Eagle Bulk reports record full year profit "Despite a weaker rate environment, our Q4 results cemented a record annual profit of roughly $250 million for 2022," said Gary Vogel, CEO of Stamford, Conn., headquartered Eagle Bulk Shipping Inc. (NYSE:
Edda Wind orders CSOV quartet at Vard Haugesund, Norway, headquartered Edda Wind ASA has agreed for contracts four newbuild commissioning service vessels) with Fincantieri's Norwegian-based subsidiary Vard. The price is EUR 63 million (about $67 million) per ship, exclusive
PODCAST: Jones Walker gives inland waterway infrastructure update In this edition of Marine Log's Listen Up! podcast, we talk to Jim Kearns, special counsel for law firm Jones Walker LLP's maritime division, to discuss the latest developments in inland waterway
ShibataFenderTeam enhances Tibar Bay Port with new fender systems Tibar Bay Port's equipment now includes 41 sets of CSS Cell Fender Systems developed by ShibataFenderTeam (SFT) to securely handle larger vessels at the new port. According to a statement, each one is made up of a single rubber fender section and a closed box panel with UHMW-PE pads. The extent of the project also included 22 Staghorn Bollards and ten Steel Ladders. ShibataFenderTeam has also pro
Understanding Utility Prices in the UK Due to the increasingly volatile energy market, staying ahead of the curve with regards to understanding utility prices in the UK is crucial for businesses. With an ever-changing landscape, rooted in fluctuations in the cost of energy, it is important to stay informed in order to make the most cost-effective decisions. This blog post will help provide an in-depth insight into the various factors
SCZONE and HEPA sign cooperation agreement to develop ports information systems Suez Canal Economic Zone (SCZONE) and Hungarian Export Promotion Agency (HEPA) signed a cooperation protocol aiming to exchange experiences, collaborate to support investments, and work on creating initiatives and information systems in SCZONE's affiliated ports. Furthermore, the collaboration agreement will execute training and development programmes for SCZONE's human personnel, and support dev
Hapag-Lloyd increases rates from Middle East to US Hapag-Lloyd has announced updated container rates from the Middle East to North America and, in particular, from India, Pakistan, United Arabic Emirates, Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and Sri Lanka to all the coasts of the United States. According to the "General Rate Increase (GRI) / General Rate Adjustment (GRA)" of the German carrier, the updated freight rates will be effective fr
MABUX expects global bunker indices to remain rangebound Marine Bunker Exchange (MABUX) worldwide bunker indices did not have a clear pattern and moved sideways during the ninth week of the year. The 380 HSFO index fell by US$0.46 to US$477/MT this week. In turn, the VLSFO index dropped by US$0.55 to US$666/MT, while the MGO index, on the other hand, increased by US$10.59 to US$949/MT. "The Global bunker market was experiencing erratic changes at the t
Maersk drops Doha port call on Arabian Star service Maersk announced the change of the port rotation of its Arabian Star service by removing the Doha Westbound call. The decision will be effective from the 17th week of the year. The current rotation of Arabian Star is Port Kelang (Malaysia)- Singapore - Tanjung Pelepas (Malaysia)- Jebel Ali (Dubai)- Doha (Qatar) - Hazira (India) - Colombo (Sri Lanka). The updated rotation after the 17th week will
FIATA urges box lines to return container usage free time back to pre-pandemic levels FIATA International Federation of Freight Forwarders Associations has urged shipping lines to review and reinstate the current free time periods back to no less than pre-pandemic levels. "Whilst the decision to reduce the free time periods was one-sided, market conditions have in the meantime changed, and justifications for status quo no longer remain valid," said FIATA in its announcement. Demur
Container lines' schedule reliability dips slightly at start of 2023 Sea-Intelligence reported that while schedule reliability continued to increase for much of 2022, in January 2023 there has been a month-to-month decline of 3.8%, reaching to 52.6%. Source: Sea-Intelligence.com, GLP Report, issue 138 Source: Sea-Intelligence.com, GLP Report, issue 138 Despite this decrease, schedule reliability in January 2023 was considerably higher than in the previous two year
