Suez Canal tugboat sinks in deadly collision with gas tanker A salvage team yesterday recovered the body of a crew member from a Suez Canal tugboat that sank after a fatal collision with a gas tanker transiting the canal. The incident occurred
DOF books major West Africa SURF contract Norway's DOF Group ASA reports that it has been awarded a significant SURF (subsea umbilicals, risers and flowlines) contract worth in the region of $80-100 million, The contract is with a Tier
VIDEO: Ukrainian drone holes sanctioned Russian tanker Ukraine has followed up on its drone strike on a Russian Navy warship with a drone strike, Saturday, on a sanctioned Russian tanker, the Sig. Interfax Ukraine quotes sources in the Security
Wan Hai opens new office in India Taiwanese ocean carrier Wan Hai Lines established a new office in Kolkata, India on 17 July. The company has now six offices in the country, in Mumbai, Chennai, Mundra, Vizag, Delhi and Kolkata. Wan Hai believes that enhancing its presence in India could help increase service ties between India and neighbouring countries, such as Nepal and Bhutan. The container carrier said that with the opening
Major box ports in China close to 150 million TEUs during 2023 H1 In the first six months of the year, the overall container volume of major Chinese ports rose 4.8% compared with the same period in 2022, reaching approximately 150 million TEUs. At the same time, the overall cargo volume of the Chinese ports was around 8.1 billion tonnes in the first half of 2023, translating to a decrease of 8% year-on-year. The following table includes cargo and container thro
CMA CGM announces new rates from Middle East Gulf to North Europe and Med CMA CGM will apply new Freight All Kinds (FAK) rates from Middle East Gulf ports to all North European, West Mediterranean and North African ports from 21 August and until further notice. The updated rates will be as follows: Direct base port rates 20ST 40ST 40HC Middle East Gulf to North European ports US$1,200 US$1,300 US$1,300 Middle East Gulf to West Mediterranean ports US$1,200 US$1,300 US$1
Canadian port worker union, employer reach tentative four-year deal Canada's minister of labour, Seamus O'Regan and the British Columbia Maritime Employers Association (BCMEA) confirmed that International Labour and Warehouse Union Canada (ILWU Canada) voting membership has ratified the four-year negotiated tentative agreement. The agreement was reached after five months of negotiations, conciliation and mediation, and five weeks of labour actions in Canada's wes
MSC acquires Italian air cargo carrier MSC has bought the majority stake in AlisCargo Airlines, a Milan-based air freight carrier, with both companies confirming that MSC is expected to acquire 100% of AlisCargo Airlines at the beginning of the next year, once the air cargo carrier will restart operations with the delivery of a Boeing 777F. MSC Air Cargo Senior Vice President, Jannie Davel stated, "The acquisition of a majority share
DP World Southampton launches Modal Shift Programme (MSP) trial DP World Southampton has announced that effective from 1 September it would be trialing for one year until 31 August 2024 a Modal Shift Programme (MSP). Through this programme, DP World Southampton aims to increase the financial attractiveness of rail inland movements for laden containers, as well as to reduce the cost of CO2 emissions and support UK businesses net-zero targets. The scheme's high
NYK's revenue and profits plunge in 2023 second quarter In the second quarter of 2023, NYK Line announced consolidated revenues of US$4 billion (¥567.5 billion), down US$74 million (¥105.5 billion) from the same period last year. Additionally, the company's operating profit reached US$33 million (¥47.1 billion), recurring profit was US$63 million (¥89.4 billion), and profit attributable to parent owners was US$51 million (¥73.4 billion). Source: NYK I
Hydor expands marine insurance portfolio with EF Marine buy Norwegian insurer Hydor has acquired Singapore- and Rotterdam-based counterpart EF Marine and its subsidiary. The combined company will from now on be branded as Hydor, with a total team of 34 people and a head office in Oslo. Other company offices will be in Rotterdam, Hamburg, Singapore, Hong Kong, and Shanghai. The acquisition follows the ...
Performance Shipping seals $20m refinancing Greek tanker owner Performance Shipping has refinanced its existing loan from 2019, in a deal with Nordea Bank for a revolving credit of up to $20m. The Nasdaq-listed firm said it intends to use the proceeds to repay the current $18.8m loan with Nordea secured by vessels P Blue Moon and P Briolette and the ...
Seafarer morale slips further Seafarer morale has fallen further in the second quarter of 2023. The latest Seafarers Happiness Index (SHI) report compiled by the welfare charity Mission to Seafarers has revealed a significant drop in happiness levels from 7.1 to 6.77 out of 10, compared to Q1 this year. The latest results highlighted a sustained drop in positivity. ...
