Vigor awarded USS Barry contract with a $211 million potential Vigor Marine LLC, Seattle, Wash, has been awarded a $124,223,521 firm-fixed-price contract to furnish the material, support, and facilities; and provide the management, technical, procurement, production, testing, and quality assurance necessary to
Seaway system set to see more U.S. soybean exports As the recent temporary shutdown of the St. Lawrence Seaway by strike action underscored, the Great Lakes St. Lawrence Seaway system is a vital maritime trade artery whose smooth operation is too
$125 million U.S. loan will help revive Greece's Elefsina shipyard The U.S. development finance agency, the Development Finance Corporation (DFC) has signed financing agreement to provide a $125 million loan to ONEX Elefsis Shipyards and Industries (ONEX) to rehabilitate and modernize the
San Pedro Bay ports support zero-emissions truck initiatives The ports of Long Beach and Los Angeles will make US$60 million in Clean Truck Fund Rate funding available through the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) for vouchers toward the purchase of zero-emission, Class eight drayage trucks to operate at the San Pedro Bay port complex. Each port is providing US$30 million through the Clean Truck Fund (CTF) R
Hong Kong police bust drug smuggling attempt on PIL ship Suspected cocaine with a street value of US$50 million was found in a Pacific International Lines (PIL) container ship that arrived in Hong Kong on 7 November. In a joint operation, police and customs officers raided the Hong Kong-flagged 11,923 TEU Kota Pusaka after being informed that two men, identified as non-crew members, had boarded the vessel from a speedboat while it was docked in Guatema
Analyst says Maersk rate cutting behind Q3 losses Analysis by Hong Kong-based Linerlytica suggests that the sudden and deep decline in container freight rates in the third quarter was initiated by Maersk Lines' attempts to recover market share. Container freight rates have declined significantly over the course of this year as market fundamentals have been hit by a double shock with demand declining and capacity soaring as record levels of order
Oil tanker blast at Chennai Port kills one, injures three An explosion on board an oil product tanker docked along one of the berths at India's Chennai Port killed a worker and injured three others this morning (10 November), according to industry sources. The blast occurred when workers were using a gas cutter as part of repairs to the Indian-flag vessel. "The sparks from the gas cutter fell on the pipeline, leading to a fire accident," a senior police
New president for Finnish port equipment manufacturer Kalmar Cargotec's Board of Directors has appointed Sami Niiranen as the company's next President of Kalmar, effective May 2024 at the latest, with Cargotec's present President and CEO Casimir Lindholm remaining in his interim position. Sami Niiranen will also join the Cargotec Leadership team. Sami Niiranen will be suggested as President and CEO of the proposed standalone Kalmar as part of the planned s
Yang Ming nears US$3.5 billion revenue and US$200 million profit in 2023 9M Yang Ming Marine Transport Corporation published its financial report for the third quarter of 2023. The company's consolidated revenue for the third quarter was US$1.16 billion, with an after-tax net profit of US$90.73 million. Additionally, for the first three quarters of 2023, the consolidated revenue was approximately US$3.5 billion, with an after-tax net profit of US$196.49 million. Yang Min
Ruth Wood appointed as permanent CEO at Mersey Maritime Just five months after becoming Interim chief executive of Mersey Maritime, Ruth Wood has now been appointed to the role on a permanent basis. Ruth Wood is a former senior manager at Peel Ports Group and latterly head of commercial at Mersey Maritime. She took the helm in July following the departure of Chris Shirling-Rooke, who left to become chief executive of Maritime UK. "Ruth has shown us sh
Creating a Healthy Work-Life Balance: Strategies to Reduce Employee Burnout Achieving work-life balance in the modern workplace can be challenging. With a never-ending pressure to achieve targets, respond to emails, and meet deadlines, it's no wonder burnout has become a common problem. "Burnout" refers to a state of mental, physical, and emotional exhaustion caused by prolonged and excessive stress. It can cause negative health consequences such as anxiety, depression,
Global bunker indices shift towards downward trajectory Marine Bunker Exchange (MABUX) global indices, following a brief period of moderate growth, once again shifted towards a downward trajectory. The 380 HSFO index fell by US$6.01, the VLSFO index lost US$8.63 and the MGO index decreased by US$11.21. "At the time of writing, the market displayed no consistent trend," commented a MABUX official. Global Scrubber Spread (SS) - the price difference betw
Eastern Pacific Shipping lines up more orders for ammonia-powered newcastlemaxes Singapore's Eastern Pacific Shipping (EPS) has signed up for more ammonia dual-fuel newcastlemax newbuilds in China. The Idan Ofer-controlled diversified shipowner has firmed up orders for three additional 210,000 dwt units at CSSC Qingdao Beihai Shipbuilding for delivery in 2027 and added four more optional vessels, taking its potential order tally at the yard to ...
