Xeneta: ‘Cause and effect’. Red Sea surcharges and the power of uncertainty

Cause and effect. A well-known phrase, defined as ‘the principle of causality, establishing one event or action as the direct result of another’. If an example were needed to sit underneath this dictionary definition, you could easily reference the introduction of surcharges in ocean freight shipping due to the ongoing situation in the Red Sea …

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Unprecedented shipping disruptions raise risk to global trade, UNCTAD warns

Recent attacks on commercial vessels in the Red Sea have severely affected shipping through the Suez Canal, adding to existing geopolitical and climate-related challenges facing global trade and supply chains, UNCTAD says in a new report released on 22 February. The Red Sea crisis compounds the ongoing disruptions in the Black Sea due to the …

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InterManager ExCom member to run London Marathon for Seafarers’ Charity

InterManager Executive Committee member, Karen (Katherine) Avelino is planning to run the London Marathon on Sunday 21 April 2024 to raise funds for the Seafarers’ Charity. Philippines-based Karen, who is Executive Director of Business Development, Shipping, for Philippine Transmarine Carriers (PTC), will be running alongside her daughter Karmel Avelino, a graphic designer at Carnival Cruise …

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Houthis to step up Red Sea strikes, use ‘submarine weapons’, leader says

Yemen’s Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship and a drone assault on an American destroyer on Thursday, and they targeted Israel’s port and resort city of Eilat with ballistic missiles and drones. The statement by a Houthi representative on social media site X came shortly after the group’s leader …

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Financial results reflect a year of contrasts for the transport and logistics industry and confirm the relevance of the CMA CGM Group’s strategy

Commenting on the results for the year, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “As our sector normalized, the Group’s performance remained solid in 2023. Shipping market conditions deteriorated progressively during the year. Our results are down as we expected. Logistics, on the other hand, is proving more resilient, and accounts …

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WFW acts as maritime counsel to Euronav on purchase of CMB.TECH

Watson Farley & Williams (“WFW”) acted as maritime counsel to Euronav in its US$1.150bn share purchase agreement for the acquisition of cleantech maritime group CMB.TECH, the clean technology arm of its largest shareholder Compagnie Maritime Belge (“CMB”). The purchase is part of Euronav’s renewed diversification and decarbonisation strategy and the accelerated optimisation of its current …

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