Shipping's latest proposal to IMO is a Zero Emission Shipping Fund (ZESF) Not for the first time, the International Chamber of Shipping (ICS) has submitted a proposal to the IMO for a mechanism that would help fund shipping's transition to net zero emissions by
Europe's first green methanol feeder network is in the works Back in July last year, Taiwan's Evergreen Marine Corporation bet big on methanol as the green fuel to go with, placing orders for 24 green methanol dual fueled 16,000 TEU containerships, split
SEACOR Island Lines has a new owner SEACOR Holdings Inc., a portfolio company of American Industrial Partners, reports that it has concluded the sale of its SEACOR Island Lines Caribbean liner and logistics business to Sweetwater, Fla., headquartered King
Ingalls Shipbuilding completes LPD 29 builder's sea trials Huntington Ingalls Industries (NYSE: HII) reports that its Ingalls Shipbuilding division has successfully completed builder's sea trials of the amphibious transport dock ship Richard M. McCool Jr. (LPD 29). Launched in January
ESL unveils enhanced GALEX service and launches two new services Effective from 14 February, ESL's flagship GALEX service will provide direct connections between key Chinese ports and the newest addition, the Saudi Arabian maritime hub of Dammam. The upgraded port rotation is expected to reduce transit time between key ports in China and Jebel Ali, as well as ensure continued coverage into Sohar, Oman and Khor Fakkan, UAE. Additionally, the Gulf Pakistan Shutt
Yang Ming strengthens network with JTS service upgrade and JKX service launch Yang Ming Marine Transport Corp. will introduce the revamped JTS service (Japan-Taiwan-South China Express Service) in March. Simultaneously, the company will collaborate with a joint venture partner to initiate the new JKX service (Japan Kansai Service). The JTS service will continue to operate independently, providing a fixed weekly service with a 28-day rotation. On the other hand, the JKX ser
Seoul court rules that freight-fixing fine was wrongful to Evergreen In a victory for container lines, the Seoul High Court on 1 February overturned a fine imposed by the Korea Fair Trade Commission (KFTC) on Evergreen Marine Corporation for freight-fixing. The Taiwanese mainline operator was one of 23 box lines that KFTC fined a total of US$81 million in January 2022, for fixing South Korea-Southeast Asia freight rates. KFTC began investigating in July 2018, afte
Hapag-Lloyd applies US$1,000/box increase from India and Pakistan to US and Canada German ocean carrier Hapag-Lloyd has announced a new General Rate Increase (GRI) / General Rate Adjustment (GRA) from India and Pakistan to the United States (East Coast, West Coast & Gulf Coast) and Canada West Coast. The Hamburg-based box line will increase its rates by US$1,000 per container for cargo transported in 20' and 40' dry, reefer and special containers, including high cube equipment.
Wallenius Wilhelmsen signs shipping contracts totalling US$1.5 billion Norway-headquartered shipping company Wallenius Wilhelmsen recently signed a multi-year shipping contract with Korea's leading construction machinery company. The new agreement, which has a duration of three years, plus a two-year extension option, is valued at approximately US$290 million based on expected volumes over the three-year period. The contract commenced in January 2024, with rates in
Maritime Union of Australia and DP World end dispute with major deal Australian industry breathed a sigh of relief with the news that dockers and terminal operator DP World had agreed a four-year deal which would see year-on-year pay increases while also allowing for 24-hour terminal operations. The dispute has been ongoing since last October and has caused a backlog of over 50,000 containers to be built at DPW's four terminals, the acrimonious dispute had split i
COSCO expands presence with new branch office in Morocco On 1 February 2024, COSCO SHIPPING Lines inaugurated its latest branch office in Casablanca, Morocco. The establishment of COSCO SHIPPING Lines (Morocco) SARL in the central hub of Casablanca underscores the growing significance of North Africa in European trade. Furthermore, aligned with COSCO SHIPPING Europe's overarching strategy, known as the "Big corridor and 3 networks," which aims to conne
ONE reports over US$80 million loss in October-December 2023 Singapore-headquartered Ocean Network Express (ONE) experienced a notable decline in its revenues, earnings, and profits in the third quarter of fiscal year 2023 (October - December), in contrast to the corresponding period in the previous year. The quarter witnessed a softening of the supply and demand trend, resulting from sluggish consumption growth, reduced cargo movement during the low seaso
Maersk and 2M stand out in 2023 schedule reliability rankings According to Sea-Intelligence, the annual global schedule reliability experienced a notable increase of 19.5 percentage points (PP), rising from 42.6% to 62.1% by the end of 2023. Despite this substantial improvement, it only managed to reach the level observed in 2020 and remains below the 70%-80% range seen in the years 2012-2019. A concerning trend is the month-on-month (M/M) decline in schedu
King Ocean buys SEACOR's Caribbean liner and logistics business SEACOR Holdings Inc. has concluded the sale of its Caribbean liner and logistics business SEACOR Container Lines LLC to King Ocean Services Ltd, a Florida-headquartered transportation and logistics provider. The transaction includes all operations and assets, but the two companies have not disclosed any financial information yet. King Ocean specialises in marine transportation and logistics solut
Evergreen and X-Press Feeders sign deal for green shipping routes in Europe Taiwanese container line Evergreen Marine Corporation has signed a Memorandum of Agreement (MoA) with X-Press Feeders, the world's largest independent common carrier, to place its containers on X-Press Feeders' new dual fuel green methanol vessels. X-Press Feeders is planning to run these vessels on green methanol and operate them within Europe. The two companies aim to work together to launch a
Okeanis Eco Tankers reveals fresh vessel refinancing action Greek owner Okeanis Eco Tankers has executed a series of vessel refinancings to optimise its capital structure. The New York and Oslo-listed Alafouzos family vehicle, with a fleet of six suezmaxes and eight VLCCs, has secured a new $34.7m loan from a syndicate of banks led by Kexim Asia to buy its 2016-built suezmax Milos ...
