New Austal USA shipyard expansion set to start this summer Austal USA is planning a major expansion of its Mobile, Ala., shipyard capability. The infrastructure expansion, which will be to the south of Austal USA's current waterfront facility, will include a new
Konecranes boosts Chiquita exports in Guatemala with new reachstackers In the third quarter of 2023, Chiquita Guatemala took delivery of the first two Konecranes reachstackers for their Terminal Ferroviaria located in Puerto Barrios. The remaining third reachstacker is expected to be delivered in 2024, completing the trio that will significantly enhance Chiquita's banana business operations. "We are leaders in the tropical fruit market. To maintain our position, we
Spot rates bottoming out, but contract rates to rise in tandem with costs While spot container freight rates appear to have peaked, contract rates are expected to go up to reflect the increased costs of sailing round the Cape of Good Hope, according to Vespucci Maritime's CEO Lars Jensen in the Baltic Exchange's latest report. On 2 February, the Shanghai Containerised Freight Index (SCFI) showed that for the third consecutive week, there were rate corrections for the S
Suez Canal toll earnings set to continue falling, as vessels re-route around the Cape of Good Hope As we enter into the third month of escalating conflict in Yemen that has prompted significant rerouting of vessels with far-reaching consequences for global trade and transport, the latest trade data from Veson Nautical indicates a notable shift in traffic patterns. Geopolitical tensions and conflict have raised maritime security concerns in the region, given its strategic importance and critica
AD Ports-owned Maqta Gateway acquires majority stake in Dubai Technologies AD Ports Group's digital arm, Maqta Gateway has acquired a 60% equity stake in Dubai Technologies, a Dubai-based developer of trade and transportation solutions. The acquisition, valued at US$7.6 million, comes on the heels of Maqta Gateway's robust financial performance in FY2023, with revenues hitting around US$20 million and EBITDA standing at US$2.3 million approximately. "In line with the vi
ONE introduces world's first dual-temperature refrigerated container Ocean Network Express (ONE) announced the introduction of the world's first trial for a dual-temperature refrigerated container featuring Controlled Atmosphere (CA) capabilities, developed in partnership with Pan Pacific International Holdings Inc. (PPIH) and NAX Japan. This groundbreaking initiative marks the maiden voyage of a marine transportation system utilizing such advanced technology, aim
Okapi boosts maritime solutions with Yara Marine Technologies acquisition Geneva-based Okapi Supply Trading Advisory has acquired technology company Yara Marine Technologies (YMT) to expand its maritime solutions portfolio. "With a shared commitment to advancing sustainable solutions for the maritime industry, this new relationship sets the stage for the green solutions provider to accelerate the reach and impact of its industry-leading decarbonisation technologies, su
Maersk commences new service between Middle East and Europe Maersk will launch a new weekly service connecting the Middle East with Europe in mid-February. The new service, called ME8, will sail via the Cape of Good Hope and its rotation will be as follows: Jebel Ali, United Arab Emirates - Doha, Qatar - Dammam, Saudi Arabia - Al Jubail, Saudi Arabia - Jebel Ali, United Arab Emirates - Abu Dhabi, United Arab Emirates - Duqm, Oman - Salalah, Oman - Port Ta
CMA CGM halts Red Sea transits French container shipping company CMA CGM informed its customers that as from 1 February 2024 and until further notice, all services initially routed via the Red Sea passage will now follow the Cape of Good Hope routing. "The safety of our seafarers remains our priority at all times," noted the Marseille-based ocean carrier in a statement. The carrier took this decision because last week, Houthi
GAC Group establishes its first office in South Korea GAC Group, a provider of shipping, logistics and marine services in the Asia-Pacific market, has opened its first office in Seoul, South Korea. The company aims to strengthen its operations in the country to serve the growing, dynamic South Korean shipping market, which accounts for more than 10% of global maritime trade. Exports from the country are set to rise by 7.9% in 2024 to reach US$680 bi
APM Terminals announces leadership changes in Europe The current managing director at APM Terminals Poti in Georgia, Julián Fernández, will become the managing director of APM Terminals Spanish Gateways from 1 April. "I am very pleased to have Julián in his new role, where he will continue to be a crucial member of our leadership team in Europe while bringing his valuable experience and expertise from running a terminal in Georgia now in his new ex
PIL and MatchBox Exchange partner to improve container flow in Thailand Pacific International Lines (PIL), a prominent shipping company headquartered in Singapore, has joined forces with MatchBox Exchange, a SaaS platform facilitating the reuse and exchange of shipping containers among operators, to enhance landside logistics for PIL's clientele in Thailand. This partnership, an extension of a similar venture in Malaysia initiated in 2023, grants PIL's Thai customers
W Marine orders first newbuilds since 2006 Greece's W Marine has ordered a pair of 82,000 dwt kamsarmaxes in China, marking its first newbuild in nearly 20 years. The Yannis Sarantitis-established bulker owner has tapped Chengxi Shipyard to build and deliver the duo in 2026 for a reported $72m. W Marine lists 16 vessels on its website ranging in size from panamax ...
