BOEM reinstates results of Gulf of Mexico oil and gas lease sale Complying with a mandate in the Inflation Reduction Act, the Bureau of Ocean Energy Management (BOEM) has accepted 307 highest valid bids from oil and gas Lease Sale 257 in the Gulf
New Zealand operator unveils plan for methanol-ready coastal RO/RO New Zealand's MOVE Logistics Group (MOVE) says it is going full speed ahead on green coastal shipping solutions, using a methanol-ready RO/RO. Earlier this year, MOVE successfully secured $10 million (about US$
NCDOT in new bid to auction off surplus ferry Back in January we reported that the North Carolina Department of Transportation had put its 1995-built car/passenger ferry Thomas A. Baum up for auction on the state's surplus property website. It seems
Hornblower to speak on green hydrogen at FERRIES 2022 With less than two months remaining, Marine Log's 35th annual FERRIES conference is set to make its San Francisco debut November 1-2, with a full lineup of expert owner, operator, green tech,
Lack of stability, hatch cover problems eyed in fatal sinking The National Transportation Safety Board (NTSB) has released its report on the November 17, 2020, sinking of the 82-foot commercial fishing vessel Emmy Rose. All four aboard-the captain and three deckhands-lost their
Deepening project at Long Beach gets approval The Long Beach Harbor Commission has approved a critical channel deepening project that is expected to ease cargo movement to and from the United States. The Port of Long Beach (POLB) and the federal government will share the costs, estimated at almost US$170 million, with the POLB's portion being estimated at US$109 million. "By improving navigation in Long Beach Harbor, goods will speed faster
COSCO reports record 2022 interim results The listed companies under COSCO SHIPPING have recently announced their 2022 interim results with COSCO SHIPPING Holdings achieving the best performance in history for the first half of the year. COSCO SHIPPING Holdings recorded an EBIT of US$13.6 million, representing a huge year-over-year increase of 92.2%, and realised a total pre-tax profit of US$13.4 million, a year-over-year increase of 95.
Excessive carrier profits at risk as decline in spot rates prompts renegotiation of contract rates, reports Shifl SHIFEX, a container spot freight rate index, recorded the lowest freight rate in 24 months between Shanghai, China and Los Angeles, US. The index shows a rate of US$3,500/40', which is a drop of 80% year-on-year (YoY). While the decline in rates has been slower between China and New York / New Jersey, the rates still tumbled from a high of US$19,600 in September 2021 to US$7,950 in September 2022
Yang Ming chairman: Market correction is "temporary" Yang Ming Marine Transport chairman Cheng Cheng-mount has asserted that the ongoing correction in container freight rates is just a blip and the market should not be worried that the segment could return to its pre-pandemic struggles. At an investment seminar organised by Taiwan Stock Exchange on 12 September, Cheng said that China's Covid-19-related lockdowns had caused the decline in freight ra
Major container lines make history with US$41.6 billion earnings in 2022 Q2 Danish maritime analysis company Sea-Intelligence looked at the financial and volume results posted by the major container carriers for the second quarter of the year. In terms of EBIT (Earnings Before Interest and Tax), the leading shipping lines recorded a combined EBIT of US$41.6 billion, except French carrier CMA CGM which has only issued a press release so far, which does not list their EBIT
Genoa terminal orders new Konecranes equipment Spinelli S.r.l. (Spinelli Group) has ordered the first Generation 6 crane to their fleet of Konecranes Gottwald Mobile Harbor Cranes at their terminal in Genoa, northwestern Italy. Konecranes said container handling operations at the Italian terminal will benefit from the improved performance of this crane, its doubled service life and its improved eco-efficiency. The order was booked in July 202
AD Ports Group completes acquisition of majority stakes in Transmar and Transcargo International AD Ports Group has announced the completion of the acquisition of a 70% equity stake in Transmar International Shipping Company and Transcargo International S.A.E. (TCI) for US$140 million in the first international acquisition by AD Ports Group. The value-accretive acquisitions of the two Egypt-based maritime companies provide AD Ports Group with a platform for further growth in container, cargo
Port of Savannah crosses 1 million TEU mark in two months In the busiest month in its history, the Georgia Ports Authority handled 575,513 TEUs in August, translating to an increase of 18.5% over the same month last year. Counting the July volume of 530,800 TEUs , the Port of Savannah's August performance made for the fastest period in which the po
American Shipping Company raising $40m to back offshore vessel deal Oslo-listed owner of Jones Act compliant tankers, American Shipping Company (AMSC), who earlier this year expanded its portfolio with the purchase of one of the most advanced offshore subsea construction vessels, is looking to raise around $40m via a private placement of new shares. The net proceeds will be used to partly finance the acquisition ...
