Allianz: Shipping losses are down, but don't get too comfortable about that While losses of large vessels last year reached a record low, marine insurer Allianz Commercial says that the industry will have its work cut out to maintain this status quo in future.
Eastern Shipbuilding wins contract to build new Fisher Island ferry Eastern Shipbuilding Group (ESG) reports that it has been awarded a contract to construct the newest Fisher Island ferry for the Fisher Island Community Association, Inc. (FICA) in Florida. Designed by Elliott
Havfram books another installation order for one if its giant WTIVs Oslo-headquartered Havfram AS has signed a contract with Iberdrola for the installation of 21 Siemens Gamesa wind turbines at the Windanker project in German Baltic Sea waters. The agreement covers transport and
Ras al-Khair SEZ spurs innovation and investment to establish major maritime hub Aiming to become a hub for technology and innovation, the Ras al-Khair Special Economic Zone is expected to make significant contributions to the Saudi Arabian economy. Key activities in the zone include shipbuilding, offshore rig fabrication, and related services such as maintenance, repair, and operations (MRO). This zone, along with others, supports the Kingdom's Vision 2030 by promoting econo
Red Sea bounce gives carriers bottom line boost Container shipping, it appears, loves a crisis. With the pandemic supercharging carrier incomes, the latest dip has been abruptly halted by the Red Sea diversions which have boosted the major lines' net income by over US$6 billion. Those same diversions could further boost carrier incomes as the peak season volumes see demand soar, according to consultants Maritime Strategy International (MSI). A
Visayas Container Terminal welcomes inaugural CPX6 service call Visayas Container Terminal (VCT), a business unit of International Container Terminal Services, Inc. (ICTSI) at the Port of Iloilo in Panay, Philippines, welcomed the inaugural call of SITC Container Lines' CPX6 service on 6 May. "Iloilo is strategically located at the centre of the Visayas, the second largest economic region in the Philippines. With the region earmarked for future economic devel
Stolt-Nielsen to pay MSC US$290 million to settle MSC Flaminia claim Norwegian chemical shipping group Stolt-Nielsen will pay US$290 million to MSC to settle claims resulting from the fatal explosion that claimed the lives of three crew members on MSC Flaminia in 2012. The parties informed the US courts this week that the matter has been settled. While the terms are confidential, the settlement amount was disclosed in Stolt-Nielsen's 1Q 2024 results, which stated
Box lines' first-quarter margins the best since 2010, bar Covid-boom Liner operators' operating margins for 1Q 2024 have reached the highest since 2010, excluding the period during the Covid-induced boom, according to Alphaliner's report. Average operating margins for the container industry surged back into the black as capacity shortages created by the Red Sea diversions pushed freight rates up by an average of 27% versus 4Q 2023. The aggregate margin for the nin
Sea-Intelligence reports average minimum transit time up 39% on Asia-Med routes The Red Sea crisis has compelled shipping lines to reroute around the Cape of Good Hope, significantly extending sailing distances and consequently increasing transit times. According to Sea-Intelligence, it is important to be cautious when assessing transit times, as impressive figures may be technically possible but often come with a caveat; they pertain to non-competitive port pairs that carri
MSC revises rotation of Asia - North Europe service MSC has decided to revise the rotation of its Swan service, connecting Asia with North Europe and Scan Baltic regions. The rotation will now include the Port of Hamburg, providing a complementary route to Germany, and will continue to include Felixstowe, Antwerp and the Polish ports of Gdansk and Gdynia as before. The first vessel on this revised rotation will be the boxship MSC Daria, voyage num
Maritime Transport to develop Rail Freight Interchange in UK Maritime Transport, a UK's integrated road and rail freight logistics provider, has signed an exclusive agreement to develop, lease, and operate Tritax Symmetry's planned £750 million (around US$950 million) Strategic Rail Freight Interchange (SRFI) at Hinckley National Rail Freight Interchange (HNRFI). Maritime Transport will develop a 160,000m² SRFI, which will be capable of handling 16 trains
