VIDEO: Giant barge breaks loose in Seattle A giant barge, identified in media reports as operated by Alaska Marine Lines, broke loose in Seattle yesterday afternoon and made contact with Pier 66, despite efforts by a King County Water
VIDEO: New low-draft landing craft goes to work on Great Barrier Reef Australia's Great Barrier Reef Joint Field Management Program has recently taken delivery of a new high-speed low-draft landing craft from Brisbane-based boat builder Norman R. Wright & Sons. Designed by Incat Crowther,
Davie completes purchase of the assets of Helsinki Shipyard Canada's Davie Shipbuilding today reported that it has finalized the acquisition of the assets of Finland's Helsinki Shipyard Oy (HSO). This completes a deal that Davie first revealed was in the works
Yara International in plan to build world's first ammonia-fueled containershi Norway's Yara International, the world's largest producer of ammonia, and its Yara Clean Ammonia offshoot are joining forces with another Norwegian player, North Sea Container Line to build and operate the world's
Global Scrubber Spread continues to rise During the 44th week of the year, the 380 HSFO index dropped by US$28 to US$534.56/MT, the MGO index decreased by US$29.73 to US$957.20/MT, while the VLSFO index gained US$1.06 reaching US$672.58/MT. "At the time of writing, market trends remain uncertain," pointed out a MABUX spokesperson. In addition, the Global Scrubber Spread (SS) - the price difference between 380 HSFO and VLSFO, increased s
Port of Kalundborg to electrify all cranes in its box terminal Denmark's Port of Kalundborg intends to electrify all cranes in its deep-water container terminal within seven months. APM Terminals, operator of the port of Kalundborg since March 2021, said the container handling equipment in the short term will run on HVO100 fuel - or hydrotreated vegetable oil - lowering CO2 emissions by 90%. In the long term, the terminal will investigate various decarbonise
New leadership for International Association of Ports and Harbors Jens Meier, CEO of Hamburg Port Authority, has been elected as the new president of the International Association of Ports and Harbors (IAPH) for the next two years, replacing Captain K. Subranamiam, general manager of Port Klang Authority. IAPH has also named Port of Los Angeles executive director Gene Seroka as the new regional vice president for the North America region, succeeding Robin Silve
Yilport acquires Takoradi Port stake from Africa Finance Corporation Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, has sold its 35% equity stake in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of Ghana's Takoradi Port, to the global port operator Yilport Holding. In 2019, AFC committed to invest up to US$138 million in equity and debt for the Takoradi Port Expansion Project. The project, which
Ship owners back DP World in wharfies dispute Shipping Australia, the ship owners' and agents' association, has backed DP World in its dispute over pay and conditions with dockers' unions which the company says is costing A$10 million (US$6.5 million) a day in lost revenue. DP World, which operates four key Australian ports at Sydney, Melbourne, Brisbane and Perth, has wanted to introduce a digitalised rostering system that it says would all
Kuehne+Nagel enhances its groupage network in Europe with new depot in Italy Kuehne+Nagel has launched a new strategic depot in Turin, Italy, which is the latest addition to its European groupage network. "Groupage is a service that allows customers to book road freight services for shipments of up to 6 pallets or 2.4 loading meters, which are then grouped with other consignments to optimise truck capacity," explains the company in its announcement. Kuehne+Nagel believes
CMA CGM applies new FAK rates from Asia to North Europe Marseille-based container line CMA CGM has announced new Freight All Kinds (FAK) rates from all Asian ports, including Japan, South East Asia and Bangladesh, to all North European ports, including the United Kingdom and the full range from Portugal to Finland/Estonia. The following rates will apply to dry, out of gauge (OOG), paying empties and reefer cargo beginning on 1 December: 20'GP 40'GP/40
Hapag-Lloyd raises rates from California to Indian Subcontinent and Middle East Hapag-Lloyd has announced a General Rate Increase (GRI) from the US West Coast to Indian Subcontinent and Middle East for cargo transported in 20' and 40' dry, reefer and special Containers, including high cube equipment. More specifically, the GRI will be implemented from the ports of Los Angeles, Long Beach and Oakland to the ports in India, Bangladesh, Pakistan, Sri Lanka, United Arab Emirates
