The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, according to Fitch Ratings. This event will reduce global reinsurers’ earnings but should not materially affect …
ISMAILIA, Egypt – Shipping was on the move again late on Monday in Egypt’s Suez Canal after tugs refloated a giant container ship which had been blocking the channel for almost a week, causing a huge build-up of vessels around …
BERLIN – The container ship blocking the Suez Canal could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday. The study by Europe’s biggest insurer also found that each week …
ISMAILIA, Egypt – A huge container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global …
A huge backlog of vessels was building up around the Suez Canal amid warnings that the salvage team could need days — or even weeks — to prise out the giant container ship that’s blocking the crucial waterway. Work to …
LONDON – The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totalling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday. The 400-meter, 224,000-tonne …
TOKYO – Toyota, Nissan, Honda and other Japanese carmakers scrambled on Monday to assess the impact on their production of a fire at a Renesas Electronics chip plant that could aggravate a global semiconductor shortage. Renesas has said it will …
China’s biggest battery manufacturer has urged a focus on safety issues after an explosion at a recycling affiliate, which has drawn attention to the risks in the industry’s supply chain. The blast at a Hunan Brunp Recycling Technology Co. factory …
European freight forwarders are rejecting contracts to take loads into the UK due to fears the chaos at Dover could be repeated post-Brexit. Transporeon, a German software company that monitors real-time data on freight traffic and rates for more than …
From the deck of their tanker, Captain Samig Nabiyev and his crew could see the smoke and fire rising over the Port of Beirut, 900 meters away. When the flaming warehouse exploded, the force of the blast knocked Nabiyev flat …
