NTSB reports on barge collision with a coal train A failure by a towing vessel's pilot and captain to correctly identify a caution area on an electronic chart is seen by the National Transportation Safety Board as the probable cause of
VIDEO: FMD moves to redefine the limits of maritime technology Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), aims to redefine the technological limits of national security with the establishment of its Technology Center of Excellence. The initiative
VIDEO: Korea Express Ferry takes delivery of high speed cat The latest addition to the fleet of Korea Express Ferry, Korea Pride, is a 72-meter, 556-passenger Incat Crowther design catamaran ferry that is the first vessel of its kind to be built
DHL to invest US$500 million in expansion of operations in India DHL Supply Chain has announced an investment of €500 million (US$500 million) in India over the next five years aiming to grow its warehousing capacity, workforce and sustainability initiatives in the country. With this investment, DHL will own and operate wholly-owned large multi-client sites in India, adding 12 million square feet (1.11 million square metres) of warehousing space to the company
Market report: "Container shipping market turns a corner ... in lockstep?" Global container shipping turned a corner in the second quarter of 2022 according to the findings of the latest Quarterly Review of the market produced by MDS Transmodal and Global Shippers Forum (GSF). Covid lockdowns in China, suppressing supply of manufactured goods and demand for raw materials, and plummeting sentiment in consuming countries, due to rising interest rates and energy prices, co
COSCO introduces new eBL service COSCO SHIPPING announced the launch of the new electronic bill of lading service, named "IQAX eBL", jointly with Bank of China, on 1 September at the Achievement Release Event of the 2022 China International Fair for Trade in Services (CIFTIS). "This new service of 'paperless' trade settlement for customers combines traditional business advantages and cutting-edge technology innovations of both o
Transatlantic lane displaces Asia-US West Coast as most profitable route The Asia-US West Coast route is no longer the most lucrative, according to Alphaliner, as rates have fallen below US$3,500/FEU. The Transatlantic has become the most lucrative one, with rates from Rotterdam to New York hovering between US$6,700 and US$8,350 per FEU. In view of the relatively short sailing distance, an average Transatlantic rate of US$7,525/FEU would result in average revenue of U
UK ports brace for upcoming strike actions Workers' strikes at the United Kingdom's ports in Felixstowe and Liverpool are expected to cause operational delays in the country's supply chain network, as well as potential ripple effects on other ports in Europe. The British trade union Unite has announced the following strike actions at the ports in the United Kingdom: Strike at the Port of Felixstowe commences at 7 am (local time) on Tuesda
CMA CGM, Plastic Flamingo renew partnership to mitigate plastic pollution in the Philippines CMA CGM Group and Plastic Flamingo (PLAF) have announced the renewal of their partnership to mitigate plastic pollution in the Philippines. The two sides renewed a three-year partnership to collect and upcycle 600 metric tons of plastic waste from the streets, coastlines and the heavily plastic polluted River Pasig in Metro Manila. This marks an annual plastic collection of 200 metric tons, up fr
Port of Los Angeles releases US$5 million for zero-emission trucks programme The Port of Los Angeles (POLA) has announced the release of US$5 million in voucher incentives for zero-emission trucks, which are expected to begin operating at the Californian port next year. This marks the first in a series of incentive programmes that will be funded by the POLA's recently enacted Clean Truck Fund (CTF). "As we continue to move record cargo, the need for zero-emission solution
HMM and PANASIA partner on onboard carbon capture system South Korean container line HMM has signed a Memorandum of Understanding (MoU) with global eco-friendly and energy system company PANASIA to collaborate on onboard carbon capture system for vessel application. HMM said in a statement that onboard carbon capture system is an advanced technology to capture CO2 from greenhouse gas emissions generated during vessel operation, ensuring it is not emitt
Hapag-Lloyd buys 49% stake in Italian logistics group The German container shipping company Hapag-Lloyd has agreed with Spinelli Group to acquire a 49% stake in the Italian logistics firm. The Hamburg-based box carrier has announced this new investment after a
Seaspan's deal for containership quartet falls through Seaspan Corporation has not closed its order for four 7,700 teu dual-fuel liquefied natural gas (LNG) containership newbuilds after the shipyard allegedly failed to meet certain conditions of the deal. A subsidiary of the New York-listed Atlas Corporation said the contracts announced in May this year became null and void and that it has reserved ...
Provaris and Total Eren collaborate to ship compressed hydrogen to Europe and Asia Australian hydrogen shipping start-up Provaris Energy, formerly Global Energy Ventures (GEV), has teamed up with French renewable energy developer Total Eren to transport green hydrogen to Asia and Europe. The ASX-listed Provaris is developing a 26,000 cu m compressed hydrogen carrier dubbed H2Neo, which is targeting approval for construction in mid-2023. The company also operates ...
