“Whilst not many things have changed in the spot market during the last few trading days, a historic US credit rating downgrade by rating company Fitch made headlines, sending shockwaves in stock markets across the globe. On Tuesday, Fitch cut its US credit rating from triple A to double A plus, citing a mounting government…
Padmesh Prabhune – The Orissa High Court has ordered the sale of the Panama-flagged bulk carrier MV Debi on August 21, 2024, after it failed to settle dues of amounting to around Rs 7.95 crores. The bulk carrier that was involved in a high-profile narcotics bust last year will be auctioned under Section 11(3) of…
On the eve of India’s Independence Day, the Indian Register of Shipping (IRS) hosted the first of a series of commemorative events to celebrate its Golden Jubilee, marking 50 years of rendering excellent service to the maritime industry. The event, held on 14th August 2024, at New Delhi was graced by the presence of Chief…
Pratik Bijlani – A fire broke out aboard the containership MSC CAPETOWN III while it was berthed at Jaya Container Terminal (JCT) at the Port of Colombo, Sri Lanka, in the early hours of August 11, 2024. The fire, which originated in the 41/43 hatch area, quickly escalated, causing a significant explosion that impacted approximately…
Pratik Bijlani – The world’s largest sailing cargo ship, Anemos, has set sail on its maiden voyage from Concarneau, South Brittany. Developed by TransOceanic Wind Transport (TOWT) and built by the PIRIOU shipyard, the innovative vessel is poised to arrive in Le Havre early next week before continuing its journey to New York City, with…
Pratik Bijlani – In response to the devastating collapse of the Francis Scott Key Bridge in March 2024, U.S. Representative John Garamendi (D-CA-08) has introduced the “Justice for Victims of Foreign Vessel Accidents Act” (H.R.9348) alongside U.S. Representative Hank Johnson (D-GA-04). The bridge was struck by the MV Dalia, a foreign-flagged containership, after it suffered…
Pratik Bijlani – On June 3, Seaspan Corporation, a leading independent charter owner and operator of containerships, celebrated the twentieth anniversary of its crewing division in Mumbai at ITC Maratha, Mumbai. Seaspan Corporation, founded in 2001, quickly evolved into a major participant in the worldwide marine business, known for its large fleet and uncompromising commitment…
China’s Purchasing Managers’ Index (PMI) for the steel industry fell for the second consecutive month in July, dropping by 5.3 points to 42.5, marking the lowest level since June 2023, as reported by the CFLP Steel Logistics Professional Committee. This decline is attributed to the seasonal slowdown during the summer, characterized by high temperatures and…
