Hanwha makes its case for Austal acquisition As we reported earlier, South Korea's Hanwha Group has submitted an indicative offer to acquire the global business of Austal USA's Australian parent, Austal (ASX:ASB), through a scheme of arrangement that would
Caterpillar collaborates with Serco on NOMARS unmanned surface vessel Caterpillar Marine reports that it has completed key milestones in support of the revolutionary new No Manning Required Ship (NOMARS) medium unmanned surface vessel that Herndon, Va., headquartered Serco Inc. is to
ABS awards ECOLOG industry-first LCO2 carrier ISM DOC Athens-headquartered carbon capture, utilization and sequestration (CCUS) specialist ECOLOG is moving ahead on its plans to build a fleet of LCO2 carriers. ABS has now awarded the company an industry first ISM
VIDEO: With first Baltimore temporary channel open, a second is in the works As the first vessel successfully transited the Baltimore temporary channel established following the collapse of Baltimore's Francis Scott Key Bridge, the Unified Command responding to the disaster announced plans to establish a
Euroseas secures new time charter for 4,250 TEU boxship Greek vessel owner Euroseas announced a time charter contract for its 4,250 TEU intermediate container ship Synergy Antwerp for a minimum period of 11.5 to a maximum period of 14 months, at the option of the charterer, at a gross daily rate of US$26,500. The charter commenced on 2 April after the vessel completed its scheduled drydock and special survey, along with certain retrofits including the
Sinotrans 2023 annual results briefing: Key insights Sinotrans Limited held its 2023 Annual Results Briefing on 25 March 2023, with important presences including Song Rong, the executive director and general manager, Wang Jiuyun, CFO, Li Shichu, vice president and board secretary, Gao Xiang, vice president and chief digital officer, as well as independent directors in attendance. In the previous year, Sinotrans said it actively responded to China M
Dali owners seek to limit damages payments Grace Ocean, the owner of the 10,000 TEU ship that collided with Baltimore's Francis Scott Key bridge, has filed a petition asking the courts to at least limit the company's liability to the value of the vessel. Lawyers from Duane Morris and Blank Rome, acting for Grace Ocean and ship manager Synergy Marine filed the petition with the Maryland District Court yesterday, claiming that the owner and
President of Pacific Merchant Shipping Association retires after almost three decades The Pacific Merchant Shipping Association (PMSA) announced the retirement of its President, John McLaurin, today (2 April) after 29 years of service. "It has been an immense privilege to serve as the President of PMSA for the past 29 years. I am very proud of what the association staff and our membership have been able to accomplish together. I have been blessed with the support of a board of dir
Folk Maritime announces new Chief Operating Officer Folk Maritime, a Saudi container line that has recently launched operations , has officially appointed Mohamed Badawy as Chief Operating Officer of the company. "Badawy's extensive experience across port, terminal, and fleet management sectors will be instrumental to driving our operational strategies and supporting our growth as Saudi Arabia's leading feeder and short-sea operator," said Folk Ma
Hapag-Lloyd appoints new Managing Director Fleet Starting on 1 April 2024, Silke Lehmköster took over the role of Managing Director Fleet at Hapag-Lloyd, being responsible for Fleet Management, Fleet Innovation & Technology, Chartering, and the Newbuildings Project Group. Silke Lehmköster replaces Richard von Berlepsch, who will now concentrate on specific projects and committee assignments. She will report directly to Dr. Maximilian Rothkopf,
GAC Malaysia forms JV with Uminaca to boost logistics capabilities GAC Malaysia has entered into a Joint Venture (JV) with Syarikat Uminaca Sdn Bhd, a provider of manpower and stevedoring services in Malaysia. This strategic collaboration aims to enhance logistics capabilities in the eastern region of the country and provide support for development initiatives in the Malaysian states of Sarawak and Sabah. The collaborative partnership aims to enhance the range o
