Crowley takes delivery of Progress, largest-yet U.S.-flag LNG bunker barge Crowley has taken delivery of the LNG bunker barge Progress from Fincantieri Bay Shipbuilding, Sturgeon Bay, Wis. At 12,000 cubic meters capacity and with a length of 430 feet, it is the
ClassNK issues world first AiP for ammonia fuel bunkering boom ClassNK has issued an Approval in Principle (AiP) for an ammonia fuel bunkering boom design jointly developed by Nippon Yusen Kabushiki Kaisha (NYK Line) and TB Global Technologies Ltd (TBG). The AiP
New U.K. government bets big on offshore wind The U.K. has a new government - and it's betting big on offshore wind. Secretary of State for Energy Security and Net Zero Ed Miliband MP today announced that the U.K.'s next
Virginia port achieves container growth in FY 2024 The Port of Virginia® closed fiscal year 2024 with 3.5 million TEUs, translating to a 2% increase over fiscal year 2023 and the second-best fiscal year performance in the port's history. "The work the port team did during the fiscal year 2024 is critical to the progress we are making on the projects that are part of our [US$1.4 billion] Gateway Investment Program," said Virginia Port Authority CE
Pressure on global supply chains eases Port congestion and tight vessel capacity are easing across the globe as measures taken by terminal and ship operators alike are clearing bottlenecks and dampening spot rate pressures. Consultancy Dynamar said that supply chains have now fully adjusted to the new realities, particularly with the Cape diversions, and with other snags in the supply chains, such as the Panama Canal, also easing, "ve
Hapag-Lloyd appoints former MSC Executive as CFO of its Terminal and Infrastructure division Camillo Fontana will become Chief Financial Officer (CFO) of Hanseatic Global Terminals (HGT) effective 1 August 2024. Hapag-Lloyd's Terminal and Infrastructure division Hanseatic Global Terminals involves stakes in 20 container terminals operating in 11 countries across Europe, the Americas, Asia and Africa. Camillo Fontana has more than 15 years of finance experience in container shipping and l
Unifeeder overtakes CMA CGM as second largest intra-Europe operator Unifeeder is now the second-largest intra-Europe player, surpassing French ocean carrier CMA CGM through capacity additions. The DP World subsidiary now operates 38,000 TEUs of ships within Europe, up 15% from last year, giving it a market share of 15.1%, up from 12.8% last year. Alphaliner's report states that the Aarhus-based Unifeeder now operates 40 ships crossing Europe, up from 34 vessels l
CLdN announces significant investment in Liverpool terminal Europe's multimodal logistics provider CLdN has decided to start a multimillion-pound investment in its Brocklebank terminal at the Port of Liverpool. "These investments are part of CLdN's plans to increase capacity on its Liverpool-Dublin route," said the company in a statement. The infrastructure upgrades at the terminal are expected to improve the use of space and enhance the flow of cargo mov
Maersk introduces peak season surcharge in Gabon Danish ocean carrier Maersk has announced a new peak season surcharge (PSS) from Gabon. Maersk will implement the PSS form Gabon to non-regulated countries, effective from 15 August and to American Samoa, Guam, Puerto Rico, Virgin Islands (US), Colombia, Taiwan and United States, effective from 29 August. Origin Destination Rate basis Container Currency Rate Gabon World Per container 20 DRY US$ 2
Hapag-Lloyd tops schedule reliability rankings, MSC suffers largest decline In June, global schedule reliability dropped by 1.2 percentage points, compared with the previous month, to 54.4%, according to the latest Sea-Intelligence Global Liner Performance (GLP) report. Source: Sea-Intelligence.com, GLP Report, issue 155 This is keeping in line with the trends seen so far in 2024, say the Danish analysts, where global schedule reliability has largely been within 50%-55%.
