Svitzer moves ahead on methanol hybrid fuel cell tug Following up on an initiative with Vancouver, B.C., based naval architect company Robert Allan Ltd. first announced in November 2021, the Maersk group's towage company, Svitzer, has launched the second phase of
Boston Ship Repair wins $13.8 million Military Sealift Command contract Boston Ship Repair, Boston, Mass., has been awarded a $13,824,169 firm-fixed-price contract for a 98-calendar day shipyard availability for a regular overhaul and drydocking of the Military Sealift Command expeditionary fast transport
VIDEO: Odfjell in tanker sector suction sail first Bergen, Norway, headquartered Odfjell is to install a bound4blue eSAIL suction sail system on a chemical tanker - a first for the bound4blue technology in the tanker sector. Odfjell has been actively
VIDEO: Ingalls launches DDG 128 Huntington Ingalls Industries (NYSE: HII) reports that its Ingalls Shipbuilding division in Pascagoula, Miss., successfully launched of the Navy's third Flight III Arleigh Burke-class guided missile destroyer, the future USS Ted Stevens
Moderate increase in fuel prices Marine Bunker Exchange (MABUX) global indices showed moderate growth with no significant changes. The 380 HSFO index rose to US$564.04/MT, the VLSFO index increased to US$666.24/MT and the MGO index climbed to US$938.37/MT. "At the time of writing, the market was in a state of a steady downtrend," commented a MABUX official. The Global Scrubber Spread (SS) - the difference in price between 380 HS
Amid record-low Transatlantic trade rates, shippers must seize opportunities before market rebounds: Xeneta Spot rates on the Transatlantic front haul trade from North Europe to the US East Coast (USEC) are plummeting rapidly. According to Xeneta's platform data, the monthly average rate for a 40-foot standard container (FEU) has dropped dramatically, falling from US$5,298 (excluding Terminal Handling Charges) in January to a mere US$809 in August. This significant decline serves as a reminder that mar
Digital Product Design Trends 2023: 5 Ideas to Try This Year Did you know that you have only seven seconds for your product to make the right first impression? These seven seconds are deciding factors that make or break your chances of getting through to potential customers. Products can be different, but they all have one in common - design. And it's crucial. Well-thought-out product design attracts customers, while a confusing one drives them away. Let's
US Maritime Administration designates two new marine highway routes The United States Department of Transportation's Maritime Administration (MARAD) has announced the designation of two new marine highway routes, M-11 in Alaska and M-79 in Pennsylvania and West Virginia. The newly designated routes are part of the US Marine Highway Program (MHP) and are expected to help speed up the movement of goods, strengthen supply chains, and support local economies in the a
Planning is key to navigating festivals in peak season Peak shipping season is already in full swing as shippers prepare for Thanksgiving and Christmas holidays, but carriers are warning that shippers should also be aware that two major holidays could disrupt supply chains in this period. Golden Week in China may be the more disruptive given that major manufacturing centres will shut down during the first week of October, but the five-day Hindu festi
Qatar's QTerminals buys Kramer Group's majority stake in Rotterdam Qatar-based terminal operator QTerminals has signed a Sales and Purchase Agreement (SPA) with Kramer Group to acquire a majority stake in Kramer Holding B.V., a supplier of integrated logistics and container services based in the Port of Rotterdam. "The acquisition of Kramer Group represents an important milestone in the expansion of Terminals, as the Port of Rotterdam is the largest port in Euro
Saudi ports increase box throughput in July Saudi Ports Authority (Mawani) reported a consolidated container volume of 753,496 TEUs in July, outpacing last year's throughput in the same month by 19%. More specifically, Mawani's data for July shows a 34.56% scale-up in exported containers to 250,004 TEUs from 185,791 TEUs in the previous year alongside a 30.09% growth in imported containers from 180,329 TEUs to 234,592 TEUs. Additionally, M
Singamas factories shorten hours as container demand flattens Management at Singamas, the world's fourth largest container maker, disclosed today (17 August) that the company had to close its factories, intermittently, as demand for new containers plunged in the first six months of 2023. Revenue at Singamas, a subsidiary of Singapore-based liner operator Pacific International Lines (PIL), declined 60% year-on-year to US$189.13 million in 1H 2023, while net
