Vigor begins work on USS John Paul Jones (DDG 53) Vigor has been awarded a $131 million U.S. Navy contract to complete a docking selected restricted availability (DSRA) on USS John Paul Jones (DDG 53) at Harbor Island in Seattle. The guided
Bleutec moves ahead on Jones Act wind turbine installation solution Yesterday, Houston-based Bleutec Industries reported that it had received a "significant equity investment" from private equity firm EnCap Investments L.P. Today, it signed a Memorandum of Understanding that provides for Wärtsilä to
VesselsValue names top 10 ship owning nations Rebecca Galanopoulos Jones, senior content analyst at online ship valuation and data provider VesselsValue, has analyzed the top 10 global ship owning nations, looking into the total fleet values, S&P activity, and
Navtek and e1 Marine in MOU Turkey's Navtek Naval Technologies, whose credits include the world's first all-electric tugboat, has signed an MOU with e1 Marine, the company whose methanol-to-hydrogen technology is a key element of Maritime Partners Hydrogen
BMT unveils new CTV design BMT has added a new 32-meter offshore wind crew transfer vessel (CTV) design to its portfolio that includes a fully hybrid propulsion option. A number of BMT-designed hybrid vessels are already in
European Union agrees provisional ETS deal for shipping industry The European Parliament and the European Council have embraced the calls of the industry stakeholders to earmark European Union Emissions Trading System (EU ETS) revenues back to the maritime sector to support its energy transition. European shipowners welcome this outcome. According to European Community Shipowners' Associations (ECSA), at least 20 million ETS allowances, which correspond to US$
Global bunker indices continue firm decline According to the weekly outlook of Marine Bunker Exchange (MABUX) for bunker prices, global fuel indices continued their firm decline. The 380 HSFO index fell to US$4,504.59/MT, the VLSFO index decreased to US$722.45/MT and the MGO index dropped to US$1,088.38/MT. Global Scrubber Spread (SS) - the price differential between 380 HSFO and VLSFO - did not change significantly over week 48 - minus US
GAC Group acquires ESL Shipping's ship agency in Sweden Global shipping, logistics and marine services provider GAC Group has acquired Finland-based ESL Shipping's Swedish subsidiary Norra Skeppningsgruppen (NSG). This is the second Swedish ship agency purchase by GAC this year. The transfer of NSG to GAC Sweden was completed today (1 December 2022). The purpose of the acquisition of NSG is to further support GAC Sweden's comprehensive range of ship a
Orders for methanol-fuelled ships overtook LNG bookings in October Monthly orders for methanol-fuelled ships overtook LNG bookings for the first time in October, as noted by DNV. The methanol-fuelled vessel order book was boosted by Maersk, COSCO Shipping Lines and OOCL with a combined order total of 18 container ships, bringing the total of methanol-fuelled container vessels on order and in operation to 47. There are also 25 methanol-fuelled oil/chemical tanker
Shipyard workers across Hyundai Heavy Industries group to strike Employees across the Hyundai Heavy Industries (HHI) group of shipyards have voted to strike on 6, 7 and 13 December, as dissatisfaction with inflation and inadequate salaries mounts among South Korean workers. It is the first time that workers in the HHI group, comprising HHI, Hyundai Samho Heavy Industries (HSHI) and Hyundai Mipo Dockyard (HMD) are going on coordinated industrial action. HHI and
Demolition prices slip to US$525 per LDT in India: BIMCO According to a shipping analysis from BIMCO, conducted by Filipe Gouveia, demolition prices slip to US$525 per Light Displacement Tonnage (LDT) in India despite policy change. On 18 November, India's government removed export tariffs on iron ore and some intermediary steel products. However, this was not enough to keep domestic ship demolition prices from dropping to US$525 per LDT at the end of
Sea-Intelligence reports increased sailing volatility The volatility, in terms of how many vessels more or less are sailing from week to week, has increased dramatically into the North America West Coast, according to a latest report from Sea-Intelligence. "Vessel delays/early arrivals, blank sailings, and extra-loaders, all increase the volatility in the number of sailings per week. Moreover, the fluctuations have increased sharply compared to befo
Castor Maritime fixes financing for containership pair Cyprus-based diversified owner Castor Maritime has secured $22.5m in funding from an Asian lender to partly finance its expansion into the container shipping sector. The Nasdaq-listed company recently took delivery of its first two containerships, Ariana A and Gabriela A, from shipowning outfit Pavimar, controlled by Ismini Panayotides, sister of Castor's chairman and CEO, Petros ...
