The ship repair picture is changing in the Mediterranean and the Eastern Med in particular as the shipyards of Greece continue their revival.

Spot container freight rates jumped another 15 – 16% over the last week as shippers continue to react to disruption caused to shipping by attacks in the Red Sea.

Cosco Shipping has announced the acquisition of Italian logistics supply chain company Trasgo via Coscos Srl, the joint venture between Cosco Shipping Europe and Fratelli Cosulich.

The UK Maritime Trade Operations (UKMTO), which advises vessel operators on incidents involving shipping, has reported that up to five armed masked men boarded a tanker in the Gulf of Oman in the early hours of this morning.

Breakbulk operator Intermarine is expanding its fleet with the long-term charter of four vessels.

Volumes in every major shipping sector took a hit in 2023, according to the Port of Antwerp-Bruges results, as war hit supply chains in both Ukraine and latterly the Middle East, sending inflation spiralling in the US and Europe and deflating demand.

Stena RoRo has placed an order for another Ro-Pax-class E-Flexer vessel from the Chinese shipyard China Merchants Industry Jinling (Weihai) Shipyard.

Container spot freight rates between Asia and Europe jumped 60% in the space of two weeks and there have even been sharp increases on trades such as Asia – US West Coast which are not directly affected by the Red Sea crisis.

Maersk Tankers closed on the acquisition of US-based tanker pool operator Penfield Marine last week, expanding its crude and product tanker reach.

JP Morgan has contracted Norway-based Ulstein Verft to deliver two methanol-ready commissioning service operation vessels (CSOVs).