VIDEO: New York unveils plans to transform Brooklyn Marine Terminal New York City Mayor Eric Adams, New York Gov. Kathy Hochul, and the Port Authority of New York and New Jersey have announced an agreement that aims to enable the city to
DNV evaluation shows BAR Technologies WindWings can achieve up to 32% energy savings Back in August last year, the Cargill-chartered 80,962 dwt bulker Pxyis Ocean, which is managed by MC Shipping's Singapore branch, became the first ship to sail with BAR Technologies' WindWings, after being
Will new US tariffs on China imports be a case of history repeating? Global supply chains are braced for further disruption and increasing costs after US President Joe Biden announced new tariffs on Chinese imports on 14 May. The tariffs will be imposed on a wide range of Chinese imports including semi-conductors, batteries, EVs and solar cells, with the changes staggered to come into effect between 2024 and 2026. Peter Sand, Chief Analyst at Xeneta, said, "The ne
Red Sea crisis still leaves alliances short of ships, as newbuildings fully absorbed The three container shipping alliances are still short of 36 ships, or 10% of the required tonnage, to entirely fulfill their 25 Asia - Europe loops as of 10 May. Despite record newbuilding deliveries this year, and 1.14 million TEUs delivered so far, the Red Sea crisis has soaked up all available tonnage. Alphaliner's report says, "Taking into account that the average vessel size on this trade c
Dali suffered blackouts hours before hitting Baltimore bridge Details of how power went out on the container ship Dali moments before it struck and knocked down Francis Scott Key Bridge in Baltimore have been released in the US National Transportation Safety Board's (NTSB's) preliminary investigation report. The ship owner, Grace Ocean, ship manager Synergy Marine, classification society Nippon Kaiji Kyokai (ClassNK) and ship builder HD Hyundai Heavy Indust
Hapag-Lloyd reports significant decline in Q1 financial results German container shipping company Hapag-Lloyd concluded the first quarter of 2024 with revenues of US$4.6 billion and a Group EBITDA of US$942 million. Additionally, Hapag-Lloyd recorded US$396 million in EBIT and a profit of US$325 million. All the figures are significantly decreased compared with the numbers in the same period last year. The Hamburg-based ocean carrier moved 3 million TEUs in t
Long Beach records another month of cargo growth, surpassing 750,000 TEUs Port of Long Beach moved 750,424 TEUs in April, achieving a 14.4% increase compared with the same month in 2023. This month marks the eighth consecutive month of year-over-year cargo growth at the second-busiest seaport in the United States. The Californian port's imports rose 16.3% to 364,665 TEUs and exports declined 19.9% to 98,266 TEUs, while empty containers moving through the port of Long B
ONE launches new intra-Asia service Singapore-based container line Ocean Network Express (ONE) has announced the launch of a new service, China-Vietnam-Thailand (CVT). The service, which will commence on 27 May, will have the following port rotation: Busan (South Korea) - Shanghai (China) - Ningbo (China) - Cat Lai (Vietnam) - Laem Chabang (Thailand) With this new service launch, ONE aims to enhance its coverage from Busan to South
Red Sea crisis and port congestion drive blank sailing surge Box lines are tradionally using blank sailings to manage supply in relation to demand, but during the pandemic, shipping lines were forced to blank sailings despite high demand and high freight rates, as endemic port congestion created a shortage of available vessel capacity. The current round of blank sailings is also driven by a shortage of vessel capacity, as the idle container vessel fleet wa
CMA CGM to start new service in West Coast Central America CMA CGM has announced the launch of a new weekly service, MSX, dedicated to West Coast Central America. The French carrier said this initiative aligns with market dynamics in the region and reaffirms the company's commitment to delivering high-quality service. The port rotation of the new service will be Buenaventura (Colombia) - Balboa (Panama) - Puerto Caldera (Costa Rica) - Acajutla (El Salvad
Stena Oil opens its new terminal in Denmark Stena Oil's new terminal with a capacity of 75,000 cubic meters in Frederikshavn, Denmark was inaugurated on 14 May. Stena Oil, a global player in the marine fuels industry, said the terminal is a flexible terminal prepared for the upcoming green transition in the marine fuel market. "We are very pleased to be up and running with operations in Frederikshavn. Our official opening attracted a large