Italian fund buys into RINA in $198m deal RINA is getting a new shareholder in a three-way deal that will see Milan-based private equity firm Fondo Italiano d'Investimento buy a 33% stake in the Italian classification society. The transaction, agreed by RINA, its main shareholder Registro Italiano Navale and the fund is expected to close in autumn 2023, with a capital injection of ...
Shell and EDF venture submits bid for New Jersey offshore wind farm Atlantic Shores Offshore Wind, a 50:50 joint venture between Shell and EDF, has submitted a proposal to the New Jersey Board of Public Utilities as part of the state's third offshore wind solicitation. This gives further support to the state's ambitious goal of reaching 11,000 MW of offshore wind energy by 2040. New Jersey has ...
DOF secures CSV contract in West Africa Norway's DOF Group has won a significant contract worth between $80m and $100m from a tier 1 contractor and operator in West Africa. The contract, involving subsea umbilicals, risers and flowlines (SURF) will secure 326 days of firm utilisation for the 2008-built construction support vessel (CSV) . The campaign is set to start in the ...
Rodolphe Saadé readies launch of national newspaper Shipowner tycoon turned media baron Rodolphe Saadé plans to launch a national Sunday newspaper later this year, according to local media reports in the latest instalment of how one of France's richest men is spending the millions earned during liner shipping's purple patch. Saadé, the head of CMA CGM, already controls three newspapers in France ...
Yinson Production secures $230m loan to finance Brazil-bound FPSO Singapore-based Yinson Production, part of the Malaysian Yinson Group, has secured a $230m term loan facility for the financing of the FPSO Maria Quitéria. The loan facility was structured and arranged by Global Infrastructure Partners (GIP), an independent infrastructure fund manager with around $100bn in assets under management. This loan facility marks the first transaction ...
MSC takes over Milan air cargo carrier MSC has acquired the majority stake of AlisCargo Airlines, a Milan-based air freight carrier. The parties confirmed that the transaction is a first step towards the acquisition of 100% of AlisCargo Airlines by MSC, expected to happen at the beginning of 2024, once AlisCargo Airlines will restart operations with the delivery of a Boeing 777F. ...
Jaldhi Overseas books more MRs at Yangzi-Mitsui Shipbuilding Singapore-based owner Jaldhi Overseas has returned to Yangzi-Mitsui Shipbuilding (Yamic) for more MR tankers. Clarksons Research reports the company has booked two 50,000 dwt units for delivery in the fourth quarter of 2025 and the first quarter of 2026, taking the MR series at the yard to six. No price has been revealed but shipbuilding ...
Damen exits Mangalia shipyard partnership Dutch shipbuilder Damen has decided to withdraw from a partnership it had with the Romanian government regarding the Mangalia shipyard. Damen said that the decision was motivated by the fact that the Romanian state no longer respects the agreement regarding the operational and managerial side of the shipyard. Damen Holding BV, a subsidiary of the ...
KNOT Offshore Partners names new CEO New York-listed shuttle tanker player KNOT Offshore Partners has appointed Derek Lowe as its new chief executive officer. Lowe will take over from Gary Chapman, who is leaving the partnership to become Navigator Holding's chief financial officer. Lowe will join the Aberdeen-based company from Dubai-based services provider Telford Offshore in September and also take over ...
Cruising's fuel cell future just got more real Cruise vessels ordered today will last beyond the target date set for shipping to reach carbon neutrality. Building in flexibility to ship design will therefore be critical for adapting to IMO 2050's new emissions goals, according to Jan-Erik Räsänen, CTO, Foreship. For cruiseship owners, progressive decarbonisation remains a reputational - as well as a regulatory ...
Port call count highlights differing hub adherence among sectors Different shipping sectors have mixed hub concentration levels, new data from Clarksons Research shows. In terms of capacity, it is not surprising to see that the container space has one of the strongest hub adherences , with 61% of all boxship capacity calling at the world's top 50 container ports based on H1 data. LNG ...
Golden Energy Offshore buys five Vroon ships for $94m Norway's Golden Energy Offshore Services (GEOS) has struck a deal to buy five ships from Vroon Holding for $94m. The deal includes four unnamed platform supply vessels and one subsea support vessel, VOS Sugar, all built between 2015 and 2016. The SSV is a versatile multipurpose commissioning support unit fit for both the oil and ...
China's Kunlun Shipping reemerges with VLCC acquisition In a market where Chinese takers of older VLCC prefer to stay private, it's noteworthy that in one of the latest reported rusty tanker deals, the registered taker is Chinese owner Kunlun Shipping. The Chinese outfit has grabbed a ship sold by Anna Angelicoussis-controlled Pantheon Tankers Management, adding the 14-year-old Hyundai Heavy-built Astro Chloe, now ...
