Global Trade News
Norwegian Tanker Struck By Missile
Last updated on December 14, 2023 by Ben Thompson
Houthi rebels strike Norwegian tanker MT Strinda with a missile near Bab el-Mandeb Strait. No casualties reported; fire extinguished, vessel safely reaches port. US Navy destroyer aids after mayday call. Incident raises concerns over Suez Canal shipping safety amidst regional tensions.
Last-Mile Organ Delivery Via Lambo
Last updated on December 14, 2023 by Ben ThompsonItaly's state police to use Lamborghini Urus Performante for rapid organ transport. This 666-horsepower SUV, donated by Lamborghini, aids emergency medical services with police and medical equipment.
The First Commercial Fossil Fuel-Free Trans-Atlantic Flight
Last updated on December 7, 2023 by Ben ThompsonVirgin Atlantic achieves first commercial fossil fuel-free trans-Atlantic flight using Sustainable Aviation Fuel (SAF). Richard Branson optimistic, but challenges in SAF production remain.
US Warship Shoots Down Drones in Red Sea In Response to Distress Signals From Merchant Ships
Last updated on December 7, 2023 by Ben ThompsonThe Houthi militants, backed by Iran, have carried out missile attacks in the Red Sea. The US is considering enhancing security measures for commercial ships in the region. USS Mason and USS Carney have intercepted drones launched from Houthi-controlled areas, heightening concerns. Some shipping companies are diverting vessels from the area due to security worries.
Global Merchandise Trade Rebounds But Still Risky Times Ahead
Last updated on November 30, 2023 by Ben ThompsonWTO's Goods Trade Barometer signals a rebound in global merchandise trade, led by automobile and electronic components sales. Despite this, uncertainty persists due to mixed economic indicators and geopolitical tensions. While some sectors show strong performance, others remain stagnant or face challenges, reflecting a complex global economic landscape.
Russia & China Ditch Western Currencies
Last updated on November 23, 2023 by Ben ThompsonRussia and China are shifting trade away from Western currencies, with 95% of transactions now in rubles and yuan due to Western sanctions. Bilateral trade projected to surpass $200 billion this year, creating opportunities for Chinese firms in various sectors.
NYK Line Cargo Ship Hijacked
Last updated on November 23, 2023 by Ben ThompsonThe Houthi rebels in Yemen are designated as a terrorist organization by some countries, including the United States and Saudi Arabia, due to their actions involving violence, including attacks on civilian targets and shipping vessels.
Boom & Bust Times For Shipping Lines
Last updated on November 16, 2023 by Ben ThompsonThe container shipping industry experienced unprecedented profits during the pandemic but now faces looming losses due to oversupply and decreased demand. Companies like Maersk predict significant downturns in financial health. To address these challenges, cost-cutting measures are being implemented, and investments in cleaner technologies are needed. Diversification strategies are also being pursued to mitigate market…
Cyberattack Paralyzes Major Australian Ports
Last updated on November 16, 2023 by Ben ThompsonA cyberattack on DP World has paralyzed Australian ports, causing a backlog of 30,000 containers. Operations partially resumed but ongoing investigations and security efforts are expected to disrupt services further. The incident underscores the economic impact of cyber threats on critical infrastructure.
Sky Titan Emerges: Electric Airship Unveiled
Last updated on November 9, 2023 by Ben ThompsonSilicon Valley witnesses the unveiling of Pathfinder 1, an electric-powered airship funded by Google's Sergey Brin. With advanced drone features, it aims for sustainable aviation and humanitarian missions. LTA Research eyes a fleet for disaster relief and carbon-neutral travel, emphasizing safety and collaboration with the FAA.
