Coast Guard FRC intercepts Houthi weapons shipment As news of yet another Houthi attack on a merchant vessel emerged today, U.S. Central Command released details of a January 28 incident in which the U.S. Coast Guard Sentinel-class fast-response cutter
VIDEO: New propeller boss cap promises major efficiency gains EcoMarine Innovations, a research group at the University of Strathclyde in Glasgow, Scotland, has developed a new propeller hub vortex cavitation-eliminating boss cap that promises major gains in propulsion efficiency. Called the
Royal Caribbean confirms order for seventh Oasis Class ship Coming hard on the heels of Carnival Corporation's first order of of a newbuild cruise ship in five years, Royal Caribbean Group (NYSE: RCL) announced today that it has entered into an
GLDD ends year with $1.04 billion backlog Houston-headquartered dredging giant Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) yesterday reported financial results for the quarter and year ended December 31, 2023. The numbers seemed to please investors, with the
Customer Onboarding and Retention Strategies for SaaS Success Within the SaaS sector, the art of customer integration and sustaining their commitment stands as a cornerstone for success. The crucial aspects of the customer journey significantly shape their satisfaction, allegiance, and the overarching vitality of a SaaS venture. Insights reveal that a staggering 86% of people are more inclined to maintain their loyalty to a company that offers a warm welcom
Essential Maintenance Tips to Keep Your Full-Service Trailers Running Smoothly In the grand scheme of transport and logistics, the role that trailers play in moving freight is both monumental and often underrated. But like any vehicle, they require regular attention and care to remain in top condition. Whether you're shuttling goods across city lines or shipping containers across continents, keeping your trailers well-maintained is crucial. To learn more about how to ensure
WSC fuel proposal could be unworkable A prominent climate researcher has said the World Shipping Council (WSC)'s market-based measure (MBM) proposals are unworkable because they incentivise biofuel use over the more likely ammonia and methanol green hydrogen-derived fuels. WSC submitted its proposals for the March Marine Environment Protection Committee (MEPC)'s March meeting, arguing that the high cost of green fuels will be prohibi
Sea-Intelligence forecasts 16% increase in TEU*Miles due to Red Sea crisis After reconfiguring liner networks to incorporate the round-of-Africa routing, Sea-Intelligence's standard model for estimating demand in TEU*Miles was used to assess the potential impact in 2024. In 2023, global TEU*Miles amounted to 860 billion. Transitioning to a scenario where the same volume of cargo is transported worldwide in 2024 but with a diversion around Cape of Good Hope it would lead
CMA CGM strengthens its West Med - West Africa network CMA CGM aims to enhance its network from West Mediterranean to West Africa reshuffling its MEDWAX service and introducing new West Med-West Africa solutions. The revised MEDWAX service port rotation will now include Tanger Med (Morocco) - Algeciras (Spain) - Dakar (Senegal) - Conakry (Guinea) - Monrovia (Liberia) - San Pedro (Ivory Coast) - Abidjan (Ivory Coast) - Freetown (Sierra Leone) - Tanger
CMA CGM receives first container ship in a series with unique design The CMA CGM Group has announced the delivery of the pioneering CMA CGM Mermaid, the inaugural vessel in a series of 10 cutting-edge 2,000 TEU container ships propelled by Liquefied Natural Gas (LNG). These vessels will gradually serve routes in the Mediterranean and Northern Europe. Distinguished by their innovative design aimed at enhancing energy efficiency and environmental sustainability, the
BIMCO urges IMO to address contradictions in ship recycling conventions BIMCO, one of the world's largest international shipping associations, in collaboration with Bangladesh, India, Norway, Pakistan, and the International Chamber of Shipping (ICS), has submitted a proposal for the 81st Marine Environment Protection Committee (MEPC) meeting scheduled for 18-22 March 2024. The proposal underscores the critical need to address potential conflicts between the requireme
Red Sea crisis sees COSCO and MSC perform ad hoc North Europe-Med feedering COSCO Shipping Lines and MSC have each taken out a ship from their Transatlantic services to feeder containers between North Europe and the Mediterranean, as the diversions from the Red Sea to the Cape of Good Hope have held up vessel arrivals in the Mediterranean. COSCO's subsidiary OOCL has substituted the 13,092 TEU COSCO Development with 8,063 TEU OOCL Seoul in Ocean Alliance's Transatlantic