BW Ideol to be taken private BW Group's Oslo-listed floating wind company, BW Ideol, is set to be taken private by a newly formed vehicle made up of existing shareholders. BW Sirocco Holdings is offering NOK 12 per share to remaining shareholders a substantial premium of 42.2% against Wednesday's closing price. The bid values the company at about NOK378m ($40m). The ...
Yangzijiang sells abandoned jackup rig Yangzijiang Shipbuilding has taken advantage of the tight offshore drilling rig market to finally offload a jackup unit left stranded at the yard. The Chinese shipbuilder entered the offshore jackup construction sector in 2012 in a $170m deal with Explorer I Limited, a subsidiary of Mena Offshore Investments, for one firm rig for delivery in ...
UK looking to boost existing offshore wind sites with additional 4GW The British Crown Estate is making plans to generate an additional 4GW from several offshore wind farm projects in development, within the timeframe of the Government's offshore wind target of 50GW by 2030. Crown Estate said that offshore wind technology had improved since the award of the seabed areas, enabling more clean energy to be ...
Insurance premiums climb in wake of latest Russian missile attack Ukrainian authorities insist the country's maritime export corridor remains open for business despite Tuesday's deadly missile attack on a Liberian-flagged, Philippines-owned bulk carrier. A Russian air-to-surface missile slammed into the bridge of the post-panamax as it was entering the port of Yuzhny killing the pilot and injuring four others. Merchant shipping and insurers have been ...
Buoyant shipping industry happy to offer incentivised packages for best candidates New hires lead the way in 2023 salaries, according to Spinnaker's annual pay report. Spinnaker's annual salary report which benchmarks over 100 shore-based jobs in the maritime industry has been published. A total of 104 global shipping companies provided their employee's annual salary and bonus figures to Spinnaker who then analysed the data, carrying details ...
Seaspan to enlarge Vancouver repair yard Seaspan is upgrading and expanding its Vancouver Drydock infrastructure to help grow the company's ship repair and maintenance operations. Seaspan received permit approval from the Vancouver Fraser Port Authority (VFPA) last month to extend its North Vancouver drydock facilities to increase capacity and service additional vessels. Seaspan consolidated its ship repair and maintenance projects at ...
Thoresen Thai invests in Valeura Energy Thoresen Thai Agencies, best known for its dry bulk fleet, has announced its strategic plan to expand its investment holdings into the upstream oil production business by its recent open-market acquisition of a 10.14% stake in Valeura Energy, becoming the second largest shareholder in the process. Valeura Energy, a Canada-incorporated upstream company listed on the ...
The Lloyd's List Podcast: How does an economist solve shipping's climate conundrum? Two of the shipping industry's leading academics, Professor Siri Pettersen Strandenes and Dr Martin Stopford, join the podcast this week...
Hamburg knuckles down in uncertain times Food for thought aplenty at the annual Eisbein celebrations and in German shipowners' boardrooms amid numerous industry challenges ahead. But...
CMA CGM hunkers down as market deteriorates CMA CGM is trying to rein in costs as the market 'normalises'. It warns overcapacity will continue to pull down...
Neptune acquires Greece-based logistics provider Move will integrate Ferst Logistics' know-how in areas including distribution, storage and technical centres with Neptune's maritime experience
HMM outlines dull market forecast following sharp profit decline in third quarter The South Korean carrier vows to cut costs and diversify its investment portfolio
European Parliament calls for tougher enforcement of sanctions on Russia The European Parliament is voicing concern about loopholes in EU sanctions against Russia and is calling for tighter enforcement. Its...
Eastern Pacific returns to Chinese yard for more ammonia-fuelled newcastlemax units The first newcastlemax trio is scheduled for delivery in 2026, followed by the latest order of three vessels the following...
Los Angeles seeks to win back lost cargo With volumes down in the aftermath of the pandemic boom, the leading west coast gateway is seeking to rebuild. With...
Industry falling short in addressing seafarer shortfall Shipping has a colossal job on its hands if it is to avoid a looming crewing crisis both at sea...
Yang Ming cautious over container outlook as profits plummet Taiwanese carrier says a persistent vessel glut is posing challenges for the future performance of all container lines
US private equity firm Astatine acquires Canadian owner McKeil Marine Connecticut-based Astatine Investment Partners has picked up Canadian shipping company McKeil Marine from TorQuest, a Canadian private equity firm
GSL 'insulated' from box sector's challenging outlook 'Macro headwinds, geopolitical uncertainty, and the size of the orderbook remain areas of concern for the overall industry. But the...
Daily Briefing Hapag-Lloyd tightens cost focus as low rates hit earnings | Moscow tightens grip on Russian shipping as Fesco is transferred...
Yangzijiang offloads stranded jack-up rig Deal comes as demand has rebounded for assets of this class to tap offshore reserves amid a recovery of oil...
US shippers expanding private fleets in uncertain truck market The need for greater supply chain stability, not just control over on-time service, is driving growth in the number of private fleets run by shippers even in a time of cheap truck rates.