EU should limit market behaviors for alliances, says FEPORT To close what it believes to be the legal vacuum that will exist from 25 April 2024, following the expiry of the Consortia Block Exemption Regulation (CBER), the Federation of European Private Port Companies and Terminals (FEPORT) believes "the European Commission (EC) should now set clear limits on the behavior on the market for large alliances and strictly enforce existing laws." There have bee
Hamburg, Halifax and Valencia ports join forces to create first port innovation hub network The innovation hubs of the Port of Hamburg (homePORT), the Port of Halifax (The PIER), and the Port of Valencia (Opentop) announced on 26 October that they have begun work on the design and implementation of the first network of port innovation hubs. This new effort was announced during the Port Entrepreneurship International Congress, which was hosted by Opentop and conducted as part of the Vale
Maersk decided to cut at least 10,000 jobs Danish container shipping company Maersk has announced it will cut more than 10,000 jobs after the financial downturn in the third quarter of 2023, when it saw its revenue and earnings shrink . The company said it has imposed "rigorous cost containment measures" during the year to cushion the impact of the challenging market conditions, including headcount reduction from 110,000 in early 2023 to
Maersk's earnings and revenues plummet Maersk said its financial results for the third quarter of the year were in line with expectations in a "difficult market environment" with rates well off their last year peak and tested by the increase of capacity in Ocean. The Danish shipping giant reported revenue of US$12.1 billion in 2023 Q3, falling about 47% year-over-year, with an EBIT margin at 4.4% impacted by lower freight rates and de
Sea-Intelligence reports further decline in vessel utilisation Blank sailings data, when put into the context of container demand data, can be useful in calculating the underlying capacity utilisation on the major East/West trades, according to Danish maritime data analysis company Sea-Intelligence. A caveat with this simplistic approach, is that this is not necessarily the "true" capacity utilisation, as e.g. vessels from Asia to Europe would also be carryi
Container trade declines in Melbourne The Port of Melbourne announced its total container throughput in September reached 267,392 TEUs, translating to a 6.9% decrease from the same month last year. The full container imports (excluding Bass Strait) were down in September by 7.2%, with domestic appliances, furniture, toys, and sporting items falling short of last year's volumes. Furthermore, full container exports (excluding Bass Stra
XPO launches new service center in Central Florida XPO, a North American freight transportation provider, has launched the construction of a new service center in Lakeland, Florida, as part of the company's strategy to expand its capacity across North America by adding 900 net new doors by the first quarter of 2024. XPO is building the new facility of around 3,000m² on about 32,375 m² of land near Interstate 4 and Commonwealth Avenue. The service
Port of Gothenburg handles 677,000 TEUs in first three quarters In the first three quarters of the year, the total number of containers handled in the Port of Gothenburg grew by 3% to 677,000 TEUs. According to the most recent figures, during the same time, the Swedish market has shrunk by 4.5%. Other important European ports have had even higher declines, with Rotterdam and Antwerp, for example, both suffering a 7% fall in the first three quarters of 2023. A
6 Tips for Packing Your Moving Containers Like a Pro Moving can seem pretty overwhelming, but if you have good plans and a bit of knowledge, you can make it a smooth and effective process. One big factor in a successful move is being a packing expert when it comes to your moving boxes. Whether you're using the usual cardboard boxes, strong plastic bins, or those handy modern shipping containers, packing wisely can save you time, money, and keep you
Emirates Shipping Line to commence Far East Africa Express service Emirates Shipping Line (ESL) announced the launch of the Far East Africa Express (FAX) service connecting major ports in China with Mombasa in Kenya and Dar es Salaam in Tanzania. The weekly FAX service will be operated by vessels ranging from 2,500 to 3,000 TEUs and is expected to provide fast transit times from North, Central and South China and Southeast Asia via Port Klang to East Africa. "Th
Aasen Shipping back at Royal Bodewes for three hybrid methanol-ready bulkers Norway's Aasen Shipping has returned to Dutch shipyard Royal Bodewes with an order for three hybrid-powered methanol-ready self-discharging bulk carriers. The order for 119,95-m-long newbuilds follows Bodewes' delivery of battery-hybrids Aasfjell and Aasfoss in 2021 and 2022, respectively. The new ships, with the first delivery planned for December 2025, will have a similar design as ...
