supply chain News

‘Beached Whale’ Ship Could Block Suez Canal for Weeks

ISMAILIA, Egypt — A container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global trade. …

Stranded Suez Ship’s Owner, Insurers Face Millions in Claims

LONDON — The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday. The 400-meter, 224,000-tonne …

Supply Bottlenecks Leave Ships Stranded, Businesses Stymied

NEW YORK (AP) — A trade bottleneck born of the COVID-19 outbreak has U.S. businesses anxiously awaiting goods from Asia — while off the coast of California, dozens of container ships sit anchored, unable to unload their cargo. The pandemic …

Icy Weather Sends Industrial Production Down 2.2% Last Month

WASHINGTON (AP) _ Industrial output fell sharply in February as severe winter storms battered much of the country, disrupting a wide range of manufacturing activities from autos to chemical plants. The expectation is that the drop will be temporary although …

Russian Hack of US Agencies Exposed Supply Chain Weaknesses

WASHINGTON (AP) — The elite Russian hackers who gained access to computer systems of federal agencies last year didn’t need to painstakingly break one-by-one into the networks of each department in order to cause havoc. Instead, they got inside by …

Global Cargo Logjam Deepens, Delaying Goods Bound For Retailers, Automakers

LOS ANGELES/LONDON — Amazon seller Bernie Thompson shifted half of his production out of China to reduce his business risks and still found himself in the crosshairs of logistical chaos besetting the movement of goods around the globe. A surge …

What Happens When Tycoons Abandon Their Giant Cargo Ships

From the deck of their tanker, Captain Samig Nabiyev and his crew could see the smoke and fire rising over the Port of Beirut, 900 meters away. When the flaming warehouse exploded, the force of the blast knocked Nabiyev flat …

What’s Wrong With Commercial Auto and How Do We Fix It?

Commercial auto is one of the biggest, most problematic cost centers in the insurance industry. Its loss ratios are incredibly high — and growing — particularly in comparison with other P&C lines. This makes it hard for carriers to make …

Suspected Russian Hackers Target Frail U.S. Supply Chain

For years, U.S. officials have warned about the dangers of cyber-attacks involving the electronics supply chain. This week’s revelation that a growing number of federal agencies were breached in a widespread attack by suspected Russian hackers shows how little they …

Lloyd’s, Parsyl to Insure Emerging Market COVID-19 Vaccine Rollout

LONDON, Dec 15 — Lloyd’s of London and insurtech firm Parsyl have launched a program to insure the distribution of COVID-19 vaccines in emerging markets as drugmakers race to address the biggest global logistical challenge since the Second World War. …