GAO: Design instability has stalled Constellation-class frigate construction In a report prepared for the House Committee on Armed Services, the U.S. Government Accountability Office (GAO) says that the Navy's lead Constellation class guided missile class frigate is forecast to be
Bulker survives multiple missile strikes as Houthi attacks mount Shipowners and charterers who are averse to taking calculated risks with their ships, cargo and crew may have to divert even further to avoid Houthi attacks. Yesterday came news that a Greek-owned
2M alliance changes California terminal on Transpacific service 2M alliance has announced a terminal change on its TP 8/Orient service, a Transpacific service connecting Asia and the United States West Coast. As of 5 July 2024, beginning with the vessel Maersk Shivling voyage 424, the service operated by Maersk and MSC will operate in Los Angeles (Pier 400) instead of Long Beach (Pier T). "There will be no changes to transit times as a result of the new termi
Rates climb on early peak season and capacity stretched thin Carrier adjustments due to Red Sea diversions - the use of more vessels travelling at faster speeds, together with heavier reliance on transshipment - for the most part succeeded in keeping containers moving on schedule through March and April. But alongside the success were gradual signs that carriers were falling behind: pockets of congestion, increases in port omissions, delays and missed depa
DHL expands Germany's campus with new logistics centre DHL Supply Chain is expanding its multi-user campus in Leipzig/Halle with the construction of a new logistics centre, which will offer 34,000 square meters of space and accommodate up to 55,000 pallets. The facility's construction is expected to take about ten months. The topping-out ceremony for the new logistics centre in Halle (Saale), Germany was attended by key figures from DHL Supply Chain
Autonomous terminal tractor testing begins at Sweden's port In collaboration with Terberg Special Vehicles and EasyMile, the Port of Helsingborg is pioneering the Autonomous Terminal Tractor Test. This initiative involves testing a driverless vehicle in the Swedish port's container terminal. Initially, the tests will be conducted outside of regular operations, with plans to integrate live testing during peak operations by autumn. The primary aim is to ass
COSCO secures first full-container industry chain transformation finance project COSCO SHIPPING Development and Standard Chartered Bank (China) Limited have entered into a framework agreement focussed on transforming the container industry chain and fostering sustainable finance, which includes a committed credit line of CN¥3 billion (US$400 million). The signing of this cooperation agreement is expected to enhance ongoing information exchange between the two organizations at
Kuehne+Nagel opens new facility in Texas Global logistics company Kuehne+Nagel has announced the opening of a new facility in El Paso, Texas, US. This new, larger site spans 33,730 m² and consolidates four warehouses from across the border into a single location. As global firms increase investments in Mexico due to the rising trend of nearshoring, Kuehne+Nagel is establishing this site to support customers in redesigning their supply c
Hutchison Port Holdings Trust, Beibu Gulf Port Group ink cooperation agreement Hutchison Port Holdings Trust (HPH Trust) and Guangxi Beibu Gulf International Port Group Company Limited (Beibu Gulf Port Group) have signed a memorandum of cooperation, marking a step towards strengthening collaboration across ports and logistics sectors, while promoting economic and trade exchanges between Guangxi and Hong Kong. This partnership is set to expedite the growth of the Guangdong-H
Florida's SeaPort Manatee orders Konecranes equipment SeaPort Manatee will bring extra capacity to container and general cargo handling at their operations in Tampa Bay, Florida with two Konecranes Gottwald ESP.7 Mobile Harbor Cranes. After the port ordered the first crane in the first quarter of 2024, it quickly decided to take a second optional crane at the beginning of the second quarter to keep up with fast-growing demand. Both cranes will be de
MSC announces new freight rates from North Europe to North Med MSC has announced the following freight rates effective from 1 July 2024 (gate-in date) until further notice for all dry cargo from North Europe (NWC, Scandinavia, Baltic) to the North Mediterranean, including Turkey, Greece and the Black Sea. All prices are in euros Port of loading Port of discharge Commodity 20 DV 40 DV-HC New Base rate 20 DV Former Base rate 20 DV Delta New Base rate 40 DV-HC
Megamax fleet now forms half of global boxship fleet The number of ships of 18,000 TEUs and above has exceeded 4 million TEUs, due to substantial orders during the Covid boom, according to Alphaliner's report. At 4.1 million TEUs, these large ships, termed megamaxes, now account for more than half of the container shipping capacity of 7.2 million TEUs. The first megamax ship was the 18,340 TEU Maersk McKinney Moller, which entered service in 2013.
