VIDEO: White House briefing on Baltimore bridge response "It's my intention that the federal government will pay for the entire cost of reconstructing that bridge and I expect the Congress to support my effort," President Biden pledged yeserday as he
Corps supporting recovery operations following Baltimore bridge collapse The Baltimore Engineer District activated its Emergency Operations Center March 26, clearing the way for more than 1,100 engineering, construction, contracting and operations specialists to provide support to local, state and federal
Baltimore bridge disaster could have a $10 million impact on Carnival Corporation earnings Cruise giant Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) followed yesterday's announcement of its second newbuild order this year by reporting record first quarter earnings and all time high bookings. Still,
Sunrise Wind passes two new milestones Yesterday the Sunrise Wind project received its Record of Decision (ROD) from the Bureau of Ocean Energy Management (BOEM), crossing a critical milestone in the federal environmental review process. The ROD formally
APM Terminals Moín handles over 6 million TEUs in five years of operation In just over five years since the launch of its operations in 2018, APM Terminals Moín (TCM) has handled over 6 million TEUs. Throughout this period, container volumes have shown growth, increasing from 1 million TEUs in 2019 to 1.3 million TEUs in 2023. Moreover, the average monthly number of vessels calling at the terminal has risen from 12 in 2018 to over 89 in 2023, marking a threefold increa
Port Houston appoints new Commissioner On 22 March 2024, Houston Mayor John Whitmire administered the oath of office to Thomas Jones, Jr., to serve a two-year term as a Port Commissioner of the Port of Houston Authority. Commissioner Jones will attend his first Port Commission meeting in this capacity on 26 March. "Port Houston is the busiest waterway in the nation, and I am confident that my new appointment will improve City and Port
Maersk renews seasonal South Africa - Europe service Maersk has decided to renew its seasonal inland and ocean offering from the Eastern Cape load port of Gqeberha in South Africa to North and South Europe. The Danish ocean carrier said that with a network of seven vessels each with approximately 450 plugs, it will offer weekly coverage starting in May 2024. Maersk's "Fruit Bridge" Service will connect exports from Gqeberha to various destinations
ZAL project of Port of Valencia underway The Port Authority of Valencia (PAV) has announced the launch of the ZAL project (Logistics Activities Zone) of the Port of Valencia. The Board of Directors of Valencia Intermodal and Logistics Platform (VPI-Logistica) decided to initiate all the necessary procedures to activate the project. The Board of Directors of VPI-Logística, chaired by the president of the PAV, also incorporates the new di
ONE upgrades online booking process Singapore-headquartered container carrier Ocean Network Express (ONE) has announced the launch of "enhanced booking process" through ONE QUICK Booking. "This enhancement will make your booking experience smoother, quicker, and more personalized," said the company in a statement. Through Pattern Booking, ONE's clients will be able to check their top six frequently used routes and booking details a
Hope for Baltimore bridge survivors vanishes Any hope of rescuing victims following the collapse of Baltimore's Francis Scott Key bridge has evaporated according to the US Coast Guard, which called off the search after dark yesterday. According to US emergency services, there were eight maintenance staff repairing the potholes in the road when the Maersk-operated, 10,000 TEU Dali crashed into the bridge, which immediately collapsed. Two wor
Port of Melbourne reports container growth in February In February, the total container throughput at the Port of Melbourne increased compared to the same month in 2023, reaching a total of 262,250 TEUs. The Australian port's full container imports (excluding Bass Strait) saw an increase in volumes in February, with furniture, machinery, domestic appliances, and paperboard all surpassing last year's levels. Similarly, full container exports (excludin
