Resolve Pioneer set for 5 more years of service in Western Alaska Fort Lauderdale, Fla., based Resolve Marine reports that its 207-foot response vessel Resolve Pioneer has completed its ABS special survey and received its U.S. Coast Guard (USCG) certificate of inspection following a
World's largest bio-LNG plant to be built in Amsterdam Bio-LNG (or liquefied biomethane) is widely seen as key to "extending the runway" for existing LNG-fueled tonnage to meet tightening GHG-reduction targets. To help me
Port of Barcelona procceeds with wharf electrification plan The Port of Barcelona has awarded the pilot project to provide electrical power to ships at the BEST terminal to the Danish engineering and manufacturing company PowerCon for approximately €5 million (US$4.8 million). The two partners have started building the pilot project, which is part of Phase Zero of the Wharf Electrification Plan developed by the Spanish port and includes the drafting and p
Chittagong port keeps Hapag Lloyd vessel detained after crane incident The Chittagong Port Authority has detained a 1,718 TEU container feeder vessel operated by Hapag Lloyd in the Chittagong-Colombo route after it hit and damaged a quay gantry crane. The German carrier deployed the Liberia-flagged vessel namely Hansa Rendsburg on this route last month to cut the operator's dependence on other feeder vessels. In its maiden trip, the vessel came to the outer anchorag
GEODIS takes over US logistics firm Geodis has announced the acquisition of US-based Need it Now Delivers aiming to expand its presence in the United States in the areas of contract logistics and final mile delivery. "The completion of the Need It Now Delivers acquisition will accelerate our continued growth in the US, which has become an essential market for GEODIS, as we remain committed to building a fully integrated network of
Ports under pressure as strikes over pay continue worldwide Global maritime research consultancy Drewry reports that labour disputes and port workers' strikes worldwide will continue to cause severe disruptions in container ports, several of which face heavy congestion challenges. "Fast rising cost of living crisis to precipitate more labour disputes across developed markets as dock workers seek to make up for rampaging price inflation, heaping more disru
Barge sinks after collision with Vasi boxship in Thailand waterways Vasi Star, a 1,728 TEU feeder container ship owned by Singaporean operator Vasi Shipping, collided with a barge on the morning of 11 October. Vasi Star, which was deployed to a Thailand-Malaysia-Bangladesh-India service, was on its way to Bangkok port from Kattupalli, India, when it collided with a tug and barges along the Chao Phraya River, at around 7.10 am local time. The tug, Wimonwan 8, was
Upcoming renegotiations of Asia-Europe contract rates to signal freight rates trends, said HSBC British multinational banking and financial services organisation, HSBC brings forward its trough scenario for container shipping. HSBC lowered its demand estimations for 2023 and increased its effective 2022-24e supply estimates. This is reflecting the unwinding of congestion, according to the banking major, which also sees significant downside risks for 2023 consensus profits. Meanwhile, sport
Antwerp Gateway to ease berth alignment process Antwerp Gateway has decided to implement Portchain Connect to increase the quality and speed of its berth alignment with container lines. Through Portchain Connect, Antwerp Gateway will receive real-time schedules and move count updates directly from carrier systems. In this way, Antwerp Gateway will be able to quickly respond, counter-propose and align the ship's schedule with the terminal's ber
CMA CGM reshuffles Europe - West Africa services CMA CGM has announced changes in its Europe - West Africa network with rotation updates in MEDWAX, EURAF3 and WAZZAN services. The French carrier said that MEDWAX service will now be operated in 35 days with five vessels of 2,200 to 2,800 TEU box capacity and will have the following rotation: Barcelona (Spain) - Marseille (France) - Valencia (Spain) - Tanger (Morocco) - Algeciras (Spain) - Dakar
Lomar taps Macquarie to refinance tanker fleet acquired from Carl Büttner UK-based diversified owner Lomar Shipping has secured a $86m loan from Australian lender Macquarie Group for the refinancing of six vessels it took over following the acquisition of Bremen-based Carl Büttner. The deal, which was the first transaction between the maritime subsidiary of New York-based Libra Group and Macquarie, has seen the refinancing of four ...
United Maritime flips aframax pair in $62.5m deal United Maritime has banked close to $24m after offloading a pair of aframax tankers it picked up in July this year. The Nasdaq-listed spinoff of Greek owner Seanergy Maritime is selling the 2006-built Bluesea and Parosea for $62.5m, after buying the 114,000 dwt ships built in South Korea for $19.10m and $19.6m, respectively, according to ...
