White House: U.S. military to build port on Gaza coast In a White House background briefing this morning on the delivery of humanitarian aid for Gaza, senior officials said that, in his State of the Union speech this evening, President Joe Biden
World first: Large marine two-stroke runs successfully on 100% hydrogen In what's being claimed as a world first for the maritime industry, Japan's Mitsui E&S Co. Ltd, a MAN Energy Solutions' licensee, has successfully tested a 50-centimeter bore MAN B&W two-stroke engine
Austal USA delivers the future USS Kingsville As production of the Navy's littoral combat ship (LCS) program approaches its planned closure, Austal USA has delivered the next to final ship of the trimaran-hulled Independence-variant LCS series, the future USS
Current week sees sideways fluctuations in global bunker indices During the tenth week of the year, global Marine Bunker Exchange (MABUX) indices did not have a firm trend, fluctuating sideways. The 380 HSFO index saw a notable increase of US$17.67 to US$535.99/MT. Similarly, the VLSFO index saw a modest rise of US$3.10, reaching US$677.85/MT. However, the MGO index experienced a decline of US$5.30 to US$896.14/MT, thereby falling below the US$900 mark. "At th
Konecranes new reachstacker to enhance ABP's Humber Container Terminal operations The Humber Container Terminal at the Port of Hull, operated by Associated British Ports (ABP), has received a cutting-edge reachstacker. Konecranes SMV 4638 aims to enhance ABP's container service in Hull, aligning with its sister facility at ABP Immingham, the primary northern England gateway for short sea container traffic to Europe and the Baltic. Featuring a robust, eco-friendly engine, the n
Unity insurance facility expanded to cover all shipping in Ukrainian ports Marsh McLennan, the major global professional services firm specializing in risk, strategy, and human capital, has collaborated with the Ukrainian government and Lloyd's to announce a significant expansion of its Unity insurance facility. This expansion entails the provision of affordable war risk insurance for ships transporting all non-military cargo, including commodities such as iron ore, ste
Mawani launches Port Community System The Saudi Ports Authority (Mawani) has introduced the Port Community System (PCS) as part of the comprehensive logistics platform "Logisti" aiming to provide over 250 e-services across Mawani-operated ports in Saudi Arabia. During the launch of the new PCS, Omar Hariri, president of the Saudi Ports Authority, emphasized Mawani's commitment to harnessing technology for the benefit of maritime tran
ClassNK approves new vessel monitoring solution ClassNK has granted its Innovation Endorsement for Products & Solutions to "Cassandra", a vessel and voyage performance monitoring platform developed by Deep Sea Technologies SMPC. Furthermore, "Cassandra" integrates vessel performance data with AI technology, allowing real-time monitoring of a ship's status from shore. It operates on a cloud-based platform, enabling monitoring of fuel consumptio
SSA Marine unveils first zero-emission equipment at San Diego Port SSA Marine, one of the world's largest independent marine terminal operators, has unveiled the inaugural zero-emissions cargo handling equipment at the Port of San Diego's Tenth Avenue Marine Terminal. This marks the first of six pieces scheduled for introduction over the next 12 to 18 months. Additionally, the Port of San Diego has finished installing the necessary electrical infrastructure to f
Major shipping associations express concern about Houthi rebels' first fatal vessel attack Several associations of the shipping industry published a joint statement to express their deep concern over the tragic loss of life and injuries suffered by the crew of True Confidence in the first fatal ship attack by Houthis in the Red Sea. "The loss of life and injuries to civilian seafarers is completely unacceptable," said the joint statement. "Merchant vessels crewed by civilian seafarers
MacGregor to provide Prysmian with three cranes for installation on cable-laying vessel MacGregor, a part of Cargotec and a leader in sustainable maritime cargo and load handling, has secured a large order to provide three cranes for installation on a cutting-edge cable-laying vessel set to be delivered by the renowned shipbuilder VARD. The contract has been recorded in Cargotec's order intake for the first quarter of 2024, with the crane delivery anticipated for the third quarter o