Seacon to buy and then sell bareboat-chartered supramax Hong Kong-listed Seacon Shipping is shipping out the 2010-built supramax bulker it currently has on charter under a bareboat agreement. The Qingdao-based shipowner and operator, via its subsidiary Golden Orchid, will lift a purchase option for the 57,005 dwt vessel at Bank of Communications Financial Leasing's (BoCom Leasing) shipowning arm, Xiang B5 HK International Ship ...
Methanol and LNG fuel lobby groups square up A war of words has broken out between the heads of two alternative fuel lobby groups, right here on the Splash site. Earlier this week, Peter Keller, chairman of lobby group SEA-LNG, wrote for Splash, taking aim at the limitations of methanol, a fuel that has rapidly grown in popularity this year and is now ...
Corio sets sights on Greek offshore wind market Corio Generation has moved to explore opportunities for offshore wind development in Greece Macquarie's offshore wind portfolio company has teamed up with local technology company Globalsat to assess potential areas for development, conducting engineering studies and research into relevant wind, metocean and marine conditions. Corio said the partnership will assess any official tender opportuniti
Vårgrønn and Flotation Energy advance Scottish 1.9 GW floating wind scheme Flotation Energy and Vårgrønn, a joint venture between Eni's Plenitude and HitecVision, have signed exclusivity agreements for two floating offshore wind developments with up to a total of 1.9 GW capacity. The agreements were signed under Crown Estate Scotland's Innovation and Targeted Oil and Gas (INTOG) leasing round for offshore wind projects that will directly ...
'Challenging times ahead': Maersk lets go of thousands of staff A year is a long time in liner shipping. At the end of 2022, carriers were handing out mega bonuses, some equivalent to more than a year's pay. Fast forward to today and those same staff face the axe as the sector battles plummeting rates and rampant overcapacity. Maersk today issued its Q3 results, detailing ...
Union Bulk becomes shipowner with first bulker buy Danish dry bulk shipping and freight trading company operating primarily in the handysize and handymax segments Union Bulk has become a shipowner following the acquisition of a 28,386-dwt bulker. The company was established in March 2019 and was founded by Anders Svarrer and Jens Boesen. Since its inception, it worked as a dry cargo vessel ...
Dynacom selects Yangzijiang for LR1 pair George Procopiou's Dynacom Tankers Management has put pen to paper for a pair of 75,000 dwt LR1 product tankers at Yangzijiang Shipbuilding. No price has been revealed for the two ships. Procopiou's spend on newbuilds this year is now approaching the $2bn mark. In an investor update, Yangzijiang, China's largest private shipyard, revealed it had won ...
HMM seals large dry bulk deal Aware of sliding profits from its primary business, container shipping, HMM, South Korea's for-sale flagship, is looking to boost other parts of its diverse fleet. HMM has laid out plans to grow its dry bulk fleet to 55 by 2026, up from today's figure of 35. Yesterday, the company revealed it had signed long-term charter ...
Canadian yard buys Russia-linked Helsinki Shipyard Canada's Davie specialises in building icebreakers and ferries and has a contract with the Canadian government to build icebreakers for...
