuation in prices, which ended on an upsurge of nearly 3 percent on Friday, was fueled primarily by fears of global crude supply disruption emanating from the

Soaring Profits and Boosted Forecasts On Thursday, Royal Caribbean Group raised its annual profit prediction for the third time, citing far higher bookings for the upcoming year than pre-Covid rates. The company’s shares experienced a 3% surge following the announcement. Cruise operators are cashing in on the trend as vacationers are turning towards the affordable

Promising Results from Sulnox Trial Sulnox, a leading fuel technology company based in Germany, recently concluded a five-month trial of their fuel additive that yielded encouraging results on consumption. Collaborating with a shipping firm based in Hamburg, Sulnox conducted the trial under real-world conditions. To ensure the credibility of the results, the trial data was

Breaking new grounds with its impressive resilience, Ukraine is indicating the potential to export up to approximately 2.5 million metric tons of food every month through an innovative Black Sea corridor. This could largely counteract the fallout of Russia’s withdrawal from a U.N.-brokered deal that formerly facilitated grain shipments in the region. The Diplomatic Challenge