Rolls-Royce working on methanol-fueled high speed marine engine Could a methanol-fueled MTU marine engine be not too far away? Following up on ambitions announced at last year's SMM event, Rolls-Royce Power Systems and two partner companies have been working since
GoM oil and gas lease sale generates $263.8 million in high bids With a gun to its head in the form of a mandate under the Inflation Reduction Act of 2022 (IRA), the Bureau of Ocean Energy Management (BOEM) yesterday held Gulf of Mexico
Conrad Shipyard picked to build new Governors Island battery-hybrid ferry When we last reported on the plan for a new ferry to operate between New York City's Lower Manhattan and Governors Island, things had reached the stage where an RFP for the
MacGregor receives order for RoRo equipment for Sallaum Lines vessels MacGregor, part of Cargotec, received a large order for comprehensive packages of RoRo equipment for a total of two dual-fuel LNG Pure Car and Truck Carrier (PCTC) vessels. These PCTC vessels will be built at Fujian Mawei Shipbuilding Ltd. for Sallaum Lines. The ships are scheduled to be delivered to the shipowner between the fourth quarter of 2024 and the second quarter of 2026. Moreover, MacGre
Wärtsilä introduces radical derating solution for two-stroke engines Wärtsilä, a technology company, has introduced a new radical derating retrofit solution called Wärtsilä Fit4Power to prolong the emissions-compliant lifespan of merchant ships by giving more optimised engines to the current two-stroke fleet. Ship owners can lower the bore size of two-stroke engines by 25% using this newly developed retrofit option. Also, this will increase the efficiency of their
Container lines post strong earnings/TEU in 2022: Sea-Intelligence analysis Shipping lines reported very strong financial results for 2022, according to the latest report by the Danish maritime data analysis company Sea-Intelligence. At the time of writing, 12 of the largest container carriers have published their financial results - minus CMA CGM, which did not publish EBIT, COSCO, ONE, PIL, and MSC, which is privately held and does not publish accounts. The combined EB
New container record for DP World Southhampton DP World Southampton has broken its all-time move count record after handling more than 9,000 containers on ONE Trust, the vessel which called the terminal last week. Some 9,315 containers were exchanged, including 5,824 discharges, 3,473 loads and 18 re-stows, taking 86 hours to complete. This call broke by 13% the previous terminal record of 8,213 moves set by MOL Truth two years ago. ONE Trust
COSCO SHIPPING Ports exceeds 130 million TEUs in 2022, reports annual revenue of US$1.4 billion COSCO SHIPPING Ports, a global port operator, released its annual results for the fiscal year that concluded on 31 December 2022. The Chinese port giant said that in 2022 its total throughput was 130,107,074 TEUs and rose by 0.6% year-on-year. Total equity throughput was 42,069,050 TEUs with a growth of 5.5% and total throughput from subsidiaries was 31,627,734 TEUs with a rise of 35.3%. COSCO SH
Ports America highlights MTOs importance, while arguing against OSRA regulations While expressing concerns regarding the Ocean Shipping Reform Act (OSRA) rules, Ports America, the largest marine terminal operator in North America, emphasised the significance of marine terminal operators (MTOs) in facilitating freight movement. The Covid-19 pandemic, inflation, combined with labour shortages, construction disruptions and other factors have fuelled a supply chain crisis that co
Port Houston kicks off the year with strong container volumes February volumes at Port Houston in Texas remained strong compared to the same month last year, despite an anticipated softening of demand. During the previous month, 313,452 TEUs were processed at Port Houston, translating to a 15% rise over February 2022, while the port has handled 633,442 TEUs, representing a 6% year-on-year increase, during the first two months of 2023. Meanmwhile, general ca
More container ships go for repairs, maintenance, as freight market flattens Management at Taiwanese shipbuilder CSBC Corp said that the normalisation of the container freight market means there is now more business for maintenance and repair work. Previously, when the freight levels were high, liner operators were reluctant to allow off-hire days in order to maximise earnings. Now that the situation has reversed, liner operators are more willing to resume maintenance. At