Star Bulk ships out 17-year-old cape for $20m Greek dry bulk giant Star Bulk Carriers has offloaded its 17-year-old capesize in what has been a very active S&P market for similar tonnage recently, with brokers reporting multiple deals concluding. The 2007 Shanghai Waigaoqiao Shipbuilding-built Big Bang, which Star Bulk bought in July 2013 for $28.2m, is going to Chinese buyers in a deal ...
TRF sells modern VLCC for $102m Transportation Recovery Fund has offloaded its five-year-old and only VLCC. Brokers are reporting the sale of the 2018-built scrubbed-fitted TRF Horten for $102m. Market sources suggest the ships' value at about $104m, but analysts at Pareto Securities note that a price difference could be due to the vessel having been built at Agila Subic Shipyard ...
Fugro wins Dutch offshore wind zone survey gig Dutch surveyor Fugro has been awarded a geophysical survey contract for the development of the Dutch Doordewind offshore wind farm zone. The Doordewind project, led by the Netherlands Enterprise Agency (RVO), is part of the Dutch Government's Offshore Wind Energy Roadmap 2030, targeting to accelerate the development of offshore wind in the Netherlands. The wind ...
Höegh LNG resolves legal dispute over PGN FSRU Lampung Norway's Höegh LNG has amicably settled long-standing disputes and pending arbitrations with the charterer of. Indonesian LNG importer PT Perusahaan Gas Negara (PGN) holds a 20-year charter on the 170,000 cum FSRU, which has been operating as a 2.7m tonne per year LNG import facility on the southern tip of Indonesia's Sumatra island since ...
K Line pens charter for third Northern Lights CO2 carrier Japan's Kawasaki Kisen Kaisha (K Line) has signed a bareboat charter deal for the management of the third CO2 carrier set to serve the Northern Lights project, a joint venture between Equinor, Shell, and TotalEnergies. This follows the formerly signed contracts for managing the first two 7,500 cum liquefied CO2 ships that are 75% completed ...
Inland cargo ship sinks in port of Hamburg An inland waterway ship carrying 3,500 litres of diesel and 1,400 tonnes of potassium chloride has sunk in Hamburg. At the time of the incident, the 80-meter-long ship was moored to the quay in Kalikai, one of Hamburg's most known locations for the export of bulk goods, and it is initially unclear why the ship ...
QatarEnergy contracts Samsung Heavy for 15 LNG carriers QatarEnergy's fleet expansion scheme proceeds apace with a contract signed today for 15 LNG carriers with Samsung Heavy Industries, the Korean yard with the world's largest gas ship orderbook. The contract, worth $3.44bn, will see all ships deliver by October 2028. In October, HD Hyundai Heavy Industries confirmed a record-breaking $3.9bn deal to build 17 ...
Ship damaged as ceasefire talks are discussed around the Middle East A Barbados-flagged, United Kingdom-owned general cargo ship incurred physical damage from a drone hit in between Eritrea and Yemen just after midnight. According to security consultant Ambrey, the ship incurred minor damage on its port side but was able to continue on its voyage. No injuries were reported. The United Kingdom Maritime Trade Operations (UKMTO) ...
Oceaneering unit bags $200m worth of contracts Oceaneering has revealed multiple contracts for its manufactured products segment worth around $200m. The contracts have been secured primarily with international oil and gas operators and marine construction companies, and range in value from less than $10m to more than $100m, the Houston-based company said. Two contracts constitute a considerable portion of the forecasted value. ...
