MARAD updates Title XI regulations By providing long-term debt repayment guarantees, the U.S. Maritime Administration's Title XI Federal Ship Financing Program is intended to encourage U.S. shipowners to obtain new vessels from U. S. shipyards cost effectively
Can Prosperity Guardian plans counter Houthi threat to shipping? Ahead of a widely expected announcement from U. S. Secretary of Defense Lloyd J. Austin the Norwegian Government said today that the U.S. has taken the initiative to strengthen international efforts to
API slams BOEM's 5-year oil and gas lease sale program In what the American Petroleum Institute (API) slams as "a step in the wrong direction," the Bureau of Ocean Energy Management has now published the final 2024-2029 National Outer Continental Shelf Oil
Edda Wind lines up green term loan for CSOV quartet Haugesund, Norway, headquartered Edda Wind ASA reports that it has secured green term loan financing for the four newbuild commissioning service operation vessels (CSOVs) that it ordered at Fincantieri's Norwegian-based subsidiary Vard
SC Ports maintains Moody's A1 credit rating South Carolina Ports' A1 credit rating was reaffirmed by Moody's Investors Service, reflecting the credit agency's confidence in the company's long-term development trajectory and strong market position. The continued movement of people and businesses to the US Southeast, along with South Carolina's growing industrial activity, is driving expansion at SC Ports, according to the credit agency's op
Maersk revises peak season surcharge from Far East to East Coast South America Danish container line Maersk is revising the Peak Season Surcharge (PSS) for Far East Asia to East Coast South America for all dry containers effective from January. The tariff levels are as follows: Origin Destination Effective Date All 20 Dry All 40 Dry 45hdry Brunei, China, Hong Kong China, Indonesia, Japan, Cambodia, Korea, South, Laos, Myanmar (Burma), Malaysia, Philippines, Singapore, Thail
BIMCO calls for immediate end to attacks on international shipping BIMCO believes nation states must collaborate to remove the current threat to international shipping and, if necessary, neutralise the threat by military means within the boundaries of international law, after the recent attacks on merchant ships in the Southern Red Sea, Bab El-Mandeb, Gulf of Aden and the Arabian Sea. BIMCO said it is widely believed the attacks originate from the Iran-aligned H
APM Terminals Tangier MedPort completes 1 million TEU expansion APM Terminals has completed the second phase of the 1 million TEU expansion at APMT Tangier MedPort in Morocco. The expansion covers 180,000m², with seven additional container stacks and an additional 400 metre berth. Additionally, electric equipment, shore power and auto-mooring will contribute to APM Terminals Net Zero emissions ambition. The second phase of the expansion project aims to increa
Shippers should expect more disruption in 2024 as lines seek to manage oversupply and limit losses: Drewry's analyst Container lines will use a variety of methods to minimise losses due to the oversupply of vessels in 2024, according to Philip Damas, managing director of Drewry Shipping Consultants and head of Drewry's Supply Chain Advisors practice. "There will definitely be oversupply," he highlighted on the latest episode of The Freight Buyers' Club podcast . "It's a question of trying to control the level o
Nestlé inks deal with CMA CGM for low carbon transport solutions The world's largest food and beverage company Nestlé is currently transporting 100% of its CMA CGM volumes to BIOFUEL+, a biofuel derived from organic waste, resulting in an impressive 84% reduction in carbon emissions. This collaboration empowers Nestlé to avoid 70,000 tons of CO2 annually, significantly cutting down its greenhouse gas shipping emissions. "Reaching net zero requires changing man
SLS Bucharest Intermodal Terminal opens new intermodal terminal in Romania SLS Bucharest Intermodal Terminal, the logistics and transport operator under the ownership of FAN Courier, has officially opened the intermodal terminal located in one of Romania's most complex industrial parks. The new investment is part of the company's medium and long-term development strategy, announced in 2020, following its entry into the FAN Courier portfolio. The investment made by SLS C
Panama Canal drought could boost New Year rates Drought in Panama and war around the Red Sea and Suez is a slow-burning but developing crisis for the container shipping industry as both canals become choke points that could see freight rates double. As the rainy season in Panama comes to an end, and notwithstanding the announcement that rain has raised water levels allowing the Panama Canal Authority to increase the number of daily transits ,
MSC-Adani terminal deal at Ennore poised to boost South India trade flow MSC's 49% stake acquisition in Adani Group's container terminal at Ennore Port, also known as Kamarajar Port, has the potential to boost direct calls out of India's southern corridor as volumes build. Ennore is located about 15 miles north of Chennai. Maersk is the main liner customer for the Ennore terminal (AECTPL) at present, with two weekly sailings, while CMA CGM recently added a call there
