Report points to progress on shipping's path to zero emissions How far along is shipping on the path to becoming a zero emissions industry? A new study indicates that there are some encouraging first signs In September last year, the Getting to
ATSB makes recommendations to shipping operator after 10 fires in 14 years Sounds like this comes under the category of "when will they ever learn?" The Australian Transport Safety Bureau has issued safety recommendations to the managers and parent company of the cargo ship
Glosten and ABB introduce methanol-hybrid tug design Naval architecture firm Glosten and ABB have joined forces to develop a methanol-hybrid ship assist tug design that provides operators with a viable path to carbon-neutral operations while minimizing operating costs. Referred
St. Johns Ship Building lays keel for first CTV in 6 vessel series Palatka, Fla., based St. Johns Ship Building has held a keel laying for the first of the six aluminum crew transfer vessels (CTVs) on order at the shipyard for Atlantic Wind Transfers
"Fat Leonard" arrested in Venezuela Leonard Glenn Francis, the man at the center of the notorious "Fat Leonard" bribery case that has rocked the Navy, has been arrested at the Simon Bolivar International in Caracas, Venezuela. He
MABUX reports slight decrease in bunker prices Over Week 38, Marine Bunker Exchange (MABUX) global bunker indices continued moderate sliding downward with the 380 HSFO index falling to US$516.77/MT, the VLSFO index decreasing to US$783.41/MT and the MGO index dropping to US$1,112.26/MT). The Global Scrubber Spread (SS) weekly average - the price differential between 380 HSFO and VLSFO - continued to increase over Week 38 reaching US$266.64. I
CMA CGM orders seven new biogas-powered vessels to serve French West Indies French ocean carrier CMA CGM has confirmed the order of seven new container vessels, powered by biogas, aiming to upgrade its services to the French West Indies. Four of the new boxships will have 7,300 TEU capacity and the other three vessels will have 7,900 TEU capacity, while all the ships will have 1,385 reefer plugs. The newbuildings will be delivered gradually as of 2024 and are expected to
Congestion, a big piece of the supply and demand puzzle Introduction Dry bulk and container shipping markets have exhibited sharp declines in earnings over the summer. Many have attributed this to a drop in congestion. However, our data shows congestion persists at high levels, though it has shifted from more visible to less visible regions of the world. In this article, we explore the drivers of congestion and consider what are the implications for s
Sea-Intelligence reports ramp up in Golden Week capacity reductions Danish maritime data company Sea-Intelligence analysed blank sailings data from the leading container lines. The analysts said that blank sailings have for long been the carriers' preferred way of matching supply with demand. "This is what we would call tactical blank sailings," pointed out Sea-Intelligence. However, for much of 2020 and 2021, ocean carriers have struggled to maintain capacity in
CMA CGM, AD Ports commence works on new 1.8 million TEU terminal at Khalifa Port CMA CGM and AD Ports launched the construction of the new CMA Terminals Khalifa Port, a container terminal which is expected to be operational in the first half of 2025 and will have an initial capacity of 1.8 million TEUs. CMA CGM's port and terminal operator CMA Terminals will have a 70% share in the new box terminal, while AD Ports Group will own the remaining 30%. The project is estimated at
PIL's subsidiary makes maiden calls at Tibar Bay port Mariana Express Lines (MELL), a subsidiary of Pacific International Lines (PIL), has announced that two of its vessels Kota Dunia and Selatan Damai, made successful maiden calls at the new Tibar Bay Port earlier in September. PIL considers Asia as a key focus region and its subsidiary is involved in
Prosafe and Floatel International bag accommodation vessel extensions Offshore accommodation vessel owners Prosafe and Floatel International have secured charter extensions for their semisubmersible units operating in the UK and Norwegian sectors, respectively. In the UK North Sea, BP has exercised an option to charter the 2015-built flotel Safe Zephyrus through December 21, 2022, to continue providing gangway-connected operations supporting the Seagull project at
Performance Shipping fixes newly acquired LR2 ahead of delivery at $45,000 per day Nasdaq-listed Performance Shipping has fixed its LR2 aframax product tanker it agreed to acquire in August this year to commodity trader Trafigura at $45,000 per day. The charter of the 2010-built , which will be the seventh vessel in the company's fleet, is set to commence upon delivery in November and last between seven and ...
