Seapeak places $1.1 billion order for 5 LNG carriers at SHI Seapeak LLC reports that it has entered into shipbuilding contracts for the construction of five 174,000-cubic meter M-type (ME-GA propulsion) LNG carrier newbuildings. They are to be constructed by Samsung Heavy Industries
KEZAD Group launches e-commerce fulfillment centre for Middle East's online marketplace Khalifa Economic Zones Abu Dhabi - KEZAD Group, the integrated trade, logistics, and industrial hub of Abu Dhabi and a fully-owned subsidiary of AD Ports Group, and noon.com, one of Middle East's online shopping websites, broke ground on the UAE's largest fulfillment centre in Abu Dhabi, which will form part of an anchor investment by noon into the emirate's fast-growing e-commerce space. The 252
Fuel prices on downward trend According to the weekly outlook of Marine Bunker Exchange (MABUX) for bunker prices, fuel indexes demonstrate a firm downward trend. The 380 HSFO index fell to US4,504.59/MT, the VLSFO index decreased to US$722.45/MT and the MGO index dropped to US$1,088.38/MT. In the meantime, the Global Scrubber Spread (SS) - the price differential between 380 HSFO and VLSFO - continued its firm decline over we
Sea-Intelligence reports strong volume growth on North America East Coast While North America West Coast port volumes have started to contract sharply in the third quarter of 2022 (both Y/Y and on an annualised basis compared to 2019), the same is not the case for the North America East Coast ports, according to Sea-Intelligence. The Danish shipping data analysis company said that the year-on-year (Y/Y) laden inbound growth in 2022-Q3 was between 4%-11%, and the annual
KDB sounds out potential buyers for HMM shares Korea Development Bank (KDB) has identified Hyundai Motor, steel mill POSCO, logistics group LX Pantos and SM Line as potential buyers for its 20.69% stake in South Korean flagship carrier HMM. KDB said on 23 November that it has met with representatives of the aforementioned companies to see how its stake in the company can be sold. Meanwhile, Korea Ocean Business Corporation, which owns 19.96%
Drewry's WCI retraces 90% of pre-pandemic gains as China-Europe spot prices tumble The Drewry's World Container Index (WCI) saw yet another week of fall, by 7% to US$2,404, primarily on the back of tumbling rates in the China-Europe trade lanes. The Drewry's World Container Index has now seen 90% of its gains, from its quote at the onset of the pandemic to its peak level in 2021, erode in just 14 months, even as it took 22 months to scale up to its highest level. The descent ha
Tonnage providers' fleet shrinks as market turns Tonnage providers have lost 2 million TEU of ships to liner operators as vessel sales shot up from mid-2020 to mid-2022, even though ship sales have tapered off recently with the correction in the freight market. Alphaliner's latest report, released on 23 November, noted that since August 2020, tonnage providers have sold more than 600 boxships, amounting to 2 million TEU, to liner operators whic
Zergratran seeks funding to build green shipping corridor as an alternative to the Panama Canal Zergratran, a sustainable transportation company, is announcing its Reg A+ offering to raise US$75 million in funding as its initial step to build the first Green Shipping Corridor. An alternative to the Panama Canal for shipping containers - Puerto Internacional Las Americas (PILA) is planned to be an underground green tunnel that uses Maglev technology system to transfer containers in less than
Cypriot shipping company enters container sector with boxship pair acquisition Cyprus-based shipping company Castor Maritime has announced the acquisition of two container vessels aiming to enter the container sector. Two of Castor Maritime's wholly-owned subsidiaries each entered into two separate agreements to acquire a 2005 German-built 2,700 TEU container ship from two separate entities beneficially owned by family members of Petros Panagiotidis, the company's chairman,
APM Terminals confirms management changes in India APM Terminals has announced several changes in management roles in India. Following three years as chief operating officer (COO) of Gateway Terminals India Pvt. Ltd. (APM Terminals Mumbai), Girish Aggarwal will become managing director (MD) for Gujarat Pipavav Port Ltd. (APM Terminals Pipavav) from 1 January 2023. "Girish Aggarwal has led Gateway Terminals India Pvt. Ltd as COO since 2019, initia
Reach Subsea turns owner with Østensjø MPSV buy Norwegian offshore services player Reach Subsea is building up its operations with the acquisition of multipurpose ROV support vessel from compatriot owner Østensjø Rederi. The Haugesund-based company, which has thus far focused on chartered-in vessels, is paying $29m for the 2009-built MPSV, a price it noted was below the charter rates being offered on its ...
