Passenger Marine Transportation

Red Sea Insurance Rates Stay Firm as US Airstrikes Raise Fears for Ships

Industry sources say that the cost of shipping goods across the Red Sea will remain stable after the United States conducted further airstrikes in Yemen on Monday. This has heightened fears about new attacks by Iran-aligned Houthis, who are targeted by Washington. The U.S. conducted airstrikes Saturday in response to threats by the Houthi Movement to threaten international shipping. Al Masirah TV, a Houthi-run TV station, said that the Houthis targeted the Red Sea port of Hodeidah on Monday and the Al Jawf Governorate, north of Sanaa, according to the Houthis. In January, Houthis announced that they would cease attacks

Transport Infrastructure

Italy's prosecutors launch terrorism investigation into the oil tanker explosions

Sources say that three tankers were damaged in the Mediterranean last month by explosions of unknown causes.

Shipping and security sources confirmed on Wednesday that three oil tankers were damaged in separate incidents in the Mediterranean in the past month, but the cause of the explosions was unknown. These are the first incidents in which non-military ships have been damaged by blasts around the central Mediterranean for decades. One of the shipping sources reported that an explosion caused a 1-metre-deep crack below the waterline in the hull on the Greek-operated crude-oil tanker Seajewel in a port located in northern Italy, on Saturday. The same vessel was hit by a second explosion 20 minutes later without further damage.

Passenger Transportation Services

Tanker rates extend rally on sanctions, need to load Mideast oil, products

Tanker rates extend rally on sanctions, demand to load Mideast oil

Oil shipping rates extended their rally on expectations of a tightening in worldwide tanker supply from wider U.S. sanctions on Russia's fleet and traders' demand for ships to pack Middle East oil for Asia, market sources said on Wednesday. On Tuesday, Shell reserved three Large Crude Providers, efficient in bring as much as 2 million barrels of oil, at the rate of Worldscale 70 to load Middle East crude in early February and Chinese refiner Shenghong Petrochemical scheduled 2 VLCCs for the exact same loading duration at the same rate, a. shipbroker said. Worldscale is an industry tool to compute

Passenger Marine Transportation

The Italian antitrust watchdog investigates the MSC unit's acquisition of Moby

The Italian antitrust authority announced on Monday that it has opened an investigation regarding the acquisition of 49 percent of Italian ferry firm Moby by MSC Shipping Agencies Services. In a statement, the regulator stated that this deal could have affected routes for goods and passengers between Italy and larger islands, where only Moby, SAS' Grandi Navi Veloci, or at best a third group operate. The market is "highly consolidated" and has significant entry barriers. Moby operates ferries that connect the Italian mainland with tourist islands such as Sardinia or Corsica. The watchdog will also investigate a 243 million-euro (256

Luxury yacht insurance coverage supplier OMAC is hull carrier for sunken luxury yacht in Sicily, sources state