End of Red Sea crisis to reignite container shipping challenges Clarksons' latest container shipping report said that weak "underlying" supply-demand fundamentals will materialise once the Red Sea disruption regresses. Boxship fleet growth is estimated at 9% this year, outpacing demand growth of approximately 4%. In the second half of 2024, assuming that the Red Sea crisis has been resolved, the challenges seen after the Covid-19-fuelled boom could rear their
With Baltimore out, Maersk plots alternative services through eastern North America Maersk Line is ready to offer services through several gateways from eastern Canada, down to the southern Atlantic Ocean and US Gulf, as it is impossible to ship goods into Baltimore after Francis Scott Key Bridge collapsed on 26 March. The Danish carrier said on 1 April that port and rail operators on the eastern coast of the US and Canada have been "very supportive and collaborative" to develop
WEC Lines announces full rebranding W.E.C. (West European Container) Lines B.V. is undergoing an official name change to WEC Lines B.V., operating under the trade name WEC Lines, and discarding the dots and vessel logomark. "We are currently shifting from being a pure feeder carrier to a door-to-door intra-European carrier with East African deep sea activities. This rebranding exercise underlines our dedication and commitment to me
Morgan Stanley confirms investment in Pasha Group The American multinational investment bank and financial services company Morgan Stanley has decided to provide an unsecured term loan to The Pasha Group, a family-owned maritime transportation company, to support continued infrastructure investment in the Hawaii trade. In particular, Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Pa
Sea Cargo Charter opens up for shipowners Four years after its inception, The Sea Cargo Charter initiative to measure shipping emissions against decarbonisation benchmarks is expanding its current membership scope to include shipowners. A global framework, launched in 2020, offers a uniform baseline and allows charterers and now shipowners to examine whether their activities align with the International Maritime Organization's (IMO) revi
Euroseas fixes out boxship at bumper rate Nasdaq-listed Greek boxship owner Euroseas has entered a time charter contract for its 4,250 teu Synergy Antwerp with an undisclosed client. The contract is for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500. It is expected to contribute ...
Höegh Autoliners offloads another ageing ship Norway's Höegh Autoliners has sold another 6,000 ceu vessel, following the sale of Höegh Chiba to Swedish shipowner and investor Wallenius Lines. The Oslo-listed operator of around 40 car carriers has now struck a deal with an unnamed buyer for the 2006-built Höegh Kobe. The Singapore-flagged vessel will change hands by July for a price ...
Drydel places first bulker order under new brand Greek bulker player Drydel Shipping has contracted its first newbuild since changing its name from Meadway Shipping and Trading adding to its orderbook of nine vessels spread across Japanese yards and their affiliates. The Costas Dellaportas-led company has struck a deal with Shin Kurushima Dockyard in Japan for the construction of a 64,000 dwt ultramax ...
Baltimore salvage ops prove more challenging than expected Ahead of what will be years of legal wrangling, the owner and manager of the world's most discussed ship, the Dali, have sought to limit potential pay-outs from last week's Baltimore bridge allision. Singapore-based Grace Ocean and shipmanager Synergy Marine filed a limitation of liability court petition yesterday seeking to cap their liability to just ...
Italian broker accused of involvement in Venezuelan oil trafficking scheme Greek police have apprehended Erik Roveta, a 47-year-old Italian tanker broker, for his involvement in an international criminal network trafficking oil from Latin America worth $21bn. Roveta had an outstanding international arrest warrant from the Venezuelan authorities. He was arrested in his mansion in Varkiza - a small coastal town and a suburb of greater ...
Northern Drilling refused permission to appeal Hanwha ruling in cancelled drillships case John Fredriksen-backed rig investment company, Northern Drilling, has been denied the right to appeal an arbitration decision that favoured Daewoo Shipbuilding & Marine Engineering (DSME), now Hanwha Ocean, over cancelled resale contracts for two ultra-deepwater drillships. Northern Drilling said in a stock exchange filing its applications to the Technology and Construction Court for leave to ...
