Titan Acquisition Holdings set for ownership change Three major ship repairers - Vigor, MHI, and Continental Maritime - are today come under new ownership. Collectively, the three make up Titan Acquisition Holdings and, today, funds managed by its owners,
Incat Crowther boutique cruise vessel joins Tasmanian operator's fleet Tasmanian luxury wilderness expedition cruise operator On Board has officially launched the latest addition to its fleet, the Odalisque III. Designed by Incat Crowther and built by Tasmanian shipbuilder Richardson Devine Marine,
What caused gas flame incident on maiden voyage of world's first LH2 carrier? The Australian Transport Safety Board has now issued a report on a January 25, 2022 incident in which a gas flame briefly propagating onto the deck of the world's first liquified hydrogen
Virginia Inland Port gets all operational power needs from clean-energy resources Virginia Inland Port (VIP), an intermodal container transfer facility in Front Royal, Virginia (Warren County) owned by the Virginia Port Authority, is fulfilling all of its operational electricity needs from clean-energy resources, in line with the Port of Virginia's goal of lowering emissions and being carbon-neutral by 2040. The inland port is powered by Rappahannock Electric Cooperative, and
Kalmar, Holmen Iggesund extend cooperation agreement for three years A three-year collaboration deal that was first signed in 2019 between Holmen Iggesund, a member of the Holmen Group, and Kalmar has been extended. The extension will commence in the second quarter of 2023 and will last a further three years with an optional 12-month extension. "Both parties in this agreement are striving to reduce the use of fossil fuels as well as the CO2 footprint," stated Toma
CMA CGM becomes official partner of Paris 2024 Olympic and Paralympic Games The CMA CGM Group will make its expertise available to Paris 2024, by handling the transport and logistics for all the goods, equipment, and materials required for the event's success at the Olympic and Paralympic venues. The company will organise all the international transport and customs brokerage activities and provide and operate the requisite logistics facilities for Paris 2024 via its CEVA
MSC announces temporary suspension of Beira - Zimbabwe rail service MSC announced that the through Bill of Landing (TBL) rail service to/from Bulawayo, Harare and Mutare to/from Beira will be temporarily suspended with immediate effect. This decision has been taken due to the unreliability and irregularity of the rail service between Beira in Mozambique and Zimbabwe. MSC said that to enable customers to continue place bookings with limited disruption to cargo flo
Drydocks World, Aker Solutions join forces to upgrade production at UK's Rosebank oil and gas field A joint venture was established by DP World-owned Drydocks World and Aker Solutions to refurbish a floating production storage and offloading (FPSO) vessel for the Rosebank oil and gas field in the United Kingdom. The vessel Petrojarl Knarr needed to be upgraded, refurbished, and electrified, therefore the joint venture signed its first contract with Altera Infrastructure, a leading global energy
CMA CGM announces intermodal solutions to Angola through Congo In addition to the current Cabinda Feeder service, departing from Pointe Noire, Congo, once every 11 days, CMA CGM has announced that it is now offering a new option for cargo headed for Cabinda, Angola via Pointe Noire with a one-day transit time. Effective in February, the French carrier provides land transportation solutions for cargo import from all over the world to Cabinda via the Pointe No
Port Houston reports record cargo volumes in 2022 In 2022, the Port of Houston recorded the largest general cargo volume in its history, handling 55 million tons of cargo. Port Houston chairman, Ric Campo highlighted Project 11 for widening and deepening the Houston Ship Channel as an important milestone, saying that "dredging is 99% complete on Segment 1A of the Houston Ship Channel." Segment 1A consists of about 18,000 meters of waterway runni
FESCO dispatches batch of electric cars from China to Russia FESCO Transportation Group planned a dispatch of new electric cars from the Chinese city of Guangzhou to Moscow in Russia via border crossing Khorgos/Altynkol (China/Kazakhstan). The electric cars were carried in two container trains. The first train loaded inter alia with 25 FEUs with electric cars arrived at station Beliy Rast on 25 January. Another 25 FEU containers were dispatched from China
