Seaspan Shipyards completes prototype block for Canada's new polar icebreaker Both the U.S. and Canada are both building their first polar icebreakers in decades. Polar icebreakers use steel that is considerably thicker than in conventional ships and with tight frame spacings to
TTB 2024: Retrofitting the first ammonia-powered tug As you can read about in the February issue of Marine Log magazine, tug owners are looking at all their options when it comes to green power and technologies. To drive this
Stena RoRo E-Flexer starts its charter to Canada's Marine Atlantic China's CMI Jinling, Weihai Shipyard yesterday delivered Ala'suinu, the E-Flexer RoPax ferry that Stena RoRo is chartering to Marine Atlantic, the Canadian federal corporation that provides freight and passenger services between the
Wärtsilä books fuel system order for ammonia-fueled Exmar duo Back in October last year Exmar LPG (a joint venture between Exmar and Seapeak) announced that two 46,000 cubic meter gas carriers on order at shipbuilder Hyundai Mipo Dockyard (HMD) would be
Euroseas receives new eco-friendly feeder boxship Greek container vessel owner and operator Euroseas has announced the acquisition of the 2,800 TEU boxship Tender Soul. This Eco EEDI Phase 3 vessel was delivered on 6 February 2024, from Hyundai Mipo Dockyard Co. in South Korea. "We are very pleased to have taken delivery of M/V Tender Soul, the third vessel from our nine-vessel newbuilding program which includes three additional 2,800 TEUs and t
CMA CGM applies new overweight surcharges from India Marseille-headquartered box line CMA CGM has announced a new overweight surcharge (OWS) effective from 7 February 2024 until further notice. The surcharge applies to cargo originating from Indian ports such as Nhava Sheva, Mundra, Tuticorin, Hazira, Cochin, and Mangalore, and destined for ports in the Indian Ocean region, including Tamatave, Tulear, and Ehoala in Madagascar, Port Louis in Mauriti
Assessing round-of-Africa routing disruptions on deployed capacity The significant disruptions in services due to the round-of-Africa routing naturally raise questions about the impact on deployed capacity. Here comes Sea-Intelligence's Trade Capacity Outlook database, which shows the differences in offered capacity between the immediate pre-crisis and the present situation. The following figure illustrates, for each of the four major East/West trades out of Asi
Sri Lanka Ports Authority orders US$280 million cranes from China The Sri Lanka Ports Authority (SLPA) is set to receive twelve state-of-the-art STS Gantry cranes and forty ARMG cranes from China, totalling US$282 million in investment. On 2 February, three STS Gantry cranes arrived at the SLPA's East Container Terminal (ECT) in the Port of Colombo. These cranes, fully funded by the SLPA, will enhance operations at the ECT. The delivery of the remaining cranes
Port of NY/NJ handles 7.8 million TEUs in 2023 In 2023, the Port of New York and New Jersey closed the year on a high note, surpassing pre-Covid volumes from 2019 by 4.4%. Throughout 2023, the port maintained its position as the nation's second busiest for loaded imports and exports, handling a total of 5.3 million TEUs. December contributed to this success, with total volume reaching 633,925 TEUs (351,402 containers), a 3.4% increase compare
Maersk's revenue takes US$30 billion hit in "transitional year" Like the majority of container carriers, Maersk has seen huge drops in its 2023 financial figures. The Danish company reported a US$30 billion decline in its yearly revenue reaching US$51 billion, while EBITDA plunged from US$37 billion to US$9.5 billion and EBIT plummeted from US$31 billion to US$4 billion. Vincent Clerc, CEO of Maersk, commented, "2023 was a transitional year following the extr
Ulsan Port achieves world's first green methanol supply to very large container ship South Korea's Ministry of Oceans and Fisheries, led by Kang Do-Hyung, along with the Ulsan Port Authority under president Kim Jae-gyun, announced a historic achievement: the successful completion of the world's first ship-to-ship (STS) green methanol supply to a very large container ship (16k) at Ulsan Port in South Korea. To pave the way for this groundbreaking milestone, the Ministry of Oceans
Maersk initiates demerger and separate listing of Svitzer The Board of Directors of A.P. Møller - Mærsk (APMM) has decided to initiate the separation of the company's towage and marine services activities through a demerger. As part of the demerger, the shares in Svitzer A/S and its subsidiaries as well as certain other related assets and liabilities will be contributed by APMM to a new legal entity under the name of Svitzer Group A/S, the shares of whi
Valenciaport awards contract for railway track devices to enhance operations at Port of Sagunto Valenciaport has awarded the contract for the supply of railway track devices for the emerging inland railway network within the Port of Sagunto to Voestalpine Railway Systems JEZ S.L. The contract, valued at approximately US$2 million (excluding VAT), entails the provision of ten pieces of track equipment under specific conditions, which encompass pre-assembly and testing at the workshop, transp
Costamare continues clearout of smaller bulkers New York-listed Greek owner Costamare has reaffirmed its dry bulk fleet renewal and focus on larger tonnage in the sector. The Konstantinos Konstantakopoulos-led company has revealed the sale of nine ships ranging between 32,400 dwt and 56,670 dwt and built between 2006 and 2012. Five bulkers have already switched hands, resulting in net proceeds after ...