Hapag-Lloyd increases rates from India and Pakistan German container carrier Hapag-Lloyd has announced new rates from India and Pakistan to several destinations worldwide. In particular, the Hamburg-based box line will increase its rates from India and Pakistan to North Europe for 20' and 40' dry containers, including dry high cube equipment, effective from 1 June. Per 20' Dry (US$) From To Current base rate New base rate Delta Karachi (PK) North
Maersk tonnage shortage revitalises 2M alliance Maersk and MSC have renewed their 2M relationship before it ended as the carriers began to operate joint services again following the initial unravelling of the alliance after the announcement of its dissolution in January 2023. The carriers will separate next January and had rapidly begun operating standalone services last year, but MDS Transmodal data shows that the number of Maersk and MSC Far
IKM and Akastor-backed Føn Energy Services takes over Dutch offshore wind O&M firm C-Ventus Norway's Føn Energy Services, backed by industrial group IKM and Oslo-listed investment company Akastor, has sealed a deal to acquire Dutch offshore wind farm services company C-Ventus from Belgian marine engineering, civil construction and offshore contractor DISA International. C-Ventus, which will continue to operate under the Føn Energy Services brand, provides balance of plant for ...
Panagiotidis bulker outfit Icon Energy readies for New York IPO Ismini Panagiotidis has set sights on a New York initial public offering to raise funds for her new bulker outfit. Icon Energy, set up in August last year, has applied to have its common shares listed on Nasdaq and is offering 1.25m plus some additional shares targeting between $4.6m and $5.5m from the deal. The net ...
Lucas Vos steps down as president of Stolt Tankers Lucas Vos has decided to step down from the role of president at Stolt Tankers after nine years with the company, effective July 1, 2024. He will be replaced by Maren Schroeder as president and chief operating officer. Bjarke Nissen will become the company's chief commercial officer. "Lucas has made an amazing contribution, using his ...
Coal trades face up to extreme dislocation Organisers bagged some big guns for Geneva Dry's coal session with the likes of Hamish Norton and Peter Weernink sitting alongside each other on stage for an hour's deep dive into a very dislocated market. Setting the scene, Burak Cetinok, head of research at Arrow and the session's moderator, said: "Coal is at a critical ...
Trade war intensifies as Biden slaps more tariffs on Chinese products US president Joe Biden has revealed a new set of major tariff increases which will hit many different Chinese imports as well as impact the shipping of those products. The largest tariffs will be imposed on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminium, and medical equipment. Biden opted to keep in place tariffs ...
UK invests over $100m in offshore wind testing facilities UK Research and Innovation has made an £86m ($108m) investment in offshore wind research to improve Offshore Renewable Energy (ORE) Catapult's testing facilities for next-generation wind turbines. The investment will be put in ORE Catapult's National Renewable Energy Centre in Blyth, Northumberland, to enable the development of testing assets for wind turbine blades and drive ...
GHL gets restraining order against Dolphin Drilling to prevent rig deal termination Nigerian offshore oil and gas company General Hydrocarbons Limited (GHL) has secured a restraining order against Dolphin Drilling and its African subsidiary regarding a dispute over the Blackford Dolphin rig. The restraining orders, given by Justice Akintayo Aluko of the Federal High Court in Lagos, prevent Dolphin Drilling, its subsidiaries, agents, servants, privies, or anybody ...
President of the Philippines welcomes HD Hyundai Heavy to Subic yard The president of the Philippines, Ferdinand Marcos, has hailed the arrival of South Korea's largest shipbuilder to the archipelago as a chance to get the Southeast Asian nation back to its "glory days" of shipbuilding. Marcos welcomed officials from HD Hyundai and US investment firm Cerebus to the presidential palace yesterday to discuss how to ...
