Three former Austal USA execs face DOJ and SEC charges The U.S. Department of Justice reports that a federal grand jury returned an indictment on March 30 charging three men with orchestrating an accounting fraud scheme at Austal USA LLC, a wholly
"Human error" seen in $7.7 million Cathlamet ferry strike on piling Washington State Ferries (WSF) has released the findings of its investigation into the July 28, 2022, incident in which its 328 foot long ferry M/V Cathlamet struck one of the mooring dolphins
New FMD high-speed engine to be tested for Navy's LUSV platform Within months of its introduction, Fairbanks Morse Defense's new high speed engine, the nForcer, is to be tested for the Navy's large unmanned surface vessel (LUSV) platform. FMD has been contracted to
Prop SF aims to have 50 Beluga24 ferries in U.S. operation In partnership with Swedish-based Green City Ferries, San Francisco area ferry operator Prop SF has ambitions to operate the first fast electric ferry in the U.S. by 2024 and a fleet of
Wan Hai holds naming ceremony for new 3,000 TEU container ship Wan Hai Lines conducted a ship naming ceremony for WAN HAI 331, which is the first vessel in a line of 3,000 TEU container ships constructed by Taiwan's CSBC Corporation. The new vessel has a total length of 209 meters, a width of 33 meters, a draught of 11 meters, and a maximum cruising speed of 20 knots. In addition, WAN HAI 331 will be delivered in April 2023 and deployed in Asia trade service
Konecranes' new Zero4 programme to receive over US$75 million Konecranes launched its new Zero4 research and innovation programme to improve the industrial productivity and competitiveness of Finnish companies. Business Finland has granted more than US$75 million to Zero4, part of its broader "Veturi" programme that aims to boost research, development and innovation activities in Finland and create new jobs in the coming years. During the past years in Finl
Solent Freeport appoints its first chief executive Solent Freeport in the United Kingdom has announced that James Hassett will be its first chief executive and will take over its duties from June 2023. "This addition aims to drive forward the Freeport to become an established hotbed for innovation, a national hub for global trade and investment, and a catalyst for regeneration through the creation of high-skilled jobs," said Solent Freeport in a
Seven candidates for Secretary-General of International Maritime Organization Seven International Maritime Organization (IMO) member states have each nominated a candidate for the post of Secretary-General of IMO to take over duties from Kitack Lim, which will step down on 31 December 2023. The IMO Council at its 128th session, in December 2022, approved the procedures for holding the election of the Secretary-General at the July 2023 session of the Council (C 129). The el
PSA Cargo Solutions and BDP International form new brand PSA International's business unit, PSA Cargo Solutions (Cargo Solutions) will combine with PSA's subsidiary BDP International to form a new brand, named PSA BDP. The new company will be led by Mike Andaloro who will serve as PSA BDP's CEO. At the same time, he will lead the new company's Sales and Operations. Earlier in April 2022, PSA International bought BDP and the new PSA BDP brand aims to bl
Rijeka Gateway becomes Adriatic's first box terminal with remote-controlled cranes Rijeka Gateway, the largest private infrastructure project in Croatia over the last decade, will be the Adriatic region's first port to use remote-controlled cranes and electric cargo handling equipment administered from a central control centre. Machine operators will control and monitor the equipment from a central room via large screens and instrument panels. In addition to comfort and continu
Boxship demolition slows to crawl The expected tsunami of container vessels sold for demolition is evaporating. Liner operators are intent on chasing market share despite the correction in freight rates, continuing to charter boxships. This has pushed up charter rates and dissuaded owners from scrapping more ships. Clarksons' Shipping Intelligence Weekly indicates that for all of March, just two container ships, MSC's 1989-built
Hapag-Lloyd implements new rate increase from East Asia to North America Hapag-Lloyd announced a general rate increase (GRI) from East Asia to North America for cargo transported in dry, reefer and special containers, including high cube equipment. More specifically, there will be a rate increase of US$800 per all 20' container types and a US$1,000 increase per all 40' container types. The German ocean carrier said the general rate increase will be applicable to all c