Gunshots ring out in the Red Sea for the first time in more than a week The Houthis remain a menace to merchant shipping in the Middle East. After eight consecutive days of no reported incidents, the United Kingdom Maritime Trade Operations (UKMTO) agency carried news yesterday of an incident in the southern Red Sea. The master of a vessel reported being hailed on the radio by an entity claiming to ...
Mooreast and Bourbon Offshore win French floating wind gig Singapore-listed Mooreast has partnered with Bourbon Offshore to provide mooring drag anchors to the 30MW Eolmed offshore floating wind project in the French Mediterranean. Eolmed is a project developed by Qair in partnership with TotalEnergies and floating technology supplier BW Ideol. Bourbon will provide transport and installation services to the project, which is the biggest ...
Morgan Stanley invests in Pasha Group Morgan Stanley Infrastructure Partners (MSIP) has invested in the US family-owned shipping company, The Pasha Group. The private infrastructure investment platform within Morgan Stanley Investment Management said it had provided an unsecured term loan to support continued infrastructure investment in the Hawaii trade. Further details about the deal were not disclosed, but MSIP, which has ...
MOL unveils maintenance robot Mitsui OSK Lines has unveiled a maintenance robot it has been developing with other Japanese companies including Sumitomo Heavy Industries. The wall climbing robot can help with ship inspections and maintenance work and has received endorsement from Japanese classification society, ClassNK, following a demonstration test. The robot can climb up to high places, take photographs, ...
Siem Offshore gets new deal in Brazil for oil spill recovery vessel Norwegian offshore vessel operator Siem Offshore through its Brasilian subsidiary has won a new contract for the oil spill recovery vessel (OSRV) Siem Marataizes. The new deal for the 2016-built vessel will last for four years and will start in the second quarter of 2024. Siem Offshore has two OSRVs stationed in Brazil, both with ...
Final speaker line-up cements Geneva Dry's position as a must-attend on the maritime calendar The one-month countdown until the inaugural Geneva Dry is on with organisers today unveiling the final full line-up of speakers and revealing some of the very high-profile delegate sign-ups as well. Taking place on May 2 and 3 at the President Wilson Hotel on the shore of Lake Geneva, the event has been designed to ...
Transocean bags $195m drillship extension Offshore drilling contractor Transocean has won a 365-day contract extension in the US Gulf of Mexico worth $195m for the 2014-built ultra-deepwater drillship Deepwater Asgard. Transocean did not disclose the name of the client and only referred to it as "an independent operator". The total contract value of $195m includes a $10.9m lump sum payment, ...
Austal knocks back takeover bid from Hanwha Ocean Top management at Australian shipbuilding group Austal has rejected a $662m bid from South Korea's Hanwha Ocean, citing regulatory worries. Hanwha Ocean, the yard formerly known as Daewoo Shipbuilding & Marine Engineering, has been hunting overseas assets since it was taken over last year. Sydney-listed Austal said on Tuesday it thought it was unlikely Hanwha's ...
Ciner back for more Dayang ultramaxes Turkey's Ciner Shipping has signed for four more ultramaxes at New Dayang Shipyard in China. No price has been revealed for this latest series of newbuilds. Brokers suggest each ship is costing around $33m. Over the last 12 years, Ciner has ordered a total of 15 ultramaxes at New Dayang, a yard owned by state-run ...
Decarbonising the world: a dead horse flogging itself? Pierre Aury questions whether we have our priorities right when it comes to making the world a greener place. The Marine Environment Protection Committee had its 81st meeting last month. In a strange case of perhaps the first documented instance of a dead horse flogging itself, shipping has embarked on a crusade to become the ...
Exclusive: $100 green fuel levy would achieve highest emission reductions in 2030 A $100 per tonne carbon levy would see the biggest emissions cuts, but also impose the biggest cost by 2030...
