Maritime Partners orders key technology for Hydrogen One Plans to make the world's first methanol/hydrogen fuel cell-powered towboat - Hydrogen One -a reality are moving forward. The vessel will be powered by hydrogen generated from methanol and Maritime Partners, which
SC Ports contributes US$50,000 to urban trail system in the City of Greer South Carolina Ports (SC Ports) is contributing US$50,000 to the City of Greer to help create an urban trail system in the Sunnyside community. The proposed trail system, called the Wards Creek Trail, will provide a new recreational amenity for Sunnyside residents, according to South Carolina ports and it is designed to create more pedestrian access and connectivity to the City of Greer's downtow
Tips for Buying a Classic Car Online When it comes to classic cars, nothing beats the experience of buying one. You can inspect every inch, chat with the seller, and get a feel for the car's history. But what if you don't live near any classic car dealerships? What if the vehicle you want is out of your price range? In those cases, buying a classic car online may be your best option. Here are some tips to ensure the process goes as
ICTSI announces start of first Rijeka - Austria direct cargo rail service International Container Terminal Services Inc. (ICTSI) has announced that a new first regular train connection has been launched between the Croatian port of Rijeka and Enns in Austria. The first train for Container Terminal Enns (CTE) in Austria departed from ICTSI's Adriatic Gate Container Terminal (AGCT) on 11 November. The block train is operated by Maersk Line with CD Cargo Adria providing r
UTURN introduces container price calculator tool UTURN has announced the launch of the first container price calculator on 1 December 2022, which is expected to provide a benchmark and insights into the duration of the transportation, the number of kilometres and the Co2 emissions. According to UTURN, a logistics tech scale-up that optimises and matches container transports in Europe, its new tool calculates today's price for container transpor
Port Houston adds container yard space and approves next year's budget Port of Houston Authority has unveiled its plans to add container yard space aiming to improve the efficient movement of goods in order to reduce ongoing disruptions to the supply chain. More specifically, Port Houston plans to use approximately 405,000 m² at the developed Bayport East End (East End) of the Bayport Container Terminal (BPT) in Harris County, Texas as an additional container yard (
Maersk opens new storage facility in Pakistan A.P. Moller - Maersk inaugurated its new Integrated Logistics Park at Port Qasim in Pakistan. This facility will cater to storage requirements of cargo from retail & lifestyle, Fast Moving Consumer Goods (FMCG), automotive and technology sectors, according to the company. With its six purpose-built sheds, the new facility makes Maersk the country's largest logistics and warehousing provider, with
CMA CGM starts new link between Morocco, Canada and US East Coast CMA CGM has announced the launch of a new seasonal offering connecting Tanger, Morocco with the United States East Coast & Canada during fruit and vegetable season. The rotation of the new service, MOCANA, will be Tanger Med (Morocco) - Halifax (Canada) - New York (US)- Norfolk (US)- Savannah (US) - Charleston (US)- Tanger Med. The 9,661 TEU boxship CMA CGM Pelleas will be used on the next voyage
Port of Salalah and Maersk to launch new multimodal transport solution Port of Salalah, partnered with Danish container carrier Maersk, will launch a new multimodal transport solution to Al-Mazyunah free zone in Oman. Designed to facilitate inland services, the new offering extends beyond the port and includes securing customs clearances and bonded trucking services to Salalah and Al-Mazyunah free zones hubs under carrier haulage. According to Salah port, the new se
OCEAN Alliance to upsize Transatlantic lane again The OCEAN Alliance is upsizing its transatlantic service again by replacing four 8,500-10,000 TEU ships with four 11,000 to 14,000 TEU vessels. COSCO Shipping Lines, CMA CGM and Evergreen Marine Corporation form the alliance. On 9 December, the 14,000 TEU Tampa Triumph will become the largest vessel ever deployed in the North Europe - US East Coast trade when it replaces the 9,466 TEU Ever Lucky.