Dutch customs seize eight tons of cocaine found in Maersk container Dutch prosecutors said that customs officials in Rotterdam made the largest seizure of cocaine on record at the major European port. According to Reuters, the Dutch authorities seized more than 8,000 kg of cocaine found in a Maersk container of bananas. The box included 8,064 one-kilo packages of cocaine and was transported from Ecuador to the port of Rotterdam via Panama. The drugs, which have b
Port Houston joins Portchain Connect Network Port Houston uses Portchain Connect to increase the quality and speed of their berth alignment with customers through digital handshakes and secure data sharing. Portchain said it is excited to partner with the US port to streamline its communication and improve overall berth alignment. Portchain Connect is expected to enable Port Houston to receive real-time schedule and move count updates direc
OOCL introduces new service to connect Greece, Türkiye, Spain, and Morocco COSCO-owned container line Orient Overseas Container Line (OOCL) will enhance its intra-European service network with a new route. OOCL will launch the brand new Türkiye Spain Morocco Express (TSM) service, which will provide direct links between Greece, Türkiye, Spain and Morocco along with a transshipment connection at the Mediterranean hub of Piraeus in Greece. The full port rotation of the TS
Hapag-Lloyd increases rates from India's West Coast to US West Coast German ocean carrier Hapag-Lloyd has announced a new general rate increase (GRI) / general rate adjustment (GRA) from India's West Coast ports of Nhava Sheva, Mundra, Pipavav and Hazira to the United States West Coast. Hapag-Lloyd said it will increase its rates by US$200 per container. The Hamburg-based box line noted this change applies to cargo transported in 20' and 40' dry, reefer and specia
Reach Subsea lines up contract with European energy major Norwegian offshore services player Reach Subsea has been successful in its bid to carry out work for an undisclosed European energy major. A contract, subject to successful negotiation, will see the Oslo-listed company secure approximately 75 vessel days, scheduled for execution in the fourth quarter of 2023. The project is expected to utilise one of ...
Investments of $27bn needed to meet global offshore wind targets by 2026 The global offshore wind sector grapples with a fresh set of challenges in cost escalation and supply chain pressures and will need $27bn of secured investment by 2026 if it is to meet a fivefold growth in annual installations (excluding China) by 2030, according to energy consultancy Wood Mackenzie. The figure is based on Wood ...
Seapeak LNG carrier fixed for three more years Seapeak has had one of its liquefied natural gas (LNG) carriers extend its stay with one of the energy supermajors for three additional years. Stonepeak's gas ship owner and operator said the charterer of its 173,400 cu m 2018-built had exercised a three-year extension option at a fixed rate starting in May next year. The ...
Polish 1.2GW wind farm given offshore construction permits Baltic Power has been given the first building permits for the 1.2 GW offshore wind farm which will be developed offshore Poland. The Governor of the Polish region of Pomerania Dariusz Drelich issued the first three building permits for Baltic Power on Wednesday. The Governor's office said that the construction is expected to start soon. ...
Landbridge buys back VLCC from SFL Hong Kong-based owner Landbridge has declared a purchase option on a VLCC currently on bareboat charter from John Fredriksen's sale-and-leaseback specialist SFL Corp. SFL picked up the 2020 Dalian-built 308,000 dwt vessel for $65m as a newbuild resale and leased it back to Landbridge with purchase options attached together with an obligation to buy at ...
American Petroleum Tankers seals $28.5m US government deal Kinder Morgan's American Petroleum Tankers has secured a $28.5m option for a US government charter deal for the 2010-built MR products carrier . The US Department of Defense said the option is the third of the current contract, which includes a 12-month base period with three 12-month options and one 11-month option, which, if exercised, ...
Eight tons of cocaine found in Maersk container at Rotterdam Dutch customs have recently made the largest-ever drug bust in the Port of Rotterdam by seizing eight tons of cocaine from a container aboard a Maersk containership. According to the Dutch Public Prosecution Service, the drugs represent an "enormous" street value of €600m ($653m). The container with more than eight tonnes of cocaine came from ...
Stolt Tankers expands fleet with CMB charter deal for ammonia-ready ships Stolt Tankers is bolstering its fleet with a series of ammonia-ready 26,000 dwt chemical tankers chartered in from Compagnie Maritime Belge (CMB)'s unit Bochem. The Dutch-based division of Oslo-listed Stolt-Nielsen has taken delivery of the 2023-built , with the remaining five newbuilds set to join this year and in 2024. The Saverys family's CMB ordered ...
