VIDEO: NSIA reports on deadly Viking Polaris encounter with a breaking wave The Norwegian Safety Investigation Agency has released its report on the November 2022 incident in which one passenger died and eight others were injured after a breaking wave hit the expedition cruise
Houthi attacks continue, but don't stop Red Sea trade Major strikes on Houthi infrastructure in Yemen carried out by the U.S. and U.K. on February 3, seemed to have brought a two day pause in the Iran-backed group's attacks on merchant
Resolve Marine sells its Gibraltar towing ops to Boluda Fort Lauderdale, Fla., headquartered Resolve Marine has announced the sale of its Gibraltar operations. Two divisions are part of the sale: the company's harbor towing operations and fleet were sold to Valencia,
BMT launches new 48-meter SOV design with a SWATH hull A new design for a 48-meter long service operation vessel (SOV) from BMT features a SWATH hull that, the company says, will be a game-changer, enabling operations in challenging sea conditions and
Language Diversity in Business: How Machine Translation Can Propel Your Company Forward Language diversity presents both opportunities and challenges for businesses in international markets. Companies now engage with clients, partners, and employees from different linguistic backgrounds more than ever. This diversity, while enriching, also creates communication barriers. Machine translation (MT) emerges as a key solution in this scenario. It has evolved significantly, providing busi
Find Out How to Successfully Apply for the Container Logistics Career Young students must remember one optimal and reliable option when choosing a promising career. An excellent future profession option for a young specialist could be a logistics career, particularly container logistics. The first advantage of choosing a career in logistics is that it is a highly specialized, highly in-demand skill that will not lose relevance soon. Logistics specialists will be ne
Valenciaport reports traffic decline in 2023 In 2023, Valenciaport concluded the year with a traffic decrease of 2.81%, just half a point above the average results of the Spanish Port System. The dip in both Valencian docks and other Spanish ports is attributed to the global contraction of international trade, influenced by the economic repercussions of conflicts in Ukraine, and Palestine, and the uncertainty stemming from the Red Sea confl
Container market grows marginally in 2023 as the fleet swells In this week's "Shipping Number of the Week" from BIMCO, Chief Shipping Analyst, Niels Rasmussen, examines the state of the container market in 2023 which has lagged overall economic development significantly in terms of growth. In addition, the fleet capacity continues to swell, challenging liner operators. "In 2023, the container market grew 0.2% year-on-year, ending at 173.8 million TEU. Compa
Port of Antwerp-Bruges seeks innovative solutions for sustainable PFAS water treatment During infrastructure projects in the Antwerp port area including soil excavation, significant amounts of PFAS-contaminated drainage water are released. This water, comprising contaminated groundwater and brackish Scheldt and dock water, undergoes purification before being discharged. However, current purification methods are deemed insufficiently effective and sustainable. Consequently, the Port
6 Innovative upgrades boost efficiency in handling and transporting shipping containers Shipping Containers are basically the workhorses of modern transportation. They provide efficient transporting of goods, faster shipping processes, enhanced port efficiency, and allow for better management of inventory along the supply chain. In recent years, advancements in technology and new eco-friendly practices have been adopted by shipping companies everywhere to aid in the longevity and ef
Maersk partners with Puma for first semi-automated omnichannel fulfilment distribution centre in Chile Maersk partners with Puma to operate the first semi-automated omnichannel fulfilment distribution centre in Santiago de Chile. The warehouse and distribution solution will provide Puma with end-to-end visibility from its factories in Asia Pacific region to its distribution centre in Chile, including middle mile. The site will be in strategic economic centres in Santiago de Chile with quick access
Boluda Towage enhances its fleet with acquisition of Resolve Salvage and Fire Boluda Towage, a division of Boluda Corporación Marítima specializing in port, coastal, and offshore towage, as well as maritime salvage, has acquired Resolve Salvage and Fire (Gibraltar). This acquisition marks another step in Boluda Towage's international expansion efforts, particularly in the crucial maritime transport hub of the Strait of Gibraltar, connecting the Atlantic to the Indian Ocean