Container volume decline shows trouble on Canadian-US border: analyst The intermodal routing option from Canada to the Midwest began to fall out of favor beginning in 2021 and accelerated in late 2022 when ISO containers moving in the lane fell below levels last seen six years ago.
Carbon tax needed to spur real action on maritime emissions Despite public commitments by some 4,000 companies globally to reduce Scope 3 emissions, ocean shippers have thus far been unwilling to pay higher-than-market freight rates to achieve those goals.
Container market shows 'no encouraging signs' of recovery: HMM The South Korean carrier 's financial results followed the industry's downward trend and although HMM remains profitable, it is not far above the loss-making line.
CMA CGM sees profits plunge again while citing uptick in global volumes French outfit remains cautious in forecast for 2024 amid influx of vessels and tepid growth forecast
Hill Dickinson boosts Hong Kong office with 10 former Ince employees Shipping law firms continue feasting on the staff of defunct former rival
Comment: 'Macroeconomic uncertainty' looms over shipping but dark clouds worry some more than others US monetary policy and Chinese economic signals lead to some jitters and some shrugs
Editor's selection: LNG repair debate rages, Oil Brokerage's US raid and digesting the Eisbeinessen A look back at the stories making the news this week
Viasea banking $15m from Norway to build hydrogen-fuelled container ships Norwegian line planning to order two vessels that will cut emissions by 75% initially
HMM profits plunge nearly $2bn as container demand sinks Carrier cuts costs and diversifies as profits evaporate
IMO dangles $500,000 carrot in front of tech firms for green projects Project will help developing countries transition their maritime industries
Bulker owner TTA moves into oil production with stake in Valeura Energy Thai group becomes second-largest shareholder in Toronto-listed producer
'Higher for longer': Okeanis fixes four VLCCs as long-haul rates top $100,000 Greek owner reveals lucrative deals as crude sector heads for period of sustained strong earnings
Fresh Saudi player finances dual-fuel VLGC newbuilding trio with CSSC Leasing Pearl Petrochemical sells big gas carriers to Hong Kong outfit for $180m
Rosatom: Fesco takeover part of plan to build cheap Europe-Asia shipping route Rosatom CEO says goal of Northern Sea Route is to attract 'significant' portion of global shipping
NYK teams up with Chilean copper giant Codelco on first ammonia-fuelled bulker Companies eyeing fleet of up to 15 'zero CO2 emissions' vessels to be built in Japan
Evolving for expansion: Charting LNG cargo containment's rough passages Commercial drivers have pushed design pace but technical understanding has advanced
Debate rages over repairs to fix LNG membrane cargo containment systems Shipowners, class and designer GTT locked in talks as issues resurface in Mark III-fitted vessels
Insuring offshore wind? Whatever happens, it's going to cost you There are plenty of questions when it comes to insuring offshore wind and few answers beyond high costs
Varamar teams up with Cosco for break-bulk shipping venture Belgian owner and Chinese state giant to cooperate in global trades
Clarksons reveals winners of 'Dragons' Den' challenge for young brokers Competition was part of week-long dry cargo shipping diploma event
BW LNG tipped to scoop Gaz-System's FSRU job for Gdansk South Korean shipbuilders look set to net at least one more regas vessel order this year
Melina Travlos onshore logistics division makes first acquisition Neptune Land Services buys majority stake in Greece's biggest automotive truck fleet
Yang Ming profit drops by $1.6bn in third quarter container ship slump Taiwanese owner says it is monitoring changes in regional markets
Hoegh Autoliners CEO Enger repays personal debt by selling $4.8m share slice Boss of car carrier company says he remains committed to his role
Bulgaria 'exploits' EU sanctions to boost Russian oil imports Campaigners calls for an end to rules that allows Bulgaria to import Russian crude for refining
Comment: Enjoy the Eisbein, but get ready for the hangover If it is getting bad for the liner operators, it will be worse for everyone else
Strength of Torm stock a key factor in fleet deals, boss Jacob Meldgaard says Danish owner has struck again with a cash and share transaction
Lithium-ion battery explosion sparked fire on Greek tanker, says probe Safety agency suggests Solas regulations covering fire protection on ships' bridges are not enough
Hong Kong's Seacon Shipping snaps up Union Maritime tankers Latest acquisitions part of company strategy to diversify its fleet into the tanker market
Petter Tronstad steps down as CEO of niche shipowner JT Cement Chartering manager of Thun Self Unloaders, Patrik Gandvik, is set to take over the Bergen-based role
Lithium-ion battery explosion sparked fire on Greek tanker, NTSB says Safety agency suggests SOLAS regulations covering fire protection on ships' bridges are not enough
Great Eastern not betting the house on crude carriers Indian shipowner will acquire vessels but do not expect any big moves
Cargojet to sell off new B757 freighters, pause 767 conversions Cargojet wants to dump eight aircraft that were part of of its growth strategy and postpone converting two more aircraft into cargo jets as the weak cargo market shrinks profit margins.
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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