ONE introduces new service to connect India and UAE Singaporean container line Ocean Network Express (ONE) will launch a new weekly service, connecting India with the United Arab Emirates (UAE). The new India Gulf Service (IGS) has been developed, according to ONE, in order to provide a stable and quick connection to its customers and to cover the rising trade demand between the two countries which has been boosted by the Comprehensive Economic Pa
Maersk and IBM shutdown TradeLens AP Moller - Maersk and IBM have decided to withdraw the TradeLens offerings and discontinue the platform. "TradeLens was founded on the bold vision to make a leap in global supply chain digitisation as an open and neutral industry platform. Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved. As a result, TradeLen
ONE Trust, equipped with wind deflector, arrives in France The 20,170 TEU container vessel ONE Trust is the first ship in the world to be equipped with a wind deflector on the bow. The vessel of Ocean Network Express (ONE) arrived in Le Havre, France in the previous week, making its first port of call after the installation of the new device. ONE Trust is the only, of a series of six 20,170 TEU container ships, to be equipped with this device. The instal
New report puts a $90bn price tag on UK's shipping net zero target UK maritime sector will need around £75bn ($90bn) of investment over the coming three decades to transition to net zero, a new report released by London-based shipping asset manager Marine Capital estimates. In 2019, the UK became the first major economy in the world to legislate to reach net zero by 2050 including the domestic ...
EU agrees preliminary ETS deal for shipping EU institutions have hammered out a preliminary agreement to include shipping within the scope of the emissions trading system (ETS). Under the deal struck late Tuesday evening, all ships of 5,000 gt and over within the EU will be required to pay for 100% of their emissions, while 50% of the emissions on voyages between ...
Terntank orders up to four methanol-ready and wind-assisted battery hybrid tankers Tanker operator Terntank has placed an order at China Merchants Jinling Shipyard in Yangzhou for the construction of up to four battery hybrid 15,000 dwt ships that will be methanol-ready and sport wind-assisted propulsion. The firm two newbuilds, also powered by gasoil and biofuels, have been designed by Kongsberg and are set to deliver in ...
Ineos bolsters ethane carrier fleet with Iino's VLECs debut London-headquartered chemicals firm Ineos has sealed a long-term charter deal with Japanese shipping line Iino Kaiun Kaisha (Iino Lines) for two newbuild very large ethane carriers (VLECs). The 99,000 cu m newbuilds will deliver in 2025 and 2026 bringing Ineos' ethane fleet to a total of 18 vessels, including ten VLECs and eight Dragon class ...
Celsius adds to Samsung Heavy LNG carrier orderbook Celsius Tankers, a unit of Danish owner Celsius Shipping, has ordered an additional 180,000 cu m LNG carrier at Samsung Heavy Industries, taking its orderbook of ultra-eco ships at the yard to 10 and adding to the fleet of four units already delivered in 2020 and 2021. The vessel will be built to Lloyds' Register ...
Secondhand bubble has 'burst' Even though tanker assets have shot up in recent months, overall secondhand ship prices are in free-fall. The newbuilding index managed by Clarksons Research has this month gone back above the company's secondhand index (see inset chart), a return after 19 months to more normal shipping patterns. While the two indexes are not indexed relative ...
Splash Extra: Muted maritime trade growth forecast through to 2027 Yesterday the United Nations Conference on Trade and Development (UNCTAD) published its keenly read Review of Maritime Transport 2022. The 190-page report covers seaborne trade, the world fleet, freight rates and port traffic among a host of other data points. For the period 2023-2027 UNCTAD is predicting maritime trade growth to expand at an annual ...
DEME and Jan De Nul lining up French wind farm deals Belgian marine contractors DEME and Jan De Nul are lining up work on the Dieppe-Le Tréport offshore wind farm in France. Les Éoliennes en Mer Services, a consortium of Engie, EDP Renewables, Sumitomo Corporation and Caisse des Dépôts said it had inked a vessel reservation deal with Jan De Nul for the transport and installation ...
