Browsing: Mediterranean Shipping Company (MSC)

• UNCTAD estimates that the weekly transits going through the Suez Canal decreased by 42 per cent over the last two months.
• The ongoing conflict in Ukraine has triggered substantial shifts in oil and grain trades, reshaping established trade patterns.
• Simultaneously, the Panama Canal, a pivotal conduit for global trade, is grappling with diminished water levels, resulting in a staggering 36 per cent reduction in total transits over the past month compared to a year ago.

The escalating geopolitical tensions and climate change related issues affecting key shipping routes are now threatening global trade, the United Nations Conference on Trade and Development (UNCTAD) has warned, with potential to curtail economic development mainly in poor countries.

The United Nations trade and development body has expressed concerns over the disruptions, particularly stemming geopolitical tensions affecting shipping in the Black Sea, recent attacks on shipping in the Red Sea affecting the Suez …

• Major shipping lines among them Mediterranean Shipping Company (MSC) and Maersk have been avoiding the Red Sea and the Suez Canal route.
• This move follows attacks by the Iran-backed Houthi rebels in Yemen, who have been targeting ships travelling to Israel.
• The Houthis have declared their support for Hamas in the ongoing war Israel war in Gaza that erupted following October 7 Hamas attacks.

The East African region remains exposed to high freight costs even as shipping lines indicate they are resuming voyages through the Red Sea after a hitch in December, caused by attacks by Houthi rebels.

Major shipping lines, including the world’s leading container carrier, the Mediterranean Shipping Company (MSC), and the second-placed Maersk, have been avoiding the Red Sea and the use of the Suez Canal.

This decision came after persistent attacks by the Iran-backed Houthi rebels in Yemen, who have been targeting ships traveling towards Israel.…

Kenya is going big on tapping the billions in the blue economy if the latest developments by government, in partnership with the private sector, are anything to go by.

In a spirited move to exploit the country’s maritime sector and the global ocean waters, the government has entered into a partnership with global logistics firm―Mediterranean Shipping Company (MSC), to revive the defunct Kenya National Shipping Line (KNSL).

This is a bold move being taken by the government noting that KNSL has been dormant for close to 22 years, after poor management sent it into debt and loss of business.

Its collapse saw the country miss out on an untapped Ksh304 billion (US$2.9billion) business potential, an amount Kenyan importers spend on freight charges paid to foreign firms.

The national shipping line was established in 1987 as the national carrier to handle containerized exports and imports freight cargo, to and from the …

Six months after hosting the first global conference on ‘Sustainable Blue Economy’, Kenya is keen to invest in international shipping, as it remains focused on tapping its maritime resources for economic growth.

The government has set-off a number of initiatives that could see the country reap big from the maritime industry, which drives 92 per cent of its international trade.

Policies, institutional changes, incentives and funding are being put in place to optimize gains in the sector, which has the potential to contribute up to Ksh500 billion (US$4.9 billion) to the GDP annually.

READ:Kenya’s Maritime Transport Policy takes shape

Shipping industry 

Top on the list is the revival of the Kenya National Shipping Line (KNSL) which has been dormant for the last 22 years, after mismanagement sent it into debt and loss of business in an untapped Ksh304 billion(US$2.9 billion) business potential—an amount Kenyan importers pay as freight charges …