ZIM Kingston fire raises worries over Canada's marine emergency preparedness The Transportation Safety Board of Canada (TSB) has issued two safety concerns following the 2021 loss of containers and fire on board the container vessel ZIM Kingston, off Vancouver Island, B.C. The
Artemis Technologies opens its first U.S. office in Brooklyn Navy Yard With its eye on the Jones Act market, Belfast, Northern Ireland-based Artemis Technologies, a leading contender in the foiling e-ferry race, has opening its first U.S. office in response to significant interest
Amogy renames its ammonia powered tugboat NH3 Kraken Brooklyn, N.Y.-headquartered ammonia to power pioneer Amogy Inc. is getting nearer to trialing the world's first ammonia powered tugboat on a tributary of the Hudson River. In preparation for that event it
Global bunker indices still in downward trend During the 31st week of the year, the Marine Bunker Exchange (MABUX) indices continued their downward trend. The 380 HSFO index dropped by US$9.30 to US$531.05/MT, approaching the US$500 mark. The VLSFO index fell by US$10.88 to US$630.92/MT. The MGO index decreased by US$13.61 to US$810.08/MT, nearing the US$800 mark. "At the time of writing, the global bunker indices showed signs of a moderate
Liberian Registry appoints new VP of Port State Control Affairs The Liberian Registry, one of the world's largest shipping registries, welcomes Commander Norm Witt (retired from the U.S. Coast Guard) as Vice President of Port State Control Affairs. "I'm excited to be in a position where I can leverage my previous Coast Guard experience in helping clients achieve high levels of regulatory compliance, which in turn minimizes shipping delays and enhances overall
Hassan Allam Construction secures major contract from Saudi port Hassan Allam Holding announced that its subsidiary Hassan Allam Construction Saudi has been awarded a significant contract in partnership with El Seif Engineering Contracting and China Harbour Engineering Arabia by the Port of NEOM, located in Oxagon, northwest Saudi Arabia. This Engineering, Procurement, and Construction (EPC) project involves the development of the Port of NEOM's Container Term
Gebrüder Weiss announces leadership transition in West region On 1 August, Alexander Eberharter assumed the management of the West region for the international transport and logistics company Gebrüder Weiss. He succeeds Hannes Mayr, who is retiring after a remarkable 41-year career with the company. Mayr joined Gebrüder Weiss in 1983 and served in various management roles. "Hannes Mayr and his team have made a significant contribution to the success of Gebr
Sea-Intelligence reports no consolidation impact on ocean carrier competition In Issue 675 of the Sea-Intelligence Sunday Spotlight, the Danish shipping data analysis firm examined whether the turmoil of the last four years has led to the largest carriers growing in dominance versus the mid-tiered carriers, or has been an opportunity for mid-sized carriers to gain in importance versus the big carriers. To assess this, Sea-Intelligence calculated the global Herfindahl-Hirsc
Port Authority of Valencia awards contract for new railway line The Port Authority of Valencia (PAV) has awarded the works to double the track and implement the third rail line between the Poniente and Levante docks in the Port of València to the joint venture between the companies TECSA Empresa Constructora and Dragados, for a total of €11,546,582.05 (VAT included), with a maximum completion period of 18 months. Once this infrastructure is completed, it will
Taiwanese government to back Yang Ming's fleet expansion Taiwan's Transportation and Communications Minister Li Meng-yen said at a press conference on 30 July that with Yang Ming Marine Transport's change of management, the government will support the mainline operator to commission more newbuildings to boost its fleet. Li noted that Yang Ming had been less active in ordering newbuildings, resulting in the Taiwanese operator being relegated from eighth
PIL partners with WNS to proceed with its digital transformation WNS, a provider of global digital-led Business Process Management (BPM) solutions, announced its strategic relationship with Singapore-based shipping firm Pacific International Lines (PIL). In this multi-year contract, WNS will work with PIL to accelerate its digital transformation journey by leveraging WNS' proprietary shipping process automation platform, Malkom.ai. This collaboration will enab
Wärtsilä to transfer Trieste manufacturing site to MSC In July 2022, technology group Wärtsilä announced a plan to ramp down manufacturing in Trieste and to centralise its four-stroke engine manufacturing in Europe to Vaasa, Finland. The production activities in Trieste have since been discontinued, with manufacturing volumes centralised in Vaasa. Now, Wärtsilä and MSC have agreed on a transaction for the Trieste manufacturing site. Today, 255 employ
