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JULY 31, 2024

Concerns mount for shipping as strike area expands in Red Sea COSCO SHIPPING in partnership to develop sustainable green fuel supply chain Balmer Lawrie registers increased net profit in Q1; Adhip Nath Palchaudhuri formally takes over as C&MD China's shift towards overland metallurgical coal imports seen dampening shipping demand US FMC publishes final rule on unreasonable refusal to deal regarding vessel space Singapore emerges as the largest source of FDI into India Cochin Port unions urge centre to give funds for dredging CITES notifies new export quota of agarwood from India Asia Pacific rates soar despite drop in China-USA demand; tonnage & price from India remain high IndiGo CEO Pieter Elbers wins 'Executive Leadership: Asia Pacific Award' at the Airline Strategy Awards 2024 DTDC launches drone delivery services in partnership with industry leading Skye Air Mobility

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JULY 31, 2024

The Papyrus Hunter takes a detour

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JULY 30, 2024

Box lines set for price hikes in August to halt Asia-US West Coast rate slide Turkey moves to close EU loophole with its own emissions trading scheme Toll in the black - P&L relief; junk balance sheet; weak cash flows CH Robinson to sell trucking services subsidiary EST to Sennder Relief for supply chains as congestion fears from people-processing at Dover ease DB Schenker price matters - 'leveraged buyout scenario' update SASI partners-up to establish air cargo training base in the UAE

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JULY 30, 2024

NTSB: Design flaw caused Sandy Ground ferry fire The design of a new passenger ferry's fuel oil return system and inadequate follow-on training for engineering crewmembers led to the 2022 fire aboard the Staten Island Ferry Sandy Ground, the National Maryland's US Wind project passes a key regulatory milestone The Bureau of Ocean Energy Management (BOEM) has released its final Environmental Impact Statement (EIS) for US Wind's proposed Maryland offshore wind project, which includes three planned phases. Two of those phases, MAN PrimeServ to offer four-stroke methanol retrofits from 2025 From 2025, MAN PrimeServ - the after-sales brand of MAN Energy Solutions - will offer a methanol retrofit package for the conversion of currently in-service MAN four-stroke engines to dual-fuel methanol operation.

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JULY 30, 2024

Wärtsilä and Seapeak sign Lifecycle Agreement for ten LNG Carriers Technology group Wärtsilä has signed a 16-year Lifecycle Agreement with Seapeak Maritime (Glasgow) Ltd, one of the largest independent owner-operators of liquefied gas vessels. The contract, which took effect in January 2024, covers ten LNG Carriers and is an extension of an earlier Wärtsilä Lifecycle Agreement for these vessels. The new order was booked by Wärtsilä in the first quarter of 2024. ZIM opens its new USA headquarters Israel-based shipping company ZIM announced the grand opening of its new United States headquarters in Virginia Beach. ZIM said the event, celebrated with employees, colleagues, customers, and guests from across the US, marks a significant milestone for the company. "We are excited to open our new US headquarters in Virginia Beach. This milestone is a testament to our commitment to growth and inn Allseas' Green Ace ruling a tale of two definitions Court documents show that a US$27 million dispute was settled on the definition of two short words, "to be", with Allseas Global Management Logistics (AGML) defining it as some time the future, and owner SFL's claiming that in this instance it was confirming agreement. AGML and vessel owner, the Fredriksen company SFL, entered into protracted negotiations over the charter of the 1,750 TEU Green A HHLA TK Estonia upgrades handling facilities HHLA TK Estonia, a subsidiary of Hamburger Hafen und Logistik AG (HHLA), is ushering in the grain season with innovative and sustainable solutions for bulk handling and warehousing in the Estonian port of Muuga. The company has recently expanded its facilities by adding three newly built warehouse sections and upgrading its automatic entry and scale systems. As the largest warehouse operator in t Port Houston breaks 2 million TEU mark in record time Port Houston, the fifth-largest container port in the United States, has surpassed the 2 million TEU mark faster than ever. Through the first six months of 2024, Port Houston has handled 2,098,117 TEUs, representing a double-digit increase of 13% year-to-date compared to the first half of last year. For June specifically, 339,157 TEUs were moved through the terminals of Port Houston, reflecting a Canada's largest shipbuilder plans significant investment in U.S. Canada-based multinational shipbuilder Davie announced its intention to proceed with a significant investment in the American shipbuilding industry. Pending final site and partner selection, Davie's decision coincides with a series of actions announced by the U.S. government to boost the efficiency, resilience, and competitiveness of national shipbuilding sector. "As a result of the Biden-Harris Ignazio Messina & C. receives newly-acquired post-panamax boxship Italy-based shipping company Ignazio Messina & C. added a second 6,300 TEU container ship to its fleet. The Genoa-headquartered firm took delivery of the vessel in the Singapore Bay on July 29. This vessel, renamed Jolly Bianco, is a sister vessel of the Jolly Verde that has been acquired last April, and therefore is the second largest ship of the Italian carrier. The 2007-built boxship Jolly Bia COSCO and Fortescue partner to build green fuel supply chain COSCO SHIPPING and Fortescue, a global green technology, energy and metal company, inked a memorandum of cooperation in Shanghai, on July 25. Under the agreement, both parties will leverage their technological and resource strengths to jointly develop a sustainable green fuel supply chain. This initiative aims to advance the shipping industry's energy structure transformation, foster its eco-frie

