Amogy in marine ammonia-to-power MOU with Yara's YCA subsidiary Brooklyn, N.Y. based high tech start-up Amogy Inc. reports that its innovative ammonia-to-power system for maritime applications is to be considered for future shipping projects with Oslo-headquartered Yara Clean Ammonia (YCA). Yara
Algoma Central and Furetank to double their FureBear fleet St. Catharines, Ontario, headquartered Algoma Central Corporation (TSX: ALC) reports that it has doubled its investment in its FureBear 50/50 joint venture with Donsö, Sweden, based Furetank, which will be boosted by
Drewry urges shippers to start planning for decarbonisation in shipping, warns of up to US$14 billion in extra costs The imperative to decarbonise the global shipping industry is clear and present, however, many of the world's largest importers and exporters are insufficiently informed about the full implications of the forthcoming new emissions regulations and the billions of dollars that will be added to freight costs in the future. Pressure to decarbonise and reduce emissions of greenhouse gases (GHG) is gro
BIMCO joins Blue Visby Consortium BIMCO is now part of the Blue Visby Consortium to support research into practical solutions that are expected to help reduce the shipping industry's greenhouse gas (GHG) emissions. Blue Visby aims to reduce GHG emissions from ships by approximately 15% through a multilateral platform called the Blue Visby Solution, which optimises ship arrival times at their destinations by eliminating the practi
TT Club highlights continued vigilance to limiting container vessel fires TT Club is continuing its efforts to convince cargo interests, supply chain professionals and enforcement agencies that the responsibility for mitigating container ship fires is shared by numerous entities involved from end to end of the entire global supply chain. With its estimated sixty-day average occurrence of serious fires being maintained by the Zim Charleston fire in August and the TSS Pe
Two-year low for Drewry's World Container Index Drewry's World Container Index (WCI) took a 9% beating this week to end at US$2,773, which is the lowest-ever figure over the past 24 months. Having slipped past the US$3,000 mark, the index has lost 86% of its gains accumulated since the pandemic period. This is signaling towards the path that the slip in spot rates is yet to be over, despite a reported decrease in services, especially in the Tr
Indices for fuel prices are trending upwards According to the weekly outlook of Marine Bunker Exchange (MABUX) for bunker prices, indices showed signs of a possible uptrend. The 380 HSFO index rose by US$11.88 to US$509.6/MT, the VLSFO index remained almost unchanged at US$781.80/MT and the MGO index added US$7.42, reaching US$1,165.19/MT. "All index changes were still insignificant," commented a MABUX official. Meanwhile, the Global Scrubb
Chile's largest port to enhance its equipment with 20 Konecranes lift trucks San Antonio Terminal Internacional (STI) has begun taking delivery of 19 Konecranes Liftace reach stackers and one Konecranes Liftace empty container handler at its operations at the Port of San Antonio in central Chile. The first delivery of six units was completed in July 2022, the second is expected later this year and the third in early 2023. The two companies, SAAM Puertos S.A and Stevedorin
Maersk and CMA CGM stop calling Itajai on Bossa Nova/SIRIUS service Maersk Line and CMA CGM have announced adjustments in their joint service that connects Mediterranean with East Coast South America. The service called Bossa Nova service by Maersk and SIRIUS by CMA CGM will no longer call at the port of Itajai in Brazil, according to recent statements from the two major container lines. The two companies have not explained the reason for the decision to cease po
Maersk to open new warehouse in Philippines A.P. Moller-Maersk will add a new 100,000 m² warehouse in Calamba, Laguna in the Philippines. The groundbreaking ceremony was held on 9 November and the new facility is expected to be completed by the end of 2023. The new warehouse is located an hour's drive from Manila and is expected to be connected to the regional industrial center where major manufacturers operate. The facility will be operat
SAFEEN Feeders announces new UAE-Red Sea service AD Ports Group's SAFEEN Feeders has officially launched its UAE-Red Sea service with the inclusion of Fujairah Terminals and Jeddah, following successful trials with allocated cargo on the route. The Red Sea service will provide direct connectivity between Abu Dhabi's Khalifa Port and Port Sudan and will travel via AD Ports Group's Fujairah Terminals, on the eastern seaboard of the UAE and Jeddah