ABL Group buys Ross Offshore Energy and marine consultancy ABL Group has struck a deal to acquire Ross Offshore from McIntyre Partners and Velocity Partners-backed Moreld Group for NOK100m ($9.2m). Ross Offshore was established in 1997 as a consulting company and has since grown into a provider of total well management systems and project management services. The Stavanger-based company holds ...
Preliminary report into Baltimore bridge disaster pinpoints power outages on the Dali containership The National Transportation Safety Board (NTSB) in the US released a preliminary report yesterday into the Dali containership's fatal allision with Baltimore's largest bridge. The vessel, managed by Synergy Group and on charter to Maersk, experienced electrical blackouts about 10 hours before leaving the Port of Baltimore and again shortly before it slammed into the ...
UK to ban export of livestock for slaughter UK politicians have followed in the path of their Australian counterparts in voting for a live animal export ban. Parliament in London yesterday voted in favour of a bill banning the export of livestock for slaughter, and fattening for slaughter. Splash reported yesterday news from Canberra with the Australian government announcing it will ban the ...
New York port set for transformation New York authorities have announced a port upgrade that will transform Brooklyn Marine Terminal into a modern maritime port and mixed-use community hub while also expanding Howland Hook Marine Terminal on Staten Island. As part of the effort, the city will assume control of the entire marine terminal in Brooklyn, encompassing 122 acres of waterfront ...
Avance Gas generously rewards shareholders in 'blockbusting' quarter Oslo-listed Avance Gas reported a record quarter that was driven by sales of three ships, but also strong freight earnings...
Re/insurers indicate manageable Baltimore bridge loss The Francis Scott Key Bridge incident is expected to be the largest marine loss in history, but re/insurers are guiding...
UK Chamber of Shipping publishes wishlist for next government The UK Chamber of Shipping wants the next government to commit to funding maritime training and review any measures likely...
Markel committed to Black Sea and Red Sea hull and cargo war markets Philosophy is to act as lead wherever possible, director of marine confirms
IMO to condemn Red Sea crisis, again The Red Sea crisis is the main worry at this week's Maritime Safety Committee, but the forum's powers to change...
TMX pipeline an 'interesting addition' to VLCC market, says DHT chief Pure play, very large crude carrier DHT is in discussions with Chinese state-owned oil companies over transhipments of TMX exports...
Global alternative fuel demand could exceed 10m tonnes in 2026 Biofuels and LNG to increase bunker market share until 2030 on the back of stricter environmental regulations, such as FuelEU...
Stena to retrofit Irish Sea ro-pax pair for methanol fuel operations Swedish shipowner will work with Wärtsilä and Lloyd's Register to retrofit the 1,920 lane metre Stena Superfast VII and Stena...
Tanker freight rates strengthen even as electric cars weigh on oil demand growth Slowing demand for middle distillates, such as diesel, gasoil and jet fuel, underpinned this month's lower oil demand growth forecast...
Hapag-Lloyd hikes full-year guidance, sees 'steep increase in spot rates' Hapag-Lloyd reports a strong pick up in demand for Asian exports to Europe and the US in recent weeks. But...
Ismini Panagiotidi eyes IPO for Icon Panagiotidi follows in footsteps of father and brother with intended public listing
Secondhand boxship values stay hot during busy period for sales transactions Average containership asset prices have risen by up to 25% since the beginning of the year, as demand for secondhand...
Greek start-up Harbor Lab raises $16m Antonis Malaxianakis-led company is first to focus on streamlining of port call disbursements
NYK partners Drax to develop world's first biomass-fuelled ship powered by wood pellets Japan's energy transition has led to increasing demand for fuel pellets from North America
DP World opens new ro-ro terminal at Constanta The ro-ro and project cargo terminals will open today to mark 20 years since DP World expanded into Romania, while...
NTSB says Dali suffered two blackouts before leaving port The 9,900 teu Dali suffered several blackouts in the hours before hitting the Francis Key Scott Bridge in Baltimore, according...