Supreme Court ruling could curtail FMC's ability to regulate Trade could be about to hit the proverbial political fan as US election pressure is being brought to bear on institutions that regulate, including those that regulate commerce, by boosting shipping lines' ability to challenge rules. In his latest statement on the issue of the refusal to carry rules, Federal Maritime Commissioner Carl Bentzel reiterated that clarity was needed for those in the ind
Georgia Ports sees container decline, amid record RoRo volumes Georgia Ports handled 5.25 million TEUs in fiscal year 2024 (July 1, 2023 - June 30, 2024), representing a decrease of 2.3% or 123,000 TEUs compared to the previous year. "While we experienced lower container volumes, we have been through cycles before and are optimistic about the future," said President and CEO of Georgia Ports Authority (GPA), Griff Lynch. Compared to the pre-pandemic year of F
Vintage Camper Care: Essential Storage Tips for RV Enthusiasts To own a vintage camper means to have your own piece of the past, one's own charm of a bygone era, a vehicle which connects the owner to the era of the trailblazers. To maintain their glory and serve for many purposes these wonderful cars need attention and careful treatment. Whether you are an old-timer in the RV business or a new owner of an old-fashioned camper, having the knowledge of proper
South Korea's top yards brace for mass strikes As they battle record orderbooks, South Korea's top three shipbuilders are having to contend with the prospect of a massive series of strikes next month. Unionised workers at HD Hyundai, Hanwha Ocean and Samsung Heavy Industries - three of the largest shipbuilders in the world - have all voted to down tools in August with ...
Aramco suspends two more Valaris jackups Valaris has seen two more of its jackup rigs suspended in Saudi Arabia, after Aramco's initial move to cut more than 20 units across eight contractors earlier this year. The New York-listed offshore driller said in its fleet update it had received suspension notices in late July for Valaris 147 and Valaris 148, which are ...
Wintermar forms offshore accommodation vessel venture Indonesian offshore vessel operator Wintermar has ventured into the offshore accommodation segment in partnership with Rajawali Perak Mulia. A 50/50 jv has been set up to own and operate an accommodation work barge with a 300-passenger capacity, Wintermar said. The unnamed vessel is currently operating in Thailand and augments Wintermar's fleet of around 50 OSVs ...
Malaysia provides details on this month's big tanker collision More details have emerged on the collision and a dramatic fire involving two tankers near Singapore earlier this month as the ships remain detained in Malaysian waters for further investigation. Singapore-flagged Hafnia Nile (pictured) and the Sao Tome and Principe-flagged Ceres I collided and caught fire about 55 km northeast of the Singaporean island of ...
Finnish firm eyes opportunity from Biden's decision to replace Chinese port cranes Eyeing an opportunity from a geopolitical tussle between the world's two superpowers, Finland's Konecranes is making a big pitch to sell its products in the US. In February this year, president Joe Biden signed an executive order setting in place a plan to replace the nation's Chinese-built port cranes over concerns they could be fitted ...
Panama Canal to allow 36 daily transits by September Consistently strong rains will allow the Panama Canal to accommodate 36 transits a day from September with the interoceanic waterway getting ever closer to maximum operating conditions. At its maximum, the canal can handle 40 ship transits a day, a figure that was eroded last year as months of record drought took their toll. In ...
Cape collision in Australia destroys LNG fuel tank A video has emerged of a dramatic accident that occurred earlier this month involving the puncturing of an LNG fuel tank onboard a Korean capesize. On July 16, the HL Eco, a 2020-built duel-fuel capesize belonging to Seoul-headquartered H-Line, lost power while manoeuvring to anchor at Hay Point in Queensland. The ship then hit another ...
Asian yards struggling to keep up with busy production schedule Production bottlenecks are emerging at major shipbuilding bases in Asia as the sector battles its way through record long orderbooks. The lead story in the July issue of Splash Extra identifies issues including labour, engines, steel processing, and coating capacity all putting a strain on immensely busy production schedules at yards across East Asia. Elsewhere ...
A just and equitable transition belongs to all shipping companies The ships that support emerging economies are struggling to make a positive contribution to net zero writes Thomas Zaidman, managing director, Sagitta Marine. We live in an asymmetric world and nowhere can this be seen more clearly than in national responses to climate change and the energy transition. The shipping industry displays a similarly uneven ...