DP World and Emirates Development Bank to support SMEs DP World has signed a memorandum of understanding with Emirates Development Bank (EDB) to provide small and medium-sized enterprises (SMEs) access to trade finance through its trade finance platform. The agreement includes a formal framework for EDB and DP World to provide SMEs with access to trade finance at competitive interest rates through DP World's trade finance platform. The two parties ar
Yang Ming boosts profits in 2022 Yang Ming reported US$3.41 billion in revenues in the third quarter of the year with the company's profits after taxes reaching US$1.7 billion for the same period. Additionally, in the first nine months of the year, Taiwan's container carrier achieved US$10.79 billion in revenues and US$5.66 billion in profits after taxes. Yang Ming said its profits have significantly increased, compared to the s
Hapag-Lloyd nears US$15 billion profit from January to September According to Hapag-Lloyd's release, the first nine months of 2022 have been quite profitable for the company. The German container carrier has concluded the first three quarters of the year with earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$16.6 billion and earnings before interest, taxes (EBIT) of US$15.1 billion. For the same period, Hapag-Lloyd has seen its pro
Marubeni signs up for Spanish suction sails Japanese conglomerate Marubeni has set sights on wind-assisted propulsion in a new project that will see one of its bulk carriers fitted with four suction sails. Singapore subsidiary MMSL has contracted Spain's bound4blue to retrofit the 2016-built in 2023 or 2024 in what is expected to be the largest suction sail setup ever and the ...
Furetank and Algoma JV doubles up on product tanker newbuilds Sweden-based Furetank and Canada's Algoma Central Corporation are expanding their product tanker joint venture with four additional newbuilds, bringing the total investment to eight vessels. Like the initial four-vessel order, the 50/50 owned FureBear JV will build the additional 17,999 dwt quartet at China Merchants Jinling Shipyard in Yangzhou. Two ships have already been ordered ...
Sallaum Lines orders two car carriers in China Sallaum Lines is expanding its car carrier fleet with two new dual-fuel LNG vessels in China. The Swiss-based shipowner has contracted Fujian Mawei Shipbuilding for 7,500 ceu ships set to deliver in 2025. Sallaum Lines is the tenth largest vehicle carrier operator with a fleet of 10 owned and chartered vessels. According to VesselsValue data, ...
Performance Shipping lines up $37m financing Nasdaq-listed Greek tanker owner Performance Shipping has arranged a $37.4m loan with Piraeus Bank as part of its fleet expansion programme. The loan is expected to be drawn in two simultaneous advances upon delivery of the recently acquired Phoenix Beacon, to be renamed P Monterey. The company said it would use the proceeds to refinance ...
Arise launches dedicated pan-African shipping company Arise group, one of the leading pan-African infrastructure and logistics players, has launched a dedicated shipping company to provide services for the mining, agricultural and industrial sectors. Arise Shipping and Logistics will primarily provide services that complement the operations of its parent company, Arise Integrated Industrial Platforms (Arise IIP), but it should also build its ...
Tomini adds to fleet with handy pair buy Tomini Shipping has again added to its fleet of dry bulk carriers with the purchase of two handies. The Dubai-based shipowner and operator acquired the 2016 Chinese-built 38,780 dwt Tomini Sirocco and the 2015-built 38,635 dwt Tomini Pampero for an undisclosed sum. The latest additions, which take the fleet to 26, wrap up the biggest ...
Yara teams with ammonia-to-power startup Amogy Norway's Yara Clean Ammonia has partnered up with US-based energy tech startup Amogy to explore the latter's ammonia-to-power system as a zero-emissions solution for use in future shipping projects. The Amazon and Saudi Aramco-backed Amogy has developed a platform, already demonstrated in a drone and heavy-duty tractor, which relies on ammonia cracking technology in which ...
MOL books three more LNG newbuilds in China for QatarEnergy Japan's Mitsui OSK Lines (MOL) has signed another long-term charter contract with QatarEnergy for three newbuild liquefied natural gas (LNG) carriers. The vessels will be built at CSSC-affiliated Hudong-Zhonghua Shipbuilding and are scheduled for delivery in 2027. MOL signed a long-term charter contract with QatarEnergy in April 2022 for four newbuilds, and the latest deal ...
ExxonMobil reserves another SBM Offshore floater Dutch floater specialist SBM Offshore has signed a memorandum of understanding with ExxonMobil Guyana for the construction of a multipurpose floater hull for use on a future FPSO project. The deal gives ExxonMobil exclusivity for the seventh floater of SBM Offshore's Fast4Ward hull. The company recently placed an order for the hull in China. The ...