RoadOne IntermodaLogistics invests in new facility near Port of Charleston RoadOne IntermodaLogistics, a provider of intermodal, warehouse and logistics services, announces a significant investment in a new distribution and transload facility near the Port of Charleston in Summerville, South Carolina. Spanning nearly 405,000 m², this site will be developed in two phases. Phase one will introduce a cutting-edge facility covering 35,800 m² and 52,600 m² of designated trai
Ossontrustgroup.com Review: Low Dormancy's Vital Role in Osson Trust Group's Expansion While molding a trade site for Osson Trust Group, low inertia has become critical to ease off financial activities. It is major for conveying an extremely speedy, valuable, and solid business experience to clients on the exchange site. It requires vigilant preparation, foundation improvement, and noteworthy advancements to accomplish ideal execution. Concerning the monetary business region, parti
Ellerman City Liners launches new China-Morocco-UK service Ellerman City Liners, a UK shipping company, has announced a new container service connecting China with the United Kingdom and Europe. The ocean carrier will deploy two vessels, Cape Hellas and Buxfavourite, calling at Ningbo (China), Da Chan Bay (China), Casablanca (Morocco) and Tilbury (UK). "Comprehensive service options and seamless connections are also offered to major European ports includ
Port of New Orleans appoints new acting president and CEO The Board of Commissioners of the Port of New Orleans (Port NOLA) has formally confirmed that Ronald J. Wendel Jr., currently serving as Port NOLA's executive vice president and chief financial officer, will be acting president and CEO of Port NOLA and acting CEO of New Orleans Public Belt Railroad (NOPB), a Class III railroad and a subsidiary of Port NOLA. Wendel will assume his new roles in Jun
TT Club urges better inventory management to cut supply chain risks TT Club, a specialist liability insurance provider for the international freight and logistics industry, emphasizes that focusing on often overlooked aspects of supply chain operations can significantly mitigate risks in the processes. Effective control of systemic stockholding, order flow, and other inventory management processes is essential, according to TT Club. Analyzing past claims related
CNC commences new service between Japan and Indonesia CNC will be launching the new weekly Japan Indonesia (JPI) service on 1 June to offer direct access to Indonesia from five main Japanese ports in Tokyo, Yokohama, Shimizu, Nagoya and Kobe. "By opening a direct route to Jakarta and Surabaya, Indonesia's two largest seaports, JPI provides enhanced coverage and connectivity to the growing demand for reliable freight transportation between Japan and
PSA and PIL complete first low-carbon shipment trial PSA Singapore and Pacific International Lines (PIL) have successfully completed their inaugural trial of low-carbon green shipments, aiming to create a more sustainable end-to-end supply chain ecosystem. This pilot trial stems from a Memorandum of Understanding signed in October last year between the two long-time partners, focusing on green and sustainability solutions to decarbonize supply chai
Singapore congestion reaches 2 million TEUs Congestion at the port of Singapore has reached 2 million TEUs, according to consultancy Linerlytica, which has said that equipment shortages and a lack of tonnage had conspired to raise the spectre of cargo delays and high freight rates as seen during the pandemic. The spike in congestion at the world's second-busiest container port in Singapore has seen carriers prolong charter agreements and o
Subsea 7 scores Petrobras contract worth more than $1.25bn Subsea 7 has landed what it describes as a "super-major" contract worth over $1.25bn with Brazil's Petrobras. The deal will see the Oslo-listed offshore services player work on the Búzios 9 field development, located some 180 km off the coast of Rio de Janeiro in the pre-salt Santos basin. The work scope includes engineering, procurement, ...
Cyan Renewables partners with South Korean CTV player DRS KWP Singapore-based offshore wind vessel player Cyan Renewables has partnered up with South Korean crew transfer vessel operator DRS KWP for future offshore wind operations and maintenance tenders in the country. The subsidiaries of Seraya Partners and Dae-Ryuk Shipping (DRS) have signed a memorandum of understanding under which DRS KWP will be focusing on providing CTVs ...