Shipbuilding bottlenecks emerge Shipbuilding capacity might be growing at its fastest pace since the global financial crisis of 2008, but some familiar bottlenecks are emerging that will hamper output. The current shipbuilding cycle is on the up and with deliveries of vessels extending to 2028 for bulkers, tankers, and boxships while gas carrier deliveries are being booked as ...
Skewed segments stunt growth I am fairly confident in stating that in the modern era of commercial shipping there has never been such a skewed age profile of the main sectors. Something has to give as the tanker and dry bulk fleet - largely shut out from this decade's ordering boom - will become vintage fast while containers and ...
July 2024 Review Norwegian offshore vessel owner DOF agreed to acquire Danish counterpart Maersk Supply Service from A.P. Moller Holding in a $1.11bn cash and share deal. The combination creates one of the largest Oslo-listed oil services companies, with a combined market cap of around $2.3bn, a workforce of more than 5,400 employees, and 78 vessels, 65 of ...
Oil market wobbles affect tanker earnings Oil markets were reeling in late July from data showing an 11% fall in total Chinese oil imports in the first half of 2024. Is Chinese transport fuel demand peaking? In June, EV sales were more than 50% of total Chinese new vehicle sales for the first time, while overall new sales were down by ...
Dry cargo becalmed China continues to report underwhelming economic data, particularly around residential investment (down), house prices (down), steel output (down 1.1% year-on-year in H1 at 531m tonnes), retail sales growth (down), inflation (down, with deflation now in its fifth straight month, the longest streak since 1999). The central bank cut interest rates in July to no acclaim. ...
Container shipping has peaked for 2024 US containerised imports were 2.3m teu in June according to tracking firm Descartes, about 0.2m teu behind the mid-pandemic, all-time June high of 2.49m teu in June 2022,. Some analysts are pointing again at trade tariff expectations to predict a super-peak or even a bubble in Q3 freight rates as US retailers try to pre-empt ...
Analyst Abstract Dry Bulk Freight futures volatility collapsed to record lows in July as spot rates remained rangebound. The highly volatile dry bulk freight market has been in a "deep summer hibernation" for the past two months, according to Breakwave Advisors. Dry bulk spot rates and freight futures have been incredibly stable in June and July remaining ...
Secondhand prices remain firm The sale and purchase scene remains an active market even though summer is in full swing in the northern hemisphere. Any slow down is coming from fewer ships for sale rather than fewer active buyers and there is healthy competition still on dry and wet. The imbalance between relatively few ships for sale versus the ...
What a Trump win means for shipping There is no doubt that whoever is the next president of the US trade tussles will form a key plank of government. Whether it is Kamala Harris or Donald Trump, the American electorate is demanding a greater restoring of trade, something that is already having significant repercussions for shipping, felt most keenly in the container ...
Regulators must provide greater future fuel direction Regulators need to give shipping greater direction in the confusing future fuels debate. That's the take of one bunkering veteran, Lars Nielsen, the CEO of Baseblue, a global provider of marine energy solutions created through the merger of three bunkering companies, Bunkernet, BMS United and SBI, in 2022. "I am not that surprised by the ...
Ardmore's MRs drive second-quarter earnings beat New York-listed product- and chemical-tanker Ardmore reported strong earnings as it beat expectations on a better-than-expected performance of its MR...
How relentless rise in asset prices steers dry bulk fleet strategies Newbuilds are too expensive, while rates are too high to send older bulkers to the breakers. The secondhand market is...
US sanctions Houthi procurement network The US announced fresh sanctions against two individuals and four companies for facilitating weapons procurement for the Houthis
BP buys 49% stake in Oman green hydrogen project BP has agreed with Oman's national oil company OQ and Belgian contractor DEME to buy a stake in a project...
Iran-linked tanker joins new 'fake' registry of Guinea as flagging fraud escalates Product tanker Pulmonis signalled it had reflagged to Guinea from the Cook Islands three days ago. It joins more than...