Malaysia's first AI-based port to be built in Port Dickson Malaysia will build its first artificial intelligence-based container port. The facility will also be the first container port in the city of Port Dickson in Negri Sembilan state. The MYR2 billion (US$425.7 million) project will be developed by a public-private partnership between the state (through Menteri Besar Negeri Sembilan Inc.) and Malaysian property developer Tanco Holdings. The latter, t
Houthis first fatal ship attack: Three seafarers killed Houthi rebels have inflicted the first fatal attack on a ship since the Iran-backed group began reprisals for the Israel-Gaza War in November 2023. Three seafarers on the Barbados-flagged 2011-built Supramax bulk carrier True Confidence were killed when anti-ship ballistic missiles hit the ship at 11.30 am (Yemen time) on 6 March, while three others suffered burns. The US Central Command (Centcom
Yang Ming marginally profitable in 2023 Yang Ming Marine Transport Corporation achieved consolidated revenues of US$4.51 billion and after-tax profits of US$153.26 million. "Amidst inflation and economic growth slowdown in 2023, the overall freight levels of container shipping declined compared to 2022, which led to a reduction in Yang Ming's annual revenues. In the latter half of the year, during the challenges of the Red Sea crisis,
Leading retailers advocate for UK's two-port strategy Several rapidly growing value retailers in the United Kingdom have teamed up with Peel Ports Group, a major UK port operator, to advocate for a fresh approach to the country's port entry strategy. They aim to streamline lead times, cut costs, and reduce carbon emissions. Major discount brands, including TJ Morris, the parent company of Home Bargains, are pushing for shipping lines to adopt a new
Progress and challenges on diversity in maritime Eline Muller from Multraship Towage and Salvage writes for Splash on International Women's Day. Over the past decade, the shipping industry has undergone noteworthy transformations, particularly in its commitment to fostering diversity and inclusivity. This shift is not only a matter of social justice but also a strategic imperative for businesses aiming to innovate, enhance ...
China's second largest liner reveals changes at the top Yang Shaopeng has stepped down as long-serving chairman of SITC International Holdings, setting in motion a series of promotions that will remake the leadership of China's second largest liner operator. Chief executive Yang Xianxiang has stepped up to become chairman, while Yang Xin has been appointed as the company's vice chairman. With over 30 years ...
Iberdrola makes $2.5bn offer to take full control of US subsidiary Avangrid Spanish electric utility company Iberdrola has launched an offer to acquire the remaining stake in its US subsidiary Avangrid. Avangrid received a non-binding proposal from Iberdrola to buy an 18.4% stake in the company. The Spanish firm owns approximately 81.6% of Avangrid's issued and outstanding shares of common stock. Iberdrola offered to buy the remaining ...
dship Carriers signs for up to eight MPP newbuilds in China German MPP specialist dship Carriers is expanding its fleet with up to eight heavylift multipurpose newbuilds in China. The Hamburg-based company has commissioned China Merchants Jinling Shipyard in Nanjing for four firm 15,000 dwt units and two plus two optional vessels dubbed D500. dship Carriers said the D500 series, which according to shipbuilding databases will ...
Shipping mourns first deaths from Red Sea crisis Top officials from across the shipping industry have expressed their feelings about the first loss of lives from the five-month old Red Sea shipping crisis. The Houthis fired a missile yesterday at the , a 13-year-old, 50,448 dwt bulk carrier, which struck near the stern of the vessel. Three crew - a Vietnamese and two ...
UK extends oil and gas windfall tax until 2029 The government of the UK has decided to extend the windfall tax on oil and gas firms by an additional year putting 42,000 jobs in jeopardy. The 35% surcharge on profits due to high energy prices had been scheduled to end in March 2028 but will now continue until March 2029. The extension did face ...
