shipping insurance News

French Shipping Company CMA CGM Loses 44 Containers in Tough Weather

French shipping and logistics company CMA CGM said on Thursday that its ship “Benjamin Franklin” had lost 44 containers in difficult weather conditions off the coast of South Africa on Tuesday. “No injury to the crew has been reported, no …

Abandoned Tanker Lavant Has Likely Sunk Off Yemen, Sources Say

An abandoned tanker that was drifting off Yemen’s coast in June has disappeared and is believed to have sunk, three navy and security sources said, the latest vessel lost in the strategically important Red Sea. The area, on the main …

Houthis Escalate Red Sea Danger With Explosive Drone Attacks

Yemen’s Houthis are sending drone boats packed with explosives into the Red Sea as they intensify their attacks on merchant ships that have little defense against the “sophisticated shift” in tactic, maritime security sources say. Iran-aligned Houthi militants first launched …

After Oil, Russia May Be Building a Shadow Fleet for Gas

In the months that followed its invasion of Ukraine and punitive Western restrictions imposed in response, Russia amassed a shadow fleet to ferry its oil around the world. Now there is growing evidence Moscow has begun to do the same …

Sanctions Damaging Safety at Sea, Says Sanctioned Ship Group Sovcomflot

Sanctions on shipping companies are undermining safety at sea and pose dangers for trade as ship standards are impacted, the chief executive of sanctioned Russian shipping group Sovcomflot said. The European Union imposed sanctions on Russia’s state-owned and top tanker …

Drone-Sinking of Coal Ship Boosts Red Sea Perils, Drives Surge in Insurance Costs

The sinking of a coal-carrier by a sea drone has boosted the risk of navigating the vital Bab el-Mandeb chokepoint to a new level and is driving a fresh surge in insurance costs. The British navy said Tuesday that the …

Shipping Industry Urges Red Sea Action as Houthis Sink Second Vessel

Urgent action must be taken in the Red Sea to stop attacks on merchant shipping by Yemen’s Houthis, leading industry groups said on Wednesday, after the sinking of a second ship. Iran-aligned Houthi militants first launched drone and missile strikes …

Ship Hit by Yemen’s Houthis in Red Sea Has Sunk, UK Navy Says

A vessel hit by a sea drone in the Red Sea last week has sunk, the UK Navy said, the second confirmed to go down since Yemen’s Houthi rebels began attacks on shipping in the region. The bulk commodity carrier …

Houthi-Stricken Cargo Carrier’s Crew Abandons Ship Due to Fire

Crew members of a bulk cargo carrier struck by Houthi missiles abandoned ship Saturday after they couldn’t get fires on board under control, the US military said. The Iranian-backed militants struck the Verbena, a Ukrainian-owned, Polish-operated ship, in two missile …

Ship on Fire Near Yemen After Second Attack in as Many Days

A small cargo ship was on fire after being hit by three projectiles while sailing in the Gulf of Aden, marking the second significant incident in two days and a fresh ramp up of attacks. The attack on the Verbena …