Borr Drilling wins pair of jack-up contract extensions Norwegian jack-up rig owner Borr Drilling has secured contract extensions for its Norve and Prospector 1 jack-up drilling rigs. The first extension was awarded by BW Energy and will see the Norve rig carry on its work offshore Gabon. The rig has been with BW Energy for some time now and the current deal for ...
More stranded ships set to leave Ukraine As the nears its safe harbour destination in Turkey, other ships in Ukraine are readying their voyage plans to exit the war-torn country having been stranded for more than 530 days. Meanwhile, in the opposite direction a number of vessels are bound for Ukrainian ports suggesting Russia has either eased or lost its grip on ...
NYK aids ammonia bunker boom development A shipping line more heavily invested than most in ammonia as a future fuel has outlined plans to develop a bunkering boom for the gas. Nippon Yusen Kaisha (NYK) and TB Global Technologies, Japan's top manufacturer of cargo handling equipment for crude oil, liquefied natural gas (LNG), and other liquids, have signed a basic agreement ...
Ex-SIPG president faces graft investigation Yan Jun has become the latest high-profile name in Chinese shipping to be investigated for corruption. Yan, who suddenly stepped down as president of Shanghai International Port Group (SIPG) at the end of last month after nine years in charge, is being investigated by Shanghai's anti-corruption watchdog according to Chinese financial newswire Caixin. Yan is ...
New South Korean shipping firm launches South Korea has a new shipping company, albeit one with a familiar name. Trading company STX has decided to spinoff a new shipping and logistics arm called STX Green Logis. After the spinoff, STX will focus on trading raw materials, including secondary battery materials like nickel, while the new entity will deal with shipping and ...
Odfjell signs up for suction sail system Odfjell has become the first company to sign up for suction wind propulsion on a deepsea chemical tanker, opting to use bound4blue's eSail system. "This technology has significant potential to reduce emissions by harvesting the energy on the ship itself and transforming it directly into a forward thrust," said Jan Opedal, manager of projects at ...
Wallenius Wilhelmsen CEO 'disappointed' at carmakers' lack of support for green plans Wallenius Wilhelmsen says the company, not its clients, is driving investments in decarbonisation
Will China's minor bulk demand remain resilient? Despite possible short-term setbacks related to China's economy, minor ore is expected to continue growing in the medium to long...
Inadequate crew training led to LPG carrier death, says MAIB LPG/ethylene carrier Moritz Schulte was discharging cargo at Antwerp in August 2020
Ship finance outlook increasingly split between segments, Lunde warns Market has changed in past 12 months, with some borrowers looking to buy companies rather than vessels
Limited fleet growth to underpin profitable market for Torm A softer-than-expected economic landing in the US, one of the biggest consumers of refined products, alongside other positive demand indicators...
Maersk vessel caught in drugs haul Containers are particularly at risk for use in the illicit goods trade. Maersk has become the latest carrier to find...
Panama Canal delays have 'moderate' effect on LNG carrier rates Some charterers are opting to sail from the US around the Cape of Good Hope to Asia rather than waiting...
Swedish Club returns to profitability International Group affiliate readies for London office move and hints at new products
DP World seeks to boost capacity DP World continued to grow volumes in the first half of the year despite the slowdown in demand. Logistics is...
ClassNK awards AiP to Samsung Heavy Industries' ammonia fuel supply system SHI has co-operated with two other companies to develop two ammonia-powered VLCCs, with delivery due in 2025 and 2026
Höegh Autoliners posts record Q3 as all sailings now full CEO Andreas Enger said the process of repricing the contract portfolio and a strong balance sheet had positioned Höegh Autoliners...
Long Beach has slowest July in a decade A carrier's change of service that hurt port of Long Beach volumes but boosted the port of Los Angeles in...
Sanctions-busting Russian tankers shift management base to Türkiye The management of these tankers by a business in Türkiye, a member of the Nato alliance opposing Russia's war on...
Daily Briefing Congestion and delays worsen at drought-hit Panama Canal | Box shipping faces bumpy path to normalisation | Surge in long...
Estes Express offers $1.3 billion for all of Yellow's terminals A 'stalking horse bid' from Estes, a rival trucking company, would set a floor for any competing bids for the more than 160 properties owned by Yellow.
Shippers all over the map on H2 business outlook: J. B. Hunt While shippers using J. B. Hunt give conflicting answers on what the rest of this year will look like, the intermodal provider is strengthening its relationship with BNSF to prepare for the next upswing in demand.