Vietnam wants to double inland container handling Vietnam's government is considering investing up to US$800 million to add more inland container depots (ICDs) in the country by 2030. According to the 2021-2030 ICD Development Plan that the Ministry of Transport submitted to Prime Minister Pham Minh Chinh, ICD development will be focused on major ports such as Hai Phong in the country's north and Cai Mep-Thi Vai in the south. Vietnam Maritime Ad
DSV boosts revenues and profits in 2022 Global freight forwarder DSV announced increased total revenues, profits and earnings for 2022, compared with the previous year's results. In particular, the company's revenue rose over 20% to US$35 billion, gross profit increased by 33% to US$7.6 billion and earnings before interests and taxes (EBIT) before exceptional items almost doubled to US$4 billion, while DSV's adjusted free cash flow has
Shanghai Composite Index hit three year low as spot rates register minor fall The Shanghai Containerized Freight Index (SCFI) succumbed to a three year low, depreciating 2.3% this week to end at US$1,006, just a tad above the three digits quote. Its counterpart on the Shanghai Shipping Exchange (SSE), the China Containerized Freight Index (CCFI) witnessed a stronger
Veritas completes Wood Mackenzie $3.1bn takeover New York-based private equity firm Veritas Capital has closed the $3.1bn acquisition of energy consultancy Wood Mackenzie from Verisk. The acquired company will be led by Mark Brinin, who has been promoted from co-president to chief executive officer. Joe Levesque has been appointed as president and chief operating officer. "To be returning to our roots ...
Clarksons taps Lints to lead US offshore wind growth Clarksons' offshore and renewables unit has appointed Jonathan Lints to head up its US offshore operations as the shipbroking giant looks to strengthen its presence in the country's wind market. Working on European offshore wind farm projects for more than 15 years, Lints will focus on attracting more investments in the development of offshore wind ...
De Stoop compares Frontline battle to divorce proceedings At yesterday's Q4 conference call with analysts, Hugo de Stoop, the under pressure CEO of Euronav, compared the ongoing arbitration over an aborted merger with John Fredriksen's Frontline as being like a judge deciding on who gets the house following a divorce. A ruling is due on February 7 on the emergency arbitration filing concerning ...
Ziton scores vessel framework deal with RWE Danish offshore wind specialist Ziton has struck a four-year operations and maintenance jackup vessel framework agreement with German utility RWE. Under the deal, Ziton will provide RWE's offshore wind business with vessel, lifting and auxiliary services for a minimum of 180 days of support every year. The collaboration will cover all of RWE's operational offshore ...
DOF awarded new contract with Equinor Norway's DOF has won an engineering, preparation, removal, and disposal (EPRD) contract from compatriot energy giant Equinor Energy. The contract covers the Heimdal field decommissioning works off Norway and includes the recovery and disposal of around 2,000 tonnes of subsea equipment. Three DOF vessels will be deployed on two main campaigns between 2024 and 2028. ...
Gas cylinder explosion injures eight in Vietnam A gas cylinder exploded in a cargo bay of a bulk carrier being repaired in northern Vietnam yesterday, an accident which saw eight men rushed to hospital. The 68,000 dwt was being repaired at Nosco Shipyard when the accident occurred yesterday morning. The ship belongs to Hanoi-based Phuong Dong Shipping and Trading JS Company. The ...
Grain exports out of Ukraine set to accelerate this month After grain shipments out of Ukraine's three export ports on the Black Sea slumped to a four-month low in January, the signs are that volumes are set to bounce back while the United Nations is busy negotiating an extension of the Black Sea Grain Initiative, which is due for renewal in the middle of March. ...
Robert Perri takes the helm at OceanPal Greek dry bulk player OceanPal has appointed Robert Perri as its new CEO. Perri replaces Eleftherios Papatrifon who had headed the NASDAQ-listed company for the past 15 months. Perri, an American citizen, is well known in Greek shipping circles. Starting out as an accountant with Merrill Lynch, Perri's career has since seen him take on ...