ExxonMobil lines up shuttle tanker newbuilds US supermajor ExxonMobil has reserved up to four slots for shuttle tanker newbuilds in South Korea. Shipbuilding sources report Samsung Heavy Industries winning a tender for a pair of 150,000 dwt units with delivery in June and December 2027 and options attached for two more newbuilds. Samsung is the biggest builder of these vessels that ...
Eidesvik bags PSV extension from Aker BP Norwegian offshore vessel owner Eidesvik has won an extension for the platform supply vessel (PSV) from Aker BP. The contract extension runs from February 2025 in direct continuation of the current contract, extending the firm period to February 2026. The initial deal for the PSV was awarded by the oil and gas player back in ...
Seaway 7 and Dong Fang Offshore in Taiwanese wind link-up Subsea 7's offshore wind contractor Seaway 7 and Taiwan-based offshore wind service player Dong Fang Offshore, a subsidiary of Hung Hua Construction, have joined forces in the expanding Taiwanese renewables sector. Under a memorandum of understanding, the duo will focus on developing a localised cable installation offering. Seaway 7 has been operating in Taiwan since ...
Diamond Offshore scores $360m in rig deals Houston-based Diamond Offshore Drilling has won a contract with Serica Energy for one of its semi-submersible rigs and an extension from BP for drillship work. The offshore driller won a contract with Serica Energy to use the 1983-built jack-up semi-submersible Ocean Patriot for two plug and abandonment wells in the UK part of the North ...
Norwegian survey players scoop survey deals off India Norwegian offshore seismic specialists Argeo and Shearwater have won separate survey contracts offshore India. Argeo's NOK 154m ($14.5m) contract was awarded by India's National Centre for Polar and Ocean Research. It will comprise a near-seabed exploration survey and data analysis to identify and delineate massive seafloor sulphide deposits over India's exploration contract area in the ...
Maersk parts ways with towage unit Svitzer Maersk chief executive Vincent Clerc, in the job for the past 13 months, looks to be continuing the strategy established by his predecessor Soren Skou to run Denmark's largest shipping company under a single brand for global container logistics. Over the past years, Maersk has offloaded a number of divisions and consolidated shipping brands under ...
Unloading animals from controversial livestock carrier now pencilled in for this weekend With animals spending over a month on the livestock carrier a chance to get back on firm land has been earmarked for this weekend. According to media reports, some 16,000 sheep and cattle that were ordered back from the Red Sea due to the possibility of Houthi attacks, will be unloaded in Australia with the ...
Polaris Shipping CEO jailed as takeover stalls and fleet culled Polaris Shipping, one of South Korea's largest shipowners, is enduring turbulent times, its CEO sentenced, a proposed takeover on the rocks, and a significant fleet sell-off. The company's CEO was sentenced yesterday to a three-year jail term for professional negligence in the sinking of the Stellar Daisy, a converted ore carrier that went down in ...
New chief executive to take over at Shelf Drilling The chief executive officer (CEO) of Oslo-listed jack-up rig operator Shelf Drilling, David Mullen, will step down from the role in August 2024 with a replacement already lined up. Mullen will not leave the company but rather assume the role of executive chairman. At the same time, Greg O'Brien, the current executive vice president and ...