Maersk Tankers bolsters executive team Denmark's Maersk Tankers is adding two new leaders to its executive team as it moves to reorganise the business that manages chartering, partner and operations activities. The move comes at a time when the company is looking to boost its partner services and accelerate growth. The change will see the commercial business divided into three ...
Partners accelerate studies on ammonia supply chain from Australia to Japan Australia's Woodside Energy, together with Japan's energy players JOGMEC, Marubeni Corporation, Hokuriku Electric, Kansai Electric, Tohoku Electric and Hokkaido Electric, have signed a joint research agreement to jointly carry out a feasibility study on the establishment of a lower-emissions fuel ammonia supply chain from Australia to Japan. The study builds on last year's work, when ...
Prysmian wins $800m cabling deal in Germany Italian cabling giant Prysmian has secured two contracts worth more than €800m ($798.3m), including options by Amprion Offshore, a subsidiary of German transmission system operator Amprion, for the design, supply, installation, and commissioning of land and submarine cables for the DolWin4 and BorWin4 offshore wind farm grid connection systems in Germany's North Sea. Prysmian said ...
Petrofac seals North Sea contract extension UK energy services company Petrofac has secured a three-year contract extension for maintenance services from Serica Energy. The deal will see Petrofac continue with the provision of maintenance execution, maintenance consultancy and metering services to Serica Energy's Northern North Sea asset, the Bruce platform complex, which processes production from its Bruce, Keith and Rhum fields. ...
Shell CEO Ben van Beurden to step down at year-end Ben van Beurden will step down as a chief executive officer of London-based energy supermajor Shell at the end of 2022, the company said on Thursday. Wael Sawan, currently Shell's director of integrated gas, renewables and energy solutions, will take over the helm on January 1, 2023, and also join Shell's board of directors. A ...
Hapag-Lloyd takes 49% stake in Italy's Spinelli Group Cash-rich German global carrier Hapag-Lloyd is buying a 49% stake in Italian logistics group Spinelli Group. The Spinelli family will continue to hold a 51% majority stake when the transaction closes, expected within the next few months. No financial details have been revealed. Since 1963 Spinelli has been offering a wide range of logistics services ...
ESL Shipping seals $32m funding for hybrid electric bulkers Finland's ESL Shipping, part of the Aspo Group, has secured fresh funds that will be directed to partly finance its hybrid electric bulkers under construction in India. The company's Swedish subsidiary, AtoB@C Shipping, has signed a €32.2m loan agreement with Svenska Skeppshypotek. AtoB@C Shipping has ordered twelve 5,350 dwt battery hybrid vessels for delivery from ...
Maersk Drilling jackup awarded more work with Petrogas Maersk Drilling has struck a deal with Petrogas E&P Netherlands to amend the previously entered contract for the provisioning of the 2008-built harsh environment jackup rig . The new five-well deal will employ the rig to drill three wells at the A15 field and two wells at the B10 field offshore the Netherlands, with an ...
NYSHEX raises a further $25m in funding The New York Shipping Exchange (NYSHEX), a container contract platform, has announced a $25m Series B funding round led by Collate Capital. In addition, Blumberg Capital, Goldman Sachs and New Road Capital participated, bringing the company's total funding to $69m. Gordon Downes, CEO of NYSHEX, said that the additional capital would help accelerate the development ...
TechnipFMC scores Brazil subsea contract with TotalEnergies TechnipFMC has won a contract from TotalEnergies for engineering, procurement, construction and installation (EPCI) at its Lapa North East field in the pre-salt Santos Basin offshore Brazil. Under the deal, worth between $75m and $250m, TechnipFMC will reconfigure and install umbilicals and flexible pipe in a new configuration that will further secure the production of ...
HMM to work with Panasia developing onboard carbon capture tech Scrubber manufacturers are increasingly adapting their inventions to move into the broader carbon capture domain. In South Korea, flagship carrier HMM has just signed a memorandum of understanding with compatriot Panasia to collaborate on developing onboard carbon capture systems. The two will start by carrying out a feasibility study before likely testing a prototype on ...
Singapore Market Report 2022 The two leading maritime hub reports - one compiled by DNV and Menon Economics, and the other by the Baltic Exchange and Xinhua - both crowned Singapore again as the world's top shipping city this year, an annual event that is becoming a ritual, so secure and far ahead is this Southeast Asian enclave when ...
Congestion alert as US railroads brace for strikes To add to the myriad supply chain woes across the US, a potential national work stoppage of the nation's railroads starting tomorrow is causing widespread alarm. The six Class I freight railroads in the US started early this week to prepare for the possibility of a system shutdown starting on Friday, when the 30-day cooling-down ...
