First U.S.-built SOV marks construction milestone The first American-built offshore wind service operations vessel (SOV), the 262-foot ECO Edison has reached its 50% construction milestone at the Edison Chouest LaShip yard in Houma, La., and senior officials from
New MSIB gives maritime a wake up call on harassment policies The "Midshipman X" case continues to have consequences and a new USCG Marine Safety Information Bulletin on "Reporting Sexual Misconduct on U.S. Vessels" is getting very serious attention from U.S.-flag operators. Superceding
Adani Ports completes US$181 million takeover of Karaikal Port Adani Ports and Special Economic Zone (APSEZ), an India-based transport utility, has completed the acquisition of Karaikal Port Private Limited (KPPL) pursuant to National Company Law Tribunal's (NCLT) approval. The cost for the acquisition of the port was approximately US$181 million. Earlier, APSEZ was declared as the successful resolution applicant under the Corporate Insolvency Resolution Pro
Adani Ports records annual container growth Adani Ports and Special Economic Zone Ltd (APSEZ) reported a 5% increase in its container volumes from April 2022 until March 2023 with 8.6 million TEUs moved through its box terminals. Port of Mundra continues to be the largest and busiest container port in India, handling 6.6 million TEUS in the mentioned period. "The engagement with container lines and the resolve to deliver on commitments has
Game-changer for Indian box trade: HMM opens long-haul access for Kolkata shippers relying on transshipment In a game-changing move for Indian containerised trade, South Korean carrier HMM has begun connecting freight out of India's east coast Kolkata Port - generally tethered to the transshipment mode over Sri Lanka's Colombo Port or Singapore -- on its regular calls at Kattupalli Port in southern India. HMM has two weekly long-haul connections out of Kattupalli: FIL (Far East-India-Latin America) and
OOCL's revenue more than halved in 2023 first quarter Orient Overseas Container Line (OOCL) announced that its total revenues dropped by 57.8% to approximately US$2.2 billion in the first quarter of 2023, compared to the same period in the previous year. Additionally, the COSCO-owned container line reported that its total liftings fell slightly by 3.2% to around 1.7 million TEUs, while the company's loadable capacity rose by 0.7%. The total load fac
ShibataFender Team supplies cone fender systems for expansion in Texas Freeport Undergoing expansion works are taking place at Freeport in Texas, US that will allow the port to handle larger vessels. In this phase of the project, berth seven of the Velasco Terminal is being refurbished to make it the deepest container terminal in the Gulf of Texas and a new berth is being built, number eight, to gain additional terminal length to accommodate vessels from Panamax to Post-Pana
Port Houston sees significant drop in imports The Houston Ship Channel expansion and deepening program, Project 11, continues, at the same time that the overall tonnage is up 7% year-to-date collectively for public terminals. However, the executive director of the port Roger Guenther noted there is now a "considerable softening of demand, especially in the import of container". Tempering expectations concerning container imports, Guenther ex
New Kalmar equipment enhances Napier Port operations Napier Port received new container handling equipment from Kalmar last month with two Eco Reach Stackers and two Empty Container Handlers enhancing its cargo handling capabilities. New Zealand's port noted these machines have a natural, long-term life cycle, so it is critical the right environmental and investment decisions are made as the port works towards its goal of net zero emissions by 2050
Sea-Intelligence reports US$15 billion drop in box lines 2022 last quarter earnings Even though the shipping lines recorded 2022-FY Earnings Before Interest and Taxes (EBIT) of US$138 billion, minus CMA CGM, PIL, and MSC, there were visible indications of a weakening market, according to Sea-Intelligence. This was confirmed by the 2022-Q4 financial and volume data published by the ocean carriers. Source: Sea-Intelligence.com, Sunday Spotlight, issue 608. "While all of the shipping
Just how much did MSC's container business make last year? It's one of shipping's most closely held secrets, up there with Greeks and the dark fleet, the true meaning of EEDI, defining an eco-ship, the hourly wage of a Burmese deckhand, and the full extent of the web of shipping interests of the Ofer family. Just how much is Switzerland's richest man worth? News that ...
