The Prestige was a single-hulled Liberian-owned oil tanker, operating under a Bahamian flag, which sank off the coast of Galicia, Spain on 19 November 2002 after suffering a catastrophic hull failure.
The resulting oil spill, estimated at some 20 million gallons of heavy fuel oil, wreaked havoc along coastlines of Spain, France, and Portugal. The spill was the largest environmental disaster in the history of both Spain and Portugal.
In August, the American Bureau of Shipping, the classification society that certified the vessel as seaworthy, was cleared in the case.
Hanwha Shipping, a U.S. subsidiary of Hanwha Ocean, has placed an order for 10 medium range (MR) oil and chemical tankers from its affiliate, Hanwha Philly Shipyard, marking the largest...
Cosco Shipping Holdings Co. managed to increase profit in a volatile environment for freight rates and said uncertainty about tariff policies will continue to pose challenges for the industry.
The 3.2% year-over-year increase in U.S. inbound container volume for July 2025 represents a temporary reprieve driven entirely by tariff frontloading, according to shipping analyst John McCown. This modest growth...
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