HMM sale to Harim-JKL collapses HMM will not be sold to the Harim Group-JKL Partners consortium, after talks with the South Korean flagship carrier's state-controlled shareholders, Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC), fell through after midnight Seoul time today (7 February). After seven years of being under state control following a debt-for-equity swap to avert bankruptcy, it appeared that
Danube River maintains Ukraine's container operations In the face of a concerted effort to cripple Ukraine's port infrastructure, Danube River ports at Reni and Izmail have maintained exports throughout the war and the influence of these ports is growing. The Danube River in Ukraine is a vital shipping route, and its importance increased with the decline of Ukraine's exports via the Black Sea in the early part of the war with Russia. Insurers at the
Container rates surge amid Red Sea crisis In response to the escalating Red Sea crisis, Container xChange , an online container logistics platform, has released a comprehensive report detailing the far-reaching effects on container trading and leasing rates worldwide. The report explores the intricate dynamics of the crisis, shedding light on the unprecedented surge in container prices and leasing rates, as well as the ripple effect on g
ILWU, ICTSI Oregon reach agreement to settle all legal disputes The International Longshore and Warehouse Union (ILWU) and ICTSI Oregon have jointly announced the resolution of all legal disputes. According to a statement, this settlement brings an end to ICTSI's claims against ILWU in the prolonged litigation known as ICTSI Oregon, Inc. v. International Longshore and Warehouse Union, et al., Case No. 3:12-cv-1058-SI, which was pending in the United States Di
Samsung Heavy Industries achieves landmark US$3.4 billion deal Samsung Heavy Industries announced a significant milestone, sealing a US$3.4 billion deal with a ship owner from the Middle East. This agreement entails the construction of fifteen LNG carriers, each with a capacity of 170,4000 m³ (cubic metres), scheduled for delivery by October 2028. This contract marks a new pinnacle for Samsung Heavy Industries, surpassing its previous record of US$2.9 billio
HICO Investment buys into UK CTV operator HICO Investment Group, a private investment business of the Hartnoll family, has invested in low-carbon crew transport vessel (CTV) supplier Tidal Transit. Tidal Transit's ongoing projects include the development of the world's first electric crew transfer vessel retrofit, onshore and offshore charging solutions, and a fully electric e-foiler in partnership with Artemis Technologies. All these ...
Top Ships agrees sale and leaseback deals for five tankers Greek tanker owner and operator Top Ships has entered into sale and leaseback financing agreements with three major Chinese financiers for five of its tankers. Two financing deals are for two 157,000 dwt suezmax tankers, Eco West Coast and Eco Malibu. The duration of the agreements is ten years, and the company has continuous options ...
Euronav shareholders overwhelmingly back CMB.TECH deal An overwhelming majority of shareholders in Euronav have voted in favour of the acquisition of the Saverys family-controlled Compagnie Maritime Belge (CMB)'s cleantech division, CMB.TECH. More than 99% of the shareholders backed the $1.15bn cash deal that will see the Antwerp-based dual-listed tanker giant with a fleet of 50 ships on a fully-delivered basis buy ...
Herbosch-Kiere and Enshore Subsea JV buys 25-year-old cable layer Belgium's Herbosch-Kiere and the UK's Enshore Subsea have joined forces to buy the shallow-draft cable layer . The vessel will be managed and operated by a new joint venture between the two companies, named Combine Marine Offshore Services (CMOS). Following delivery, the 25-year senior citizen of the seas will be renamed the CMOS Installer. The ...
NYK and Stolt Tankers venture orders six chemical tankers NYK Stolt Tankers a joint venture between Japanese line Nippon Yusen Kaisha (NYK) and chemical tanker giant Stolt-Nielsen has ordered six 38,000 dwt stainless steel vessels at Nantong Xiangyu Shipyard in China Stolt Tankers, a Dutch-based division of Oslo-listed Stolt-Nielsen and the Tokyo-headquartered NYK will see the ships delivered between late 2026 and 2029. The ...
Shih Wei Navigation inks first bulker orders in nearly a decade Shih Wei Navigation has ended close to a decade-long order drought by signing up for ultramax bulk carrier newbuilds in Japan. The Taiwanese bulker owner and operator of around 30 ships has contracted Oshima Shipbuilding in Japan through Sumisho Marine for a pair of 64,000 dwt units. The newbuilds costing up to $39m each, according ...
Smyril Line orders methanol-ready roro pair from CIMC Raffles Faroese shipping company Smyril Line has hired the CIMC Raffles shipyard in China to build two new cargo ships for the company. These are two identical roro ships, measuring 190 meters in length and having 3,300 lane meters for trailers. The new cargo ships will join the company's current network, and they are planned to ...
