Latest news with #maritime
Yahoo
10 minutes ago
- Business
- Yahoo
CMA CGM revenue, earnings decline on China tariff fight
CMA CGM said maritime business totaled $8.2 billion in the second quarter, reflecting a slight decrease of 1.5% compared to the same timeframe in 2024. The world's third-largest container carrier said that earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 19.9% to $1.6 billion, on increasing economic pressures. EBITDA margin saw a reduction to 19.4%, a decrease of 4.5 percentage points compared to the previous year. Average revenue per TEU decreased by 1.2% to $1,367. The Marseilles-based company transported 6 million twenty foot equivalent units (TEUs) in the quarter, consistent with the previous year. This near-stability is significant, given the sharp yet temporary decline in trade flows between China and the United States during the quarter. Shipping lines have been whipsawed by the Trump administration's off-and-on tariff policies, which have undercut import demand from China and set downward pressure on container rates. Rodolphe Saade, chairman and chief executive, in a release said, 'In a context marked by persistent geopolitical tensions and renewed trade uncertainties, our group is delivering a stable performance, driven by the resilience of its maritime activities. 'These results also highlight the relevance of our diversification strategy across terminals, logistics, and air freight, which enables us to offer global solutions and adjust our operations more swiftly to shifts in global trade.' Find more articles by Stuart Chirls container rates becalmed as shippers, carriers try to be calm FMC publishing container freight data HK company offers stake in port terminals sale to Chinese company South Korea offers billions to help make US shipbuilding 'great again' The post CMA CGM revenue, earnings decline on China tariff fight appeared first on FreightWaves. Sign in to access your portfolio
Arab News
2 hours ago
- Business
- Arab News
Algeria to resume Lebanon flights in mid-August
BEIRUT: Air Algerie has announced the resumption of flights to Beirut, starting on Aug. 14. The announcement follows an Algerian-Lebanese summit between the countries' presidents, Joseph Aoun and Abdelmadjid Tebboune, held in Algiers on Tuesday. Algeria's Tebboune confirmed he had issued instructions for Air Algerie to resume flights to Beirut, with two weekly flights starting within the next two weeks. Tickets are already on sale through the airline's commercial offices and website. Tebboune also said discussions would be held on the establishment of a maritime line between Algeria and the port of Tripoli, in northern Lebanon. The link would aim to boost industry and commerce, especially during the country's reconstruction phase. He pledged 'unwavering support to Lebanon' in the area of renewable energy, including the construction of solar power plants. 'Agreements covering financial, economic and cultural cooperation will be signed in the near future,' Tebboune said during a joint press conference with Aoun following the summit. Aoun said: 'Lebanon aspires to enter every brotherly Arab country and every Arab home with love and brotherhood. We do not interfere in the affairs of our brothers, nor do they interfere in ours —except to support what is in the best interest of each of us and for all our nations, in a spirit of full respect and genuine cooperation.' On Tuesday, Tebboune awarded Aoun the Order of National Merit, Athir class, the highest honor Algeria can bestow upon heads of state. It was presented 'in recognition of the relations of brotherhood and mutual understanding, and the historically significant positions shared between Algeria and Lebanon.' The summit included bilateral talks which resulted in 'important decisions to activate cooperation and strengthen relations between the two countries in various fields.' A joint statement said discussions focused on reconstruction efforts following extensive damage caused by Israeli attacks on Lebanon, during which the Lebanese delegation presented a detailed memorandum outlining the country's reconstruction needs. During a press conference with Aoun, Tebboune reiterated Algeria's commitment to Lebanon's security and stability. He also highlighted efforts at Security Council level to stop Israeli violations of Lebanese sovereignty and to support the UN resolution to renew the mandate of UNIFIL. The summit also saw a decision to 'activate the political consultation mechanism between the two countries, which has been held once since 2002, and to announce assistance in the field of renewable energy, the construction of solar power plants, and other areas.' The Algerian president confirmed the need to expedite the convening of the first session of the Algerian-Lebanese Joint Committee as a new starting point and a driving framework for effective, sustainable cooperation. Aoun said Arab solidarity was essential for Lebanon's strength. 