Titan submersible: Debris consistent with "catastrophic loss of pressure chamber" Dashing any lingering hopes raised by sounds detected in the area, the latest media briefing from the Unified Command makes it clear that the OceanGate Expeditions Titan submersible imploded in the water
Study sees Canada-U.S. Great Lakes short-sea shipping opportunities A new study sees significant potential advantages for short-sea shipping services between southern Ontario, Canada, and the U.S. Great Lakes region. The study was carried out by Fluid Intelligence, a data-analysis partnership
From high seas to high-tech: How shipping lines can improve operations with AI and big data analytics Container fleet growth and improved sailing speeds mean productivity is transforming for the better: Baltic and International Maritime Council (BiMCO) predicted supply to grow by 11.3% in 2023. However, this significantly outpaces 1-2% growth expectations in head haul and regional trade demand for the same period. With so much supply capacity and demand lagging, it doesn't look good for shipping
Japan-US container exports plummet in May Container exports from Japan to the United States decreased year-on-year by 25.8% to 45,523 TEUs in May based on Descartes Datamyne data. Additionally, Japan-US box exports plummeted by 15.4%, while direct shipments from Japan to the US came to 27,364 TEUs, which shrank 22.6% year-on-year. At the same time, the remaining 18,159 TEUs were transshipped in third countries, which contracted 30.2%. Th
Port of Rotterdam constructs new site on Maasvlakte II Port of Rotterdam Authority signed a contract with Boskalis for the construction of around 400,000 m² of new land in the northwest corner of Prinses Alexiahaven on Maasvlakte II. The completion of the new site construction is scheduled for the end of the year. Moreover, Boskalis is also building two sand dams. Sand released behind these sand dams from the deepening of port basins in the coming ye
AD Ports inks 50-year box terminal concession agreement with Karachi Port Trust AD Ports Group confirmed the signing of a concession deal with Karachi Port Trust (KPT), the Pakistani federal government agency in charge of the Port of Karachi's operations. A joint venture (JV) between AD Ports Group, as the primary stakeholder, and Kaheel Terminals, a UAE-based firm, has been created to manage, operate, and develop the Karachi Gateway Terminal Limited (KGTL), berths 6-9 at Ka
Drewry's WCI plunges as spot rates see another strong weekly dip The Drewry World Container Index (WCI) has lost about 600 points since the New Year 2023, despite a neutral outlook on rates at the start of the year, as a weekly dip of 3.5% this week, saw the index plummet to US$1,535.75, a figure last seen by the composite index in early April 2020. Source: Drewry Supply Chain Advisors The highlights for the week were that the transatlantic head-haul and back-
Bangladesh's Payra Port ready to take piece of pie from the country's major port duo Bangladesh's third largest seaport, Payra port is ready to handle commercial vessels with 10.5-meter water draft of its main navigation channel, a 100-meter long first terminal, and a 9,300 m² container freight station (CFS). Port officials said the port authority is offering up to 30% lower tariff compared to Chittagong and Mongla ports and has wide road and water routes to provide connections w
Swire Shipping/UWL now lone Transpacific micro-player Swire Shipping is now the only regional carrier involved in the Transpacific lane after China United Lines (CU Lines) carried out its last China-US West Coast sailing on 19 June. All other small liner players have exited the Transpacific segment after freight rates collapsed, following a Covid-19-induced boom between 2020 and 2022. Prior to CULines' Transpacific departure, in December 2022, US op
US Coast Guard gives up search for missing Singaporean seaman The US Coast Guard has called off a search and rescue operation for a Singaporean seafarer who went missing after reportedly falling overboard from a bulk carrier off Los Angeles. The crew on the ship, African Cardinal, had reported the disappearance of Muhammad Furqan Mohamed Rashid, 25, to the US Coast Guard around 5 am Californian time on 20 June. The ship, which was on its way from the US Wes