Contecon Manzanillo, CMA CGM launch new block train service in Mexico for Walmart French carrier CMA CGM, Grupo México, a Mexican transportation company, and Contecon Manzanillo (CMSA), International Container Terminal Services, Inc. (ICTSI) subsidiary, running the Specialized Container Terminal of the North Zone of the Port of Manzanillo in Mexico, coordinated the operation of the first block train for Walmart de Mexico. CMA CGM-dedicated block train carried 216 containers, 2
HMM, best-performing carrier for carbon emission in Far East - US West Coast lane HMM was the best-performing carrier in terms of carbon emissions between Far East Asia and the United States West Coast in the fourth quarter of 2022, according to the Carbon Emissions Index (CEI). CEI is published quarterly by Xeneta, an ocean freight rate analysis firm, in partnership with Marine Benchmark, a data management specialist for the maritime industry, and demonstrates the carbon inte
New collective agreement for Finnish port workers ends two-week long strike The Finnish Transport Workers' Union (AKT) and the Finnish port operators have reached an agreement on the stevedoring industry's collective agreement after a two-week strike . The previous collective agreement expired at the end of January and the new one negotiated by AKT and the Finnish Port Operators' Association was agreed on 1 March. The length of the new collective agreement is 25 months,
Port of Sagunto's rail connection to the Mediterranean Corridor is progressing ADIF (Administrador de Infraestructuras Ferroviaria), Puertos del Estado, and the Port Authority of Valencia (PAV) officials and specialists reviewed the progress of train links that will connect the Port of Sagunto with the Mediterranean Corridor. The project has a US$39.1 million expenditure allocation with Valenciaport contributing US$26.8 million, while the European Union's Regional Developme
Feeder boxship collided with general cargo vessel in Japanese waters Two cargo vessels collided near the Higashi-Ogishima port in Yokohama, Japan at around 06:30 (Tokyo time) on 2 March. The two ships are the 698 TEU, Chinese-flagged, 2006-built boxship Hai Su 6, and the Japanese-flagged, 2011-built general cargo ship Misaki Maru. According to Maritime Bulletin's report, both vessels were sailing on the same route, from the port of Tokyo to the port of Yokohama. T
Hapag-Lloyd posts strong financial results amid steady box volumes Hapag-Lloyd has achieved significant growth in its financial results in 2022, compared to corresponding numbers one year earlier, while the German carrier's container volumes have remained steady. According to the company's annual report, Hapag-Lloyd's earnings before interest, tax
Edda Wind raises the CSOV bar with up to eight newbuilds at Vard Norway's Edda Wind has contracted Fincantieri-controlled compatriot shipbuilder Vard for the construction of up to eight commissioning service operation vessels (CSOVs) making it the top player in the offshore wind service vessel arena. The Oslo-listed company has booked four firm vessels, of which two are set to deliver in the first quarter of 2025, one ...
Altera Shuttle Tankers seals TotalEnergies suezmax fixture Altera Shuttle Tankers has sealed a deal with French energy major TotalEnergies for the charter of its 2013-built suezmax . The company did not disclose the value of the contract but said it was for 22 months with options attached for TotalEnergies to extend the charter for an additional two or four months. The contract ...
Excelerate Energy extends FSRU charter in Dubai New York-listed floating regasification specialist Excelerate Energy has secured a time charter extension from Dubai Supply Authority (DUSUP) for the FSRU. The 2008-built 150,900 cu m vessel had around three years remaining under its existing charter, which has now been extended by an additional five years from the fourth quarter of 2025. The FSRU ...
BW Energy warns of deal delays as Brazil pauses Petrobras divestments BW Energy, an affiliate of Singapore's BW Group, has warned that Brazil's request for Petrobras to halt the sale of assets for 90 days may delay the completion of purchases it agreed with the state-run oil giant and Saipem last year. The Oslo-listed company has been informed by Petrobras of a review of the Golfinho ...