Maersk announces preliminary Q2 revenue of US$12.8 billion Based on preliminary figures, AP Moller - Maersk reports an unaudited revenue of US$12.8 billion, underlying EBITDA of US$2.1 billion and underlying EBIT of US$756 million (reported EBIT of US$963 million) for the second quarter of 2024. Due to the continued supply chain disruption caused by the situation in the Red Sea, which is now expected to continue at least until the end of 2024, coupled wi
Port of Koper commences container terminal expansion project with public procurement Recently, the Port of Koper announced a major public procurement for one of its largest and most crucial upcoming projects. The investment will include the construction of a container quay and additional storage space in the northern part of Pier 1. The deadline for tender submissions is 30 September 2024. The public tender encompasses the development of a 326-meter quayside, 70,000m² of stacking
CMA CGM collaborates with GTT and HD KSOE for 12 new LNG-fuelled boxships In July, technology and engineering group GTT received two orders from its Korean partner HD Korea Shipbuilding & Offshore Engineering (HD KSOE) to design the cryogenic fuel tanks for 12 CMA CGM's new LNG-fuelled container vessels. Under these new orders, HD Hyundai Heavy Industries (HHI) and HD Hyundai Samho (HSHI) will each build six container ships. Each ship will have a capacity of 15,500 TEU
New CEO takes the helm at TT Club Kevin King is the new Chief Executive Officer of the specialist transport and logistics insurer TT Club, completing a planned move announced last year. Acting as Deputy CEO to Charles Fenton over the last year, King and Fenton have worked closely to complete a smooth transfer of responsibilities. King officially assumed his duties on August 1. Originally based in the United States, King has long
ICTSI boosts Manila terminal operations with new cranes ICTSI's flagship Manila International Container Terminal (MICT) in the Philippines has completed the commissioning of its three new quay cranes. With this latest investment, the global operator International Container Terminal Services, Inc. (ICTSI) aims to enhance the terminal's capacity to handle the increasing demands of modern container shipping. "The acquisition of these new quay cranes repr
MPA Singapore partners with Microsoft The Maritime and Port Authority of Singapore (MPA) signed a memorandum of understanding (MoU) with Microsoft on 29 July to collaborate in innovative technologies including cloud computing, artificial intelligence (AI), data analytics, robotics, and cybersecurity. The two partners aim to support the adoption and the development of digital and green solutions for the maritime industry. MPA and Micr
OceanScore inaugurates new office in Singapore OceanScore has opened a new office in Singapore to serve its regional clients, responding to the growing demand in Asia for its digital solutions designed for efficient regulatory compliance with the EU ETS and FuelEU Maritime. This new office in Singapore represents the latest expansion for the Hamburg-based maritime technology company, which already has offices in Poland and Portugal. "Our list
Ocean container shipping market reaches a tipping point: Xenetal Analysis The ocean container shipping market reached a tipping point in July, with long-term rates on major fronthaul trades showing signs of life just as spiralling short-term rates begin to soften. The Xeneta Global XSI®, which covers all valid long-term contracts in the market, edged up 2.5% in July to stand at 151.5 points. More notably, the underlying XSI® sub-index for Far East Exports - which inclu
Irish Defence Forces orders Konecranes equipment In early 2024, the Irish Defence Forces placed an order for a Konecranes E-VER electric forklift to handle containers and general cargo at their main Logistics Hub in Curragh Camp, Co Kildare, Ireland. The forklift is scheduled for delivery in the third quarter of 2024. "This order proves that the E-VER's rugged strength and reliability will offer the versatility needed for a wide range of applic
ONE reports US$4.2 billion revenue in Q1 FY2024 Ocean Network Express (ONE) released its financial results for the first quarter of FY2024, covering April to June 2024. The revenue for this quarter was US$4.211 billion, representing a 12% increase from the same period last year, with a net profit of US$779 million, an increase of US$266 million year-over-year. Cargo movements improved due to increased consumer spending in North America and Eur
JP Morgan takes over US carrier Bold Ocean Investors advised by JP Morgan Asset Management have acquired US shipping and logistics firm Bold Ocean from private equity firm Nova Infrastructure for an undisclosed sum. Annapolis, Maryland-based Bold Ocean operates nine vessels that transport goods under long-term charter with the US government. In 2018, a group of companies in US flag shipping, fleet technical ...
