Economy

New Zealand’s Stretch to Brimming Maritime Labour Shortage The cityscape of Auckland, home to 1.6 million people, has been thrown into a fray due to a crippling labor shortage. The city’s key ferry services have been temporarily shelved to facilitate a rushed crew training program by the city authorities and a private operator. With the […]

Soaring Bunker Fuel Sales in Fujairah The Middle Eastern fuel hub of Fujairah, which trails only Rotterdam and Singapore in the global marine fuels market, witnessed a dramatic uptick in sales in July 2023. The momentum is built on the highest level of bunker fuel sales ever recorded for the region. Going beyond lubricants, total

In the financial riptides of Q2, ZIM suffered a net loss of $213 million, significantly influenced by a non-cash after-tax item. This loss, totaling $51 million is directly linked to the redelivery of specific vessels. Compared to the encouraging operating income of $1,764 million in Q2 of the previous year, the company reported an opposing

The Trial of a Determined Mother In the face of adversity, a mother stands fearless as an advocate for her son’s rights to a fulfilling education. Not allowing her son’s cerebral palsy and reliance on a wheelchair to limit his opportunities, she braces herself for a battle against a suggestion by the district which threatens

A brewing workers’ revolt at key Australian gas export facilities could potentially ignite an unexpected escalation in LNG bunker prices globally. Woodside Energy Group and Chevron’s distinguished LNG facilities stationed in Australia witnessed their workers casting a vote in favor of a strike on Wednesday, as reported by the prominent news channel Reuters. These facilities

Allegations Against Network Shipping Unveiled It has come to light that Network Shipping, an offshoot of the fruit behemoth, Fresh Del Monte, is embroiled in accusations of “Unfair or unjust discriminatory practices”. The charge, lodged with the Federal Maritime Commission (FMC) in the United States, originated from a group of four Ecuadorian exporters and two

The Plunge in China’s Oil Imports In a flabbergasting turn of events, China — the globe’s top oil consumer — observed an alarming 18.8% slide in its crude oil imports in July. It’s the most dramatic monthly drop since January this year, according to Tuesday’s customs data revelation. With overseas shipments hitting a halt and

Three-Way Deal Sees New Ownership Structure Italy’s private equity firm Fondo Italiano d’Investimento is set to acquire a 33% stake in RINA, the Italian classification society. Orchestrated by RINA, Registro Italiano Navale (RINA’s main shareholder), and the fund itself, the deal is expected to be finalized by autumn 2023. As part of the transaction, RINA

In a recent turn of events, Maersk – the world’s largest public shipping firm renowned as the global trade barometer, has revealed a rather gloomy picture of the market outlook for the rest of 2023. A deeper-than-projected market normalization appears to be on the horizon, despite the unexpectedly robust performance in the first half of

New Dawn as Dry Bulk Companies Recover from a Financial Abyss As we delved into the financial ruins of dry bulk listed companies last February, we spectacularly portrayed a distressing narrative. Like a telltale EKG tracing, we traced the accumulated deficit at the end of December 2020. The shocking $9.5bn collective loss, tracked in our