PIL creates partnership with Philippine carrier The Philippines has a liner entrant offering regular international services with news that Manila-headquartered IRIS Lines has teamed with Singapore's Pacific International Lines (PIL) to offer a new joint intra-Asia service. IRIS and PIL's new weekly, fixed day joint service is served by two 1,100 teu vessels, both lines deploying one vessel each. Port rotation ...
Port of Hueneme expansion moves a step closer The Port of Hueneme, located north of the Los Angeles and Long Beach ports along the California coast, has issued a 10-year plan and is seeking public input until April, when the port intends to adopt the plan. The plan proposes the development of 250 acres of nearby farmland for cargo processing; construction on port ...
Major offshore wind developers partner with the Carbon Trust to decarbonise and scale up sustainably Eleven offshore wind developers - bp, EnBW, Fred Olsen Seawind, Ørsted, Parkwind, RWE, Scottish Power Renewables, Shell, SSE Renewables, Total Energies and Vattenfall - are partnering with the Carbon Trust to make future offshore wind more sustainable. Collectively, these companies represent around a quarter of global installed wind energy capacity. They will work in collaboration ...
Sharpening Poseidon's razor Newly released data clearly shows the better the welfare onboard, the better the condition of the ship. Steven Jones, the founder of the Seafarers Happiness Index, explains. In our busy data-driven world we are constantly seeing facts emerge out of the fog of digitalisation. All kinds of weird and wonderful trends and correlations which were ...
The Lloyd's List Podcast: How to retrofit a more efficient shipping industry Given the availability and relative affordability of proven technology capable of making the existing fleet more efficient, why are shipowners...
EU sanctions have yet to sever Russia's sinews of war It will be some time yet before we can know the consequences for certain. Whatever they are, there is little...
ESG initiatives to get their moment in the Greek sun Shipping is behind other industries in adopting ESG principles and now needs to run to catch up, say organisers
Capital Product earnings get boost from LNG carrier additions Greece-based containership and gas carrier owner has $1.9bn backlog of contracted revenue, of which 64% is tied to its seven...
K Line profits boosted by box boom K Line's dry bulk segment was supported by increasing demand for Chinese grain imports in the last nine months of...
NYK's profits climb one third on ONE's performance In the automotive transportation segment, the impact of the global semiconductor shortage and the coronavirus on automobile production volumes is...
Piracy is evolving, not disappearing Circumstances on land influence piracy activities. Any domestic changes could reignite, reduce, or even alter the nature of attacks
Don't count on the China recovery to lift bulker rates just yet Optimists are pinning monumental hopes on China's recovery, but the extent of demand increase is not yet clear. Recent property...
Edda Wind and Hydrogenious secure EU funding for hydrogen propulsion Brussels' funding aims at promoting 'safe handling and storage' of green hydrogen
SGX to launch container FFAs Greater volatility amid uncertainty related to geopolitics, and the pandemic effects disrupting supply chains, is bound to drive interest in...
Maersk faces 'crunch year' for integrator strategy In 2016, Maersk bet the farm on a new model of container shipping that focused on integrating logistics into its...
DP World wins bid to develop container terminal in India's Deendayal port The approximately 155-acres terminal will have a capacity of 2.19m teu and will increase DP World's capacity in India to...
Adani Ports shares and bonds under pressure following short seller's report Adani Ports-led consortium officially took over Haifa port in Israel earlier this week
Advisers and partners needed for reluctant converts Regulatory pressure has compelled maritime companies to be more data-driven in their culture and organisation; however, there is a bewildering...
Cyber risk casts shadow over digital transformation The push for digitalisation and interconnectivity is making shipping an increasing target for cyber attacks
Data analysis in shipping: There is no shortcut Data-driven decision-making is a priority for most businesses, though the digitalisation process feels out of reach for many; it is...
