Poten: Increased Russian oil moves by Dark Fleet pose safety threat In his latest weekly Tanker Opinion, Erik Broekhuizen, head of tanker research at New York headquartered Poten & Partners, says that, while Russian oil exports have thus far only been impacted by
Drewry: Ship operating cost inflation is accelerating Vessel operating cost (OPEX) inflation has accelerated in 2022 on mounting worldwide macroeconomic price pressures, despite some receding of COVID-19 related costs, according to the latest Ship Operating Costs Annual Review and
San Pedro Bay ports and Singapore MPA in plans for Green Corridor The Maritime and Port Authority of Singapore (MPA) and California's San Pedro Bay ports of Los Angeles and Long Beach have begun discussions to establish a green and digital shipping corridor between
Sanmar delivers third tug to Orkney Islands After completing a 3,500 mile delivery journey from Turkey, Freyja of Scapa, the third new tug built by Sanmar Shipyards for Orkney Islands Council, has been welcomed to its new home in
Bollinger to acquire Halter Marine and STEHMO In a Singapore stock exchange announcement, Singapore Technologies Engineering Ltd (ST Engineering) has announced that its subsidiaries have entered into an agreement to divest the entire issued and outstanding equity interests in
Cruising: Pleasing the guests is the easy part Back in revenue operations after an around 500 days pause imposed by COVID regulations, the good news for the cruise industry is that the market for its product didn't go away. Bookings
Drilling starts on Norwegian Sea exploration well Norway continues to develop its North Sea oil and gas assets and on Friday, Neptune Energy, a leading independent international oil and gas exploration and production company, announced that drilling had commenced
Crowley recognized as a top company for women in transportation Crowley has been recognized as a 2022 Top Company for Women to Work For in Transportation by Redefining the Road, the Women in Trucking Association's official magazine. According to the magazine, Crowley
MSC and Maersk accused of abusing container dominance in Brazil The Brazilian Association of Port Terminals (ABTP) has filled a legal request at the Administrative Economic Defense Council (CADE) of Brazil to investigate the impact of the two largest container lines in the world, MSC and Maersk, on the country's port market. ABTP accuses the two container shipping giants of abusing their domination in the box shipping sector in Brazil to give advantages to th
Major Californian ports partner with MPA Singapore on green, digital shipping corridor The Maritime and Port Authority of Singapore (MPA), Port of Long Beach (POLB), Port of Los Angeles (POLA), and C40 Cities have begun discussions to establish a green and digital shipping corridor between Singapore and the San Pedro Bay port complex. According to the announcement, the corridor is expected to focus on low- and zero-carbon ship fuels, as well as digital tools to support the deployme
ICTSI reports over US$1.6 billion revenue, surpasses US$500 million profit International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the nine months of 2022 posting revenue from port operations of US$1.64 billion, an increase of 20% compared to what was reported for the same period in 2021. Additionally, the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) reached US$1.04 billion, 25% h
ZIM opens fully-owned agency in New Zealand The Israeli shipping company ZIM has announced the opening of a fully-owned agency in New Zealand, replacing the current third-party agent. The new ZIM New Zealand office will commence operations on 1 November and will be led by David Mitchell, the current country manager, who will join the ZIM team. ZIM said the purpose of its new agency in New Zealand is to further develop and expand its activi
CMA CGM's Containerships launches new intra-Europe line Containerships, a subsidiary of the French container carrier CMA CGM, will connect the lower Baltic ports of Klaipeda in Lithuania and Gdynia in Poland with the port of Gävle in Sweden and will offer new connections to the German ports of Bremerhaven and Wilhelmshaven with a new service that commenced on 3 November. The new product will consist of 40' and 45' wide container solutions from Klaiped
CN analysis: Indian major ports face cooling container volumes amid export pressure According to new port data obtained by Container News , the flow of containers in and out of major Indian ports is slowing down amid the downturn in export trade. Total container traffic out of 12 major/government ports last month slipped to 893,000 TEUs from 944,000 TEUs a year earlier, registering a 5.4% decrease. On a month-on-month basis, volumes were essentially flat, with 892,000 TEUs repor
Is it time for container spot rates to arrest their fall? It has been a norm for the Global Container Spot Rate Indices to have weekly falls in rates, one after the other, ever since February 2022. Indices have lost as much as 70% or more, over a year and staved off over 80% of the pandemic gains, thanks to easing supply chain congestions and lesser demand globally on the back of inflationary impact and higher interest rates. The next year doesn't look
Diana Shipping fixes out three on time charter New York-listed Greek bulker owner Diana Shipping has secured three new charter contracts that are anticipated to generate at least $15.45m. The 2012-built post-panamax Amphitrite has been fixed to Cobelfret through to between December 1, 2023 and February 15, 2024, at $14,250 per day. The charter is expected to commence on November 10. The company ...