Wan Hai Lines launches new South East Asia - India service Wan Hai Lines is expanding its service network in India. In May 2024, Wan Hai Lines introduced the SI8 (South East Asia - India Service VIII), a direct service from Indonesia to West India. The inaugural call of SI8 at the BMCT terminal on 19 May marked a successful launch. In addition, this service includes the traditional Far East region and provides direct routes to ports like Jakarta and Sura
ZIM reports Q1 revenues of over US$1.5 billion, marking a recovery quarter ZIM Integrated Shipping Services, a global container liner shipping company, has released its consolidated results for the three months ending on 31 March 2024. Total revenues amounted to US$1.5 billion in the first quarter of 2024, a notable increase from US$1.3 billion recorded in the same period of 2023, primarily attributed to rising freight rates and carried volume. During the first quarter
SC Ports resumes operations after software issues South Carolina Ports (SC Ports) has restored gate and yard operations, resuming full operations at all marine terminals and Inland Port Greer after the software issue the port authority faced yesterday (21 May). Wando Welch Terminal and North Charleston Terminal will resume normal operating hours from 5:00 am to 5:00 pm local time on 22 May, according to the port statement, while Inland Port Gree
SSA Marine welcomes new president of global container division SSA Marine announced that Nicolas Gauthier has joined the company as President of their Global Container Division. In this new role, Gauthier will utilize his extensive executive experience in international port and logistics operations to oversee SSA Marine's container terminal concessions in the United States, Manzanillo (Mexico), Panama, Chile, Colombia, and Vietnam. "Nicolas' experience leadi
Port of Savannah achieves 8% increase with 441,000 TEUs in April In container trade, the Port of Savannah handled 441,000 TEUs in April, marking an 8% increase, or more than 32,000 TEUs, compared to the same month last year. This made it GPA's third busiest April on record, following 2021 and 2022. In addition, import loads reached 211,900 TEUs in April, an increase of 8.3% or 16,200 TEUs compared to April 2023. Export loads totalled 122,500 TEUs last month, u
Cadeler presses on with another newbuild at COSCO Denmark-based offshore wind installation vessel player Cadeler has firmed up an order for another newbuild at COSCO Heavy Industries in Qidong, China, bringing its future fleet to 11. The BW Group and Scorpio-backed shipowner said its third hybrid design newbuild which can be converted from a foundation installation vessel to a wind turbine installation unit, ...
Seaspan gets stamp of approval for new feeder boxship design British classification society Lloyd's Register (LR) has awarded approval in principle to containership owner Seaspan for its next-generation feeder boxship design. The vessel, measuring 198 m in length and developed by German naval architects Technolog is set to be powered by LNG but can be converted to run on ammonia. LR, Seaspan, and Technolog will ...
Dark fleet flags attempting to bribe states to avoid detention Dark fleet facilitators are attempting to persuade flag states to turn a blind eye to their operations, a new report from one of the world's top shipping inspectorates has warned. The Paris Memorandum of Understanding on Port State Control (Paris MoU) held its 57th committee meeting in Madrid earlier this month, and has just released ...
Van Oord awarded German Baltic Sea wind farm contract Dutch marine construction player Van Oord has secured a new contract from Spanish energy utility Iberdrola for the construction of the German Windanker wind farm in the Baltic Sea. Under the contract with an undisclosed value, Van Oord will transport and install 21 XL monopiles and transition pieces and carry out the design, supply and ...
BNP Paribas seeks significant emission cuts from shipping clients The world's largest ship finance bank, BNP Paribas, has decided to include shipping into its drive to decarbonise its portfolio. In 2022, the group committed to decarbonising its portfolio in three key sectors: oil and gas, power generation and automotive. In 2023, new targets were set for the steel, aluminium and cement production sectors. Today, ...