Diana Shipping fixes Sea Trade ultramax purchase to Cargill Greek bulker owner Diana Shipping has landed a time charter contract with commodity trading giant Cargill for a recently-delivered modern ultramax, one of the nine vessels it acquired from Stamford-based Sea Trade Holdings in August. The New York-listed firm has chartered out the 2018-built Pyxis, formerly STH Montreal, between 10 and 12 months at $17,100 ...
Seanergy clinches $28m loan to refinance capesize pair Greek pure-play capesize owner Seanergy Maritime has closed the refinancing of two vessels, under new and better terms. The Nasdaq-listed firm has agreed a $28m term loan deal with an unnamed European lender, secured by the 2010-built Fellowship and Premiership. The facility has refinanced an existing facility at an interest rate is 2.50% plus SOFR ...
Equinor sees first oil from phase 2 project in Peregrino field Equinor has started production from its new Peregrino C platform in the Campos Basin offshore Brazil, launching the phase 2 project in its Peregrino field. Phase 2 is expected to extend the Peregrino field life to 2040, providing access to a further 250m to 300m barrels of oil. The project was on schedule for planned ...
Titan to set up world's largest bio-LNG plant at Amsterdam port Dutch fuel supplier Titan has moved to build what it says would be the world's largest biomethane liquefaction plant (bio-LNG) in the Port of Amsterdam. Formerly known as Titan LNG, the company will build and operate a 200,000 tonnes per year plant, with production expected in 2025, in partnership with biogas supplier BioValue and Linde ...
Cadeler raises $95m as it eyes return to Cosco for second foundation installation newbuild BW Group-backed offshore wind contractor Cadeler has raised approximately $95m via a private placement of new shares to partially finance its planned second foundation installation newbuild in China. The Oslo-listed company, which has three newbuilds lined up at Cosco Shipping Heavy Industry, has revealed advanced talks with the shipyard regarding the potential exercise of an ...
Transnet strike costs South African mining industry $44m a day South African mining industry is losing $44m in export revenue per day due to an ongoing strike at ports and freight-rail operator Transnet, the country's industry body has said. The Minerals Council South Africa, whose members account for more than 80% of Transnet's rail business and 50% of the group's income, said they were unable ...
2024 forecast to be first year in modern history of dry bulk where more tonnage will exit than enter the sector The minuscule dry bulk orderbook is set to create a series of records in the coming years with few yards willing or able to offer early delivery slots. New analysis by brokers Lorentzen & Co suggests that next year looks to be the first in three decades of almost net zero growth and the year ...
HSBC brings forward its trough scenario for container shipping Banking major HSBC has brought forward its trough scenario for container shipping given the extreme speed with which the sector's fortunes have declined in recent months. At the current pace where spot rates are plummeting by 7.5% every week, freight rates may hit 2019 levels by the end of this year, HSBC is now forecasting, ...
Idan Ofer joins John Fredriksen as major investor in International Seaways Idan Ofer is the latest big name in shipping to buy into New York-listed tanker owner International Seaways. Ofer, via his investment vehicle EPS Ventures, has taken a 5.05% stake in the Lois Zabrocky-led tanker outfit, documentation from the US Securities and Exchange Commission (SEC) shows. Ofer joins John Fredriksen in buying into the American ...
AAL swells operating fleet Breakbulk and heavylift operator AAL has further expanded its owned multipurpose vessel fleet. The Singapore-based operator recently took delivery of the 2010-built AAL Gunsan, former BBC America, and the 2009-built AAL Geelong, ex-BBC Valparaiso. The ships are the last of four 25,800 dwt multipurpose heavy lift sister vessels secured through an acquisition penned back in ...
Rusty capes are selling fast Fred Cheng's Shinyo International has made his move in the recent revival of dry bulk S&P, cutting his cape arm in two by selling the 177,000 dwt, 17-year-old, Namura-built Shinyo Guardian, a ship he bought three years ago when it was known as Aquabella. Turkish Beks Ship Management has been linked to this purchase by ...
Piracy attacks drop to lowest levels recorded since 1992 Looking at the first three quarters of this year, the ICC International Maritime Bureau (IMB) has recorded the lowest volume of global piracy and armed robbery incidents since 1992. ICC IMB's latest global quarterly piracy report details 90 incidents of piracy and armed robbery against ships in the first nine months of 2022, the lowest ...
Vale scraps iron ore terminal plans at Ningbo The industrial conveyor belt between Brazil and China has suffered a glitch. Brazilian miner Vale has scrapped plans first announced two years ago to form a joint venture with China's Ningbo Zhoushan Port to build, own, and operate a giant valemax terminal at Shulanghu Port in Zhoushan. Original plans had called for the development of ...