Sandbrook Capital takes over Havfram with $250m offshore wind boost US private investment firm Sandbrook Capital has acquired a majority stake in Norwegian subsea and offshore wind contractor Havfram from energy investor HitecVision. As part of the transaction, Sandbrook has committed what has been described as a "transformative investment" of $250m in equity capital, making Havfram one of the best capitalised companies in the sector. ...
Energifonden buys Viken's aframax Sweden's Energifonden has again invested in energy logistics with the purchase of an aframax tanker from Norwegian owner Viken Shipping. The company's wholly owned subsidiary Energifonden Maritime in Oslo has snapped up the 2007-built , renamed Agneta Pallas 2. No price has been revealed for the Liberia-flagged 113,500 dwt ship, VesselsValue estimates as worth $31.65m. ...
Velesto awarded $135m drilling contract with Hess Offshore drilling unit of Malaysia's Velesto Energy has secured a new contract with Hess for the provision of integrated rig, drilling and completion services. The contract, worth around $135m, will see Velesto support Hess' 2022 to 2024 North Malay Basin full field development campaign. The 2014-built jackup rig will be utilised for work on 14 ...
India's Cochin Shipyard wins first CSOV order India's state-run Cochin Shipyard has won a contract from an undisclosed European client for the construction of two offshore wind farm commissioning service operation vessels (CSOVs). "These specialised vessels are being contracted for the first time in the country," the shipyard said in a regulatory filing. The deal comes with an option for four more ...
Equatorial Guinea to send arrested VLCC and its crew back to Nigeria The Marshall Islands-flagged very large crude carrier and its crew, arrested earlier this year by Equatorial Guinea forces over alleged crude oil theft, will be returned to Nigeria for further investigations. The 2020-built 300,000 dwt vessel was supposed to load a cargo of crude oil in Nigeria's Akpo terminal on August 8 but was delayed, ...
ConocoPhillips and CNOOC eye offshore wind power for Chinese oilfield ConocoPhillips and China's top offshore oil and gas producer CNOOC have launched an offshore wind farm pilot project that aims to deliver power for the Penglai oilfield in northeastern China's Bohai Sea, the country's largest offshore oil and gas production base. The wind farm will feature four wind turbines with a total installed capacity of ...
Singapore investigates local owner wanted by the FBI over links to North Korea A Singaporean shipowner, Kwek Kee Seng, wanted by the US on suspicion of violating sanctions on North Korea, is in the city-state where he is currently under investigation, Singapore police said. The Singapore Police Force (SPF) said they have sought clarification from their US counterparts over the reward offered for Kwek's whereabouts as they have ...
Another container index launches Container shipping has another index it can consult. The Korea Ocean Business Corporation (KOBC) Container Composite Index (KCCI) has been launched to give shippers out of South Korea a better handle on the markets. The index, to be updated every Monday, has been created by the Ministry of Oceans and Fisheries and state-run KOBC, and ...
China's shipping giants join forces to map out green future Some of the biggest names in Chinese maritime are joining forces to map out a greener path. Sinopec, COSCO, China Merchants Energy Shipping, ICBC Financial Leasing and China Classification Society (CCS) have launched the Sustainable Shipping Innovation and Development Initiative (SSIDI) in Beijing. SSIDI's research work will focus on the economy, safety, technology maturity, policies ...
Standard Supply fixes PSV pair Norwegian owner Standard Supply has secured employment for two platform supply vessels. The Oslo-listed company, majority owned by Øystein Stray Spetalen's investment vehicle SD Standard ETC, has won a one-year contract for the 2005-built FS Kristiansand in UK waters, while the 2019-built Standard Defender has been booked for 140-days in West Africa. The contract for ...
