U.S. sets ambitious new goals for floating offshore wind The White House yesterday announced a new multi-agency floating offshore wind initiative. Called the Floating Offshore Wind Shot, it will see the administration advance lease areas in deep waters in order to
VIDEO: Princess Cruises unveils new Sun Princess Princess Cruises has revealed a few more details about the Sun Princess, the first of two new Sphere class vessels, currently under construction at Fincantieri's Monfalcone, Italy, Shipyard This is the brand's
Hutchison Ports, Saudi Arabia inaugurate new box port On 7 September 2022, Prince Mohammed bin Nasser bin Abdulaziz, the Governor of Jazan Region, inaugurated the Port of Jazan City for Primary and Downstream Industries (JCPDI Port), in cooperation with Hutchison Ports. The President of the Royal Commission for Jubail and Yanbu, Eng. Khalid Al-Salem praised the achievements made at JCPDI and revealed that a range of investments and partnerships had
High volatility remains in global bunker market Over Week 37, Marine Bunker Exchange (MABUX) has reported that global bunker indices continued moderate sliding downward. The 380 HSFO index fell to US$535.14/mt, the VLSFO index decreased to US$800.44/mt and the MGO index dropped to US1,169.10/mt. Meanwhile, the Global Scrubber Spread (SS) weekly average - the price differential between 380 HSFO and VLSFO - stopped the downward trend and showed
Port of San Diego receives US$2.7 million grant for electrical upgrades The Port of San Diego accepted an approximately US$2.7 million grant from the San Diego County Air Pollution Control District (SDAPCD), which provides incentive funding to support clean technology investments, especially in underserved communities. The grant will partially fund electrical upgrades to power two new all-electric mobile harbor cranes that will help improve public health and reduce d
COSCO Shipping eyeing methanol for new round of ship orders More newbuildings might be in the pipeline for COSCO Shipping Lines, as the fourth liner operator is thinking of adding 32 container ships that are already under construction. The Chinese state-controlled shipping giant is said to be ordering six 23,000 TEU vessels and nine 15,000 TEU ships at its sister yard, Cosco Shipping Heavy Industry Yangzhou, which is currently building ten 16,000 TEU ship
APM Terminals appoints new head of global operations APM Terminals has announced that Rex Jackson, the previous chief operating officer at APM Terminals Tangier, is the new company's head of global operations, effective September 2022. Rex Jackson replaces Henrik Kristensen, who has since the new appointment assumed the position of managing director of APM Terminals Port Elizabeth. "With his first-hand experience in operations, Rex will build on ou
San Pedro Bay ports see container volumes fall in August The major Californian ports in Los Angeles and Long Beach have seen a slowdown in their container volumes in August. Port of Los Angeles (POLA) reported a 15% decrease in its August box volumes compared to the same month last year with 806,000 TEUs, while Port of Long Beach (POLB) handled 806,940 TEUs, down just 764 TEUs from August 2021. "We're making great strides in reducing the number of ship
CMA CGM to deploy additional vessel into SAFRAN service CMA CGM aims to improve the schedule reliability of its SAFRAN service connecting North Europe with East Coast South America, deploying a ninth vessel into the service. The new boxship will be used in the servce from 15 November and will launch its voyage from the port of Antwerp in Belgium. At
Jan De Nul's jackup installation newbuild hit by typhoon in China Belgian offshore contractor Jan De Nul said that its jackup installation newbuild had suffered minor damage after being hit by typhoon Muifa at COSCO Shipping Shipyard in Nantong, China. The eye of the typhoon passed over the shipyard during the night of September 14 to 15, causing the vessel to come loose from its moorings. ...
Allseas founder hands the reins to his son Swiss-based offshore contractor Allseas has announced that its founder and president, Edward Heerema, is stepping aside after nearly four decades at the helm. He will be replaced by his eldest son, Pieter, but will remain as chairman and concentrate on developing and integrating new technological developments. Edward Heerema launched Allseas in 1985 and has since ...
Stena Drilling bags drillship deal off Gabon Stena Drilling, a subsidiary of Sweden's Stena, has landed a contract with China's offshore oil and gas producer CNOOC for a two-well campaign offshore Gabon. The drilling programme will be undertaken using the 2012-built ice-class harsh environment drillship . The Aberdeen-based driller currently has the vessel working for Energean in the Mediterranean Sea, offshore Israel. ...
Concordia Maritime sells its three oldest product tankers in strong market Sweden's Concordia Maritime has sold three sixteen-year-old product tankers to an undisclosed European buyer at a price said to be significantly above the market valuations made in mid-2022. The trio Stena Primorsk, Stena Performance and Stena Provence, estimated by VesselsValue as worth around $51m in total, were the oldest in the company's fleet, following the ...