Inpex buys into UK offshore wind farm Japanese oil and gas major Inpex has acquired a 16.7% stake in the 950 MW Moray East offshore wind farm in Scotland from Mitsubishi Corporation for an undisclosed sum. The wind farm has been in commercial operation since April 2022 and is majority owned by Ocean Winds, a joint venture between Engie and EDP Renewables, ...
Subsea 7 to take offshore wind player Seaway 7 private Kristian Siem's Subsea 7 has moved to take its offshore wind specialist Seaway 7 private, having struck a deal with Songa Capital, West Coast Invest and Lotus Marine to take over their shares in the company. The deal includes 187.9m shares worth around NOK1.15bn ($112m) representing 21.52% of Seaway 7. As a result, Arne Blystad's ...
Saipem looks to partially offload offshore drilling assets Italian energy services contractor Saipem is targeting a €750m ($797m) raise from the partial sale of assets in its offshore drilling business. Last year, the Milan-headquartered firm announced plans for a capital increase of around €1.5bn through asset sales, some of which it already achieved through the disposal of its onshore drilling business to KCA ...
Geared dry bulk market 'on fire' Supramaxes, especially geared ones, are hot property this week with rates the envy of all other bulk classes as strong demand in both basins propels earnings. Broker Fearnleys has recorded an all-time high count of vessels heading to load and discharge countries in the North Atlantic. At the same time, demand is recovering strongly in ...
Subsea 7, Siem Offshore and Kongsberg Maritime team up to optimise floating wind ops Subsea 7, Siem Offshore and Kongsberg Maritime have joined forces to look at optimisation of marine operations for floating wind projects. The study's main goal is to identify gaps in existing marine operation methodologies and equipment capabilities in order to enable robust and efficient execution of largescale floating wind developments planned for the Norwegian Continental ...
Höegh Autoliners buys back another vessel Höegh Autoliners has agreed with the owner of the leased vessel to terminate the bareboat charter and purchase the vessel for $34.25m. Höegh Berlin was built by Höegh at Daewoo Shipbuilding & Marine Engineering (DSME) in 2005 and has a capacity of 7,850 ceu. The vessel was sold in in 2009 and chartered back to ...
Gatik Ship Management's fleet value surges past $1bn India's Gatik Ship Management assault for tanker tonnage continues as it emerges as the taker of a ship sold by Belgian tanker owner Euronav. Euronav revealed last week it had sold the 16-year-old suezmax . Brokers have put a $41m price tag on the deal with shipping database Equasis showing Gatik as the new owner, ...
Concern grows about size of spill from sunken product carrier off Philippine island The Department of Environment and Natural Resources (DENR) in Manila has warned that Tuesday's product tanker sinking off the coast of Mindoro island could lead to an oil spill with a radius of 40 km, harming up to 21 protected marine areas. The laden ship's engine overheated early on Tuesday morning, having encountered rough weather ...
Chinese bulk carrier sinks off Sakhalin island A Chinese bulk carrier that was holed by ice off Russia's Sakhalin island sank yesterday. The forepeak of the was breached over the weekend, with the bow of the ship becoming submerged. Despite salvors best efforts, the vessel, carrying 29,000 tons of alumnia, sank in waters of around 250 m depth. The 21 Chinese crew ...
Bahri and the Suez Canal Authority look to form shipping JV Saudi Arabia's flagship shipping line Bahri has signed a non-binding memorandum of understanding with the Suez Canal Authority (SCA) to establish an Egyptian joint-stock shipping company. Bahri said the planned new entity would specialise in owning, leasing, chartering, and operating vessels to transport general and bulk cargo, chemicals and oil. Established in 1978, Bahri Group ...
IMPA SAVE: A plastic bridge to the moon The global fleet's annual consumption of plastic drinking water bottles at sea could build a 1.5 m wide bridge to the moon every year, according to IMPA SAVE, an initiative launched under the umbrella of the International Marine Purchasing Association (IMPA). IMPA SAVE was formed in June 2020 to bring together members of the maritime ...