Tanker asset plays pay dividends The tanker S&P market remains active, with vintage tonnage still dominating broker columns. The focus now has switched from VLCCs to smaller sizes, with suezmaxes being the most popular sales candidates. A string of prominent owners have been making fortunes flipping ships that have only been with them for months. In the suezmax segment, Dubai-based, ...
BW Offshore secures Nigeria FPSO extension Oslo-listed floater specialist BW Offshore has clinched a six-month extension deal with Addax Petroleum Exploration for the lease and operation of the floating production storage and offloading (FPSO) unit . The firm period for the 1974-built FPSO situated on the Okwori field offshore Nigeria has been extended to the second quarter of 2023. The field ...
ST Engineering sells US shipyard business to Bollinger Singapore's ST Engineering is selling its US shipyards VT Halter Marine and ST Engineering Halter Marine and Offshore (STEHMO) to Bollinger Shipyards Lockport for $15m in cash. The group said the sale follows challenges and losses in the past years operating the two US shipbuilding and ship/rig repair businesses. The two units combined incurred a ...
Growing dark fleet poses safety risks The growing use of the so-called dark fleet is resulting in accidents. With Russia joining Iran and Venezuela in seeking vintage tonnage to shift cargoes as sanctions rain in, and major class societies, managers, and insurers shunning former clients in Moscow, there is a growing risk of substandard tonnage running into trouble. Tanker brokers Poten ...
Aker Solutions lands Petrobras subsea deal Norway's Aker Solutions has been awarded a frame agreement from Petrobras and partners to provide subsea production systems and subsea lifecycle services for its oil and gas fields offshore Brazil. The frame agreement will be managed from Aker Solutions' locations in Brazil and has a fixed period of five years, from the fourth quarter of ...
Hyundai Heavy unveils boxship design with no lashings South Korea's Hyundai Heavy Industries (HHI) has developed a containership design which requires no lashings. HHI removed the lashing bridge and hatch cover in its new design, which has been approved by both ABS and the Liberian Registry. Instead, the yard has developed a device called a portable bench which receives the load of the ...
A digital framework to collaborate on decarbonisation As COP27 gets underway in Egypt shipping knows it needs to work together to decarbonise, and wants to act. What the industry needs now is a clear pathway to walk the talk of collaboration - and that pathway is inherently digital, argues Mikko Kuosa, CEO of NAPA. As COP27 opens in Egypt, collaboration will once ...
Mississippi River shipments down significantly The US Department of Agriculture's Agricultural Marketing Service (AMS) has reported that the number of grain barges unloaded in New Orleans during September and October was 20% to 30% lower than in recent years. The slowdown coincides with low water levels in the Mississippi River and its tributaries, and restrictions on barge operators. Typically, 30 ...
Government of Guyana to auction 14 oil blocks The Government of Guyana has identified 14 oil blocks that will be auctioned in the nation's first-ever competitive offshore oil and gas licensing round, expected to be concluded by the end of Q1 2023. The country's Ministry of Natural Resources has revised the fiscal terms that will guide all future offshore investments for projects that ...
DSME clinches $252m LNG carrier order Greek owner had set an earlier record back in June with a brace of vessels at the same South Korean...
COP27 kicks off with government backing for clean energy marine hubs Industry-backed plan to catalyse supply of green fuels for maritime receives backing from Panama, Uruguay, and Norway as COP27 gets...
Seychelles-Georgia-Cameroon dark tanker nexus shifts to Russian crude Seychelles-to-Georgia single-company structures are being combined with frequent name and ownership changes
China is 'wild card' in dry bulk shipping's fortunes Precious Shipping chief says while China's growth is below estimates, it is still at a level 'dry bulk owners will cheer'
Operation to free grounded VLCC could take a month Indonesian authorities are leading efforts of refloat the now-sanctioned VLCC
Norwegian shipping unites to plot zero-emissions route Almost all Norwegian shipowners say they will equip their vessels with emission-reduction technology to help achieve climate neutrality by 2050
The week in newbuildings: Alternative-fuel ship contracts worth $3.5bn signed Container lines continue to invest in alternative-fuelled boxships with long lead times, despite a downturn in the major east-west trades
Container demand collapses amid recession fears The global market has 'clearly changed' as liftings and freight rates head further down. The end of the downward trend...