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JULY 30, 2024

Shelf Drilling offloads jackup rig for $60m Dubai-based jackup rig player Shelf Drilling has sold one of its units after the completion of its contract in West Africa. The Oslo-listed firm with a fleet of 36 jackups said in a filing the 1983-built and 2015-upgraded Baltic has gone to an undisclosed buyer for $60m. The rig, which has been under contract in ... Wisdom Marine cashes in on handy bulker sale in deal with Turkish owner Taiwan's Wisdom Marine has cashed in on one of its handysize bulk carriers as it makes room for fresh tonnage. The Taipei-based bulker giant, led by shipping magnate Lan Chun Sheng (James Lan), is offloading the 2015-built Bunun Glory in a deal with Turkish owner Manta Denizcilik. The sale, which is the company's second recorded ... Hayfin seals management buyout deal with Arctos UK alternative investment platform Hayfin Capital Management has reached an agreement with US private equity group Arctos Partners to secure a management buyout of the business. The deal will see the acquisition of British Columbia Investment Management Corporation's majority stake for an undisclosed sum. One of the largest institutional investors in Canada, with C$250.4bn in ... Valaris seals multiple jackup rig deals New York-listed offshore driller Valaris has secured multiple fresh deals and contract extensions for its jackup rig fleet. The Anton Dibowitz-led company has won a 26-well plug and abandonment contract in the UK North Sea for the 1982-built Valaris 92. The $75m contract with an undisclosed operator should start in the first quarter of 2025 ... Cape owners contend with soaring Mongolian coal shipments by rail to China The capesize business is experiencing some of the greatest shifts in global trades in the 2020s among all shipping segments. As well as the growth of West Africa exports of bauxite - and soon to be iron ore - to China, cape owners are having to contend with the growth of Mongolian and Russian exports ... OSV player Bhagwan Marine debuts on ASX Australian OSV operator and services provider Bhagwan Marine has marked its debut as a public company. The Perth-headquartered outfit led by Loui Kannikoski has started trading on the Australian Securities Exchange (ASX) following an initial public offering of shares. Bhagwan raised $80m at $0.63 per share, with the money to be used to bolster the ... Philippine oil spill spreads far and wide The oil spill from the Terra Nova tanker that capsized and sank in the Philippines last Thursday has spread far and wide, including entering the waters around the capital, Manila. The oil slick is now stretching for more than 50 km with local media showing images of blackened seas along the southwest coast of Luzon, ... CSSC adds $690m of extra shipyard capacity China State Shipbuilding Corp (CSSC) is expanding production capacity. The state-run shipbuilding giant has just announced an RMB5bn ($690m) double acquisition - taking over the Shanghai assets of Tianjin Xingang Shipbuilding Heavy Industry, which comes with two massive drydocks as well as buying out Wuhan Wuchang Shipyard Hangrong Heavy Industry Equipment. The two acquisitions will ... Flagship Founders and Studio 30 50 join forces Berlin's Flagship Founders and Singapore-based Studio 30 50, two maritime technology venture studios, are combining their future venture-building activities under the Flagship Founders brand. Founded in Berlin in 2020, Flagship Founders has built five companies operating in areas such as emissions management, crew planning and ship inspections. Studio 30 50 was launched in 2023 as ... Canada's largest shipbuilder to invest in the US The White House has announced that Canada's largest shipbuilding group will buy a yard in the US. Davie Shipbuilding, which last year bought out Helsinki Shipyard, is about to make a major investment in an unspecified US shipyard, the White House revealed yesterday. On July 11, the leaders of the US, Canada, and Finland announced ... Turkey to implement its own emissions trading scheme for shipping Shipowners looking to Europe's eastern edge to skirt around new environmental regulations will have to look elsewhere. Turkish politicians are pressing ahead with their own emissions trading scheme (ETS) for shipping which will align largely with the European Union's own recently introduced ETS. The policy now awaits ratification from the country's president. Turkish ports - ... COSCO and Fortescue to work on ammonia-fuelled shipments China's COSCO has signed a preliminary agreement with Australian miner Fortescue to jointly build a green fuel supply chain. The memorandum of understanding includes exploring construction and deployment of green ammonia-fuelled vessels owned either by COSCO or jointly owned by both companies to transport iron ore and other minerals to reduce carbon emissions in the ... Seafaring haves and have nots Steven Jones, founder of the Seafarers Happiness Index, discusses life onboard the growing dark fleet. There is of course no one-size-fits-all when it comes to the experiences of seafarers. The very reality of the human condition means that reflections differ, though the conditions we provide for humans do indeed have a real impact. The latest ...