Lemissoler signs for up to eight methanol dual-fuel ultramaxes in China Cyprus-based bulker player Lemissoler Navigation has ordered up to eight methanol dual-fuel ultramaxes at CSSC-affiliated Huangpu Wenchong Shipbuilding in Guangzhou. The deal, which is China shipbuilding's first in this segment, covers four firm 65,000 dwt units estimated to cost more than $40m each, with options for four additional vessels. Philippos Philis-led Lemissoler first showcased the ...
Stolt-Nielsen agrees to pay $290m settlement over fatal MSC Flaminia incident It took a long time, but the stretched-out legal case over the lethal MSC Flaminia incident has ended in a $290m settlement. The incident took place on July 14, 2012, during which a fire broke out in cargo hold number four during the containership's crossing of the Atlantic Ocean on its way from Charleston, US, ...
Union Maritime bumps up tanker orderbook UK shipowner Union Maritime has further beefed up its tanker orderbook with up to four LR2/aframax newbuilds in China. The Laurent Cadji-led outfit has sealed a deal with Fujian Mawei Shipbuilding and Xiamen Shipbuilding Industry for two firm 113,600 dwt crude and product carriers, with options secured for an additional pair. The SDARI-designed newbuilds will ...
Corio Generation and Bord Gáis Energy team enters Irish offshore wind Corio Generation, an offshore wind portfolio company of Macquarie's Green Investment Group, and Ireland's energy supply firm Bord Gáis Energy have teamed up to explore opportunities to supply the country's electricity market with offshore wind power. The agreement is Bord Gáis Energy's entry into the offshore wind sector while Corio has a global pipeline of ...
Turkish owner hit with $2m oil discharge fine in the US Turkish owner Prive has been hit with a $2m fine by a court in New Orleans for deliberately dumping oil from its tanker, PS Dream, as well as falsifying its oil record book. Separate charges have been filed against Captain Abdurrahman Korkmaz, a Turkish national who was the ship's master. The case stems from the ...
Odfjell Drilling gets $121m semisub extension from Equinor Norwegian energy major Equinor has exercised an option for a batch of eight wells to extend the use of Odfjell Drilling's Deepsea Aberdeen semisub on the Norwegian Continental Shelf. The exercised options are planned to start in the fourth quarter of 2025 in direct continuation of the current firm period and extend the firm backlog ...
International tribunal delivers verdict on climate change and the oceans Yesterday small island states secured a climate win at the International Tribunal for the Law of the Sea (ITLOS), effectively the world court for the ocean. The opinion clarifies states' obligations under the United Nations Convention on the Law of the Sea (UNCLOS) with respect to impacts from anthropogenic climate change on the marine environment. ...
Dolphin Drilling rig to stay put until arbitration over terminated deal ends The Blackford Dolphin, a rig owned by offshore driller Dolphin Drilling, will be forced to stay in Nigeria after all as the Nigerian court placed an existing interim injunction on the rig until an arbitration is concluded. Nigeria's General Hydrocarbons Limited (GHL) has continued making attempts to force Dolphin Drilling to complete the work under ...
AAL adds two more ships to orderbook in China AAL Shipping (AAL) has added an additional two ships at CSSC Huangpu Wenchong Shipbuilding to its order of six 32,000 dwt heavylift Super B-Class vessels. The two additional vessels, to be named AAL Newcastle and AAL Mumbai, will each feature an increased maximum heavylift capability of 800 tonnes, compared to the rest of the Super ...
Panama Canal auction fees surge further in May Dorian LPG says congestion is rising in the Panama Canal as transit slots and auction fees increase, with Argus Media...
Shipping GHG emissions a marine pollutant under UNCLOS, tribunal advises The opinion delivered by the International Tribunal for the Law of the Sea clarifies states' obligations to reduce and prevent...
Secret ship inspection deals and certification scams raise safety concerns Port state control officials have raised concerns about growing amounts of fake seafarer certification scams and several attempts by flag...
Easing global inflation a 'potential tailwind' for dry bulk rates, says Golden Ocean 'Highly supportive' outlook for freight rates forecast on increased tonne-mile demand, low orderbook-to-fleet ratio and congestion levels, says Golden Ocean...