Port of Antwerp-Bruges opens new truck parking The new free parking facility with 280 parking spaces in Antwerp-Zeebrugge port opened on 31 March and in the near future, the parking area will also host fast chargers for electric trucks. After the truck parking Goordijk (210 spaces) on the Scheldt's right bank, the Port of Antwerp-Bruges is now launching the free parking Ketenis on Scheldt's left bank with 280 parking spaces. Port of Antwerp-B
Port of Haifa partners with Ravin AI to improve vehicle inspection process Ravin AI, an Israeli company that provides AI-powered visual inspection tools across fleet, rental, used car, and insurance industries, has announced its partnership with the Port of Haifa. More than 40,000 new vehicles enter the port each year, and Ravin will verify the physical integrity of each vehicle. In particular, with the partnership, Ravin's Inspect, Autoscan, and Eye platform will be im
COSCO, Hutchison Ports and PSA in eBL agreement Global Shipping Business Network (GSBN), Saudi Basic Industries Corporation (SABIC), COSCO SHIPPING Lines, Hutchison Ports and PSA International have signed a non-binding memorandum of understanding (MoU) to enable paperless trade. The agreement will see all signatories leveraging the electronic Bill of Lading (eBL) for export shipments by the shipper SABIC via COSCO SHIPPING's vessels to ports i
Crew members kidnapped from oil tanker Crew members of the seized Danish oil tanker Monjasa Reformer have been kidnapped, its owner Monjasa said in a statement after locating the ship in the Gulf of Guinea. However, the owner did not give details about the number and the nationalities of the crew members who are still with the pirates. The French Navy found the ship on 30 March after a frantic search off the coast of Sao Tome and Prin
Metrans acquires 51% stake in Croatian Adria Rail Metrans, a rail subsidiary of Hamburger Hafen und Logistik AG (HHLA), is expanding its network, especially to South-Eastern Europe. Metrans purchased a 51% stake in Croatian Adria Rail, which is a rail transport business that offers train transportation solutions from the Adriatic region to Central and South-Eastern Europe. Adria Rail also operates an inland terminal in the Serbian settlement of
Stolt Tankers and Junzheng Logistics JV taps Wuchang Shipbuilding for pair of chemical tankers Stolt Tankers' joint venture in China, Shanghai SC-Stolt Shipping has placed an order at Wuchang Shipbuilding for the construction of two chemical tankers. The first of the 9,200 dwt newbuilds is scheduled to be delivered at the end of 2024 and the second in early 2025. No price has been revealed for the duo which ...
Beks seals another tanker deal Turkish tycoon Ali Bekmezci, and his Beks Ship Management, continue to emerge as the buyer of older tanker units. So far this year, the outfit has had seven ships coming in while one ship has been shipped out. The active Turk is now identified as the taker of the STX-built, 74,000 dwt Energy Champion for ...
Castor Maritime flips another vintage bulker Cyprus-based bulker and boxship owner Castor Maritime has offloaded another ageing unit for a profit in a very short period of time. The Nasdaq-listed firm has sold its 2005-built panamax bulker to an unrelated third party. The 76,600 dwt vessel was bought from Pavimar in 2019 for around $10m and is now being sold for $13.95m. ...
Seven states enter race for IMO secretary general spot Seven people from four continents have thrown their hats in the ring to become the next International Maritime Organization secretary general. Since launching the process to elect a successor to Kitack Lim last December, Panama's Arsenio Dominguez, Nancy Karigithu from Kenya, Turkey's Suat Hayri Aka, Dominica's Cleopatra Doumbia-Henry and Moin Uddin Ahmed from Bangladesh have ...
Klaveness Marine exits car carrier segment Klaveness Marine has exited the vehicle shipping segment through the sale of its stake in Norwegian Car Carriers (NOCC). The private company, controlled by Tom Erik Klaveness and his family, has sold 50% of NOCC to US banking giant JP Morgan for a reported price in excess of NOK1bn ($96.3m). "Our investment goes back more ...
Cosco Shipping Specialized Carriers eyes nearly $510m raise for fleet growth Cosco Shipping Specialized Carriers is looking to raise up to RMB3.5bn ($509m) to fund fleet expansion. A unit of Cosco Shipping Group said it plans to use the proceeds for the leasing of 29 multipurpose pulp carriers between 62,000 dwt and 70,000 dwt. The funds would also be directed towards a 65,000 dwt semi-submersible heavy ...
