VIDEO: Fincantieri floats out Cunard's Queen Anne Carnival Corporation's tradition-steeped U.K. luxury cruise brand Cunard celebrated a major milestone yesterday with the float out of its newest ship, Queen Anne, at the Fincantieri Marghera shipyard in Venice, Italy. The
Guilty pleas in tanker illegal discharge and hazardous condition case Glyfada, Greece, headquartered Zeus Lines Management S.A. pleaded guilty on Monday in Providence, Rhode Island, to maintaining false and incomplete records relating to the illegal discharge of oily bilge and for failing
Weeks takes delivery of new push tug Recently delivered by Rodriguez Shipbuilding to Cranford, N.J.-headquartered Weeks Marine, the Boyce B is a 72- foot long by 30-foot beam push tug with an eye-level height of 31 feet. Designed by
Volume contraction slowing in North America West Coast ports, reports Sea-Intelligence In March 2023, the rate of contraction for laden imports across the major North American West Coast (NAWC) ports decreased on an annualised basis compared to 2019. "While this could very well be a temporary easing up, it could also be an indication of normalising market conditions," stated Alan Murphy, CEO of Sea-Intelligence. The following figure depicts the increase in laden incoming volume fro
Downward trend for bunker indices continues The global MABUX bunker indices demonstrated a sustainable downward trend. The 380 HSFO index experienced a further decrease of US$15.29, falling to US$481.70 /MT. The VLSFO index, in turn, also dropped by US$18.21, reaching US$604.61/MT and the MGO index declined to US$801.58/MT. "At the time of writing, the market continued to experience downward dynamics," commented a MABUX official. In Week 1
Megamax container ship OOCL Spain makes first call in Hamburg On 1 May 2023, one of the world's largest container ships, OOCL Spain, arrived at Hamburg's Container Terminal Tollerort. The vessel is owned by COSCO-owned ocean carrier Orient Overseas Container Line (OOCL) and has a capacity of 24,188 TEUs. OOCL Spain has a length of 399.9 metres and a width of 61.3 metres. The vessel's owners see the boxship as notable for the amount of cutting-edge "intellig
Container charges face new regulations in UAE amid transparency concerns Local container charges levied by ocean carriers and freight forwarders are poised to face scrutiny from the trade regulators in the United Arab Emirates (UAE). The Dubai Maritime Authority (DMA), which oversees operations of ports, customs and free trade zones in UAE, has issued a decree calling on all transport service providers to upload their container charges on its single-window digital pla
DHL Global Forwarding expands its Container Freight Station in Bangladesh Amid severe warehouse scarcity in Bangladesh, DHL Global Forwarding, the freight specialist arm of Deutsche Post DHL Group, has invested over US$2.2 million to expand its dedicated Container Freight Station (CFS) space in the country. The newly built facility in Chittagong, the top seaport city, mainly aims to cater to the country's ever-growing readymade garments (RMG) industry. Bangladesh has 1
Crowley to commence multimodal service between Mexico, US Midwest and Canada Crowley, a worldwide supply chain provider, will begin an end-to-end integrated maritime and train service between Mexico and the Midwest area of the United States, as well as into Canada. The service, which will use Crowley's new Mexico-U.S. ocean route in the Gulf, will take advantage of the Canadian National Railway Company's highly efficient inland rail network and its US rail subsidiary Cana
AD Ports expands Khalifa Port operations to include drydock services AD Ports Group has unveiled plans to expand its Khalifa Port operations to include drydock services. With this development, Khalifa Port is expected to broaden its offering of port and marine logistics services, ranging from container and cargo handling to vessel repairs and maintenance. "The addition of drydock services will enable Khalifa Port to meet the growing demand for these services from
Hapag-Lloyd to pay dividend of €63 per share Hapag-Lloyd AG shareholders approved with the required majority all items on the agenda put to the vote at the Annual General Meeting of the German company. This included the appropriation of the net profit and thereby the payment of a dividend of €63 (around US$70) per share. "I am very delighted that Hapag-Lloyd AG is distributing a dividend commensurate with the result so that shareholders can
CEVA leases dual-fuel hybrid RORO vessels from its parent company CMA CGM CEVA Logistics, global supply chain solutions provider, adds more roll-on roll-off (RORO) vessel capacity thanks to a new 10-year lease the logistics firm has signed with its parent company, CMA CGM. The agreement for four of Eastern Pacific Shipping's LNG dual-fuel hybrid deep-sea vessels will allow CEVA to transport approximately 140,000 vehicles annually between global markets, especially Chin
NYK to invest in climate-tech companies NYK has agreed to invest in the Marunouchi Climate Tech Growth Fund, a new investment fund dedicated to financing and growing climate-tech firms that contribute to decarbonisation. Marunouchi Innovation Partners (MIP), which is controlled by Mitsubishi Corporation (MC), MUFG Bank (MUBK), and Pavilion Private Equity (PPE), will provide financing. NYK has set a long-term goal of achieving net-zero
Nor-Shipping: 'Collaboration is the true fuel of the future' After the upheaval of the last few years, Norway's largest maritime event, Nor-Shipping, is back to its regular schedule. Running from June 6, a four-day exhibition and conference in Oslo will once again host leading maritime players, technology innovators, investors, and all the stakeholders interested in realising ocean opportunities. Although last year's event was a ...