ADNOC mulls Gunvor swoop Abu Dhabi National Oil Company (ADNOC) is reportedly looking to buy all or part of the Swiss-based commodity trading giant Gunvor. ADNOC has been expanding its trading unit in recent years and has also bolstered its shipping and maritime logistics arm Adnoc L&S, to take advantage of its position as a major producer of oil, ...
Nexans adds to US offshore wind contract backlog French cabling firm Nexans has secured a new contract with ørsted and Eversource to supply the export cable for the 704 MW Revolution offshore wind farm. This will be Nexans' second contract in the US as part of the frame agreement with ørsted-Eversource, which provides the opportunity to supply up to 1,000 km of high ...
Poseidon Principles scales up green ambitions Banking signatories to the Poseidon Principles as well as parties committed to the Poseidon Principles for Marine Insurance are upping their green ambitions meaning shipowners will need to get their net zero credentials spruced up fast. 30 shipping banks and 17 marine insurance providers and brokers said today they would add additional trajectories to report ...
Scorpio Tankers declares purchase option on LR2 Monaco-headquartered Scorpio Tankers has exercised an option to buy the 2016-built LR2 product tanker from Norway's Ocean Yield. This 110,000 dwt vessel, which is currently leased, was acquired as part of the acquisition of Navig8 Product Tankers in 2017. The New York-listed company said the purchase, expected to occur in the first quarter of 2023, ...
Transocean seals long-term semisub deal with Wintershall Dea and OMV New York-listed offshore driller Transocean has landed a contract with Wintershall Dea and OMV for the 2019-built semisub rig to drill 17 wells offshore Norway and also sealed a deal for the drilling of all their wells between 2023 and end-2027. The contract scope entails for OMV the drilling of three development wells for the ...
Maersk backs US Clean Shipping Act Danish liner giant A.P. Moller - Maersk is backing the proposed legislation in the US that seeks to zero out pollution from all ocean shipping companies that do business with the United States. The bill, known as the Clean Shipping Act of 2022, was introduced in July 2022 by two California members of Congress representing ...
Frenchman takes over IUMI presidency The International Union of Marine Insurance (IUMI) Council has appointed a new president and vice president as well as new executive committee and nominating committee members. Frédéric Denèfle, managing director of French marine war risks specialist GAREX, has been appointed president, supported by a vice president, Kosuke Hashimoto of Japan and general manager of Marine ...
Singapore offshore wind farm vessel newcomer names Europe CEO Recently launched Singapore-based pure-play offshore wind farm vessel owner Cyan Renewables has appointed Lars Christian Zøhner to lead its European business. Zøhner, previously the chief executive officer of Danish crew transfer vessel operator World Marine Offshore, will be responsible for overseeing the operations and growth of the firm's regional portfolio with headquarters in Denmark. He ...
Maersk Drilling secures more work off Suriname Maersk Drilling said that TotalEnergies has exercised an option to add the drilling of one additional well in Block 58 offshore Suriname to the work scope of the 2013-built drillship . The contract extension is for about 100 days, with work expected to commence in January 2023, in direct continuation of the rig's previously agreed ...
Singapore annual launches Today sees the launch of Splash's latest annual report. Published to coincide with Singapore's de facto second maritime week of the year, the 60-page Splash Singapore Market Report 2022 is a frank assessment of where the maritime hub's strengths and weaknesses lie. The two leading maritime hub reports - one compiled by DNV and Menon ...