Controversial Young Yong VLCC refloated The controversial VLCC was refloated today, two weeks after it ran aground off the Riau Islands in Indonesia. The laden ship, owned by Hong Kong's Technology Bright International, has been sanctioned by the US for carrying illegal oil. It has emerged that the cargo it was carrying when it ran aground was sanctioned Venezuelan oil, ...
Euronav offloads another ageing suezmax The suezmax rejuvenation programme at Euronav proceeds apace with the Belgian tanker owner revealing today it has sold the 2006-built , generating a capital gain of $14.3m. The vessel is debt free and expected to be delivered to its new owners during the current quarter. Last month Euronav offloaded the 2006-built suezmax Cap Philippe to ...
BMS showcases SOV design for US shipyards Louisiana-based Baker Marine Solutions (BMS) has unveiled a wind farm service operation vessel (SOV) designed specifically to be built in the US. The BMS 1776 is designed to ABS class standards and is fully certified to operate in US waters and can be constructed in any shipyard with sufficient space for the hull length. "With ...
More Norwegian hydrogen-powered bulkers to enter service Norway's Halten Bulk has moved to build a pair of hydrogen-fuelled bulkers following NOK142m ($13.8m) funding from government enterprise Enova. Halten Bulk, owned by Brødrene Nordbø, Egil Ulvan, and Strand Shipping, was founded in 2014 and currently operates seven short-sea bulk vessels. The two new vessels have been designed by Norwegian Ship Design, which now ...
Odfjell Oceanwind forges floating wind pact with Source Galileo Norwegian floating offshore wind specialist Odfjell Oceanwind and renewable energy developer Source Galileo's Norwegian branch, Source Galileo Norge, have signed a memorandum of understanding to cooperate on developing floating wind parks using Odfjell Oceanwind's technologies. The cooperation will target wind parks for the electrification of oil and gas installations, the Utsira Nord seabed deve
Dark ship tracking service launches Space-based maritime data firm Spire Global has revealed a new dark shipping detection service to track vessels that manipulate their reported position in order to conceal their activities. The system is designed to identify vessels that turn off Automatic Identification System (AIS) transponders to go dark or attempt 'spoofing' of AIS signals to report false ...
Bulk carrier detained in Australia over unpaid wages The International Transport Workers Federation (ITF) inspectorate has discovered a case of wage theft and human rights abuse aboard a coal ship berthed in Newcastle port in Australia, with crew members denied their legal right to shore-leave and robbed of $75,000 in wages owed to them over three months. As a consequence of the ITF ...
Samsung Heavy debuts a liquefied hydrogen fuel cell system Samsung Heavy Industries has debuted a liquefied hydrogen fuel cell system. The South Korean shipbuilding major has received an approval in principle from DNV for its polymer electrolyte membrane fuel cell, which it has developed in association with compatriot firms Bumhan Fuel Cell, Jungwoo ENE and S&SYS. In 2020, Bloom Energy and Samsung Heavy Industries ...
Chevron and MOL to study CO2 shipping from Singapore to Australia Chevron Corporation and Mitsui OSK Lines (MOL) have signed a joint study agreement on the feasibility of transporting liquified carbon dioxide (CO2) from Singapore to permanent storage locations offshore Australia. Chevron and MOL will explore the technical and commercial feasibility of initially transporting up to 2.5m tonnes per annum of liquified CO2 by 2030. The ...
ACPA says ports need more financial flexibility to meet Canada's global sustainable energy aspirations In August, Canadian prime minister Justin Trudeau and German chancellor Olaf Scholz signed a five-year deal through which Canada will supply green hydrogen to Germany. Just days later, Canada's Belledune Port Authority (BPA) signed an MOU with Niedersachsen Ports in Wilhelmshaven, Germany, to establish an energy partnership focused on clean fuels and green products. BPA CEO Denis Caron ...
Transport Canada invests in new transload facility to relieve congestion at Port of Hamilton Transport Canada yesterday announced funding of almost C$5m ($3.69m) to relieve supply chain congestion at the Port of Hamilton. The investment from the National Trade Corridors Fund for the Building Capacity in Canada's Steel Supply Chain project will pay almost half of the close to $10m total project cost estimate. The funds are intended to ...
