Iran’s state-run IRNA news agency reported that a Marshall Islands-flagged tanker collided with an Iranian vessel in the Persian Gulf, prompting Iran’s navy to seize the vessel in Gulf of Oman.

Interos will be integrated into the Navy’s Program Executive Office Integrated Warfare Systems organization, providing preemptive responses to identify, assess and reduce supply chain risks.

The change will bring much-needed liquidity into the benchmark, which for years has been suffering from shrinking supplies.

The P&I insurance that Gatik lost is important for vessels when they enter ports or sail through key waterways like Turkey’s ardanelles shipping straits.

The report also found that global transportation costs have fallen below their long-term average thanks to lessening pressures on shipping, rail, air and road freight. 

Rodolphe Saade, the French billionaire at the helm of shipping giant CMA CGM SA, has made an unsolicited $5.5 billion offer to buy Bollore SE’s logistics arm.

Marking the end of a “soft first quarter,” the Port of Los Angeles processed 623,234 TEUs in March 2023, marking continued volume decline.

Berlin is expected to adopt a more critical stance on China following Beijing’s increasingly militaristic threats against Taiwan.  

Brookfield agreed to buy Triton International Ltd., the world’s largest owner of intermodal shipping containers, for $4.7 billion.

The decrease in dwell time has been aided by the shift in trade patterns, with many shippers opting to use the Port of New York and New Jersey instead.