'I have great hopes of rescuing my country from imminent dangers and restoring a state with all its attributes, chief among them full, undiminished and exclusive sovereignty over its entire territory and all its people,' he said. Aoun praised Algeria's 'steadfast support for Lebanon,' adding it 'has consistently been present in Arab efforts to help Lebanon overcome its crises and resolve its internal and external conflicts.' As part of the summit, Lebanese Minister of Information Paul Morcos and Algerian Minister of Communication Mohamed Meziane signed a memorandum of understanding aimed at strengthening media cooperation between the two countries. On the second day of his visit, Aoun visited the Basilica of Our Lady of Africa in Bab El Oued district. The church, perched on a cliff overlooking the Mediterranean, was the first Catholic church in Africa in the name of the Virgin Mary. Designed by French architect Jean-Eugene Fromageau, it was completed in 1872. Aoun left a message in the church's guest book that said: 'It is no surprise that the Virgin Mary inspires a culture of coexistence, dialogue and mutual respect among civilizations and religions in Algeria. For Christians, she has always been a mother, an intercessor, and a symbol of love and devotion. Few things capture the nobility of this historic cathedral's message, standing for a century and a half as a witness to humanity's journey in Algeria, better than the words engraved upon it: 'Our Lady of Africa, pray for us and for the Muslims'.' Aoun also visited the Great Mosque of Algiers, locally known as Djamaa El-Djazair, where Sheikh Mamoun Al-Qasimi spoke to him about the religious values and true meanings of Islam, which he said included moderation and openness toward other religions. The Great Mosque of Algiers is the largest mosque in Africa. Its main prayer hall can accommodate 32,000 worshippers and the entire complex, including the courtyard and outdoor areas, can host up to 120,000 people. It is the world's third-largest mosque after the Two Holy Mosques in Makkah and Madinah. In 2021 it received the International Architecture Award from the Chicago Athenaeum Museum for Architecture and Design and the European Center for Architecture Art Design and Urban Studies. Aoun also left a note in the mosque's guest book that said: 'The Great Mosque of Algiers undoubtedly fosters a spirit of coexistence, tolerance, and moderation. These values resonate throughout Algeria, in the heart of its people, and in the soul of all visitors.'
Yahoo
3 hours ago
- Business
- Yahoo
Castor Maritime Inc. Announces the Sale and Leaseback of the M/V Magic Thunder
LIMASSOL, Cyprus, July 30, 2025 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), ('Castor' or the 'Company'), a diversified global shipping and energy company, announces that on July 29, 2025, it successfully completed a sale and leaseback transaction for the M/V Magic Thunder, a 2011-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $14.6 million, has a duration of five years, and a purchase option for the Company, beginning at the end of the second year of the bareboat charter period. About Castor Maritime Inc. Castor Maritime Inc. is a diversified global shipping and energy company, with activities directly and indirectly in asset management, vessel ownership, technical and commercial ship management and energy infrastructure projects. Castor's fleet comprises 9 vessels, with an aggregate capacity of 0.6 million dwt. Castor is also the majority shareholder of the Frankfurt-listed asset manager MPC Münchmeyer Petersen Capital AG. For more information, please visit the Company's website at Information on our website does not constitute a part of this press release. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words 'believe', 'anticipate', 'intend', 'estimate', 'forecast', 'project', 'plan', 'potential', 'will', 'may', 'should', 'expect', 'pending' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of the spin-off of our tanker business, the effects of our acquisition of MPC Münchmeyer Petersen Capital AG, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, competition in the shipping and energy infrastructure management business, our ability to identify and develop new investment projects, our ability to maintain and increase the volume of the assets under our management and therefore our ability to earn fees, the financial performance or our investees over which we do not exercise control, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, 'trade wars', tariffs, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. CONTACT DETAILS For further information please contact: Petros PanagiotidisCastor Maritime Inc. Email: ir@ Media Contact: Kevin Karlis Capital LinkEmail: castormaritime@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