Bordelon Marine lands new charter deal US offshore support vessel owner and operator Bordelon Marine has entered into a new charter agreement with Subsea 7 i-Tech US for the Jones Act-compliant ultra-light intervention vessel (ULIV) . The charter will see the 2013-built vessel utilised for one year, supporting inspection, repair and maintenance (IRM) operations and light intervention scopes for clients operating ...
Navios Partners offloads panamax bulker for $15m Angeliki Frangou's Navios Maritime Partners has agreed to sell a thirteen-year-old panamax bulk carrier for $15m. The New York-listed firm said it has offloaded the Chinese-built to an unrelated third party, with the sale expected to complete in the fourth quarter of 2022. The 75,162 dwt vessel bought in November 2019 for a reported price ...
Iberdrola sells 49% wind farm stake off Germany Spanish electric utility company Iberdrola has signed an agreement with Swiss-based Energy Infrastructure Partners (EIP) for the sale of a 49% stake in Wikinger offshore wind farm in the German Baltic Sea. The deal is valued at around €700m ($700m), and Iberdrola will maintain a majority stake in its first operational offshore wind farm in ...
Chinese methanol-powered newcastlemax bulker seals design approval CSSC Qingdao Beihai Shipbuilding and China Ship Design & Research Center (CSDC) have developed what is said to be the world's first methanol-powered newcastlemax bulk carrier. Beihai Shipbuilding in Qingdao has cemented its place as one of the world's top manufacturers of newcastlemax bulkers, including those with LNG and ammonia-ready notation. CSDC said it realised ...
LNG carrier rates on a charge Rates for gas carriers are shooting up, passing $100,000 a day on the spot market this week in both the Atlantic and the Pacific, and they are even more firm for one-year contracts. According to investment bank Jefferies as of Monday LNG carrier rates remain on a strengthening trend with activity levels picking. Jefferies assesses ...
Sharma's shipowning unit highly active in the S&P markets Tanker secondhand prices have been on a tear for the past few months. One canny watcher of these price movements has been Anil Sharma, who has decided to cash in on some of the recent asset appreciation. Best known for his ship recycling activities at Global Marketing Systems (GMS), Sharma also controls Lila Shipping, a ...
Shearwater and WesternGeco agree multi-year seismic services deal Offshore seismic specialist Shearwater GeoServices has struck a multi-year deal with WesternGeco for geophysical data acquisition services and secured a new survey contract in Australia. The agreement enables WesternGeco access to Shearwater's full range of acquisition technologies, and global fleet of seismic vessels. "With our fleet of modern seismic vessels and global reach, we can ...
New look articulated tug and barge set to moves boxes across Brazil A new style of articulated tug and barge (ATB) is set to call across Brazil. Domestic carrier Alianca Navegacao e Logistica is pressing ahead with a project to build two sea-going 700 teu tug-barge sets for services along the Brazilian coast and on the Amazon River. Alianca ordered these cabotage vessels in late 2021 for ...
Transatlantic becomes most lucrative east-west trade The slide in spot earnings on the transpacific has been dramatic over the past month, and lines are redeploying ships to more profitable tradelanes. Alphaliner has crunched the numbers to work out the revenues per nautical mile on the main east-west tradelanes with the transatlantic coming out on top by some distance. Shanghai to California ...
New Zealand readies for its first methanol-powered ship New Zealand's MOVE Logistics Group (MOVE) is pressing ahead with a landmark order for a methanol-capable roro for the country's coastal trades. Earlier this year, MOVE successfully secured NZ$10m ($6m) in co-investment funds from transport agency Waka Kotahi to support the planned roro investment. The vessel design will include a methanol tank and pipework installation ...
FMC seeking public comment on proposed 'unreasonable refusal to deal' rule The US Federal Maritime Commission (FMC) is seeking public comments in response to a notice of proposed rulemaking (NPRM) issued yesterday implementing a requirement of the Ocean Shipping Reform Act of 2022 (OSRA) to define "unreasonable refusal to deal or negotiate" with respect to vessel space accommodation provided by an ocean common carrier. One provision ...