Daily Briefing As shipping stocks soar, controlling shareholders reap the rewards | India's port deal with Iran could provoke US sanctions |...
XPO using former Yellow facilities to gain share in growth markets Like many of its LTL competitors, XPO is using former Yellow terminals to build density in major freight markets such as Baltimore-Washington, D.C.
US Senate confirms existing terms for FMC's Maffei, Dye During the tenure of the two members, the FMC has ramped up its oversight of the container shipping industry following widespread strains during the pandemic-era container surge.
Hapag-Lloyd returns to profit in Q1, but baffled by current rate spike The carrier's CEO said buyers could be pulling orders forward because of concerns over global geopolitical uncertainties or said rates could be driven by a more general restocking to replenish inventories.
NY-NJ port swaps assets with NYC to grow Brooklyn, Staten Island terminals The Port Authority of New York and New Jersey will take full control of the Howland Hook marine terminal in Staten Island while New York City will take over Brooklyn's Red Hook terminal.
US intermodal savings showed little movement in first quarter The average cost savings for a shipper choosing intermodal rail over truckload was about 26% in the first quarter, according to the latest Journal of Commerce Intermodal Savings Index.
Evergreen, HMM latest Asia-based carriers to report Q1 profit surge Evergreen Marine's first-quarter net profit of $537 million was among the highest quarterly profit posted by container lines in the post-COVID 19 era, according to Alphaliner.
Failed electrical breaker triggered Dali crash: NTSB A preliminary federal investigation found the use of a different breaker configuration than had been previously in use onboard the Dali that led to a series of power blackouts on its outbound voyage.
Port NOLA CEO stepping down amid major expansion Brandy Christian led the Port of New Orleans during the acquisition of its on-dock rail network and spearheaded the development of a new terminal that will allow the port to service ultra-large ships.
Gasoil spills and bridge partially collapses in barge incident Tug loses control of two barges in waters of Galveston port
Christen Sveaas-backed Kistefos scoops up $47m in cash from Oslo bond market Arctic Securities says tap issue was well-received among Nordic and international investors
No fuel problems found in Dali bridge crash investigation NTSB chair says switching breakers may have impacted vessel operations on day of crash
Houthi menace: Yemeni militant group claims strike on Greek-owned ship that reported no attack Cosmoship managing director says nothing happened to company's vessel as it passed through the area
West P&I reports best underwriting result since 2017 Club reported gross premiums of $326m with growth across business lines
UK's top court backs Dutch shipowner in battle with charterer linked to Russian oligarch Supreme Court says MUR Shipping was entitled to reject payment after shift from dollars to euros
Stena Line returns to methanol for partial retrofit of ropax pair Vessels to switch class from ABS to LR ahead of conversions
Seanergy hands out special dividend after 'record' profit Stamatis Tsantanis-led firm also expects strong second quarter
Hafnia: Time to move on LR1 term deals ahead of 'incredibly tight' market Commercial boss says period coverage is currently virtually zero for the panamax-sized product carriers
Clasen Rickmers returns to buying container ships with Nord purchase Nord buys one boxship from private equity partners and sells another to Rickmers-led ASSC
DHT Holdings says state-backed oil companies hungry for modern, secondhand ships Chief executive Svein Moxnes Harfjeld singles out Bahri as particularly keen
Master tells of being held at gunpoint as bribery demands rise in ports Former captain tells broadcaster that seafarers face tough choices
Dorian LPG cash pile swells with more investor handouts likely Trading update reveals more money in the bank, but revenue lower at US VLGC owner
Baltic Exchange to clean up futures curves after calls from freight derivatives players The work is a necessary part of modernising the freight futures market, IFFAA chairman told TradeWinds
West P&I club reports best underwriting result since 2017 Club reported gross premiums of $326m with growth across business lines
CJC brings in lawyer Ed Harris from Stephenson Harwood Associate solicitor specialises in litigation at the High Court and in arbitration