UK economic crime law will be 'game changer' on fraud liability, Maritime London told Economic Crime and Corporate Transparency Act 2023 will apply extraterritorially where UK nexus exists
Container capacity crunch to last until September Container lines are struggling to provide weekly services using the extended route around Africa. The current capacity shortage is unlikely...
Stealthgas posts record first-quarter profits Nasdaq-listed company currently has $180m in secured charter revenues
Bull run rages on for container carriers, but how long will the party last? Freight rates might see a pullback in the second half of 2024 owing to overdrawn cargo volumes caused by early...
AAL boosts premium project carrier newbuild orderbook Addition of two more "Super B-class" ships is a strategic move to strengthen AAL's global industrial project cargo foothold, says...
Iran claims sanctioned satellite services are jeopardising shipping safety Iran's latest complaints regarding access to Global Maritime Distress and Safety System are not expected to gain much traction inside...
International tensions and climate change fundamentally reshaping industry's risk profile, Allianz argues British Isles overtake eastern Mediterranean and Black Sea as top location for casualties over past decade
Okeanis cuts financing costs on VLCC pair Listed tanker owner now aims to secure refinancing to repurchase suezmax from Ocean Yield
Lemissoler Navigation orders up to eight methanol ultramaxes from Huangpu Wenchong Cyprus-based shipowner Lemissoler has ordered four 65,000 dwt ships with an option for another four
Tanker owner fined by US for deliberate oil dumping Vessel owner pleaded guilty in New Orleans federal court, and will result in a $2m fine if plea agreement gains...
Daily Briefing Chinese shipbuilders tighten grip on market | With sale of OSG, privatisation of Jones Act shipping is near complete |...
Carriers AAL, BBC expand MPV, heavy-lift fleets with new orders, deliveries The moves come as the project cargo market is set to continue its growth trajectory, supported by key sectors such as oil and gas and mining.
Container shipping entering a 'precarious balancing act': analyst The current market situation - amid the Red Sea crisis, growing port congestion and a sudden rise in demand -- is similar to the early parts of the pandemic, where insufficient capacity led to the largest rate increases the industry has ever seen, writes Lars Jensen.
Strong demand, port congestion pushes intra-Asia rates to 30-month highs Carriers and forwarders say intra-Asia volumes are growing as long-haul ocean carriers redeploy vessels and omit calls on regional trades to bolster mainline east-west services.
Cosco joins ONE's India-USEC string amid weakening rates from overcapacity The Chinese liner has reached a deal to acquire slot space on the WIN vessels, which local forwarder sources said began with the San Diego Bridge due to have arrived in Nhava Sheva Port on May 19.
Dorian LPG posts record profit as shareholder handouts hit $700m since IPO New York-listed VLGC player pushed up freight rates in its fourth quarter
Tribunal ruling heightens risk of national and regional push to tackle shipping carbon emissions Countries can be called to account through Law of the Sea convention as greenhouse emissions now defined as marine pollution
CoolCo talks charter rates on its 'largest single contract' ever Company leaves market watchers to fill in blanks but is upbeat on LNG carrier demand
StealthGas posts record quarterly profit on strong charter income Harry Vafias-led outfit continues cutting debt in improved markets
Sanctioned Syrian ship manager sentenced to 18 months behind bars after lying in Oaktree legal battle The US claims Greece-based Abdul Jalil Mallah was part of a network smuggling Iranian crude to Syria
Greek owner EcoLog unveils CO2 carrier design from Deltamarin Company preparing to go out to shipyards for its planned newbuildings
BW firm Cadeler splashes $400m on latest newbuilding in China Danish company returns to Chinese shipbuilder for third A-class vessel
Best is yet to come for Golden Ocean this year, analysts say Results were in line with expectations and analysts remarked on the strength of the shipowner's commercial platform
Looming automotive trade war won't crater the car carrier market, analyst argues Chinese electric vehicle exports to Europe have boosted the ro-ro market, but cars go the other way too