ADNOC lines up LNG carrier newbuilds at South Korean yards ADNOC Logistics & Services (ADNOC L&S) has sealed a deal to boost its LNG carrier fleet with at least six more newbuilds. The shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC) has inked letters of intent with Samsung Heavy Industries and Hanwha Ocean for three ships each, valued in total at ...
Yinson Production issues over $1bn in notes to refinance FPSO Anna Nery Singapore-based Yinson Production has announced a successful pricing of $1.035bn in senior secured notes issued by Yinson Boronia Production, the owner and operator of the FPSO Anna Nery. The unit will work for Petrobras under a 25-year contract in the Marlim field offshore Brazil. Yinson Production holds 75% while Sumitomo holds the remaining 25% of ...
Tsao rebrands IMC One of the grand old names of Asian shipowning has had a rebrand, harking back to its origins. Frederick Tsao-led IMC Pan Asia Alliance has become TPC (Tsao Pao Chee). The name is the original trade name of the Tsao family business, which dates back to the late 1800s, during the Qing dynasty. It has ...
Lars-Christian Svensen steps down as Golden Ocean CEO Lars-Christian Svensen is stepping down as chief executive of John Fredriksen-backed dry bulk player Golden Ocean Group. Svensen, who stepped up in June last year to become interim head before taking a permanent position in January, has decided to seek new opportunities, Golden Ocean said in a filing Wednesday, adding that he would be available ...
New container terminal slated for Delaware The state of Delaware is to get a new container terminal. Enstructure, the company running the port of Wilmington, has teamed up with the state to develop a site at a former refinery in Edgemoor along the Delaware river. The $635m planned terminal will take about three years to build its first phase which will ...
Ukraine gets plugged back into the global container trades Ukraine is being plugged back into the global container trades. After more than 800 days since Russia embarked on its full-scale invasion of its neighbour, global carriers are making a return to Ukraine, even as the nation's ports remain under attack. German carrier Hapag-Lloyd this weekend becomes the first mainline operator to start offering containerised ...
MSC presses on with Gram Car Carriers takeover Mediterranean Shipping Co (MSC) has moved closer to taking over Norway's Gram Car Carriers (GCC), with the largest shareholders agreeing to the deal. The Swiss-based liner giant officially launched a voluntary cash offer of NOK263.69 per share via its subsidiary SAS Shipping Agencies Services earlier this week. The deal values Gram at about $700m. F. ...
Ørsted settles cancellation of two New Jersey offshore wind projects for $125m New Jersey Governor Phil Murphy has announced that a settlement was reached between state agencies and Danish offshore wind developer Ørsted over two cancelled offshore wind projects in the state. Ørsted said last October that it decided to cease the development of its Ocean Wind 1 and 2 projects as a consequence of additional supplier ...
Ellerman brand resumes Asia-Europe sailings amid box boom There's been plenty of reporting on how today's sky-high liner earnings mirror the covid era. Container shipping spot rates have leapt dramatically in May to all-time highs - outside of the pandemic period - with many analysts noting the similar conditions, namely a sudden jump in demand, leading to a constrained fleet, then leading to ...
Noble wins UK North Sea well intervention work for jackup Offshore drilling giant Noble Corporation has won a rig contract for well intervention from Harbour Energy in the UK part of the North Sea. Harbour Energy hired the Noble Resilient jackup for a well intervention campaign which would last between 30 and 70 days with an estimated start in July 2024. This contract will start ...
Geologic hydrogen's potential impact on shipping analysed "Maybe this will crash the wifi network, but I would encourage people to pull out their phones and Google geologic hydrogen." Hamish Norton, speaking at this month's Geneva Dry conference, gave the five-star Hotel President Wilson's internet offering a test by delving into a subject that has not been discussed too much at shipping events ...
Big names in shipping sign up for AI joint venture Hafnia and Símbolo have added four more shipping partners to their foundational AI joint venture called Complexio. Shipping companies Marfin Management, C Transport Maritime, Trans Sea Transport and BW Epic Kosan have all begun the process of ingesting and mapping their data with Complexio. Foundational AI's main focus is to enable human-machine collaboration by connecting ...
