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3 Things You Should Know in the World of Shipping This Week: May 2024

These days, there are so many events happening in the world of shipping, logistics, and the supply chain. It’s easy to miss the many developments that are affecting the industry landscape. Here at More Than Shipping, it’s our goal to keep you informed and knowledgable about these various developments. Take a look at our latest update on what you should know in shipping this week.

1. Maersk to decide on Baltimore plans over a month after bridge collapse

Over a month after the Francis Scott Key Bridge in Baltimore Harbor collapsed following the collision of a container ship into the bridge, Maersk announced this week it will soon decide when to re-enter Baltimore port operations. The shipping giant still has work to do in removing hundreds of containers from Dali, the ship in question. The State of Maryland has estimated port operations could resume by the end of May, if all goes to plan.

This week, Charles Van der Steene, president of Maersk North America was quoted as saying “It’s a fluid situation and the uncertainty is based on the progress of clean-up activities and when the channel will be open again for sizable vessels.” He then added, “But based on the progress, and if the channel is open by the end of May, our network team would expect to make final decisions on the rerouting of vessels back to the Port of Baltimore in the next five to ten days.”

2. The European Union is planning to ban transshipment of LNG from Russia.

New reporting by Reuters indicates that the European Union (E.U.) is eyeing a ban of Russian Liquified Natural Gas transshipments, as it seeks to take more action to push back against the Russian invasion of Ukraine and Russia’s ongoing involvement in the war.

In what would be the fourteenth round of sanctions related to the Russia-Ukraine war, the E.U. plans to stop the use of E.U. ports for any vessels that are shipping goods that can potentially assist Russia’s war efforts. Liability would also shift to E.U.-based ship operators under the latest proposal, which still needs to be agreed-upon and ratified by the E.U.’s government.

3. China continues to cement its role in the global supply chain with new Cambodian government cooperation in shipping.

China is deepening its role in regional shipping in Asia with new plans by Cambodia’s government to reduce shipping activity through Vietnam-based ports by 70%. Cambodia made the decision to use a new, upgraded canal that connects the Mekong River to the ocean. There are fears that the move could inflame tensions between southeast Asian countries, particular Vietnam and Cambodia, although China maintains it has no military/balance of power motive in its decision.

At More Than Shipping, we will continue to keep you updated and informed on the latest developments in our ever-changing industry: shipping and logistics.

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