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JULY 30, 2024

Hayfin Capital agrees to management buyout backed by private equity firm Arctos Hayfin Capital Management, an alternate investment manager with an active maritime footprint, has partnered with US private equity firm Arctos... Scorpio unfazed by pullback, says product tanker boom will persist The usual summer lull, combined with some unusual competition from cleaned-up crude tankers, has temporarily reduced product tanker rates. But... 'Skyrocketing' Chinese imports of Mongolian coking coal to 'reshape global shipping markets' Landlocked Mongolia exports 90% of its coking coal to China via rail, which alongside increased short-haul Russia-China shipments and drastic... MOL adopts Sofar voyage optimisation platform US producer claims 50% greater accuracy than other forecasting systems, deriving from ocean sensor data EU starts corruption probe into Cyprus LNG project The European Public Prosecutor's Office is investigating the stalled Vasilikos LNG terminal in Cyprus over alleged procurement fraud, corruption and... First Nigeria-Singapore fuel oil shipment seen as Saudi summer demand restrains Middle East exports to Asia The 650,000 barrels per day Dangote refinery began production in January, with 22 cargoes of fuel oil exported since then... Port delays could cut CII by two ratings, new report shows ICS submitted findings to the IMO to help the UN agency during its CII review Turkish shipmanager cancels EU-sanctioned 'dark fleet' tanker Gabon-flagged Hana was one of nine tankers taken on by Unic during 2023 from the former 50-plus tanker fleet managed... Malaysia Marine Department detains Ceres I and Hafnia Nile for further investigation Initial investigation found no oil spill, but an oil sheen has been seen from Hafnia Nile London H&M rates flat and set to soften, argues Gallagher Firm detects 'inevitable downward pressure on rating, especially for the most well-regarded fleets and sought-after tonnage types' Shipbuilding braces for order decline as LNG carrier demand cools China leads in the share of newbuilding orders, as price competitiveness and a narrowing gap in government-backed technological progress have... EU launches ship finance portal The portal has 55 different ship finance opportunities, including bank loans and EU funds China Cosco Shipping and Fortescue forge partnership to build green fuel supply chain The MOU could work with the Australia-China Iron Ore Green Shipping Corridor - a road map put forward in 2023... Compensation avenue opens for Marine Honour spill victims Move comes as it is likely that claims resulting from the incident will exceed the liability limit of the shipowner... Safe Bulkers hikes profit as renewal rolls on Final programmed installation of exhaust gas cleaning system leaves all eight capesizes and about half the overall fleet fitted with... Daily Briefing Cook Islands deflags 12 sanctions-busting tankers as it rejects 'dark fleet' label for registry's ships | Supreme Court ruling could...

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JULY 30, 2024

Knight-Swift acquisition expands LTL network coast-to-coast The takeover of Los Angeles-based Dependable Highway Express (DHE) allows Knight-Swift to reach 70% of the US population with its LTL services. Carriers limit box repositioning costs on backhaul Europe-Asia trade: Xeneta Vessels on the backhaul trade from Europe to Asia are sailing two-thirds empty, with spot rates on the trade lane falling sharply since February. C.H. Robinson Worldwide sells European truck brokerage to focus on its 'core' The sale of EST to German-based brokerage ssender is part of a drive to strengthen operations that C.H. Robinson considers core to its business. Carriers limit box repositioning costs on back-haul Europe-Asia trade: Xeneta Vessels on the back-haul trade from Europe to Asia are sailing two-thirds empty, with spot rates on the trade lane falling sharply since February. Altana cash infusion shows investor appetite for supply chain risk tools The $200 million funding round cuts against the broader trend of venture capital investors pulling back from early and growth-stage supply chain and logistics startups.