Maersk and IBM fold TradeLens Maersk and IBM have announced they will discontinue their work on their TradeLens blockchain platform, citing a lack of industry willingness to participate. The platform, under development since 2018, will go offline by the end of Q1 next year. "TradeLens was founded on the bold vision to make a leap in global supply chain digitisation ...
Wintermar bolsters fleet with AHTS pair Indonesia's Wintermar is expanding its offshore support fleet with the acquisition of two anchor handling tug supply (AHTS) vessels. The transaction details have not been disclosed, except that the AHTS pair will be known as SMS Sonnet and SMS Stanza after delivery and will be used beginning in the first quarter of 2023. Wintermar has ...
Carrier results could fall up to 70% in the fourth quarter: Alphaliner With the container shipping industry widely accepting that the peak of an epic cycle was passed by the middle of this year, attention is turning to how severe the drop in profits could be in the coming quarters. Alphaliner is warning carrier results could fall up to 70% in the fourth quarter, with Israel's ZIM ...
Tsakos urges Rishi Sunak to make London a more attractive place for shipowners One of Greece's most famous shipowners has called on the new Rishi Sunak administration in the UK to make London a more attractive place for shipowners. Nikolas Tsakos, the head of tanker giant Tsakos Energy Navigation (TEN), has decided to come onboard as a sponsor of next year's London International Shipping Week (LISW). In doing ...
Costamare details new dry bulk platform Costamare has given details of its new dry bulk operating platform. The new venture, which the Greek owner has pumped $200m into, has a global footprint through offices in Athens and Monaco and through agencies in Copenhagen, Hamburg and Singapore. Costamare said the new venture will charter in and out dry bulk vessels, enter into ...
Aristidis Alafouzos takes over as CEO at Okeanis Eco Tankers Aristidis Alafouzos is stepping up from COO to replace his father, Ioannis Alafouzos, as CEO at Okeanis Eco Tankers. Alafouzos senior will become chairman of the Oslo-listed firm. In further management changes, Iraklis Sbarounis, former CFO at TMS Shipping, is joining the company as CFO, serving alongside Konstantinos Oikonomopoulos, who will take over the role ...
Nuclear power pursued by Canadian port The Belledune Port Authority (BPA), which manages the Port of Belledune in northern New Brunswick, Canada, is working with Cross River Infrastructure Partners to pursue the use of advanced small modular reactor (aSMR) technology as part of a future expansion at the port. The development proposes to use aSMR from ARC Clean Technology Canada (ARC) ...
UN warns of muted maritime trade growth through to 2027 The United Nations has warned shipowners to prepare for years of slower maritime trade growth coming up through the middle of this decade. Yesterday the United Nations Conference on Trade and Development (UNCTAD) published its keenly read Review of Maritime Transport 2022. The 190-page report covers seaborne trade, the world fleet, freight rates and port ...
Stop talking, start doing I'm detecting a step change in owners' attitude to decarbonisation. Pacific Basin from Hong Kong has broken ranks in the dry bulk segment, startling this laggard sector into action. For too long now, shipping has been talking a great deal of green hot air with very little to show in terms of progress. Sure, there ...
November 2022 Review Tanker rates spiked into six-digit territory as Russia rushed to export as much oil as possible ahead of strict new shipping sanctions next month. Details of a Russian oil price cap and penalties and bans against shipping companies who infringe sanctions due to come in place on December 5 have begun to emerge. LNG rates, ...
The double-decker tanker freight market Oil prices have been drifting downwards. They fell 2% on November 25 as Brent closed at $83.63 a barrel and WTI sat at $76.28 a barrel, both near or at 10-month lows. The two-month ahead price dipped into contango, indicating current oversupply with near term delivery prices lower than the two-month out price. Falling oil ...