Adnoc Drilling secures $980m contract Adnoc Drilling has secured a new contract worth around $980m for the hire of two jackup rigs and associated manpower and equipment, to support Abu Dhabi National Oil Company (ADNOC)'s offshore operations. The latest contract award brings the total value of awards from Adnoc Offshore to Adnoc Drilling to $5.95bn in 2022. Earlier this month, ...
DSME takes giant leap towards hydrogen with NASA supplier tie-up South Korean shipbuilding major Daewoo Shipbuilding & Marine Engineering (DSME) has sought the services of a NASA supplier to fire up its own large liquid hydrogen carrier ambitions. DSME is partnering with CB&I, a subsidiary of US-based energy engineering company McDermott, to develop the ship type which moves cargoes at super chilled temperatures. CB&I has ...
What does the 20th Party Congress mean for shipping? Shipping is holding its breath as political leaders gather in Beijing. Charlie Du Cane pours some caution to those hoping Xi Jinping's reappointment will instantly see an economic boost to shipping's most important nation. Chinese 'Kremlinologists' have been working overtime recently - to their usual lack of good effect. We have had rumours that have ...
US grain exports drop as Mississippi's low water slows shipments US Department of Agriculture (USDA) data issued on Tuesday shows the serious impact that low water in the Mississippi River is having on agricultural shipments. Crops for export at Louisiana Gulf Coast terminals in the first week of October were at their lowest level in nine years. Since then, conditions have worsened. Although the US Coast Guard ...
UK maritime races to capitalise on short window of political opportunity Political engagement with the shipping sector is unusually high profile right now in the UK. Despite the risk of unintended...
United Maritime flips two aframaxes for big profit Quick-fire sale leaves Greece-based owner with two recently delivered LR2s and one capesize bulker
Oil demand downgraded amid 'worse global energy crisis in history' Both the International Energy Agency and the Organisation of the Petroleum Exporting Countries lower oil demand forecasts in monthly reports...
More than 1m tonnes of non-compliant fuels detected annually Damage caused by contaminated fuel can cost shipowners up to $50,000 per incident
'Absolute mess': EU Russia sanctions could drive wedge into P&I market 'New insurers will inevitably fill this gap, who may lack the expertise and capitalisation of the established Western P&I clubs,'...
Pacific Basin expects dry bulk demand to moderate into 2023 The company has a positive long-term view based on a demand revival, coupled with the fleet sailing at slower speeds...
Idan Ofer builds International Seaways stake EPS Ventures, an investment unit of Mr Ofer's Quantum Pacific Shipping, now owns 5.05% of International Seaways shares, making it...
Shipping's energy transition will outweigh short-term shocks - DNV Global GDP forecast to double by 2050 that will see cargo tonne-miles increasing in almost all ship categories with a...
Letter to the Editor: Future fuels' journey must start now 'The normal logic that we should stick with the cheapest, easiest approach breaks down when business-as-usual is causing irreparable damage...
Capacity reductions fail to stop container rate rout As congestion eases, more ships are sailing with fewer delays. The supply and demand balance has now returned to pre-pandemic...
Singapore's bunker sales decline 3.6% in September The drop in bunker sales and vessel arrivals at Singapore reflect the softening demand across the market, especially in the...
Keppel O&M further defers delivery of Borr Drilling jack-up rigs The delivery of the last five of an 11-rig order originally made by Borr Drilling has been delayed twice before
South Korea's DSME exceeds newbuilding sales target DSME received an additional 19 LNG carrier orders in September
DSME turns to NASA supplier for liquefied hydrogen carrier DSME expects increasing demand for large liquefied hydrogen carriers in the future because marine transport of the fuel is projected...
Daily Briefing Shipping rates yet to find floor as container throughput in China dips | Containership values drop 35% following record highs...
Faltering stock market halts Transfix's public listing plans A weakening freight market and growing investor unease with holding companies designed to take early stage companies public have led Transfix to put a public listing on ice.
Trans-Pac capacity reductions too little, too late: analysts Although trans-Pacific carriers are now rushing to blank sailings, the capacity overhang in the trade lane is so great that industry analysts say excess space will continue to plague the trade lane.
California calls for project proposals to improve supply chain infrastructure As vessel congestion in California eases, the state is looking to further invest in infrastructure projects that will modernize ports and keep goods moving throughout the state.
Carriers skip Durban, Cape Town as dockworker strike intensifies South Africa's state-owned terminal operator said Thursday it has offered striking dockworkers a wage package that includes a 15.1 percent pay increase over three years.
Geopolitical disruption a rising threat to freight shippers Rising tensions between the China and the United States underscore how even as supply chain congestion is easing, geopolitical threats pose disruption on an entirely different scale.
