Bankrupt former retailing giant Bed Bath & Beyond is continuing its battle against the shipping industry which it blames as a key contributor to the demise of its business. The company closed down earlier this year and as it works to resolve the creditor claims it is once again turning to the Federal Maritime Commission. This time it filed a whopping $300 million claim against MSC Mediterranean Shipping Company seeking compensation for the increased shipping costs and detention and demurrage charges the company incurred in 2020 and 2021 and now also for lost profits.

The Colombian government has launched an effort to recover the lost treasure of the Spanish galleon San José, the "Holy Grail of shipwrecks." The galleon went down in the 18th century and is believed to hold up to $20 billion worth of gold and jewels, but its fate has been caught up in litigation. 

Italian power and telecom cable-making and installation services firm Prysmian Group has signed an agreement worth around €900 million with Clean Path New York to provide subsea and land power cable systems for one of the largest transmission infrastructure projects in the United States.

Adani Ports will invest ₹20,000 crore in Kerala’s Vizhinjam Transhipment Terminal by 2030, managing director and chief executive Karan Adani said on a day the upcoming transhipment terminal officially received its first ship.

CMA CGM detailed plans for its newly acquired terminals in the Port of New York and New Jersey. The company reports that it plans to invest $600 million in upgrading the terminals as part of its U.S. expansion plan.

Sticky inflation and elevated interest rates had a detrimental impact on investor sentiment. In 3Q23, the S&P Index declined 3.6%, mirroring the broader concerns in the global market. Similarly, the Drewry Port Equity Index, which gauges the performance of the Ports and terminals sector, also recorded a 3.1% drop. A closer look at the index’s subcategory reveals that Global Terminal Operators (GTO) and Regional Terminal Operators (RTO) registered an average valuation decline of 3.2% and 2.8%, respectively.

Saipem has been awarded two new contracts, one for EPCI offshore activities in the Middle East and the other for the development of underwater drones in Brazil. The total value of the new contracts is approximately $1 billion.

Billionaire Gautam Adani has raised $1.38 billion ( ₹11,330 crore) from stock sales in three group firms, bringing the total amount raised over the past four years to USD 9 billion as the conglomerate attracts interest from a variety of investors.

Iraq launched a $17 billion project to link a major commodities port on its southern coast by rail and roads to the border with Turkey, in a move designed to transform the country’s economy after decades of war and crisis.

Since Westwood’s last Asia Pacific (APAC) offshore drilling rig insight, the market – as predicted – has reached utilisation levels not seen since the oil price crash of 2014 and dayrates have gone up across most rig types. Due to prolonged procurement processes, there has been a series of missed opportunities for operators to secure rigs at lower dayrates. Units continue to leave the region for greener pastures other than the Middle East. Additionally, utilisation and dayrates have gone up significantly, despite Brent Crude oil price decreasing ~25% between May 2022 and May 2023