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...The boss of shipping giant AP Møller-Maersk has warned it could take months to reopen the crucial Red Sea trading route, risking an economic and inflationary hit to the global economy, companies and consumers...
...More than 80 per cent of the world’s container shipping capacity is controlled by nine companies, including China’s Cosco and Switzerland’s Mediterranean Shipping Company, according to data provider Alphaliner...
...The Behshad is registered as an ordinary dry bulk carrier, and outwardly looks like any of the thousands of such vessels that ply the oceans....
...Nuctech was created in the late 1990s as a spin-off from China’s elite Tsinghua University to manufacture large security scanners for shipping containers and railway cars, as well as luggage scanners and...
...For three of the vessel numbers identified, the vessel owner was listed as Pertamina, the shipping arm of Indonesia’s state-owned oil company. Pertamina did not respond to a request for comment....
...The other big alliance — the Ocean Alliance — between France’s CMA CGM, China’s Cosco and Taiwan’s Evergreen — controls 29.3 per cent of the fleet....
...Many shipping companies have since December diverted sailings away from the Red Sea and Suez Canal to routes to avoid attacks by Yemen’s Houthi rebels....
...ZPMC is part of the state-controlled China Communications Construction Company....
...Dominated by a few huge companies like Switzerland’s MSC and Denmark’s Maersk, container lines operate like a regular conveyor belt across the oceans....
...“It is always inevitable that Hong Kong would contract as a port,” said Tim Huxley, chair of Hong Kong-based shipping investment company Mandarin Shipping. “Manufacturing moved elsewhere....
...The Ruen, owned by Bulgarian shipping company Navibulgar, had been seized by pirates in December....
...Jeremy Nixon, chief executive of Japan’s Ocean Network Express, said many shipping lines were facing scheduling problems....
...freight shipping rates,” said Emily Stausbøll, market analyst at Xeneta, a shipping data firm....
...China meanwhile has tripled its production relative to the US over the past two decades, producing over 1,000 ocean-going vessels last year, versus America’s 10....
...The shipping industry is stepping up efforts to build steel containers outside China, lining up the spare capacity needed to shield a key component of global trade from supply chain pressures and geopolitical...
...How long it lasts depends on when order is restored to shipping lanes....
...A chemical tanker operating in the Indian Ocean has been attacked by a drone launched from Iran, according to the US military, expanding the threat faced by international merchant shipping....
...China is shipping more goods to the US via Mexico, circumventing steep tariffs imposed by the Trump administration and retained by Joe Biden’s White House, according to a Financial Times analysis of trade...
...His company estimated that of all shipping segments only container shipping was suffering bigger upheaval as a result of the problems in the Red Sea....
...“Now carmakers are back to production, coupled with China exports, shipping is becoming more of a battle.”...
...These days the real chokepoints of globalisation are more varied in function and location, from the ocean floor to space orbit, and their resilience more uncertain....
...He said China had already registered five mineral-rich ocean sites with the ISA, which the US cannot join unless it ratifies Unclos....
...The speed increases follow nearly a decade of “slow steaming” by most shipping companies in a bid to economise on fuel use and minimise their carbon emissions....
...The oceans face further pressure as other industrial activities in the sea increase, according to the study....
...It also dominates shipping logistics, giving its Logink supply chain platform free to ports around the world....
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