ONE unveils new Transpacific service Ocean Network Express (ONE) has announced the launch of the Asia Pacific 1 (AP1) service, a new route connecting Asia with the United States West Coast. The ocean carrier decided to introduce this new service to meet the sustained growth of US import volumes from Asia to the US West Coast, aiming to strengthen its foothold in the transpacific market by expanding its coverage. The AP1 service intr
Liebherr Container Cranes boosts Rijeka Gateway with remote-controlled yard cranes Liebherr Container Cranes announced its collaboration with Rijeka Gateway, providing the terminal with state-of-the-art remote-controlled yard cranes. Under this significant initiative, Liebherr will deliver 15 electric rubber tyre gantry cranes (ERTGs) and two rail-mounted gantry cranes (RMGs) to the terminal. These cutting-edge machines represent the forefront of technological innovation, enabl
Port of Long Beach handles nearly 675,000 TEUs in January Trade flowing through the Port of Long Beach saw a rise in January, driven by retailers' efforts to replenish stocks ahead of the Lunar New Year, a period when many factories in East Asia shut down for approximately two weeks. In January, dockworkers and terminal operators handled a total of 674,015 TEUs, marking a 17.5% increase compared to January 2023. Import volumes surged by 23.5% to reach 3
HMM reports financial declines, but remains profitable In line with the trend observed among its counterparts, HMM, a major South Korean container carrier, reported a decline in its financial figures for the year 2023. In particular, the company achieved an operating profit of KRW585 billion (US$440 million) with a margin of 7%, a net profit of KRW1,006 billion (US$750 million) with a margin of 12% and revenue of KRW 8,401 billion (US$6.3 billion) in
Port of Los Angeles kicks off the year with remarkable container growth The Port of Los Angeles handled 855,652 TEUs in January, marking the second-best start to the year on record. The Californian port said that this achievement, trailing only behind the cargo surge triggered by the pandemic in 2022, reflects the port's ongoing momentum with six consecutive months of year-over-year growth. Notably, January volumes exceeded the corresponding figures of the same month
Western Bulk CEO steps down Hans Aasn�s is stepping down as chief executive of Norwegian dry bulk operator Western Bulk Chartering. The Oslo-listed company said it will start a search for its new boss, and Aasn�s will leave as soon as his replacement is found. In the meantime, an interim CEO will be appointed shortly. Aasn�s joined Western Bulk from ...
Prysmian firms up $5.4bn cabling deal in Germany Italian cabling giant Prysmian has penned three contracts worth in aggregate around €5bn ($5.38bn) with German transmission system operator Amprion for the BalWin1 and BalWin2 offshore grid connection systems in the German North Sea and the country's underground cable project. The contracts follow the selection of Prysmian as the preferred bidder in August last year ...
Ardmore replaces oldest MR with younger model Ireland-based tanker firm Ardmore Shipping has initiated a fleet renewal with the disposal of its oldest MR, while bringing in a younger counterpart. The New York-listed player said it had agreed to offload the 2010-built 50,000 dwt Ardmore Seafarer for $27.1m. The Onomichi Dockyard-built unit was picked up for $16.7m in July 2020. Meanwhile, the ...
Aker Solutions, Principle Power score work on Korean 1GW floating wind project Copenhagen Infrastructure Partners (CIP) has awarded a front-end engineering and design (FEED) contract to Aker Solutions and Principle Power for the floating foundations for the Haewoori 2 and 3 offshore wind projects off South Korea . As part of the scope, Aker Solutions will coordinate the design and delivery of the floating foundation structures required ...
MOL completes carbon insetting pilot from net zero voyage Japan's Mitsui O.S.K. Lines (MOL) has completed an insetting pilot with 123Carbon by tokenising the GHG emission reductions from the net zero voyage fuelled by bio-methanol. This allows MOL to allocate the GHG emission reductions from the use of bio-methanol to customers considering Scope 3 reductions from maritime transport services, based on the Market-Based Measures ...
Magni Partners orders two more VLCCs from New Times Tor Olav Trøim's private investment vehicle Magni Partners has doubled its VLCCs order from China-based New Times Shipbuilding with two new 320,000 dwt vessels. Trøim told delegates at the Marine Money's New York conference last year that he was returning to the tanker business after a 15-year absence. At the time, he told attendees that ...
Orix in $2bn deal to take over Osaka's largest shipowner Japanese financial services company Orix Corporation has bought Osaka's largest shipowner, Santoku Senpaku, in a deal valued at $2bn. The deal, expected to go through by the end of next month, will see 67 ships, predominantly bulk carriers plus some car carriers and container vessels, change hands. Santoku Senpaku was established in 1972 by Masashi ...