Maritime NXT: Pairing passion with purpose A well-known name in Singapore shipping circles has today launched his own consultancy. Punit Oza, whose career has included stints at Precious Shipping, Torvald Klaveness, and most recently Wiz Bulk, has established Maritime NXT. When questioned why, Oza tells Maritime CEO: "The simple answer is to give back to this amazing industry, pair my passion ...
CBO scores Petrobras contracts for PSV trio Brazilian offshore vessel owner and services provider CBO has secured new contracts with Petrobras for three large platform supply vessels. The contracts, with an undisclosed value, are for four years each and set to commence in August this year. The 2016-built 4,700 dwt units of Ulstein design, CBO Oceana, CBO Itajaí and CBO Aliança, will ...
Vahana liftboat makes history with first Abate-ready notation Dubai-based Vahana Marine Solutions DMCC has seen its 2018-built become the first liftboat to receive DNV's Abate-ready notation. The Abate notation has been designed by the Norwegian class society to assist offshore owners and operators, which are not covered by the IMO rules, identify and implement measures that could lead to reductions in greenhouse gas ...
Say No To LNG shipping campaign launches Say No To LNG, a global shipping campaign, has launched this month, with its backers saying they aim to debunk the "myth" that LNG is a climate friendly marine fuel alternative. LNG remains the number one alternative fuel chosen by owners when ordering newbuilds, with the number of LNG-fuelled ships soaring in recent years. Detractors ...
Lidl and Kaufland sign up for offshore wind power Lidl and Kaufland have signed a power purchase agreement with RWE to procure electricity from the Kaskasi offshore wind farm in the German North Sea. Under a 10-year deal, retail divisions of the Schwarz Group will offtake roughly 250 GWh of renewable energy per year starting in 2028. The 342 MW Kaskasi is located 35 ...
Japanese set out to develop engines for tomorrow's alternative fuel mix Japan Engine Corporation (J-ENG) has set out to work with compatriot Akasaka Diesels to develop hydrogen and ammonia ship engines. The pair have received funding from the Green Innovation Fund project by Tokyo-based New Energy and Industrial Technology Development Organization (NEDO). Japanese shipping lines and shipbuilders are among the world leaders in the development of ...
FLNG sector EPC spend forecast at $35bn by 2027 The floating liquefied natural gas sector is poised for $35bn in engineering, procurement and construction (EPC) contract awards through to the end of 2027. In view of FLNG investments last year and planned investments expected between 2023 and 2027, energy market research and consultancy firm Westwood estimated 18.3 mtpa of additional FLNG capacity to come ...
Europol details how criminal networks have infiltrated leading European ports Europol, the law enforcement agency of the European Union, has launched a joint analysis report with the Security Steering Committee of the ports of Antwerp, Hamburg, Bremerhaven and Rotterdam that looks into the risk and challenges for law enforcement posed by criminal networks in EU ports. Criminal networks are increasingly working toward the infiltration of ...
China launches ship inspection campaign in the Taiwan Strait Commercial maritime traffic along one of the world's busiest shipping lanes face a tense few days ahead. China's Fujian maritime safety administration has launched a three-day special joint patrol and inspection operation in the central and northern parts of the Taiwan Strait that includes moves to board ships. The operation runs from Wednesday through Friday ...
Cuba's Mariel Container Terminal completes expansion to allow access for neopanamax vessels The Mariel Container Terminal (TCM) - the main container terminal in Cuba, with a yearly container throughput of approximately 300,000 teu and capacity of 800,000 teu - has completed the dredging of its access channel to accommodate neopanamax vessels. With the new channel dimensions, the terminal can receive vessels of up to 366 metres long, ...
'We're not part of dark fleet', says Russia's Sovcomflot Sovcomflot wants to dispel any impression that its ships, managed from its subsidiary in Dubai, are engaged in subterfuge and...