Box lines' stock prices fade as Red Sea crisis windfall slows Stock prices of listed liner operators, which rose at the height of the Red Sea crisis, have corrected in tandem with freight rates, according to Alphaliner's report. Maersk and Hapag-Lloyd, which will form Gemini Cooperation in February 2025, have seen their stock prices falling as their forecasts for 2024 are the lowest among listed box lines. At the start of this week, only Evergreen Marine Co
The accident history of ship that crashed into Baltimore bridge The 10,000 TEU container vessel Dali that hit Francis Scott Key Bridge in Baltimore has been involved in another shipping accident back in 2016. In particular, the boxship smashed into a quay at the port of Antwerp in Belgium on 11 July 2016, as it was exiting the North Sea container terminal. Maersk to omit Baltimore calls as Singapore authority reveals ship "lost propulsion" before incident The
Georgia Ports Authority approves US$65.6 million investment in Ocean Terminal The Georgia Ports Authority (GPA) has authorised contracts totalling US$65.6 million for container yard enhancements at the Port of Savannah's Ocean Terminal, an 810,000 m² facility situated just downriver from GPA's primary container port. "We're very pleased with the progress on improving Ocean Terminal's container handling capability. We're on track to see greater container capacity by late 20
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Hiab secures US$5.4 million order for offshore wind turbine loader cranes Hiab, a division of Cargotec, has secured a significant US$5.4 million order for loader cranes which will be used in offshore wind turbines. The machines are scheduled to be delivered during the current year. The specific crane model ordered is the HIAB SWP, meticulously tailored for servicing operations in offshore wind turbine installations. Installed in the nacelle, which houses the turbine's
Bunker indices on an upward trend During the twelfth week of the year, the Marine Bunker Exchange (MABUX) global bunker indices experienced a consistent upward trajectory. The 380 HSFO index climbed by US$11.49 to US$547.67/MT. Similarly, the VLSFO index saw a gain of US$15.95, reaching US$693.06/MT, nearing the US$700 threshold. Additionally, the MGO index surged by US$18.91 to US$914.15/MT, surpassing the US$900 mark. "At the t
KEZAD Group and Green Metal Industries partner for US$100 million steel recycling facility KEZAD Group, the major operator of integrated and purpose-built economic zones in Abu Dhabi, has partnered with UAE-based Green Metal Industries to establish a state-of-the-art special steel recycling and production facility within KEZAD. This agreement involves a substantial investment of US$100 million. The facility will employ advanced recycling technologies, including a melt shop, refining fa
Sinokor takes Euronav VLCCs South Korea's Sinokor Merchant Marine is staying active in the secondhand market with another play in the VLCC sector. The South Korean shipowner has been named as the buyer of three ships that Belgian tanker giant Euronav announced as sold last week. Brokers are reporting a deal for an en bloc purchase of the 2008-built ...
UECC developing cashew nutshell liquid-based biofuel for maritime use In collaboration with Lloyd's Register Fuel Oil Bunker Analysis Advisory Service, Wartsila, and biofuel supplier ACT, United European Car Carriers (UECC) has been assessing and evaluating a cashew nutshell liquid (CNSL)-based biofuel. As part of this partnership, ACT created a CNSL-based biofuel known as FSI.100. Following testing on various blend combinations the biofuel received approval ...
Stena Drilling to upgrade Stena Evolution ultra-deepwater drillship Stena Drilling, a subsidiary of Sweden's Stena, has announced it would be upgrading its 7th generation drillship to enable drilling and completing wells requiring 20,000 psi pressure controls. The drillship is already equipped to handle a wide range of drilling operations, including exploration, development, and production activities in offshore oil and gas fields worldwide. The ...
Union Maritime in for more Wuhu tankers UK shipowner Union Maritime has increased its tanker orderbook with six newbuilds contracted at China's Wuhu Shipyard. The Laurent Cadji-led outfit has signed up for four more 18,500 dwt chemical tankers and a pair of 49,000 dwt MR2 vessels, worth about $210m in total. Founded in 2006, the London-based company lists a diversified fleet of ...