COSCO details $4.9bn boxship fleet expansion plans COSCO Shipping, the world's fourth largest carrier, is to massively add to the global containership orderbook, detailing a $4.9bn outlay in new ships. The container arm of China's largest maritime conglomerate has laid out plans to order 32 ships totalling 580,000 teu, all for delivery by the end of 2025, according to Nikkei Asia. The ...
Evangelos Marinakis eyes the CO2 trades Evangelos Marinakis has shown his hand in the much hyped nascent liquefied carbon dioxide (CO2) trades. Marinakis's Capital Gas Ship Management Corp has come onboard a project in South Korea to develop and commercialise 30,000 cu m liquified CO2 carriers. Lloyd's Register (LR) and the Liberian International Ship and Corporate Registry (LISCR) have awarded design ...
Dutch debut clean, automated ship recycling solution Circular Maritime Technologies International (CMT) from the Netherlands has debuted a brand new way of breaking up ships, where humans are not placed in danger. At CMT's proposed yard, no human lives will be put at risk as the ships will be taken out of the water and dismantled by a fully mechanised and automated ...
Octopus Renewables ups stake in UK offshore wind farm UK investment firm Octopus Renewables Infrastructure Trust (ORIT) has increased its ownership interest in the Lincs offshore wind farm, located off the east coast of England. ORIT picked up a further 7.75% stake from a fund managed by Macquarie Asset Management for an undisclosed sum. The deal follows on from an investment earlier this year ...
Adani Ports enters Bengal India's largest port operator, Adani Ports and Special Economic Zone is entering Bengal, having signed a concession agreement with Syama Prasad Mookerjee Port in Calcutta to take over and upgrade a berth at the Haldia Dock Complex. The 30-year concession is for a bulk terminal with a capacity of 3.74m tonnes a year. Adani Ports ...
Long Beach dockworkers charged with health care fraud Seven Port of Long Beach dockworkers are among nine people charged this week for an alleged health care fraud, which included submitting more than $2m claims to their union's health insurance plan, much of which was to pay for sexual services. The charges could result in jail times of up to 12 years. Sara Victoria ...
Prudent Shipping Investments seals Japanese financing for supramax pair Singapore-based Prudent Shipping Investments has closed financing for two modern Japanese-built supramax bulk carriers valued at $45m. The senior debt was provided by a blue-chip Japanese financial institution. Prudent advises financial institutions to invest in shipping and ports. Its services include structuring deals, due diligence and assessment of technical, operational and commercial parame
Tentative agreements achieved in US railway labour negotiations, strike averted A US railway strike has been averted, at least temporarily, as the Class I railroads and all of the 12 unions representing rail workers have reached tentative agreements. A 20-hour negotiating marathon brokered by the Biden administration resulted on Wednesday night in tentative agreements with the last three unions. In a statement issued by the ...
BOEM reinstates Gulf of Mexico oil and gas leases, accepting bids from November 2021 sale In compliance with congressional direction in the Inflation Reduction Act, the US Bureau of Ocean Energy Management (BOEM) has accepted 307 highest valid bids from Lease Sale 257 in the Gulf of Mexico, totalling almost $190m. BOEM originally held the lease sale in November 2021, and a federal judge
Clean tanker rates soaring on global refineries upheaval as Russia sanctions loom Rates for Atlantic-trading medium range tankers have climbed 178% since September 1 to surpass $50,000 per day as diesel exports...
The View: Talk before you walk Workforces in the maritime transport sector are becoming increasingly militant. It is incumbent on shipping to engage and negotiate agreements
Non-Russia ships shun Russia's northern sea route Vessel operators have been avoiding the northern sea route since the start of the Ukraine conflict
Container spot rates continue headlong plunge Many main lane trades have given up all the gains made during 2021 and are seeing spot rates fall precipitously...
GoodBulk makes $60m profit from eight bulker sales this year Company's remaining fleet is currently plying the spot market
Los Angeles and Long Beach import volumes soften Port of Los Angeles chief expects volumes to continue softening throughout the rest of the year
The Lloyd's List Podcast: What's keeping Jeremy Nixon awake at night? After a two-year frenzy, the container shipping market is showing signs of normalisation. How will it avoid the mistakes of...
Japan and Australia ramp up ammonia supply chain study Japan is one of the leading proponents of the use of ammonia as a new green fuel
Decarbonisation of shipping offers plenty of opportunities, but beware the risks Lloyd's List webinar on opportunities and the cost of the transition to zero-carbon shipping
IUMI delegates gather in Chicago for annual conference The theme for event, which runs from September 18-22, is 'Adapting to a world in transition' - with a focus...
Deal signed to develop green hydrogen carrier projects Companies are aligned on the commercial and technical benefits of compression for the storage and transport of hydrogen
Daily Briefing Ukraine grain exports reliant on small old blacklisted ships | Europe unlikely to reverse consortia block exemption regulation | EU...
