Panama Canal

Red Sea attacks, Ukraine war disrupt global trade: UN

The U.N. trade body has sounded an alarm that global trade is being disrupted by attacks in the Red Sea, the war in Ukraine, and low water levels in the Panama Canal.

Jan Hoffmann, a trade expert at UNCTAD, warned that shipping costs have already surged and energy and food costs are being affected, raising inflation risks.

Panama Canal produced record revenue despite drought

The Panama Canal delivered $2.5 billion to the national treasury for last year's operations, the government has said, despite record-low water levels that limited ship transits.

About six percent of global maritime trade passes through the canal each year, and the Panama Canal Authority earns money from tolls and services rendered to ships.

Panama Canal must 'adapt or die' as water levels drop

The Panama Canal, an engineering wonder allowing ships to travel between two oceans, is seeking to adapt to climate change after a biting drought has seen traffic and income dry up.

The canal relies on rainwater to move ships through a series of locks that function like water elevators, raising the vessels up and over the continent between the Atlantic and Pacific Oceans.

Castor Maritime adds two more ships to its fleet

Castor Maritime added two new ships to its fleet for $ 40 million.

The NASDAQ-listed shipping company based in Cyprus acquired two panamax dry bulk carriers in 2013 and 2014 for $ 19.06 million and $ 21.0 million respectively. The acquisitions are expected to be completed with the delivery of the ships in the third and fourth quarters of this year.

Big box ships see significant gains in earnings and values

The container-ship market has been showing some significant gains across both earnings and values, particularly in the post-Panamax and new Panamax segments, according to VesselsValue.
In a report issued on Tuesday it argued that the US-China trade war has had a negative impact on vessel demand.