Daily Briefing How tankers sold in the red-hot tanker sale and purchase market are supercharging 'dark fleet' oil trades | Divorce will...
US retailers' global sourcing strategy will take time to develop: analysts As the size of China's workforce declines and production challenges increase, US retailers are shifting to global sourcing strategies, with each sector looking for the business model that meets its particular requirements.
US transport providers lose fewer jobs than expected in January Courier, trucking, and warehousing firms lost workers last month, but the seasonal surge and purge was more muted than expected, reflecting broader labor market resilience.
End of 2M Alliance will set dominoes in motion across ocean shipping: analyst The announced dissolution of the 2M Alliance raises the question of what additional large-scale dominoes might be toppling over in the next few years in the container shipping sector, writes analyst Lars Jensen.
US 'freight recession' putting motor carrier financing tools to the test Smaller US truckload carriers and the companies that provide them with access to working capital are under increasing pressure as cargo demand slows.
New IMO rules force global reefer fleet to confront uncertain future The specialized reefer fleet has proven to be remarkably resilient in the face of various challenges, but now it must deal with the latest threat in the form of new IMO environmental regulations.
BlackRock beefs up stake in 2022's top-gaining shipping stock Position puts world's largest asset manager among the top rung of shareholders in Irish product tanker owner
Green Seas podcast: Stars align for ammonia fuelling by 2026, but that's just the beginning Ammonia is a compelling option as a fuel to tackle shipping's greenhouse gas emissions, but efforts to ensure it works for shipping and that carbon-free volumes can be secured will continue after the first vessels hit the water
Activity enough to see some product tanker routes make tepid gains Tonnage lists remain lengthy in many areas as earnings remain soft across the market
Scorpio Group's tanker Bald Man facing a hairy stretch trapped in Ukraine Sale and purchase deals lined up for ships trapped in the Ukraine after insurers payout on war risk claims
Norwegian Cruise Line pockets $593m from upsized bond offering Cruise giant's offering was originally set at $500m in bid to refinance existing debt
Baltic Dry Index falls to lowest level in more than 2.5 years Decline is 'not surprising', says Breakwave Advisors' John Kartsonas
Limited impact of Indian 'ban' on old vessel port calls VesselsValue says only 11 tankers would have been stopped from visiting ports under the plan reported by Indian media
Panamax bulkers fall to 32-month low as transatlantic routes offer 'little support' Transpacific routes also see lower rates as China's anticipated post-holiday rally has not come to pass, analysts say
Scorpio Group's 'Bald Man' facing a hairy stretch trapped in Ukraine Sale and purchase deals lined up for ships trapped in the Ukraine after insurers payout on war risk claims
Concordia sees 'bump in the road' as clean tanker term rates fall One-year deals follow spot market down as milder winter and more short-haul trips hit earnings
LR2 owners in stand-off before Russia reshuffle Long-range tankers are tipped to be the winners from EU trade embargo starting on Sunday
Editor's selection: The Euronav standoff, massive war risk payouts loom and Cargill's biofuels boost TradeWinds brings you some of the biggest and best stories of the week
Cargill rolls with the punches in moving Ukraine grain exports After reinsurance pulled the rug on of some coverage, Cargill Ocean Transportation president said company continues to move cargoes
MR rates jump 25% in two days on Pacific strength, Clarksons says Surge driven by demand from Australia, but Atlantic basin remains muted
Costamare and Oldendorff meet again in Panama Canal scrape Costamare ship lost control during an engine room fire, but German owner reports no major damage
Marinakis' Capital Product Partners buoyed by LNG pivot as container ship market suffers Profit rises thanks to expanding presence in large gas carriers
Political and fuel choice uncertainty holding back 'no-brainer' scrubber orders Wartsila's Tamara de Gruyter explains why there has yet to be a rush to retrofit
Euronav still keen on consolidation through mergers or pool growth Hugo De Stoop believes bigger is still better despite Frontline knock-back