Ex-chairman of ABG Shipyard arrested, accused of perpetrating India's largest fraud Rishi Agarwal, former chairman and managing director of ABG Shipyard, has been arrested in India, accused of cheating a consortium of 28 banks of around $2.83bn over a seven-year period through to 2012. Agarwal is accused of setting up around 100 shell companies to funnel cash from one of the nation's top shipyard in what ...
Germans team up in bid to create European recycling 'powerhouse' Two German companies are to work together in a bid to become the "powerhouse" of European green ship recycling. Cuxhaven-headquartered Leviathan has pioneered a method for near emissions-free ship recycling using robot-assisted cold cutting technology. This week Leviathan signed a cooperation agreement with Kiel's German Naval Yards to use its 426 m long drydock for ...
Prosafe awarded $33m US Gulf flotel deal Semisub accommodation vessel owner Prosafe has secured more work for its flotel Safe . The 2005-built unit has been booked by an undisclosed client to provide accommodation and construction support in the US Gulf of Mexico. The contract is expected to start in the second or third quarter of 2023 and last for about one ...
Further oil leak from bulker wreck off Gibraltar After residual oil was found spilling from the stricken bulk carrier, authorities took the decision to close Gibraltar's port again yesterday, including stopping all bunkering operations. The ship is submerged on the seabed less than 1 km from the coastline, having pranged with an LNG carrier on August 29. The ship, which is encircled by ...
Brazil expands port privatisation scheme The Brazilian government is expanding its port privatisation scheme putting both Rio de Janeiro's port authority Companhia Docas do Rio de Janeiro (CDRJ) and Pará state port authority Companhia Docas do Pará (CDP) on the sales block. "Simultaneously with the privatisation of CDRJ, the ports of Rio de Janeiro, Itaguaí, Niterói and Angra dos Reis ...
Are ports the new battlefront in the digital supply chain dilemma? Andre Wheeler on the risks of signing up to Beijing's Logink port management system. After attending a recent update on international trade opportunities, I was left asking questions. Are port and terminal operating systems which interface with China platforms unknowingly putting supply chains at risk in this volatile geopolitical environment? Are they inadvertently contributing to ...
US Maritime Administration to explore low-carbon options for shipping on the Great Lakes The US Maritime Administration (MARAD) has launched a 16-month study exploring low-carbon options for shipping on the Great Lakes. The research group, led by the International Council on Clean Transportation (ICCT) in partnership with the American Bureau of Shipping (ABS) and the Conference of Great Lakes and St. Lawrence Governors & Premiers (GSGP), will assess ...
US Interior Department announces offshore oil and gas lease sale in Cook Inlet, Alaska The US Department of the Interior announced that the proposed notice of sale for lease sale 258 in Cook Inlet, Alaska will be available for review in the Federal Register today. In the recently enacted Inflation Reduction Act (IRA), Congress directed that the Bureau of Ocean Energy Management (BOEM)
Poseidon Principles endorse tougher shipping emission targets An updated ambition statement will be re-evaluated after the International Maritime Organization concludes a revision of its greenhouse gas strategy targets
Zero-emissions shipping goals for 2030 'partially on track' 'Even though progress has been significant, more is needed to bring us to 5% and beyond,' says joint study
Seafarers must stick to basics as automation looms New tech is a fact of modern seafaring and the industry has started to embrace it. There are challenges to...
DSME secures second LNG tanker order in a month Newbuilding contract brings DSME's orderbook backlog up to 130 ships which includes 63 LNG tankers
Capesize market dips after rally Spot rates have dipped to $16,000 per day, following days of increases that saw the segment creep up to levels...
Tanker values continue to climb amid bullish market Positive sentiment in the major tanker markets is driving asset prices upwards with values of some VLCCs up 5% in...
Gibraltar suspends bunkering operations due to wreck Bunkering operations have been temporarily put on hold to focus resources on clean-up efforts following the grounding of a dry...
Shanghai port geared up to build $7bn new terminal SIPG said the project will help improve Yangshan's service capacity and the river-to-sea intermodal shipping in the Yangtze River Delta...