Modern product tankers sold for prices not seen since 'heydays before the financial crisis' Tanker market sales dominated by product carriers, while high rates are also tempting owners to fix ships on longer-term durations...
Dark fleet's biggest shipowner Gatik Ship Management loses Western insurance cover Removal of Gatik's fleet of elderly tankers suggests cargoes are no longer compliant with G7 oil price cap
Swedish Club spells out owner responsibilities under Russia price cap attestation mechanism War risk, P&I and freight, demurrage and defence policies only on offer to those who stick to the rules
Australia's key bulk commodity exports to hold steady on balance Revenues from mineral exports, such as those used in the energy transition, will be similar to earnings from coal exports...
Terminal automation: It's not for everyone Container terminal automation can bring efficiency and higher capacity. But the overall financial benefits are marginal even in the best-case...
North Korea accelerated vessel purchases in 2022, UN report finds 'The same networks of individuals and entities, employing shell companies, are involved in the Democratic People's Republic of Korea sanctions...
Maritime tech must keep seafarer skills at its heart, says OTG chief Ocean Technologies Group chief executive Thomas Zanzinger comes to shipping from the software sector. Oakley Capital appointed someone who could...
Shipping should brace for a compliance crackdown this year Last year was about installing an unparalleled network of sanctions restricting trade. 2023 is going to be defined by increasingly...
Seadrill completes all-stock acquisition of Aquadrill Acquisition will allow Seadrill to serve a broader range of customers, company says
SIPG sees record profit for 2022 despite slow container growth The state-owned port group reported a 17.3% year-on-year profit growth. This is backed by a fast-growing port logistics business
Multiplicity of policy wordings complicates loss of hire payouts, average adjusters told Rui Hao of Richards Hogg Lindley highlights key problems to Association of Average Adjusters and the International Underwriting Association
Shipyards mark-up newbuilds as market regains steam Yards have become more confident as orders numbers creep up. These include six methanol dual-fuel 16,000 teu ships to be...
Alternative fuel vessel orders slowed in March Liquefied natural gas dual-fuel vessels once again became the most popular alternative fuel option for newbuilding orders in the past...
The Shipowners' Club KYC conundrum over North Korea-linked tanker Case underscores risk and compliance complexities as regulatory shortcomings fail to highlight red flags to marine service providers
Regulators intensify focus on risky ship-to-ship transfers Sanctioned oil is being transferred in international waters beyond the jurisdiction of port authorities
MPA backs BIMCO's campaign to accelerate adoption of eBLs in dry bulk sector Launched last month, BIMCO's 25 by 25 campaign aims to encourage important players in the bulk sector to move 25%...
Global gas consumption to reach all-time high in 2023 Global gas consumption is expected to resume growth and reach an all-time high level in 2023, according to the Gas...
Abu Dhabi Ports secures $2bn syndicated bank facility Robust demand for the credit facility reflects the banking sector's confidence in AD Ports' financial health and future prospects, company...
Daily Briefing Dark fleet links back to Chinese shell companies | Subterfuge shipping patterns revealed | CII needs an update | Costly...
Ocean carriers 'jumping the gun' on D&D billing changes: terminal operators Ocean carriers are already rushing to fall in line with pending FMC rulemaking, with a string of liners announcing in recent weeks they will cease charging detention and demurrage on containers that cannot be picked up or dropped off when a terminal is closed for business.
CORRECTION: NWSA terminals, ag exporters in talks to ensure efficient cargo flow Lower imports have prompted marine terminal operators on the US West Coast to cancel at least one work shift per week, something that has complicated cargo flow for exporters due to the resultant delays and higher transportation costs.
OOCL Q1 revenue plunges in early sign of freight rate collapse The company's revenue for the 2023 first quarter is one of the ocean shipping market's very first indications of how the plunge in rates will affect carriers' bottom lines.