US rail shutdown avoided as unions and railways reach tentative agreement Imminent threat of further supply chain logjams is lifted, sparing already congested ports from an exacerbation of inland transportation bottlenecks
Ocean carriers step up NY-NJ empty sweeps under threat of new fee The Port of New York and New Jersey has seen an uptick in empty container sweeps by ocean carriers after its decision to impose a tariff aimed at empty boxes lingering in the region.
Shippers face lengthy transshipping delays via Central America Maersk said feeder services connecting via Panama, northern Brazil, and the Caribbean were full and cargo was being rolled, although the carrier expected the situation to improve this month.
Steady improvement forecast for US chassis market: IEPs Equipment providers believe the chaos caused by two years of chassis shortages will end sometime next year as excessive street dwell times diminish and new domestic and foreign chassis manufacturers enter the US market.
UP ousts CP from shared container pool in favor of CN Union Pacific has ejected Canadian Pacific from a shared pool of rail-owned domestic containers, a move likely related to the pending CP-Kansas City Southern merger that could take business away from UP.
FMC receives strong support for emergency order on port congestion The FMC's emergency order on data sharing would seek to alleviate port congestion by requiring more visibility into appointment availability, empty container return times, and terminal closures.
Tentative contract deal averts crippling US rail strike The tentative deal comes after a marathon 20-hour negotiating session lasting all day Wednesday and into Thursday at the Department of Labor, with Labor Secretary Marty Walsh hosting leadership from railroads and the unions.
Russian coal on Greek-owned bulker amid EU sanctions questions Stavros picked up 53,000 tonnes of coal from Russia, which its manager says is above board
Product tankers cool off with 'frustrating' week for LR1 owners and LR2 charterers holding back Larger product tankers saw strong gains through the last few weeks
Crew change: Meet the new faces at Idwal, Foreship and ZF Marine Vessel inspection firm taps Anglo-Eastern executive for chief commercial officer, while Foreship taps BC Ferries man for US drive
NIBC Bank grows shipping portfolio by a quarter in first half of the year Company celebrated reaching €1bn mark earlier in the year and kept momentum going
Editor's Selection: Celsius warms to China, Sovcomflot's shuffle and taking the nuclear option TradeWinds' news editor brings you the shipping news highlights of the week
Trading giant Cargill claims forgery in Saint James arrest case Charterer Cargill's messages to crew of an arrested ship were 'fraudulently amended' on their way to an Indian court, it has claimed
Container ship charter rates plunge 20% as default fears rise Further falls look likely as charter market follows freight rates and nosedives
Italian owner Prysmian scoops wind cable deals worth $800m Vessels will be working off Germany from 2028
'Getting paid very well': Concordia confirms tanker trio sale Timing is 'crucial' as Swedish player benefits from rising ship values to pay down debt
Azerbaijan Caspian Shipping secures $100m funding for fleet renewal European bank comes up with loan cash for owner's expansion drive
Scrap revolution: Dutch group plots automated recycling yards to compete with Asia Start-up CMT brings in partner companies to remove humans from the ship-breaking equation
VLCCs hit new highs as oil majors scramble for tonnage Baltic Exchange index tops $40,000 for the first time in more than two years
Greek shipowner Star Bulk saves $2m through Navig8's fuel platform spin-off Optimisation service Engine proves its worth over first six months, partners say
Sydney-listed Provaris teams with TotalEnergies to develop hydrogen carriers and supply chain Australian start-up now has access to major financial firepower to push forward with innovative newbuildings
Skuld turns around losses as underwriting results improve Norwegian marine insurance company is benefitting from lower claims and higher premiums
CoolCo's Tyrrell unveils growth strategy for LNG and beyond New CEO changes company's mission statement, signalling intent for a broader remit
Fortescue boss Andrew Forrest becomes biggest shareholder in shipbuilder Austal Is yard group 'in play' after more shares purchased by mining and chartering billionaire?
Delta Tankers set for $9m payday after fixing VLCC from US Gulf Delta Amazon expected to bank $88,000 per day for long-haul trip into Singapore
Piracy risk 'severe' as German multipurpose ship raided by armed men off Guinea Maritime security companies warn the threat persists in West Africa, despite fall in incidents
Greathorse linked to tanker exit with $180m sale of chemical fleet Chinese buyers are believed to have snapped up some of Hong Kong owner's five ships
DBS Bank sets decarbonisation targets for ship finance activity Initiative will cover institutional banking lending book as well as capital markets activities
Has the panamax bulker spot market breakout come to an end? Futures say yes Rates turn downward for the first time since late August as FFA curve moves negative, but Braemar sees reasons why it could avoid a downturn
Port of Long Beach narrowly misses record August Executive Director Mario Cordero says the Port of Long Beach is "making great strides in reducing the number of ships queuing to enter the San...
Boeing CEO says 787 freighter remains strong candidate to succeed 767F Boeing must soon decide on what to do about developing a next-generation medium freighter. The leading candidate now appears to be the 787.
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