Kerry Logistics skyrockets in revenue and profits
Kerry Logistics Network Limited (KLN) reported a 23% increase in revenue, reaching US$7.5 billion (HK$58,274 million) in 2024 compared to US$6 billion (HK$47,408 million) in 2023. Furthermore, the company’s core operating profit rose by 23% to US$350 million (HK$2,725 million) from US$284 million (HK$2,207 million) in the previous year. Additionally, the core net profit experienced […]
US federal judge blocks offshore lease sale over impact on Rice’s whales
A federal judge has blocked an oil and gas lease sale in Gulf waters off the coast of Louisiana after finding that authorities did not take into account the impact of new offshore drilling on the highly endangered Rice’s whale. The ruling from a judge in the U.S. District Court for the District of Columbia […]
Panama Canal introduces NetZero Slot to promote low-carbon shipping
The Panama Canal reported the launch of the NetZero Slot, a transit slot reserved only for vessels with low carbon emissions, as a strategy to incentivize customers on their path to decarbonization. Beginning October 5, 2025, the Panama Canal will implement the first phase of a weekly NetZero Slot for Neopanamax vessels that meet specific […]
IMO Discussions Begin: Clean Shipping Coalition Pushes for Bold Climate Action
As the International Maritime Organization (IMO) begins two weeks of crucial negotiations, the Clean Shipping Coalition is calling on governments to take bold action to reduce the shipping industry’s climate impact. Discussions will focus on key measures, including a global fuel standard, a greenhouse gas levy, and reforms to the Carbon Intensity Indicator (CII). These […]
Fugro survey vessel arrives safely to port following grounding
Fugro’s survey vessel, Fugro Mercator, has been towed to a shipyard for inspection following a grounding incident on March 22. After the incident occurred, the 11-strong crew were evacuated and taken ashore. Fugro said at the time that a salvage operation was being prepared together with international experts and local officials. The research vessel was […]
CIMC achieves record profit in 2024
China International Marine Containers (CIMC) announced a record profit of around US$410 million in 2024, translating to an astonishing increase of over 600% compared to the previous year. Additionally, the Chinese box manufacturer increased its revenue by 40% to US$24.5 billion According to the company’s statement, there were no significant changes in the Group’s principal operating […]
DP World fully acquires European logistics player Swissterminal
Swissterminal AG has announced its full integration into DP World, following a successful five-year partnership. Swissterminal has been a major traditional player in the Swiss and French logistics markets. With its terminals in the Basel region (Switzerland) and in Alsace (France), the company acts as a key hub connecting Switzerland, southern Germany, and France with […]
Middle East Shipping: Geopolitical and Economic Impacts
Shipping operations across the Middle East have been significantly influenced by ongoing geopolitical tensions, particularly in the Red Sea, and global economic shifts in recent years. Geography plays a crucial role in shaping the operational landscape of each major port in the region, contributing to the volatility they face. Ports such as Jebel Ali in […]
Panama deregisters 107 ships from its fleet due to sanctions
The Panama Maritime Authority (PMA) has officially deregistered 107 Panamanian-flagged vessels listed under international sanctions, with an additional 18 currently undergoing the deregistration process. This action is in accordance with Executive Decree No. 512 of October 18, 2024, which grants the PMA the authority to unilaterally cancel the registration of vessels, as well as registered individuals and […]
Flex LNG CEO Øystein Kalleklev resigns
The chief executive officer of Flex LNG, Øystein Kalleklev, has resigned from his position to pursue other opportunities. Flex LNG said that its board of directors accepted Kalleklev’s resignation from the CEO role after a stint of seven and a half years. Kalleklev joined Flex LNG in October 2017 and was appointed CEO in August […]