Noon reports get the digital treatment Noon reports, the data sheets prepared by a ship's chief engineer on a daily basis, are set to go digital. The Smart Maritime Council has released Version 1.0 of the Standardised Vessel Dataset (SVD) for noon reports, featuring a host of updates and refinements following the completion of a 12-month consultation process involving BIMCO and ...
How vast untapped resources of hydrogen could change shipping Hydrogen has long been claimed as one of several possible energy sources that might play a pivotal role in the energy transition, but the scarce element comes with a carbon footprint that does not justify the cost of producing it. Nearly all hydrogen is currently produced as grey using fossil fuels, which emit significant amounts ...
In a galaxy far, far away A good headline, a concise, clear opening couple of lines and a punchy quote will get you a long way from my inbox onto a headline in Splash. Better still, a decent picture really does help sell a story. However, while I used to be a fan of them in the past, I am getting ...
May 2024 Review The Houthis continued their strikes on merchant ships, often targeting vessels much further away from their coastline than in the past with threats made to spread their attacks into the eastern Mediterranean. May also Houthi strikes at merchant shipping surpass the 100-vessel mark. The Dali, the containership that caused the Francis Scott Key Bridge collapse ...
Up and away in May for tankers Saudi Aramco published its Q1 2024 results which showed net income down to $27.3bn from $31.9bn a year earlier. Aramco is investing mostly in gas, renewables and downstream as Saudi Arabia tries to reorientate its national budget away from oil revenues. Despite Saudi Arabia's efforts to reduce OPEC output to support oil prices, the rise ...
Beijing opens cash reserves to the relief of dry bulk owners Back in 2008 as the global financial crisis gripped the world, China's government announced a vast RMB4trn ($586bn) stimulus package, aiming the money at infrastructure spending on items like railways and airports. The announcement came as China's president Hu Jintao set off to meet US president George W Bush for a summit, and after he ...
An early container peak season Hapag-Lloyd has increased the lower end of its profits forecast for 2024 to a range of $2.2bn to $3.3bn, its previous forecast being a range of $1.1bn to $3.3bn. Its first quarter revenues were $4.6 bn with profits of $325m, compared to $6bn and $2bn a year earlier. The increased profits forecast is a corollary ...
Analyst Abstract Dry Bulk There are tectonic shifts in Atlantic capesize trading patterns. Since 2015, capesize demand in the Atlantic basin during the first four months of the year has shot up 62% whereas in the Pacific and Indian basins, demand is up 7% and 5% respectively, according to data from Arrow. Brazil and Guinea have been ...
Sales slow ahead of Posidonia "Knives are being being sharpened for the Posidonia fatted calf and focus is clearly elsewhere for now," says one Asia-based broker on today's S&P markets. The volume of transactions has clearly slumped in recent days, as evidenced in the VesselsValue chart below. "No doubt we'll see some big headlines following the orgy, but for now ...
Seafarers face the brunt of the drug cartels Crews calling South American ports are facing jail time over unfairly being linked to cocaine shipments. Splash Extra investigates what can be done to protect vessels while calling in the continent. During a session at the inaugural Geneva Dry, an unusual topic surfaced during the discussion - drug trafficking on ships exporting agri-commodities from South ...
The future of FFAs It's no exaggeration to describe Philippe van den Abeele as the godfather of freight derivatives. There's no one more famous - or long serving - when it comes to the subject of forward freight agreements. Van den Abeele was in his element at this month's Geneva Dry conference, firing more questions and comments from the ...
Key Shipping Statistics
Why I'm optimistic about the next generation taking the helm As the academic year draws to a close, a new influx of graduates and school leavers will enter an increasingly competitive job market. Attracting new entrants to the diverse range of jobs across shipping is a constant challenge, in part because those outside of the industry have rarely been encouraged to look at a shipping ...
Pros and cons in the big is better shipmanagement debate Not everyone is convinced that mergers make for a better client experience. The latest excerpt from our brand new shipmanagement magazine. Shipmanagement as a sector of shipping has been going through its own fair share of consolidation, something most polled for this magazine believe is a trend that will continue. There are, however, many managers ...