Perdana Petroleum wins multiple vessel contracts Malaysian OSV operator Perdana Petroleum has secured work for five vessels from Petronas Carigali worth in total of around $14.4m. In five separate Bursa Malaysia filings, the the company said its Perdana Nautika division had won contract extensions for three anchor-handling tug and supply vessels (AHTS), an accommodation work barge and a new contract for ...
Geneva Dry Dialogues: Veson Nautical Veson Nautical, one of the 45 sponsors present at Geneva Dry, is ready to bring a treasure trove of data and stats to the Swiss dry bulk event. Helping set the scene for the global commodity shipping summit, Rebecca Galanopoulos Jones, senior content analyst at Veson Nautical has crunched the numbers, using data from VesselsValue, ...
UK government supports offshore wind auction with $1bn The UK government has announced over £1bn ($1.27bn) in support of the upcoming renewables tender, with the largest slice of the cake - some £800m or around $1bn - going to offshore wind. Developers are being offered £800 million for the upcoming contract for difference (CfD) Allocation Round 6 (AR6) to prevent the previous round's ...
Larsen & Toubro bags ONGC order for offshore project The hydrocarbon business of Indian engineering conglomerate Larsen & Toubro (L&T) has secured an order from compatriot state-owned Oil & Natural Gas Corporation for the MHN TCPP PGC BGC Project off India's west coast. The scope of work includes engineering, procurement, construction, installation, and commissioning of new process gas compressor modules at ONGC's Mumbai High ...
Oldendorff sells three post-panamaxes As bulker prices are at highs not seen for more than a decade, a pattern is emerging where smaller owners scramble for all available tonnage while larger owners sell. A string of owners has joined the sales wagon, with German powerhouse Oldendorff Carriers being one of the most active sellers, selling three Chinese-built 13-year-old post-panamaxes, Christine Oldendorff, ...
Yang Ming, HMM and ONE urged to collaborate with MSC Business consultants at AlixPartners have suggested the remaining members of THE Alliance should attempt to form a vessel sharing agreement with Mediterranean Shipping Co (MSC), the world's largest containerline, as global liner groupings prepare for a major reshuffle early next year. MSC is splitting with Maersk in their 2M grouping on the main east-west trades ...
Crude tanker newbuild contracting jumps 490% In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m dwt, a 490% leap year-on-year, due to a rise in orders for VLCCs, according to data from shipping organisation BIMCO. A notable 19 VLCCs were ordered in the first two months of the year, already surpassing the number of orders ...
New Korean engine brand unveiled Hanwha Ocean, the Korean yard formerly known as Daewoo Shipbuilding & Marine Engineering, has unveiled a new subsidiary, Hanwha Engine, having completed the takeover of compatriot HSD Engine. Among a range of products the new entity will work on developing are ammonia-powered engines. "By adding Hanwha Engine to its list of affiliates following the acquisition ...
US to establish aid delivery port on Gaza coast The US plans to establish a Mediterranean port on the Gaza coast that can receive large ships carrying food, water...
Saudi's Red Sea box port traffic decimated by Houthi attacks Transhipment hub King Abdullah saw a 90% drop in capacity heading to the port last month against pre-crisis levels, while...
Navium had 100% of war risk on True Confidence Marine MGA Navium wrote 100% of the war risk for the bulk carrier hit by a fatal Houthi strike on...
Nautilus union calls owners to avoid Red Sea after True Confidence deaths Officers' union Nautilus International called on shipowners not to transit the Red Sea after the sinking of Rubymar last week...
China stimulus hopes meet shipping reality check China's import and export data for the first two months of this year offered good reason for shipping to cheer...
Torm chief praises seafarers and shore-staff amid record results 'What we are doing differently to our competitors is that we do everything in-house. All at Torm, including our seafarers...
Shipping M&A picks up after two-year fall Shipping mergers and acquisitions are picking up after a lull, with marine services and technology companies a big driver, says...