cargo-partner expands its presence in China Austrian logistics firm cargo-partner has established additional offices and warehouses in strategic locations around China, extending its long-term expansion trajectory in the Asian economic strength. A Pharmaceuticals & Healthcare Competence Centre in Shanghai, a warehouse in Guangzhou in the south, and new offices in Nanjing in the east and Chongqing in central China are among the highlights o
Carriers face cargo backlog pressure at India's Mundra Port, after resuming from cyclone chaos Container carriers serving Indian trades are facing berthing schedule disruptions and landside congestion problems at Mundra Port, India's busiest box gateway, as a consequence of large cargo volumes backlogged during the Cyclone Biparjoy-related shutdown a week ago. According to local industry sources, vessels are missing windows, leading to abrupt port call omissions. With service reliability c
UK's asset manager exits COSCO investment due to climate failures Legal & General Investment Management (LGIM), one of the world's largest asset managers, has announced the halt of investments in two Chinese transport giants, COSCO Shipping Holdings and Air China, due to their failure to meet LGIM standards on climate. The two companies failed to meet basic climate risk targets, according to LGIM's annual Climate Impact Pledge report. As the window to limit glo
Port of Melbourne container volumes down in May Port of Melbourne's total container throughput reached 254,310 TEUs in May, translating to a 6.3% decrease from the same month last year. Additionally, container volumes have decreased by 1% for the period January - May compared with the same months in 2022. Furthermore, full overseas imports were down 13.4% in May, with furniture, domestic appliances, clothes, paperboards and textiles, all falli
CEVA partners with Toyota Motor Europe to test new hydrogen fuel cell truck CEVA Logistics, part of the CMA CGM Group, will test one of the first heavy-duty hydrogen fuel cell (HFC) trucks on the market in partnership with Toyota Motor Europe (TME). More specifically, the truck is designed for TME by Dutch manufacturer VDL Groep and it will operate under a five-year contract, decarbonising TME's supply chain while also providing valuable performance information on the HF
Dolphin Drilling expands fleet with Transocean semisub duo Semisub rig owner Dolphin Drilling has snapped up a pair of Transocean rigs, the 1987-built Paul B Loyd Jr and the Transocean Leader in a deal worth $61.5m. The Øystein Stray Spetalen-backed owner of three rigs will raise around $60m via a private placement of shares to finance the deal, which includes an unspecified additional ...
Marubeni pens suction sails tech partnership with bound4blue Japanese conglomerate Marubeni and Spanish engineering firm bound4blue have formed a strategic partnership to promote and sell the eSAIL wind propulsion system. Through the partnership agreement, Marubeni will promote retail activities for eSAILs and act as the exclusive business partner of bound4blue in the Japanese market. In recent years, the trend towards decarbonization has been ...
Equinor teams with Eneco for Dutch offshore wind tenders Norway's Equinor has teamed up with Dutch utility Eneco for the offshore wind tenders for the IJmuiden Ver Alpha and Beta offshore wind sites in the Netherlands. The two developments will add around 4 GW of offshore wind power to the Dutch energy mix and are seen as important projects in the Dutch Offshore Wind ...
Suisse Atlantique bulk carrier robbed off Guinea A Marshall Islands-flagged bulk carrier belonging to Swiss owner Suisse Atlantique was robbed whilst in the Conakry anchorage, Guinea, 16 nautical miles south of the city. Piracy reporting body Maritime Domain Awareness for Trade Gulf of Guinea (MDAT GoG) said four armed persons boarded the vessel and used force to take the money from the ...
Wallenius Wilhelmsen nets deal to ship electric vehicles from Asia Oslo-listed car carrier operator Wallenius Wilhelmsen has landed a new contract with a major electric vehicle maker. The contract, which lasts until the end of 2025, covers land and sea services from Asia to Europe as well as from Asia to North America. Financial details were not disclosed, but the company said the deal came ...
Great Lakes can support shortsea shipping between US and Canada A new study has shown the advantages of shortsea shipping services between southern Ontario and the US Great Lakes region. The study was authored by Fluid Intelligence, a partnership of HOPA Ports and the McMaster Institute for Transportation & Logistics, with support from Transport Canada. It highlights the numerous trade flows that could benefit from ...