Liners deliver a green fuel price gap proposal to the IMO Liner shipping, via its lobby group the World Shipping Council (WSC), has unveiled what it terms as a Green Balance Mechanism (GBM) in order to help the industry transition to green fuels. The proposal, submitted to the International Maritime Organization (IMO) ahead of next month's gathering of the Marine Environment Protection Committee (MEPC), addresses the ...
BIMCO urges IMO to resolve contradictions in ship recycling conventions International shipping organisation BIMCO has submitted a paper highlighting the need to solve possible conflicting requirements of the Hong Kong Convention and the Basel Convention which could have severe consequences for shipowners, ship recycling facilities, and ships. BIMCO, along with Bangladesh, India, Norway, Pakistan, and the International Chamber of Shipping, sent the paper ahead of ...
Cadeler books third wind foundation installation vessel at COSCO Denmark-based offshore wind installation player Cadeler has entered into a letter of intent with COSCO regarding the construction of a third wind foundation installation newbuild vessel (WFIV). The expected vessel cost is estimated to be in the range between $390m and $410m with expected delivery in the first quarter of 2027. Upon delivery, the new ...
Solstad awarded CSV contract Norwegian offshore vessel owner Solstad has clinched a new contract for its construction support vessel, Normand Tonjer. The firm deal with an unnamed international client is for 18 months plus two 180-day extension options. The charter of the 2010-built unit starts in April, with rates in line with current market levels, the company said. Solstad ...
Ancient Turkish ship sinks in Sea of Marmara A 53-year-old Turkish general cargo ship sank in stormy seas this morning in the Sea of Marmara off Bursa Karacabey. An operation to save the six Turkish crewmembers of the 1,090 dwt Batuhan A onboard is underway. The Turkish Coast Guard dispatched two Coast Guard ships and two Coast Guard boats to the scene of ...
Jumbo gets more offshore wind work in Taiwan Jumbo Offshore, part of the Dutch Jumbo Group, has secured another contract in the expanding Taiwanese offshore wind sector. Yunnneg Wind Power, a joint project company involving Skybporn Renewables, TotalEnergies, Electricity Generating Public Company (EGCO) and Sojitz Corporation, has tapped Jumbo for the removal of monopiles at the Yunlin offshore wind farm. The new deal, ...
Transocean bags new deals for drillship pair Swiss-based offshore driller Transocean has won one new contract and one extension for two of its drillships. The first contract is for the Deepwater Invictus for 40 days in the US Gulf of Mexico on a $440,000 dayrate. The name of the client was left undisclosed. According to the latest fleet status report, the deal ...
Mystery behind Tobago spill partially resolved The mystery behind last week's big oil spill off Tobago has been partially resolved. Analysis by Bellingcat, a Netherlands-based investigative journalism group, which has subsequently been corroborated by the government of Trinidad and Tobago shows that an articulated tug and barge were responsible for the environmental catastrophe. The whereabouts and ownership of the tug remain ...
James Chao returns to Foremost following death of his daughter James Chao, 96, is stepping back into the role of Foremost Group chairman following the death of his daughter on Sunday in a car crash in Texas. Angela Chao passed away four days ago. She had been CEO of the shipping company since 2018. Also returning to the group will be former president Michael Lee, ...
Ardmore sees 'pronounced' demand boost from canal diversions Ardmore Shipping said longer voyages avoiding the Red Sea and Panama Canal are increasing tonne-mile demand above seasonal winter highs
Wallenius Wilhelmsen expects 'somewhat better' 2024 as China drives ro-ro car trade Wallenius Wilhelmsen optimistic for the year ahead, despite the geopolitical challenges and a growing orderbook, as it proposes a new...
Clubs scramble to restore Red Sea cover for big-name charterers Oil majors and trading giants forced to pay extra for cover that was effectively a freebie until now
Russia and China criticise Red Sea interventions as EU launches defensive fleet Showdown at UN Security Council meeting sees Russia and China attack Western naval intervention in the Red Sea, arguing that...
Turkish ship sinks in storm, six crew missing Turkish authorities are searching for six crew after the vessel capsized. Rescuers reported spotting an empty lifeboat
Equipment rates surge on demand and disruption Rates to lease containers have surged since carriers started rerouting around the Cape of Good Hope. But on the transpacific...