Saipem reveals $650m worth of new offshore contracts Italian energy services contractor Saipem has sealed five new deals worth a total of around $650m. The Milan-headquartered firm has confirmed the award by Azule Energy for the Agogo full-field development project offshore Angola. The contract covers the engineering, procurement, construction and installation (EPCI) of rigid pipe-in-pipe flowlines with associated subsea structures. Saipem will mob
J. Lauritzen signs for methanol-powered bulkers in Japan Denmark's J. Lauritzen has signed a letter of intent with Tsuneishi Shipbuilding for the construction of at least two methanol dual-fuel kamsarmax bulk carriers. The 81,200 dwt vessels, capable of running on green methanol and biodiesel, will be among the very first zero-emission capable bulkers in the world, J. Lauritzen said. The units will be ...
Tanker tonne-mile picture shifts again with OPEC's surprise cut The ever shifting seaborne oil map has received another jolt with OPEC+'s surprise 1m barrels per day output cut. The news comes as analysts had been talking up prospects for tanker tonne-mile growth. Analysts at Jefferies described the decision by the oil producing cartel to cut output from May as a negative development for VLCCs, ...
Box scrap candidates find new trading owners The predicted wave of boxships heading for demolition is proving to be a trickle. Ships are still making money, whatever their age, and demo candidates are finding new owners rather than the blow torch. Around the start of the year many of container shipping's top analysts were predicting hundreds of thousands of teu worth of ...
Nicolas Saverys plotting to take Exmar private Nicolas Saverys is planning to launch a voluntary and conditional public takeover bid for all shares in Belgian gas shipowner and infrastructure provider Exmar. Saverys' investment vehicle Saverex would offer €12.10 in cash for each share it does not already own, a premium of 24.74% over Exmar stock's closing price on March 31 and some ...
Chinese selling capes Chinese owners are selling capes. March was an active month for Chinese accounts, with a string of prominent players tapping into the ongoing upturn for cape prices. Owners deciding to let go include Hong Kong cape specialist Peter Mok, and his Vision Ship Management, who has let go of one of his three remaining Chinese-built ...
Liner shipping forecast to make $43.2bn profit in 2023 A usually reliable source of container financial forecasts has made a call on 2023 fortunes for the liner industry, suggesting this year could be the third-best combined annual results in the history of the sector. John McCown, whose Blue Alpha Capital quarterly liner profit reports have become essential reading during box shipping's record earnings run ...
COSCO orders four 16,000 teu ships COSCO has placed orders for four 16,000 teu ships at its affiliated yard in Yangzhou for an undisclosed price basis delivery in the second half of 2025. According to Maersk Broker, the last vessel in the series will have methanol dual fuel propulsion, while the first three will have engines ready for methanol conversion. Last ...
BW Offshore stretches deals for ageing FPSOs in Africa with one being explored for sale BW Offshore has agreed two short-term extensions for the lease and operation of its floating production, storage and offloading units operating in Africa while it explores the potential sale of one of them. BW Group's Oslo-listed floater specialist has stretched its deal with Eni's subsidiary Nigerian Agip Exploration, to keep the 1976-built FPSO unit Abo ...
Lotus rolls out 53 ft container offering across North America German container leasing firm Lotus Containers has extended its product line with 53 ft intermodal containers aimed at the North American market. It follows on from the group's launch last summer of CARRIER53, a shipping line focused on the carriage of these oversized boxes. Among the advantages of 53 ft containers, according to Lotus, are ...
APM Terminals gears up for significant expansion at Rotterdam APM Terminals has announced a massive EUR1bn ($1.08bn) expansion of its Maasvlakte II terminal in Rotterdam. The project involves a site of approximately 47.5 ha with 1 km of deepsea quay. The Port of Rotterdam Authority is now constructing the new quay walls, which will be completed by mid-2024. The expansion will increase the terminal's ...
