If shipping is the heart of global trade, its beat is about to slow. Many shipping companies are sticking with ageing fleets due to uncertainty about which fuels to use in the long term to reduce greenhouse gas emissions, but older vessels may soon have to start sailing slower to comply with new environmental rules.… Continue reading Ships Get Older and Slower as Emissions Rules Bite
Tag: shipping insurance
Insurance Premiums Doubling for Some Aviation, Marine Businesses
Insurance premiums are doubling or more for some aviation and marine businesses particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, industry sources say. Global commercial insurance premiums rose 11 percent on average in the first quarter, according to insurance broker Marsh, which said the war was putting upward pressure… Continue reading Insurance Premiums Doubling for Some Aviation, Marine Businesses
Ports Press Congress, Biden for Emergency Funds
A coalition of 37 maritime industry groups is asking Congress and President Joe Biden to fund a new relief program to strengthen an industry weakened by the effects of COVID-19. “Despite container surges at several large ports, commercial cargo volumes have plummeted across the industry — total waterborne trade volume is down 5.5% compared to… Continue reading Ports Press Congress, Biden for Emergency Funds
Cargo Handling Continues at U.S. Ports Despite Coronavirus Spread
The Port of Los Angeles said all terminals were operational Monday but that it expects volume declines associated with the coronavirus pandemic to continue. The Port of LA moved 544,037 twenty-foot equivalent units (TEUs) in February, a 22.9% decrease compared to last year. “While cargo volumes are important, the coronavirus is first and foremost a… Continue reading Cargo Handling Continues at U.S. Ports Despite Coronavirus Spread
Maritime Emissions Rule Triggers Split in Shipping Costs
An environmental rule hitting the maritime world at the turn of the New Year will open a steep divide in operating costs across shipping markets. A large share of vessel operators have chosen to limit their sulfur emissions with exhaust systems called scrubbers that trap sulfur created by fuel-burning engines. The systems cost several million… Continue reading Maritime Emissions Rule Triggers Split in Shipping Costs
Shipping Industry Sails into Unknown with New Pollution Rules
Faced with imminent new global marine pollution rules, shipping companies and insurers are puzzling over the risks. To reduce emissions of toxic sulphur that cause premature deaths, shipowners who have long relied on the dirtiest residues of oil extraction will have to either switch to low-sulphur fuel or install exhaust gas cleaning systems from Jan.… Continue reading Shipping Industry Sails into Unknown with New Pollution Rules
US Coast Guard Warns About Malware Designed to Disrupt Ships’ Computer Systems
The United States Coast Guard has sent out two security alerts over the course of the last three months, highlighting a problem with the cybersecurity practices aboard commercial sea vessels. The first alert was sent out in late May, and Coast Guard officials warned about an ongoing wave of email spear-phishing that spread malware to… Continue reading US Coast Guard Warns About Malware Designed to Disrupt Ships’ Computer Systems
Allianz Warns of Costs from New Shipping Emissions Rules
New emissions rules set to hit the shipping sector from next year risk causing costly harm to vessels, German insurance giant Allianz said in a study published Tuesday. “The worry is that we could see an increase in the frequency and cost of machinery breakdown claims” related to the changeover, senior shipping underwriter Justus Heinrich… Continue reading Allianz Warns of Costs from New Shipping Emissions Rules