Swiss Re report captures the extent of global shipping disruption Insurer Swiss Re has come up with a chart to highlight the dramatic changes to the world seaborne map in recent years as shipping faces disruption in the Red and Black Seas as well as the Panama Canal and multiple drying up rivers. "Pressure on global shipping routes is creating stress in global supply chains ...
Marinakis and Fredriksen ink large VLCC orders in China With one announcement from China, the tiny global VLCC orderbook has swelled by 60%. Dalian Shipbuilding Industry Co (DSIC) has scooped orders from two famous European owners for up to 14 VLCCs worth a total of $1.8bn. John Fredriksen-led Seatankers has contracted the Chinese yard for six firm conventionally fuelled VLCCs with options for two ...
Ofac focusing on Russia 'intermediaries' in sanctioned trades as crackdown continues 'We are in a phase where we are very concerned about evasion. I think that is clear from the actions...
Markel names Costello head of hull and war Newly promoted Katie Costello's sector knowledge and time in the business made her 'perfectly poised to take our hull and...
Banks see 'plenty' of capital and deal flow for shipping in 2024 Panellists at Capital Link Athens conference argue financing options should exist for conventionally fuelled and older vessels
Maersk: Red Sea is no bonanza for container lines Maersk expects that diversions will help it avoid losses in the first quarter. But in the longer term, rerouting will...
Höegh Autoliners delivers record revenues as vehicle carrier freight rates rise further While volumes remained flat, net freight rates hit a record high of $83.4 per cu m because of a continued...
Red Sea blockade ripples reach Israel's container ports Mediterranean feeder networks and routes from the US that serve Israeli ports have strengthened to compensate for lost volume via...
Maersk 2040 net zero target is first to be validated by Science-Based Targets Initiative Maersk has become the first shipping company to validate its 2030 and 2040 climate targets with the Science-Based Targets Initiative...
Fleet inefficiencies to benefit dry cargo markets, says Norden's Rindbo 'We see more potential for dry cargo in the longer term but in the short term we're optimistic on tanker...
Japanese lines forging into CCS market MOL is working with a compatriot energy company to develop a carbon capture and storage value chain to Australia. Estimates...
Mobile teams up with CSX on new inland port to serve northern Alabama The Port of Mobile is looking to boost intrastate rail service with a new intermodal ramp that would give shippers an alternative to using rail from major Southeast ports.
Maersk to 'look into' potential DB Schenker acquisition: Clerc The profitability of global forwarders since the pandemic has piqued Maersk's interest in the sector and it would be "irresponsible" to ignore DB Schenker's availability, according to the carrier's CEO.
Red Sea crisis won't prevent likely significant operating loss in 2024: Maersk Higher rates and surcharges driven by the diversions around southern Africa will provide only a temporary respite from the severe supply-demand imbalance that dragged rates down in 2023, according to the carrier's CEO.
Railroads maintain 'go it alone' strategy after 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.
Forward Air ousts CEO Schmitt after completing Omni merger Forward's chief legal officer will take over as interim CEO as Tom Schmitt exits following a contentious legal battle with Omni Logistics.
FMC asked to slow fast tracking of Red Sea-linked freight surcharges While higher operating costs are inevitable due to longer voyages around the Cape of Good Hope, shippers want more transparency as to what those costs are.
C.H. Robinson using AI to advance 'touchless' truck scheduling The largest US freight broker is trying to eliminate the wait at the gate by not only scheduling truck appointments for shippers, but finding optimal appointment times.
Two new services boost Port of Virginia's South American business The Port of Virginia has handled very few food products coming from or moving to South America, but the new services could bring Norfolk closer to its competitors on the East Coast.
India-US contract rates trend lower after Red Sea crisis upswing A price correction was not entirely unexpected, but carrier sources believe that rates could move up again next month due to the fiscal year-end shipping rush.