Russia steps up suspected arms trade with Iran via Caspian Sea Security analysts point to increasing 'dark' AIS activity in the Caspian Sea as evidence of weapons trades between Iran and...
From Champagne to beer: downsized freight futures examines emissions challenges 'Volatility and risk management is increasing and that's setting up FFAs in fuel oil and carbon to manage this risk,'...
D'Amico confident of product tanker market boost Italian owner looking to increase its period cover to 20-30% from current 12-13% to lock in some of the strengthening...
Frangou says Navios Partners 'well served' by diverse fleet Fleet renewal in progress also on partnership's dry bulk side
Algoma and Furetank expand products tanker partnership FureBear has added two handysize newbuildings at China Merchants Jinling Shipyard
Genco revenues weighed down by capesizes The bulker owner remains firmly profitable but expects rates to weaken in the last quarter of the year
Safe Bulkers beats profit forecasts despite weakening market Company deploys more vessels in the spot market, although seven of its eight capesizes remain on period charter
Euronav benefits from booming tanker values The increasing value of crude oil tankers is being partly driven by shipowners buying up ships to use for Russian business...
UK Club asks for 10% general increase Fifth International Group affiliate to declare its hand hits members with double-digit premium hike, among the highest announced so far
Hapag-Lloyd looks to infrastructure as market slows Despite recording profits that will not be seen again in a lifetime, Hapag-Lloyd is warning of a downturn. Its focus...
Torm gets profit boost on redrawing of trade flows Danish product tanker owner expects the trade flow disruptions to continue as Europe imports diesel from further away, significantly increasing...
Cutler confirmed as chair of International Group Russia sanctions and state of pool scheme will be at the top of his in-tray
Ship orders provide no answer to supply chain crunch Singapore-headquartered logistic company has established an innovation centre to create momentum for supply chain collaboration and is eyeing further expansion...
Chevron joins MOL study on shipping liquid CO2 to Australia Developing safe and reliable CO2 transportation services is a crucial step in advancing large scale CCUS systems, and working with...
MOL secures three more LNG carrier contracts with QatarEnergy An MISC-led consortium, which includes the two other important Japanese lines NYK and K Line, has secured contracts for 12...
Threat to US supply chain lifts as rail deal deadline is extended The third-largest rail union had been prepared to strike from November 19, but the extension spares the US economy from...
DEME wins offshore wind installation contract in Taiwan Commissioning is due to start in 2025
Daily Briefing Ukraine constructive total losses could hit $1bn | Rescue of blacklisted tanker begins in Indonesia after US sanctions exemption |...
Blacklisted VLCC Young Yong refloated after grounding off Indonesia Port authority of Tanjung Balai Karimun, which handled the evacuation process, said it will decide on what to do with...
Carriers face 'bumpy ride' on rates, but no return to 2016 losses: Habben Jansen Hapag-Lloyd's CEO says the slide in ocean rates coupled with weakening demand would likely cause pop-up carriers - mainly intra-Asia lines that entered the trans-Pacific trade when rates hit historic highs - to pull out.
M&A in US trucking, logistics cross 'asset lines' US transportation companies with cash on hand are acquiring asset-based truckers and non-asset freight brokers alike to add services and shipper customers and build network density.
MPV rates decline as market chaos unwinds Confident of project demand ahead, the multipurpose vessel sector sees November's softening rates as a move toward stability, analysts say.
Marine chassis manufacturer being probed by US authorities in duty case The investigation by US authorities into whether Pitts Enterprises evaded duties on chassis may have serious ramifications for the South Carolina Ports Authority, which ordered 11,000 chassis from a Pitts subsidiary to launch its own pool next March.