Carrier Transicold, GIZ partner to advance cold chain development and decarbonisation in Costa Rica and South Africa Carrier Transicold, part of Carrier Global Corporation, and the Greener Reefers in International Maritime Transport initiative of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH have agreed to collaborate to advance cold chain development and training in Costa Rica and South Africa. The Memorandum of Understanding (MoU), which was signed at the 2023 UN Climate Change Confer
OOIL listed in Dow Jones Sustainability Asia/Pacific index Orient Overseas International Limited (OOIL), the parent company of Orient Overseas Container Line (OOCL) and OOCL Logistics, was continuously selected for inclusion in the Dow Jones Sustainability Asia/Pacific Index, effective from 18 December. Dow Jones Sustainability Asia/Pacific Index was designed to measure the performance of Asia-Pacific sustainability leaders and is a member of the Dow Jon
Panama Canal to increase daily transits The Panama Canal will increase the number of daily transits to 24, starting in January, from the current 22 vessels, which are divided into six neopanamax and 15 panamax ships. "This restriction [for 22 vessels transiting the canal] is in response to the challenges posed by the current state of Gatun Lake, which is experiencing unusually low water levels for this time of the year due to the droug
Star Container Services to deploy new empty container handlers at Rotterdam Maasvlakte terminal Finnish port equipment manufacturer Kalmar and global logistics service provider Star Container Services B.V. have signed an agreement for 12 empty container handlers, which will be deployed at the Rotterdam Maasvlakte terminal. The delivery of the machines is expected in the second quarter of 2024, while the order also includes a six-year Kalmar Complete Care service contract. Star Container Ser
IDEC GROUP ASIA Vietnam presents project for new industrial and logistics park IDEC GROUP ASIA Vietnam gathered local authorities, project participants, and stakeholders on 13 December for the groundbreaking ceremony of the Horizon Park project. This exceptional project in Vietnam is emerging in Bac Ninh, approximately thirty kilometres from Hanoi, offering 70,000 m² of turnkey business spaces on a strategically positioned 120,000-meter site. "For more than 20 years we have
CMA CGM applies new FAK rates from Indian Subcontinent to America, North Europe and Med CMA CGM announced new Freight All Kinds (FAK) rates from India and Pakistan to ports on Central America's East Coast and the Caribbean, as well as Mexico's East Coast, for dry cargo. The following updated rates will be effective from 1 January 2024 until further notice: CURRENT RATES NEW APPLICABLE RATES ISC to ECCA + CARIBBEAN: 20'GP 40' GP & 40' HC 20'GP 40' GP & 40' HC CAUCEDO US$1,950 US$2,35
Petrofac secures three-year UK contract with TotalEnergies UK energy services specialist Petrofac has secured a framework agreement with TotalEnergies to provide brownfield development services. The three-year agreement covers engineering, procurement, construction and commissioning solutions across TotalEnergies' UK offshore assets. Nick Shorten, chief operating officer of Petrofac's asset solutions business, said: "In a mature basin like the UKCS - whe
Splash Annual Review: Can everyone please calm down? The newbie, aspiring writer comes to China and feels like he or she could write a 1,000-page epic. After a couple of years, they feel like 200 pages is more realistic. A decade passes and the same jaded person can barely put a page together, as the complexity of understanding the People's Republic comes to ...
US to lead naval escort operation in the Red Sea The US is deploying naval assets to the Red Sea as trade between Asia and Europe slows following multiple attacks on merchant shipping carried out by Iranian-backed Houthis in waters off Yemen in recent weeks. Multiple shipping lines have either paused their fleets while waiting for naval escorts to materialise or sent ships via the ...
Bulgaria readies to start negotiating ransoms with Somali pirates To add to the instability in the region, Somali pirates are back hunting targets while Houthis to the north in Yemen are attacking ships too, and bringing much marine traffic to a halt in the Red Sea. The Malta-flagged, Bulgarian-owned bulk carrier, hijacked last week, arrived over the weekend off Bander Murcaayo, in Puntland, ...
Bulgaria, Romania, Turkey to clear Black Sea mines Turkey, Romania and Bulgaria aim to sign a deal next month on a joint plan to clear mines floating in the Black Sea as a result of the war in Ukraine. Splash has reported repeatedly on mines being detected in the Black Sea in the near two years of war between Russia and Ukraine. "Due ...
EU ETS costs laid bare With two weeks until its implementation, analysts at Clarksons Research have produced data to show the costs of the European Union Emissions Trading Scheme (EU ETS) for VLCCs, MRs, capesizes and panamaxes. From January 1, shipping will be included in the EU ETS. As a result, vessels visiting EU ports will be required to offset ...