China's wind and solar capacity overtake coal for the first time The landscape of China is changing on a scale hard to fathom to outsiders with renewable energy projects stretching across vast terrains, and in the process altering the fortunes for dry bulk owners. China's investments in renewables are gigantic, leading the world in wind and solar, with twice as much capacity under construction as the ...
Costamare confirms bulker sale as boxship charters flow in Greek owner Costamare has confirmed a supramax bulker sale and revealed multiple charter deals for its containership fleet. In its second-quarter earnings report, the New York-listed company has corroborated this month's brokers' reports on the deal for the 2009-built Oracle. While S&P sources suggest Vietnamese interests and a price tag of $12.5m, Costamare did not ...
Yang Ming completes top management reshuffle Taiwanese shipping line has completed a top management reshuffle with Cliff Pai promoted to president and Feng-Ming Tsai coming onboard as chairman. Pai, formerly chief strategy officer at the line, has been with Yang Ming for the past 40 years. He takes over from Patrick Tu. Tsai, meanwhile, is a professor who holds a Ph ...
CLdN invests in Liverpool terminal Luxembourg-based roro operator CLdN has launched a multimillion-pound investment in its Brocklebank terminal at the Liverpool port. The investments are part of CLdN's plans to increase capacity on its Liverpool-Dublin route. The infrastructure upgrades at the terminal are expected to improve the use of space and enhance the flow of cargo movements while a new ...
Meriaura appoints new CEO The CEO of Finnish shipowner Meriaura, Kirsi Suopelto, has resigned from her position to join a new employer. Suopelto will continue as Meriaura's CEO until September 30. The company's board has appointed the current chairman of the board, maritime counsellor Jussi Mälkiä, as the new CEO starting October 1. Board member and vice-chairman Antti Vehviläinen ...
Pacific Rim revealed as buyer of Norden cape Low-profile bulker player Pacific Rim has emerged as the taker of a ship Norden flipped this May, Norden's first cape after entering the segment in March last year. Fast-growing Pacific Rim, which is based out of both China and Singapore, has added the scrubber-fitted Nord Ferrum, a 180,000 dwt workhorse built in 2011 for $34m, ...
Transocean lands $531m drillship contract in US Gulf Swiss-based offshore drilling giant Transocean has secured a $531m contract from BP for operations in the US Gulf of Mexico. The contract will see drillship Deepwater Invictus on hire for about 1,095 days starting in the first quarter of 2025. The 2014-built floater was previously named as one of the three rigs earmarked for another ...
TotalEnergies takes option on Noble jackup off Argentina Offshore rig owner Noble Corporation's harsh-environment jackup rig Noble Regina Allen has gained more work from TotalEnergies in Argentina. The French energy major has exercised two priced option wells on the 2013-built rig at $150,000 per day, keeping the unit busy for an additional 60 days. The initial $31m 220-day contract with Total Austral was ...
Ugland Offshore bags BP PSV contract Norway's Ugland Offshore has been awarded a contract in the UK sector for one of its platform supply vessels. Offshore brokers tell Splash, that the 2012-built Evita II has been fixed to UK supermajor BP for six months at an undisclosed dayrate, with further extension options attached to the deal. The Cyprus-flagged 85-m-long unit has ...
Sumitomo and JGC forge floating wind pact Japanese trading house giant Sumitomo Corporation and fellow engineering firm JGC Corporation have teamed up on a potential supply of structural components for the floating offshore wind sector. The duo has signed an agreement aiming for a collaboration in the complete supply chain from detailed design, and manufacture to delivery. The partnership involves the development ...
Third ship spills oil in same area of the Philippines Remarkably authorities in the Philippines have had to attend to another distressed vessel in Bataan to the west of Manila, a third ship accident in the area in the space of just one week. Oil was seen flowing into the ocean yesterday from tanks inside the Mirola-1, which ran aground near the shore of Mariveles ...
Accident report into Canadian boxship blaze sparks call for greater firefighting equipment Canada's Transportation Safety Board (TSB) has called for improvements to Canada's emergency preparedness rules following the release of a report looking into a boxship accident off Vancouver Island three years ago. The ZIM Kingston lost 109 containers - two containing hazardous materials - during dire weather in October 2021, in an accident that also saw ...
