Twice targeted by Houthis, Star Bulk won't be going through Suez Athens-headquartered, NASDAQ-listed Star Bulk Carriers Corp. has had two of its ships targeted by Houthi attacks, even though one of them, the Star Iris was carrying a cargo of corn from Brazil
Princess takes delivery of new Sun Princess, but again delays maiden cruise Carnival Corporation's Princess Cruises brand has now taken delivery of its 4,300-passenger Sun Princess, the largest vessel ever constructed in Italy and both Fincantieri's and Princess's first LNG fueled cruise ship. Back
New wind-optimized Aquilo design promises dramatic fuel savings Turku, Finland, headquartered Deltamarin and WindWings developer BAR Technologies have unveiled a wind-optimized Aframax/LRIII hull design, the Aquilo, that promises to take the fuel savings delivered by wind assistance to a whole
Solstad Offshore inks MOU on methanol with Cat and Pon Power Norway's Solstad Offshore ASA is looking at the potential of methanol-fueling for reducing GHG emissions from its fleet. About half of its more than 100 vessels are powered by Caterpillar engines and
US container imports from major Asian countries increase in January Container volumes from ten major Asian countries to the United States reached 1.65 million TEUs in January, marking a 15.6% increase compared to the previous year, while overall US imports amounted to 2.27 million TEUs, showing a 9.9% year-on-year growth. According to JIFFA (Japan International Freight Forwarders Association Inc.), among these imports, shipments from China constituted the largest
European Council and Parliament reach agreement to enhance maritime safety To enhance maritime safety in Europe, negotiators from the European Council presidency and the European Parliament have reached a provisional agreement to amend the 2009 directive regarding the investigation of accidents within the maritime transport sector. This revised legislation constitutes a component of the broader 'maritime safety' legislative package. "We have worked hard to agree on this
KEZAD Group collaborates with Titan Lithium Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the largest operator of integrated economic zones, has partnered with UAE-based Titan Lithium to establish a cutting-edge lithium processing plant in Khalifa Industrial Area (KEZAD Al Ma'mourah) through a 50-year land lease agreement. The plant, to be developed in three phases with an investment of US$1.3 billion by Titan Lithium, will produce batte
CMA CGM announces new PSS from Oman to North Europe, Med, Adriatic, Black Sea and North Africa French shipping company CMA CGM has announced a Peak Season Surcharge (PSS) effective from 13 February 2024, for shipments from Oman's Salalah port to North Europe, Scandinavia, Poland, the Baltic region, West Mediterranean, Adriatic, Black Sea and North Africa. This surcharge, applicable to dry cargo, will be set at US$1,000 per 20-foot container and US$1,500 per 40-foot container until further
EUROGATE Container Terminal Wilhelmshaven joins Portchain Connect Network Germany's only deep-water container terminal, EUROGATE Container Terminal Wilhelmshaven (CTW) implements Portchain Connect to simplify the berth alignment process with shipping lines. The German box terminal will use Portchain Connect to increase the quality and speed of their berth alignment with customers through digital handshakes and secure data sharing. Portchain aims to simplify the termina
China-US container leasing rates rise threefold, container demand recovery on the horizon The global shipping industry experienced a significant surge in rates over the past couple of months, as an aftermath of the Red Sea crisis. Three months into this crisis, container leasing rates on the China-US trade route have surged dramatically, rising by a staggering 223%, or threefold, compared to pre-incident levels. Additionally, container demand is expected to recover in the coming month
Peak in scrubber-installed boxship fleet The number of scrubber-fitted container ships is now at an all-time high of 36% of the global boxship fleet, due mainly to MSC's preference for exhaust-cleaning systems, according to Alphaliner's report. As of January, there are 10.3 million TEUs of scrubber-installed container ships, up 1.8 million TEUs from a year ago. MSC accounted for more than 890,000 TEUs in new scrubber-fitted vessels, thr
Spanish police seize over 8.5 tonnes of cocaine in two container cases Spain's police have successfully executed two significant cocaine seizures from containers unloaded at the ports of Algeciras and Barcelona. Officials from Spain's Customs Surveillance Service of the Tax Agency have successfully seized a staggering 8,000 kilograms of cocaine concealed within a container at the port of Algeciras. This seizure ranks among the largest in recent years in Spain and re