'After 15 years of bearishness, I'm getting bullish': Tor Olav Trøim makes VLCC return One of the most famous names in Norwegian maritime is making a return to the tanker trades, confident the sector is set for an extended boom period. Speaking at Marine Money's New York conference, Tor Olav Trøim told delegates why he felt now was the right time to get back into the tanker business after ...
Norden in for six ultramaxes at DACKS Danish owner and operator Norden has booked six ultramax bulkers for construction at Dalian COSCO KHI Ship Engineering (DACKS) for delivery in the next two to three years. No price has been revealed for the 64,000 dwt newbuilds that will run on both traditional marine oil and biofuel and join the portfolio of Norden-owned and ...
Port of Oakland adds geothermal to its energy mix The port of Oakland has purchased up to $13.5m worth of geothermal energy over 12 years. Port of Oakland said that the geothermal energy would come from the Geysers Power Company, about 115 km north of San Francisco near Middletown. It will be used by the port and its tenants at both the seaport and ...
Mainstream and Hexicon venture seeks permit for 2 GW wind farm off Sweden Freja Offshore, a joint venture between Aker Horizons-controlled Mainstream Renewable Power and Stockholm-based floating wind developer Hexicon, has submitted plans for a 2 GW wind farm in Swedish waters. The Cirrus project in Sweden's economic zone about 50km southeast of Karlskrona if fully developed could provide electricity to 500,000 single-family homes in southern Sweden and ...
Asset manager ditches COSCO over climate engagement Legal & General Investment Management (LGIM), one of the world's largest asset managers, has ditched investing in two of China's top transport companies - COSCO Shipping Holdings and Air China - for their failure to meet certain standards on climate. The UK investment giant has recently released details of its seventh climate impact pledge, its ...
Donsötank orders two chemical tankers from Wuhu Shipyard Sweden-based Donsötank has ordered two new dual-fuel 22,500 dwt oil and chemical tankers from Chinese shipbuilder Wuhu Shipyard. Donsötank said via its social media channels that the construction and equipment of these vessels would follow the same blueprints as its previous vessels Prospero and Pacifico - also built by Wuhu Shipyard and delivered to the ...
EU sanctions take aim at ship-to-ship transfers Ships caught carrying out ship-to-ship (STS) transfers of suspected Russian oil in European waters will be banned from European Union ports, as part of the 11th package of sanctions unveiled by the bloc against Russia yesterday. The latest sanctions, which were much debated among member states, do not appear to take action against ships who ...
IKEA owner Ingka buys stake in OX2's offshore wind projects in Finland Renewable energy developer OX2 has sold a 49% stake in its three offshore wind projects in Finland to IKEA owner Ingka Investments. The three projects will have the potential to reach a total installed capacity of about 6GW. The transaction is expected to impact OX2's operating income positively with around SEK300m ($28m) in 2023. Now ...
Shipping urged to tackle steel scope 3 emissions Shipping must start to think about the steel it uses in addressing future scope 3 greenhouse gas (GHG) emissions concerns, a new study advises. The Sustainable Shipping Initiative (SSI) has just published a 35-page green steel and shipping report in which it makes clear the need for collaboration between the two industries to improve the ...
Wah Kwong comes up with solution to comply with CII Hong Kong shipowner Wah Kwong Maritime Transport Holdings has come up with a validated way to ensure its fleet continues to comply with the International Maritime Organization's new Carbon Intensity Indicator (CII) regulations. French class society Bureau Veritas (BV) has just delivered an approval in principle (AiP) to Wah Kwong and Qiyao Environmental Technology (Qiyao ...
Ghana presses ahead with repair yard project The African Development Bank has approved a $23.04m loan to Prime Meridian Docks (PMD), a special purpose entity to co-finance the construction of a modern floating dock ship repair facility in Ghana's western Takoradi port. The loan will support the company to design, build, operate and maintain a ship repair and maintenance facility in the ...
American Club rejects Russia sanctions-busting allegations Coverage automatically terminated where vessels violate rules, International Group affiliate stresses
Panama Canal restrictions could bring LPG sector 'more disruption than we have ever seen before' Rolling restrictions in the Panama Canal could bring unprecedented disruption to the liquefied petroleum gas market, Marine Money forum hears...
