In an attempt to bring more international shipping firms onshore to the UK, the British chancellor of the Exchequer Rishi Sunak provided the biggest shake-up to the UK’s domestic tonnage tax since its introduction 20 years ago.The British government…
Banks are demanding much stricter environmental criteria when financing shipping companies as investor pressure grows on the sector to accelerate going greener, according to Boston Consulting Group (BCG).Shipping, which transports about 90% of world trade…
As ports and hinterland transport struggle to keep up, delays at ports are soaking up capacity leading to frustration on the shippers’ side and leaving carriers struggling to keep up all the while making record profits, shipping organization BIMCO reports…
State-backed holding company ADQ said on Tuesday it plans to list Abu Dhabi Ports Co on the Abu Dhabi Securities Exchange (ADX) before the end of the year.The proposed listing of a portion of existing shares is expected before the end of 2021…
The world's biggest container shipping company, A.P. Moller-Maersk, on Monday lifted its full-year earnings outlook after reporting strong preliminary quarterly results as chaotic conditions in the global supply chain pushed freight rates higher…
Egypt's Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year (July-June), up from $5.72 bln in the previous year, the Suez Canal Authority said on Sunday.The Authority also said the canal's revenues in the first six…
Forto has raised $240 million from investors led by Softbank (9984.T), the freight technology startup said on Monday, and will invest in expanding its platform for organizing trade shipments between China and Europe.The five-year-old Berlin…
Deutsche Bank is on course to make up to $1 billion on a long-shot bet on Israeli shipping firm Zim after it surged in value on the back of record-high global freight rates, Bloomberg reported on Tuesday.Citing unnamed sources familiar with the matter…
CMA CGM, one of the world's largest container shipping groups, on Friday posted a jump in first-quarter earnings and said it expected strong demand for transporting consumer goods to continue for the rest of the year.French-based CMA CGM's net profit rose to $2…
Egypt's Suez Canal Authority said on Thursday its revenues in April were $552 million compared with $476 million in the same month last year.The canal's authority said 1,814 ships transited in April, up from 1,731 ships in the same month last year…
Abu Dhabi Ports has hired banks to arrange an issuance of 10-year U.S. dollar-denominated bonds, which it will use for general corporate purposes, a presentation for investors seen by Reuters showed on Monday.Citi, First Abu Dhabi Bank and Standard Chartered will act as joint global coordinators…
The Baltic Exchange's main sea freight index surged to its highest in over a decade on Wednesday, powered by a jump in the larger capesize vessel segment on increasing iron ore shipments from Brazil.The Baltic dry index, which tracks rates for capesize…
Survitec completed a $372M refinancing with funds managed or advised by the Credit Group of Ares Management Corporation.“Successfully concluding this financing demonstrates the confidence we believe that Ares and M&G have in our business,' said Ray Leclercq…
Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic in the Suez Canal, industry sources said, with payouts expected to run into hundreds of millions of dollars.International supply chains were thrown…
The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic…