Stolt-Nielsen bolsters position in rival Odfjell Chemical tanker giant Stolt-Nielsen has increased its stake in Norwegian competitor Odfjell, cementing itself as the company's second-largest shareholder. The Oslo-listed firm has accumulated about 8.2m of the class A shares, equaling 13.6% ownership interest, second behind Norchem in Denmark, which sits comfortably at the top and in which Odfjell chairman Laurence Odfjell has a ...
Gram Car Carriers offloads mid-size car carrier Norway's Gram Car Carriers has signed an agreement to sell a mid-size pure car and truck carrier (PCTC) for a total cash consideration of $64.6m. The Oslo-listed firm sold the 2010-built, 4,200 ceu to capitalise on historically high second-hand vessel values. The company expects to recognise a net book gain of $36.6m upon completion of ...
Vietnam's VLCC fleet grows Greece's Capital Maritime and Trading has sold the youngest VLCC to be flagged under the Vietnamese flag. At the end of last year, Evangelos Marinakis quietly sold a 14-year-old Universal-built mammoth named Alexander the Great, now named Felix, with VesselsValue tagging Phuong Dong Petrol Transport as the buyer. Four VLCCs have been sold to Vietnam since 2020. ...
GEFO orders 10 chemical tankers German owner GEFO is expanding its fleet with an order for 10 stainless steel chemical tankers at the Xiangyu shipyard in Nantong, China. A three-digit million-dollar sum will see the 3,850 dwt ships delivered between 2026 and 2028. In 2022, GEFO launched a €400m ($430m) investment programme in a series of newbuilds and modern secondhand ...
Siem Offshore inks new long-term deals for well intervention duo Norwegian offshore vessel operator Siem Offshore has signed new deals with Houston-based offshore energy services company Helix Energy Solutions for the well intervention vessel tandem Siem Helix 1 and Siem Helix 2. On November 24, Siem announced that it potentially lined up long-term extension deals for the two vessels. The company said at the time ...
Canadian survey reveals rampant harassment and bullying The Seafarers' International Union of Canada (SIU) has published a report on workplace harassment and bullying within the Canadian marine sector, which indicates that 46% of seafarers have experienced harassment or bullying at some point in their career as a seafarer. The report is a summary of the data gathered from a survey that was ...
South Korea's largest shipbuilder makes nuclear move HD Korea Shipbuilding & Offshore Engineering (KSOE), a sub-holdings company of HD Hyundai, has held a joint research and technology exchange meeting with TerraPower and CORE POWER with plans unveiled to develop small modular nuclear reactors for use on newbuilds. The reactor, which will be jointly developed by KSOE and other partners including TerraPower and ...
Will the Year of the Dragon spring some surprises? Pierre Aury on the four big topics shipping needs to be aware of in the coming months. So where is the market headed to this year? Sorry to disappoint you but we will not be answering this question. Instead we will look at four topics with two of them likely to have an impact on ...
Gram Car Carriers sells another PCTC for 'fantastic price' 'This is a fantastic price for GCC and is an impressive $40.5m higher than the median average value of the...
EU to prioritise maritime access to renewable fuels in revised climate strategy The European Commission recommended a new GHG emission reduction target of 90% in 2040, as the bloc prepares to revise...
Diversification key to avoiding overreliance on China While the outlook may have improved, business has yet to return to normal. Minimising supply chain risk remains a key...
Seized tanker being held in Iran starts spoofing its location in Türkiye St Nikolas, the tanker formerly known as Suez Rajan, was seized by Iranian naval forces on January 11 and has...
Payouts coming in lower than 2023/24 budget, Steamship Mutual confirms Seven pool claims in year to date, with backyears panning out favourably, International Group affiliate reveals
Houthis claim attacks on two more ships despite US strikes The Houthis claimed attacks on British and American ships on Tuesday despite more US air strikes on Yemeni drones
War risk losses could impact wider marine market, Miller argues London still has 'large appetite' for hull & machinery, broker claims
Samsung Heavy Industries secures largest order for 15 LNG carriers The 15 vessels, with a capacity of 174,000 cu m, will be delivered by October 2028
CMA CGM ships return to Suez to exit Red Sea CMA CGM Jacques Saadé's Europe to Asia shortcut through the Suez will end up costing it significant extra time. At...
Bulk carrier values rising on quality tonnage deficit 'There's great interest for modern ships, but there is a distinct lack of quality eco tonnage available for sale,' said...
Navigating the Dragon Year: Can shipping stay the course on China? As the world's largest trading nation, China's imports and exports remain the prime source of cargo for shipping in many...