Port of Long Beach set to improve efficiency with $170m dredging project A channel deepening project that will help move cargo more efficiently to and from the US advanced this week after the Long Beach Harbor Commission concluded an extensive environmental review process and greenlit the
Seaspan annuls dual-fuel boxship quartet order with K Shipbuilding Seaspan said the cancellation is due to certain contract conditions not being fulfilled by the counterparty, against which it has...
EU ban will see Russia in short-term struggle to export diesel Finding a home for Russia's diesel supplies outside Europe is forecast to be a challenge, with or without any proposed...
Ukraine grain exports reliant on small old blacklisted ships Most major shipowners are still unwilling to run the risk of engaging in Ukraine grain trades, despite declining war risk...
Grounded bulker in Gibraltar considered total loss The bulker OS 35, which collided with an LNG carrier at the end of August, is considered to be...
TEN says majority of fleet can benefit from tanker rebound Chief executive Nikolas Tsakos says orderbook is lowest at any time in his career
AD Ports acquires majority stake in Egyptian carrier and terminal operator Acquisition provides Abu Dhabi Ports with a controlling position in two regional market leaders and enhances its presence along key trade...
Europe unlikely to reverse consortia block exemption regulation Shipper groups believe unwinding competition protection for consortia would solve a myriad of problems. But the consortia block exemption has...
ABS brings Silicon Valley to maritime technology Much of the maritime tech sector is hoping to survive to the end of the year rather than identifying a...
Atlantic grains lend support to bulker rates Analysts say that frenzied grain activity in the Atlantic and Pacific markets has boosted panamaxes the most, with spot freight...
Hyundai Samho gas-fuelled PCTC newbuilding order confirmed New order brings Hyundai Samho's backlog of pure car and truck carrier newbuildings up to four units and follows on...
Hapag-Lloyd buys stake in Italian terminal operator Hapag-Lloyd has been increasing its terminal exposure in selected markets. Its latest acquisition will see it gain access to terminals...
KDB to be more flexible as it prioritises DSME privatisation After the stalled attempt to merge it with Hyundai Heavy Industries, Korea Development Bank has now made it a priority...
Wan Hai renegotiates contract rates amid transpacific markdowns Market could turn the corner next year, with smaller ships forced out of the field of competition. Scrapping and low...
Daily Briefing Doubts cast over LNG's role as future fuel | US set to overtake Russia as Europe's largest crude supplier |...
Lower costs for US shippers seen in trucking PPIs The US producer price indexes (PPIs) for trucking dropped in August as contract pricing cooled and fuel prices and surcharges came down.
US August imports from Asia defy weakening fundamentals US imports from Asia remained strong through August despite container shipping indicators normally associated with a drop in cargo volumes.
Typhoon closes Qingdao and Dalian ports, adding to shipper woes Freight forwarders warned that shippers could face weeks of delays due to back-to-back typhoons that have battered China, while blank sailings are rising ahead of the Golden Week holiday.
CSX taps former Ford executive as new CEO CSX said its future CEO brings a deep understanding of the manufacturing and energy sectors, both critical customer bases for the eastern railroad.
Equipment influx coming for stressed US chassis market: executive A veteran of the US chassis market says "a lot more capacity" will be arriving into the sector to help relieve the shortages that have contributed to delays throughout the country's supply chain.
Ownership stake in Italian logistics provider no change in strategy: Hapag-Lloyd Hapag-Lloyd insists that its core ocean container focus remains in place despite acquiring a significant stake in an Italian logistics company.
Tentative deal reached to avert US rail strike: White House News of the tentative deal comes after a marathon negotiating session was held all Wednesday and into Thursday at the Department of Labor, with Labor Secretary Marty Walsh hosting leadership from railroads and the unions.