Dry bulk owners will be satisfied with 2022 After the biggest annual increase on record, 176% in 2021, the Baltic Dry Index (BDI) is set for one of its biggest annual falls on record this year, being down 33% already, the biggest drop since the end of the previous cycle in 2015 when it fell 35%. Only a strong December can prevent this, ...
Thanks for the container party, time to go home AP Moller-Maersk released its Q3 report on November 2, in which it said that revenues were up 37.1% at $22.8bn and EBITDA was up 56.4% at $10.9bn. Maersk reported that its average container shipping contract rate would be around $1,700 per feu higher in 2022 than in 2021, and that contracts would cover 71% of ...
Analyst Abstract Tankers Tanker rates exploded this month, heading deep into six-digit dollars a day territory, leading experts at BRS to describe the numbers as "completely bonkers". BRS, and others, believe the rally is sustainable as the northern hemisphere enters winter with much of the West avoiding Russian energy supplies. Yesterday saw Jefferies raise its estimates and ...
Secondhand prices in retreat The chart to note on this page is the one from Clarksons where the red line of newbuild prices has returned to its normal place above the dark blue line representing secondhand prices. Only during a very hot market does this blue line surpass the red one, as owners rush to grab any available, immediate ...
Are surging borrowing costs affecting ship prices? Analysts at Compass Maritime recently noted that despite higher interest rates and reports of fewer buyers offering on sales candidates, a large number of tanker and bulker sales of all sizes and ages have been completed in the last month or so. The US shipbroker stated that on the other hand rising interest rates this ...
Developers of Connecticut's first offshore wind farm to fund marine life study Ørsted and Eversource, developers of Connecticut's first offshore wind farm, Revolution Wind, have established a multi-year research partnership with non-profit Mystic Aquarium to conduct one of America's first comprehensive studies of the effects of offshore wind turbines on marine mammals and sea turtles. The research partnership is part of a $1.25m grant Ørsted and Eversource ...
Greek tanker calls expose Russia's looming post-sanctions tonnage shortfall Russian tankers and dark-fleet vessels accounted for 44 out of 172 voyages monitored, revealing a serious shortfall of available tonnage...
Nordic American Tankers returns to profitability Tanker group says combination of tonne-mile expansion and low supply growth 'is bullish news for our vessels for 2023 and...
Kiel Canal closed to shipping after vessel hits bridges Thirty casualty incidents this year have resulted in the complete blocking or disruption of maritime traffic
BIMCO sees 2024 as more favourable year for dry bulk Against the backdrop of a weakening economy and uncertainties around Chinese demand, average dry bulk rates are expected to be...
London Club outlook rating revised down by S&P Financial strength rating held at BBB, among lowest in the International Group
UK shipping needs $90bn to meet net-zero goal New sources of capital will be required to fund the industry's decarbonisation transition, with institutional investors a possible viable source...
Why the pandemic was a watershed for shipping In the same way that the switch from 'relationship banking' to 'digital banking' has taken 10-15 years to get right...
Iino Lines orders VLECs for charter to UK's Ineos British chemical group Ineos has agreed long-term time charter of 99,000 cu m capacity pair via its Trading & Shipping...
Terntank orders advanced products tanker newbuildings Newbuildings will be built to methanol-ready specification with the design optimised for the retrofitting of sail assistance equipment in the...
EU reaches preliminary agreement to include shipping in ETS from 2024 Ringfencing of revenue from carbon market is a huge deal, says European Community Shipowners Association
Boxship supply growth must be curtailed to improve outlook Capacity growth will outpace demand growth for the next two years at least. Economic headwinds will continue to put pressure...
Frontline expects 'prolonged' strong cycle for tanker sector 'The market is virtually firing on all cylinders,' says chief executive
Top 10 in ship finance 2022 BNP Paribas signed a deal with Japan's SBI Leasing for financing under newly embraced Japanese Operating Lease with Call Option...
Costamare expands its dry bulk presence The company, which broke into dry bulk last year, will charter vessels both in and out, enter into contracts of...