GSBN, project44 ink trade finance partnership project44 and the Global Shipping Business Network are working together to tie cargo tracking and bill of lading data to unearth trade finance opportunities in Asia.
US outlook on Ukraine's grain exports is 'quite over the top', experts say US Department of Agriculture's outlook for the 2022-2023 grain year is 'at least triple' likely export volmes, says ShipNext chief executive Alexander Vivarenko
Opaque market fails to stop suezmax rally as tankers rebound Charterers apparently attempted to opt for 'low key' fixtures, but failed to hold down the market, Fearnleys says
UBS upgrades Norwegian Cruise Line to 'buy' as bookings 'catch up' to peers Investment bank gives same share rating to Royal Caribbean Group and Carnival Corp
United Maritime makes quick profit from tanker sales Greek owner sells aframax pair just months after entering the tanker sector
Ned Sherwood has only made profits on the shipping company he's most disgruntled about Ned Sherwood is optimistic about the container ship sector, but that's not where he's made gains so far
Streetwise: Inside the world of shipping investor 'Disgruntled' Ned Sherwood Our finance newsletter travels to the Connecticut home of the veteran leveraged buyout specialist who has been learning the shipping ropes
Union warns that Russian oil shipments at risk from Putin's crew call-ups Seafarers report crew members being ordered off ships as Russians take to yachts to avoid joining war in Ukraine
Danaos sees 'great opportunities' in softening container ship market US-listed container ship major says its cash buffer and low debt will help it benefit from falling ship values
Ukrainian cargo ship banned by Paris MOU after skipping repair call Port state body says the elderly Sefora did not call in Ukraine to fix deficiencies
Demand destruction? Latsco warns of risks to tanker revival but remains 'positive' Greek owner's London chartering operation took more fixed-rate cover during a volatile 2021, accounts show
What is behind shipping's image problem? 'We don't pay taxes' Team Tankers' Morten Arntzen says that if shipping wants governments and journalists to give it respect, it has to pay up
Russian oil revenues fall again as EU sanctions bite Energy watchdog says Russian exports continue to decline but Europe faces tough challenge to find alternative supplies
Patitsas opens up about Atlas Maritime tanker and car carrier orders Owner confirms ordering at least two vessels at DH Shipbuilding and one additional car carrier with Raffles
Atlas Maritime ups newbuildings ante with LR2, PCTC orders Greek company confirms inking at least two vessels at DH Shipbuilding and one additional car carrier with Raffles
Titan to build world's largest bio-LNG plant in Port of Amsterdam Dutch bunker supplier sets up game-changing development for shipping with an eye to future production of synthetic LNG
AAL expands fleet with three more multipurpose vessels Schoeller Holdings-controlled company take charge of three heavylift vessels
Erasmus reveals container ships entry with Kyokuyo newbuilding A low-profile, diversifying outfit says it hopes to add more feeder container ships in the future
FPSO player Bluewater eyes Oslo bond issue worth $240m Dutch owner looking to refinance maturing debt as it plots offshore wind move
Marubeni claims world first for ethylene carrier operating on biofuel Japanese operator sent chartered vessel across the Atlantic using a fatty acid fuel blend
Idan Ofer joins John Fredriksen as major holder in International Seaways Two 'big dogs' of shipping are now significant shareholders in New York-listed tanker owner
Celsius Tankers signs LOI for over $2.7bn worth of LNG newbuildings at CMHI-Jiangsu Danish company eyes up to 12 vessels at China Merchants shipyard as it enters a new sector
Institute of Chartered Shipbrokers to 'raise the bar' after revealing surplus Organisation is devising a new strategy for commercial shipping
Seafarers to be shareholders in ship manager Synergy Marine Ship manager Captain Rajesh Unni believes ownership is a better way to promote performance than numerical KPIs
Transnet strike causes bulker and container ship backlog off South African ports Ports are at a standstill as talks between the state-owned logistics giant and its labour unions remain deadlocked
Container shipping faces 'classic boom and bust' as rates plummet to pre-pandemic levels Ocean carriers may be powerless to stem the speed that freight rates are falling
Transnet strike causes bulker and boxship backlog off South African ports Ports are at a standstill as talks between the state-owned logistics giant and its labour unions remain deadlocked
Poseidon Principles banks could tackle ship scrapping next Michael Parker says including demolition is the logical next step
Global trade at the crossroads: Risks from geopolitics, inflation loom Supply chain planners will walk a precarious path in 2023, according to S&P Global transportation expert Paul Bingham.
Maersk Air Cargo opens US bases with South Korea service set to debut Maersk, a major container shipping line, is set to debut its U.S. air cargo service and has focused its resources on the Chicago area.
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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