Meeting obligations on ESG 'is good business' Shipowners must already produce the data needed for the Poseidon Principles of Marine Insurance for IMO purposes. But calculating a...
South Korean yards in ESG and tech tie-ups HHI will use Palantir's Foundry platform to help with digital twinning and other automation projects as part of its Future...
IUMI elects Frédéric Denèfle as president Being president of the International Union of Marine Insurance gives the holder the ability to release all kinds of messages...
Start-up Asian offshore wind farm vessel firm appoints Europe chief New company says it is eyeing a $1bn investment in offshore wind vessels in the next five years
New cargo risks are loss-prevention headache for marine insurers 'There is no efficient way to fight the fire. You can't reach the cars, and it's impossible to pump water...
Daily Briefing Industry attempts to amend EU carbon market amid delays | Why shipping's poor progress report requires high-level attention | EU...
Rate drops, surcharge absence signal weak intermodal rail peak Domestic intermodal providers have not put peak season surcharges in place in Southern California this year, a far cry from the $5,000 per container surcharges in Los Angeles each of the last two years.
India-US trade surges as sourcing slowly shifts away from China The growing popularity of "China-plus-one" sourcing strategies is working to India's benefit, sending trade between the US and India to record highs as shippers seek to diversify their supply chains.
Defeat of truck-only tolls to ease transportation costs in US Northeast A US court ruling that declared Rhode Island's truck-only tolls unconstitutional will save tens of millions of dollars in operating and shipping costs yearly for truckers and their customers.
Ten more shippers pledge to use zero-carbon vessels by 2040 Sustainability ambitions from the world's largest cargo owners are ramping up pressure on carriers to accelerate their transition to zero-carbon fuels or risk losing high-volume business in the coming decades.
Biden administration aims to make green shipping a highlight of next global climate meet White House official tells the Global Maritime Forum annual summit that focus on John Kerry's Green Shipping Challenge will be key on the agenda
'Long runway': Ocean Network Express chief worries IMO could take years to lift carbon cost Jeremy Nixon says fuel oil prices need to come up for shipping's decarbonisation, but market-based measures could drag on
IKEA swears off using offsets in achieving net-zero fuel goal Swedish furniture giant wants 'drastic emissions cuts' as part of goal to slash carbon in half
Ten more cargo owners pledge support for 2040 zero-carbon goals Multinational shippers clamber aboard Aspen Institute's scheme to lower emissions
UN says Ukraine 'needs more, bigger ships', but shipowners fear Putin's threats Head of the UN's trade body has called on owners to provide more tonnage to export grain from Russia and Ukraine, but the war risks are deterring players.
Sterling Shipping bolsters fleet with kamsarmax bulker buy Malta-based owner also refinances its fleet of four panamaxes
Sweden's Sterling Shipping bolsters fleet with kamsarmax bulker buy Malta-based owner has also refinanced its fleet of four panamax bulk carriers
Trafigura takes Performance LR2 tanker at $45,000 two months before delivery Charterers still clamouring to secure tonnage on term deals
'Bashing the table for shipping': UK minister's new brief welcomed by industry Chamber of Shipping and Major Ports Group see transport secretary's assumption of maritime responsibility as a positive
Former ABG Shipyard boss arrested in $2.8bn Indian fraud case Rishi Agarwal held by Central Bureau of Investigation on suspicion of misusing bank funds
Omens good for VLCCs as US shipments to China boost tonne-miles by half, says Vortexa Chinese imports supporting continued strength for big tankers, Ioannis Papadimitriou says
Streetwise: Amid a gale of green investing, why is wind player Eneti struggling to lift off? Finance newsletter explores stock price that one analyst scoffs at as an 'absurd' oversight, while others say better things coming in good time
Troim's anti-ESG stand-up act would make Elon Musk proud Special ocean advisor at New York-based UN Global Compact Sturla Henriksen called the performance 'not just irresponsible but bordering on indecent'
