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On our forum: On the dark side of Flags of Convenience
By Michael Grey* There probably will not be that many people around who can recall the summer of 1984, when there was an important conference in Geneva to consider the problems of flags of convenience (FOC), or open registers, as we are now enjoined to call them. The meeting, held in the lofty halls of
Port of Toronto drives more than $460 million in economic activity
Marine cargo handled at the Port of Toronto generated $463.5 million in economic activity and 1,989 jobs in Ontario in 2022, details a new report – Economic Impacts of Marine Shipping in the Port of Toronto – published by Martin Associates. Economic Impacts of Marine Shipping in the Port of Toronto, which uses 2022 data, highlights the economic benefits of the Port of Toronto as a vital part
Seaway workers ratify new collective agreement
By Leo Ryan, Editor Some 360 unionized Seaway workers in Canada have ratified a new three-year collective agreement that notably includes the settlement of a major wage issue. Wages will see annual increases of 5 %, 4% and 4%, retroactive to April 1st, 2023, along with a $2,000 signing bonus. Resumption of navigation on
Maersk cuts 10,000 jobs amidst plunging shipping demand
Danish shipping giant A.P. Moller-Maersk has announced plans to cut its workforce by 10,000 employees in face of “worsening market conditions” that have become the “new normal.” The phased reduction into 2024 will bring the global workforce below 100,000 positions. The current global shipping environment is marked by the bursting of the pandemic-fueled bubble. Lower
Davie finalizes purchase of Helsinki Shipyard
Lévis, QC – Davie today announced it has finalized the acquisition of the assets of Finland’s Helsinki Shipyard Oy (HSO). The historic transaction combines the skills, experience and capabilities of two leaders in Arctic shipbuilding and other high-value products. While the Canadian and Finnish shipyard will be separate legal and operating entities, the business
Novarium and the Port of Québec join forces to stimulate innovation
Rimouski – Novarium, the innovation campus dedicated to the blue economy, announces a strategic partnership with the Port of Québec, one of the five largest ports in Canada. This collaboration aims to create a dynamic ecosystem that promotes innovation, research and sustainable development in the marine sector, while exploiting the unique advantages offered by
No relief before 2028 to global container over-supply
The market is heading into a traditional downcycle, as 2023 is seeing significant excess capacity being delivered, and in all likelihood the same will happen in 2024, reports Sea-Intelligence. The question then remains of when the current and overcoming overcapacity market will balance again. On this matter, CEO Alan Murphy offers little hope of
U.S. Coast Guard unveils new Arctic strategic plan
The U.S. Coast Guard has unveiled what is called an Arctic Strategic Outlook Implementation Plan that opens the door to acquiring commercially-available icebreakers to address short-term capacity gaps. The plan comprises 14 initiatives ranging from enhancing Arctic operations and exercises to expanding surface capabilities and associated support infrastructure with a view to promoting safety,