Golden Energy Offshore offloads PSV Norway's Golden Energy Offshore Services (GEOS) has struck a deal to sell its 2005-built platform supply vessel for $6.45m. The buyer for the Norwegian-flagged PSV VesselsValue estimates as worth $5.78m has not been identified. The ship should deliver in the first quarter of 2023, and the sale is expected to boost GEOS' liquidity, which the ...
Floatel International wins accommodation vessel contract with Vår Energi Oslo-based offshore accommodation platform operator Floatel International has landed a contract with pure-play Norwegian operator Vår Energi for the . The 2010-built semisubmersible vessel will provide accommodation services for the Balder HAP project in Norway. The unit is currently working for Equinor at the Grane field in the Norwegian North Sea. The new contract should ...
CSSC Shipping teams with CGN for $98m WTIV deal CSSC Shipping has teamed up with CGN International Financial Leasing to acquire a newbuild wind turbine installation vessel. The Hong Kong-listed leasing arm of state-owned China State Shipbuilding Corporation said in a filing that the vessel would be picked up from Guangzhou Shipyard International for $98m. The deal will see CGN own 70% of the ...
KNOT books shuttle tanker newbuild for Petrobras charter Knutsen NYK Offshore Tankers (KNOT) has inked a contract with Cosco Shipping Heavy Industry (Zhoushan) for a newbuild suezmax shuttle tanker. The 154,000 dwt ship will deliver in 2025 and go on a 15-year-long charter with Brazilian oil giant Petrobras. KNOT has another unit set to deliver in 2024 backed by a 10-year Petrobras charter. ...
Global supply chains at risk again as truckers stage another nationwide strike in South Korea Truck drivers in South Korea have gone on a second mass strike in less than six months. At least 25,000 truckers are expected to join an indefinite strike that could paralyse critical supply chains, including those in the car, steel and refinery industries. The organisers have warned the strike could stop oil supplies and transport ...
Cold lay-ups in the frame as liners look at all options in their toolbox Liners will idle as much as 1.5m teu of tonnage next year as the container market eases with analysts warning images of boxships in lay-up could become commonplace once again. British consultants Drewry are forecasting idling will reach approximately 1.5m teu next year, or roughly 6% of the end-2022 cellular fleet. "Carriers are going to ...
Google signs up for Moray West wind farm power Google has signed up to offtake 100 MW of Moray West offshore wind farm in Scotland's outer Moray Firth region. Moray West is part of the portfolio being developed by Ocean Winds, a 50/50 joint venture owned by EDP Renewables and Engie. Under a 12-year corporate power purchase agreement, the French utility will provide Google ...
Ocean Winds forms Irish offshore wind venture Ocean Winds, a joint venture between Engie and EDP Renewables (EDPR) has partnered up with the Irish semi-state energy group Bord na Móna to identify, plan and build offshore wind farms in Ireland. The joint venture will initially focus on delivering two potential projects by 2030, which together could generate up to 2.3GW of energy, ...
West Arctic Ocean emerges as major source of crude for India A new source of Russian crude has emerged for India - the West Arctic Ocean. This new activity which has only been seen this year, started around March on aframax and suezmax tankers, as data from energy analytics firm Vortexa shows (see chart below). Aframax tonne-miles out of the West Arctic Ocean were typically directed ...
CIMC scores three-year extension for jackup pair in Mexico Chinese yard Cimc Raffles has secured a long-term contract extension for two of its jackup drilling rigs working for Pemex in Mexico, the company's asset manager, Ocean Challenger said. The Gulf Driller VI and Gulf Driller VIII, which have been operating in Mexico since delivery in 2019, have been extended for an additional period of ...