Hayfin takes suezmax newbuild tally to four Hayfin Capital Management has pulled the trigger on two optional methanol-ready suezmax tanker newbuilding slots in South Korea. The London-headquartered alternative investment platform has firmed up a pair of 158,000 dwt units at HD Hyundai for about $86.2m each, taking its suezmax orderbook at the yard to four. The options exercised follow the first duo ...
CBED puts fresh SOV acquisition to work Danish offshore accommodation specialist CBED has secured employment for one of its two recently acquired service operational vessels. The company, part of Maonjasa Holding, has fixed the 2017-built SOV Wind Evolution to OEG Energy subsidiary Hughes Subsea. The walk-to-work contract will secure utilisation of the former VOS Start until early Q1 2025 and comes with ...
Ørsted to cut up to 800 jobs and exit some offshore wind markets Danish offshore wind giant Ørsted is cutting jobs and exiting several markets after a "substantially challenging" 12 months and massive impairments and additional costs related to its US offshore projects. Ørsted said Wednesday it would withdraw from markets in Norway, Spain, and Portugal and cut as many as 800 jobs to reduce risks and "become ...
Dubai Mercantile Exchange hits largest trading and delivery volume peak since 2018 Middle Eastern energy-focused commodities exchange, Dubai Mercantile Exchange (DME), has recorded a large increase in total volume and physical delivery in 2023 compared to the year before. DME's front-month trading volume in 2023 surged to 800m barrels, surpassing the 2022 figure of 752m barrels, and attaining the highest levels since 2018. Similarly, the physical delivery ...
CoolCo pens year-long charter for LNG carrier New York-listed LNG carrier owner Cool Company (CoolCo) has entered into a new time charter agreement for one of its tri-fuel diesel electric (TFDE) vessels. The 12-month time charter is with Santos Shipping Singapore and is scheduled to begin in the first quarter of 2024. In the third quarter of 2024, the vessel is expected ...
Twin strikes take Houthi ship attacks to the 50 mark With more missiles yesterday the Houthis took their merchant ship strikes to the 50 mark, underlining the severity of the security situation in Middle Eastern waters where US-led counterstrikes have failed to deter the Yemenis. In total six missiles were fired yesterday, three at the Star Nasia kamsarmax belonging to Star Bulk and three at ...
Shadow fleet faces tricky path to the breaker's torch With the numbers of the so-called shadow tanker fleet peaking 10 months ago, there's now evidence that many of the oldest vessels are being primed for scrap, though getting a good demo price for these sanctions-busting ships is proving hard. The 25-year-old Bradley aframax is now headed on its final voyage to Pakistan to meet ...
Woodside and Santos pull the plug on $56bn merger Australian energy majors Woodside and Santos have stopped all discussions regarding an A$85.7bn ($55.9bn) merger. The two confirmed media speculations regarding the merger at the start of December last year. At the time, Woodside said that the discussions remained confidential and incomplete and that there was no certainty that negotiations would lead to a transaction. ...
Helix bags contract extensions in Brazil and US Gulf Houston-based offshore contractor Helix Energy Solutions has landed contract extensions in Brazil and in the US Gulf of Mexico. The first deal is a 12-month extension of its decommissioning contract with Trident Energy in Brazil. The campaign is set to start in the fourth quarter of 2024 at rates in line with the improved well ...
International Seaways and Ultranav form aframax pool New York-listed tanker owner International Seaways has launched Aframax International, a joint venture pool with Chilean owner Ultranav. According to a social media update by International Seaways, the joint venture will build upon more than 20 years of partnership on different vessel sizes. It will commercially manage all aframaxes of the two companies. The company ...
HMM privatisation process collapses The long planned privatisation plans for South Korea's flagship carrier lie in ruin today. Harim Group, whose bid with a local private equity firm had been the one selected by state banks, announced in a stock market release that it was pulling out of the deal to take HMM private. "Negotiations were conducted on the ...
Venezuelan oil sanctions to return in April The US has announced the expiration of Venezuela's oil sanctions exemption in April. Last October, Washington issued a six-month general licence for transactions involving Venezuela's oil and gas sector following an electoral roadmap agreement signed by Venezuelan president Nicolas Maduro and opposition politicians in Barbados. Since then, Maduro has not stuck to his promises for ...
MOL in world-first crane conversion to hydrogen power Mitsui OSK Lines (MOL) is converting the engine of a rubber-tired gantry crane at a terminal it controls in Kobe from diesel to hydrogen in a world first. MOL will receive government funding to help with the demonstration project at Kobe International Container Terminal. "In Japan's ports and waterfront areas, the development of carbon neutral ...