6 hours ago
- Business
- Arab News
Pakistan, US navy ships hold joint drills in North Indian Ocean
ISLAMABAD: Pakistan Navy Ship (PNS) Shamsheer and United States Ship (USS) Fitzgerald conducted an exercise in the North Indian Ocean to enhance interoperability and strengthen maritime cooperation, the Pakistan Navy said on Wednesday. The exercise follows a military stand-off between Pakistan and India in May, which also made the naval forces of the two countries adopt a hostile posture, though it did not lead to any exchange of fire at sea. Pakistan and the US navies have a long history of joint maritime cooperation through drills, bilateral training missions and multinational operations like AMAN and CTF-150. These engagements have focused on maritime security and coordinated responses to regional threats, reflecting a strategic partnership in maintaining stability in the Arabian Sea. 'PNS Shamsheer and USS Fitzgerald conducted a passage exercise in the North Indian Ocean, underscoring the maritime cooperation between the two navies,' the Pakistan Navy said in a post on X. 'The exercise featured a series of professional naval engagements aimed at enhancing interoperability,' it added. 'These interactions reaffirm the shared commitment of both navies to maritime security and regional stability.' PNS SHAMSHEER and USS FITZGERALD conducted a Passage Exercise (PASSEX) in the North Indian Ocean, underscoring the maritime cooperation between the two navies. 1/2 — DGPR (Navy) (@dgprPaknavy) July 30, 2025 The PNS Shamsheer is a guided-missile frigate commissioned by the navy in December 2009. It was built in China and has a strong track record in maritime security, participating in regional patrols, anti-piracy operations multinational exercises and bilateral drills. The USS Fitzgerald is a guided-missile destroyer commissioned in October 1995 under the US Seventh Fleet. The navy drill between Pakistan and the US comes at a time when the two countries are also in the process of rejuvenating their political and economic relationship. The exercise is part of Pakistan's broader strategy to strengthen naval partnerships and reinforce its presence in the region amid ongoing strategic rivalries.
National Post
a day ago
- Business
- National Post
CIBC Innovation Banking Provides Growth Capital to Ripple Operations
Article content VANCOUVER, British Columbia — CIBC Innovation Banking announced today it is providing growth capital financing to Ripple Operations, the leading Crew Success platform serving the global maritime industry. This financing will support Ripple's ongoing platform modernization and global growth initiatives – including the Company's upcoming Crew Success Summit in October. Article content Ripple Operations has emerged as a modern force in maritime HR and crew management, uniting four legacy businesses under one global platform. Its Crew Success solutions help cruise lines, ferries, and maritime operators manage complex workforce logistics—including scheduling, compliance, and operations—across ship and shore operations. Article content Article content Ripple is evolving its Crew Success Platform into a next-generation crew operations platform built on a scalable, cloud-optimized architecture. Efforts will focus on modernizing the user experience and improving performance, while enabling modular delivery, mobile access, and deeper integration across the maritime workforce lifecycle. Article content 'As Ripple modernizes the technology behind its Crew Success platform, we're proud to support their vision for the future of maritime workforce operations,' said Joe Timlin, Managing Director, CIBC Innovation Banking. 'The team's domain expertise, strong customer base, and ambition to scale globally position them well for continued success.' Article content Today's announcement reinforces CIBC Innovation Banking's continued commitment to working with high-growth technology companies across North America. Article content 'We are thrilled to work with CIBC Innovation Banking as we take this next step in Ripple's evolution,' said Heather Combs, CEO of Ripple Operations. 'This financing fuels our efforts to modernize our platform, grow globally, and bring the maritime community together for our 2025 Crew Success Summit this fall. We're building momentum—and working with CIBC strengthens our trajectory.' Article content About CIBC Innovation Banking Article content CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. About Ripple Operations Ripple Operations has rapidly grown into a key technology partner for cruise lines, ferries, and maritime companies around the globe, delivering mission-critical solutions for crew scheduling, compliance, and performance. Backed by Bleecker Street Group, Ripple combines deep maritime expertise with scalable innovation. Learn more at Article content Article content