Besiktas scores another tanker win Turkey's Besiktas Group has sealed its fifth tanker purchase since June. Sources report that the outfit snapped up a ship locally, adding the 12-year-old, 50,000 dwt Bismark Bernas, a Korean built chemical tanker. The ship has already been delivered and renamed . No price has been attached, but online portal VesselsValue indicates that the ship ...
PGS awarded Mediterranean survey Norwegian seismic player PGS has won a contract from an unnamed independent energy firm for a 3D exploration acquisition in the Mediterranean region. The 2017-built Titan-class vessel will begin the survey in late November, which is expected to last through to mid-January 2023. The 24-streamer ship is currently working in the southeast part of the ...
Italians join forces for new Monegasque dry bulk venture Two Italian-backed shipowners are joining forces to create a new dry bulk venture in Monaco. Malta-based Navigazione Montanari has partnered with Swiss-based Nova Marine Carriers to create Novamont Dry, which will focus on creating a fleet of chartered-in panamaxes and capesizes when operations start in the new year, adding to a growing cluster of Italian ...
Looking to the cloud: connectivity and data as key ingredients for CII compliance Simon Gatty Saunt from SES with helpful advice ahead of the impending Carbon Intensity Indicator. The IMO's Carbon Intensity Indicator (CII) regulations will put a letter grade next to a ship, based on its carbon efficiency in operation. This will immediately provide environmentally conscious charterers with a simple and publicly available rating system, on which ...
Colombian alternative to the Panama Canal seeks funding Florida-based Zergratran, a sustainability driven transportation infrastructure company, is seeking to raise $75m in funding as its initial step to build an alternative to the Panama Canal for shipping containers. Puerto Internacional Las Americas (PILA) is planned to be an underground tunnel that would use Maglev (derived from magnetic levitation) technology to transfer containers in ...
Castor acquires first two boxships amid record profits Owner cites improved tanker earnings as contributor to upturn in results
LNG spot rates take a dive After two months of rapid rate rises, the market is starting to cool off amid an unwinding of vessels waiting...
Aframax tanker freight rates hit 17-year high ahead of Russian oil bans Freight costs for shipping crude to Europe from the US comprise 11% of the delivered crude price. This is up...
Gallagher predicts rates for hull and machinery to harden Many shipowners are well placed to pay in the light of the current upturns in many segments. Upfront payment is...
Top 10 box port operators 2022 As the build-up continues to the publication on December 1 of Lloyd's List One Hundred People 2022, ranking the most...
UN co-ordinator of Black Sea grain initiative steps down The first term of the grain corridor was overseen by Amir Abdulla. His deputy is acting as officer in charge...
Maritime centre partners Gard on green project safety Gard will assess risks inherent in the centre's pilot projects and provide insurance coverage for the schemes
CSSC Shipping agrees deal for wind turbine installation vessel Installation vessel will be leased to Summer Bihai
Maersk Line settles second sexual misconduct lawsuit Lawsuit said female named only as Midshipman Y was forced to sleep in her bathroom - the only room she...
Crew retention essential to address seafarer shortage issue Seafarer shortage is a real issue that needs to be addressed by the industry, says the Singapore Shipping Association
Navigation incidents are 'preventable', says Standard Club Tight ship schedules result in commercial pressure on both ship and pilot
Daily Briefing Why waiting for progress at IMO is a very risky strategy | US updates oil price cap guidance for shipping...
OOCL says using greener fuels requires significant crew training International Chamber of Shipping is proposing the IMO should itself set a target that all the new regulations for handling...