Costa Rica's terminal handles its third largest container vessel The Moín Container Terminal (TCM) received this week its third largest vessel to ever berth at the port since the Costa Rican terminal operations began in February 2019. More specifically, MSC-operated 9,408 TEU Elma called TCM, which is operated by Maersk's port operator APM Terminals. The TCM can receive Post Panamax Plus ships, and simultaneously serve two ships with a capacity of up to 8,500
K LINE commences new general dry cargo warehouse in Thailand Kawasaki Kisen Kaisha's (K LINE's) company K LINE CONTAINER SERVICE, based in Thailand, will launch the operation of a new warehouse in the Bang Na district of Bangkok on 1 April. The new warehouse is located in a location 30 kilometres from Bangkok's city center, the largest consumption area in Thailand. K Line said the new facility will handle e-commerce goods, and instead of sending products o
A.P. Moller Capital buys South Africa's leading frozen logistics operator A.P. Moller Capital has announced the acquisition of South African frozen logistics operator Vector Logistics from RCL Foods. Vector Logistics provides multi-temperature warehousing and distribution, supply chain intelligence, and sales and merchandising solutions. A.P. Moller Capital said the purchase provides Vector Logistics with an opportunity to accelerate its mission of "Going Beyond" in su
Wärtsilä reliquefaction systems to be installed on eight LNG carriers Wärtsilä has now been awarded the contract to supply reliquefaction systems for eight additional new ships, which will be owned by various leading global shipping companies. The orders by Hudong Zhonghua Shipyard were booked into Wärtsilä's order intake in the first quarter of 2023. The Wärtsilä equipment is scheduled to be delivered commencing in 2024, and the first LNG carrier is expected to be
Hong Kong sees 24,000+ TEU vessel for the first time The 24,188 TEU container vessel OOCL Spain, one of the world's largest boxships, called at the port of Hong Kong on 25 March during its inaugural journey. The Hong Kong Seaport Alliance (HKSPA) the OOCL SPAIN, one of the world's biggest cargo carriers with a capacity of 24,188 TEU and a length of 399,99 meters, on her inaugural journey on 25 March. The mega container ship berthed at the facilitie
Jeddah Islamic Port enhances decarbonisation activities The Saudi Ports Authority (Mawani) has announced cutbacks in crane activity and truck turnaround times at Jeddah Islamic Port in line with its annual target of lowering carbon footprint at the port by 1,046 tons in 2023. Complementing the goals of the National Transport and Logistics Strategy (NTLS), the Jeddah port's decarbonisation efforts form part of Mawani's Green Ports initiative that seeks
World's first hydrogen dual-fuel straddle carrier launches in Antwerp The Port of Antwerp-Bruges, one of Europe's largest ports, now features what is said to be the world's first hydrogen dual-fuel straddle carrier. Launched by Antwerp Terminal Services (ATS), a joint venture between MSC PSA Europe Terminal (MPET) and PSA Antwerp, the machine uses the engine developed by Compagnie Maritime Belge (CMB)'s clean technology division ...
Torm shares fall as Oaktree lines up stake sale Danish product tanker owner Torm saw its share price drop nearly 13% after its largest shareholder, Oaktree Capital Management, moved to sell up to 5.75m shares. Oaktree-controlled OCM Njord Holdings, which owns around 65% of Torm, has tapped Citigroup, Evercore and Jefferies to carry out the sale of existing shares equal to approximately 6%. An ...
Owners advised on new plays and pools in wake of EU carbon pricing regulations The EU Emissions Trading Scheme and FuelEU Maritime can offer significant competitive advantage to owners and charterers that understand the incentives, according to new analysis from class society Lloyd's Register and Finland-based Ahti Consulting. Many owners and charters are looking at the incoming wave of carbon pricing schemes as a threat to their business, but ...