Daily transits at the Panama Canal to increase next month The Panama Canal Authority (ACP) will increase daily transits to 24 starting in January following solid amounts of rain over the past six weeks. The measure replaces the previous announcement that forecasted daily transits at 20 slots for January and 18 slots for February. Currently, 22 vessels transit are allowed daily, divided into ...
MOL linked to VLECs order in South Korea Japan's Mitsui OSK Lines (MOL) has been placed behind a shipbuilding deal for three very large ethane carriers (VLECs) in South Korea. HD Korea Shipbuilding & Offshore Engineering (HD KSOE) the yard holding company HD Hyundai Heavy Industries yard in Ulsan said it had won an order to build three 98,000 cu m vessels for ...
Great Eastern offloads ageing MR Indian owner Great Eastern Shipping has struck a deal to sell its 2004-built MR product tanker. The price and the buyer of the 47,999 dwt ship Great Eastern picked up for $17m as Pacific Oasis in May 2013, have not been disclosed. The Iwagi Zosen-built ship, estimated by VesselsValue to be worth $15.4m, will ...
No call yet on US-led coalition to stop Houthi attacks The US is working on an international coalition to stop the Houthi attacks, but it is yet to make any...
Up to 1.7m teu containership capacity could be needed for Red Sea rerouting Liner operators could speed up vessels to make up for longer voyages, as they will require additional capacity to maintain...
Marinakis acquires controlling stake in Nasdaq company Owner's core Capital Maritime company and affiliated Capital Gas will increase stake to 74.4% of Capital Product Partners, to be...
The week in newbuildings: SAL Heavy Lift adds fifth project carrier at Wuhu Shipyard Germany's SAL Heavy Lift has declared an option for a fifth 14,600 dwt multi-purpose heavy lift vessel capable of dual-fuel...
IBIA: IMO regulations could slow adoption of biofuels An International Bunker Industry Association submission to the IMO points out that current regulations do not allow the carriage of certain...
Greek financial community opens Shanghai office Facilitating more Chinese finance for Greek owners is among the aims of the new permanent presence in Shanghai
Singapore and Japan to work on green and digital shipping corridor Singapore's Maritime and Port Authority will join forces with Japanese ports to carry out pilot projects for alternative marine fuels...
Ship finance: Diversity of funding is wider than ever, but banks narrow their focus Many financiers are going 'big' and 'green', putting in doubt future funding for smaller owners of older vessels
Regulation: IMO deliberations to dominate agenda The International Maritime Organization's debate on an economic measure to complement its revised greenhouse gas strategy and implementation of the...
APM Terminals launches second phase of Tanger Med development APMT has had a long association with fast-growing Tanger Med. The latest stage in its expansion will cater to larger...
Updated: BP and Yang Ming suspend Red Sea shipping as supply diversions increase Oil major BP has joined container lines in suspending shipping through the Red Sea after a series of Houthi attacks...
Daily Briefing Maersk and Hapag-Lloyd halt Red Sea passages | Houthis target tenth ship in Red Sea as attacks start to look...
Latest Texas border closures cloud reliability of Mexico-US intermodal service Intermodal marketing companies told the Journal of Commerce they are concerned about their ability to sell rail options to shippers if there is a prolonged closure at Eagle Pass and El Paso.
US goal of 30 GW of offshore wind energy by 2030 slipping out of reach: analysts The US offshore wind buildout will be a boon for Jones Act vessels in the long run, but current equipment shortages, high costs and the restrictive effects of cabotage laws are hampering initial construction.
Red Sea rerouting to raise ocean rates, absorb capacity: analysts While moves to send ships around Africa in response to the Red Sea attacks may be driven by safety concerns, the rate hikes that will accompany the emergency action will be welcomed by carriers in the loss-making trade lane.
Container lines await Red Sea naval protection as they divert from Suez Expectations that the US Navy will step up maritime protection in the Red Sea following an increasing number of attacks on commercial shipping hasn't stopped carriers from routing services away from the Suez Canal.