New chemical tanker captures give Carl F Peters flexibility to expand Boss Johannes Rath explains why German owner swooped for Uni-Tankers pair
TMS Cardiff Gas linked to latest QatarEnergy-backed LNG orders at DSME Latest two contracts bring booked pre-reserved slots against QatarEnergy charters to 13 for South Korean yard with another six contracts expected
Addition of German export credit giant KfW IPEX brings Poseidon Principles to 30 financiers Nearly two-thirds of global shipping finance is now signed up for framework to bring decarbonisation into lending
'The urgency is clear': Poseidon Principles ups carbon-cutting ambition for ship finance and insurance Initiatives involving 30 shipping banks and 17 insurance providers say they will track clients' trajectory to contribute to keeping global warming below 1.5C
Carbon Ridge scores investments from major shipping names for onboard carbon capture Crowley and Berge Bulk back decarbonisation technology start-up also aligned with Scorpio Group
Adnoc 'in talks' to create shipping and chartering giant with Gunvor deal Trading sources report discussions over a full or partial acquisition of Torbjorn Tornqvist's $4bn trading group
Debt cut: Scorpio Tankers continues purchase spree with LR2 deal US-listed owner also reveals share buyback in strong product tanker markets
EnTrust Global's Purus snaps up wind farm fleet of HST Marine US alternative financier's shipping operation expands in offshore wind operations with takeover deal
'Excessive speed': Cargo owners sue over Ever Given grounding Court papers filed in London say grounding was down to errors of navigation that hit global trade for days
Insiders snapped up MPCC stock as price dipped towards year low Major backer MPC Group and its executives add to their holdings in Oslo-listed tonnage provider as rates plunge
OceanPal takes reduced rate for capesize fixed to Hyundai Glovis Greek owner bought vessel spun-off from Diana Shipping in June
'Significant upswing': Nordic American fixes suezmax for a year Herbjorn Hansson says company well placed to capitalise on higher rates
Smit Salvage to start work within weeks on 'time bomb' Yemen ship Operation is expected to take four months to remove oil from the decaying FSO Safer and prevent an environmental catastrophe
Russia oil price cap: US officials say shipping has nothing to fear if it acts in 'good faith' Treasury Department says shipping has little to worry about, so long as it vets its counterparties
New Singapore offshore wind farm vessel owner names Europe CEO Company recruits from within the industry to lead operation in Denmark
US officials: Shipping needs to act in 'good faith' on oil price cap compliance Two US Treasury Department employees said shipping has little to worry about so long as it vets its counterparties
Singapore-based Jaldhi Overseas turns to China for ultramax bulk carrier quartet The 66,000-dwt design was developed by Mitsui Engineering & Shipbuilding
Crude tanker trade hammered as Australasian imports drop more than 50% Poten & Partners details the impact of lost refinery capacity in the region
Putin's war has brought forward energy transition by '5 to 10 years', says Trafigura Rasmus Bach Nielsen believes the energy crisis triggered by Russia's Vladmir Putin is driving rapid action towards a low carbon economy
Garex chief executive Frederic Denefle appointed next IUMI president War risk specialist would like to work with P&I clubs to develop a claims database
'No practical upward limit' on product tanker rates, shipowners say There are still several factors that could help boost the product tanker market, some owners and analysts are allegedly nervous to talk up
Semiramis Paliou is committed to protecting father's legacy while moving Diana Shipping forwardl Chief executive remembers when a female captain asked her what she was doing on her ship while she was working as trainee ship surveyor
West Coast ports sink to lowest share of US imports since early 1980s East and Gulf coast ports handled more volume than ever before in August, pulling far ahead of West Coast rivals.
19 retailers committed to zero-carbon shipping fuels by 2040 Retailers are coming together to send demand signals for zero-carbon shipping fuels.
Air Canada 360: Freighter aircraft jettisoned 20 years ago now embraced Air Canada had a dual fleet but got rid of its cargo jets years ago. A pandemic epiphany led the airline to invest in 12...
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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