Tag: shipping industry

MaRITeC-X project will focus on marine and shipping research and innovation, aiming to set out the Cyprus Marine and Maritime Institute in Cyprus. As Deputy Minister of Shipping Natasa Pilides said, this centre of excellence can provide many economic and social benefits to Cyprus and can also promote the country's energy plans.

German shipping giant Hapag-Lloyd informed that during September it will introduce four new direct connections from the Port of Mombasa to the UAE and India. The direct connections will include Nhava Sheva (India), Mundra (India), Khor Fakkan (UAE), Jebel Ali (UAE), Mombasa and Dar es Salaam.

Commodity trader Noble Group currently experiences a very crucial shareholders' meeting today (August 27) as investors will vote on a US$3.5 billion debt restructuring plan that its creditors and board consider vital to prevent insolvency. Noble will probably win the necessary majority of voters at the meeting.

The UK P&I Club informed that it has launched the ‘Investing in a Safer Tomorrow’competition, as part of its 150th anniversary in 2019. The competition aims to incentivize those entering the maritime industry to suggest ideas in order to improve safety at sea.

According to the American Petroleum Institute’s latest monthly statistical report, the US achieved a record for the production of natural gas liquids during July, as the US produced 4.4 million barrels per day. July also saw the US tie its record for crude oil production at 10.7 mb/d.

V.Group collaborated with the management consultancy Accenture to improve its approach to crew management. Named Embark, the project seeks to develop an in-house shared services model which streamlines key processes for V.Group’s seafarers, customers, and colleagues. 

Intelligence provider CargoSmart analyzed the schedule reliability of 22 ocean carriers across 13 trade lanes, reporting that overall, on-time schedule reliability increased by 6.6% to 69.3% in June 2018, from 62.7% in May 2018. The Europe-Oceania trade had the largest improvement in reliability.

Digitization solutions, such as big data, blockchain, automation, drones, and robotics, are enabling the maritime freight industry to utilize innovative approaches that will reduce or eliminate non-value-added activities. These technologies will benefit the industry, especially considering the fact that global maritime freight transportation revenue is expected to reach $205 billion in 2023. 

The Industrial Internet of Things (IIoT) is set to make a significant contribution to the global economy and of course shipping industry by 2023. This is according to a new study launched by Inmarsat, which highlights that there will be increased automation and operational efficiency through the use of real time data and machine-to-machine communication.

The South Korean Ministry of Maritime Affairs and Fisheries informed on Tuesday, July 24, that it will allocate government stakes of 12.7% in its four port authorities - Busan, Ulsan, Incheon, and Yeosu Gwangyang, through the Korea Ocean Business Corporation. This investment amounts to $1.2 billion.