Panama pledges to 'clean up its fleet' The review of Panama's 8,500 vessels would purge the fleet of any that had compromised history and detention, according to...
Asia-Mediterranean box trades outshine North Europe While blank sailings have prevailed in the Asia to Northern Europe liner trades there have been almost none on routes...
Shipbuilding: Margins set to increase on back of higher value contracts Shipbuilding production is set to ramp up in 2023, while yards should finally reap the benefit of orderbooks filled with...
Maersk to transition neo-panamax fleet to methanol fuel MAN Energy Solutions' after-sales division is set to retrofit an entire series of 15,000 teu boxships delivered to Maersk between...
UK seafarers' charter will be voluntary for shipping companies, DfT confirms 'For ministers like Baroness Vere in the House of Lords to say, we wanted to make it simple, is nonsense...
EU sanctions ship ban details yet to be decided A political agreement may have been reached over the EU's latest sanctions against Russia, but the detailed guidance on what...
Women must play more central role in maritime sector's future Woman of the year was awarded to the Department for Transport's maritime director Petra Wilkinson CBE, while the man of...
Diversity has 'gone too far', argues Tor Olav Trøim Norwegian entrepreneur and former sidekick to shipping billionaire John Fredriksen takes aim at a tick-box diversity culture that he says...
Norden returns to bulker investments with Japan-design ultramax newbuilds New 64,000 dwt ships have been ordered during a period of low newbuilding deliveries, due to an orderbook that stands...
Wah Kwong gets BV approval to retrofit onboard CCS system The project aims to support the future commercial application of CCS technology in the maritime sector, providing a clear analysis...
MOL-led project uses liquefied bio-methane as marine fuel The two main partners, MOL and Air Water said they would continue to develop low-carbon and decarbonised ocean transport by...
'Shipping carbon intensity indicator fundamentally flawed' says d'Amico International Shipping D'Amico executive says incoming EU rules on marine fuels will 'be far more impactful' and could increase bunker prices by...
Dynagas Partners posts reduced first-quarter profit Partnership prepays another $31m to lenders in first quarter as deleveraging continues
Daily Briefing Asset manager exits Cosco investment as climate concerns start to bite | Upstart carriers exit transpacific trade as weak rates...
CPKC, Americold team up on temperature-controlled intermodal warehouses Canadian Pacific Kansas City is continuing to invest in temperature-controlled intermodal as part of its Mexico-to-US offerings via a new partnership with warehouse provider Americold Logistics.
Soaring demand for lithium batteries puts focus on safety concerns: TT Club Lithium-ion batteries are already classified as dangerous goods, but observers say the category needs to be upgraded to reflect rapidly evolving technology that is raising growing safety concerns around their transport.
NVO share of US imports from Asia growing in post-COVID ocean market Non-vessel-operating common carriers handle a growing percentage of US imports from Asia, but that hasn't stopped traditional asset-owning companies from attempting to leverage core assets in a bid to differentiate themselves, writes Peter Tirschwell.
Lackluster north-south demand, rates to rebound in Q3: forwarders A combination of softer volumes and increased vessel capacity continues to drag on spot rates between Latin America and the US, but forwarders say they expect demand to begin to recover in September.
Scorpio scores financing from German bank for tanker quartet DekaBank provides $94m in cash with commitment to fund MR and three LRs
Ridgebury Tankers is now fresh out of ships with sale of last product carrier Connecticut shipowner more than doubles its money on MR tanker it purchased two years ago
Maxim under attack: Ridgebury Tankers executive rips poor share performance Private company executive contrasts his strong returns to loss of share value in public owner Top Ships, a Maxim client
Old tankers switch to Iran trade as exports hit post-sanctions record Tankers are moving between Russian, Iranian and Venezuelan trades, says Vortexa
Seafarers assaulted during robbery of Suisse-Atlantic bulker off Guinea All crew now safe following boarding, security companies report
Panama prepares purge of substandard ships in compliance drive World's biggest ship registry to crack down on vessels with poor safety records or 'compromised' history
Streetwise: Tor Olav Troim to John Fredriksen on International Seaways chase - so what are you waiting for? This week Streetwise visits the annual Marine Money Week in Manhattan and finds that Tor Olav Troim - who's been to 'hell' and back - is still not pulling any punches
American Club hits back at New York Times' claims it insured sanctions-busting ships Insurer says it has a robust compliance programme and works closely with regulators
Seafarers assaulted during robbery of bulker off Guinea All crew now safe following boarding, security companies report
Mergers must make sense, says Alpin Shipping chairman Wilhelm Holst Executive says bringing two similar brokers together has the potential to create internal strife - so choose wisely
Top civil servant Nina Porst brought in as Danish Shipping's climate director Environment ministry office head replaces Maria Skipper Schwenn
Suez Canal Authority brings in fixed rebates for product and chemical tankers Waterway administrator moves to attract other users but will parcel nature of this business mean ships will not qualify?