Insurers update Lloyd's Open Form to arrest dwindling use, cut costs Supplementing the new contract is a 'default' clause agreed between shipowners and insurers that can be inserted into policies from...
Bulker took five missile hits as Houthis claim responsibility The Iran-backed rebel group also claimed to have attacked several other vessels in the Red Sea and the Mediterranean, although...
Merged NorthStandard performance 'surpasses expectations' 'Twelve months ago, we would have bitten your hand off for this set of results,' says Jennings
X-Press taps CSSC yard for methanol-ready 11,000 teu quartet Singapore-headquartered owner and operator boosted the size of the ships it has ordered
Week in charts: Transatlantic is left out of spot rate rally | Military drills test nerves| IRS chief defends classing Russia-trading dark tankers Spot rates for US containerised imports from Europe are falling far behind rates from Asia, China military drills around Taiwan...
Boxship charter market booms as supply remains tight The early peak season has caught carriers by surprise. Tonnage providers are reaping the benefits
China Merchants to spin off boxship and ro-ro units The spin-off is still subject to approvals from shareholders and regulators, with no specific timelines outlined at this stage
Ukraine comes in from the cold Ukraine's ports have been severely damaged by Russian attacks. But with post-war European integration on the cards, steps are being...
Golden Ocean chief steps down less than a year into role Svensen will stay until September, when he will be replaced by the company's chief financial officer
Daily Briefing IRS chief defends classing Russia-trading dark tankers as fleet doubles | UK targets use of escrow agents in dark fleet...
Asian shipowners put spotlight on Red Sea threats at Hong Kong gathering 'Seafarers are innocent, and shipping is innocent and we should not be targeted in this indiscriminate manner,' IMO secretary-general Arsenio...
CMA CGM pays $1.9 million to settle FMC finding over billing action FMC investigators found the carrier "overbroadly defined and applied" the merchant clause in its bill of lading to a third party "who should not have been billed," the agency said.
Carriers exploit yawning gap between Asia-Europe spot, contract rates Asia-Europe contracts have been signed at levels that are being dwarfed by the soaring spot market, and with capacity tightening the lower-paying cargo is first in line to miss a sailing.
Singapore congestion tests Indian supply chains amid growing Asian imports Singapore is a key intermediate point for Indian transshipment trade, especially out of the country's east coast corridor that has fewer direct mainline connections.
RoadOne follows growing demand for container transload to Charleston The intermodal logistics provider is ramping up transloading capabilities in the US Southeast to meet increased demand from importers.
Fortescue melds ammonia carriers and bulkers as it trawls for $900m worth of newbuildings Australian ammonia-fuelling fan scours yards for 10 vessels as it transforms into green energy supplier
US military's $320m Gaza aid pier offline amid 'perfect storm' of setbacks High seas and rough weather break up pier and scatter floating sections
Sanctions and 'negligent' legal advice complicate Palmali and Litasco tanker trial UK judge criticises guidance received from Turkish group's solicitor as case finally moves towards hearing
Merged P&I giant NorthStandard records robust results in first full year of operation Tonnage, premium income and investment returns all up after a benign year for claims
MSC adding to secondhand tally with vintage container ship quartet Liner giant takes more 9,600-teu vessels from its 2M partner Maersk
Houthis claim fresh round of strikes spanning a host of major shipowners Maersk, Eastern Mediterranean Maritime and Dohle ships allegedly targeted as Yemeni group steps up threats
Start-up seeks to shake up shortsea shipping - 16 containers at a time Multiple vessels could replace a single feeder ship and open up new opportunities for cargo owners, say founders
Herbjorn Hansson sees 'room to grow' as Nordic American Tankers profit slips Herbjorn Hansson tanker company sees earnings fall back from 2023 high and stays optimistic longer-term
Green Seas: First ferry to fly this year after Lloyd's Register signs on to certify craft from US start-up Wing-in-ground effect vessels take next step toward zero-emission travel. Our sustainability newsletter explores
As UK talks tough, Russia ships oil through English Channel Russia ships oil through Dover straits as UK politicians hit the general election campaign trail