Ardmore's methanol-to-hydrogen venture teams with Turkey's Navtek for hydrogen powered car carriers and tugs US-based methanol-to-hydrogen technology company e1 Marine has teamed up with Turkish naval design and engineering specialist Navtek to develop hydrogen-powered vessels for the European market. The first project will see the development of a 120- to 160 m-long hydrogen-powered car carrier design that requires 8 MW to 10 MW propulsion, with the focus then shifting ...
Saab offloads maritime traffic management business for $42m Sweden's Saab has sold its Maritime Traffic Management (MTM) operation to funds advised by pan-European mid-market private equity firm Agilitas for an enterprise value of around €40m ($42m). Headquartered in Apeldoorn, the Netherlands, MTM is a provider of software solutions for vessel traffic, ports and terminals used by port authorities or coast guards to monitor ...
Purus Marine's HST orders battery hybrid CTVs at Damen Offshore services provider HST Marine, part of Purus Wind, the offshore wind business of Julian Proctor-led Purus Marine has contracted Dutch shipbuilder Damen Shipyards for the supply of three new battery hybrid crew transfer vessels (CTVs). The trio is already under construction at Damen Shipyards Antalya in Turkey and is scheduled for delivery in early ...
Peterson seals integrated logistics deal with ODE Asset Management Peterson has been awarded a three-year contract by ODE Asset Management (ODE AM) to provide integrated logistics services from the Port of Lowestoft. Under the contract, Peterson will support Doris Group's unit with quayside services, fuel bunkering, road transport and other logistics services for its seven offshore managed assets in the Southern North Sea. Peterson's ...
Nordic Shipholding to be liquidated Denmark-based Nordic Shipholding is to be wound down following the disposal of its entire fleet of product tankers earlier this year. Backed by its majority shareholder, Nordic Maritime, the company is calling for a general meeting to initiate a voluntary solvent liquidation. "No distribution of funds to the shareholders is anticipated upon completion of the ...
GAC acquires ESL Shipping's agency business in Sweden Global shipping, logistics and marine services provider GAC has acquired the agency business of Finland-based ESL Shipping's Swedish subsidiary Norra Skeppningsgruppen (NSG) for an undisclosed sum. The transfer of NSG to GAC Sweden was completed on December 1 and marks the second Swedish ship agency purchase by GAC this year, following the acquisition of Hasting ...
Positive news for shipping as China eases covid restrictions In the wake of unprecedented protests Beijing's zero covid stance looks to be easing. The strict pandemic rules have stymied industrial production all year, and put a brake on shipping earnings. However, following mass protests across the nation last weekend, the authorities do appear to be looking for a way to move on from the ...
Jones Act WTIV startup Bleutec lands EnCap Investments backing Jones Act offshore wind turbine installation vessel (WTIV) player Bleutec has secured a capital commitment from compatriot private equity firm EnCap Investments. The Houston-based company s developing a so-called proprietary binary marine installation solution (BMIS) which is said to enable a cheaper alternative to heavylift jackup WTIVs currently being employed by the offshore wind sector ...
GoodBulk: Waiting on China From his office in Monaco overlooking the Med, John Michael Radziwill is looking for any signs that China might be changing its stance on covid, something that looks increasingly likely this week. The famous dry bulk owner, like many of his peers, has been frustrated by China this year. "China and their economy and covid ...
Strikes proliferate across Korean yards Unionised workers at the three yards of Hyundai Heavy Industries Group - Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard - will go on four- and seven-hour strikes on December 6 and 7 before an indefinite general strike is scheduled for December 13. Workers are demanding better pay conditions. This marks for ...