Weather turns from foe to friend in bulker oil spill clean-up The South African Maritime Safety Authority said bad weather broke bulk carrier Ultra Galaxy into four pieces and ruptured a...
Diana slips to second-quarter loss A recent refinancing with Nordea Bank has resulted in two previously mortgaged vessels being released
Week in charts: Box sector nervously eyes more volatility | Iran seizes another small tanker | Imports of Mongolian coking coal to 'reshape global shipping markets' Slipping freight rates will be ringing alarm bells at the lines, IRGC has arrested two Togo-flagged tankers on allegations of...
WSC refines IMO carbon price proposal Many carbon price proposals will be on the table at MEPC82 as member states must make progress to adopt mid-term...
Increased grain demand drives strengthening panamax rates Panamax time charter equivalent rates averaged more than $15,000 per day in July 2024, up 68% on July 2023's average...
Costamare forward-fixes boxships amid shortage of available tonnage Greece-based owner confirms completion of two capesize acquisitions as dry bulk renewal strategy includes increasing average size of owned units
CSSC restructures $700m in yard assets to lift shipbuilding capacity The two deals aim to enhance the production efficiency and capacity of the two shipbuilders, whose deliveries have been extended...
Red Sea crisis could have permanent effect on eastern Mediterranean transhipment market, says Malta Freeport 'Houthi attacks could trigger a long-term strategic shift in Mediterranean containerised traffic, significantly affecting port operations, infrastructure investment, and competitive...
Rotterdam LNG bunker sales hit fresh high LNG bunker sales in Rotterdam rose further in April-June, as prices held below very low sulphur fuel oil
Volatile market clouds ONE's view despite quarterly jump on high rates ONE expects its profit for the first half of the fiscal year ending March 2025 to exceed $2.2bn, but just...
Daily Briefing Turkish shipmanager cancels EU-sanctioned 'dark fleet' tanker | Malaysia Marine Department detains Ceres I and Hafnia Nile for further investigation...
Newark port project to give MSC's terminal more room to grow The Port Authority of New York and New Jersey is looking to create more space for container operations with a multi-year project to move dry bulk operations from one port area to another.
Rising LTL costs seen setting stage for non-asset options Uber Freight is managing a growing internal LTL network within Canada and cross-border trade, and others are looking for ways to create "alternative" LTL services.
Two niche ocean carriers team up in trans-Pacific as rates remain high SeaLead and TS Lines have a new vessel-sharing agreement within SeaLead's recently launched Asia-US West Coast service, harkening back to the pandemic-era rush of new market entrants.
Early peak season demand drives big gain in ONE's fiscal first quarter The Singapore-based carrier also said it is expecting to book an operating profit for its current financial year that is more than double its previous forecast despite a "highly uncertain" outlook for the rest of 2024.
Canadian longshore foremen prep for possible strike after DP World hearing British Columbia's maritime employers warn of a port-wide strike vote taking place as Canada's labor tribunal considers a union proposal about staffing at DP World's Centerm.
Smaller forwarders tap into frustration of overheated ocean market Small and mid-sized forwarders that have watched the ocean shipping market play out this year are left to face the reality of a much-consolidated carrier base that has no qualms about driving up rates hard and fast when openings present themselves, writes Peter Tirschwell.