Bleutec Industries receives AiP from ABS for its marine installation vessels Houston-based Bleutec Industries Offshore Wind Services LLC has received approval in principle (AiP) from the American Bureau of Shipping (ABS) for the designs of its US Jones Act-compliant binary marine installation solution (BMIS), a range of vessels designed to operate simultaneously or independently in offshore wind developments. The BMIS includes a pile installation vessel (PIV), ...
US blacklists more than two dozen ships and entities for violating sanctions on Iran Vessels linked to shipping companies in the UAE, Vietnam, and China UAE are in the State Department's crosshairs for skirting...
FuelEU details hang in the balance as negotiations enter final stretch Final negotiations over the detail of fuel requirements included in the text of the EU's flagship package to catalyse the...
P&I chiefs differ over merits of move into hull and machinery Scandinavian clubs have blurred the line between the International Group and the Lloyd's market. But should British clubs follow their...
Bulk freight market sees firm lift China's latest PMI data points towards a faster-than-expected recovery. This helped to boost iron ore prices and in turn capesize...
Platts decision to exclude Russian oil in Asian bunkers pushes prices up The price reporting agency has stopped including Russia-origin oil in its Asian price assessments, as the invasion of Ukraine continues...
Former HNA shipbuilder seeks to let yard assets Jinhai has been in financial trouble since 2018, in line with debt-laden HNA group's asset selling after a years-long buying...
Himalaya Shipping takes delivery of first LNG dual-fuelled newcastlemax Company executive says he is not overly optimistic on the demand side
Hapag-Lloyd expects 'gradual normalisation of earnings' Cost pressures and lower freight rates will weigh heavy on the German carrier's bottom line this year, but chief executive...
Global Ship Lease keeps 'disciplined eye' on future acquisitions US-listed owner posts increased profits and believes fleet growth in its market segment will be 'negligible or even negative'
Shell doubles down on LNG bunkering for 'pragmatic' decarbonisation The energy giant does not plan to offer ammonia due to safety concerns
Chinese yard delivers first battery-hybrid ferry to P&O Ferries China's Guangzhou Shipyard has handed over the first of a pair of battery-hybrid ro-ro passenger vessels to the British ferry...
Chinese bulker sinks in Tatar Strait off Russia Bulker carrying 1.9 tonnes of aluminum oxide had its forepeak holed by ice floes on February 23
Labour uncertainty top of mind for retailers as service contract negotiations underway Unresolved labour contract weighs on retailers and shippers, but other factors affect the San Pedro Bay's competitiveness too
Shipping can achieve cost-effective decarbonised supply chain Shipping can also leverage on technology assets to encourage collaboration and information sharing
Philippines acts to minimise oil spill from sunken tanker Vessel was carrying 800,000 litres of fuel oil
MSC among shipping companies linked to $96.5m settlement over US oil spill As part of the settlement, pipeline operator Amplify Energy says it will dismiss all of its legal claims
TPM23: Carrier reliability, cargo flow expected to show gains in 2023 Although surprised by the magnitude of the January drop in vessel on-time arrivals in the trans-Pacific, analysts expect carrier performance to improve this year.
TPM23: Shippers face tricky balancing act in trans-Pacific service contract talks With memories still fresh of being shut out of capacity over the past two years and forced into a historically high spot market, shipper executives are headed into service contract talks mindful of the need to minimize costs while at the same time ensure cargo moves.
Breakbulk sector 'sitting on structural overcapacity': Dynamar While market indicators such as relatively high charter rates and a strong demand outlook are promising, the Netherlands-based maritime consultancy says the stability of the breakbulk market is by no means guaranteed.
TPM23: Intermodal providers banking on transloading surge Transloading is gaining popularity even as US imports have cooled in recent months, but shippers should weigh the pros and cons of transferring ocean containers into domestic boxes, TPM23 attendees were told.
TPM23: Container shipping readies for overcapacity-driven volatility From China to West Coast labor talks to the possibility of a rate war, a number of major factors weighed heavily on trans-Pacific service contract discussions taking place on the sidelines of TPM23.