Russia increases wheat shipments Black Sea Grains Initiative, which was designed to allow safe navigation from three Ukrainian ports, has so far achieved its...
Shipping industry needs more support to become greener Regulation must be consistent across geographical borders and industrial sectors
Taylor Maritime offer for Grindrod declared unconditional Taylor Maritime has offered $21 for each share tendered. In addition, each Grindrod shareholder will receive a $5 special cash...
Samsung seals $251m LNG carrier newbuilding order SHI has won orders for 36 LNG carriers in 2022, comprising 73% of its total orderbook
Daily Briefing Togo turmoil over flag registry status after 'embarrassing' violations | CULines faces charterparty default as rate collapse leaves emerging lines...
Software woes force Houston to delay start date of long-dwell import fee The Port of Houston, citing technology problems, is postponing the start date of a new fee that would penalize shippers who don't retrieve import containers after the allowable free time.
House takes action to avert crippling US rail strike The US House of Representatives has waded into ongoing rail negotiations, passing a bill to prevent a potential strike and a second resolution that would give workers seven paid sick days.
Pandemic offers opportunity to improve US port flow All supply chains converge at the marine terminal, so facilitating and protecting fluidity through the terminal is the key to unlocking broader supply chain effectiveness, writes JOC's Peter Tirschwell.
Heightened final-mile expectations drive investment into OneRail OneRail has channeled the need for shippers to access final-mile capacity and service level consistency into a large venture capital funding round.
Ocean carrier profits to tumble in Q4 slowdown: analyst Sharply falling rates and demand signal an end to the extreme profitability enjoyed by carriers over the last two years, according to analysts.
Ocean carrier profits to tumble in fourth quarter slowdown: analyst Sharply falling rates and demand signal an end to the extreme profitability enjoyed by carriers over the last two years, according to analysts.
Seanergy Maritime beats estimates profit slumps in weaker market New York-listed capesize owner stays confident as time-charter equivalent revenue slumps
KNOT Offshore Partners shares battered as the New Year looms with charters expiring Shuttle tanker owner is 'expending a great deal of energy' to find charter coverage in 2023
The $200m MR tanker? Jones Act expert says that number could be next The cost of a future newbuilding will require a hefty charter rate to justify the investment, expert says
S&P Global Ratings revises London P&I Club outlook to negative Agency says adjustment was made because of a change in the insurer's capital adequacy
'Complicated': Euronav offer delay is purely regulatory, insists Frontline's Barstad Tanker boss admits process of moving domicile from Bermuda to Cyprus has proved time-consuming
Container sector braces for era of lower profits as spectacular rate slide continues A year during which container profits exceeded those of FANG tech giants draws to a close
Green Seas: What will EU methane emissions trading mean for LNG-fuelled ships? Our weekly environment newsletter looks at the potential impacts of adding shipping's methane pollution to EU emissions trading
Gasunie plans new FSRU-based LNG import project for Netherlands Athens meeting hears pleas for more LNG import infrastructure in Europe, increased LNG supply and regulatory certainty
Donald's Carnival cruise legacy: A boom bookended by crises As former CEO steps back from cruise giant, he leaves the sector's dominant company facing a long voyage back to financial health
AP Moller-Maersk pulls the plug on TradeLens blockchain venture Digital platform deemed 'commercially unviable' will be taken down next year
EU includes methane and nitrous oxide in shipping emissions trading scheme Observers hail 'huge' breakthrough as European policymakers iron out details over how shipping emissions will be traded
Harvey Gulf reveals how pig manure fuelled its pursuit of net-zero goals Offshore vessel owner finds that blending only a small portion of bio-LNG into the fuel mix allows for net-zero operations
UK needs $90bn to decarbonise domestic shipping but funds hard to obtain, says report Marine Capital report argues green fuels for ferries and ro-ros can cut emissions quickest but government will need to support new financial products for investors
