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GlobalData: Most leading shipping firms halted services to Russia, except COSCO Shipping

COSCO Shipping’s tanker fleet continues to transport crude oil, which is Russia’s major export commodity, to China, claims the data and analytics company.
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Most global shipping companies have suspended cargo bookings temporarily to and from Russia amid the Russia-Ukraine crisis, according to data and analytics company GlobalData on Tuesday (22 March). The firm notes that essential goods such as medical equipment, food, and humanitarian aid continue to be transported.

Sathiya Jalapathy, Business Fundamentals Analyst at GlobalData, comments: “The decision by many global shipping companies to halt their services to Russia could put the country in a difficult position as it will struggle to import goods such as motor vehicles and spare parts, industrial machinery and equipment, apparel and electrical machinery.”

GlobalData identifies some of the key shipping companies that have suspended their operations:

  • MSC Mediterranean Shipping: Swiss international shipping line MSC Mediterranean Shipping has stopped accepting cargo bookings to and from Russia, covering the Baltic Sea, the Black Sea, and Far East Russian regions. It operates through a fleet of 600 vessels with more than 230 trade routes and serving 500 ports. The company operates in Russia through its subsidiary MSC Rus, LLC.
  • CMA CGM RUS: CMA CGM RUS LLC, CMA CGM’s Russian subsidiary, with nine offices including in Saint Petersburg, Novosibirsk, Yekaterinburg, and Moscow serving seven Russian ports, has suspended its operations in Russia. CMA CGM Group does not expect to be majorly impacted by this decision, as it has a strong fleet of 566 vessels, serving 420 ports worldwide, with a combined capacity of three million twenty-foot equivalent units (TEU).
  • Maersk: Danish shipping company Maersk has halted its container shipping operations temporarily to and from Russia. It operated through three shipping routes connecting Saint Petersburg and Kaliningrad in the Baltic Sea; Novorossiysk in the Black Sea; and Vladivostok and Vostochny on the Russian east coast. The company has also announced that it will suspend its ocean and inland cargo bookings temporarily to and from Russia. Maersk intends to sell its 30.75% stake in Global Ports Investments, a port operator in Russia. Maersk derived 2.5% of its total revenues from the country in FY2021, which amounted to $1.5 billion.
  • HMM: HMM halted cargo bookings on two of its shipping routes to and from Russia, citing low demand. However, the company said that it will fulfil previous bookings. The company operates container ships with a capacity of 1,700 TEUs each on the Busan to Vostochny and Busan to Vladivostok routes. HMM confirmed that halting these two routes will not have any impact on its performance, as it operates 79 ships with a total capacity of 816,194 TEUs serving 60 sea routes and more than 100 ports worldwide.
  • Ocean Network Express: Singapore-based container and shipping company Ocean Network Express (jointly owned by KLine, MOL, and NYK) suspended cargo bookings to and from Odessa in Ukraine, and Novorossiysk and Saint Petersburg in Russia.
  • Hapag-Lloyd: German international container and shipping company Hapag-Lloyd suspended bookings to and from Russia, Belarus, and Ukraine. It operates a fleet of 257 vessels with a capacity of about 1.8 million TEUs. The company operates in Russia through offices in Kaliningrad, Moscow, Novorossysk and Saint Petersburg.

One company that continues to transport goods is COSCO Shipping. The company’s tanker fleet continues to transport crude oil, which is Russia’s major export commodity, to China.

Jalapathy adds: “COSCO is offering economic succour for Russia as it faces a barrage of economic sanctions from various governments.”

For more information about how the Russia-Ukraine crisis is affecting industries, download GlobalData’s Ukraine Conflict: Executive Briefing.

 

Photo credit: Shaah Shahidh on Unsplash
Published: 23 March, 2022

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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July 21, 2026

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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