Delays and bad weather tighten aframax tonnage lists as rates rise North Sea and Mediterranean rates rise, while the US Gulf Coast sees rates remain high
Delays and bad weather tighten aframax lists as rates rise North Sea and Mediterranean rates rise, while the US Gulf sees rates remain high
Cruise and container lead shipping pack as inflation easing sends US stocks soaring Lower-than-expected inflationary data fuels hope for smaller interest rate hike by Federal Reserve
Algoma Central doubles down on FureBear joint venture Canadian shipowner orders four more product tankers with Sweden's Furetank
Navios Partners reveals flurry of asset deals across diversified fleet New York-listed shipowner posts $113m in adjusted profit for third quarter, down from $130m a year ago
Detained VLCC's engine disabled in bid to prevent Nigeria from taking it Heroic Idun crew members are suffering from extreme stress after being held for nearly three months
FSRUs are Europe's 'most important' asset to achieve energy security and transition Excelerate Energy chief Steven Kobos
Genco Shipping still hungry for more ships, with sights set on 2023 While New York owner looked at Grindrod deal, it is wary of valuations that still seem too "sticky"
Streetwise: As interest rates rise, Scorpio Tankers' next debt cut could be a big one Our weekly finance newsletter explores Scorpio's new tack, which has little to do with the issue of rising interest
Spot tanker exposure paying off for optimistic DIS boss Paolo d'Amico Italian product carrier specialist surges back into profit in sustained recovery
Marsh warns climate change could shut the Suez Canal again Insurance broker has taken close look at how global warming will affect critical supply chain waterways
Torm expects indirect boost from Russian price cap plan, says Meldgaard CEO says longer voyages and tight tonnage means that Torm's fleet of 78 tankers is in prime position before EU oil ban
'Those are numbers we will never see again in our lifetime', says Hapag-Lloyd chief on box boom Hapag-Lloyd boss Habben Jansen waves goodbye to the era of super returns
Young Yong VLCC refloated as links emerge to Venezuelan oil Indonesian navy towing controversial tanker to anchorage
Will Seaways take a leaf out of Fredriksen's book on dividends? Clarksons Securities believes tanker owner's shareholder payouts are set to rise
Insurers caught in the sanctions crossfire as dark fleet casualties expose pollution threat Who will pay for the pollution caused by an uninsured tanker operating in sanctioned trades?
Big lenders come in on $1.17bn Seaspan newbuilding finance drive BNP Paribas and HSBC involved in huge funding round for 15 new ships
Belships unrattled by falling freight market as profit holds steady Ultramax owner has declared a NOK 0.75 dividend for the third quarter
Performance taps Piraeus Bank for $37m to finance latest aframax Greek owner will use part of loan to refinance older tanker
Excelerate Energy FSRU for Finland to fire up regas operations in December Regasification specialist said industry is experiencing 'most significant energy market disruption in decades'
Hapag-Lloyd's Habben Jansen warns of 'difficult waters' ahead amid falling spot rates and rising inflation Boss of German line maintains full-year forecast after profits double
Troim's 2020 Bulkers profit slashed in 'unseasonally weak' markets Tor Olav Troim-backed owner blames unwinding of port congestion
Torm reaps benefits from longer trade routes amid Russia invasion Danish clean product specialist records highest quarterly profit as tanker rates continue to climb
Euronav takes fat profit as older tanker is sold in fleet renewal Belgian owner confirms broker reports of disposal of the Cap Guillaume
MOL and Chevron to study shipping CO2 from Singapore to Australia Companies say plan follows on from a large-scale carbon-capture project announced earlier this year in the Lion City
Okeanis gains $13m from scrubbers as forward VLCC rates double Greek tanker owner has "constructive" outlook on tanker market as tonne-miles surge
MOL confirms LNG carrier newbuilding trio in China for QatarEnergy Vessels bring tally for Japanese owner to seven ships under mammoth Qatari project
Vietnam's An Binh Logistics buys second tanker, possibly for niche Aussie trade Recently formed Vietnamese company has been involved in an interested new trade out of Western Australia
Vietnam's An Binh Logistics buys second tanker for niche Aussie trade Recently formed Vietnamese company has been involved in an interested new trade out of Western Australia
MOL reports 70% operational rate for hard sail on maiden voyage Japanese shipowner said a full analysis will be carried out once the vessel has completed one full voyage
Safe Bulkers shuffles charter balance as quarterly profits dip Greek-Cypriot dry bulk owner moves larger share of fleet into the spot market, but keeps all but one capesize on period employment
Genco Shipping delivers another profit, and fatter dividend, as expenses dip Manhattan owner guides to lower but still solidly profitable rates in current quarter
Hapag-Lloyd CEO: Container market volatile but not collapsing Container shipping fundamentals are not as bad as spot rates imply, says the head of the world's fifth-largest ocean carrier.
'Considerable uncertainties' cloud forecasts for HMM, Yang Ming "Container demand is expected to be under downward pressure due to considerable uncertainties," HMM said in its third-quarter earnings release.
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