The week in charts: Suspicious activity in Caspian Sea | Russia's tanker tonnage challenge | Machinery issues drive casualty incidents Quarterly casualty incidents at 14-year high, boxship chartering activity increases and departures from Ukraine's River Danube ports stabilise
MR tanker values flatten as sales volumes decline Demand for older medium range tankers has been driven by Chinese and Middle Eastern buyers as Russian refined products face...
US puts sanctioned Singapore shipowner on wanted list Mr Kwek is alleged to have been involved with business and services linked to North Korea
Crewing levels need to increase by 30% to ensure safety Additional seafarer shortages caused by the situation in Ukraine are exacerbating what was already a challenging situation
KSOE secures $30m investment with nuclear reactor developer TerraPower In 2021, Korea Shipbuilding and Offshore Engineering parent Hyundai Heavy Industries Group announced its Hydrogen Dream 2030 roadmap for the development...
ST Engineering divests US yard businesses Sale to Bollinger will build on the two shipyards' expertise in US Navy and US Coast Guard jobs
South Korea planning $2.1bn in shipping industry aid A series of measures have been drawn up to prevent the shipping industry from facing another crisis. Plunging rates this...
Daily Briefing Dark fleet danger as rising number of accident-prone elderly tankers anchor off Malaysia | What does a good COP27 look...
JOC Truckload Capacity Index dipped in Q3, but demand remains robust After rising strongly from the third quarter of 2021 through the second quarter of this year, the JOC Truckload Capacity Index dropped slightly last quarter, but demand for equipment is still high.
Evergreen takes full control of Panama transshipment hub Evergreen Marine has purchased the equity shares held by subsidiaries in its transshipment hub in Panama that serves both Asia and South America services into the US East Coast.
BNSF struggles persist for international loads in Chicago Congestion continues at BNSF's Logistics Park Chicago terminal as chassis shortages have led to prolonged turn times for truckers using LPC or other BNSF spillover lots.
Werner buys truckload brokerage ReedTMS The acquisition of ReedTMS Logistics not only expands Werner's brokerage reach, it also delivers shipper customers in the staple food and beverage industries.
Seventh union ratifies tentative US rail agreement While three rail unions have yet to vote, one more has ratified the tentative five-year contract brokered in mid-September, bringing US Class I railroads and the dozen unions one step closer to a national bargaining agreement.
Pausing to look back at supply chain prognostications This month marks my 100th column for JOC.com. I have had the privilege of making these contributions for over eight years. During that time, I've made a lot of predictions. I think it's good practice for analysts to occasionally take a look back to see how their prognostications have played out. Certainly, I've had my share of misses in the mix, but also some views that were largely on target.
Ridgebury Tankers sells 16th vessel of 2022 ahead of special survey Suezmax fetches $34m as Connecticut-based owner continues months-long disposals
Algoma Central expects 2022 results to beat expectations NovaAlgoma's short-sea shipping and cement-carrier business offsets lower earnings in domestic dry bulk sector driven by drought across Canada
Tanker crew face 'unlawful rendition' to Nigeria over oil smuggling claims Ship manager OSM says crew members are victims of a 'shocking maritime injustice'
Bollinger grabs Gulf Coast rivals in acquisition of VT Halter and STEHMO Louisiana shipyard expands government contract coverage by acquiring the two Mississippi yards
Diana Shipping strikes trio of charter deals as bulker period rates ease Clarksons data shows two weeks of period charter rate decline, mirroring spot market slump
Panama, Norway and Uruguay join clean marine fuel hubs initiative Countries join Clean Energy Marine Hub Initiative aimed at accelerating the production and deployment of green shipping fuels around the world
Record Brazil VLCC loadings boost tanker profits Tankers International reports 15 VLCCs have been fixed already in November for Brazil to China crude trades
Martin Nes says Standard Supply term deals show strength of PSV charter market Norwegian owner fixes out duo for rates above the spot market
Record-breaking explorer Vescovo sells unique diving ship after 20-month search Scientist and investor handing over Pressure Drop to billionaire Gabe Newell's Inkfish
Trafigura and tanker owners fuelled Myanmar terror, human rights watchdog Amnesty alleges Amnesty International is accusing trader Trafigura, oil majors and tanker owners of fuelling war crimes in Myanmar
Norwegian shipping sets sights on 50% cut in emissions by 2030 Norway and US to unveil details of Green Shipping Challenge at COP27 climate talks in Egypt
