Latest news with #maritime
Yahoo
4 hours ago
- Business
- Yahoo
KVH Industries Launches Advanced Cybersecurity Suite for Maritime Operations
KVH Industries Inc. (NASDAQ:KVHI) is one of the . Earlier in May, KVH Industries launched the CommBox Edge Secure Suite, which is an advanced service designed to support cybersecurity for maritime operations. The new offering aims to detect, prevent, and report cybersecurity threats. The offering will also actively block harmful traffic in real time to safeguard vessel communications and network security. KVH's CommBox Edge platform is a management tool for maritime IT professionals, and the Secure Suite is integrated as a service option within this platform. It is compatible with CommBox Edge 6 and Edge 2 below-deck appliances, as well as the CommBox Edge virtual machine option. A young professional holding the latest mobile phone model, highlighting the telecommunications provider's products and services. The Secure Suite utilizes sophisticated cybersecurity technologies, such as Cisco Talo. The system can manage up to 30 onboard local area networks and offer secure remote access to networked devices, high-speed virtual private network/VPN links, and deep packet inspection. KVH Industries Inc. (NASDAQ:KVHI) designs, develops, manufactures, and markets mobile connectivity solutions for the marine and land mobile markets in the US and internationally. While we acknowledge the potential of KVHI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Arab News
8 hours ago
- Business
- Arab News
Pakistan eyes $700 million in freight earnings by expanding shipping fleet — maritime ministry
KARACHI: The state-run Pakistan National Shipping Corporation (PNSC) is set to buy at least 24 more vessels in the next three years to generate an estimated $700 million in freight earnings, the maritime ministry said on Friday. Pakistan currently owns 10 ships including five double-hull Aframax oil tankers and as many Supramax and Panamax bulk carriers. 'The national carrier is now targeting to increase its cargo handling to 52 percent by volume and 43 percent by value (excluding containerized cargo) within three years,' the ministry said in a statement. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the three-year plan in a meeting held in Islamabad to discuss the government's business strategy to revitalize the maritime and logistics sectors. The move is part of Prime Minister Shehbaz Sharif's strategy to renew and expand Pakistan's aging shipping fleet in a phased manner to enhance cargo capacity, fuel efficiency and compliance with International Maritime Organization standards, including those governing carbon emissions and ballast water management. The plan, if implemented, would boost the revenues of the national flag-carrier, whose income from shipping business declined 18 percent to Rs25 billion ($88.5 million) in July–March this year compared to the previous one, according to PNSC's financial results posted on the Pakistan Stock Exchange website. Muhammad Arshad, the ministry spokesman, told Arab News that Pakistan's current fleet will be more than doubled with the induction of 13 vessels in the first year. Eight vessels will be bought in the second year and three in the third, which would take the total to 34 vessels in Pakistan's fleet by 2028. 'PNSC currently manages approximately 11 percent of the country's cargo by volume and 4 percent by value,' the ministry said. During the meeting, the minister proposed deepening collaboration between the PNSC, Karachi Shipyard & Engineering Works and local industries for the local manufacturing of modern cargo vessels, oil tankers and container carriers. 'This initiative is expected to create skilled employment, strengthen local supply chains, boost industrial activity and rejuvenate Pakistan's shipbuilding sector, positioning the country as a regional maritime hub,' it said. The cash-strapped country plans to finance its modernization efforts without burdening the treasury through leveraging public-private partnerships, maritime leasing models and tapping into global green shipping funds. The government is trying to revive Pakistan's debt-ridden economy with the help of the International Monetary Fund and has set a tax revenue target of Rs14.3 trillion ($50 billion) for the next financial year starting July. Last week, the prime minister directed the authorities to lease new vessels to expand the PNSC's fleet with an aim to reduce the $4 billion annual foreign exchange burden on sea-based trade. Pakistan looks to bolster its maritime trade capacity and reduce reliance on foreign shipping lines, which officials say significantly contributes to the country's widening trade deficit and puts pressure on foreign exchange reserves.