Dali owners deny liability for Baltimore bridge collapse 'The casualty was not due to any fault, neglect, or want of care on the part of petitioners, the vessel...
Bab el Mandeb transits falling at slower rate Vessel transits through the Bab el Mandeb are still falling amid the persistent Houthi threat. Meanwhile, the Houthis reportedly fired...
Nigeria's Dangote refinery nears start up after loading naphtha cargoes Dangote will meet Nigeria's road fuel demand and export excess output of clean products such as gasoline, diesel and jet...
Greek owner wins $40m war risk case against insurers UK court finds for claimant in case of Moundreas-controlled capesize among a spate of international vessels abruptly detained by Indonesia...
European transport lobby calls for increased funding Recent crises have demonstrated the fragility of supply chains. But adding resilience will come at a cost that needs support
Week in charts: Sanctioned Russian ships unload in Italy | Nearshoring and low newbuilding orderbook to benefit ro-ro sector | Vehicle carriers divert from Baltimore Exemptions on some cargo has led to blacklisted ships calling at EU ports, plus the ro-ro sector will be boosted...
Remaining The Alliance partners set out stall The departure of Hapag-Lloyd from The Alliance will see a slightly diminished transpacific product. But ONE is adding services on...
Hanwha denies Austal bid rejection and is confident of obtaining regulatory approvals Austal is 'not satisfied' that the required regulatory approvals would be secured
Hapag-Lloyd announces new managing director appointment Lehmköster replaces Reichard von Belepsch as managing director fleet and will report into chief operations officer Dr Maximilian Rothkop
Cosco and GSBN launch blockchain-powered pilot certificate to endorse biofuel procurement GSBN's ultimate goal is to document the entire biofuel procurement process on blockchain
Nuclear lobby seeks critical mass Nuclear power offers a path to decarbonisation but comes with obvious risks. A new organisation is being launched to develop...
Daily Briefing When will larger shipowners raise money again on Wall Street | Transpacific contract negotiations going down to the wire |...
Journal of Commerce Rankings: LTL sector revenue drops despite Yellow 'distortion' A 6% reduction in overall freight helped depress LTL revenue in 2023, the Top 40 carrier rankings show, despite a gain in shipments many carriers enjoyed after Yellow's collapse.
FMC complaint from Samsung is latest salvo against Cosco for D&D billing The electronics giant said the "staggering" detention and demurrage charges it paid for US imports carried by Cosco and OOCL threaten its ability to serve the North American market.
Lack of progress in Canadian rail talks raises possibility of May strike Negotiations between the railroads and the Teamsters have hit a stumbling block over salary and mandatory rest periods, prompting the union to schedule an April 8 start date for voting on a possible strike notice.
Indian import demand continues to drive intra-Asia network expansion The latest capacity push comes from a three-member consortium led by Wan Hai Lines, which will begin a Southeast Asia-West India connection from the end of April.
Judge's order corrals Dali bridge disaster in single case in Maryland Claims deadline set for December in limitation of liability case
Container freight rates slide on rising wave of vessel deliveries Heavy falls take freight rates back to where they started the year
Greek owner DryDel makes it 10 bulkers on order in first deal since rebranding Ex-Meadway Shipping & Trading puts pen to paper for new ultramax in Japan
'Difficult to explain': Capesize plunge extends despite some cargo volumes hitting year highs Are Valemax arrivals in Brazil to blame for ongoing corrections?