Los Angeles Port Police arrest three for harbor plaque thefts On 13 February, officers from the Los Angeles Port Police Crime Unit apprehended three individuals believed to be responsible for the theft of several bronze plaques across the Harbor Area and greater Los Angeles. The suspects were detained during a traffic stop in Southwest Los Angeles. The stolen items from the Port of Los Angeles encompass significant memorials such as the American Merchant Ma
AD Ports signs MoUs with Gujarat Maritime Board and RITES Limited AD Ports announced the signing of strategic Memorandums of Understanding (MoUs) with Gujarat Maritime Board and RITES Limited, a certified multi-disciplinary transport and infrastructure firm. The MoUs encompass a wide array of collaborative ventures, spanning infrastructure development, technology transfer, sustainable and green port development, as well as maritime education and tourism. "Our c
Rae-Smith elected to UK Chamber of Shipping president role Shipping industry veteran John Bruce Rae-Smith was elected as the president of the UK Chamber of Shipping, taking over from Graham Westgarth. Rae-Smith is a member of the John Swire & Sons executive committee, and the majority of his career has been with the Swire Group's marine interests. He has lived in Australia, Papua New ...
Sumitomo Heavy exits commercial shipbuilding Japanese shipyard Sumitomo Heavy Industries Marine & Engineering has decided to stop taking new orders for commercial vessels. The yard in Yokosuka, best known for its aframax tankers, will exit the business after completing its current newbuilding backlog. The parent company, Sumitomo Heavy Industries, said it has found it challenging to sustain the shipbuilding business ...
Bahijah livestock carrier saga ends after six weeks and 81 animal deaths After nearly six weeks at sea, the livestock from the carrier have been discharged from the vessel and relocated by truck. Some 16,000 sheep and cattle that were ordered back from the Red Sea due to the possibility of Houthi attacks, were finally unloaded in Freemantle port in Western Australia. The unloading was supposed to ...
Scorpio Tankers buying back four more ships New York-listed Scorpio Tankers is continuing to release its fleet out of sale-and-leaseback debt with four more ship repurchases. The Monaco-based product tanker giant said in its quarterly earnings report it had given notice to exercise the purchase options on two MRs STI Gramercy and STI Queens and a pair of LR2s STI Oxford and ...
Perdana wins accommodation barge deal and extension for another Malaysian offshore marine support services firm Perdana Petroleum has won a contract for one accommodation work barge and an extension for another from Saujana Marine. Perdana said in a Bursa Malaysia filing that the new deal was for a duration of up to 240 days with one extension option of up to 30 days. The ...
Noble jackup wins extension for work in Dutch North Sea Offshore driller Noble Corporation has won an extension for one of its harsh-environment jackup rigs working in the North Sea. Petrogas E&P Netherlands extended the deal for the jack-up for an additional 60 days, with 40 more optional days, beginning in March 2025. The Noble Resolute is an MSC CJ50 jack-up rig currently employed to ...
Van Oord secures offshore wind contract in Poland Dutch marine construction firm Van Oord has secured work on the Baltica 2 offshore wind farm in Poland. Under its contract, Van Oord will transport and install 111 extended monopiles, of which 107 will serve as foundations for wind turbines and the other four as foundations for offshore substations. The company will deploy its offshore ...
DeepOcean enters Guyana offshore sector with ExxonMobil deal Norwegian ocean services provider DeepOcean has marked its entry into the Guyana offshore market with a contract from ExxonMobil. The deal, which is also DeepOcean's first major award by ExxonMobil in the Americas, will see the company execute a range of subsea activities, including construction and jumper installations as well as IMR (inspection, maintenance, and ...
Danaos beefs up capesize fleet Greek owner Danaos has continued to expand its dry bulk exposure by adding more capesize vessels to its already seven-strong fleet. The John Coustas-led company, best known as a boxship tonnage provider, has snapped up two capes built in 2010 and 2011 for $52.8m. The vessels, identified as Jiangsu Steamship's Xin Hang and Foremost's Guo ...