Big-spending Adnoc quits small gas carrier segment with near $30m ship sale Dubai-based operator has sold its only LEG to focus exclusively on larger ships
Teekay Tankers emerges as buyer of aframax sold by Union Maritime New York-listed Teekay Corp spin-off adds modern ship months after sales of older aframaxes
Ardmore Shipping shares jump 8% as Tony Gurnee says goodbye to analysts Company founder and CEO does his final earnings call and passes the baton
ADM and Bunge see profits tumble despite rising volumes Agricultural trading giants' revenue drops on lower commodity prices
VLCC spot rates erase July gains as Chevron fixture pulls Atlantic further downward But decline represents a higher low than last year's seasonal plunge
Diana Shipping profit slips on lower charter rates Greek shipowner sees half-yearly dip in income and time charter revenue
Norwegian Cruise Line lifts outlook after record second-quarter revenue Adjusted EPS tops analyst estimates as cost-cutting meets strong revenue growth
Ardmore bests profit expectations as strong market drives bottom line Year-over-year profit jumps as MRs earn in excess of $40,000 per day
Costamare cashes in on strong container ship market with flurry of fresh time charters Profit at the US-listed container ship and bulker owner exceeds the $100m mark for a third consecutive quarter
Master of collision-damaged LNG-fuelled capesize bulker charged Australian safety body says no release of LNG from HL Eco smash
CMB.Tech to ink 20-ship chemical tanker order after winning ExxonMobil deals Twenty stainless steel vessels lined up at Chinese yard against charter contracts with energy major
Star Bulk seeks shine to tempt institutional investors with trump card from Eagle Bulk pack This week's Streetwise takes a look at convertible notes and what the Greek owner is doing about them
Master of collision hit LNG-fuelled capesize bulk carrier charged Australian safety body says no release of LNG from HL Eco smash
Shipping hopes for new dawn in Europe as Von der Leyen looks to hit the reset button Washington's green fuel investment serves as a wake-up call for Brussels
Red Sea tonic: Ocean Network Express hikes profit forecast to $2.75bn Japanese liner giant sees near tripling of profit for full financial year
UK sanctions regulator suffers brain drain to lucrative private sector, new report warns Better pay is luring experts from government ranks
John Fredriksen ups VLCC newbuildings tally ahead of anticipated 'multi-year tanker recovery' Fredriksen-owned company exercises options on two vessels at DSIC
Wallenius Wilhelmsen finance chief quits to head back to Telenor Torbjorn Wist spent nearly four years at the shipowner, including more than a year as interim CEO
Safe Bulkers shoots down capesize deals as the ships are 'too expensive' New-York listed company has stuck to buying large ships in the secondhand market
Panama Canal shakes off historic drought impact and eyes 'return to normal' Historically low water levels on Gatun Lake led to restrictions this year on transits
NYK offers 16-year-old steam turbine LNG carrier for sale Steamer sell-off action hots up with new Dubai-based entities offering premium prices
Shipowners poised to cash in on softening hull insurance premiums First cases of decline in hull and machinery premiums reported in wrestle for market share, says Gallagher
Tonnage-hungry Pan Ocean linked to newcastlemax bulker buy Just like its South Korean peer HMM, South Korean shipowner continues hunt for modern bulker tonnage
Cruise ship orders strike post-pandemic high note with Royal Caribbean set to boost tally Figures could rise as Royal Caribbean looks to its next class of ships
Red Sea disruptions help drive up first-quarter profit at MOL Results also boosted by robust performance at chemical tanker arm and the weakness of Japan's currency
Australia sees rare shipping IPO as OSV player raises over $50m Company has eye on expanding local offshore wind activity and oil and gas decommissioning work
Compensation boost for victims of worst Singapore oil spill in over decade International body prepares for compensation payouts following collision at terminal
Canada underprepared for marine emergencies, transportation officials say The Zim Kingston ship fire in 2021 shows Canada isn't adequately prepared for marine emergencies, according to the Transportation Safety Board of Canada.
Airfreight shows resiliency post-CrowdStrike, Xeneta data shows It took only nine days for airfreight to return to normal following the CrowdStrike Windows outage on July 19, according to data from Xeneta.
US delays tariff hikes on Chinese imports by at least 2 weeks U.S. officials announced a delay on the start of new tariff increases on Chinese imports, including a 25% tariff on China-made ship-to-shore cranes.
Air France-KLM shifts cargo jets from Latin America to Hong Kong Air France-KLM is pulling cargo capacity out of Latin America to give customers more airlift in the lucrative China-to-Europe market.
FedEx rebrands aircraft, ground vehicles with new logo FedEx is rebranding its cargo jets by erasing the Express descriptor to signify there are no longer separate Express and Ground operations, just One FedEx.
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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