CMA CGM's dangerous Red Sea routing no longer worth the risk CMA CGM's 'damn the torpedoes' approach to the Red Sea may have helped it secure cargoes, but the risks were...
ONE's Jeremy Nixon appointed to MPA board Certis Group chairman Allen Lew and Keppel DC REIT Management director Yeo Siew Eng are the two other new appointees...
Daily Briefing Shipping is fundamentally changing and Euronav is going to prove it, says Saverys | Lloyd's fails widow of UK marine...
Yellow uses auction proceeds to repay $700 million loan to US government The US Treasury Department is the first major creditor to be repaid by the bankrupt LTL provider, which received the controversial loan early in the COVID-19 pandemic.
NY-NJ marine terminal chief expects new ILA labor contract before October Though talks have seemingly been on hold, Maher Terminals' Gary Cross said he has "no doubt" the longshore union and port employers along the East and Gulf coasts will reach a new agreement before the existing deal expires.
'Stressed' US truckload market searching for elusive turning point Truckload spot rates are creeping higher, but trucking executives see no catalyst for stronger price increases absent higher freight demand, even as capacity slowly tightens.
Intermodal savings held steady in Q4, in line with long-term averages The average cost savings for a shipper choosing intermodal rail over truckload was consistent during 2023 and should be relatively unchanged at least through the first quarter, according to the latest Journal of Commerce Intermodal Savings Index.
Railroads settle into 'go it alone' strategy post-CPKC merger: analyst North American intermodal functions mainly as a set of regional networks defined by railroad route structures, one of the handicaps for intermodal as it competes against a "go-anywhere" national truck system, writes analyst Larry Gross.
DHT Holdings sees 'rewarding times ahead' after second-best annual profit VLCC owner reports drop in quarterly profit but first-quarter bookings turn upward
EU's proposed 2040 target welcomed by shipping and greens - with caveats European Parliament and Council also agree on legislation aimed at supporting clean tech investments
Cargo abounds amid best February start for capesize spot rates in 14 years Futures rise sees March contracts leap 36% so far this year
Hot or not? Panel of lenders weigh in on attraction of offshore and wind vessel markets 'Supply matters, supply matters, supply matters,' says Morten Arntzen
Vafias spin-off C3is sells shares to finance tanker buy and future deals Nasdaq-listed Greek owner seeks to raise about $6m
KCC moves into 'leadership band' with first A score from Carbon Disclosure Project But CFO Liv Dyrnes says Norwegian combination carrier owner will not rest on its laurels
Shipowner eyes oceangoing handies with EU finance State-owned player will add modern bulkers to its existing fleet of small, old vessels plying the Caspian Sea
Azerbaijan's Asco eyes ocean-going handies with EU finance State-owned Baku player will add modern bulkers to its existing fleet of small, old vessels plying the Caspian Sea
What Aramco's major oil capacity pivot means for VLCC owners Saudi Arabian oil giant's about-face on maximum sustainable capacity hike will take time to play out
Greek shipowner Metrostar fixes out newbuilding for five years as tanker market tactics shift Trader Glencore is also active in MR period market, with brokers noting more interest in term deals as spot rates rise
What Aramco's major oil capacity pivot means for VLCC owners Saudi Arabian oil giant's about-face on maximum sustainable capacity hike will take time to play out
Buy $1.1bn Navigator and get an ethylene terminal free, says Fearnley Securities Shipowner's market cap covered by LPG carrier net asset value, leaving Morgan's Point facility as a bonus on top
Red Sea crisis bites deep for Egypt as Suez Canal fees plummet Veson Nautical says container ships have fled the Suez Canal, but only achieved slightly higher rates
NYK sees Red Sea conflict boosting fourth quarter Japanese shipowner says tighter supply and demand conditions are resulting in higher market levels
Suez Canal toll fees fall as ships look elsewhere amid Red Sea risks Veson Nautical says container ships have fled the Suez Canal, but only achieved slightly higher rates
'Without shipping there will be no car industry in Europe, no Airbus' Maritime policy expert Eero Lehtovaara says shipping needs to bring industry and rule makers around one table in Brussels
Shipowners risk losing insurance cover if they don't do their homework on hauling Russian oil Circulars follow new guidance from G7 countries about measures to ensure price cap-compliant cargoes
