PACIFIC STEEL

South Korea’s largest shipping company HMM has ordered 12 new 13,000 TEU-class eco-friendly container ships from Korean shipbuilders, as well as two very large container ships, for a total of $2.82 billion.The 12 containerships will be built by HD Hyundai Heavy Industries and Hanwha Ocean, and all of them will be LNG-fueled vessels, HMM said.The details for the other two very large containerships, reportedly ordered by the company, have not been disclosed.According to the company, this large-scale order is the company’s first such investment since 2018.In 2018, HMM placed a $2.

Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 44 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.Lukoil and Rosneft were designated under Britain's Russia sanctions laws for what London described as their role in supporting the Russian government. They are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.The two companies were considered strategically significant to the Kremlin, the government said, adding that their activities were of economic importance to Russia

China's sanctions against five U.S.-linked affiliates of South Korean shipbuilder Hanwha Ocean are seen as a warning gesture without immediate impact, and Beijing is unlikely to gain much by expanding them, analysts said on Wednesday.The move, announced on Tuesday when the U.S. and China began charging additional port fees targeting each other's vessels, comes ahead of an expected meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in late October to resolve the protracted trade war between the world's two largest economies.China's commerce ministry banned transactions and cooperation with Hanwha Ocean's U.S.

The U.S. and China on Tuesday began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil, making the high seas a key front in the trade war between the world's two largest economies.A return to an all-out trade war appeared imminent last week, after China announced a major expansion of its rare earths export controls and President Donald Trump threatened to raise tariffs on Chinese goods to triple digits.But after the weekend, both sides sought to reassure traders and investors, highlighting cooperation between their negotiating teams and the possibility they could find a way forward.

The International Maritime Organization will meet this week to formally decide whether to impose a carbon emissions price on global shipping, a move supported by an EU-led bloc including Britain, China and Japan but strongly opposed by the U.S.The IMO struck a preliminary deal to charge the global shipping industry for emissions in April after the U.S. pulled out of associated talks, prompting Washington to threaten "reciprocal measures" against any fees charged on U.S. ships.The April deal is now tabled for adoption at a meeting of the IMO's environmental committee scheduled for October 14-17, which is expected to include the U.S.