Biden administration takes steps to strengthen offshore safety standards The US Bureau of Safety and Environmental Enforcement (BSEE) has announced a new proposed rule that builds on reforms instituted by the Interior Department since the Deepwater Horizon tragedy in 2010 that killed 11 offshore workers, caused billions of dollars of damage, and has had lasting
Shanghai and Ningbo ports reopen as weakening storm passes Weather system has been downgraded to a tropical storm and expected to continue moving northward
US set to overtake Russia as Europe's largest crude supplier Norway and US imports replace Russian crude to Europe, already cut by a third since February, as Russia-India shipments rise...
Geopolitical events push TEN to higher-than-expected profit TEN says that stronger market conditions should continue 'for foreseeable future'
Zodiac's PCTC newbuildings push vehicle carrier orderbook to 87 Zodiac Maritime now has eight 7,000 car capacity vehicle carriers on order at Chinese shipbuilder CIMC Raffles after it exercised...
Further regulation needed to prevent shipping missing Paris targets Shipping said to be likely to significantly overshoot targets set by the Paris Agreement on climate change without further action
UK ports group considers new government's plans for sector British ports urgently need clarity on Brexit border controls after abandonment of earlier model, trade association urges
Egyptian vessel grounded on coral reef in Red Sea Damage to Gulf of Aqaba reef is said to be considerable after Sea Gate Management-operated Lotus grounded
Doubts cast over LNG's role as future fuel Engine slip means methane emissions will still double for shipping voyages in Europe by 2030, even if all fuel is...
Capesize market stages dramatic rebound Futures market has been pricing in a recovery which, with 'seasonally favourable dynamics', could potentially build into something bigger, says...
Reefer rates to pull back as congestion eases Reefer volumes are expected to remain largely flat this year. Better port productivity should lead to more capacity and lower...
Demand growing for future-fuel ready engines Europeans are reported to be considering steps from LNG to methanol to ammonia, whereas Asian owners are preparing to jump...
Ports in China brace for typhoon Muifa Terminal operations at Shanghai and Ningbo halted as China's National Meteorological Centre says storm is forecast to be most powerful...
Yang Ming close to agreeing first boxship order in three years World's ninth-largest liner operator's last investment in newbuildings was in 2019 via a long-term charter deal with a Japanese non-operating...
Eagle Bulk expands fleet capacity with modern ultramax Company restores fleet to 53 vessels after sale of supramax in August
Hyundai Glovis wins record car transport deal Three-year deal worth $1.6bn to transport vehicles to Europe, the US and Asia begins in 2023. The easing up of...
Deadline looms on US rail workers' labour talks Association of American Railroads says the economic impact of a nationwide railroad strike could be more than $2bn a day
Daily Briefing Energy price cap spells confusion for shipping | Shipowners and oil cartel stay upbeat on market fundamentals | Operation starts...
Shenghang Shipping buys chemical tanker pair amid market boom The purchase of the two vessels will help the Chinese shipowner expand its presence in the overseas shipping of dangerous cargo
Confidence waning as ports, rails prepare for strike While railroad management and unions were meeting with US Labor Secretary Marty Walsh to avert a strike, confidence is waning as shippers, railroads, and ports prepare for a shutdown early Friday.
Concerns mount over pace of ILWU talks amid rail strike threat Although West Coast longshore labor and management in July announced progress in the form of an interim agreement on health benefits, headway in recent weeks has been minimal on what are considered far more difficult issues.
Wan Hai focuses on trans-Pacific to drive revenue, liftings The trans-Pacific accounted for 18 percent of Wan Hai's total liftings in the first half of the year, up from 12 percent in the year-ago period.
Structural support erodes for record ocean rates: analyst There is no longer structural support for historically high ocean rates, although the softening taking place now is more of a market correction and not yet a true downturn, writes JOC analyst Lars Jensen.
Demand for mutually enforceable contracts helps NYSHEX land new funding NYSHEX has landed its third funding round in 24 months, a $25 million investment that supports the notion the shipping industry is starting to embrace mutually enforceable contracts.
Higher costs, poor vessel reliability continue to hinder US ag exports US agriculture shippers still face challenges and elevated costs in reaching overseas markets due to unexpected billing from ocean carriers and uncertain vessel schedules.