Greek asset players open their wallets in dry bulk investment drive In a reaction to soaring markets, Greek owners spent billions on secondhand bulkers
Cash injection: New RINA boss Carlo Luzzatto targets revenue of €2bn by 2030 Italian class society outlines big ambitions under Ugo Salerno's replacement
Start-up seeks to shake up short sea shipping - 16 containers at a time Multiple vessels could replace a single feeder ship and open up new opportunities for cargo owners, say founders
Greek shipowners head to Posidonia with fleet worth $183bn on the water Clarksons sizes up the world's number two shipowning nation
Singapore competition regulator seeks feedback on proposed block exemption order extension Regulation likely to be extended for a further five years as it is seen to be beneficial for the city-state
Maersk signs up five container ships from John Fredriksen's SFL Corp on fresh long-term deals Deals worth well over $200m combined in 'quite robust' market
Great Eastern sells veteran tanker for same price it paid 10 years ago Indian owner continues to trim older ships from its fleet
Seaspan to splash $1.6bn on container ship newbuilding comeback, sources say Canadian tonnage provider has ordered six 13,000-teu and four 9,000-teu vessels
Houthi rebels aimed five missiles at Greek bulker as aggression intensifies Houthis step up belligerence in the 'fourth phase' of their campaign against commercial vessels
EDT raises $24m from sale and leaseback of vessel bought from Israeli government Cypriot owner strikes refinancing deal with unnamed lessor
Dark fleet eschewing low sulphur fuel and scrubbers to break key emissions rule Below-board trades already avoid traditional flags and insurance
Rishi Sunak cracks down on sanctions-busting shadow fleet tankers with pre-election law change Britain closes legal loophole to expand scope of enforcement beyond ship managers
Greek shipping white knights set sights on shipbuilding revival Two ventures aim to boost Greek ship repair capacity, eyeing shipbuilding expansion ahead
Smaller bulkers benefiting from China's pivot to Indian iron ore, says Braemar Broker says imports were the highest for the first quarter in more than a decade
Harry Vafias plans to tap $40m war chest to grow C3is fleet Greek tanker and bulker company able to take advantage of fleet expansion opportunities, CEO says
Two South Korean shipyards set to split $1.6bn Adnoc L&S LNG carrier haul Letters of intent inked with Hanwha Ocean and Samsung Heavy Industries on six firm newbuildings
Surprise cash flow prompts extra dividend payout at Global Ship Lease Tonnage provider introduces supplemental dividend in better-than-expected charter markets
Vessel tied to $23m Caribbean oil spill detained off Africa Report says tug Solo Creed turned up off Angola after accident off Trinidad and Tobago
Charter rate trend is stronger for longer, says MPC boss Moritz Fuhrmann Tonnage provider cashes in on booming charter market with forward fixtures
Golden Ocean CEO Lars-Christian Svensen exits after one year in hot seat Departure is almost 12 months to the day since the previous chief executive departed
Tankers stuck at sea with North Sea crude cargoes as refinery demand weakens Three ships have been awaiting orders for more than two weeks in unusual European and Asian markets
Smaller bulkers benefitting from China's pivot to Indian iron ore, says Braemar Broker says China's imports of steel-making ingredient was the highest in over a decade in the first quarter
'Trump is lurking in ornamental White House bushes,' says Norwegian owner Knut Ugland Grimstad shipping scion outlines the difficult waters his team is steering the JJ Ugland group through
JJ Ugland pushes up profit as outside investors take vessel stakes Norwegian bulker owner reveals collaborations are paying off despite weaker rates
Smaller bulkers benefitting from China's pivot to Indian iron ore, says Braemar Broker says China's imports of steel making ingredient in the first quarter was the highest in over a decade
X-Press Feeders eyes $460m order for its largest vessels to date Singapore-based carrier positions for neopanamax quartet swoop
Marine insurer: Risks to maritime industry changing at unprecedented speed The Red Sea conflict continues to endanger shippers that do not divert around the Cape of Good Hope. But with the changing seasons, sea conditions also threaten cargo and safety. Allianz Commercial says risks are coming faster than ever in maritime.
FedEx poised to adjust air network in efficiency drive FedEx will soon begin streamlining flight operations in line with changing market demand and a world in which it no longer is the prime contractor for the U.S. Postal Service.
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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