Smaller boxship segment set to shrink Container shipping faces a glut of large vessels at a time of static teu-mile demand. However, older sub-3,000 teu ships...
BIMCO takes clash of Hong Kong and Basel conventions to IMO Shipowner trade association joins forces with Bangladesh, India, Norway, Pakistan and the International Chamber of Shipping to ask the International Maritime...
WSC tables new IMO economic measure proposal Fee that vessels will pay under new proposal will be dependent on alternative fuel availability, while payments for first movers...
Cyan Renewables seals long-term SOV contract from Siemens Gamesa In 2023, Cyan Renewables signed a deal to support Siemens Gamesa Renewable Energy in maintaining three offshore wind farms in...
HMM profits plunge 90% Looking ahead, the company expects volumes to recover. However, this will be offset by supply increases owing to the number...
First of 10-ship LNG feeder series delivered to CMA CGM CMA CGM is refreshing its intra-European fleet with 2,000 teu LNG-fuelled vessels. First in series will serve Baltic trades
LA reports near-record January volumes amid 'limited' Red Sea impact The port of Los Angeles had its second-strongest January on record, falling just 1.1% below pandemic-era January 2022, when port...
Sumitomo shipyard to leave shipbuilding business SHI-ME traced its decline back to the sharp fall in newbuilding prices and deteriorating environment for shipbuilding since 2008
Daily Briefing GHG levy finding more support at IMO | VLGC sales were too good to resist, says Avance Gas' Kalleklev | Scrubber-fitted...
Mexican truck drivers protest lack of security in latest cross-border disruption A Mexican trucking association launched a strike Thursday, adding to the uncertainty cross-border shippers face in the fast-growing market.
ONE, Wan Hai align on a 'revamp' of a trans-Pacific service to West Coast The new partnership with Wan Hai comes as ONE - along with Yang Ming and HMM - faces the loss of THE Alliance partner Hapag-Lloyd, which is leaving the vessel-sharing agreement for a new partnership with Maersk.
New short-haul rail service debuts linking Tacoma to inland hub The first shipments of hay were loaded into Evergreen containers at the inland hub and moved by Union Pacific to the Pierce County Terminal in Tacoma for shipment to China.
Container shipping still has an overcapacity problem, but it's far from insurmountable When carriers, and more importantly their insurers, regain confidence in transiting the Suez Canal via the Red Sea, a massive - but not insurmountable - oversupply will await them.
US merchant wholesale data shows some green shoots for freight demand Across the board, merchant wholesalers are entering 2024 in a better position than this time last year when most sectors were seeing inflation-adjusted sales decline in conjunction with inventories-to-sales ratios that were well above pre-COVID levels.
Large US truckload carriers reining in truck capacity amid low demand The Journal of Commerce Truckload Capacity Index fell to 2018 levels at the end of 2023 as truckload carriers kept cutting into their fleets to lower costs.
Green fuel mechanism 'a rifle shot' at addressing fuel pricing gap: WSC A core challenge facing container shipping is how to craft a global greenhouse gas pricing regulation that can bridge the price gap between green and fossil fuels while spurring investment in alternative fuels.