Dynacom boosts suezmax orderbook at New Times George Procopiou has returned to New Times Shipbuilding in China for a series of suezmax newbuilds. Procopiou's Dynacom Tankers has booked eight 158,000 dwt ships at one of its most trusted yards, where it also has LR1s and VLCCs under construction. The Athens-based company, with over 60 tankers under management and a massive newbuilding orderbook ...
McDermott bags offshore contract in Malaysia Houston-based offshore contractor McDermott has struck a deal with PTTEP Sabah Oil for offshore transportation, installation and commissioning work at the Kikeh subsea gas lift project, offshore Sabah in East Malaysia. The contract worth up to $50m covers removal of the existing flexible gas lift riser and installation and commissioning of a new dynamic riser ...
Ocean Installer awarded more work by Equinor Marine construction contractor Ocean Installer has secured more work with Equinor in the Norwegian Sea. The new contract covers the so-called subsea lines modification (SLM) project on the Åsgard A production vessel, adding to previously secured projects in 2023 on Vigdis, Visund, Åsgard C and the Northern Lights CO2 pipeline. The scope of work involves ...
US reveals further sanctions on tankers linked to Iranian oil trade The US has slapped sanctions on two more tankers and related players for their involvement in shipments of Iranian commodities to fund the activities of Iran's Quds Force, the Houthis, and Lebanon's Hezbollah. The Department of Treasury has blacklisted the Panama-flagged suezmax tanker Dawn II and its Liberia-based owner Hassaleh International as well as the ...
Blue Water awarded logistics contract by Yinson Production for Angola-bound FPSO Danish logistics provider Blue Water Shipping has sealed a deal with Singapore-based floater specialist Yinson Production for the transportation of topside modules for the Agogo floating storage, production and offloading vessel. The AGOGO FPSO will be operated by Yinson Production in the West Hub field of Block 15/06 offshore Angola for Azule Energy, a joint ...
Dali crew hailed as 'heroes' as details emerge of deadly Baltimore bridge smash The president of the United States yesterday hailed the rapid actions of those onboard the ill-fated Dali containership in the moments before it slammed into a bridge in Baltimore, saying they had saved many lives. Six people carrying out road repair on the Francis Scott Key Bridge are presumed to have died when they fell ...
Final ruling in long battle over the will of Evergreen founder The will of Chang Yung-Fa, the founder of the Taiwanese global liner Evergreen, to leave all his deposits, stocks, and real estate to his second son Chang Kuo-Wei has been upheld in court. After Chang died in January 2016, a will emerged in which he left most of his NT$14 billion ($437m) fortune to his ...
Cadeler pens deal for Wind Scylla installation vessel Denmark-based offshore wind installation player Cadeler has won a contract for the wind farm installation vessel Wind Scylla with an undisclosed client. BW Group and Scorpio-backed company said that the contract had a value between $75m and $150m, including both the firm period and potential options. The installation work is set to begin in 2025. ...
"Oslash;rsted, Eversource take FID on Sunrise Wind following US green light Partners in the 924 MW Sunrise Wind project have taken a final investment decision (FID) in the project after the US Department of Interior gave it the all-clear. After the US Department of Interior's Bureau of Ocean Energy Management (BOEM) gave the project a record of decision "Oslash;rsted and Eversource announced they have jointly taken ...
New shipbuilding risk cover launched at Lloyd's A new shipbuilding risk cover has been launched at Lloyd's of London. The Builders' Risk Consortium has been formed by Apollo in partnership with Munich Re and Tokio Marine HCC International. The new consortium offers brokers lead line capacity up to $75m on each vessel. "The need for lead capacity in London comes as the ...
Pacific Basin readies new propeller coating across its giant fleet Hong Kong dry bulk giant Pacific Basin has decided to apply a sustainable graphene-based propeller coating, XGIT-PROP, across its entire fleet. The biocide-free hard foul release coating, developed by Canadian company GIT Coatings, has demonstrated the potential to enhance vessel performance by up to 4%, the two companies stated in a release citing data from ...