Railroad strike looms over US, but will it be a problem for ocean shipping? An extended work stoppage could be a blow to container traffic, particularly at West Coast ports, but analysts do not see that as likely
Capesize bulker rates jump 45% in a day to reach five-week high Spot market gets boost from storm hitting North China Sea and China resuming building, but average spot rates are still historically and seasonally low
Gastech: 'Gassing' in Milan gets loud as US LNG producers take centre stage Old and new associates revel in return of in-person mingling as exhibition goes Italian, writes Lucy Hine from Milan
American Shipping Co looks to private placement to shore up offshore vessel purchase Financing will back company's first purchase of a vessel that is not a Jones Act tanker
'The buyer is further away': Russian oil at sea hits near-record highs, analysts say Data shows longer journeys and difficulties of finding customers for Russian oil increase time at sea in tonne-mile boost
Green Seas: LNG fuelling in focus as green groups ask EU to turn up heat on methane emissions Our weekly environment newsletter looks at efforts to tighten EU rules on shipping's leading alternative fuel
Zeaborn targets fleet of 150 vessels in preparation for low-carbon era German ship manager sees decarbonisation as one of the greatest challenges
Tsakos boosts dividend by half after record tanker profit Owner is optimistic that tanker bonanza will carry into second half of the year
Charterers worried as last PSV leaves lay-up in North Sea Brokers say there is no slack in the system after 60 ships were sold out of oil and gas sector
Chevron books Angelicoussis and Polembros suezmaxes at average-busting rate US oil major pays way above average spot rate to secure Mediterranean tankers for up to three months
Trader Aline Vaz heads Monjasa push into Brazilian bunker market Danish group sets up shop in Rio and charters barge in 'challenging' sector
P&I rate rises will soften, predicts broker Gallagher Financial pressures are easing on the mutuals, but more mergers are expected
Coveted ice-class aframaxes keep secondhand market spinning Sale talk highlights the premium buyers pay to tap northern winter trades
'Large spike': European imports push MR tanker rates up 45% in a day Brokers and analysts explain significant movement in earnings for clean tanker workhorses this week
Start-up launches cloud-based charter platform for shipowners and brokers Dutch tech company licensed to use Bimco forms
Navios Partners sheds another bulker as it fixes $210m of new finance Dry fleet renewal continues with panamax disposal
Will trapped vessels miss UN grain ticket out of Ukraine? Tankers and container ships appear unable to leave after seven months stuck in Black Sea ports
Bunker Holding targets more ships for greener fuel deals First ESG report for Danish group looks to cleaner fuel delivery future but accepts that 99% of current carbon emissions come from the fuel it sells
MPC investment guru off to a flier in shipping's fantasy football league Read on to find out why Mo Salah is like heavy fuel oil and Erling Haaland is ammonia
Start-up launches cloud-based charter platform for owners and brokers Dutch tech company licenced to use Bimco forms
'Large damage' to coral reef as Egyptian ro-ro grounds off Jordan Vessel is operated by same company whose Flower of Sea caused oil spill in August
Oil price cap piles pressure on P&I insurers to police sanctions Latest price cap plan will leave underwriters with complex administrative process
CIMC Raffles rakes in car carrier orders worth $255m as pressure weighs on tonnage supply The Chinese shipyard is sitting on an orderbook of 12 LNG dual-fuel PCTCs
Maersk Supply rolls out vegetable oil fuel option across its fleet Danish owner has successfully trialled a biofuel and gasoil blend on its ships
MOVE orders methanol-ready ro-ro for operation next year New Zealand group unveils design for new ship backed by state funds
NCIS and US Marshals offering $40,000 reward in hunt for 'Fat Leonard' Boss of Singapore company on the run after cutting off GPS monitor whilst under house arrest
Study questions renewable LNG fuel's impact without more subsidies and an end to methane leaks Slippage from vessels and upstream fugitive emissions could double methane pollution by 2030 even if renewable LNG is used
G7 cap and energy purchases likely to be on the agenda at Xi-Putin meeting Russia will be keen for China to take a greater share of its commodity exports in the wake of Western sanctions
Transport strikes put supply chains under duress again Labor actions are creating great uncertainty for rail shippers in the U.S. and for air and sea cargo in Europe.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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