Nissen Kaiun books eight tankers at Hyundai Mipo Japanese shipping mammoth Nissen Kaiun has signed up for more MR2 tanker newbuilds in South Korea. Multiple brokers reported Nissen Kaiun had returned to Hyundai Mipo Dockyard for eight 50,000 dwt product carriers, paying just over $370m. The ships, expected to hit the water in 2024 and 2025 will be Tier III and EEDI Phase ...
Castor tanker spinoff Toro flips veteran aframax for $19.6m profit Nasdaq-listed tanker and LPG owner Toro has offloaded its nineteen-year-old aframax LR2 for $30.1m, nearly tripling its money from the deal. The spinoff of Cyprus-based Castor Maritime expects to score a net gain of approximately $19.6m, excluding any transaction-related costs. Castor bought the vessel formerly known as Megalonissos from Eletson Corp for $11.35m in April ...
Flexport snaps up Shopify's logistics business San Francisco-based digital freight forwarder Flexport is buying the logistics business of Canada's online retail services platform Shopify, including its logistics startup Deliverr. Financial details have not been disclosed, but the sale comes less than a year after Shopify paid $2.1bn to acquire Deliverr. Flexport said the move will strengthen its advanced AI-driven optimisation to ...
Noble adds to rig fleet backlog with fresh deals and extensions Noble Corporation has further bolstered its contract backlog with additional work for its floaters and two deals for a jackup in Malaysia. The New York and Copenhagen-listed offshore driller revealed in its quarterly results that ExxonMobil Guyana added 6.3 years of backlog to four Noble drillships operating under a commercial enabling agreement. Noble Sam Croft, ...
Odfjell Drilling semisubs get more work with Equinor Equinor has added additional firm work scope for a pair of Odfjell Drilling's semisub rigs. The 2014-built Deepsea Aberdeen has been earmarked to drill wells on the Svalin field starting in Q4 2023. The campaign has an estimated duration of 174 days, extending the rig's firm backlog into Q2 2025. The added firm scope is ...
Aker Solutions wins Congolese subsea contract Norway's Aker Solutions has won a new contract ranging in value between $46m and $140m from TotalEnergies to provide subsea production systems for three additional infill wells tied back to the Moho Nord field in the Democratic Republic of the Congo. Under the contract, Aker Solutions will deliver its standard and configurable deepwater subsea production ...
AD Ports to expand Khalifa Port with ship repair offering AD Ports Group has moved to further expand Khalifa Port, Abu Dhabi's flagship deepwater port, from container and cargo handling to include drydock services. The addition of vessel repairs and maintenance will enable Khalifa Port to meet the growing demand for these services from regional and international clients, AD Ports said. Captain Mohamed Juma Al ...
East and West, but always just in time Twenty-five years ago, people remarked that about 40% of the world merchant fleet was owned in Asia. No-one finds anything remarkable in most of the world's merchant ships being owned, financed, manned, managed, designed, and built in East Asia, today. People are starting to remark on the number of ships still owned and managed in ...
EMS-Fehn-Group CEO passes away Manfred Müller, the CEO of Germany's EMS-Fehn-Group, passed away on Tuesday, aged 56. He had joined the organisation in 2008 as partner and managing director. Headquartered in Leer, Germany, EMS-Fehn Group consists of 19 companies in 11 countries. The roots of the group lie in shipping. Today, EMS-Fehn-Group is active in a vast variety of ...
World's first oil tanker shipping ETF starts trading in New York John Kartsonas-led Breakwave Advisors yesterday debuted the world's first tanker shipping exchange traded fund (ETF) on the New York Stock Exchange. The Breakwave Tanker Shipping ETF (BWET) provides long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil. BWET ...
CEVA Logistics enters the car carrier trades CEVA Logistics, a subsidiary of French liner CMA CGM, has entered the car carrier trades, taking four dual-fuel Eastern Pacific ships on 10-year charters. The 7,000 ceu ships are currently under construction at China Merchants Jinling Shipyard (Weihai), with the first vessel expected to be delivered in December and the three subsequent ships coming in ...