TotalEnergies buys 75% stake in Vantage drillship for $200m French energy major TotalEnergies and offshore driller Vantage Drilling have signed a binding agreement to create a new joint venture that would acquire from Vantage the drillship. Under the terms of the agreement, TotalEnergies will pay $199m for a 75% interest in the JV owning the rig, with Vantage owning the remaining 25%. The JV ...
Europe to give shipping priority access to greener fuels The European Commission published on Tuesday its proposal for a 2040 climate target laying out the pathway to make the European Union climate neutral by 2050 with shipping shown its green pathway, and a noticeable rapprochement with the industry's global regulator, the International Maritime Organization (IMO). European shipowners welcomed the commitment of the commission to ...
Live Animal Export: The animals who returned home to have their stories told The plight of more than 16,000 animals stuck on a boiling-hot livestock carrier for the past month has made headlines around the world. Dr Lynn Simpson, a well-known former live export veterinarian, writes for Splash today, praising the Australian government for locating its backbone finally. A callous, selfish, greedy and unconvincing application to re-export nearly ...
Flex LNG 'well positioned' ahead of increase in LNG carrier capacity Flex LNG chief executive warns of challenging years ahead for the LNG freight market because of increased capacity, but says...
Red Sea war risk cover 'sustainable', Roberts insists Echoes of the tanker war, but Houthis may actually be showing restraint
Euronav shareholder confirms CMB.Tech takeover The formal rubber-stamping of a 100% share takeover of CMB.Tech by Euronav shareholders confirms the radical new directions of the...
Stolt NYK announces fleet modernisation programme with six-vessel order New 38,000 dwt ships ordered by a Stolt Tankers and NYK joint venture will mirror design of six vessels contracted...
DHT expects 'rewarding times' as it reports second-best year New York-listed, VLCC pure-play DHT reports net income of $161.4m for 2023, its second-best year on record, and says freight...
Singapore to tighten bunker fuel test rules to tackle contamination Maritime and Port Authority of Singapore to require additional tests in the upstream bunker fuel chain in a move to...
Boxship tonnage providers 'aggressively' trying to improve charter terms Demand for ships above 2,000 teu has increased by the Red Sea effect, with time charter rates for 6,500 teu...
China's Dalian Shipbuilding wins orders for up to 14 VLCCs from Marinakis and Fredriksen The newbuilding contracts include up to eight conventional fuelled VLCCs for Seatankers and up to six LNG dual-fuel units for...
Smyril Line pens newbuilding contract for advanced ro-ro pair in China Faroe Islands passenger ferry and ro-ro cargo vessel operator has contracted China's CIMC Raffles shipyard to construct two 3,300 lane...
Costamare eyes dry expansion with larger bulkers Increasingly diversified US-listed owner has nearly $1bn in liquidity at its disposal, including $132m in undrawn 'hunting licences' for further...
Global container volumes tread water in 2023 Weak headhaul growth to key markets affects overall figures. Annual volumes have barely grown since 2019
Red Sea tanker transits plunge 20% as east-west trades bifurcate More than 100 tankers have diverted around the Cape of Good Hope since initial military strikes on Houthis, according to...
Greek shipowners in rapid exit from Russia oil trades as sanctions enforcement intensifies Fears that further sanctions imposed on oil traders could leave shipowners stuck for protracted periods with unsold cargoes underscored the...
HMM stake sale deal falls through State-owned agencies Korea Development Bank and Korean Ocean Business Corp reportedly wanted to retain management control even after divesting their...
Daily Briefing Navigating the Dragon Year: Can shipping stay the course on China | Diversification key to avoiding overreliance on China |...
HMM's $4.8 billion share sale is scrapped over management control issue There were also concerns whether the joint venture between bulk shipper Pan Ocean and private equity firm JKL had sufficient financial resources for the deal.
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.
