Breaking News: Vietnamese Ship Sinks with 62 Crew in Peril; China Rescues 45.

According to multiple media reports, on July 24, a Vietnamese vessel met with distress and sank in the South China Sea, with a total of 62 Vietnamese crew members on board. As of the afternoon of July 26, Chinese rescue forces had successfully rescued 45 people, while 17 remained missing. Search and rescue operations were still underway.

Bunker Fuel Prices Surge Over 30%, Multiple Liner Giants Impose Emergency Surcharges

Affected by the continued escalation of the Middle East conflict, the recent downward trend in bunker fuel costs has reversed, with prices surging sharply. Multiple container liner companies will reintroduce emergency bunker surcharges starting in August. Earlier, driven by expectations of a US-Iran ceasefire, prices for very low sulphur fuel oil (VLSFO) and high sulphur fuel oil (HSFO) had eased in early July. However, as US airstrikes intensified, fuel prices have spiked again over the past two weeks.

Container ship demolition volumes hit an all-time low

According to the latest statistics from shipping analysis agency Alphaliner, the global container ship demolition market remained sluggish in the first half of 2026, continuing last year's downturn, with commercial scrapping volumes staying at record-low levels. Although the total demolition capacity in the first half appeared to recover somewhat when including vessels lost due to accidents and those under sanctions, the number of purely economically motivated demolition transactions remained very limited after excluding these non-commercial factors.

26-year-old PCTC changes hands at $42 million

According to sources, the 4,310-CEU pure car and truck carrier (PCTC) Chang Shenghong (IMO: 9177040) was sold at auction on Tuesday, July 21, for approximately $42 million. For a 26-year-old PCTC, this price is exceptionally high.

From global No. 13 to No. 80, the former liner upstart now has only four ships left.

According to foreign media reports, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new round of sanctions last week, blacklisting the main operating entities of Sea Lead Shipping based in Singapore, Dubai, and the Marshall Islands, along with its Indian agent company.

Chen Shuai appointed as Chairman of COSCO Shipping Specialized

On the evening of July 21, COSCO Shipping Specialized Carriers Co., Ltd. (hereinafter referred to as "COSCO Shipping Specialized") issued the "Announcement on the Resolutions of the 10th Meeting of the 9th Board of Directors."** The announcement stated that, based on the written recommendation from its indirect controlling shareholder, China COSCO Shipping Group Co., Ltd., the Board of Directors agreed to elect Director Chen Shuai as the Chairman of the 9th Board of Directors of the Company.

COSCO SHIPPING Holdings Deputy GM Qian Ming Steps Down

On July 23, COSCO SHIPPING Holdings Co., Ltd. (hereinafter referred to as "COSCO SHIPPING Holdings") issued an announcement stating that the Company's Board of Directors had received a resignation letter from Mr. Qian Ming. Due to a change in work assignment, Mr. Qian voluntarily resigned from his positions as Deputy General Manager and General Counsel of the Company.