Wallenius Wilhelmsen expects strong vehicle carrier market to continue Company could have added '20% to our vessel fleet capacity and still not met customers demand,' says chief executive
DHT expects solid tanker rates Company says 65% of available VLCC spot days have been booked at an average of $70,300 per day
Odfjell to further cut carbon intensity after hitting 2030 target The 50% reduction in carbon intensity comes after implementing energy efficiency measures including weather routing and an overconsumption warning system...
Bankrupt US home goods giant files FMC complaint against OOCL Bed Bath & Beyond alleges it suffered damages worth at least $31.7m, in addition to other injuries
Höegh Autoliners posts record quarter as ro-ro terminal delays continue 'Our ships are waiting for a week for a port call in Australia and that is a big challenge, which...
CMA CGM unit launches vehicle carrier service Four dual-fuel LNG large car and truck carrier newbuildings will be bareboat chartered from vehicle carrier tonnage provider Eastern Pacific...
Shipping needs 'joined-up thinking' to get close to net zero, says DNV chief DNV energy transition report makes clear that electrification is 'impossible' for deepsea shipping
Genco sees market improvement after profit plunge Freight earnings are up 20% when looking at the second-quarter fixtures to date, US-based company says
NorthStandard pledges to support shipowners through fuel transition 'Premiums are fairly static; yet the costs are going up, so how are you going to square that up?'
China's unexpected PMI drop underlines uncertainties for dry bulk Construction activity was supported by infrastructure spending
Norden chief eyes capesize expansion Several factors have prompted the Danish shipping company to move back into the largest size of bulkers, including offering more...
Daily Briefing Greek shipping on high alert after Iran hijacks second tanker in a week | Iranian oil keeps flowing despite sanctions...
Maersk maintains full-year guidance amid lower demand Ebitda was nearly $4bn for the three months ending March 31, compared with the year-ago level of $9bn
Pacific Basin names former Maersk veteran as finance chief Michael Tonnes Jorgensen started his career in shipping in 1988 with AP Moller-Maersk, where he held senior roles for 20...
Seized tanker Niovi was part of legal dispute with sanctioned entities over suspected Iranian cargo Leaked emails show that Niovi, the VLCC seized by Iran, delivered a cargo owned by Nimr International in November 2020...
DOJ indicts ex-Slync CEO over alleged misappropriation of company cash The indictment also alleges Chris Kirchner attempted to cover up his financial activities and fired employees who raised questions about them.
US warehouse vacancy rose in first quarter as demand waned CBRE's latest figures on industrial real estate demand show the supply of new and existing warehouses grew faster than tenant demand, with vacancy spikes expected through 2023.
project44 inks new partnership with container tracking vendor A container tracking hardware vendor behind Hapag-Lloyd's deployment of dry box sensors is linking with supply chain visibility provider project44.
Weak Southern California port volumes hurting domestic intermodal Activity at the ports of Los Angeles and Long Beach has a direct impact on the domestic intermodal market, large intermodal providers say, which is why rail volumes were so poor in the first quarter.
Maersk says plunging, although profitable, Q1 will be its best for 2023 The rapid normalization of global cargo markets continues to drag down the financial results of carriers from the record highs of the past three years, with Maersk the latest line to report a sharp decline in first-quarter earnings and an uncertain outlook for the balance of 2023.
Flexport moves into fulfillment realm with Shopify Logistics acquisition Flexport expects both enterprise customers and small merchants to tap into the last-mile and fulfillment network it acquired with Shopify Logistic
The carbon question clouds shipping's crystal ball Anyone can predict the future - just put 'carbon' in front of it. It takes a real quiz to predict the past. Gary Dixon's Quiz is that quiz
At a loss? Not Eagle Bulk as Connecticut shipowner surprises Wall Street analysts Stamford outfit turns a profit and pays a dividend as it guides to stronger rates in the current quarter
Carnival taps TUI's Katie McAlister to lead Cunard cruise line Executive has spent last two decades in various roles with German travel company TUI
Greek manager says it has 'done nothing' to justify Iran seizure of VLCC Smart Tankers denies any wrongdoing in connection with Tehran's move to seize the vessel
SAAM Towage Brazil buys 21 tugboats for $198m from Starnav Acquisition expands tug operator's fleet by 44% to 69 tugs
Royal Caribbean raises 2023 guidance on robust revenue outlook New York-listed owner has been 'pleasantly surprised' by growing demand for cruising, chief executive Jason Liberty says
How Genco Shipping sees dry bulk's 'quiet' rally off seasonal lows CEO John Wobensmith says capesize rates effectively over $20,000 per day are nothing to be 'complacent' about
New Fortress plans to flip Mexican LNG terminal to export plant with FLNG modules Company wants to use its liquefaction units for second and third floaters as onshore units that could be in operation by 2024
Maersk's Vincent Clerc: container sector needs discipline to avoid another downturn Maersk boss sees blanked sailings, slow steaming and lower charter the way forward.
