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Korea Launches First Containership Built for Autonomous Operations

South Korea today launched a new containership which is set to achieve new milestones in the efforts to develop autonomous shipping. The country’s Ministry of Oceans and Fisheries is highlighting the vessel as the first large, ocean-going ship designed for Level 3 autonomous shipping and they plan to launch the first long-distance international demonstrations of autonomous shipping with this vessel later this year. At today’s ceremony shipbuilder Hyundai Mipo Dockyard in Ulsan, South Korea marked the float out and naming of the vessel. She is the Pos Singapore built for Pan Ocean. Ordered in 2022, the vessel is 564 feet (172 meters) in length with a capacity of 1,800 TEU. Registered in Liberia, the 22,200 dwt containership is scheduled to be delivered at the end of this month and then will begin outfitting and testing the autonomous system. The South Korean government highlights that it has designated autonomous vessels as a core initiative in its Advanced Maritime Mobility Development Strategy announced in November 2023. This project for autonomous shipping was launched in 2020 with the government committing more than $120 million for the research and development of the technology. A…

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Three Killed in Houthi Attack On Greek-owned Ship

A Barbados-flagged, Greek-managed bulker was attacked by Yemen's Houthi rebels on Wednesday, causing the first crew casualties since the group began attacking commercial shipping nearly five months ago. Several crewmembers are reported to have been killed in the attack and others badly injured after the vessel, the True Confidence, caught fire. The Indian Navy warship INS Kolkata responded to rescue the ship's crew and assess the situation. Eight survivors were hoisted by helicopter, and the injured were transferred aboard via small boat operations. All of the survivors were delivered to safety in Djibouti. “This was the sad and predictable result of the Houthis' reckless missile launches on international shipping. They must stop. Our deepest condolences are with the families of those who died and those who were injured," said the British Embassy in Yemen in a statement.  Later in the day, U.S. Central Command said that three crewmembers died in the attack and four were injured, of which three are in critical condition. The vessel sustained serious damage, American authorities said.  The 50,500 dwt bulker was traveling from China with a stop in Singapore bound for Jeddah, Saudi Arabia when it was attacked on Wednesday…

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Baltic index ticks down as capesize losses offset gains in smaller vessels

he Baltic Exchange’s dry bulk sea freight snapped a 12-session winning streak on Tuesday, as pressure from lower capesize rates outweighed gains in smaller vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 0.3% at 2,291 points. The capesize index snapped its nine-session rising streak, shedding 57 points, or 1.4%, to 4,148. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $471 to $34,402. Iron ore futures prices were mixed, as investors digested a raft of key economic targets set by policymakers in top consumer China’s annual meeting of the National People’s Congress. The panamax index added 32 points, or 1.8%, to 1,805 points, its highest level since Jan. 3. Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $281 at $16,242. Among smaller vessels, the supramax index, extended gains, adding 15 points, or 1.2%, to 1,297 points. It rose for a fifteenth straight session. Chinese importers are believed to have purchased at least 65,000 metric tons of animal…

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