Van Stee Offshore taps Damen MPSV for ultra-shallow water work Dutch offshore support vessel operator Van Stee Offshore has signed a contract with Damen Shipyards to deliver an ultra-shallow draught multipurpose vessel. The 80 m long vessel, dubbed Multibuster 8020, is the first class that combines elements of Damen's multi-cat and shoalbuster workboat classes to create a large-scale platform capable of undertaking a wide variety ...
Korean VLCC sets new price benchmark For the last couple of weeks, industry watchers have been waiting to see what the 2013-built VLCC would fetch. The seller, SK Shipping, first received several bids at around $63m, not enough to let the 314,00 dwt vessel go . Now brokers report the vessel sold for $66m, with some brokers linking compatriot Korean owner ...
Eolus and Simply Blue launch Baltic Sea floating wind venture Renewable energy developers Eolus of Sweden and Ireland-based Simply Blue have formed a joint venture to develop four commercial-scale floating offshore farms in the Baltic Sea. The joint venture, named SeaSapphire, is targeting two projects in Sweden and two in Finland that would produce up to 40TWh annually. The wind farms are planned 100 km ...
Vintage capes deployed to ship coal from Russia to China Since the European Union banned coal imports from Russia, export volumes have fallen, forcing Russia to discount coal outside the EU. For ships in the capesize segment this has led to an increase in tonne miles while vintage ships have been rescued from the breakers. Russia has cemented its position as the second largest exporter ...
Japanese press ahead with larger liquefied hydrogen carriers The Japanese have taken a notable step forward in developing larger sized liquefied hydrogen (LH2) carriers. ClassNK has issued an approval in principle (AiP) for a dual fuel generator engine using hydrogen gas as fuel and related machinery systems and arrangements for a 160,000 cu m liquefied hydrogen carrier developed by Kawasaki Heavy Industries (KHI), ...
Landslides block road to Brazil's Paranagua and Antonina ports Landslides after heavy rain on Tuesday blocked the main access route to the ports of Paranaguá and Antonina, said the Portos do Paraná on its website. An update on Wednesday morning noted that the road remained closed. Brazil's Federal Highway Police asked drivers to avoid the road. On Tuesday, when about 400 vehicles were expected, ...
BP starts production from Cassia C facility offshore Trinidad and Tobago BP Trinidad and Tobago LLC (bpTT) has delivered the first gas from its Cassia C development. Cassia C is bpTT's first offshore compression platform and its biggest offshore facility. It will enable the company to access and produce low-pressure gas resources from the Greater Cassia Area. The platform is connected to the existing Cassia hub, ...
Bi-partisan Senate vote ends threat of US rail strike The Senate measure ends the threat of a country-wide rail strike that could have begun Dec. 9, crippling cargo movement in the midst of the holiday season.
Louisiana funds new transload facility for Port NOLA The short-line rail operator for the Port of New Orleans has received a state grant that will fund a new transload facility offering faster access to major highways.
US truckload spot rates sag in November in atypical move Several US truckload shippers say they are leery of using the spot market because they wish to maintain strong relationships with their trucking partners rather than be seen as transactional when the market flips in favor of carriers.
Trans-Pac service contracts renegotiated lower to reflect changed market Freight rates in many eastbound trans-Pacific service contracts have been renegotiated lower as carriers seek to prevent customers from bailing on them to take advantage of plunging spot rates.
European lawmakers agree on shipping's Emissions Trading System Months of negotiations by Europe Union executive bodies over how shipping will be included in the Emissions Trading System have ended in agreement, with member states to have the final say in mid-December.