Gazprom takes over former Shell Sakhalin-2 stake for $1bn Russian state-controlled energy giant Gazprom has bought a 27.5% stake in LNG producer Sakhalin Energy, previously held by Shell, for 94.8bn roubles ($1.02bn). The ex-Shell stake in Sakhalin Energy will be sold to a company named Sakhalin Project, fully owned by Gazprom. Before this acquisition, Gazprom owned 50% of Sakhalin Energy while the two other ...
Prices for private maritime security guards shoot up Prices for private maritime security guards onboard have shot up this year, new analysis from sister title Splash Extra shows. With the Red Sea disruption created by the Houthis latterly combining with resurgent pirate attacks off Somalia, demand for armed guards has leapt in 2024, and with it prices have shot up with three-day transits ...
The unsung hero of shipping decarbonisation: the MARPOL Convention Aoife O'Leary, the CEO and founder of Opportunity Green, writes for Splash today on one of the key takeaways from last week's environmental discussions in London. The International Maritime Organization has been debating how to reduce emissions from international shipping for decades now. But in last week's discussions at the 81st Marine Environment Protection Committee (MEPC ...
Costs for armed guards onboard rocket Amid a tight supply and demand situation, prices for private maritime security guards onboard have shot up dramatically this year, rekindling the era of Somalian piracy more than a decade ago. The disruption brought about by the Houthis' campaign to target more than 70 merchant ships over the past five months has seen traffic slump ...
Reining in black swans Are we, the media, guilty of using the term black swan a tad too much? One encyclopaedia describes a black swan event as "unexpected and therefore difficult to prepare for but often rationalised with the benefit of hindsight as having been unavoidable". A quick check of the Splash archives and I'm relieved to see we ...
March 2024 Review The Red Sea shipping crisis entered a dark new chapter with the first seafarer deaths. The Houthis fired a missile on March 6 at the True Confidence, a 13-year-old, 50,448 dwt bulk carrier. The missile struck near the stern of the vessel. Three crew - a Vietnamese and two Filipinos - died, and two more ...
March's tanker rollercoaster Oil prices continued to rise in February and March with WTI increasing from $76.49 on February 23 to $80.63 on March 22. Over the same period, the OPEC basket price increased from $82.23 to $85.56. Traders pointed to OPEC+ continuing its production cap, to improving economic conditions in China, and to rising geopolitical tension, particularly ...
A sense of euphoria sweeps through dry bulk Having spent the National Party Congress talking up the prospects of artificial intelligence and the digital economy, China's government returned to form afterward and opened the credit spigots as wide as possible, flooding the property and industrial sectors with cheap cash and driving economic activity. Industrial production rose 7% in January and February, the fastest ...
Container shipping adjusts to new reality After US containerised imports were up 9% in January, they rose 6% in February to 2.14m teu, a higher number than most pundits expected. This points to continuing anti-gravitational energy in the US economy. Reflecting the recovery from the pandemic, the year-on-year growth in February's imports was 23%, though the quantum remains below the best ...
Analyst Abstract Tankers Without recycling, the 20+-year-old segment of the VLCC fleet will grow from 97 to 154 ships by the end of next year, according to new analysis from Braemar. Over the same period, the old suezmax fleet will grow from 76 ships to 120 ships. The old afra/LR2 fleet will grow from 152 ships to ...
Dry bulk prices lead the charge Soaring prices for dry bulk ships have grabbed the most headlines in the S&P scene this month. Brokers argue that what we are witnessing is not a spike and that the coming weeks will see pricing to support the new levels, but in a calmer, more orderly fashion than has been evidenced in March. Due ...
Just how much would you pay to buy the Ever Given? Ship valuations are a source of huge divergence and frustration for many. While submitting a car owned by one of our editorial team for a valuation on multiple sites yields a variance of 12.9%, a simple exercise carried out Splash Extra - seeking the price of one famous ship - showed a near doubling - ...
