“This is a pivotal moment in our history," said Daggett. "The decisions we make today will determine the future for generations to come."

The de-listing follows a pledge by Panama’s maritime authority in October to penalize vessels sanctioned by the U.S., European Union, U.K. and United Nations.

The bulk carrier, Yi Peng 3, is currently anchored just outside of Denmark’s territorial waters, with vessels from Sweden, Denmark and Germany monitoring it. 

BIMCO says it continues to add to its portfolio of carbon clauses to support the industry, as the shipping industry faces an increase in decarbonization regulations.

November 19 marked a year since Houthi rebels attacked the British-owned Galaxy Leader cargo ship as it moved through the Red Sea, taking its crew hostage.

The Norsepower Rotor Sails use a small amount of electricity to spin cylindrical sails to harness the Magnus effect, an aerodynamic principle that generates thrust from wind.

Investigators say that the Chinese bulk carrier Yi Peng 3  left a Russian port on November 15, and was passing through the area of each cable at the time they were damaged.

Canada’s Industrial Relations Board ordered a resumption of operations at all affected Canadian ports from the morning of November 16.

This year, the LA and Long Beach ports, which together account for roughly a third of all U.S. container imports, have seen their busiest ever peak season.

Russia terminated its export targets at the end of May 2024, opting instead to restrict production, in line with its partners in the OPEC+ oil producers’ group.