Sembcorp Marine rebrands as Seatrium Fresh from its combination with Keppel Offshore & Marine, Sembcorp Marine will rebrand to Seatrium, pursuant to shareholder approval. The new name is a "reflection of the business and its aspiration to be a premier global player providing innovative engineering solutions for the offshore, marine and energy industries", the company said in a release. Singapore's ...
ADS takes option on VLCC stake Terje Bodin Larsen-led ADS Maritime has declared an option to keep its stake in VLCC for another year on the back of a positive market tanker market outlook. The Oslo-listed company bought into the Taiwanese-owned vessel in May 2022 and holds a 20% stake. "We think this is an attractive opportunity to continue our exposure ...
SBM Offshore fixes $1.63bn financing for Brazil-bound FPSO Dutch floater specialist SBM Offshore has secured $1.63bn project financing for the floating production, storage and offloading (FPSO) vessel Almirante Tamandaré set for Pertobras' Búzios field in the Santos Basin. The financing is provided by a consortium of 13 banks, composed of five separate facilities with around 6.3% weighted average cost of debt and a ...
War in Yemen and risks to shipping Shaun Robertson, an intelligence analyst at Palaemon Maritime, on the ongoing threats to commercial shipping brought about by instability in Yemen. Despite the removal of the Indian Ocean high-risk piracy area at the beginning of 2023, security in the area is at risk from other threats. Notably, the civil war in Yemen is a primary ...
NKT wins $543m UK wind farm cabling contract Danish offshore cabling specialist NKT has been awarded a €500m ($543.5m) supply contract for the delivery of an export cable system to the Ørsted-developed Hornsea 3 project in the UK. The contract covers the design, manufacturing, jointing and termination of the system, which will include two circuits with a route length of around 170 km ...
SFL offloads chemical tankers as latest suezmax sale fetches higher price John Fredriksen-controlled diversified owner SFL Corporation has agreed to sell two of its ageing chemical tankers and landed a stronger price on its previously reported suezmax disposal. The New York-listed company has offloaded the 2008-built 17,000 dwt units SFL Elbe and SFL Weser, former Maria Victoria V (pictured) for $19.5m on a debt-free basis. The ...
Ports of Indiana seeking new operator of international agricultural shipping terminal Ports of Indiana has issued a request for qualifications (RFQ) to identify potential operators of the international agricultural shipping terminal at Ports of Indiana-Burns Harbor, located at the south end of Lake Michigan, close to Chicago. The 7m-bushel terminal has transload capabilities for ocean ships, lake vessels, river barges, unit trains and trucks. This is ...
Former executives at US navy shipbuilder indicted for fraud Defendants accused of falsely inflating reported earnings of shipbuilder that constructs naval and coast guard vessels, federal prosecutors said
Port of New York and New Jersey moves most cargo in February Despite a sharp year-on-year decline, the port moved just 2.4% less cargo than in February 2019 last month
Shipping more attractive to bankers despite Credit Suisse collapse Rare conjunction of high interest rates and simultaneously strong markets in all three key industry segments making lending to shipping...
Cosco unit aims to raise $500m to fund fleet growth Company controls a fleet of 18 pulp carriers in service, with 19 on order. It is said to be ordering...
Vessel cascading returns to boxship market Boxship deployment is reverting to previous historical trends. Newer, larger tonnage is again pushing older vessels on to lower volume...
Saverys plan to take Exmar private Exmar board has 'unanimously resolved to support and recommend the bid'
Oil production cut not expected to derail tanker boom Long-term fundamentals remain firm given the absence of a severe global recession. Current VLCC time charter rates are said to...
Greeks stress shipping's need to play key role in EU green plan Decarbonisation of sector must be ambitious but also realistic, says union head Melina Travlos
Euronav says large tanker market positioned for long upcycle War in Ukraine, the US reserve build-up, new emissions rules and a possible return of Chinese demand all look good...
Turkish hopeful to lead IMO pledges to work for seafarers Türkiye has secured Greek support in the upcoming elections for IMO secretary general following high-level discussions in exchange for support...
IMO leadership race wide open as China and Finland vie for power China and Finland have entered the leadership battle at the IMO, skewing previous odds that suggested Panama was the country...