Canadian dockworkers approve improved labour contract Dockworkers in western Canada voted on Friday to accept an improved labour contract bringing an end to a month-long dispute that had seen ships backing up at key ports Vancouver and Prince Rupert. Canada's minister of labour Seamus O'Regan and the British Columbia Maritime Employers Association (BCMEA) confirmed that the International Longshore and Warehouse Union ...
Suez tugboat sinks following collision with gas carrier One crewmember died after a Suez Canal tugboat sunk on Saturday having collided with the , an LPG carrier. Traffic along the waterway was briefly halted while salvors removed the tug's wreck. The Hong Kong-flagged gas carrier was unscathed in the incident and is currently at anchor as investigations get underway. The collision took place ...
US imports set to peak as inventories continue to weigh down volumes US imports are expected to peak in August, crossing the 2m teu threshold for the first time since October. Double-digit...
War risk insurers unfazed by increased Black Sea tension 'It seems like the market does not feel concerned. Prices are unchanged,' says one underwriter, while others warn rates could...
Western tankers abandon Black Sea crude markets after Ukraine drone attacks War risk premiums, already at $700,000 for a tanker to call at Russian oil export ports, are forecast to rise...
'Stable and satisfying' second quarter says OSG chief Rate environment remains 'quite healthy' for US flag operator Overseas Shipholding Group, which is eyeing the carbon storage and sequestration...
The week in newbuildings: Tanker sector boosts ordering activity Five shipowners have each ordered either crude oil or product tankers in the past week, while newbuilding contracts in the...
Tanker detentions surge in China's oil hub amid crackdown on ageing tonnage Many of the detained vessels also feature in Lloyd's List's dark fleet* list of some 480 tankers that could pose...
Seafarers go hungry as shipping maintains pandemic attitudes The latest Seafarers Happiness Index paints a picture of an industry with an ambivalent attitude to seafarer welfare. Crews face...
Blast hits Türkiye's Kocaeli port An explosion occurred in a grain silo at Türkiye's Kocaeli port, injuring 12 workers, while there was no immediate impact...
Houston contaminated fuel was also supplied in Singapore Fourteen vessels that bunkered with contaminated very low sulphur fuel oil during March-May suffered engine damage, including 12 vessels in...
Pricing right for now, says Swedish Club chair 'It's a very fast-moving environment. But right now, it seems we have most of the big movements behind us,' contends...
Danaos keeps an eye on dry as boxship strategy holds water Boxship fleet owner Danaos is withstanding the downturn in the wider market. But it is also eyeing the potential for...
The week in charts: Russian port attacked | Methanol leads alternative fuel vessel orders | Greek tankers' market share in Russian oil trades falls Boxship recycling picks up and tanker scrap sales expected to rise, while ships continue to wait to travel to Ukraine's...
MSC and Transworld consign more vintage boxships for recycling A total of 51 boxships have now been sold for recycling since the fourth quarter of 2022 with a combined...
Aponte and Schoeller back sustainability performance start-up Diego Aponte says investment in lower-carbon technologies and fuels must be supported by improvements in energy efficiency. Columbia Shipmanagement owner...
BPA slams further border control delays Plans to implement border controls have been delayed again in the face of inflationary pressures. But hold ups mean port...
Box volume growth shows signs of stabilising Container liftings are still down from their lockdown-driven highs. But the collapse in demand seen from the past September has...
Tug crew member killed following collision with Chinagas VLGC in Suez Canal The Suez Canal Authority tug Fahd sank after it came in to contact with the 2020-built very large gas carrier...
Precious Shipping expects more dry bulk volatility as profit plummets nearly 90% Thailand-based shipowner's first-half profits plummet nearly 90% as freight rates struggle
Clarksons posts 23% gain in interim profits on broking division's 'standout performance' 'After contracting marginally in 2022, overall global trade during the year to date has reverted to growth, with help from...
Daily Briefing Maersk outlook points to slow recovery | How the future of globalisation plays out | Government inertia continues to hold...
Chassis maker CIE halts US equipment imports CIE Manufacturing, a major manufacturer of new chassis, has suspended all imports of chassis into the US in response to an investigation by US customs officials.
Chartering slump keeps MPV sector in August 'doldrums' Although the multipurpose vessel market is expected to further soften on weak charter activity in the third quarter, firmer demand is expected by the end of the year keeping certain sectors of the market, project carriers mainly, optimistic, analysts said.
MSC adds Italian airline to expanding air cargo offering AlisCargo will join MSC's air freight division in early 2024 as the ocean carrier steadily builds out its global air network.
