All four of the world’s largest shipping companies have now been hit by cyber-attacks

Maritime industry needs to focus more on securing shore-based systems and stop prioritizing the less likely ship-based attacks.

With today’s news that French shipping giant CMA CGM has been hit by a ransomware attack, this now means that all of the four biggest maritime shipping companies in the world have been hit by cyber-attacks in the past four years, since 2017.

Previous incidents included:

  1. APM-Maersk – taken down for weeks by the NotPetya ransomware/wiper in 2017.
  2. Mediterranean Shipping Company – hit in April 2020 by an unnamed malware strain that brought down its data center for days.
  3. COSCO – brought down for weeks by ransomware in July 2018.

On top of these, we also have CMA CGM, which today took down its worldwide shipping container booking system after its Chinese branches in Shanghai, Shenzhen, and Guangzhou were hit by the Ragnar Locker ransomware.

This marks for a unique case study, as there is no other industry sector where the Big Four have suffered major cyber-attacks one after the other like this.

For the full story, please click HERE

Source: ZDNet

The Rapid Growth of E-Commerce Logistics

Growing e-commerce sales are driving up U.S. e‐commerce logistics costs with a 19.9% CAGR expected through 2020, according to a new report from Armstrong & Associates, Inc.Rising Tide: The Rapid Growth of E-Commerce Logistics, 3PL Solutions, Last-Mile Delivery, and the Dominance of Amazon.

Adjusted retail e‐commerce sales in the second quarter of 2020 hit $211.5 billion, according to the Census Bureau of the U.S. Department of Commerce. The number is due to the COVID‐19 driven increase of 31.8% from the first quarter of 2020, and a whopping 44.5% increase from the second quarter of 2019.

E‐commerce retail now represents 16.1% of retail sales in the United States. The segment grew at a 14.6% Compound Annual Growth Rate (CAGR) from 2015 through 2019 and shows no sign of slowing.

For the full story, please click HERE

Source: MH&L

Air cargo fell 17% in August, World ACD says

Global air cargo volume last week increased 3% while capacity remained flat, according to World ACD, a supplier of comparative market data.

The weekly snapshot underscores the trend since April of steadily improving cargo demand after the initial economic shock from the coronavirus outbreak and severely limited transportation space. Volume growth is expected to take off again with high demand for holiday merchandise, e-commerce and COVID medical supplies.

World ACD said demand in August fell 17.2% from the same month a year ago, but that’s an improvement compared to July, June and May. Despite less business, air cargo operators have enjoyed a 37% increase in revenues because rates were 65% higher than a year ago.

The Asia-Pacific region lost the least volume in August (-10), while Europe and Middle East/South Asia experienced volume declines of 25% and 22%, respectively, World ACD said.

For the full story, please click HERE

Source: American Shipper

CMA CGM victim of cyberattack

The source of CMA CGM’s network outage Monday was made clear in a message shared on LinkedIn.

“If you are reading this, it’s mean your data was encrypted and you sensitive private information was stolen! Read carefully the whole instruction notes to avoid difficulties with your data,” read the message, captured in a screenshot from a CMA CGM computer and posted on LinkedIn by SeaIntelligence Consulting CEO Lars Jensen.

While the text was grammatically garbled, the message was clear. “Ragnar Locker” instructed, “You have to contact us via live chat immediately to resolve this case and make a deal.”

The attacker wrote, “There is ONLY ONE possible way to get back your files — contact us via LIVE CHAT and pay for the special DECRYPTION KEY! For your GUARANTEE we will decrypt 2 of your files FOR FREE to show that it works.”

The message ended with a warning. “Don’t waste your TIME, the link for contact us will be deleted if there is no contact made in closest time. … However, if you will contact us within 2 day since get penetrated — you can get a very SPECIAL PRICE.”

For the full story, please click HERE

Source: American Shipper

Port of LA’s Seroka calls for US focus on exports

Port of Los Angeles Executive Director Gene Seroka called for a national export program to narrow the trade gap between the United States and China during an appearance on CNBC’s “Squawk Box Asia” this week.

“We are now at five imports to every export and that’s the widest trade gap we’ve witnessed at the Port of Los Angeles in some time,” Seroka told hosts Rosanna Lockwood and Sri Jegarajah on Thursday.

He said that import-export imbalance puts pressure on the port’s service providers and does not help put Americans back to work as the economy reemerges following the worst of the coronavirus pandemic.

Asked what he would like to see from the White House, Seroka answered that change doesn’t happen overnight, but “we would like to see an infrastructure play and a broad look at what a multimodal funding program would be for the supply chain here in the United States.”

Container volumes at the Port of LA have changed since the height of the pandemic last spring. The largest container port in the Western Hemisphere had its best month ever in August, handling 961,833 twenty-foot equivalent units (TEUs). It was a welcome influx. As recently as May, port volume was down 18.6% year-over-year, largely a side effect of the COVID-19 pandemic.

For the full story, please click HERE

Source: American Shipper