Scorpio Tankers executives open up on Red Sea impact after stellar profit Product tanker giant bumps regular dividend again, guides to strong bookings this quarter
Fast-growing EnTrust Global strikes deal to take over maritime-focused Norwegian fund Offshore Merchant Partners comes with Ivar Myklebust-led team
Ardmore Shipping is in a different place this investor day, and that place is still good One year on from its 'coming-out' party, the tanker owner still likes the view from New York
EnTrust Global's Blue Ocean strikes deal to take over maritime-focused Norwegian investment fund Offshore Merchant Partners comes with Ivar Myklebust-led team
Houthi rocket attack targets British bulker amid warning of sustained missile strikes Shrapnel causes minor damage
GasLog ties up tri-fuel LNG carrier on charter stretching out to 2030 Shipowner also nets a one-year deal on a steam turbine vessel, but quarterly profits tumble
Western Bulk chief executive steps down as operator sinks to a loss CEO has been in the job for five years
Scorpio Tankers shares resurgent after one day in investors' 'penalty' box Product tanker stock pulls a U-turn after a brief spell of punishment over silent treatment
Houthis rocket attack damages bulker amid warning of sustained missile strikes Shrapnel from rocket attack fractured pipe on bulker off the coast of Yemen
Hedge fund reveals bond position that could give it a chunk of Eagle Bulk New York investment firm Walleye Capital among holders of notes that can convert to equity ahead of Star Bulk takeover
New Fortress Energy sells off Energos Infrastructure stake Company plans to use proceeds to pay down debt and plough money into downstream projects
VLCC rates hit multi-month highs as Middle East and US Gulf drive rebound Following Atlantic strength, Middle East rates pick up as earnings hit three-month high
Profits chopped in half at Ardmore as prospects look strong amid global turmoil Product tanker specialist says weather and war-related issues are boosting earning prospects
Seasoned LNG lawyer jumps ship from HFW to rival Hannaford Turner Elinor Dautlich has negotiated contracts for a significant proportion of LNG carriers on order
CMA CGM takes in first of 10 LNG-powered ice-class feeder vessels New range of feeders to be deployed in northern Europe and Mediterranean
Shadow fleet tanker owner caught in crosshairs as conflict and sanctions bite Aframax La Pride changed course after its suspected owner Hennesea was sanctioned by the US
New carbon pricing policy 'a rifle shot' to bridge shipping green fuels gap A who's who of container shipping luminaries back proposal ahead of crucial IMO meeting
Orix signs deal to acquire $2.6bn Santoku Senpaku fleet Deal involves 67 ships and follows the death of company founder last year
Tor Olav Troim builds out his new VLCC venture Andes Shipping with newbuilding duo Savvy big-name investor keeps all options open on fuelling as he doubles up newbuilding order
Diverging fortunes for Oslo's car carrier owners as new dividend plans digested Investors are high on Hoegh Autoliners' new policy, but down on Wallenius Wilhelmsen's
Hamburg Commercial Bank promotes risk chief to replace departing chief executive Chief risk officer Ulrik Lackschewitz to assume position in April
Golar LNG FLNG unit moved onto site at delayed BP project But LNG floater may sit unused until nearer end-2024 while it awaits FPSO arrival and pipeline connection
Tor Olav Troim-backed Himalaya Shipping books its first year in the black Newcastlemax owner has nine vessels on the water, with three still to be delivered
China sucks up sanctioned oil from shadow fleet, sending floating storage to seven-year low International Energy Agency says the level of oil stored on tankers at sea is at lowest point since 2016
Dare to doubt: Shipyards new to car carriers to miss delivery dates, says Wallenius Wilhelmsen chief Owner thinks delivery dates will slip as inexperienced yards look to pump out ships
BW LPG and Avance Gas shares drop after Fearnleys downgrades VLGC giants Fearnley Securities cuts share price targets on 'weak risk-reward'
Adnoc arm to pay $130m in dividends after bumper annual profit Tanker and gas carrier operator attributes 138% net profit jump to growth in integrated logistics
Container giants unveil pitch for pricing shipping emissions World Shipping Council hails its Green Balance Mechanism
Unpopular decisions paying off for London Club with stronger performance Chief executive Ian Gooch and P&I club board have had to take some tough decisions in recent years
Methanol early-mover X-Press Feeders opens up as first innovative dual-fuel ships hit the market COO Francis Goh talks TradeWinds through the company's plans for a cleaner, greener fleet
Oystein Stray Spetalen's Standard Supply distributes cash as offshore bet pays off Company holds one platform supply vessel after selling eight
BW and Scorpio back $170m Cadeler shares sale to fund latest newbuilding Private placement to fund offshore wind installation vessel
Mounting death toll at South Korean shipyards sparks concerns High workloads, labour issues and inflationary pressures are cited as among the factors taxing shipbuilders
Singapore's ASL Marine slashes red ink in second quarter Company sees robust performance from its chartering and shipbuilding operations
Cyan Renewables lines up 15-year Siemens contract for first SOV newbuilding Service operation vessel will support 73 offshore wind turbines off Taiwan
Singapore's ASL Marine slashes the red ink in the second quarter Company sees robust performance from its chartering and shipbuilding operations
X-Press Feeders opens up on going green with methanol COO Francis Goh talks TradeWinds through the company's plans for a cleaner, greener fleet
Red Sea crisis and peak season - do you have a container plan? The crisis in the Red Sea will require companies to start planning for peak season in the next few months.
UPS to deploy 747-8 freighters from Qatar Airways by early 2025 UPS is rationalizing its air network as demand falls, but it is still adding aircraft when it makes sense.
Port of Los Angeles shines in January Port director Gene Seroka cited replenishing inventory and consumer spending as drivers of growth.
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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