Storage facilities near Ukraine ports damaged as war with Russia rages on 'At least' 60 of the 75 crop storage facilities identified by Conflict Observatory have been near ports or railroads
Vessel sales lift GoodBulk profit as dividend machine keeps on whirring Capesize owner has distributed $165m to shareholders over the past year and brings sales tally to eight vessels
'Barn burner': Shipping chaos averted as Biden trumpets agreement to prevent rail strike Tentative agreement comes at the last minute to spare US from supply chain woes that were expected to have been felt in container shipping
Seaspan Corp tears up $520m newbuilding contracts with warning of legal claim Deal for quartet of LNG-fuelled container ships 'null and void' after shipyard allegedly fails to fulfil conditions
Irish High Court clears way to sell GTLK ships out of sanctions Judgment has saved four Russian-linked fleets, including a Rusal-linked transshipment operation, from the sting of US sanctions
Maersk Tankers' pool cut as owners make most of spiking asset values Pool has lost about 20 ships as company reshapes chartering and operations business
Idan Ofer's Eastern Pacific sells midsize car carrier in $50m deal XT Group, a rare buyer of car carriers, is believed to have lined up long-term employment for the vessel
Italy's Grimaldi Group lines up $1bn ammonia-ready car carrier order Owner to build 10 vessels in China
Havila Kystruten fixes $370m of new finance after sanctions battle Cruise ferry owner is allowed to redeem loan financing provided by blacklisted Russian lessor
Idan Ofer's Eastern Pacific Shipping sells mid-sized car carrier in $50m deal XT Group, a rare buyer of car carriers, is believed to have lined up long-term employment for the vessel
Streetwise: Tanker investors have cleaned up in 2022, but is the game over or just in early innings? Our weekly finance newsletter asks whether tanker shares are fully valued or have more room to run past the end of this year
Jan Dieleman of trading giant Cargill sets out Global Maritime Forum wishlist Chairman would like to see steps towards action and ambition on carbon as summit rolls into New York
Saudi owner torches its oldest and biggest tanker After quite some time, the Pakistani demolition market is said to be producing a notable scrapping deal again
Sovcomflot tanker fleet decamps to Dubai amid Ukraine invasion backlash Formerly SCF Management Services (Dubai), Sun Ship Management has taken on 87 Sovcomflot ships
Newbuilding spend hits $75bn in 2022 as prices soar, says Clarksons But broker notes falling order numbers with owners focusing on higher-value vessels
HMM teams with Panasia to develop carbon capture on its ships South Korean companies joining forces and hoping to move from feasibility to operational tests
Top marks for Kumiai VLGC in sustainable finance scheme New green finance package is being offered by the Development Bank of Japan
LNG carrier rates surge amid talk of 'record breaking' winter levels ahead All eyes on any open tonnage and levels it will command as charterers turn their attention to steam and diesel-electric vessels
Tanker newcomer United Maritime joins Signal Maritime pool US-listed spinoff entrusts half its tanker fleet to Ioannis Martinos-founded ship manager
Shipping warms to the nuclear option: 'It needs to be in the mix' The possibility remains more than a decade away, but an increasing number of industry stakeholders are warming to the possibility that it may be part of the resolution of its GHG problem
SSY says surging values of veteran VLCCs pricing out scrap buyers Prices for recycling and continued trading are diverging for the first time in two years
Hunter keeps remaining VLCC for one final hurrah as rates rise Owner 'pleased' that buyer is letting Hunter Freya carry one last cargo before its handover
Bertel Steen family builds stake in American Shipping after $40m share sale Aker group and CEO Pal Magnussen also take stock as owner moves to fund $157m OCV purchase
Hyundai Samho nets two PCTC newbuilds worth $239m Ray Car Carriers is being linked to the order of the LNG dual-fuel 7,500-ceu vessels
ESL Shipping seals $32m loan for expanded hybrid electric bulker series Finnish owner taps Swedish lender after adding five more newbuildings in India
Nigerian stowaways claim bulker crew killed two and abandoned the rest Liberian authorities report alleged incident involving China's Ophelia
High Court clears way to sell GTLK ships out of sanctions London's High Court has saved four Russian-linked fleets including a Rusal-linked transshipment operation from the sting of US sanctions
Winners and losers as China reverts to traditional iron ore suppliers, says SSY Wars and taxes result in changing trade patterns for the various ship types involved in shipping steel making material
ZeroNorth plots to 'make Asia green' with new office in Singapore Maersk, Cargill and PSG Equity's fuel optimisation platform targeting eastwards expansion
China LNG carrier shipbuilding capacity set to rise to 30 vessels a year Shipowners are quietly flocking to Chinese yards as their South Korean rivals refuse to release their 2027 delivery berths until 2023
Celsius Tankers scouts China yards for up to 12 LNG carrier newbuilding slots Singapore-listed Yangzijiang Shipbuilding and China Merchants Heavy Industry are in discussions on berths with the Danish owner
Cosco Shipping mulling mega-boxship deal worth $2.9bn The Chinese liner carrier is set to order its first dual-fuel propulsion vessels
Imports to Los Angeles, America's largest port, plunged 17% in August U.S. containerized imports are still near record highs, but not in Los Angeles, where they've fallen sharply.
Hapag-Lloyd acquiring stake in Italian logistics company Senior executive says "strategic assets along the supply chain are a key part of Hapag-Lloyd's Strategy 2023."
G7's grand plan to squeeze Russia oil windfall hinges on tanker shipping "Right now, shipping companies around the world are looking at this and scratching their heads," says sanctions expert Bruce Paulsen.
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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