Container shipping slump forces profit downgrade at K Line Company is still in line for record profits in current financial year
Great Eastern logs record profit as tanker rates rise 400% Indian owner pays out biggest dividend in strong markets
Bye, bye Birdie: Eastmed joins VLCC sellers' club with $52.5m deal Middle Eastern interests pick up one of Thanassis Martinos' oldest tankers
Succession: Carsten Rehder passes the baton to next generation Long-time Carsten Rehder boss to step back as historic German outfit eyes fresh opportunities
Wilson lines up delisting vote as contracts agreed at higher levels Mini-bulker giant is expecting bigger earnings this year as it goes private
Marine hull insurance 'off the naughty step' at Lloyd's, says broker Miller Profitability has returned to the sector, which is starting to see capacity growth
Stephenson Harwood partner Virtus Law boosts Singapore shipping team Kaili Ang and Christine Ong promoted to partners in maritime and dispute resolution practice
Panama Canal congestion a new way of life for shipping, Dorian LPG says Delays at the canal will help the market deal with the 46 VLGC newbuildings set for delivery sometime this year
Chemical tanker term rates double as charterers shy away from huge COA hikes Shipowners in the driving seat as increased European imports reduce vessel supply
Russia no plans for 'sharp' refinery cuts with new price cap Ukraine's President Volodymyr Zelenskyy calls for further sanctions on Russia
Eight shipyard workers injured in blast on Vietnamese bulk carrier Explosion on the Oriental Glory happened at Nosco Shipyard in Hai Phong
Liner failure: How Allseas venture fell back to earth Container ships would boom into 2023, believed Allseas. Then came bottlenecks, breakdowns, typhoons, surging bunkers prices, a currency collapse and a fraudster in head office
Tankers and toll hike boost Suez Canal income to monthly record Oil carriers crossed the waterway in unprecedented numbers in January
Former Economou and Costamare man Robert Perri takes over at OceanPal Nasdaq-listed owner says experienced finance man is replacing Eleftherios Papatrifon
Conor Warde joins law firm CMS as a partner in Hong Kong Firm says Hong Kong continues to be an important financial centre
Special report: High stakes for marine insurance mutuals In our latest Business Focus, TradeWinds reporter Adam Corbett looks at how the repercussions of the Ukraine crisis are still being felt as protection and indemnity renewals approach, the Swedish Club's next frontier, and a new era for North and Standard. Read all the stories below
P&I clubs move in on fast-expanding offshore wind Mutual and fixed premium products are increasingly available for the emerging wind sector
Generational change in the C-suite as P&I chief execs pass the baton Some progress on diversity but management appointments generally follow an all too familiar pattern
Meet the former Gard man keeping watch over the Swedish Club Thomas Nordberg has been sounding out members as he draws up plans for the future
All systems are go for historic NorthStandard launch Merging P&I giants will be run from two major maritime cities
Fallout from Ukraine conflict set to drive hardball P&I renewal Mutual insurers need to get rates up again as they manage a sanctions nightmare and market volatility
New Shipowners' CEO Simon Peacock says merger figures do not stack up Accountant believes the club is well placed to go it alone - for now
NYK Line profit set to slump 75% in fourth quarter on weaker boxship trades Japanese giant looking at blank sailings and cost-cutting measures to offset weaker market conditions
Carnival Corp stages Asian return with deployment of one Costa ship Cruise giant still giving China a wide berth as Costa Serena heads for South Korea and Taiwan
Improving markets push Keppel's offshore arm back into profit Singapore company slowly but surely moving towards exit from sector as more approvals received
Why bulkers are banking on Beijing to unleash the dragon China's economic recovery has yet to be realised, but for many dry bulk pundits it is a matter of when not if
Lag effect: Why liner profits stay high much longer than spot rates The reversion in spot rates is pulling down contract rates, with a significantly delayed effect on ocean carrier earnings.
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