Wärtsilä launches world-first radical derating solution for two-stroke engines Engine maker Wärtsilä has introduced a new radical derating retrofit solution - Wärtsilä Fit4Power - to extend the emissions-compliant lifetime of merchant vessels by providing the existing two-stroke fleet with leaner, more optimised engines. The derating is currently available only for RT-flex96C engines. The retrofit solution enables shipowners to reduce the bore size of two-stroke ...
NorthStandard: From the rugby pitch to the boardroom NorthStandard, formed through the merger of North and Standard Club, officially launched on February 20 as one of the world's largest providers of mutual maritime cover. With over 390 million gt of owned and chartered tonnage on its books, the new entity consolidates annual premiums of around $800m and employs more than 700 people led ...
Hornbeck Offshore seals US government OSV deal US offshore vessel owner Hornbeck Offshore Services has secured around $8.4m worth of work to provide services in support of US Navy operations. The Navy's Military Sealift Command took an option on the 2013-built offshore support vessel for a period of one year. The contract with the Louisiana-based Hornbeck includes a three-one-year and an 11-month ...
Sembcorp Marine, GE and McDermott join Tennet's multi-billion dollar offshore wind converter stations project Singapore's Sembcorp Marine, GE Renewable Energy's Grid Solutions business and McDermott have emerged as winners in Tennet's multi-billion-dollar 2 GW high-voltage direct current (HVDC) offshore wind programme in the North Sea. With 40 gigawatts, the Dutch-German transmission system operator will account for almost two-thirds of the 65 GW offshore wind energy target by 2030, as ...
Petrofac and Hitachi land $14bn offshore wind deal with Tennet Energy services company Petrofac and technology group Hitachi Energy have sealed a €13bn ($14.1bn) framework deal with Dutch-German transmission system operator TenneT to supply offshore platforms and onshore converter stations. The multi-year deal, which Petrofac said represents the largest in its history, is part of TenneT's 2 GW high-voltage direct current (HVDC) offshore wind programme ...
DP World readies edible oil terminal in Somaliland Dubai-based terminal operator DP World has launched the development of a new edible oil terminal at the Port of Berbera in Somaliland and agreed to a long-term lease for the facility. The terminal will be the latest addition to Berbera's growing trade ecosystem, following the recent opening of the Berbera Economic Zone (BEZ), 15 km ...
China Merchants firms up methanol-fuelled car carrier orders China Merchants Energy Shipping (CMES) has moved forward to add more capacity in the car carrier segment by signing a firm deal for two new methanol dual-fuel 9,300 ceu ships. The Shanghai-listed energy transport unit of China Merchants Group is paying $192m to China Merchants Industry Holdings to have the vessels delivered in the second ...
A.P. Moller Capital to acquire South African frozen logistics operator A.P. Moller Capital is buying Vector Logistics from South Africa's RCL Foods. No price has been revealed for the acquisition. "Vector Logistics is highly respected with a long track record in South Africa, and we are excited to contribute to its transformative vision for both the industry and the region. Vector Logistics' reliable operations enable ...
New bill in Washington takes aim at China's influence in ocean shipping Two of the main backers of last year's Ocean Shipping Reform Act (OSRA) in the US have come up with an updated piece of legislation which takes aim at China's influence in the ocean shipping space. US representatives Dusty Johnson and John Garamendi introduced the bipartisan Ocean Shipping Reform Implementation Act this week in a ...
American shoreside scrubber project moves ahead Clean Air Engineering-Maritime (CAE-M) has received approval from the California Air Resources Board (CARB) for its latest vessel stack exhaust capture and treatment system, the ShoreKat. This shore-based technology is designed to reduce emissions while minimising the impact on vessel performance and operating costs. The ShoreKat technology is an air pollution control system that removes ...
US Gulf of Mexico oil and gas lease sale results announced The US Bureau of Ocean Energy Management (BOEM) held Gulf of Mexico Lease Sale 259 on March 29, as required by the Inflation Reduction Act of 2022. The sale generated $263.8m in high bids for 313 tracts covering 1.6m acres in federal waters of the Gulf. The sale had offered approximately 13,600 unleased blocks, approximately ...