Cyan Renewables clinches Siemens Gamesa charter for SOV newbuild in Taiwan Singapore-based offshore wind vessel pure-play Cyan Renewables has landed a 15-year charter deal with wind turbine maker Siemens Gamesa for its first service operation vessel (SOV) newbuild in Asia. The SOV will enter service in 2026 and work on the 1,044 MW Hai Long offshore wind farms off the coast of Changhua County in Taiwan. ...
Turkey's Arkas Line enters US market Turkish shipping company Arkas Line is expanding into the US market, connecting major Mediterranean, Black Sea, and African ports with the US east coast. The company is partnering with compatriot Turkon and Hapag-Lloyd, deploying the recently acquired 2,824 teu Sine A on the United States Express (USX) service. The 49-day rotation, featuring seven ships, will ...
CMB's takeover of Euronav reaches final stage The Saverys family-controlled Compagnie Maritime Belge (CMB) has officially launched a mandatory public takeover bid on all shares in one of Europe's best-known tanker brands, Euronav. The Antwerp-headquartered diversified shipping group is offering $17.86 per share in cash, which, together with the $0.57 dividend paid by Euronav in December, amounts to $18.43 per share. The ...
Manila readies to charge shipowner over tanker sinking The Department of Justice (DOJ) in Manila is finally getting around to press charges against the shipping company RDC Reield Marine Services regarding the sinking of Princess Empress and the subsequent oil spill in Oriental Mindoro. The ship went down in stormy conditions off the island of Mindoro in February last year, its cargo of ...
Dayang secures extensions for vessel trio from Petronas Carigali Malaysia's Dayang Enterprise has secured more work for three of its accommodation workboats from compatriot Petronas Carigali. DESB Marine Services, the wholly-owned subsidiary of Dayang, won extensions for all three vessels. According to a Bursa Malaysia filing, the value of the extended contracts is based on work orders issued by PCSB throughout the extended contracts. ...
Volatility in shipping hits extreme levels An industry known for its volatility has entered a new period of extreme swings in earnings. New research carried out by Jonathan Chappell, a shipping analyst at Evercore ISI, an investment bank, highlights the extreme volatility seen across five segments over the past 18 months. "Shipping markets are known for being notoriously volatile given low ...
Eversource exits offshore wind with two project stake sales worth $1.1bn Eversource Energy has opted to sell its 50% stake in the 132-megawatt South Fork Wind and the 704-megawatt Revolution Wind offshore wind projects to Global Infrastructure Partners (GIP) for around $1.1bn. Commercial operation of Revolution Wind is expected in 2025 and since South Fork Wind is expected to enter service before the transaction closes, Eversource's ...
MSC trials bow windshield The world's largest containerline has become the latest shipping line to trial out bow windshields in a bid to slash fuel bills. Alphaliner reports that Mediterranean Shipping Co (MSC) has decided to install a first device on a very old, 1999-built, 5,608 teu container vessel, the MSC Sydney VI, while the ship went through its ...
Top names in shipbuilding, energy and shipowning join forces to develop liquefied hydrogen carriers The nascent seaborne liquefied hydrogen trades have received a big boost with Japan's largest shipowner teaming with South Korea's largest shipbuilder and Australia's largest oil and gas producer to study how to transport the fuel. Mitsui OSK Lines (MOL) has signed a non-binding memorandum of understanding with HD Korea Shipbuilding and Offshore Engineering and Woodside ...
Rae-Smith named UK Chamber president Swire Group stalwart takes over the reins at the UK trade association from former president Graham Westgarth
Red Sea situation supporting 'enormous' cashflow for Scorpio Tankers while sanctions enforcement also a boost Scorpio has reported strong fourth-quarter earnings, upped its dividend and reiterated its focus on deleveraging. Red Sea diversions have tightened...
Bulkers will be last to decarbonise, says Precious Shipping Precious Shipping has delivered a grim forecast for its sector's green prospects, saying first movers would face higher costs and...
VLGC sales were too good to resist, says Avance Gas' Kalleklev Avance Gas said it could not resist the $72m profit it made from selling two gas carrier newbuildings for a...