Japan's Chubu joins Shell and Eneco with Dutch wind farm stake buy Dutch utility Eneco has sold a 30% stake in Ecowende, a JV between Eneco and Shell, to Japanese firm Chubu Electric Power. Currently, Eneco holds 40% of the shares in Ecowende. Following the sale, Chubu will hold a 30% stake, Eneco will hold on to a 10% stake while Shell's 60% stake will remain untouched. ...
Paratus scores Mexico work for Titania jack-up Paratus Energy Services has secured a one-year contract for the Titania jack-up for work offshore Mexico. The new contract will contribute around $55m in backlog and is expected to begin around mid-February 2024. The rig's previous deal was with Mexican company Pemex which started in March 2020. According to the fleet status report from June ...
Wallenius Wilhelmsen inks $300m transport deal Norwegian car carrier operator Wallenius Wilhelmsen has signed a three-year transport deal worth around $300m. The multi-year deal is with an undisclosed large Swedish manufacturing company. The new agreement, which has a duration of three years, plus a two-year extension option, is valued at approximately $300 million in total, based on expected volumes over the ...
Integrated Wind Solutions lands CSOV deal with Siemens Gamesa Oslo-listed Integrated Wind Solutions has, through its business units IWS Fleet sealed a three-year deal with wind turbine maker Siemens Gamesa for its walk-to-work commissioning service operations vessels (CSOVs). The contract worth between $55.5m and $60m starts in 2025 and covers offshore turbine commissioning works across multiple Siemens Gamesa projects in North Europe. "This agreement ...
Monaco's Transocean orders ultramax pair at New Dayang Monaco-headquartered Transocean Maritime Agencies has emerged behind an order for two ultramaxes in China. Brokers report the bulker and tanker owner signing up for 64,000 dwt newbuilds at New Dayang Shipbuilding for delivery in 2026. The ships, costing about $33m each, have been designed to meet IMO Tier III and EEDI Phase 3 requirements. The ...
FreightWaves: Media versus data Within the maritime media landscape the big news this week has emanated from Chattanooga on the banks of the Tennessee river where FreightWaves founder and CEO Craig Fuller, one of the sector's most high-profile tycoons, has decided to split up his media empire from his data business. Fuller has spun off his media businesses into ...
Swire Renewable Energy buys UK blade repair firm Renewable energy inspection, repair, and maintenance company Swire Renewable Energy has bought wind turbine rotor blade repair and inspection specialist Altitec Blade Services. As part of this strategic acquisition, Swire Renewable Energy will significantly widen its blade repair and maintenance capabilities, and significantly grow its capacity in blade-related services, which now include all bla
DP World reaches deal with Australian dockworkers Australia's crippling port strikes that have brought supply chains to breaking point over the past month are coming to a close. Container terminal operator DP World, which operates four terminals across the country, has reached an "in-principle" four-year agreement with the waterfront union in a deal that was facilitated by the country's Fair Work Commission. ...
Evergreen and X-Press Feeders to create European feeder network powered by green methanol Taiwanese global liner Evergreen has signed a memorandum of agreement with X-Press Feeders, the world's largest independent common carrier, to place its containers on X-Press Feeders' new dual fuel green methanol vessels. X-Press Feeders is planning to run these vessels on green methanol and operate them within Europe. The two companies will work together to ...
