The new five-year policy aims to strengthen Japan's maritime security in response to increased assertive actions from China and other nations.

U.S. officials believe the seizure was a retaliation against a decision by the Department of Justice to force a tanker headed to China with Iranian oil to redirect to America

Under the agreement, the five Californian ports will use computerized and cloud-based data to improve freight system resilience, goods movement efficiency, emissions reduction and economic competitiveness.

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.