Bimco: Price cap impact 'impossible' to gauge in tanker markets Shipowners remain in the dark about the scheme as the European Union has yet to set a price level
Schuyler Line sues construction giant over repeated holdups at remote British military outpost US shipowner alleges Fluor Corp subsidiary owes it $2.2m in detention and demurrage charges related to a military construction project
West will 'struggle to enforce oil price cap breaches' Sanctions expert says measures to limit Vladimir Putin's profits from energy sales have not been thought through
Ineos builds world's biggest ethane carrier fleet with new Iino VLECs British chemicals producer adds two 99,000-cbm ships in deal with Japanese owner
Boost for CO2 carriers as E.ON reveals 'industrial-scale' storage project Energy company commits more than 1m tonnes to Norwegian scheme
ABS launches digital start-up with eyes on shipping's decarbonisation challenge Led by tech veteran Paul Sells, stand-alone company ABS Wavesight aims to focus on digital products while leveraging class society's maritime experience
Terntank orders up to four tankers ready for wind and methanol propulsion Owner continues decarbonisation journey with deal in China for innovative ships
Why shipping must act now to beat inertia on global emissions goal Efforts to persuade the IMO to strengthen targets will continue, but a climate expert says it is just too late
Ineos builds world's biggest ethane carrier fleet with new Iino VLECs British chemicals producer adds two 99,000-cbm ships in deal with Japanese owner
EU includes methane and NOX in shipping emissions trading scheme Observers hail 'huge' breakthrough as European policymakers iron out details over how shipping emissions will be traded
Russia working on boosting recognition of domestic tanker insurance, minister says Moscow is seeking agreements to help oil shipments move out
Greek PM says country could host up to four new LNG terminals Minister says a final investment decision on a new FSRU-based facility near Corinth will be taken soon
Grieg Green's Pia Meling steps in as Star Capital directors quit MPCC German tonnage provider calls shareholder meeting to add experienced executive to board
Celsius Tankers boosts LNG carrier fleet with SHI newbuilding Company moves into double figures with latest order which it said is fixed to major charterer
Frontline stretches Fredriksen loan and clears away early 2023 debt maturities New finance deals cut interest costs as owner seeks to boost earnings
Costamare confirms setting up new dry bulk operating platform US-listed company commits up to $200m in new venture, which plans to engage in long-term trading activities
Frontline goes for more VLCC scrubber retrofits as profit soars John Fredriksen-backed owner has trebled VLCC earnings so far in the fourth quarter
Piraeus Marine Club prepped for the great P&I debate Insurers to argue it out face to face with owners ahead of next February's renewal
Wintermar snaps up more anchor handlers as fleet renewal continues Company also celebrating 12 years since it went public with listing on Indonesia's stock exchange
Frontline sweetens Euronav takeover offer with delayed $66m dividend Fredriksen-controlled owner wants to ensure new shareholders see the benefit of tanker boom
Markets upbeat on potential easing of China Covid-19 restrictions The country is now pushing greater vaccination of the elderly, driving speculation that it may ease some of the rules even further
Fred Olsen to give smallest cruise ship the heave-ho Cruise operator to sell Braemar as UK cruise market remains 'uncertain'
KNOP may switch shuttle tankers to conventional tanker market But it says that despite strong headline rates, all-in returns may be insufficient once utilisation and fuel costs are considered
Shanghai Junzheng orders chemical tanker newbuildings worth up to $270m Owner signs for two firm vessels with four options
Cash buyer sells capesizes on for Pakistan scrapping but prices still falling Brokers report no new major deals in struggling recycling sector
Middle East offshore poised for supercycle after near decade-long lack of investment Oil demand has returned to pre-Covid levels, matching the level of supply once more
New de-icing facility speeds up FedEx cargo flights at Memphis hub FedEx cargo jets will waste less time de-icing during the winter at the Memphis, Tennessee, airport thanks to a new consolidated treatment facility.
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