US singles out low-profile Vietnamese shipowner in rash of blacklistings Golden Lotus Oil Gas and Real Estate has been moving Iranian petroleum products, US alleges
Zim fills up first dual-fuelled container ship with LNG in Shanghai Operation carried out by port group arm which owns LNG bunker vessel and Avenir LNG
This scuttling of an asbestos-riddled aircraft carrier shames shipping The very rules intended to ensure safe scrapping ended up with a leaky warship dumped on the Atlantic seabed
Mexican fishermen's odyssey ends happily thanks to Laskaridis ship Fishing boat had been drifting for weeks in the Gulf of Mexico
Mexican fishermen Odyssey ends happily thanks to Laskaridis ship Rescued fishing boat had been drifting for nearly three weeks in the Gulf of Mexico
Frontline stock to soar as investors wake up to duration of tanker boom Clarksons Securities says Fredriksen company's share price could jump from NOK 190 to NOK 350
Dubai Supply Authority extends time-charter on Excelerate Energy FSRU Regasification vessel now tied up until end of this decade
UK's sanctions enforcer to lay out price-cap policy in online sessions Treasury unit says it could impose fines of more than $1m for a breach of the cap
Carsten Wiebers: Here's how to reverse 40% decline of the German merchant fleet But the veteran banker's solution may not be what shipowners want to hear
'Dark' fleet tanker released from Greek detention Tanker tracking groups claim the Vietnamese-owned suezmax has hauled Russian and Venezuelan oil
Hafnia's Mikael Skov pockets stock worth $8m as share price soars CEO and finance chief rewarded under options programme dating back to 2019
GasLog offloads last fully-owned LNG steamship in frisky secondhand market Talk emerges of likely Greek buyer of 17-year-old vessel that is currently being used as storage unit
Altera Shuttle Tankers brings in KNOT aframax and fixes out suezmax to TotalEnergies Fleet expansion remains on the cards as owner is back in the black
Lasse Kristoffersen will see net-zero in shipping even if he 'works till 90' Wallenius Wilhelmsen boss determined to lead decarbonisation
Historically weak yen means BW LPG is in the money on VLGC purchase Singapore group has managed to buy low and sell high with its latest deals
New insurance partnership to tackle port cyber threat Ramsomware groups have been targeting critical infrastructure
Siem buys out Blystad and others in $114m Seaway 7 take-private deal Merger venture between renewables division of Subsea 7 and OHT has not run smoothly
Top Ships halts equity sales, as revenue and profitability soar Evangelos Pistiolis-led outfit sets out to stabilise the trading of its shares
Back to the future: Hapag-Lloyd sees profits falling to earth Carrier says earnings could fall by $15bn in 2023 as container markets normalise
LNG carrier and bulker take evasive action after 'approach' off Yemen Vessels speed up as two crafts and a larger ship spotted east of Socotra
Flooded handysize bulker holed by ice sinks off Russia Salvage operation could not save the Yong Xing 56
Green revolution 'firmly underway' with 40% of container ship orderbook Orders rise for methanol boxships as LNG and conventional fuelled vessels lose their lustre
Avance's Kalleklev takes swipe at dividend 'braggers': 'We plan to pay out everything' VLGC player set to hand out 100% of earnings in future quarters, executive chairman says
Singapore's Penguin books seven-CTV order from Ireland's Farra Marine Shipbuilder continues pivot to Europe's growing offshore wind market with latest orders
Second settlement reached with MSC, Cosco and Costamare affiliate after 2021 California oil spill MSC again denies responsibility as it agrees to pay $96.5m alongside Costamare-backed outfit and Cosco
Hard landing? 2023 could be Hapag-Lloyd's 3rd-best year ever Shipping lines like Hapag-Lloyd have suffered sharp rate falls from the peak, but they're nowhere near financial distress.
Kuehne+Nagel logistics profit plunges but still 2nd-best quarter ever Kuehne + Nagel had a highly profitable year in 2022 despite macroeconomic headwinds, but results fell considerably in the fourth quarter along with transport demand.
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