Yara Marine Technologies sold One of the most high-profile suppliers of green tech to the shipping industry has been sold. Yara Marine Technologies (YMT) has been acquired by Geneva-based Okapi Supply Trading Advisory for an undisclosed sum. YMT, an offshoot of Norwegian fertiliser giant Yara, offers a portfolio of green technologies spanning from vessel optimization and wind-assisted propulsion to ...
MOL wins Polish FSRU deal Japan's Mitsui OSK Lines (MOL) has won the contract to deploy Poland's first floating storage and regasification unit (FSRU), part of Europe's dramatic reshaping of energy security in the wake of Russia's full-scale invasion of Ukraine two years ago. The FSRU newbuild will be moored 3 km offshore the port of Gdansk between the mouths ...
Okeanis unveils new lease for VLCC and repurchase of suezmax US- and Norway-listed owner turns sights towards repurchase later this year of another suezmax under a legacy lease
Flags of Deceit could take shipping back to the bad old days Much more of this and Narnia, Utopia, Middle Earth, Freedonia, La-La Land and Big Rock Candy Mountain will be offering...
Beware the dark fleet, price cap coalition warns in latest advisory The price cap coalition has released a compliance and enforcement alert, urging the industry to exercise 'enhanced due diligence' with...
Capital Product Partners sells first boxship in switch to LNG carriers Fourth-quarter revenues rise on back of expanded fleet but profit dips
Product tanker earnings on Middle East to Europe routes maintained at near record levels as tanker diversions continue Clean product tanker rates on Middle East to UK/Continent route hold far above $100,000 per day, as most vessels loop...
Red Sea diversions likely to have little inflationary impact The supply chain congestion of the pandemic was seen as inflationary on consumer prices. Red Sea rerouting costs are likely...
New Wallenius-backed Baltic ro-ro service to set sail from April Lakeway Link, a new ro-ro cargo operation set up by Wallenius Wilhelmsen partner Wallenius Lines and Greencarrier, is launching its...
China's 2024 coal import decline may weaken long-haul shipping demand China's coking coal imports are expected to rise, but mainly shared by Mongolia and Russia, not benefitting the seaborne market
DP World reaches labour settlement in Australia Union members still need to ratify preliminary agreement with DP World. Terminals will take several weeks to clear backlogs
EU publishes ETS administering authority list European Commission published a list of ETS administering authorities, matching shipping companies with EU countries to ensure carbon tax compliance
Vitol Bunkers signs up with ZeroNorth to digitalise bunker delivery system Singapore became the world's first port to adopt electronic bunker delivery notes in November 2023. It is anticipated that digital bunkering...
MOL selected as preferred bidder for Poland FSRU project Poland's inaugural FSRU project will help enhance the country's energy security. Several European countries have moved quickly to use FSRUs...
Evergreen ties up deal with X-Press Feeders for methanol-fuel feeder services Initial methanol-fuel feeder service will operate from the second quarter of the year between Rotterdam, Scandinavian and the Baltic ports
Victoria Steamship joins Anemoi in new rotor sail project London-based agency and brokerage already has a history of assisting green initiatives by applying new systems to its bulk carriers...
US says CMA CGM-operated boxship Koi 'likely' target of two missed Houthi missiles lobbed on Thursday CMA CGM, which operates Koi, denied the vessel was targeted on Wednesday, but did not immediately respond when asked if...
Daily Briefing Fake flags, rogue registries and dark fleet spark calls for crackdown on ship oversight | CMA CGM denies Houthi missile...
In a 'stable' LTL market, ODFL readies for eventual rebound The second-largest US less-than-truckload carrier plans to increase its terminal capacity alongside freight demand, CEO Marty Freeman told the Journal of Commerce.
Australian shippers welcome end to four-month DP World-dockworkers dispute While the union said industrial action has ended, the disruption caused by work stoppages that lasted hours and days at a time will take weeks to wind down.
X-Press Feeders inks Evergreen for intra-Europe methanol service The green methanol feeder service will initially cover Baltic and Scandinavian ports operating out of the Port of Rotterdam.
Ro/ro carriers sign long-term contracts as bullish market kicks off new year The flow of roll-on/roll-off cargo shows little sign of slowing as carriers ink long-term deals with automotive and high and heavy manufacturers.
ILWU, ICTSI Oregon end long legal dispute with $20.5 million settlement The deal ends a more than decade-long case that involved claims that terminal operator ICTSI Oregon incurred damages when ILWU Local 8 engaged in unlawful work practices and slowdowns from 2012 to 2017 at Terminal 6 in Portland.
Ryder acquires Cardinal Logistics, adding dedicated trucking muscle The deal gives Ryder a significant jolt in dedicated capacity as well as greater scale with existing and new shipper customers.