J. Lauritzen orders methanol dual-fuelled kamsarmaxes backed by Cargill Cargill will operate the vessels, which are being built at the Tsuneishi yard in Japan
APM Terminals to expand Rotterdam's Maasvlakte II Maersk's flagship European terminal is expanding capacity with another 1,000 m of quay space
MOL expects record-high profit for second consecutive year 'Thanks to a strong shipping market and the effects of a depreciating yen, our financial results for the past fiscal...
Yangzijiang Shipbuilding to acquire a Singapore office for $399m Unit of shipbuilder buying 39 Robinson Road, a 21-storey freehold commercial building in Singapore's Central Business District
China's coal and steel demand expected to remain stable Risks include a weak property market and a possible steel production cap by the government. Long-term prospects seem bleak
The week in newbuildings: Vehicle carrier orderbook hits 138 ships China Merchants Energy Shipping firms up a shipbuilding contract for two methanol-fuel large car and truck carriers, while HMM has...
The week in charts: Türkiye's bulk exports decline | Broker warns of 'Mexican standoff' | Containership demolition sales on rise Türkiye's bulk exports drop after last month's earthquakes, secondhand tanker values could see movement, and boxships head for recycling
Adani's east India terminal receives first LNG cargo Terminal's operations forecast to boost India's regasification capacity to 47m tonnes per annum
Daily Briefing Majority of tankers shipping Russian oil comply with price cap | The Ukraine effect: Black Sea trade one year on...
NY-NJ gets rail grant as port seeks to grow intermodal franchise The Port of New York and New Jersey aims to complete a project in the next two years designed to speed the movement of intermodal trains as other ports along the East Coast jockey for discretionary cargo.
Cosco reports $19 billion profit for 2022, but outlook comes with 'challenges' A series of challenges lies ahead for the container shipping industry, but the effects of slowing demand and a surplus of capacity will be softened by a record financial performance in 2022.
Carriers implement sailing cuts amid berth work at India's JNPT On top of erratic berth availability at JNPT, ocean carriers have received a cost escalation blow with India's national port regulator approving significant tariff hikes at two key terminals.
CMA CGM air cargo deal with Air France-KLM takes off The 10-year partnership between Air France-KLM and CMA CGM will dramatically expand the available air cargo capacity and global network of the France-based fleet.
Shipper savings to rocket in 2023 at expense of carrier profits: analysts The normalization of container shipping markets on the major trade lanes out of Asia will slash carrier profits this year, but falling rate levels will also yield significant savings for shippers.
Shipping reform would not have prevented pandemic-era disruption: analyst While it may be easy to understand the desire to fix container shipping's perceived problems with government intervention, no amount of reform would have prevented the shortage of capacity or record freight rates during the pandemic disruption, writes analyst Lars Jensen.
APM plans to double container capacity at Rotterdam terminal APM said the new section of the terminal will operate with net-zero emissions and be fully automated and prepared for shore power installation.
Finland emerges as surprise European candidate as China joins election race for IMO head Cyprus drops out of election to be next IMO secretary general as seven candidates confirmed for July election
Goran Gogic in plea negotiations in MSC drug smuggling case Former boxer's lawyer requests to push back a hearing because negotiations over a plea were 'early stages'
Finland the surprise European candidate as China joins election race for IMO head Cyprus drops out of election to be next IMO secretary general as seven candidates confirmed for July election
Big commodity traders withdraw from Russian grain business Louis Dreyfus Co, Viterra and Cargill seek to disentangle themselves from direct dealings with Russia
Three Austal USA executives indicted for allegedly cooking books to meet analyst consensus Executives accused of artificially lowering shipbuilder's construction costs by $438m over 3.5 years, SEC says
Independent Freight Forward Agreement Association committee launches with an all-star cast Baltic Exchange appears to have given its blessing to the breakaway organisation
Imperial Petroleum cuts debt by a third after repaying DNB loan US-listed bulker and tanker owner says it is now net-debt free
Giants MSC and CMA CGM keep container ship markets bubbling Secondhand ships purchased by MSC amount to the world's seventh largest carrier