European Commission launches ship finance portal The European Commission has launched a ship financing portal in a bid it says to boost the maritime sector's green transition. The platform, launched by the European Commission's Directorate-General for Mobility and Transport, provides businesses and organisations with a repository of available financial tools needed to drive fleet renewal and retrofitting, enhance efficiency, and reduce ...
Dorian LPG not concerned by VLGC rate downturn Hurricane Beryl and increased transits through the Panama Canal have put downward pressure on VLGC rates, but fundamentals point to...
Beset with fleet renewal questions, Teekay finally buys a modern tanker How do you rejuvenate an ageing fleet when asset values are sky-high and investors punish you for paying inflated prices...
Red Sea-driven liner profits are still rising, new Maersk numbers imply Listed container lines continue to follow a familiar pattern in 2024, under-promising early in the year and over-delivering in the...
Softening hull market seen as good for shipowners Baltimore bridge casualty will see marine reinsurance rates harden, but impact on direct market pricing difficult to call
ICS warning on hydrogen market's uncertain future and huge power need Shipowners' group wants more incentives to drum up hydrogen demand, as well as port infrastructure so the industry can be...
JP Morgan Asset Management acquires US operator Bold Ocean Institutional investors advised by JP Morgan's Asset Management have acquired US flag operator Bold Ocean group from private equity firm...
D'Amico rides strong product tanker rates to higher profits Milan-listed owner has ordered four LR1s, a segment it expects to deliver promising returns
Governments may have to foot bill after dark fleet spill, argues Reed Smith 'Countries like Türkiye, which permit ships insured by such policies to pass through strategic waterways like the Bosporus, might be...
Port state control bodies to investigate crew wages and employment agreements If deficiencies are found then masters could be ordered to rectify the faults or the vessel could even be detained...
Zim Kingston report shows 'gaps in Canada's preparedness' for marine emergencies The report investigates a fire on board containership Zim Kingston off Vancouver in 2021, which burned for five days before...
Finnish crane maker vows 'made in USA' as Biden pledges to phase out Chinese equipment The company is seizing opportunities presented by the 'Building America Buy America' Act and Investing in America Agenda, both of...
Net zero goals are creating 'new shipping supercycle' QBE Asia's head of marine, Rama Chandran, says converting to new fuels and technology will ignite strong growth for the...
South Korea extends tonnage tax system to 2029 Seoul will also increase tax for chartered vessels not owned by flag carriers to support domestic ship registry
Bahri breaks ground with first Chinese VLCC order Deal comes as Saudi Arabia's national shipping firm is seeking to renew its fleet amid a shortage of yard slots...
West of England sets up shop in Dubai Former North claims director Dhillon hired to head drive into Middle East Gulf and Indian subcontinent markets
Daily Briefing Iran-linked tanker joins new 'fake' registry of Guinea as flagging fraud escalates | Red Sea crisis could have permanent effect...
Maersk hikes full-year profit forecast by $2 billion, ups volume outlook Despite reporting lukewarm second-quarter results, the carrier is expecting disrupted supply chains and strong demand to boost its annual financial result.
Panama Canal transits rise to almost normal levels as expansion work begins The move to increase ship traffic comes as canal officials have started talks with some of the inhabitants who will be affected by the $1.6 billion project to expand the canal's water catchment, including construction of the Rio Indio reservoir.
No sign of slowdown in ongoing air cargo 'peak season' Not even the widespread disruption to global aviation from the Microsoft IT outage in mid-July could derail resurgent air freight markets.
Raise fossil fuel price to spur demand, investment in green alternatives: WSC The container shipping lobby group believes higher costs levied on users of conventional bunkers is vital for the energy transition that requires multi-billion-dollar investments by fuel producers.
Nervous US shippers have few options in the face of port strike threat As the clock ticks down toward the expiration of ILA's current contract, the window for frontloading to the East and Gulf coasts is closing and there's limited potential for diversions through Canada and Mexico, writes Journal of Commerce Executive Editor Mark Szakonyi.