Are there really any limits to artificial intelligence in shipping? Splash columnists collide as Kris Kosmala takes on Pierre Aury on all things AI. I read an interesting argument this week in the context of the usability of artificial intelligence (AI) in the business of shipping. What started as an interesting rant about ChatGPT, quickly turned to broader discussion of how much intelligence, artificial or ...
US shipping bill proposes limits on China In addition to a set of China-focused measures such as banning the use of state-sponsored software in US ports, the...
Capital Gas orders LNG pair at Hyundai Samho Contract for two more newbuildings brings Capital Gas fleet to 20 units including orderbook
Euronav investigating claims it unwittingly stored sanctioned Iranian oil Belgian tanker giant insists that robust due diligence procedures identified cargo as Iraqi and the third-party customer renting oil storage...
EU agrees to boost hydrogen and biofuel targets for transport Renewable Energy Directive to be revised, with more ambitious targets that will likely send demand signals for renewable hydrogen and...
Cosco Shipping Ports bets on China to drive throughput growth Full-year volume growth will remain in positive territory, despite a drop in excess of 6% in container handlings in January-February...
Princess Empress clean-up costs likely to hit IOPC Funds threshold 'We don't know exactly how much this will cost us. We may see this go beyond the shipowner's limit,' says...
Getting the best talent for shipping means telling a good story Identifying the right skills, training students in maritime and keeping them motivated as the industry undergoes a revolution will not...
Broker warns of 'Mexican standoff' over secondhand tanker sales Values of crude oil tankers are under pressure to move up as freight rates have caught up with the product...
DP World expands operation at Somaliland's Berbera DP World sees its Somaliland operation as a spur for economic development in the Horn of Africa. A new terminal...
Stolt-Nielsen quarterly profit boosted by contract renewals Update: Chief executive implores customers to accept contract rate increases of 50% to 100% so that the company may continue...
US retail sales growth still above pre-pandemic norms Signals indicate that a looming credit crunch could slow further growth this year
MPC Container Ships optimistic on green methanol supply for 2024 Company expects to take delivery of its two 1,300 teu dual-fuel methanol containerships in the second half of 2024
Philippines ferry fire death toll rises to at least 31 Dozens of survivors, including several injured, taken to Zamboanga City and Basilan and Camp Navarro General Hospital. Investigation into the...
The Ukraine effect podcast: Shipping's shifting macro risk Chapter 4: The macroeconomic and geopolitical risk factors that determine long-term strategic thinking in shipping are becoming more complicated and...
Daily Briefing Abuse of IMO vessel-numbering scheme and falsely flagged ships continues | The Ukraine effect: Lasting upheaval for shipping markets |...
Sembmarine co-operating with Brazilian investigation into unit An investigation into shipyard Estaleiro Jurong Aracruz is related to a nationwide criminal investigation starting in 2014 against money laundering...
Strategic Marine opens new shipyard in Singapore New facility features a 5,000 dwt drydock and a 6,000 dwt slipway
Terminal operators, Cosco join Saudi chemical shipper in eBL deal Data from eBLs issued via GSBN's infrastructure will also be used to electronically release SABIC cargo at Hutchison and PSA terminals in Asia.
MSC joins carriers ending demurrage billing when US terminals are closed The fast-moving developments around changes to detention and demurrage billing are happening amid an ongoing rulemaking process by the FMC around the assessment of such charges to consignees and their drayage representatives.
Record profit for DB Schenker lifts parent group into black Despite being prepared for divestiture, the performance of global forwarder DB Schenker is the only reason Deutsche Bahn group is profitable at present.
European shippers sign up for waterborne biofuel initiative Dutch multimodal operator Samskip will offer carbon-neutral ocean transport to shippers using biofuel in its intra-European operations.
Targets for Europe's modal shift not feasible: rail freight sector Far greater ambition will be required by European Commission policy makers if targets to double the market share of rail freight by 2050 are to be achieved, according to rail freight operators.