Marsoft's carbon-credits pitch: how retrofitting can trump slow-steaming in emissions game Maritime consultant teams with credits-trading expert and looks to woo owners who are watching the developing market
Axel Eitzen's Christiana claims fuel saving of 20% through engine software Danish chemical and product tanker company will now retrofit Frugal Propulsion system to entire fleet after successful trial
'Generational change' at Ernst Russ Shipbroker as top broker retires Maik Putzer takes the reins at leading German boxship broker
PowerX launches mega battery power solution for ships Onboard containerised batteries can help power hybrid electric or electric ships
VLGC rates crash through $100,000 barrier on discharge and Panama delays Asian demand helping to drive strong earnings for large gas carriers
Energifonden snaps up Viken tanker as it eyes more aframax and suezmax buys Swedish fund controlled by Fredrik Johansson is back in tankers after deal for ice-class ship
Norwegian shipping promises 50% cut in emissions by 2030 Norway and US to unveil details of Green Shipping Challenge at COP27 climate talks in Egypt
Activists in the clear after turning back tanker with Russian oil Ten were on trial for aggravated trespass after occupying jetty at Navigator Terminals near London
Methanol-fuelled newbuilding orders overtake those for LNG in October DNV tots up monthly stats with some big demands for LNG bunkering seen from the car carrier sector
Record newbuilding price paid for LNG carrier at DSME South Korean shipbuilder signs up another shipowner for one of its coveted 2026 delivery slots
Sandbrook Capital makes $250m shipping move with takeover of Norway's Havfram US infrastructure fund will eye growth at shipowner transitioning from oil and gas to wind
NYK lifts profits despite cooling box and bulk markets Japanese group says container shipping business environment is changing but freight rates were maintained in the first six months of 2022
Hartmann in the frame as Cochin wins India's first CSOV order Shipbuilder makes breakthrough into wind farm work that could stretch to six vessels
Fugitive shipowner's passport seized in Singapore probe Kwek Kee Seng has been under investigation by Singapore police since April 2021 after an oil smuggling accusation
Grieg and Peak to put four zero-emission shortsea ships on the water by 2025 Owners team up to build and run zero-emission Norwegian shortsea ships
Cochin Shipyard seals India's first CSOV order in $123m deal Shipbuilder makes breakthrough into wind farm work that could stretch to six vessels
Marine insurer Gard turns around underwriting losses Norwegian insurer aims to raise P&I rates by between 5% and 7% next year
Seafarer leaps from multipurpose ship after being engulfed by flames Another crew member injured after explosion was reported
French liner giant CMA CGM inks $1bn deal for LNG dual-fuelled container ship quartet Rodolphe Saade-led company splashes out on 24,000-teu newbuildings amid a softening in the sector
South Africa plots tanker buys for new national shipping company Sasco would own at least two oil and chemical carriers, as well as other vessel types
Chinese livestock carrier under arrest in Singapore over $1.8m towage bill POSH Projects claims owner of Yangtze Harmony owes money on lengthy tow from Australia
Fugitive shipowner's passport seized in Singapore probe Kwek Kee Seng has been under investigation by Singapore police since April 2021 after oil smuggling accusation
Ships could be targets for arrest by eco-activists, says maritime law firm Environmental litigation is on the rise, with attention turning to shipping
ESL Shipping beats bulker blues but warns of bunker shortages Profit hits record level on Russian dislocation, but fuel problems may lie ahead
Adnoc calls in investment banks to drive forward $4bn shipping IPO Citigroup and JPMorgan Chase tasked with bringing Adnoc Logistics & Services to market, sources say
WTW opts for 'exceptional young talent' to head Asia cargo unit Insurance broking giant promotes from within for new post in Singapore
WTW opts for 'exceptional young talent' for head of cargo in Asia Insurance broking giant promotes from within for newly created post in Singapore
Fire-damaged FSO to hit the breakers' beach as scrap market remains nearly dead Indonesia's Pertamina was one of only two Asian shipowners to sell tanker tonnage for recycling over the past week
Fratelli Cosulich seals $29.2m loan to part-fund LNG bunker tanker Italian bunker company now has 80% of $45m newbuilding cost covered by loan and EU grant
Energy shipping boom: Propane tankers breach $100,000 a day Some VLGCs carrying propane and VLCCs carrying crude have joined LNG carriers in shipping's six-figures-per-day club.
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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