Support grows for IMO greenhouse gas levy despite China opposition New proposals point to consensus among nearly 50 member states around a global GHG levy to be adopted by the...
New EU safety directive wins political support New rules will bring closer alignment with international standards. EMSA to play greater role in national investigations
Scrubber-fitted boxship capacity climbs to new highs More than a third of the container shipping fleet comprises scrubber-fitted capacity, with MSC's preference for the onboard abatement technology...
Maersk gets rating upgrade as shares slide End of share buyback programme has seen investors exit. But as its market value falls it is still seen as...
Danaos orders boxship brace and buys more bulkers US-listed owner brings containership orderbook to 12 methanol-ready vessels
Avance Gas books second-highest quarterly profit, warns of tougher market ahead Fredriksen-controlled VLGC player Avance Gas booked a 'blockbusting' quarter but warned a narrowing US-Asia gas arbitrage, Panama Canal and Red...
P&I clubs need further rate hikes, argues AM Best S&P downgrade American Club to notch below investment grade
South Korea-Japan-US green corridor could cut up to 41m tonnes of CO2 A report called for combining green corridor plans between South Korea, Japan and the US, finding that switching to green...
MOL to work on hydrogen shipping supply chain with Woodside and South Korean partners The partners will study the technology, safety, construction, operation and economics of a 80,000 cu m liquefied hydrogen carrier with...
Daily Briefing Flagless, sanctioned ships with no clear insurance continue to trade unchallenged | Norway, Brazil and UAE support China's IMO fund...
FMC rules for truckers in chassis dispute with ocean carriers The long-awaited decision also seemingly puts to rest the question as to whether the FMC has authority on issues that extend beyond US ports.
Carriers deploy 13,000-TEU 'feeder' vessels to serve Asia-Med trade Container shipping networks from Asia to North Europe and the Mediterranean are being reshaped as carriers redeploy capacity to compensate for the additional transit time needed to sail around southern Africa.
HMM posts slight Q4 profit, downplays collapse in takeover talks The South Korean carrier warned of rising uncertainty and a volatile container shipping market through 2024 but said the breakdown in takeover negotiations with the Harim Group earlier this month would have no impact on its operations this year.
Reality of Red Sea capacity 'crisis' is far different than the hype The vessel diversions around southern Africa driven by the Red Sea security situation will turn out to be merely a brief distraction from an overall picture of overcapacity that has been building since 2022, writes Peter Tirschwell.
Logistics' complicated structure requires equally complex approach to AI usage ChatGPT and generative AI have captured most of the attention around artificial intelligence in logistics, but the diverse range of processes underpinning global supply chains require multiple types of AI working in concert.
Maersk urged to do more after climate target 'breakthrough' This week's Green Seas newsletter explores how environmental groups are responding to AP Moller-Maersk's latest climate move - achieving a first-ever validation of its net-zero target
JB Rae-Smith named UK Chamber of Shipping president Swire Group executive takes over from Graham Westgarth
Scrapping the scrubbers: Scorpio explains about-face on emissions cleaners One of the shipowners most closely associated with exhaust-gas devices has a new tack
James Chao comes out of retirement to lead Foremost after tragedy takes daughter's life At 96, shipowner will chair board amid return of company president Michael Lee
Shell sees 'massive' growth in LNG import capacity due online in 2024 Energy major sees emergence of latent LNG demand from new and existing markets
Scorpio Tankers executives open up on Rea Sea impact after stellar profit Product tanker giant bumps regular dividend again, guides to strong bookings this quarter
Genco Shipping selling two capesize bulkers as S&P market runs hot Bulker owner booked impairment charges for one of the vessels last year
'Structurally bull': Avance Gas bets on VLGC spot rates rebound John Fredriksen-backed company has increased spot exposure
Double missile attack spurs Star Bulk to drop Suez Canal transits Chief executive Petros Pappas said the company had asked charterers not to transit the trouble spot
Scorpio Tankers stays quiet on key dividend question as profit piles up Product tanker giant bumps regular dividend again, guides to strong bookings this quarter