Performance Shipping pares debt with early repayment of $45m loan Timeline begins to emerge in court fight on lawsuit from shareholder George Economou
Pan Ocean parent Harim to buy HMM in $4.9bn deal to form South Korean shipping giant Deal would create combined fleet of 224 ships and newbuildings worth nearly $15bn
EU takes aim at tanker sales for shadow fleet in new sanctions package The 12th package of measures will tighten the rules surrounding the G7 oil price cap and ban the import of Russian LPG
Liberia deflags seven tankers blacklisted by US 'You're sanctioned, you're cancelled,' says the head of the country's registry
Houthi threat to shipping may have to be neutralised 'by military means,' says Bimco Statement comes as US prepares navy force to protect shipping in the southern Red Sea
Container rates to rally as Hapag-Lloyd joins carriers rerouting vessels away from Suez Higher cost of shipping to Israel after Houthi attacks is pushing up the cost of shipping elsewhere
Shell's Prelude FLNG unit firing up after four months downtime World's largest LNG floater comes back online to catch remainder of winter demand pull
Two seafarers missing after cargo ship sinks off Vietnam Seven other crew members rescued by passing container ship
Braemar shrugs off latest pay revolt as proxy firms take vote close to wire UK shipbroker will stick to its guns after dismissing opposition from 'unregulated' shareholder companies
Samsung Heavy to pay out $290m to SK Shipping for KC-1 containment system LNG duo Could a refit job be shipowner's best option for idled LNG carriers in current market?
Uni-Tankers ship suffers fire after being hit by Houthi missile as Red Sea attacks continue Ships still transiting the region are advised to use caution by UK authorities
VLGC disruption 'here to stay' despite Panama Canal transits rising Better news on water levels still leaves large LPG carriers at the back of the queue
BP pauses Red Sea shipments as tanker shares climb BP joins Euronav in avoiding the troublesome waters
BP pausing Red Sea shipments as tanker shares climb BP joins Euronav in avoiding the troublesome waters
Ardmore spends millions on dry-dock upgrades to keep decarbonisation on track Two-thirds of spending in 2023 was on next-generation scrubbers with carbon-capture possibilities
Saade family rings in the changes as fortune dips to $18.6bn Nicolas Reynard has taken the reins at family investment company Merit
Suezmaxes at $200,000? Tankers are best bet as Suez Canal swerved, analysts say Canal closure still seen as unlikely but ship diversions could have major impact in some shipping sectors
SHI to pay out $290m to SK Shipping for KC-1 containment system LNG duo Could a refit job be shipowner's best option for idled LNG carriers in current market?
Scorpio Tankers master reports explosion as Red Sea attacks continue Ships still transiting the region are advised to use caution by UK authorities
Viewpoint: Make room for alternative cargo containment systems in new large-scale LNG carriers With a new generation of large-scale LNG carriers, there needs to be greater knowledge of new systems
US readies protection force as Euronav and CMB avoid Suez Canal Operation Prosperity Guardian will reportedly be announced this week, possibly during a US defence secretary visit to Bahrain
Scorpio Tankers master reports explosion off vessel as Red Sea attacks continue Ships still transiting the region are advised to use caution by UK authorities
John Fredriksen's fortune swells to $22bn in strong year for shipping Tanker and gas carrier strength boosted tycoon's worth, but bonds and property have been key too
US readies protection force as more companies avoid Suez Canal Operation Prosperity Guardian will reportedly be announced this week, possibly during a US defence secretary visit to Bahrain
Spain's Scale Gas turns to China for LNG bunkering vessel CIMC is due to deliver the 12,500-cbm newbuilding in 2026
Master reports explosion off vessel as Red Sea attacks continue Ships still transiting the region are advised to use caution by UK authorities
Clarksons says shipping's EU carbon bill could hit $8bn by 2026 Managing director Stephen Gordon puts what sounds like a big number in context
Tech standard to reshape shipping one brick at a time The S-100 framework has been given teeth to drive maritime digitalisation
HMM joins growing list of owners avoiding Red Sea route South Korean company is latest liner operator to re-route around Cape of Good Hope
Liner company share prices surge on Suez Canal avoidance plans Major liner firms avoiding Egyptian waterway already account for 70% of Suez Canal-bound capacity, says Flexport
Subcontinent ship recyclers finish up the year fighting over scraps Volumes are down across South Asia's three main ship-recycling destinations, with only slim pickings available
Rich rewards shield chemical tankers from ship recycling yards Only eight chemical tankers were sold for recycling in 2023, and market players say few are being built
Singapore expands green corridor network to six Japan ports Ports aim to develop standards and best practices to support decarbonisation, digitalisation and growth of the maritime industry
Red Sea chaos should boost tanker and container shipping rates A growing number of ship operators are refusing to transit the Red Sea and taking a very long detour around Africa instead.
Is a reduction in maritime emissions a market mirage? It is unclear whether the reduction in emissions is a result of a genuine effort to mitigate environmental impact or a consequence of market dynamics.
Air China Cargo welcomes first Airbus A330 converted freighter Air China Cargo is adding Airbus freighters to its fleet after previously operating Boeing jets.
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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