Latest news and articles about shipping industry from NEX English
Tio Seong Sing, the chairman of SBF, announced he will not seek re-election following allegations from US authorities. This decision comes after a period of uncertainty regarding his professional future since the indictment was issued on May 19.
Security reports indicate a resurgence of piracy off the coast of Somalia, driven by a new group of opportunistic pirates. This development complicates the threats facing the shipping industry, which has already suffered billions in losses.
The Philippine government has instructed shipping agencies to halt the deployment of sailors to the Arabian Gulf, aiming to protect its citizens from rising regional dangers. This decision comes as many Filipino sailors face difficulties returning home.
Increasing tensions in the Strait of Hormuz have led to a significant rise in global shipping costs, with companies facing additional expenses of up to <strong>340 million euros</strong> daily. Reports indicate a notable increase in marine fuel prices, further burdening ship owners.
In a groundbreaking move towards emission reduction goals, the <strong>Townan</strong> project by <strong>Shanghai Electric</strong> used biomethanol to fuel the <strong>CMA CGM OSMIUM</strong> vessel at <strong>Yangshan</strong> port in China. This marks the first large-scale use of biomethanol in the global shipping industry.
Fuel costs in the global shipping industry have surpassed <strong>$5 billion</strong> since the onset of the conflict in Iran. This significant price increase has led many ships to abandon cargo transport in favor of fuel transport, reflecting the growing challenges faced by the industry under current conditions.
Sin Pei Chia, CEO of Orkim Group, revealed the negative effects of the war in Iran on the shipping industry during the Asia-Pacific Maritime 2026 conference. The company specializes in transporting clean petroleum products and liquefied natural gas, making it vulnerable to global market fluctuations.