BreakingNews.ie
a day ago
- General
- BreakingNews.ie
Former war correspondent awarded €17,500 for 'harrowing experience' on Irish Ferries
Former NBC war correspondent Susan Burt has been awarded €17,500 damages against Irish Ferries for what was described in court as 'a hideous and harrowing experience' on the high seas. Burt (75) told the Circuit Civil Court she feared she was going to die when Irish Ferries vessel MV Epsilon had been tossed around, once lurching to an angle of 33 degrees, in Storm Imogen almost 10 years ago during a sailing from Cherbourg to Dublin. Advertisement The court heard that conditions had been so bad the Epsilon had been unable to risk docking anywhere or dropping anchor and had to sail back and forth for 18 hours in what coastal shelter it could find until the storm abated. 'The vessel lurched so violently that people were screaming,' Burt had told Judge Christopher Callan, who had reserved judgment until Friday. 'Things were flying through the air, dishes were smashing, and furniture sliding up and down decks and cabin floors, and when the ship would roll, we had to crawl.' Three children and four other adults, including Ms Burt's partner Chris Sawyer, had earlier accepted settlements ranging from €14,500 in the case of the children to €23,000 in Mr Sawyer's claim. He had been physically injured during the storm. Advertisement Ms Burt told her barrister, John Wilde Crosbie, who appeared with Evan O'Dwyer of O'Dwyer Solicitors, Ballyhaunis, Co Mayo, that she had lived through a horrific nightmare. She said the ship would turn over so far after having been hit by huge waves that passengers felt it would capsize. The Epsilon had docked a day late on February 9th, 2016. Ms Burt and her partner had been travelling to visit friends in Co Mayo. Ireland Court throws out damages case brought over wheelba... Read More Judge Callan said that while Ms Burt had not, according to psychiatric reports, reached the threshold of having suffered from PTSD, she had nevertheless been exposed to sustained and continuous shock, an experience she should not have had to endure. 'I thought I was going to die. I felt 'this is it',' she had said. 'We were being thrown about and our car was absolutely squashed as vehicles criss-crossed the car deck.' Advertisement When barrister Roisin Haughey, counsel for Irish Ferries, had raised an issue on the amount of legal costs Ms Burt should be awarded, considering the lower award for damages in her €60,000 claim, Judge Callan said he felt she should receive full Circuit Court costs. 'In fairness to the plaintiff, these unusual proceedings have been going on for quite a long time, and the court was impressed with her evidence,' Judge Callan said. 'She did not in any way exaggerate what had happened to her.'
South China Morning Post
a day ago
- Business
- South China Morning Post
‘No link Israel': vessels near Strait of Hormuz signal nationalities to deter attacks
Vessels near the Strait of Hormuz have been broadcasting unusual messages concerning nationality in a bid to avoid being attacked as doubts linger over the ceasefire between Israel and Iran, according to maritime risk analytics firm Windward and ship tracking data on Thursday. The signals have been used since conflict broke out between Israel and Iran early this month, which led the US to strike Iranian nuclear sites. US President Donald Trump brokered a ceasefire after 12 days of war but the maritime threat remains elevated, the Joint Maritime Information Centre (JMIC) said. 'The perception among shipowners is that due to the convoluted nature of shipping it's hard to know or ascertain clearly a chain of ownership to nationalities which may be under higher threat in shipping, namely the UK, US and Israel,' said Ami Daniel, chief executive officer of Windward. Fifty-five vessels transmitted 101 atypical messages across the Gulf and Red Sea from June 12-24, Windward said, including 'China owned' and 'Russian crude', in the hope of preventing attacks because those countries are less likely to be targeted than Western ships. Commercial maritime traffic surged 30 per cent on June 24, the day after the ceasefire, according to the JMIC. Roughly a fifth of the world's fuel and oil consumption moves through the Strait of Hormuz.
Yahoo
2 days ago
- Politics
- Yahoo
Vessels near Strait of Hormuz transmit unusual messages to prevent attacks
By Georgina McCartney and Arathy Somasekhar HOUSTON (Reuters) -Vessels near the Strait of Hormuz have been broadcasting unusual messages concerning nationality in a bid to avoid being attacked as doubts linger over the ceasefire between Israel and Iran, according to maritime risk analytics firm Windward and ship tracking data on Thursday. The signals have been used since conflict broke out between Israel and Iran early this month, which led the U.S. to strike Iranian nuclear sites. U.S. President Donald Trump brokered a ceasefire after 12 days of war but the maritime threat remains elevated, the Joint Maritime Information Center (JMIC) said. "The perception among shipowners is that due to the convoluted nature of shipping it's hard to know or ascertain clearly a chain of ownership to nationalities which may be under higher threat in shipping, namely the UK, U.S. and Israel," said Ami Daniel, chief executive officer of Windward. Fifty-five vessels transmitted 101 atypical messages across the Gulf and Red Sea from June 12-24, Windward said, including "China owned" and "Russian crude", in the hope of preventing attacks because those countries are less likely to be targeted than Western ships. Commercial maritime traffic surged 30% on June 24, the day after the ceasefire, according to the JMIC. Roughly a fifth of the world's fuel and oil consumption moves through the Strait of Hormuz. Vessels typically broadcast their destinations or say "For Orders". Occasionally, vessels also transmit messages such as "Armed Guards on Board" to deter pirates or other attacks. Unusual messages were almost only seen in the Red Sea before June 12, said Windward's Daniel. The Red Sea had been the focus of a series of attacks by Houthi rebels since the Israel-Gaza war broke out. "I've never seen it in the Persian Gulf," Daniel said. Panama-flagged container ship Yuan Xiang Fa Zhan, bound for Pakistan, was broadcasting "PKKHI all Chinese" on Thursday as it crossed the Strait of Hormuz, according to LSEG data. China-flagged supertanker Yuan Yang Hu was broadcasting "Chinese ship" on Thursday morning while crossing the Strait of Hormuz. Carrying crude oil from Saudi Arabia to China, the signal changed to "CN NBG", the Chinese Port of Ningbo-Zhoushan, once the vessel had cleared the Strait. Singapore-flagged container ship Kota Cabar was signalling "Vsl no link Israel" as it sailed through the Red Sea. JMIC also warned of electronic interference in the region affecting Global Navigation Satellite System (GNSS). A jammed GNSS can cause ships to go off course, increasing the risk of collision with other vessels or obstacles.