New China-South India string to boost rising intra-Asia capacity The latest China-India service follows the announcement of another new string from CULines and capacity increases from other carriers, including Pacific International Lines (PIL), Evergreen Marine and Regional Container Lines (RCL).
Market share holds key to recovery for US intermodal, truckload: analyst Regardless of where demand for intermodal and truckload freight transport moves over the coming months, the industry holds the key to its destiny in its own hands, writes analyst Larry Gross.
Yellow seeks orderly 'wind down' amid bankruptcy filing The third-largest US less-than-truckload (LTL) carrier said Sunday it plans to use debtor-in-possession financing to support the sale of assets, while CEO Darren Hawkins blamed the Teamsters union for its collapse.
July volume at Wilson Sons' Rio Grande box terminal grows 44% Exporters are increasing volumes as freight costs decrease in absence of pandemic-caused bottlenecks, Wilson Sons says
Capesize bulker futures rise despite 'slow and sluggish Monday' BHP and Rio Tinto still paid more to hire capesizes on Monday than they did on Friday
Performance Shipping takes out $20m loan to pay off ship-secured debt Tanker owner registered much higher profit in late July due to strong aframax tanker market
Overseas Shipholding on the hunt to replace tanker in US military programme Management says it could buy outright or bareboat charter a vessel to take the spot of Overseas Mykonos in security fleet
Canada dockers and employers finally agree to labour deal Terms of ratified four-year contract were not disclosed
Norwegian insurer Hydor acquires EF Marine as it targets growth Buyout adds to consolidation in the fixed premium marine insurance market
Danaos Corp profits edge downwards as Zim magic wanes Revenues remain strong despite a 50% drop in container ship charter market
Shipowners keep their cool in wake of Black Sea drone strikes Analysts say raids by seaborne drones on Russian vessels are unlikely to spread to the mainstream commercial fleet
Subsea 7 joint venture takes next step with antitrust go-ahead Subsea Integration Alliance brings together Oslo-listed offshore player SLB and Aker Solutions
Clarksons CEO salutes staff following shipbroker's 'outstanding' first six months London-listed group, perhaps shipping's most reliable distributor of dividends to shareholders, saluted its 'hidden heroes'
War Risk market on high alert after Black Sea tanker attack Rates remain stable but underwriters are wary the situation in the Black Sea could change very quickly
Clarksons CEO salutes staff following shipbroker's best-ever six months London-listed group, perhaps shipping's most reliable distributor of dividends to shareholders, saluted its 'hidden heroes'
In her blood: Maritime Optima's Kristin Omholt-Jensen seeks to make hay in modular space Oslo-based company sees prominent investors buy into its modular shipping data system
Italian fund gobbles up a third of compatriot classification society RINA Injection of equity helps Italian classification society fulfil 'ambitious' growth goals
Price cap breach could boost second-hand tanker market again, says Gibson Russia may need more tonnage if Russia reverses the production cuts announced this year
Golden Energy Offshore pushes 'pedal to the metal' in $94m Vroon deal Oaktree Capital Management injects NOK 57.8m as Vroon pares down offshore fleet and Golden Energy nabs five ships
Shipbroking strength lifts Clarksons profit higher in the first half of 2023 The London-listed broking group is now in its 21st consecutive year of paying distributions to shareholders.
Precious Shipping's profit plunges as falling rates and rising costs bite Weak dry bulk markets and rising costs spoil Thai bulker owner's prospects of another record year
One dead and others injured after gas carrier and tugboat collide in Suez Canal Tugboat sinks while Hong Kong-flagged Chinagas Legend was unscathed
Maersk and MSC call time on older container ships to the delight of Indian ship recyclers Container ships from two liner giants were among four that were reported sold for recycling
Seatrium to post full-year loss as it 'kitchen sinks' last of merger costs But company to focus on Ebitda performance, which it views as an indicator of how well it is doing operationally
Pertamina sifts offers in hunt for LNG carrier newbuilding trio Shipyards and owners submit bids with a front runner due to be decided imminently
ONE's Nixon expects continued growth in container sector despite $5bn profit drop Liner major CEO says long-term statistics prove he is not looking at industry growth through magenta-tinted glasses
Feds call attention to maritime 'near misses' DOT and MarAd are moving on a new database aimed at preventing vessel collisions.
Container shipping's Danaos buys into dry bulk amid rate slump Investors in Danaos thought they were buying a container shipping stock. Now they're invested in dry bulk, too.
Cargo operator Western Global Airlines files for bankruptcy protection Western Global Airlines, struggling under a heavy debt load and weak market conditions, has filed for Chapter 11 bankruptcy protection in a Delaware court.
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