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JULY 30, 2024

Wintermar enters offshore accommodation joint-venture to extend growth spurt Indonesian company also secures two-year contract for two platform supply vessels Would Safe Bulkers buy or order a cape? 'Out of the question,' says chief executive Newbuilding and S&P prices are too high for New York-listed shipowner Analysis: Cruise ship orders reach post-pandemic highs as deliveries go deep into future Figures could rise as Royal Caribbean looks to its next class of ships 'We've never had a springboard this high': Robert Bugbee basks in tanker rate strength amid summer dip Scorpio Tankers has only high-class problems right now as the cash keeps flowing in Greek shipowner IMS makes sweet asset play with product tanker sale Marios Gialozoglou sells the 42,700-dwt Sugar (built 2002) at a 140%-mark-up to its acquisition price in May 2022 Cool Carriers scraps oldest vessel for 'fantastic' price leaving Maestro Shipping shipless At least eight reefer vessels have been scrapped in the past three months, according to Clarksons Fincantieri rakes in orders worth over $8bn as demand for new cruise ships surges Italian shipbuilder improves guidance for 2024 financial leverage Liner shipping stocks plummet as ceasefire hopes cool investor sentiment Container shipping stocks tumble as earnings outlook upgraded Kickbacks and secret deals: $2bn corruption case reveals how shipbuilder 'hustled' an African government African nation largely victorious case against Privinvest and its late owner New ship finance portal to support fleet renewal and retrofitting launched by European Commission Platform to provide financial tools to drive fleet renewal, retrofitting, enhance efficiency and reduce environmental impact Hayfin Capital Management springs management buyout backed by new investor Managers of UK-based alternative financier find partner to help buy majority stake from Canadian investor Grimaldi firm Finnlines sees profit sink as costs stack up Chief executive Tom Pippinskold says European economic growth could be second-half driver Scorpio Tankers pumps up shares-buyback fund to $400m after beating earnings bets Monaco-based owner holds regular dividend steady at $0.40 per share Beer money, banking and secrets to Sammy Ofer's success. Charting the career of OSG boss Sam Norton Shipping leader's career progression provided lessons in risk tolerance 'Two-speed industry': Seafarers on tankers happier than on dry cargo vessels and container ships Survey shows overall modest rise in wellbeing Shadow fleet VLCC hit-and-run resurrects oil spill ghosts for shipping The threat of an oil spill from a 'dark fleet' VLCC should keep shipping up at night MSC-backed Ignazio Messina boosts boxship fleet with seventh vessel purchase in two years Italian liner operator is gearing up for container growth on trades from Red Sea and India Video: Collision slices open LNG fuel tank on H-Line-owned capesize bulk carrier South Korean-owned ship apparently loses power off Hay Point terminal in Queensland Mining giant Fortescue strikes deal with Chinese shipping heavyweight Cosco to deploy vessels on green corridor Collaboration includes deployment of low-carbon vessels on China-Australia green corridor Shipowners bank ultra-profitable VLGC sales backed by strong asset values Owners booking at sizeable profits on large gas carriers brought a few years ago Iran seizes small tanker hauling 'smuggled' oil Tehran has increased operations against smugglers hauling cheap Iranian oil to neighbouring nations Maritime start-up developers Flagship Founders and Studio 30 50 to merge Merger comes as AI and increased connectivity offer new start-up opportunities in shipping Anna Angelicoussis-controlled Alpha Bulkers linked to capesize purchase Herun sells bulker for nearly as much as it paid to order it Maritime startup developers Flagship Founders and Studio 30 50 to merge Merger comes as AI and increased connectivity offer new startup opportunities in shipping Samudera misses out on container ship freight rally as profit slides nearly 70% Asian feeder operator reports significantly weaker average revenue per teu compared to a year ago Cosco Shipping and Fortescue team up to build green fuel supply chain Collaboration includes deployment of low-carbon vessels on China-Australia green corridor Seatrium stock surges on $820m loan and promise of return to profit BG facility will be used for business growth Safe Bulkers profit grows 79% as revenue beats Wall Street bets Bulker owner's earnings come in just shy of analyst estimates

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JULY 30, 2024

DHL Express to add aircraft maintenance center in Spain DHL is beefing up its aircraft maintenance capacity in Europe.