Shippers all over the map on H2 business outlook: J.B. Hunt While shippers using J.B. Hunt give conflicting answers on what the rest of this year will look like, the intermodal provider is strengthening its relationship with BNSF to prepare for the next upswing in demand.
FMC 'refusal of service' rule risks overreacting to pandemic market The proposed rulemaking shows how far the pendulum of power has swung in favor of shippers seeking to hold carriers accountable for practices that occurred during the pandemic, but which were rarely experienced prior to that period, writes Peter Tirschwell.
Port Houston joins Portchain's growing network for vessel arrival software Portchain has pulled in 76 container terminals into its vessel arrival coordination platform with carriers in the past 18 months, with Port Houston the latest to join.
'Very tight': Spot rates for MR product tankers rebound to four-month high in the Atlantic Rates also gaining in the Mediterranean as signs point to more upward momentum
Panama Canal delays are 'a good thing' for Navigator Holdings Canal authority extends booking slot restrictions to next month as drought conditions linger
Top Scorpio Tankers officer cashing in 50,000 shares for $2.5m Chief operating officer Cameron Mackey declines comment, but sale is understood not to reflect views on company or clean product tanker market
Tankers star in second quarter earnings season This week's Streetwise checks in on the current earnings season and the mostly high points from results of those carrying crude and clean products
KCC opens up in Dubai as it targets more Asian and African business Combination carrier company says commercial presence is important in regional hub
SFL Corp fixes drilling rig for lucrative contract and books second-quarter profit Dividend machine kept rolling for maritime leasing company for the 78th consecutive quarter
Tanker market's shifting tectonic plates make newbuilds too risky, says Torm's Jacob Meldgaard Danish company's boss prefers to expand through secondhand deals
Schulte Group criticised after over-promoted gas carrier engineer killed in fire Indian seafarer died nine days after incident on Moritz Schulte in 2020, accident report reveals
What price LNG shipping this winter? European gas stocks are high, Asian LNG buying subdued and charterers are keen not to get burned like they did in 2022
Seapeak sees charterer snap up first extension option on LNG carrier Sale of four LNG carriers during 2023, including two for green recycling, nets gas shipowner more than $78m
Black Sea congestion worsens as Russia targets shipping Backlog follows Russian boarding of a Turkish ship, a mine explosion and Danube drone attacks
MOL places another LNG carrier under V.Ships' technical management The Gas Agility joins the Gas Vitality under the operation of manager's French division
Braemar's Payne slams 'unregulated' proxy companies after director targeted again at AGM Chairman delighted that Joanne Lake, as well as auditor BDO, backed by majority of investors
American Petroleum Tankers fixes MR tanker to US government for $28.5m US Department of Defense pays fixed rate for third optional period on Empire State
Hoegh Autoliners boosts dividend while slashing expenses in profitable quarter Norwegian car carrier owner will pay half its adjusted profit in a dividend
Analysis: What price LNG shipping this winter? European gas stocks are high, Asian LNG buying subdued and charterers are keen not to get burned like they did in 2022
Torm handing over $127m to shareholders as it smashes profit expectations Danish tanker owner enjoyed 23% rise in time-charter earnings in second quarter
Growing OSV demand helps to drive up profit at Marco Polo Marine Singapore-listed company says offshore vessel market is suffering from supply-side constraints
Huge buyback drive continues at Scorpio Tankers as it splashes another $49m Product tanker giant makes good on promise to return more cash to investors
China's Xingtong Shipping expands fleet with two stainless steel chemical tanker newbuildings Orders are part of the company's fleet-expansion programme
Analysis: Winter pricing still sensitive to shocks as market long on LNG European gas stocks are high, Asian LNG buying subdued and charterers are keen not to get burned like they did in 2022
Comment: China's world-leading fleet will serve Beijing and not the world As China's fleet overtakes Greece for the first time, it will be a new lever as global trade tensions rise
Cido Shipping returns to China for bulker newbuildings after 15-year break Major owner orders close to half a billion dollars-worth of kamsarmax and ultramax bulk carriers
Odfjell to trial air lubrication and suction sails on its chemical tankers Norwegian chemical tankers looks at single digit carbon reductions and fuel savings from installations
Navigator Holdings' profit leaps as fleet expands in stronger LPG market New York-listed company issued a $0.05 shareholder dividend for second quarter
Trans-Atlantic shipping suffers 'meltdown' as rates hit new low Spot ocean shipping rates from Europe to the U.S. held up much longer than trans-Pacific rates. Now they've sunk to historic lows.
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