Trading giant Vitol branches out with bunkering deal in the Maldives Island chain becomes latest link in hub network stretching from Singapore to the US
Container giant Hapag-Lloyd hires new fleet managing director She will take over responsibility for chartering and newbuildings from veteran Richard von Berlepsch
MSC bags five vintage container ships as it extends raid on secondhand market Liner giant keeps its foot on the pedal despite falling freight rates
Clarksons hires offshore veteran Mads Malling from shipowner to boost subsea team Malling has 20 years of experience from subsea construction, decommissioning and offshore wind
South Korean shipbuilder Hanwha Ocean launches Austal takeover bid However, offer will be subject to heavy scrutiny from US and Australian authorities
Hoegh Autoliners car carrier sale splits opinions on valuation A large gap exists between two leading valuation services on Norwegian owners' vessels
In wake of $3bn Baltimore bridge disaster now could be the time to rewrite historic US shipping law Disaster of this magnitude is the moment to question whether rules should evolve
US owner Pasha Group wins Morgan Stanley loan for infrastructure investment Container ship and car carrier company wins big-name backing for Hawaiian services
JP Morgan nets $270m Equinor charters for new methanol-fuelled product tankers US bank said to have scooped big deal, but question marks have been placed over profitability
Cobelfret shipping arm banks loan to fund kamsarmax newbuilding brace Cobelfret's C Armateurs has ordered two kamsarmaxes for delivery in fourth quarter of 2024
KfW IPEX-bank gives €42m financing to Cobelfret kamsarmax newbuildings Cobelfret's C. Armateurs has ordered two Kamsarmaxes for delivery in fourth quarter 2024
Trafigura fixes finance of $560m for new Japanese LNG import deal Major lenders provide cash for utility company to bring in gas
Deadly Iran consulate bombing sparks deeper fears for Red Sea shipping attacks Iran promises retaliation after Israel allegedly destroys its consulate in Syria, killing military figures
Saverys family takes 91% grip as Euronav splashes $43m on more buybacks Belgian tanker company continues with stock repurchases in US and Belgium
Wilhelmsen Holding kicks off potential $146m share buyback after earnings leap Thomas Wilhelmsen-led group tenders for 440,000 shares in Oslo
Chevron charters Vitol hybrid electric bunker tanker Oil major says using vessel will also enable it to assess the wider adoption of hybrid vessels
John Fredriksen's SFL drafts Arctic and DNB to sell bonds worth $200m or more CEO Ole Hjertaker says 'market is good now' as company seeks to tap bond investors
Wallenius Wilhelmsen makes first move towards potential $341m stock buyback Car carrier giant tenders for 440,000 shares in Oslo
Tanker broker detained in Greece over $21bn oil fraud claim Interpol warrant sees Italian citizen held in oil transport case
Great Eastern captures secondhand value with latest product tanker sale Indian owner offloads 2004-built ship after adding more modern tonnage
First vessel passes collapsed Baltimore bridge as second temporary channel planned Tug and barge make first transit since disaster struck last Tuesday
Moundreas beats insurance giants in $37.5m capesize court case Case heard in London sheds light on Indonesia's heavy-handed campaign against wrongly anchored vessels five years ago
Chinese shipping running hot: Investment, lending and the return of a familiar face Number of Chinese leasing companies has increased and shipowners are concerned there will be an over supply of vessels
South Korea shipbuilder Hanwha Ocean launches Austal takeover bid However, offer will be subject to heavy scrutiny from US and Australian authorities
Ageing chemical tankers could be forced into sanctioned trades by new emissions rules, SSY warns UK broker says other owners will choose retrofits or scrapping
Anthony Gurnee cashes in $535,000 in restricted stock as Ardmore sales continue A second officer of product tanker owner also takes advantage of robust share price
Baltimore legal battle begins as Dali's owner and manager seek liability shield Limitation proceedings seek to cap legal exposure at $43.7m
UPS wins air cargo contract with Postal Service, replaces FedEx UPS will take over flying mail and parcels for the U.S. Postal Service later this year. FedEx is relinquishing the contract but says the move will make it more profitable.
Red Sea crisis nears boiling point, unable to heat up spot rates If China and Russia find the Houthi problem in the Red Sea as intractable as the U.S. and its allies have, it would all but halt what little maritime traffic remains in the region.
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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