Resurrected Davie Shipbuilding aims to become North America's most modern shipyard Alex Vicefield and James Davies, co-founders of parent company Inocea Group, plan to build expedition cruise ships at the yard some day
Special report: Shipbuilding faces choppier 2023 In our latest Business Focus, TradeWinds' reporters Irene Ang, Lucy Hine and Jonathan Boonzaier explore how 2023 threatens to be far choppier for shipyards, how newbuilding demand is expected to remain strong, and how Hyundai Heavy is driving transformation. Read all the stories below
Hyundai Heavy invests in digital drive to stay ahead of the curve Upgrade of its Ulsan-based shipyard will allow Hyundai Heavy Industries to stay ahead of its rivals and improve production efficiency
Shipbuilding boom and oil prices keep Dubai's Drydocks World busy Repair yards are seeing a boom in conversion and eco-refit projects as Chinese builders focus on constructing ships
China's shipyards turn LNG newcomers with record order haul More Chinese yards advance capabilities to move into high-tech vessel building
Japanese shipyards feel the pain as bulk carrier orders slump But consolidation moves by country's leading yards are starting to pay off
Best year for Hyundai yards since 2007 despite a slowdown in global newbuilding orders The shipbuilding group is not in a hurry to contract new orders and will not expand its current shipbuilding capacity
Buyers ease back on newbuilding volume but not on value in 2022 LNG carriers overtake container ships in tonnage terms as shipbuilding market hits record order spree
Shipyards face 'bumpy' ride in 2023 as economic, capacity and labour issues loom Market players are mystified by the lack of tanker orders but demand from LNG, container ship and offshore energy sectors is expected to keep yards busy
Masters alerted after contact lost with SK Shipping tanker off West Africa UK and French navies ask for help in tracing the B Ocean off Ivory Coast
New York braces for the bull: wild ride could await, but mind the horns This week's edition of Streetwise takes a look at Castor Maritime's tankers spin-off Toro Corp, and how the offspring resembles the parent - for better or worse
'Lawyer up' now for years of decarbonisation charter wars The new CII regulations create a whole class of damage claims to ships that cannot entirely be claused away. Call your lawyer now
Zergratran plots $15bn Colombian box tunnel to rival Panama Canal Plan to transship containers between Atlantic and Pacific with maglev technology in less than 30 minutes
Color Group exits ro-ro sector with sale of veteran ship Norwegian owner finds buyer for 1998-built Color Carrier
Lawyer up now for years of decarbonisation charter wars The new CII regulations create a whole class of damage claims to ships that cannot entirely be claused away. Call your lawyer now
Ferries and container ships best suited to green corridors but complexities need more analysis Report analyses potential of setting up green corridors for two shorthaul routes and one long range route
Ocean Yield extends CMB container ship charters as it adds $90m in liquidity Norwegian sale-and-leaseback company also set to bank $67m from ship sales
Chandris and Westport take big profits by flipping tankers new and old Cumulative profit on two deals amounts to nearly $40m
Owners await long-overdue scrapping of elderly rogue VLGC fleet Avance Gas believes recycling will pick up pace after just one vessel was demolished in past four years
Castor expands into container ships amid high profit, spin-off plan Owner reveals its second transformational move in two weeks
Avance Gas banks more cash in strongest LPG carrier market since 2015 And Fredriksen-backed VLGC owner sees more room for improvement in tonne-miles
Methanol engines make up a quarter of planned projects, MAN says Engine designer reports that many major container ship operators are looking at this fuel alternative
Nikolas Tsakos sets out $1bn market cap ambition in TEN's 30th year Greek shipowner also wants to see debt fall below $1bn
'Shipless in Oslo': Hunter plots next move with calculator, not gut feelings Three projects come under scrutiny at Norwegian company after VLCC fleet sale
China's STX Dalian Shipbuilding set to return to newbuilding arena New owners to get the ball rolling with orders for handysize bulkers
China's STX Dalian Shipbuilding is set to return to newbuilding arena New owners to get the ball rolling with orders for handysize bulkers
EU still heavily dependent on Russian LNG, says Bancosta Russia recorded the highest growth in volumes of any exporter, second only to the US
Eastern Pacific grows fleet with more MR tanker newbuildings The diversified shipping company has ordered two vessels at Hyundai Vietnam
Container ship newbuilding enquiries roll on despite end of bull run Fuelling choices on newbuildings are diversifying as more companies take a look at methanol
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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