Trio of oil majors strike deal for third K Line CO2 carrier for Northern Lights project Japanese group to manage latest in series of innovative vessels for Equinor, Shell and TotalEnergies joint venture
Ambitious Hayfin Capital doubles suezmax tanker order at South Korean shipyard Investment platform now has four 158,000-dwt tankers on order
Dirty dabbling drives record $60,000 earnings gap between LR2 and aframax tankers But clean tankers are likely to switch back to take advantage of booming rates
Shipowners risk losing P&I cover if they don't do their homework on hauling Russian oil Circulars follow new guidance from G7 countries about measures to ensure price cap-compliant cargoes
Gram Car Carriers books $36m net gain from sale of midsize PCTC Norwegian car carrier owner is using the gain to strengthen its balance sheet and fund its dividend
K Line seals deal to operate third CO2 carrier for Northern Lights project Japanese group to manage latest in series of innovative vessels for Equinor, Shell and TotalEnergies joint venture
Stolt-Nielsen swoop for Odfjell heir's stock sparks fresh talk of 240-tanker titan Combined group would have more than 240 chemical tankers, but swing tonnage will be a key antitrust factor
DNB cuts Golden Ocean and 2020 Bulkers to 'hold' after stock rally Norwegian bank says risk/reward less attractive at current valuation
Star Bulk offloads capesize bulker as S&P activity runs hot Brokers see 'unusually strong buying appetite' for large bulkers
Hoegh LNG settles $472m dispute with FSRU charterer Charter contract remains in full force and effect
Clarksons chief executive Andi Case explains takeover of first-aid innovator Shipbroker builds Gibb Group operation with acquisition of offshore medical company
Red Sea crisis sees 50th ship attack as Houthis claim Star Bulk strike Yemeni group claims two new attacks overnight despite US and UK deterrence
Thoresen Thai raises $100m from bond issue as conglomerate targets expansion Thai shipowner says bond garnered more interest than expected
Red Sea crisis sees 50th attack as Houthis claim Star Bulk strike Yemeni terror group claims two new attacks overnight despite US and UK deterrence
Red Sea turmoil increasing shipping demand as Gulf of Aden arrivals plunge 71%, Clarksons says More tankers and bulkers avoid the region as Houthi attacks continue
$682m backlog: Siem Offshore fixes MSV pair to Helix Energy for up to 22 years Big contract extensions signed at improved rates, Norwegian owner says
Bahri selling last of four medium-range crude/product tankers Saudi shipping giant's focus lies with its VLCCs and cemical/product tankers
Product tanker orderbook surges past crude for first time, Clarksons says Analyst Florence Wade-Smith says overall delivery schedule still at moderate level despite surge of deals
Gram Car Carriers books $36m net gain from sale of mid-sized PCTC Norwegian car carrier owner is using the gain to strengthen its balance sheet and fund its dividend
Ambitious Hayfin Capital doubles suezmax tanker orderbook at South Korean shipyard Investment platform now has four 158,000-dwt tankers on order
GEFO orders 10 duplex stainless-steel chemical tankers at Nantong Xiangyu German owner is expanding and renewing its fleet with new series of 3,850-dwt newbuildings
Car carrier arrives in Australia with busloads of cocaine on board Authorities seize drugs worth $29m hidden in vehicles being transported on vessel
Demolition figures flag for LNG carriers but pressure rising on steamships Will 2024 see the start of a big clear-out of elderly vessels for the sector?
ONE CEO Nixon appointed to board of Singapore's MPA Outgoing members include former International Chamber of Shipping chairman Esben Poulsson
MISC touts two elderly midsize LNG carriers for sale as charters end Steam turbine duo expected to attract demolition prices
Maran Tankers' $400m shuttle tanker order to set new record for DH Shipbuilding Angelicoussis linked to the newbuildings contract after winning Petrobras charters
Global Crossing Airlines changes CEO, cargo direction As a new carrier facing growing pains, Global Crossing Airlines (GlobalX) is doubling down on its passenger business and slowing expansion in cargo.
Red Sea trouble threatens US freight recovery If the Fed is deterred from cutting interest rates, freight demand could tumble just as carriers start regaining pricing power.
Pilots flying Amazon cargo say employer stalling contract talks Pilots at Air Transport International say the parent company wants to prolong contract talks for another two years so it can synchronize a labor deal with a new Amazon transportation services agreement. Meanwhile, the company is having a difficult time retaining experienced pilots.
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