Maersk Tankers sells legacy Brostrom vessel at second attempt Prices holding up as Danish owner finds new buyer for small tanker six months after previous sale was reported
Mixed-fleet public shipowners: with eyes on the marathon, they're losing the sprint The Streetwise newsletter takes a look at the performance of public shipowners that flout the 'pure-play' fleet concept
Spare-parts fiasco and port strikes dent ESL's bulker earnings Inferior quality of replacement equipment blamed for unexpected dry-dockings of two vessels
Odfjell hits fuel-saving targets seven years early as results impress New propellers, less time in port and fleet renewals all contribute to chemical tanker owner's efficiency drive
Insurer MS Amlin automates marine claims process Latest digital leap forward in marine insurance involves technology company omni:us
Odfjell hits fuel-saving targets seven years early New propellers, less time in port and fleet renewals have all contributed to the chemical tanker owner's efficiency drive
Clarksons doubles down on green transition with recruitment of DNV's Tutturen UK shipbroker says industry heavyweight will focus on CO2 transport issues
Double the cost: Stena's Dan Olsson cautious on quick switch to new fuels Swedish owner says oil and gas will be shipping's main fuels for many years yet
Brave Maritime bulker freed after three-month drug probe in Mexico Handysize had a long time out after master reported that divers had found 90 kg of cocaine in the sea chest
Hoegh Autoliners sees contract duration soar as profitability continues Oslo car carrier owner reports slightly softer volumes and profit sequentially as contract duration nears five years
Tripling of 2022 European port calls knocks Flex LNG's CII rating Europe's dash for gas last year bumped up harbour and manoeuvring time pushing up CO2 emissions
Invasive stink bugs hit Wallenius Wilhelmsen's first-quarter results Car carrier giant trumpets strong results, even as Australian decontamination issues prove double-edged sword
Fleet of three ships 'obviously not the aim' for Concordia, Lewenhaupt says Swedish CEO hints at potential move into bulkers or wind shipping
Maersk earnings slump in 'radically changed business environment' Lower volumes and freight rates lead to 65% drop in profits
DNV urges governments to drive shipping's green fuel mission Remi Eriksen said the high cost of zero-emission fuels and infrastructure demanded governments intervene to promote a cleaner industry
LNG: The cargo that launched a thousand ships The large LNG carrier fleet is on target to outnumber VLCCs. But for how long will gas be part of the world energy mix?
Iran and Venezuela set up direct shipping services to evade US sanctions Three ships have been operating between the two countries moving "Iranian products"
Japanese giant MOL linked to VLGC newbuilding duo at Hyundai yard MOL's VLGCs are traded by its subsidiaries Phoenix Tankers and Sakura Energy Transport
CMA CGM's Ceva makes car carrier debut with Eastern Pacific charter Logistics company moves into ship operating with four vessels being built in China
The fuel that launched a thousand ships The large LNG carrier fleet is on target to outnumber VLCCs. But for how long will gas be part of the world energy mix?
TRF makes its debut in LR2 tankers with newbuild trio Transportation Recovery Fund last ordered newbuildings in 2014
Greek shipowner to buy most of Brightoil product tanker fleet Coral Shipping linked to a group of 7,000-dwt ships sold by restructured Chinese energy group
Pacific Basin recruits ex-Maersk veteran as new CFO Hong Kong-listed bulker owner's new finance guy has also worked for Norden and ASYAD Shipping
Strategic Marine seeks to add value in Singapore growth drive The shipbuilding market is going through a 'perfect storm' as supply chains struggle to match demand
Seacor Marine ditches bond offering as it reports first operating profit in seven quarters Offshore vessel owner reports rise in direct vessel profit thanks to best rates since 2015 and best first-quarter utilisation since 2014
DHT locks VLCC into three-year deal amid profitable first quarter VLCC specialist reports earnings per share a touch below average analyst expectations
Odfjell reports new ship orders as strong rates set for 2023 Chemical tanker owner says outlook remains favourable despite global economic concerns
Airbus adjusts entry of 1st A350 freighter to 2026 Airbus has delayed the entry into service of the firstA350 freighter until 2026.
Atlas Air promotes Michael Steen to CEO Two top executives at Altas Air are retiring in their 50s. The cargo airline named Michael Steen as its CEO.
Maersk: Downturn on predicted course, liners acting 'rationally' Inventory destocking is the biggest container shipping headwind, says Maersk. Its data shows no evidence of inventory pressures alleviating yet.
Shopify sells fulfillment business to Flexport, slashes 20% of staff Privately held logistics provider Flexport is acquiring the logistics assets of Shopify to provide complete order management and final-mile delivery services for customers.
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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