By contrast, both Maersk and CMA CGM said they were devising plans to gradually increase the number of ships they send through the Suez Canal.

Other shipping giants including Mediterranean Shipping Company (MSC), CMA CGM and Hapag-Lloyd have also been avoiding the Red Sea route because of the increased threat of attacks.

Capital Product Partners entered into an umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, 2023 to acquire 11 LNG vessels from Capital Maritime.

DTN said the feature will allow ship owners and charterers to better plan for and adapt to potential voyage disruptions that can affect a company’s performance, bottom line or emissions.

Ikea said it’s looking for other options to secure the availability of its products, many of which normally pass through the Red Sea and the Suez Canal.

The International Maritime Organization’s goal is that near-zero greenhouse gas emission fuels shall represent at least 5% of the energy used by shipping in 2030, while striving to hit 10%.

Almost a fifth of global container trade has already diverted away from the Red Sea and Suez Canal.

Samsung Heavy Industries said an arbitration tribunal ruled during the week of December 12 that SHI must pay $290 million to SHIKC1 Shipholding S.A. and SHIKC2 Shipholding S.A.

China’s shipbuilding output increased by 12% year-on-year to 38 million dwt during the period running from January 2023 to November, making up50.1% of the planet’s total output.

Every major commercial shipping line is rerouting vessels away from the Suez Canal in response to the recent series of missile attacks by Houthi militants in the Red Sea.