It was expected and would have been just a matter of time..
We reported previously that part of the 16-year-old Yantian Express the 7,510 TEU, 320m German-flagged ship of Hapag Lloyd went up in flames on the 3rd of Jan 2019 while on its way from Colombo to Halifax via the Suez Canal..
The container fire that broke out was largely contained and brought under control after one week and the ship sailed to the Port of Freeport (Bahamas) for further recovery and cargo damage assessment. when it arrives in Freeport around the 1st of Feb 2019..
On January 25, 2019, Hapag Lloyd declared “General Average” for the Yantian Express..
On the 3rd of January 2019, part of the 16-year-old Yantian Express the 7,510 TEU, 320m German-flagged ship of Hapag Lloyd went up in flames while on its way from Colombo to Halifax via the Suez Canal..
The container fire that broke out was largely contained and brought under control after one week through the launching of immediate fire-fighting efforts.. Since then, the remaining salvage operations have made considerable progress as per updates from Hapag Lloyd..
Misdeclaration in weight or misdeclaration of hazardous content has been the bane of the shipping industry and the carriers who have suffered several consequences due to misdeclarations..
When such misdeclarations are done, it does not just affect the ship, the carrier involved and the person who chose to misdeclare their cargo.. These misdeclarations result in cargo damage and affect everyone else’s cargo, especially when entire ships are lost..
Millions of dollars worth of goods and assets are lost due to this, not to mention the huge impact on the environment and the loss of life (human or otherwise)..
IMO and other stakeholders took these misdeclarations seriously and SOLAS VGM came into effect.. Life after SOLAS VGM seems to be hunky dory and no major incidents have been reported in relation to weight misdeclarations..
However, the recent spate of maritime disasters is causing some worries to the container lines.. Having had first-hand experience with such misdeclarations and maritime disasters, the world’s largest container line – Maersk Line – has put its foot down on these misdeclared cargoes..
Previously we shared an article about India’s first blockchain enabled Letter of Credit and also the First blockchain enabled trade finance transaction.. Both of these activities were carried out by HSBC..
HSBC seems to be leading the way in terms of blockchain-based tools to handle financial processes relating to foreign-exchange trades..
Ocean Alliance, is the world’s largest operational agreement between container shipping lines in the world and has Cosco (incorporating OOCL), CMA-CGM and Evergreen – 3rd, 4th and 7th largest container lines in the world respectively – as its members..
In what is seen as a confirmation of the trust and the strong relationship forged the partners in the Ocean Alliance, this agreement which was launched in 2017 for an initial period of 5 years, has now been extended till 2027..
Freight forwarders are an integral part of the supply chain and global trade, involved in handling goods using all modes of transport (sea, road, rail and air)..
However, many people are still unaware of Who is a Freight Forwarder and their role in the whole chain.. There is no one simple and quick explanation as to who is a freight forwarder and what they do..
In the most succinct and layman terms, a Freight Forwarder is a multi-function agent/operator who undertakes to handle the movement of goods from point to point on behalf of the cargo owner..
The essence of freight forwarding is to ensure that the cargo is picked up from the seller and delivered to the buyer at the required place, at the right price, and in the same condition that it is picked up from origin using the most suitable resources and routing possible..
Freight Forwarders however sometimes face situations which holds them liable merely due to them representing customers or handling shipments on behalf of customers..
On the 6th of March 2018, Maersk Honam, one of Maersk’s ultra-large containerships caught fire in the Arabian Sea while en-route from Singapore to Egypt.. Five crew members perished in this incident which was one of several maritime disasters especially to have affected container ships in recent history..
Based on the lessons learnt from the Maersk Honam incident, Maersk Line announced that after a thorough review of current safety practices and policies in the stowage of dangerous cargo, they have implemented a set of new guidelines termed Risk Based Dangerous Goods Stowage to improve safety across its container vessel fleet..
Maersk Line has just revealed plans that the Maersk Honam will be resurrected..
India measures around 2,933 Kms from West to East and around 3,214 km from South to North and boasts a coastline of around 7,516..
Given such distances and the volume of goods handled, rail transport was found to be one of the cheaper options for all cargoes over medium to long distances..
Indian Railways entered the cargo market for moving door-to-door domestic cargo in special DSO containers starting in 1966..
Container Corporation of India Ltd. (CONCOR), was incorporated in March 1988 under the Companies Act, and commenced operation from November 1989 taking over the existing network of 7 ICDs from the Indian Railways..
Amid increasing competition, inadequate rail and road infrastructure, a rapidly changing market driven by weak demand and digitization, Concor has decided to enter the coastal shipping market in India..