The Baltic Exchange on the financial impact of rerouting disruptions "Successful investment in shipping is all about timing," says Mark Jackson, the CEO of the Baltic Exchange, while discussing how secondhand ship prices have leapt over the past six months. Ongoing challenges in the Red Sea and the Panama Canal are causing dry bulk and tanker vessels to reroute, leaving shipping companies with several tough ...
Port worker reports 'severe electrical problem' aboard Dali prior to Baltimore incident The 9,900 teu containership Dali which lost propulsion ahead of striking the Francis Scott Key Bridge was experiencing severe electrical...
LR2 spot rates face 'first real test' after Houthi-driven surge Product tanker rates have outperformed in 2024, with Red Sea disruptions playing a major role. It's too early to tell...
Vehicle carriers divert from Baltimore with most ro-ro terminals cut off Wallenius Wilhelmsen's Carmen remains marooned at the Mid-Atlantic Terminal north of the Francis Scott Key Bridge. Meanwhile, a VW-operated vehicle carrier...
Marine insurers face billion-dollar payout on Baltimore bridge collapse Exposure on physical damage, loss of life and personal injury, cargo and delay claims could nudge total bill towards ten-figure...
TEN posts new record profit as tanker earnings stay strong Greece-based owner doubles semi-annual payout to shareholders
ONE's ambitions throw down gauntlet Ocean Network Express wants to play in container shipping's premier league. But that raises questions over who faces relegation
Carnival signs order for 11th Excel-class newbuilding With the cruise sector having fully recovered from pandemic lockdowns Carnival Corporation, the world's largest operator of cruiseships, has confirmed...
Carriers begin to reroute following Baltimore bridge collapse Neighbouring ports should be able to easily take vessels that can no longer call at Baltimore. But some delays to...
Six presumed dead as US Coast Guard suspends Baltimore search US Coast Guard said the search was moving to 'a different phase' as the time elapsed meant the six missing...
Daily Briefing Six still missing after Baltimore bridge collapse | Vessels divert following Baltimore bridge collapse | P&I clubs face huge bill...
Northeast ports prepare for Baltimore-bound freight as shippers scramble Some of the 18 container ships that were due to arrive at the now-closed Port of Baltimore over the next couple of weeks are now scheduled for new calls at New Jersey, Norfolk and Philadelphia.
Trucking squeezed, but not crushed, by Baltimore port closure Freight diversions to more distant ports will raise trucking costs for US importers and shippers, but excess truckload capacity is expected to dilute the disruption.
US judge throws out Yellow's $137 million lawsuit against Teamsters The bankrupt LTL provider failed to exhaust grievance procedures in its own contract as it battled the Teamsters over restructuring plans, a US District Court ruled.
Downward shift in India-Europe spot rates continues amid capacity glut Still, forwarders generally believe that while prices have room to fall further, it's unlikely the market will return to the end-2023 pre-crisis pricing trendline so long as the uncertain security situation in the Red Sea persists.
Maersk integrator strategy under growing scrutiny amid DB Schenker interest Maersk has been a lone exception to the truism that customer demands for neutrality inevitably lead carrier-owned forwarders to be structurally independent.