Baltimore bridge probe reports blackouts minutes before tragedy Inquiry focused on electrical systems after blackouts 10 hours before boxship left Baltimore port
Shell opts to sidestep supply of bio-methanol as a marine fuel in new strategy Major believes pathway for shipping is LNG, bio-LNG and then e-fuels
Fearnley analyst Oystein Vaagen jumps ship to join Tor Olav Troim's Magni Partners Oystein Vaagen will start in June in London
'Hall of famer' John Wobensmith squares off with 'man of the year' George Economou as Genco proxy fight nears This week's Streetwise takes a look at the battle in the Big Apple with both protagonists set to win industry honours
Study aims to cut insurers' exposure to maritime chokepoints Gallagher Re and Oxford University collaboration to map knock-on effects of geopolitical and environmental events
Stolt-Nielsen reshuffles tankers department with new operating and commercial chiefs Maren Schroeder takes over from Lucas Vos, while Bjarke Nissen steps into commercial role
UK Chamber reveals 'urgent' five-point plan for next government to take shipping forward Trade body focusing on 'people, planet and prosperity'
TotalEnergies: Up to 40 new LNG bunker vessels needed by 2030 Nine million tonnes of LNG fuel said to be needed to meet demand in the coming years
Regional Container Lines' first-quarter net profit slides by 33% Intra-Asia liner company says market continues to face challenges
Chinese hackers 'plant malware' on Greek and Norwegian cargo ships Security firm ESET says this is first time group has targeted commercial shipping
Evangelos Marinakis' Capital Gas offloads 22-year-old LNG carrier as sector sales heat up Healthy pricing for older vessels could slim demolition tallies for the year
Adnoc Logistics & Services inks up to four VLAC newbuilding orders in China Abu Dhabi-Chinese joint venture returns to Jiangnan Shipyard for next series of gas carriers
Columbia takes over management of Turkish supramax fleet Schoeller-owned group strikes deal with Transoba Denizcilik in Istanbul
'Blockbusting' record quarter for Avance Gas leads to 'stellar' investor hand-out Boss Oystein Kalleklev upbeat on VLGC prospects for rest of the year
Hapag-Lloyd upgrades full-year profit forecast as container market powers back Sharp turnaround in sector fuels German liner company's results
Siem takes tens of millions in contract backlog in split with Christen Sveaas Sea1 contracts still top half a billion as company reports profitable first quarter
Regional Container Lines sees first quarter net profit slide by 33% Intra-Asia liner company says market continues to be impacted by numerous challenges
China tax waiver could boost Hong Kong shipping stocks High dividend paying companies such as liner companies and ports set to benefit
Hafnia dividend hits record as it reveals bargain purchase options on chartered tankers BW Group company says net asset value has topped $4bn
Shift to shadow tanker fleet exposes 'flawed' price cap scheme UK MPs told G7 governments had not counted on alternatives to Western shipping and insurance services
DOF Group profit rises as subsea segment beats estimates Offshore vessel owner adjusts 2024 guidance
Evangelos Marinakis' Capital Gas offloads 22-year-old LNG carrier as sector sales hot up Healthy pricing for older vessels could slim demolition tallies for the year
Thailand's Regional Container Lines sees first quarter net profit slide by 33% Intra-Asia liner company says market continues to be impacted by numerous challenges
China tax waiver could boost Hong Kong shipping stocks, says analyst High dividend paying companies such as liner companies and ports set to benefit
Refinery owner turns shipowner with very large gas carrier order Yangzijiang Shipbuilding makes debut in newbuilding market for very large ethane carriers
Anger among exporters as Australia bans shipments on livestock carriers Government reacts to negative headlines about animal welfare
Container ship lacked backup system to avoid Baltimore bridge strike In the wake of the Baltimore bridge collapse, NTSB Chief Jennifer Homendy wants states to start testing their bridges to prevent similar catastrophes.
Congress exempts Boeing 767 freighter from 2028 production cutoff A congressional waiver on sunsetting Boeing's production of 767 freighters to comply with international emissions rules will benefit FedEx and UPS.
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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