CSSC urges buttress for marine hydrogen production at China's Two Sessions China has formulated a medium-term plan for the hydrogen energy industry, aiming to establish an industrial chain by 2035
SITC appoints new chairman amid container shipping downturn Leadership succession comes as the company reports a significant earnings drop in the face of challenging market conditions
Daily Briefing Three crew dead and several more seriously injured as Houthis claim a second casualty | ONE's Jeremy Nixon confident on...
IMC considering additional acquisition following American Pacific purchase The nationwide drayage provider is looking for opportunities to expand its footprint and fill in its network.
Norfolk Southern says addressing truck backups at Chicago terminal Drivers arriving at the Landers terminal have complained about multi-hour delays picking up import containers over the past four months, causing shippers to wait longer for their cargo.
TPM24: Scale of transshipment underpins skepticism over Gemini operating model Shippers are no fans of transshipment and have expressed reservations over the ability of Maersk and Hapag-Lloyd to provide the efficiency needed to achieve their stated on-time performance goal of 90%.
TPM24: Transloading seen getting boost from shifting shipper strategies Shippers seeking more flexible supply chains are turning to transloading, and not just for containerized imports, speakers at TPM24 said.
TPM24: Marine chassis provider TRAC preparing for next surge in demand TRAC Intermodal is investing in its fleet and positioning equipment in inland markets that saw the worst chassis shortages in 2021 and 2022, CEO Daniel Walsh told TPM24.
DHL drops pursuit of DB Schenker amid questions over value 'upside' DHL's decision leaves Denmark's DSV as the only remaining obvious potential bidder for DB Schenker after Kuehne+Nagel confirmed last week it would not pursue an acquisition.
MSC-controlled Log-In sinks to a loss despite best ever fourth-quarter revenue Brazilian terminal and container ship operator takes hit from tax charges and higher cost
Wallenius Wilhelmsen and Hoegh Autoliners just go about things differently, Kristoffersen says Largest car carrier operator touts its logistics services
Profit exceeds revenue at Performance Shipping as asset play pays off S&P deal add $15.7m to New York-listed company's bottom line
'Both of us are probably a little unhappy' Alexander Saverys says in Frontline sale postmortem Belgian owner would not commit to a certain mix of VLCCs and suezmaxes
Billionaire ex-Glencore trader inches closer to buying Greek shipping bank Investor has initial deal to become top shareholder in Tsakos and Coustas-backed Aegean Baltic Bank
Payout promise: Tanker giant Hafnia has firm plans to deploy growing cash pile Dividend focus remains at tanker owner that continues to bank plenty of money
Angeliki Frangou is on a buying spree, and it doesn't involve purchasing ships Investment in Navios Maritime shares helps drive price to highest level since the end of 2015
Bulker bosses eye 'super-profit territory' amid 'compelling supply side story' Low order book to support the market long term, panel says
Huge swings pending as product tankers move closer to 'absolute utilisation', says Torm chief Volatility will continue in 2024 as ships tied up on longer voyages, Danish boss believes
Dship Carriers strikes deal for up to eight new MPPs in China German owner picks Jinling Shipyard in China for next-generation heavy-lift ships
Threat of EU electric vehicle tariff just 'a bump in the road' for car carrier owners Additional charges could start in July, but owners appear unfazed
Death toll rises as Houthis inflict first fatal missile strike Three crew members die and others are in critical condition as Yemen rebels target ship formerly linked to US fund manager
Porsche sued for €30m by MOL over car carrier fire Japanese owner files suit in Germany following loss of vessel in 2022
AG&P LNG buys into Vietnam's next-up import terminal Nebula Energy-controlled company makes early break into country planning to up its LNG imports to 15 mtpa by 2030
Gas major buys into Vietnam's next-up LNG import terminal Nebula Energy-controlled company makes early break into country planning to up its LNG imports to 15 mtpa by 2030
