#Maritime

Pactum using AI to revolutionize shipping contract negotiations

Using artificial intelligence and chatbots to handle contract negotiations for shippers and suppliers may seem like science fiction, but Pactum believes it has created the technology that could arrange better deals for everyone.

Mountain View, California-based Pactum uses AI and machine learning to automate contract negotiations with the aim of getting the best deals for both parties without harming each other.

“The majority of commercial deals today are negotiated by people, but people are not...

https://www.freightwaves.com/news/pactum-using-ai-to-revolutionize-shipping-contract-negotiations

FreightWaves Classics: The Kiowa served its nation in war and peace

The Kiowa moored pierside at Genoa, Italy in 1966. (Photo: Carlo Martinelli/navsource.org)

As anyone who has been around a harbor knows, tugboats are special boats that assist other vessels into and out of port. Tugboats’ primary purpose is to help move larger ships by towing, pushing and guiding them. They help much larger ships dock at a berth or leave a berth. They may serve many other purposes as well, such as helping propel barges, oil platforms, log rafts, etc. Tugboats may also work as salvage boats and icebreakers. Some also have firefighting accessories to provide...

https://www.freightwaves.com/news/freightwaves-classics-the-kiowa-served-its-nation-in-war-and-peace

A potential economic recession and the supply chain bullwhip are colliding

Shipping freight container

Subtext: Supply chains are experiencing a massive bullwhip from the COVID economy and have built up massive inventory levels. A slowdown in consumer spending caused by inflation and a potential recession will have a massive impact on freight demand and prolong an inventory drawdown. 

As we look at the pandemic through the rearview mirror, the economy is shifting to a new phase. While the United States is currently experiencing full employment, American consumers are incredibly stressed about the...

https://www.freightwaves.com/news/a-potential-economic-recession-and-the-supply-chain-bullwhip-are-colliding

Livestock shipping strikes again: Death and cruelty on the high seas

A picture of a livestock shipping carrier

Shipping has suffered its share of reputational problems through the years, from pollution to allegations of price gouging. But of all the world’s ocean trades, livestock shipping is in a reputational class all its own. Decade after decade, vessel casualties and reports of animal cruelty keep piling up.

Yet another major accident occurred this month: On June 11, the livestock carrier Al Badri 1 sank after leaving its berth in Suakin, Sudan, on the Red Sea, with 15,800 sheep onboard. All crew...

https://www.freightwaves.com/news/livestock-shipping-is-already-infamous-its-reputation-just-got-worse

FreightWaves Classics: SS Savannah was first steamship to cross the Atlantic

A model of the SS Savannah. (Built by Francis Fickett/hughevelynprints.com)

In 1819 the SS Savannah became the first steamship to cross the Atlantic Ocean.

The ship

The ship was being built in 1818 as a traditional sailing ship by the New York shipbuilding firm of Fickett & Crockett. However, while the ship was still on the slipway and being built, Captain Moses Rogers (with the financial backing of the Savannah Steam Ship Company), purchased the vessel. He instructed the shipbuilders to add an auxiliary steam engine and sidewheel paddles, in addition to ship’s the...

https://www.freightwaves.com/news/freightwaves-classics-ss-savannah-was-first-steamship-to-cross-the-atlantic

Big diesel futures drop to end the week

Ultra low sulfur diesel prices on the CME commodity exchange closed out the week with an enormous drop, but it wasn’t big enough to take levels down to a weekly decline.

And the big drop came after a day in which one of the world’s most important forecasting reports, the monthly outlook of the International Energy Agency, gave an overview of the future for the “middle of the barrel” from which diesel comes. And that overview doesn’t have much of a forecast for price relief. 

The settlement Friday...

https://www.freightwaves.com/news/big-diesel-futures-drop-to-end-the-week

Drilling Deep: Collapsing volumes of ocean freight

FreightWaves’ Henry Byers created a bit of a storm recently when he wrote an article with a provocative title: U.S. import demand is dropping off a cliff.

In this week’s edition of Drilling Deep, Byers sits down with host John Kington to talk about the methodology used to reach that conclusion and what it means for the larger issue of backed-up supply chains.

Also on the podcast, Kingston looks at what a just-released oil market report says about the diesel market and why it continues to...

https://www.freightwaves.com/news/drilling-deep-collapsing-volumes-of-ocean-freight

Port Houston awards $429M in dredging contracts to widen channel

Two contracts totaling $429.4 million for the dredging of the Houston ship channel have been awarded to Weeks Marine and Curtin Maritime Corp.

The announcement was made during a special meeting of the port’s board of commissioners Friday. The commissioners also awarded a combined $20.5 million for engineering and auditing services, as well as construction design and project management contracts, to Atkins North America, Freese and Nichols, Turner Collie and Braden, and Gahagan and Bryant...

https://www.freightwaves.com/news/port-houston-awards-dredging-contracts-to-widen-channel

Retail slump? E-commerce sales still ‘stunning,’ clothing ‘crazy hot’

Booming U.S. demand has played an outsized role in container shipping’s unprecedented bull run. A plunge in consumer demand and import orders will have a highly negative effect on shipping rates.

Surging inflation and a 0.3% decline in May sales versus April have spurred headlines on a retail “slump.”

To put the latest figures in context for container shipping, American Shipper interviewed Jason Miller, associate professor of supply chain management at Michigan State University’s Eli Broad...

https://www.freightwaves.com/news/retail-slump-e-commerce-sales-still-stunning-clothing-crazy-hot

Viewpoint: Congress passes ocean shipping reform

Trucks line up to enter Port of Los Angeles

On Monday, the House of Representatives voted 369-42 to pass the Ocean Shipping Reform Act. The bicameral legislation – which unanimously passed the U.S. Senate in March 2022 – will now head to President Biden’s desk for final approval.

Following the Congressional vote, the president released a statement saying he looked forward to signing the bill into law. His support is no surprise – in his State of the Union Address, President Biden called on Congress to address unreasonable ocean shipping...

https://www.freightwaves.com/news/viewpoint-congress-passes-ocean-shipping-reform

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