Dare to doubt: Shipyards new to car carriers to miss delivery dates, says Wilhelmsen chief Owner thinks delivery dates will slip as inexperienced yards look to pump out ships
John Fredriksen's SFL hikes dividend as $3.2bn backlog supports profit growth Company announces 80th quarterly dividend of $0.26 per share
Historic shipyard Sumitomo Heavy Industries quits commercial shipbuilding Japanese yard made its name building aframax tankers for some of shipping's biggest names
'Unsettling exposure': Reinsurers face fire after pulling P&I Red Sea cover Brokers say charterers are left stranded after P&I clubs forced to pull fixed premium cover in the troubled region
First cargo heads in to Greece's new FSRU-based LNG import terminal GasLog LNG carrier due at new facility this week with commissioning volumes
HMM braced for 'widespread uncertainty' in wake of failed sale Falling profitability will complicate any fresh attempt to sell South Korea's largest liner operator
MOL teams with Woodside, HD KSOE and Hyundai Glovis on liquefied hydrogen carrier Quartet will look at 80,000-cbm vessel for possible operation by 2030
Hull cleaning robots set to boost shipping in fuel-efficiency fight Standards to be finalised at end of year to help shipowners and ports in decision making
S&P deals for OSVs pass $2.8bn in 2023, says VesselsValue Older AHTS units and PSVs recorded the biggest gains in secondhand prices over the year
Ukraine drone strike ratchets up risks for shipping in Black Sea The latest attack on a Russian landing ship was closer to shipping lanes than in previous strikes
Shell: Global LNG demand set to grow into 2040s Asia expected to be key driver but infrastructure investment will be needed
Red Sea crisis hits Wallenius Wilhelmsen profit and car carrier market outlook Rates rose, but volumes slipped, holding down the bottom line as company softens outlook
Danaos forks out $241m for container ship newbuildings and capesize bulkers Owner orders neo-panamax boxships and buys two secondhand capesize bulkers
MPC Capital makes first post-pandemic swoop in secondhand container ship market Hamburg-based company takes advantage of market dip to acquire boxship brace with charters
Out with the old as Ardmore profits from sale of MR tanker Move by New York-listed shipowner follows purchase of younger ship
Avance Gas logs 'blockbusting' fourth-quarter profit on US exports jump But market prospects look decidedly more muted for 2024
Washington nuclear big gun Robert Bryans joins Core Power Company says new recruit will boost its ability to reach and educate key government and industry representatives
World's largest cruise ship operator Carnival places first newbuilding order in five years LNG-fuelled ship will be fourth in cruise major's Excel class
Magnus Halvorsen: Sale of 2020 Bulkers newcastlemax brace a one-off Deal will cut finance costs and generate $40m in cash
CMB launches mandatory bid for Euronav with investors backing 'future-proof' plan invited to stay Saverys family-run operation and allies control 57% of Euronav after deal with John Fredriksen
EU reaches milestone agreement on new accident investigation directive Member states with align with IMO's code
OSV S&P deals pass $2.8bn in 2023, says VesselsValue Older AHTS and PSVs recorded the biggest gains in secondhand prices over the 12-month period
'Thinking and breathing shipping': West of England chief opens up on diversification drive Mutual has invested in expertise to expand beyond P&I with smart acquisitions and expert talent
Hayfin Capital $1bn investment drive switches focus with secondhand market raid Latest acquisition comes after a series of newbuilding contracts
Hammonia hits Greek contractor with $4.6m counterclaim as Indian paint battle wages on Hamburg-based owner claims General Shipping's arrest of tanker in Mundra was wrongful, and it wants it overturned
OSV S&P deals up 50% in value to over $2.8bn in 2023, says VesselsValue Older AHTS and PSVs recorded the biggest gains in secondhand prices over the 12-month period
Alaska Airlines to expand freighter service to Los Angeles Alaska Air Cargo will debut its second Boeing 737-800 freighters next month, opening the door for the first all-cargo service between Alaska and Los Angeles.
Angela Chao, CEO of global shipping firm Foremost Group, dead at 50 Angela Chao, CEO of global shipping firm Foremost Group and Mitch McConnell's sister-in-law, died in a car accident.
Maersk had more cash than it knew what to do with - but not anymore How do you spend $41 billion without buying more ships?
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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