Greek shipowner Meadway Bulkers steps up gear with ship buys and newbuilding orders George Dellaportas emerges behind acquisitions of Star Bulk and Mitsubishi ships, plus a pair of orders in Japan
From junk bond villain to governance cop: Whatever his persona, George Economou always has a plan This week's Streetwise reviews the recent developments in tycoon's activist investing
Norden dry team jumps ship to join George Economou panamax play Capesize owner and operator is branching out into panamaxes with new hires in Copenhagen and Singapore
Euronav breaks into Brussels big time as one of Belgium's top 20 public companies From the ashes of a takeover battle, reshaped tanker giant Euronav will celebrate its 20th anniversary on Euronext Brussels with an unexpected promotion
Deadly ship strike leaves London war risk insurers on the hook for first time in Houthi campaign Underwriters are appointing a salvor to rescue abandoned bulker True Confidence
George Economou's Classic Maritime scoops up panamax team from Norden Capesize owner and operator is branching out into panamaxes with new hires in Copenhagen and Singapore
Exmar LPG doubles up on ammonia dual-fuelled gas carrier newbuildings Shipowner pays a higher price for latest order with fuelling optionality included
Torm boss Meldgaard sets terms for Red Sea return Danish boss says returning to region is a safety question, not an economic one
Russian oligarch Oleg Deripaska-linked sanctions dispute faces top UK court ruling Supreme Court to hear case brought by Dutch bulker specialist MUR Shipping over 2018 payment
Torm raids KGJS and Hayfin tanker fleet again with cash and shares deal Boss Jacob Meldgaard said the company has bought another vessel from joint venture after big fleet swoop last year
Latsco Shipping orders LR2 tankers worth close to $280m at Hyundai yard Hyundai Vietnam Shipbuilding will be building four scrubber-fitted aframax product tankers for the Latsis family
'Shock and revulsion': Shipping reacts to deadly Houthi attack Deaths of three seafarers on True Confidence marks the first fatal missile strike by Houthis
Human cost of Houthi campaign revealed in dramatic video of rescue operation Helicopter hauls nearly 20 Asian seafarers from a liferaft in the Gulf of Aden
Offshore wind player Cadeler loan bumps up HSBC loan facility to €80m Danish shipowner says is 'well placed to meet the increasing global demands'
Torm heading for $1bn year after buying 22 tankers in record-breaking 2023 Danish shipowner tips Ebitda to top $1bn in 2024 in volatile product carrier markets
Tankers carrying Russian oil barred from Turkish port as sanctions pressure grows Operator GTS says it will no longer accept cargoes after imports hit record levels last year
Savvy shipowners could be making $56m profit from modern VLCC asset plays, Clarksons says Analyst Trevor Crowe has examined asset plays and earnings to come up with some staggering figures
Shipping faces an uncomfortable challenge: How to spend its piles of cash? After a decade of struggling under mountainous debts, shipping now faces bountiful profits
Lepta lifts large orderbook with new kamsarmax bulkers Joint-venture Japanese company now has 14 kamsarmaxes on order at Yangzijiang
Chemical shipping veteran Jens Gronning joins Navquim as executive director Former head of Eitzen Chemicals, UACC, Team Tankers and Chemical Tankers to run fleet of 15 stainless-steel vessels
Lepta lifts up large orderbook with new kamsarmax bulkers Joint-venture Japanese company now has 14 kamsarmaxes on order at Yangzijiang co-owned yard
Chemical shipping veteran Jens Gronning joins Navquim as new executive director Former head of Eitzen Chemicals, UACC, Team Tankers and Chemical Tankers to run fleet of 15 stainless steel vessels
What does Yangzijiang plan to do with its $1.3bn cash pile, analysts ask China's largest privately-owned shipbuilder also bullish on order prospects for 2024
Death toll rises as Houthis pull off first fatal missile strike Three crew members die and others are in critical condition as Yemen rebels target ship formerly linked to US fund manager
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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