Maersk discloses details from USMMI offload deal Maersk said in an earnings statement that it gained $94m from the sale of USMMI, or $74m after tax. A...
Reward outweighs risk for owners trading into Ukraine's Danube river ports The promise of profits mean Ukraine's smaller river ports will see sustained demand despite war-associated risks
What the Maersk and Norden numbers are telling everybody else Our lifetimes may never again see an era in which sailing vessels from A to B generates returns that make...
Maersk battens down the hatches in expectation of long slump The outlook for container shipping is grim and getting grimmer, Maersk says. It is now shoring up its finances and...
End of consortia block exemption a 'non-issue', says liner executive 'I see this as a big news cycle, but it has no impact on my organisation that I can foresee...
Gram Car Carriers eyes 'prolonged firm' PCTC charter market 'We estimate a carrying capacity deficit of 1.7m cars between January and August - closing this gap will require an...
Biden administration pledges $653m for US port development US to invest over $650m in 41 ports under the Maritime Administration's Port Infrastructure Development Program
Seacon offloads supramax bulker to Indonesian owner Seacon, as the bareboat charterer, will exercise the buyback option and acquire the tonnage from the owner ahead of schedule
Yangzijiang declares all-time high newbuilding orderbook Newbuilding contracts for 14 tankers valued at $770m were signed in the third quarter
Shipowners' Club becomes second IG affiliate to set out 2024 pricing Yacht book gets exemption after double-digit hike last time round
NYK starts ammonia conversion of LNG-powered tug NYK claim the tug will become the world's first ammonia-fuelled vessel
Box spot rates hold but competition fears emerge Spot rates have held steady and in some cases risen this week. But with long-term rates on the decline and...
Maersk cuts workforce by 10,000 as earnings turn negative Earnings before interest and taxes for its core ocean business turned negative at $27m in July-September. Chief executive Vincent Clerc...
Dry bulk doldrums put Eagle Bulk in the red Fall in dry bulk market decreased US-listed Eagle's net revenues more than $100m year on year, although the fourth quarter is...
Daily Briefing 'Risk off' Norden looks to 2025 for better dry cargo markets | Sumec's New Dayang aims to excel as a...
Delaware's planned Edgemoor terminal gets grant from US port funding program Along with the grant for the Port of Wilmington's proposed container terminal, Tacoma and Long Beach received grants for improving truck and rail access, respectively.
Falling backhaul Europe-Asia rates 'subsidizing' eastbound freight moves With weak demand for European imports in Asia and ample vessel capacity, spot rate levels on the backhaul trade are in freefall.
Convoy acquisition meant to serve import customer truckload demand: Flexport CEO Ryan Petersen tells the Journal of Commerce that the first order of business after this week's acquisition of Convoy's tech stack is getting the Convoy app running again and reaching out to the shuttered company's customers.
Maersk cuts more jobs, warns of 'dire situation' for container market The carrier expects no short-term improvement in the container shipping market as large numbers of new vessels are delivered and capacity management measures appear unable to stem falling rate levels.