Dry bulk market should pick up in 2023 as China eases zero-Covid policy, experts say But coronavirus outbreaks could lead Beijing to hold off on policy rollback
Jesper Bo Hansen leaves ZeroNorth after just nine months Long-time shipping executive departs tech firm but has yet to announce his next move
Price cap reportedly pitched at $60 per barrel amid shipping confusion Poland is reportedly a holdout against the suggested cap, which is intended to kneecap Russian oil profits
Concordia Maritime mulls further ship sales after asset price boom Swedish-listed company has four remaining product tankers on long-term charters
'Relieved' European shipowners hail EU emissions trading breakthrough but hope for IMO alignment EU shipping lobby group applauds the earmarking of funds for decarbonisation research and the adoption of 'polluter-pays' principle
OSV owners dish: Is ESG like MSG, or something even more unpleasant? Executives let loose as marine finance conference concludes
LNG shipowners plead for regulatory certainty to grow and renew fleet Athens conference talks LNG shipping from yard capacity to sale-and-purchase, and everything in between
Ardmore-backed e1 Marine to develop hydrogen-powered car carrier Clean shipping joint venture also plotting design for methanol fuel cell-powered tug
Streetwise: For Giveans and Ginsberg, there can be second acts in the play of ship finance This week, our finance newsletter goes to New Orleans and catches up with two men who have remade their careers within the maritime finance landscape
'Astronomical': Frontline switches clean tanker to crude after an offer it could not refuse Dirtying up of clean tankers continues as rates skyrocket
VLCCs the winners from tough price cap stance Kpler says suezmaxes would be the biggest beneficiaries if G7 eases off on scheme
Naftomar returns to tankers as buyers hoover up product tanker candidates Investors turn to sizes and types that used to be less popular amid tanker buying craze
Carriers Matson and Pasha mothball container ships as demand slumps Idle fleet continues to grow up as first container ships enter lay-up
Bulker operators chase Raysut Cement Company for outstanding bills - but who's to blame? Oman's biggest cement company owes money to several major bulker firms. Legal claims have provoked a tangled blame game
German tonnage providers prepare for container shipping's 'next crisis' Shipowners such as Leonhard & Blumberg and Offen Group ponder 'where next?' in regulatory fog
European sanctions strike set to spur tectonic change for tankers Fresh restrictions on Russia trades and uncertainty over Opec+ plans look set to reshape crude carrier markets
Nordic Shipholding to be liquidated after selling last product tankers Main shareholder Nordic Maritime agrees to write off part of loan
Stena AB logs best profit in 76-year history as it adds $641m loan Tanker, ferry and gas carrier group boosted by rising markets, although rigs are still making a loss
Insurance broker Miller expands in Asia with new hire The specialist UK company is strengthening its marine team in Singapore
Risk, returns and robots: Norden rolling out algorithmic trading with new hire Bulker and tanker owner-operator has been experimenting with 'algo' trading models and is ready to level up
Bugbee backs Scorpio strength with second stock option deal in two weeks Tanker owner's president spends $1.19m on chance to acquire 400,000 shares
Ports group DP World takes 'Swiss cheese' approach to decarbonisation Terminals operator handling 10% of world container traffic is layering greener technologies on top of each other like slices of cheese to cover the holes
Frontline stock frenzy continues as Morgan Stanley reveals $166m stake US investment bank appears to be second biggest investor in John Fredriksen's tanker company after share deals
Veteran car carrier sinking after collision with cargo ship off Indonesia All 17 crew from the Serasi I were reported to be safe after taking to life rafts
Capital Gas locks away LNG newbuilding on 10-year deal Latest time charter leaves Greek shipowner with five open vessels as charterers continue to circle tonnage
Evangelos Marinakis inks LR2 tanker duo in China as Greeks open talks with yards Newbuilding interest in the sector is growing as the market is set to benefit from Russian oil sanctions
GEOS expects asset values to keep climbing after selling PSV Norwegian owner offloads older vessel as third-quarter profit improves
Shipowning company Lila Global keeps Anil Sharma smiling during the recycling downturn Shipowning has become a very serious business for the founder and chief executive of GMS
Rio Tinto sees iron ore shipments in 2023 unchanged from this year Producer forecasts little growth in exports
Seanergy Maritime beats estimates as profit slumps in weaker market New York-listed capesize owner stays confident as time charter equivalent revenue slumps
OSV owners dish: Is ESG more like MSG, or something even more unpleasant? Executives let loose on green-forward movement as marine finance conference concludes
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