Private party: Overseas Shipholding Group joins parade of shipping companies exiting capital markets This week's Streetwise looks at OSG joining the club and why explores why 82 is a special number for Scorpio Tankers
Captain sleeping just prior to grounding of ferry, accident report finds Captain of Scottish ferry had become 'desensitised' to dangers of sailing too close to shore
Shipping's digital 'Christmas tree': New Columbia IT venture taps expertise from aviation Initiative comes to light with major Posidonia exhibition on the horizon
Zim ponders fate of 35 chartered container ships in uncertain market Finance chief Xavier Destriau tells TradeWinds a decision has to be made next year
Evangelos Marinakis stacks VLCC orderbook with LNG dual-fuel newbuildings Greek shipowner has six large tankers on order at CSSC shipyard
Braemar brokers first-ever container freight futures deal on SGX in 'volatile' market Freight forward agreements for containers have never been done before on the Singapore Exchange
'Don't ask us, ask the Houthis': Zim chief addresses shipping's biggest question Israeli line's boss in the dark as to how long Red Sea disruption will last
Veteran Citi transport researcher Christian Wetherbee switches to Wells Fargo Move comes days after Deutsche Bank decision to drop shipping coverage
John Fredriksen's Edda Wind sees technical problems hit first quarter performance Boss Kenneth Walland says issues being fixed after loss of hire
AIS data spoof: Sanctioned Middle East tankers shown at airports Vessel tracking locates several ships on land in Egypt and Lebanon
Eidesvik Offshore eyes dividend return after best quarter in years Shareholders will vote on cash dividend at annual general meeting on 30 May
Western Bulk seeks profit for expanding panamax team after string of new hires Bulker operator recruited three new chartering managers this year
Rogue flag states seek 'secret deals to avoid ship detentions' Paris MoU reveals 'concerning' development amid fears that sections of global fleet are sidestepping regulations
Tanker owner hit with fine for 'deceit and wilful pollution' Prive Overseas Marine to serve four years' probation after oil waste dumping off New Orleans
MOL nets fresh long-term LNG carrier time charter with trading giant JERA Large Japanese trader signs up to 2026-delivering vessel as it backs LNG as transition fuel
Peter Georgiopoulos and Leo Vrondissis venture sells product tanker at a profit Athens company's spin-off UOP offloads one of two tankers part-owned by ADS Maritime
Avance Gas finance chief Navdal Bekkelund exercises stock options to cash in $1.8m CFO holds no share options in the company after the transaction
Norway's NRP Project Finance starts 2024 with fresh deals worth $76m Shipping investor bought two bulkers and two feeder vessels
ADS Maritime cashes in Golden Ocean shares as Navig8 VLCC deal extended Norwegian investor has seen big jump in bulker owner's stock since it invested
Idan Ofer-controlled CoolCo seeks new charters for three LNG carriers LNG spot market likely to remain 'substantially detached' from multi-year or long-term business
Golden Ocean banks strong profit as spot market pops in 'counter-seasonal' first quarter First three months was even stronger than the final quarter of last year
George Economou banks $6.75m after dropping opposition to OceanPal board Greek tycoon and boardroom critic is reimbursed for his strategic advice and "out-of-pocket" expenses
Norway's NRP Project Finance starts 2024 with fresh deals worth $76m Shipping investor bought two bulkers and two feeder vessels
Idan Ofer overtakes John Fredriksen to become UK's richest shipowner Strong markets last year boost the fortunes of shipowners making the annual list
Shipping under threat from geopolitical strife and tech-backed attacks Allianz report says industry faces a volatile world even with total losses at record low
Okeanis tackles debt cost by refinancing a tanker and slashing interest rate on another Danish Ship Finance provides new loan for VLCC Nissos Kythnos
Borderlands Mexico: Mexican ports' 2024 cargo volumes up 18% through April Mexico's major seaports handled a record 2.9 million twenty-foot equivalent units during the first four months of the year.
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