Ex-Lorentzen S&P head Axel Holmen launches shipbroking start-up 'We want to build something that could last', says Holmen, after former employer files for bankruptcy
Tanker sector 'must engage' as Nigeria targets 977 ships in back-tax row Lawyer Stephen Askins believes charterers could also be on the hook if government pursues claims
Wilh Wilhelmsen's Treasure takeover falters with limited tenders Investment group offered NOK 20 for each share of Treasure, an offer investors were not enthusiastic about
Cargo impasse: last VLCC leaves Ceyhan empty after three-month wait for Kurdish crude Okeanis tanker given alternative loading port after dispute between Iraq and Turkey drags on
Legal & General dumping Cosco stock due to slow pace of decarbonisation Move by UK investor shows real-world consequences of shipowners' actions on climate change
'Be gorgeous, shine brightly, love life': Wista UK gets a life lesson Royal Navy commander shares her personal model for living as women in maritime enjoyed some mid-summer mingling on the IMO's roof terrace
Ukraine removes Greek tankers from Russia blacklist Move comes as EU announces new measures against Moscow
Maersk Tankers gets closer to clients with new office in Singapore Product carrier player moves from harbour front to central business district
London shipping gathers to support school in Ghana Tsakos Shipping's Andreas Bisbas hails long-awaited fundraiser as a success
Norden reveals newbuilding order for six ultramaxes in China Move constitutes an 'asset trading opportunity' amid low orderbook
New Wallenius Wilhelmsen deal sees customer pick up tab for biofuels Car carrier owner believes biofuels and carbon credits are the best way to transition to greener shipping
MSC 'in talks' over $1bn takeover of Brazil's Wilson Sons Container ship giant linked to deal to acquire shipowning, shipyard and terminals group
Steam turbine LNG ship speeds hit lowest ever level in weaker market Clarksons Research says the trend has been downwards for years
Sweden's Donsotank orders dual-fuel chemical tankers at Wuhu Shipyard in China Newbuildings will feature ice-class 1A and battery packs for smoother shore connection
'Special moment': ESL gives first peek at electric-hybrid bulk carrier in India Launch of Electramar took place on Wednesday at Chowgule Shipyard
Clarksons 'more optimistic' for VLGC market on back of strong US LPG exports Broker says 2022 was a record year for US seaborne LPG exports, helping to drive tonne-mile demand
Pistiolis looks to boost Top Ships' value with suezmax spin-off plan Greek shipowner hopes new stand-alone company will trade at higher valuation compared to its parent
Singapore's Penguin looks to go private at second attempt Executives hoping higher offer price may tempt minority shareholders to accept renewed offer
Comment: Nerves jangle as Beijing buys into Hamburg and sets VLCCs soaring As both the world's workshop and a voracious investor, China inspires trade and trepidation in equal measure
Still work to be done after Hong Kong Convention enforcement Question mark hangs over how IMO's recycling convention will fit with Basel and European regulations
Reduced risk, regionalization become supply chain priorities, economics expert says Companies and governments are moving to de-risk their supply chains, says CNN and Financial Times economics expert Rana Foroohar.
FedEx to shut down 29 more aircraft as demand shrinks FedEx is downsizing its fleet again during the next 12 months to match weak international and domestic package shipping demand, and save money.
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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