Eagle Bulk continues fleet renewal path with sale of scrubber-fitted supramax New York-listed bulker owner finds European buyer for one of two ships circulated for sale
Maersk scores climate target first with 'gold standard' validation for net zero goal Liner operator's plan to slash greenhouse gas emissions wins validation from SBTi
Greek majors and Lloyd's Register launch new initiative for greener shipping Capital, Navios, Neda, Star Bulk and Thenamaris get behind research centre to lower existing fleet emissions
Could this seafarer's case upend the US prosecution of oil dumping by ships? Appeal by imprisoned chief engineer tests the reach of the long arm of US law
Louis Dreyfus Armateurs inks biggest ever wind sail deal Owner picks Norsepower Flettners for huge 18-unit order for three newbuildings
VLGC rates start recovery as Panama Canal eyes increase in daily transits Analysts and brokers note upswing as arbitrage comes back onto the table
Secondhand car carriers rivalling newbuilding prices, Gram Car Carriers says Tonnage provider found chartering and sale and purchase markets 'out of sync'
Maersk shares tumble as Red Sea effect is not enough to lift earnings outlook Market uncertainty to persist after fourth-quarter results
Norwegian-US outfit TRF selling VLCC with major Greek buyer in the frame Market sources are strongly linking Greek shipowner Tsakos Energy Navigation as the buyer
Maersk Mc-Kinney Moller's former right-hand man takes Monjasa board seat Lars-Erik Brenoe, former personal assistant to legendary Maersk owner, adds experience to tanker and bunker group
Himalaya Shipping converts charters for two bulkers to ride out first half of the year More than half of the newcastlemax fleet will earn just over their daily breakeven this month and next
Greek majors and LR launch new initiative for greener shipping Capital, Navios, Neda, Star Bulk and Thenamaris get behind research centre to lower existing fleet emissions
Maersk fears $5bn loss if Red Sea crisis solved quickly CEO Vincent Clerc and CFO Patrick Jany outline different scenarios for performance in 2024
'We don't want to go to bed with strangers': Flex LNG chief executive open to consolidation with the right partner CEO wants to find a partner with the same values and vessel types
'Never complain and never explain': Why P&I clubs will never fully open up on shadow fleet expulsions Being more transparent could help protect other insurers and industry parties - but it could also be anti-competitive
Tanker rates and utilisation holding up at UK group James Fisher London-listed maritime services company says shipping operations performed well in second half of 2023
SpareBank 1 shipping book shrinks as it awaits merger to become Norway's second-biggest lender Bank reports good loan quality as it reverses impairments
Seafarer killed in 'work accident' on ship owned by Balearia Shipowner working to understand how 40-year-old lost his life
Maersk crashes to a loss as it spins off Svitzer operation Danish group also cans $1.6bn share buyback as it adapts to 'the new reality'
DNB sees buying opportunity in Flex LNG after share price drop John Fredriksen-owned company offers potential upside in extension options and new contracts
Hoegh Autoliners profits rise as it awaits impact from Red Sea diversions Car carrier owner looks to implement surcharge as capacity is winnowed down due to rerouting
Norden profit shrinks back from record-breaking levels Previous year was always going to be a tough act to follow for Danish shipowner
Gram profit soars in record year for car carriers Norwegian tonnage provider says utilisation for panamaxes and mid-size vessels was 100% in fourth quarter
'Rate erosion': Maersk crashes to a loss as it spins off Svitzer operation Danish group also cans $1.6bn share buyback as container markets continue to turn
Hong Kong may be first big loser from Maersk alliance shift shaking up liner shipping HPH Trust says more liner companies are looking to go direct to China rather than transship containers
Nordic shipping junk bonds outstrip high-yield index on annual returns Shipping sector's share of the Norwegian high-yield market fell to 12%
Meet the former FedEx executive pushing Stolt-Nielsen to deliver value beyond chemical tankers Udo Lange joined the company in September from FedEx and has a new vision for the Oslo-listed owner
Kim Heng dives into geotechnical survey work through South Korean wind contract Partnership with Soiltech will see Singaporean offshore player convert MPSV into geotechnical drilling vessel
Challenging markets make shipping investments 'not favourable', says Topouzoglou Singapore's FSL Trust to return bulk of the company's unrestricted cash holdings to shareholders
BlackRock cuts stake in Eagle Bulk and pockets $11m from share sale New York investor reduces exposure to US bulker company after adding more of Pangaea Logistics
Water level projections threaten future Panama Canal transits Hopes for a significant rebound in Panama Canal water levels to boost throughput will likely be met with a harsh reality over the next few months.
Spare part delays keep Lufthansa Cargo A321 freighters grounded Two of Lufthansa Cargo's smaller freighters are out of service because of maintenance and supply chain challenges.
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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