High court rules in favour of Smit in legal row over Ever Given salvage Court rules Japanese shipowner had not agreed to contractual salvage terms with Smit
Brave steps up buying spree with capesize pair from Goodbulk The Vafias group skillfully combines dry bulk expansion with tanker asset play moves
'Sharp correction' slashes VLGC rates by 41% Narrowing price gap between US and Asia sees heat taken out of the market, Clarksons Research says
EU backs Hanwha Group takeover of shipyard DSME The bloc's competition authorities had previously blocked a deal by HD Hyundai for the South Korean shipyard
Delfin Midstream poised to give go-ahead to first FLNG unit for US Gulf The company is already in talks with offtakers on floater number two as it basks in fresh investor interest in LNG
Podcast: Cruise sector says 'we need new fuels' as carbon takes centre stage Green Seas audio edition visits the Seatrade Cruise Global conference in Fort Lauderdale, where greenhouse gas emissions were prominent on the agenda
Ports and contracts among new frontiers for digital transformation at Cargill Ocean Optimising port time requires not just data but ensuring all vessels at a terminal are on board
Global fleet will need 200 wind vessels at a cost of $20bn, say Clarksons UK shipbroker says newbuilding costs may have gone up, but rates are also soaring
Chevron and NewMed select yards for Leviathan FLNG dual FEED contracts Long-planned floating LNG plant off Israel moves forward again, almost nine years after shipbuilders bid for earlier floater
Tomini bulk carrier rescues Malaysian families from capsized boat UAE owner praises selfless actions of crew in Philippines waters
Salvors seek to plug leaks from sunken tanker off the Philippines The wreck is at a depth of 400 metres with more fuel and oil cargo still onboard
Opec+ production cuts to hit tanker trades Analysts predict less oil on the water as a result of Saudi-led cut
Euronav plots $242m catch-up dividend after bumper profit Belgian tanker owner releasing cash withheld while work was being carried out on Frontline merger
Cargill moves for more methanol-fuelled bulk carriers by backing Lauritzen order Order is a vote of confidence for methanol as a zero-carbon marine fuel
Transport Capital hires HBC Hamburg bulk's former CFO Tom Zachariassen The fresh role in Singapore sees Zachariassen return his focus to the South and South East Asian markets
'Pure value investment': J Lauritzen takes stake in Scorpio's Eneti Danish investment company widens wind shipping reach following Cadeler deal last year
'I thrive on challenges': How Cargill's Eman Abdalla stumbled into shipping and couldn't turn back Operations director for a fleet of 700 ships sees different perspectives as priceless assets
Saverys to take Exmar private in $397m shareholder buyout bid Directors of the debt-free Belgian gas players are backing the offer
Klaveness Marine frees $96m by selling 50% stake in NOCC to JP Morgan Tom Erik Klaveness company has owned half of car carrier company since 2014
Goodbye Sembcorp Marine, hello Seatrium Limited Singapore's largest shipyard group is proposing a name change as part of its post-merger rebranding
SFL Corp exits product tankers - and ups suezmax price John Fredriksen-controlled tonnage provider says it will take an impairment of $7m on the deal to offload clean ships
Niels Stolt-Nielsen would rather pay top dollar for newbuildings than secondhand tankers Norwegian group's CEO says the cost of existing vessels is now too high for more acquisitions
Monjasa Reformer kidnapping toll rises to six after tanker found by French navy Vessel located six days after it was boarded off the Republic of Congo
ABS-led consortium aims to bring ammonia bunkering to US east coast Initial focus of study will be on containership market but with potential to expand to vehicle carriers
Last of the Doxford diesels gets the chop as recycling volumes hit three-year low An Indian drillship with a now unique engine was one of only three ships sold for recycling last week
VLCCs set to benefit from latest Saudi refinery investments in China, says Poten Deal cements Middle East producer's position as one of the key suppliers of crude oil to China for decades to come
Mighty fall: Container line profits plummet from historic peak The trend in container shipping is summed up by the adage, "The higher you climb, the further you have to fall."
Air France-KLM and CMA CGM activate cargo partnership Air France-KLM and French all-cargo carrier CMA CGM Air Cargo are combining forces to attract customers and better utilize their assets.
Port of Oakland terminal's prospect as A's stadium site advances A plan to convert the Howard Terminal at the Port of Oakland to a baseball stadium has moved forward, but the project's fate is far from certain.
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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