Star Bulk Carriers confirms settlement of $69m convertible bonds with stock Greek bulker owner issues 6m new common shares to holders of former Eagle Bulk notes
Shell chief executive Wael Sawan 'very bullish' about role of LNG in longer-term But says industry will continue to go through cycles
BP shipping veteran takes helm at oil company safety group Oil Companies International Marine Forum names Lambros Klaoudatos as chair
Teekay Tankers chief wants to buy ships 'but we need to get the timing right' Rising prices offer opportunity to sell and reason for prudence
Dorian LPG sees shares dip despite earnings beat as investors look to weaker quarter US investment bank Jefferies remains a bull on the stock but takes down earnings estimate
Uniper targets shipping fuel as it begins producing bio-LNG in Rotterdam German energy company converts liquefies biomethane at Dutch hub
Diana Shipping executives digest profit slump in 'muted' bulker market Zafirakis claims to be "very happy" with company debt profile
Investigators board fire-damaged Hafnia tanker in collision probe Damaged Hafnia Nile and Ceres I are anchored in Malaysian waters after collision
AP Moller-Maersk boosts full-year profit forecast on Red Sea upheaval Liner giant expects Houthi disruption to last at least until end of this year
d'Amico International Shipping profit soars on back of record product tanker market Spot rates are highest in Italian shipowner's history
Tech tie-up alerts insurers to real-time maritime perils as global tensions soar Insurwave agrees deal with security specialist Ambrey amid growing geopolitical risk
All scrubbed up: Scorpio Tankers' technical czar speaks on future of exhaust devices Cameron Mackey once made a profitable decision on scrubbers, but it would be different today
Dorian LPG set for 'fleet growth and renewal' after $100m share sale, CEO says Gas carrier owner's quarterly results in line with previous guidance
Violent rolling and a five-day fire: How voyage from hell overwhelmed Zim boxship crew Vessel lost 109 containers off Vancouver Island during storm
US LNG exports have cut greenhouse gas emissions, study finds Findings emerge as Say No to LNG lobby group launches 'Beyond Methane Pledge'
Arrow Shipbroking: La Nina weather switch 'almost a red herring' for dry bulk Research expects 'negligible' effect on dry bulk exports from the forecasted weather system
Idan Ofer orders world's first ultra large ethane carriers New breed of large vessel set to emerge as long-haul trades from US to Asia ramp up
JP Morgan scores US flag swoop with Schuyler Line acquisition Andy Dacy-led buyer snaps up Maryland owner-operator and four other companies
'Price-sensitive': Watchful Costamare has 'ability to execute fast' on bulker S&P deals Greek shipowner is ready to pounce on bulker deals -when it sees an attractive opening
Liner giants revamp funding proposal for clean fuel ahead of IMO debates The WSC Green Balance Mechanism has been updated and submitted for discussion with other market-based proposals
Major P&I club to set up shop in 'stronghold' Dubai as shipping shifts east CEO Tom Bowsher says new office reflects growing shift of business to the Middle East and Asia
Teekay Tankers profit drops on dry-dockings, spot rates and ship sales Canadian tanker owner remains optimistic about conditions providing support to its market
'Price-sensitive': Watchful Costamare has 'ability to execute fast' on bulker S&P deals Greek shipowner is ready to pounce on bulker deals -when it sees an attractive opening
Hapag-Lloyd floats enquiry for up to 30 LNG dual-fuelled container ships German liner owner and operator expected to stick with its fuel of choice as it checks out yards for next mega-batch of boxships
Teekay Tankers buys aframax from Union Maritime in $70.5m transaction New York-listed Teekay Corp spin-off adds modern ship after selling batch of older tankers
Asia Pacific Shipping extends orderbook with four stainless steel chemical tankers Two Chinese shipyards will be building the 25,900-dwt tanker newbuildings
Wind-powered newbuilding aims to slash greenhouse gas emissions by 99% Australian shipbuilder has won contract for innovative vessel following global tender process
Wind powered trimaran newbuilding aims to slash greenhouse gas emissions by 99% Australian shipbuilder said to have won contract for innovative vessel following global tender process
DHL eyes freight recovery after subdued 1H Parcel logistics giant DHL is banking on a strong peak shipping season to bring up results for 2024.
Airline cargo revenues improve in Q2 along with market Large passenger airlines recorded solid growth in cargo revenue during the second quarter after more than a year of contraction.
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