Claims related to the massive explosion at the port of Tianjin, China, may grow to as much as $6bn, says the International Union of Marine Insurance (IUMI). More than half of the claims reportedly fall within marine insurance or reinsurance lines - potentially making it the largest single marine disaster (by claim value) in history, surpassing Hurricane Sandy.
French firm CMA CGM, the world's third-largest container shipping operator, signed a significant cooperation agreement Thursday with Islamic Republic of Iran Shipping Lines (IRISL).
Global container ship capacity is expected to increase by 4.6 percent in 2016, the slowest growth rate in more than 25 years, giving some relief to an industry hammered by oversupply, consultancy firm Alphaliner forecast on Tuesday.
Two new reports released this week call attention to the dangers of bribery and corruption in global supply chains and their links to modern day slavery. Modern Slavery and Corruption and An Exploratory Study on the Role of Corruption in International Labour Migration provide a snapshot of the extent and global spread of corrupt practices, the ways in which they interact with myriad forms of exploitation and the impact of legislation put in place to curb both.
Amazon.com's China arm has registered as an ocean freight forwarder, according to the U.S. Federal Maritime Commission, a move that will give it more control over shipping products from Chinese factories to U.S. shoppers.
Following up on last fall's successful campaign to include a port performance statistics program in the federal long-term surface transportation bill, the National Retail Federation now leads a coalition of more than 100 groups in sending specific recommendations to the Department of Transportation.
European shipping and offshore interests are pursuing business in Iran with news this week that MSC Mediterranean Shipping Company has resumed vessel operations to Iran, after services were suspended in 2012 in response to trade sanctions.
Iran's Islamic Republic of Iran Shipping Lines (IRISL) has announced plans to order new 18,000 TEU (Triple-E type) container vessels from Chinese yards, according to Iran's Press TV.