South Korea’s Top Shipyards Eye $1.5B Q1 Profit on High-Value Ships
South Korea’s Big Three shipyards project 2 trillion won ($1.5B) Q1 profit, driven by high-value ship orders and 10-15% price rises over two years.
STCW-Trained Cadets Ready for UK Domestic Shipping Launch This July
First maritime apprentices complete 6-month STCW training for new UK cabotage service launching July 2024, addressing officer shortage of 16,500 by 2026.
KNOT Offshore Sets Q1 2026 Cash Distribution at US$0.05 per Unit
KNOT Offshore Partners LP announces a US$0.05 per unit cash distribution for Q1 2026, payable May 14, with the Board indicating an increase pending details.
IMO Urges Evacuation of 20,000 Stranded Seafarers in Persian Gulf via Humanitarian Corridors
IMO Secretary-General Arsenio Domínguez urges states to support evacuation of 20,000 mariners stranded in Persian Gulf via humanitarian corridors, following a UN meeting with 40+ foreign ministers.
7 April 1989: Komsomolets nuclear submarine sinks, 42 fatalities prompt safety overhaul
On 7 April 1989, the Soviet nuclear submarine Komsomolets sank in the Norwegian Sea, killing 42 of 69 crew. This tragedy led to major improvements in submarine safety protocols and rescue operations.
Desert Storm 1991 Reshaped China’s Navy: Iran Conflict Maritime Analysis
Desert Storm 1991 reshaped China’s navy; a potential Iran conflict threatens 20% of global oil via Strait of Hormuz, with transit delays up to 30% and insurance hikes of 50%.
Strait of Hormuz traffic surges 700% under Iranian permit system
Daily crossings in the Strait of Hormuz jumped from 2 to 16 under Iranian control in late March 2026, with 24 vessels operating without AIS at Bandar Abbas.
Iran Strait Crisis Sparks 38.6% Diesel Surge, Driving Up Maritime Freight
Diesel prices surged 38.6% to $5/gallon on 3 April 2026 due to Iran’s Strait of Hormuz crisis, pushing maritime freight rates up by 15-20% via BAF adjustments.
Middle East Conflict Pushes Up Container Freight Rates, Volatility Stays Below Pandemic Peaks
Drewry’s analysis shows container freight rates rising due to Middle East conflict, but volatility remains below Covid-19 pandemic extremes, with stable capacity.
Baleària’s Ferry Cap de Barbaria Gains 12-Hour Battery and OPS in Refit
Baleària’s ferry Cap de Barbaria returns with OPS and 12-hour battery autonomy after dry-docking, cutting emissions on Mediterranean routes between Ibiza and Formentera.