C.H. Robinson sees cautious shippers, no near-term global demand upturn The largest US broker and forwarder expects ocean spot rates to subside after the Chinese New Year and for US trucking markets to slowly improve throughout 2024.
LA-LB terminals use post-COVID breather to prepare for next surge With existing capacity utilization at 70%, Los Angeles and Long Beach have probably delayed until the early 2030s the likelihood of experiencing pandemic-era congestion again, according to marine terminal engineers.
DSV volume stabilizes in Q4 to deliver solid 2023 result While down significantly from 2022, the forwarder remained profitable last year as fourth-quarter gains helped dull the full-year impact of sharply correcting global freight markets.
BlackRock reshuffles tanker exposure as stocks continue slide
CMA CGM suspends Red Sea transits after Houthi attack Liner operator follows the path already taken by key rivals as Iran-backed militant group expands range and targets
Podcast: A new proposal on pricing carbon from shipping ICS reveals its greenhouse gas proposal and Odfjell, Grieg and Reflow talk lifecycle analysis
Editor's selection: Navig8 fleet sale rumours, Public owners going private and Norway's sovereign wealth fund ups shipping interest What has been happening in shipping this week?
American Club slams new S&P Global ratings model after 'unfavourable' downgrade New York-based mutual rating has been adjusted from BBB- to BB+ stable
Euronav chief executive sticks to his guns on Red Sea rerouting Best form of vessel protection is not going to the region, Euronav CEO explains
Capital Product Partners sells first container ship as it moves towards LNG pure-play Evangelos Marinakis offloads his first boxship and sees 'significant enquiry' for the remaining 14 he plans to sell
'Very very healthy' big tanker asset values have room to run, says Euronav Saverys argues prices are very healthy but should be higher
Alexander Saverys sticks to his guns on Red Sea rerouting Best form of vessel protection is not going to the region, Euronav CEO explains
Norden targets 25-strong capesize fleet as it kick-starts new venture Danish owner-operator has been eyeing the asset-light capesize business and now has a small but growing fleet in operation
Danske Bank shipping book rises 3% to $3.3bn Denmark's largest lender aims to reinforce sustainable finance and advisory work
Jinhui snaps up first capesize for $31m in latest fleet renewal move Hong Kong-based owner snaps up ship from Hsin Chien Marine
Shipowners face fresh Russia price cap crackdown by G7 countries Industry players urged to draw up their own whitelist of trusted companies
Ardmore sets price benchmark as it snaps up product tanker for $42m Irish owner adds tanker from Meiji Shipping as part of bigger fleet development plan
Danske Bank shipping book jumps by one-fifth to $2.6bn Denmark's largest lender aims to reinforce sustainable finance and advisory work
North Star orders SOV in India as it seals first charter outside UK Scottish shipowner picks Cochin Shipyard for its seventh hybrid wind ship
Methanol-fuelled newbuilding orders lead the charge in January Classification society DNV logs record deliveries for ships using LNG as ammonia ordering stirs
Gaza ceasefire 'false alarm' sends shipping stocks tumbling Broad drop for shares of shipping companies in US and Europe
Yasa Tankers hands MR to Navig8 as it charters aframax to Vitol Brokers report series of deals involving Turkish owner
Ardmore sets price benchmark as it snaps up MR tanker for $42m Irish owner adds 2017-built tanker from Meiji Shipping
New Tufton investment chief Nicolas Tirogalas puts some skin in the game UK shipowning fund insiders add 250,000 shares to ownership
'Terrible Thursday': VLGC spot rates plunge 96% from peak with charterers in control Earnings as low as $6,400 per day from the Middle East, leaving owners out of pocket
Danske Bank shipping book jumps by a fifth to $2.7bn Denmark's largest lender aims to reinforce sustainable finance and advisory work
Wallenius Wilhelmsen contract book swells with fourth new deal in two weeks Norwegian car carrier owner signs $300m deal with Swedish customer
Okeanis sells VLCC to Chinese lessor and refinances suezmax to cut interest costs Greek owner also amends the terms of leases on two other VLCCs
Longship and Wagle Chartering team up on new vessel order Dutch firm continues fleet renewal in deal with Norwegian partner
Russian petroleum exports plummet as refineries go offline for repairs Brokers say affect on product tanker market might be mitigated by Red Sea diversions if trade does not go short-haul
Evergreen and X-Press Feeders team up on intra-Europe green methanol liner services Liner giant agrees to feeder Baltic-bound containers on X-Press Feeders new fleet of green methanol dual-fuel ships
Seatrium's full-year loss could be close to $500m, says analyst Singapore group hopes changes will result in significant value creation in the medium to long term
Mitsui OSK Line scoops job of providing Poland's first FSRU BW LNG nudged into second place in battle to provide regas unit for Gaz-System
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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