Page 6 - Al-Rashed Newsletter June 2021

SHIPPING WORLD
DID YOU KNOW?
Got a song stuck in your head?
That’s called an “earworm.”
You can’t hum while plugging your
nose.
Time stops at the speed of light.
SHIPPING NEWS
Containership suffers engine room fire off Sri Lanka
An unladen MSC containership is under tow to Singapore after an engine
room fire left the ship disabled and one crew member dead in the Indian
Ocean.
The Liberian-flagged MSC Messina was en route from Colombo to
Singapore when it reported a fire in the engine room on June 25th about
425 nautical miles from Port Blair, India, the Indian Coast Guard reports.
The ship has 28 crew members. One crew member was initially reported
missing, but an update from the Indian Coast Guard indicated one
casualty on board.
The ship has been taken under tow by the tug Vigour en route to
Singapore.
The fire on board is out and the ship is in stable condition, an update
from the Indian Coast Guard said on Sunday. The ICGS Vishwast
remained in the vicinity to provide support.
The 300-meter-long MSC Messina was built in 1995 and is registered in
Liberia, according to MSC’s website. The ship has a TEU capacity of
4,809. Photos of the vessel show there is no cargo on board.
Out-of-control shipping costs fire up retail prices from coffee to
toys
The skyrocketing price of shipping goods across the globe may hit your
pocketbook sooner than you think -- from that cup of coffee you get each
morning to the toys you were thinking of buying your kids.
Transporting a 40-foot steel container of cargo by sea from Shanghai to
Rotterdam now costs a record $10,522, a whopping 547% higher than
the seasonal average over the last five years, according to Drewry
Shipping. With upwards of 80% of all goods trade transported by sea,
freight-cost surges are threatening to boost the price of everything from
toys, furniture and car parts to coffee, sugar and anchovies,
compounding concerns in global markets already bracing for accelerating
inflation.
GLOBAL MARKET UPDATE
Click on this link for a comprehensive market overview by our very own
Goldy.
Mr. Goldy Chadha is the Key Account Manager at our Kuwait office.
https://www.linkedin.com/feed/update/urn:li:activity:6808825543811
747840
Source: gcaptain.com, www.business-standard.com