Number of older ships sold for further trading continued to swell in 2022 BRS Group said high rates pushed up values of older tonnage last year
UK pushes for 'genuine link' between vessels and flag states IMO has warned of danger posed to maritime regulation from the growth of false-flagging
BRS boosts Athens ship finance with Kefalonitis hire Finance man used to be RMK Maritime's point man for Greek expansion
Carriers and shippers brace for 'hard negotiations' on freight contracts Talks drag on as spot rates tumble way beneath long-term rates
Green R&D: Shell Shipping working on 100 new technologies at any one time Energy group pushing on with work on methane slip from LNG, air lubrication and wind sails but discounts ammonia as a future fuel until safety concerns are sorted
Already master of the 'G', Ardmore Shipping goes hard after the 'E' and 'S' Streetwise examines the Irish product tanker owner's decision to become one of the first public shipping companies to hatch a sustainability committee
Tanker owners face choice as Europe may never again import same levels of Russian oil Broker BRS says companies must ask themselves which side they are on after war and sanctions end
Euronav probes ship-to-ship claim of sanctioned Iranian oil Tanker giant investigates a potential breach after its own checks suggested cargo was from Iraq
Vitol unveils radical fleet plan to hit 40% IMO emissions target next year The trading giant aims to be ahead of the game through vessel sales, new tonnage and retrofitting
QatarEnergy in talks for the next generation of Q-Max LNG giants Middle East giant in talks with shipyards for LNG carriers as it pivots to China trades
Wallenius Wilhelmsen expands top team as it targets zero emissions by 2027 New CEO puts his stamp on huge car carrier operation
F Laeisz joins Auerbach tech platform Flagship Founders in €3.5m funding round German owners collaborating on venture to incubate shipping innovators
Russian oil output resilient despite import ban, says Rystad Production has remained at unexpectedly consistent levels despite fall in export revenues
F Laeisz joins Auberbach tech platform Flagship Founders in €3.5m funding round German owners collaborating on venture to incubate shipping innovators
Wrecker nations must not hold shipping hostage over carbon cut ambition If member states of global regulator cannot agree meaningful targets, the regulator is in danger of becoming irrelevant
Navigator unveils shipping's first gender diversity-linked loan $200m LPG carrier refinancing includes targets for promoting women to senior roles
Tsakos doubles down on suezmax tanker newbuildings at Hyundai yard Greek shipping company has flipped four feeder container ships into two large crude tankers
Fire kills 28 people on inter-island ferry in the Philippines Death toll includes six-month-old baby on the Lady Mary Joy 3
Stolt-Nielsen sells out of CoolCo for gain of $2.5m in a year Short-term investment in Eastern Pacific Shipping-led LNG carrier owner is now over
Wartsila launches engine de-rating scheme to extend container ship lives Radical rebores of engines on high-speed large boxships from about 2005 can cut fuel use and emissions by up to 15%
German Tanker Shipping linked to stunning price for 20-year-old MRs Bremen shipowner is said to have offloaded veteran tankers
Stolt-Nielsen makes $100m in three months as tanker renewal rates jump 50% Norwegian chemical carrier group lost some COA deals by pushing clients hard on price, but scooped up more volumes in spot market
Swedish Club head Nordberg makes new hire as he continues staff reshuffle West of England also makes key appointment
Arctic oil: Russia eyes more tanker shipments to Asia along Northern Sea Route Cooperation with India on the cards as Putin regime looks to get more crude to eastern markets
Falsely flagged vessels pose 'grave threat' to global maritime rules IMO told how vessels evade scrutiny despite links to sanctioned and 'dark' trades
Disney is sending a monster methanol-fuelled cruise ship to Singapore Lion City picked for first deployment of cruise behemoth originally ordered by Genting Hong Kong
Oaktree to offload stake in Torm after shares rally 289% in 12 months US fund continues to take advantage of tanker share rally to trim its stakes
Yellow blames Teamsters leadership for negotiating in 'bad faith' Yellow Corp. calls out Teamsters union officials for negotiating in bad faith and says it has the votes to push through its proposed operational changes.
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