Capesizes end week with technical bounce after 'falling too fast' Lack of tonnage in Atlantic basin contributes to Friday's leap in capesize sector, analyst says
Davie acquires Helsinki Shipyard with help from Canadian government Canadian firm signs 50-year lease with City of Helsinki
Labour deal between St Lawrence Seaway union workers and employers ratified Unifor members get annual pay hikes and $2,000 signing bonus
Editor's selection: Scramble for tankers amid Mid East strife, Euronav resets and narco's boxship plunge A look back at some of the big news and feature stories of the week
Minerva Marine embarks on low-key play in container ships Andreas Martinos-led tanker and bulker owner takes delivery of its first boxship and buys a third
Editor's selection: Scramble for tankers amid Mideast strife, Euronav resets and narco's boxship plunge A look back at some of the big news and feature stories of the week
Aasen Shipping picks Royal Bodewes for new series of methanol-ready bulk carriers Norwegian owner moving towards zero-emissions by preparing for green fuels
Eagle Bulk flies lower to absorb first quarterly loss in three years Connecticut owner pays $0.10 dividend and guides to stronger time charter equivalent rate in current market
Things better improve, or 2024 will be 'dire', warns Maersk's Vincent Clerc Maersk boss paints a grim picture after the liner's shipping division slips into the red
Russia plans four new icebreakers for Northern Sea Route expansion State-run company Rosatom has reportedly ruled out nuclear-powered ships on cost grounds
The end of the road? Oaktree stake cut is no game-changer for Star Bulk Carriers Petros Pappas looks back positively on his experience with his biggest backer
Kollakis clan drawn to newbuildings but keeping fuel options open Greece's Chartworld group of companies plans to renew its fleet on all fronts
Petros Pappas tells why Star Bulk Carriers is keeping its powder dry on fuelling CEO says final decarbonisation decisions will be made when 'intelligent' choices are possible
Panos Laskaridis talks about succession planning, Greek-style Laskaridis clan offers an example of how to bring order into a complex family holding
Oslo Shipholding cargo ship banned for a year after yet another detention Paris MOU bars Albanian-controlled vessel following latest inspection in Italy
First ammonia-fuelled ships finally land on DNV database Order numbers continue to mount up for vessels that can bunker methanol and LNG
Scorpio-owned Eneti's profit falls as it cuts debt ahead of Cadeler merger Offshore wind vessel owner also sees revenue drop year on year
US sanctions Russia's Arctic LNG 2 project as it gets set for start-up Novatek's 19.8-million-tonne-per-annum liquefaction project joins the list of sanctioned Arctic assets
Gram Car Carriers beefs up contract backlog in profitable quarter One new charter and a vessel acquisition has pushed the Oslo company's backlog over $900m
HMM sets big bulker target after sealing $950m newbuilding charters running to 2042 South Korean group diversifying as container ship boom unravels
No rush on fleet renewal as Teekay Tankers' Kevin Mackay does rate arithmetic US-listed owner's chief executive says focus is on keeping existing ships earning in strong markets
Columbia plants flag in Norway amid northern European expansion Ship management platform's boss Johann Meyer explains how he plans to succeed in new markets
Maersk slashes 10,000 jobs as liner slump hits home Drastic measures to save $600m prompted by 'worsening outlook' for container shipping
Norwegian Hull Club branches out with offshore wind venture NIORD Bergen-based insurer is eyeing growth in the floating offshore wind business
Seasure broker Charlie Long completes initial line-up at new London shop M3 Marine Mike Meade's new recruit was also an offshore analyst at Seasure's former sister outfit VesselsValue
X-Press Feeders pays £20m into court as claims battle looms over X-Press Pearl fire Singapore operator has won a UK legal decree limiting liability from serious casualty
Comment: A clear wealth divide is growing between P&I clubs Wealthier P&I mutuals are starting to reward loyalty with windfalls - but a chasm could form as not all clubs have deep pockets
Yangzijiang adds $400m worth of tankers to orderbook in third quarter Singapore-listed shipbuilder's orderbook now includes 24 MR tankers as well as LR1s and LR2s
Dynacom orders panamax product tanker newbuildings at Yangzijiang Shipbuilding Greek shipowner believed to be paying around $106m for a pair of 75,000-dwt tanker newbuildings
IMEQ Center claims world's first with AI model to assess seafarer mental health Greek outfit says predictive model boosts accuracy of pre-employee screenings but does not replace human psychologists
Maersk cutting 10,000 jobs in face of 'worsening market conditions' "This is not a diet. This is a resetting of the baseline," said Maersk CEO Vincent Clerc on his company's job cuts.
DOT pumping more truck capacity into US ports Trucks are featured heavily in projects reaping $653 million worth of port infrastructure grants announced Friday by the Biden administration.
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