Growing warehouse vacancies near NY-NJ not sign of weak market: analysts The warehouse market near the Port of New York and New Jersey is seeing some tenants leave and new space becoming available, but that's not a sign of a significant drop in demand, observers say.
India-US carriers line up more GRIs ahead of service contract deals Forwarder sources in India say they view the latest GRI attempts as nothing more than contract negotiation posturing on the part of the carriers.
ONE Apus cargo loss battles nearing settlement agreement More than two years after container ship lost 1,800 boxes overboard, lawyers see an agreement coming together
Russian master in custody over 'oil smuggling' claims Grace Felix has been detained off Albanian port of Durres for more than six weeks after police operation
Navigazione Montanari buys back eight MR product tankers Fabio Montanari-led tanker owner exercises call options in deal with Sole Shipping
Europol reveals scale of new cocaine smuggling tactic at European ports So-called PIN code fraud was first identified in 2018 and has been growing at key EU ports
PDVSA probe: Arrests mount in Venezuela over 'mafia' that sought to 'embezzle the nation' Attorney General Tarek Saab says 34 people have been detained by probe into state oil company PDVSA
Container shipping industry profits set to plunge 80% in 2023, as small lines feel crunch Another earnings downturn towards the end of 2022 bodes ill for the sector
Major South Korea yards to build new capacity as demand is set to remain hot Shipbuilders aim to secure high-price newbuildings on the back of continued strong demand
Major South Korea yards to build new capacity as demand for ships set to remain hot Shipbuilders aim to secure high-price newbuildings on the back of continued strong demand
Beyond carbon: Shipping needs to update its language about greenhouse gas emissions Nitrous oxide is no laughing matter for climate change, and shipping needs to include methane emissions in its greenhouse gas emissions path
Norway's Viken product tanker sales emerge in Russian trades Viken Shipping is reshuffling its fleet of product carriers and two of three recently sold MR1 sister ships have turned up in Russian trades
Embattled Yieldstreet vows to fight on after US court dismissal of recycling case Financier Yieldstreet vows to keep up its legal campaign against its maritime advisors over a massive ship recycling fraud, as it faces a class action lawsuit and a US government probe
Leading insurers pull out of UN's Net Zero Alliance over antitrust concerns Munich Re and Zurich insist the move does not impact their commitment to decarbonise
Peter Dohle container ship detained in Greece after shipwreck 'scratches' hull Vessel suffers minor damage as Greece continues to show little enthusiasm in removing vessel carcasses
Greek share of Russian tanker trades 'to plummet' if Opec+ cuts drive oil price to $90 Oil price rises linked to Opec+ cuts in production have put pressure on G7 oil price caps
World's biggest liner firms talk to yards over new surge of container newbuildings Enquiries continue to stack up with yard reservations for big-name clients blocking slot space for other sectors
Kumiai Senpaku inks tanker newbuilding trio as shipowner targets niche sectors The Japanese shipowner has ordered three newbuildings against charter contracts from a European company as it moves away from the dry bulk
Khanna's Heidmar welcomes Allseas Marine suezmax tanker to managed fleet Seven-year-old Greek tanker is latest recruit by pools player as it targets US listing
Clarksons director Heike Truol making sure employee voices are heard Independent board member provides a link between shipbrokers' staff and management
OSG tanker crew rescues 12 castaways adrift in Gulf of Mexico OSG's Sam Norton says tankers' crew did an excellent job of ship upholding the law of the sea during rescue
Shipyards sit on berths for over 40 upcoming container ship newbuildings Enquiries continue to stack up with yard reservations for big-name clients blocking slot space for other sectors
Shipyard prices creep up again amid rising costs and tight capacity Shipbrokers do not expect prices to fall as demand is starting to build up
FedEx says air network restructuring to save $700M annually FedEx said it aims to slash $700 million per year in costs through a massive overhaul of its air network, part of a larger corporate profitability initiative.
Maritime History Notes: Daniel K. Ludwig - father of the supertanker American shipping magnate believed in efficiency and economies of scale in operating the world's largest ships.
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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