Idan Ofer cashes in International Seaways stake as shares hover around record price Investment in New York tanker owner appears to have been profitable
Cargill locks in Nisshin newbuild for a year as kamsarmax term rates surge to highest level since May 2023 Berge Bulk picks up another Japanese vessel on index-linked charter
2020 Bulkers sees 'interesting if not unprecedented' capesize and newcastlemax market ahead Fundamentals for large bulk carriers are looking better than perhaps they ever have
Top Ships raising $235m in leaseback sales of VLCCs, suezmaxes and product tanker Cash released to pay off debt and redeem costly preferred shares
VLCC newbuilding orders and S&P deals on table for DHT in 'highly constructive' market Svein Moxnes Harfjeld is open to transactions as he filters geopolitical noise from big tanker outlook
Qatar might 'get a bit short on ships' in Red Sea crisis, says Flex LNG's Oystein Kalleklev Fredriksen company's boss also believes more scrapping will be seen this year
Costamare pledges to grow bulker charter-in platform Shrinkage of the bulker unit over the past three months was only temporary, management guides in conference call
NYK Line expects Red Sea crisis to boost bottom line in fiscal fourth quarter Japanese shipowner says tighter supply and demand conditions are resulting in higher market levels
Euronav shareholders rubber-stamp takeover of clean shipping operation CMB.Tech Board changes also approved
Price cap coalition to drive Russia's shadow fleet back to Western insurers Sanctions head said she wants to see more Russian oil carried under Western service providers
Middle East tonnage squeeze drives VLCC rate hike with promise of more to come Brokers report likely improvement in the market before Chinese New Year slowdown starts
Costamare speeds up small bulker sales with exit of nine ships US-listed owner shakes out supramaxes and handysizes while confirming capesize buy
End of an error? Capital Maritime's move away from MLP is just shipping's latest exit This week's Streetwise takes a look at shipping's experiment with master limited partnerships
Stolt Tankers teams with NYK to double chemical carrier orderbook to 12 ships NYK Stolt Tankers venture adds six ships to those ordered by Norwegian owner in November
War risk market ready to keep Black and Red Sea shipping afloat, says IUMI International Union of Marine Insurance says underwriters are continuing to cover the trades
Methanol-ready cargo ships ordered for one of world's longest ro-ro routes Faroese owner picks CIMC Raffles for fleet renewal
'Good time to take a breather': Stolt-Nielsen's shares drop after downgrade Norwegian group lacks 'substantial upside', analyst says
Up to 35 aframaxes could muscle in on product tanker boom, Kpler says Swing tonnage could bring more equilibrium to two tanker markets separated by record rate gap
Borealis Maritime hires new head to run Greek bunker operation New recruit was previously a marine fuels trader at PMG Holding in Athens
Shipowners look to retrofits on the move as emissions costs loom Green tech specialist Njord says shipowners are looking to cut emissions without putting vessels in for dry-docking
'Confusing and chaotic' evacuation of burning car carrier slammed in probe Dutch report says ambulances arrived at closed airport gates and helicopter pilots did not know where to take rescued crew
Fredriksen hikes VLCC newbuilding bet as part of $1.8bn bundle Seatankers books up to eight vessels, while Capital Maritime & Trading books up to six LNG dual-fuel tankers
'Good time to take a breather': Stolt-Nielsen shares drop after downgrade Norwegian group lacks "substantial upside," analyst says
John Fredriksen and Evangelos Marinakis strike deals for 14 VLCC newbuilding orders worth $1.8bn Seatankers books up to eight vessels, while Capital Maritime & Trading books up to six LNG dual-fuel tankers
Idan Ofer-backed CoolCo adds 'groundbreaking' charter with new client LNG shipowner will upgrade the vessel for deal with Singaporean player
TotalEnergies splashes $199m to take control of Vantage drillship Cash from deal will be used to reduce the seller's debt
Buoyant investments boost Steamship Mutual's balance sheet P&I club is considering further capital distribution to shipowner members
Stainless Tankers feels near-term twinge from Panama Canal in profitable quarter Chemical tanker owner rakes in $3.2m as rates surge
Surprise capesize rate uptick in final quarter lifts 2020 Bulkers earnings Freight market jumped up and brought newcastlemax owner's results with it
Flex LNG says ship deliveries will prove challenging as profit drops John Fredriksen-owned company hit by derivatives loss in fourth quarter
Polaris Shipping selling off six vessels as private equity takeover bid stalls Four newcastlemax bulkers and two LRII tankers have been put on the sales block
Harim's $5bn takeover of HMM fails due to irreconcilable differences South Korean liner company will remain under the control of KDB and KOBC
Red Sea crisis sees 50th attack as Houthis strike Star Bulk ship Yemeni group carries out two new attacks despite US and UK deterrence
QatarEnergy places record $3.45bn order for 15 LNG carriers at Samsung Heavy Industries Contract is the largest single deal that the South Korean shipyard has ever received
Singapore detains Euronav VLCC over port state control deficiencies City state has held almost 40 crude and chemical tankers over the past year for failing inspections
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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