Port worker: Dali had power issues for two days prior to ill-fated departure Vessel is aground with fulll load of fuel oil and some hazmats, but no sign of hull damage
Capesize rates take another big knock as momentum slows, but tonnage lists are falling Average capesize spot rates have fallen by around 35% since mid-March
Ukrainian seafarer found hanged on ship struck by Houthi missile It is unclear if apparent suicide is linked to missile hit in the Red Sea two months ago
Tsakos Energy Navigation confirms shuttle tanker order as it posts record annual profit Greek tanker owner, however, saw impairment charges slow down its fourth-quarter profit
'Huge' Baltimore crash claims will write a new history for insurance sector Expert Patrizia Kern-Ferretti shares her thoughts on US tragedy with TradeWinds
Carnival narrows first-quarter loss amid record revenue As its post-Covid turnarounds continues, cruise major hails 'fantastic' start into the new year and raises guidance
Maersk hits back at accusations of 'profiteering' from carbon emission charges Carrier rebuffs green lobby claims that lines are charging more than the cost of carbon surcharges
One Baltimore port facility remains open despite bridge collapse A massive set of terminals and warehouses just west of the bridge is still operational
US sanctions biting payment processing for Russian oil Banks in the UAE, Turkey and China ratchet up compliance measures as Washington pours on pressure
Clarksons teams up with Norwegian owner Peak Group for North Sea agency business UK shipbroker agrees cooperation deal to boost logistics operations
VLGC giant BW LPG sees 'promising opportunities' in LPG shipping CEO says US dual listing will expand investor base
'Thankfully rare': Ship collisions have collapsed 35 bridges over last 60 years Research tallies 342 deaths from incidents like the Baltimore disaster
Why investors are once again crowning John Fredriksen the tanker king after Frontline-Euronav battle royale Belgium's Saverys family may yet prevail in the green game, but today investors remain wary
Vafias spin-off C3is to slash share count as profit mounts Bulker and tanker owner goes for reverse stock split to deal with Nasdaq pricing woes
Baltimore bridge disaster: Insurers and lawyers leap into action after 'largest single incident in recent times' Sources tell TradeWinds thousands of interested parties will be looking for someone to sue
Singapore maritime regulator to help investigate Baltimore bridge disaster Investigators head to US as rescue mission transitions to recovery effort
Economou extends offer to buy Performance as first shareholders agree to sell Greek shipowner is stretching his takeover bid to June as court battles rumble on
Shipping to take key place in government-backed Athens ocean policy forum The aim is to bring shipping together with the global ocean community
Russia clears Sokol crude backlog as final sanctioned Sovcomflot tanker reaches China Aframax Sakhalin Island docked in Tianjin earlier on Wednesday
Odfjell CEO Harald Fotland made over $1m in best financial year ever Oslo-listed shipowner CEO says company is in a 'firm position'
Spain tracks Russian tanker and two assault ships through its waters Product carrier Kola was being escorted by warships, ministry of defence says
Six missing workers now presumed dead after Baltimore boxship bridge crash Search continues following catastrophic collapse on Tuesday
BW LPG boss Kristian Sorensen takes home $2.6m in top year for VLGC owners CEO says US dual listing will expand investor base
Pacific Basin to coat propellers of entire owned fleet with graphene Hong Kong shipowner expects significant reductions in environmental impact and operational expenses
Merger integration is 'something that never ends', Cadeler boss Gleerup says BW-backed WTIV giant's boss is not being complacent despite smooth tie-up with Scorpio's Eneti
Baltimore bridge-smash boxship previously involved in 2016 Antwerp collision Maersk-chartered Dali hit the side at Belgian port eight years ago
Carnival returns to Meyer Werft for second newbuilding in 2024 Cruise giant says new order continues to balance its commitment to growth with responsible capital utilisation
Singapore's maritime regulator to assist with investigation into Baltimore bridge collision Singapore investigators head to Baltimore as rescue mission transition to recovery effort
Dubai player Gulf Energy Maritime linked to Scorpio product tanker pair Reported purchase of MR brace would mark GEM's first expansion in 12 years
Port of Baltimore's indefinite closure deals blow to city, state economy The Port of Baltimore's indefinite closure could cost the state of Maryland as much as $1 billion in total value of goods and services, analysts say.
UPS to close 200 sort centers in modernization push UPS told investors it is leaning into automation and robotics to increase parcel capacity, which in turn will allow the company to operate fewer physical facilities.
FedEx pilots pick third union chairman since last summer The FedEx pilots union has a new chairman who is more aligned with the majority of the Master Executive Council, which wants to press FedEx harder on a new contract.
Orient Overseas (International) Limited (OOIL), the subsidiary of the Chinese shipping group COSCO Shipping Holdings that operates containerized maritime transport services with ...
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