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Tuesday, 13/08/2024, 14:17 (GMT +7)
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Yang Ming’s Vessel Explosion Raises Serious Maritime Safety Concerns
The explosion on board the Yang Ming’s vessel YM Mobility at Ningbo-Zhoushan Port has raised concerns about the safety of container shipping and could impact operations at one of China's most important ports..webp)
A massive explosion has occurred on a Yang Ming container ship while docked at Ningbo-Zhoushan Port in China, raising serious concerns about maritime safety.
"This type of incident should never happen and is another example of how one failure in ocean container shipping can have catastrophic consequences," said Peter Sand, chief analyst at Xenetal.
Sand pointed out that if the explosion had occurred at sea rather than at the port, the crew and the vessel would have been in much greater danger.
“An investigation will take place and the industry must learn from it. Container ships are used to transport hazardous and potentially explosive cargo, so it is of paramount importance that robust safety measures are in place,” he noted.
The Ningbo blast follows other major incidents in 2024, including the Baltimore Bridge collapse in March and an electrical fire on the Maersk Frankfurt during its maiden voyage through the Arabian Sea last month.
Ningbo-Zhoushan is China’s second-largest container port after Shanghai, handling more than 100,000 TEUs a day.
Xeneta data shows that average spot rates on the main trade route from Ningbo to the US West Coast rose 146% from April 30 to July 1 amid ongoing conflict in the Red Sea region that has impacted container shipping.
The average spot price on the US West Coast trade has since eased, down 18% to $6,510 per FEU on August 9.
Sand does not believe the explosion on the YM Mobility will have a significant impact on the market.
“Ningbo-Zhoushan is a hugely important and well-connected port in the Far East, second only to Shanghai in China and on par with Singapore. It is a critical hub for container shipping and this incident is deeply concerning from a safety perspective, but it is unlikely it will have a significant impact on the market,” he said.
Source: Phaata.com (via Container-News)
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