AMP sets record straight on need for Puerto Rico Jones Act waiver Here we go again. Detractors of the Jones Act are having a field day as the media puts out stories about Puerto Rico running short of diesel. Here's an example from Bloomberg.
Next generation VLCC features 4 rigid wing sails With IMO's CII and EEXI regulations looming, more owners are opting to add sails of one kind or another to ships in a bid to reduce CO2 emissions. In one example of
Nissan selects Port of Brunswick as gateway to the southeastern US Nissan North America has chosen the Port of Brunswick in Georgia, US as a new point of entry to serve US markets. "We are pleased that Nissan has chosen the Peach State as its gateway to the Southeast," said Griff Lynch, executive director of the Georgia Ports Authority (GPA), who went on to add, "Brunswick's central location and superior connectivity, combined with the ease of doing business in
2M Alliance suspends Sequoia/TP3 service due to US West Coast reduced demand 2M Alliance of Maersk and MSC has decided to suspend its Sequoia/TP3 service due to reduced demand for shipments into the US West Coast during the past weeks. As from vessel Gerner Maersk, voyage 242N - PF position 18 October in Ningbo, and until further notice, there will be no more sailings on the Sequoia service, according to a recent MSC's statement. The Sequoia service will be merged into 2M
Indian rail freight peak-season levy set to come back from next month Indian hinterland exporters and importers, now considerably relieved of the pressure of soaring carrier rate hikes, have a new inland cost burden approaching. Indian Railways has announced the reintroduction of a 15% peak season surcharge it typically applies from October through June to take advantage of seasonal volume surges. The public transporter suspended this levy in 2019 in order to lift
Container volumes boost at port of Melbourne in August Port of Melbourne has announced strong container volumes in August as the traditional peak season commences. The major Australian port saw total container throughput (full and empty) rising by 9.5% in the last month over August 2021 with a total of 284,487 TEU, while year-to-date box volumes are also increased by 6.5%. Full overseas imports were up 11.2% from August 2021 with strong trade flowing
CULines and Antong strengthen cooperation China United Lines (CULines) and Antong Holdings, parent of Quanzhou Ansheng Shipping, have signed a pact to jointly invest in shipping and logistics. The agreement includes the joint deployment of four 1,900 TEU ships that CULines ordered at CSSC Huangpu Wenchong Shipbuilding in February 2021 and are being gradually delivered currently. The pact, signed on 22 September, extends a relationship wh
Sea-Intelligence reports imminent downwards pressure on Transatlantic rates Sea-Intelligence has reported that while freight rates continue to tumble on Transpacific and Asia-Europe, they are holding firm on Transatlantic Westbound. The primary question, according to the Danish analysts is whether supply or demand leads rates to hold up. "Secondly, since this presents carriers with an opportunity to make money on the trade, by shifting capacity onto the Transatlantic (li
Container ship and tanker sustain serious damages in heavy collision in Malacca Strait The 7,455 TEU container vessel GLS Grania and the Aframax tanker Zephyr I suffered a collision in Malacca Strait between Malaysia and Singapore on 27 September. Both vessels have suffered serious damages and have been anchored after the accident. At the time of writing, there are no reported crew members' injuries or oil spills. It seems that Zephyr I lost power and crashed into the starboard sid
OOCL and Chevron complete first biofuel trial voyage Orient Overseas Container Line Ltd. (OOCL) has announced the successful completion of the trial use of marine biofuel supplied by the global energy company, Chevron Singapore Pte Ltd. on the 4,578 TEU container ship OOCL Yokohama. This is the first time that the COSCO-owned box line has
Monaco Yacht Club gears up to welcome shipping's top names The speaker lineup for one of the flashest shipping gatherings of the year has been announced. The Maritime CEO Forum Monaco returns on the afternoon of October 12 with high-level panels on tankers, dry bulk, ship finance and shipmanagement. Taking place at the Monaco Yacht Club, the event features many of the world's best known ...
Is it time to overweight shipping? J Mintzmyer is a well-known shipping investor and industry pundit. He has provided exclusive shipping research via Value Investor's Edge for over seven years and has witnessed numerous up- and down-cycles across shipping segments over the past 15 years. J shares his latest thoughts and a few top picks in this latest article. I believe ...
Winning makes waves in cape segment September has so far been a busy month for Singapore-based Chinese cape specialist Winning Shipping, sealing three deals as it fires up its fleet renewal plans. Brokers tell Splash that the private owner is behind the winning bid for last week's deal of the week, adding the 10-year-old Japanese built, 180,000 dwt , the first ...
Ulstein unveils foundation superinstaller vessel design Norwegian shipbuilder and designer Ulstein has revealed a new design for a wind farm installation vessel that should enable operators and contractors to transport and install supersized monopiles or jacket foundations. "The significant shortage of foundation installation vessels as projected by market analysts and brokers calls for immediate action," Ulstein said, adding that the ship ...
Keppel secures $2.8bn FPSO contract from Brazil's Petrobras Singapore's Keppel Offshore & Marine, through its subsidiary Keppel Shipyard, has been awarded a $2.8bn contract by Brazil's state-owned oil company Petrobras for the construction of floating production storage and offloading (FPSO) vessel P-83 set for its Búzios field in the Santos Basin. Petrobras said the P-83 will be among the largest floating production units ...
Fratelli Cosulich selects shipyard for its first ammonia bunker vessel Fratelli Cosulich Bunkers Singapore has signed a memorandum of understanding with Nantong CIMC Sinopacific Offshore & Engineering Co (CIMC SOE), a subsidiary of CIMC Enric Holdings, for the construction of an ammonia bunker tanker. The deal comes almost a year after the Italian owner teamed up with compatriot classification society RINA and Singapore's ship designer, ...
China rolls out its first VLCC with four rigid wing sails China Merchants Energy Shipping and China Shipbuilding Trading Company have taken delivery of the first ever very large crude carrier (VLCC) built in China featuring four 40 m long rigid wing sails. The 307,000 dwt vessel built by Dalian Shipbuilding Industry Co (DSIC) has been named , and according to the China Classification Society (CCS) ...
Manor Renewable Energy doubles CTV fleet with Opus Marine buy UK-based Manor Renewable Energy (MRE) has acquired German crew transfer vessel (CTV) owner and operator Opus Marine for an undisclosed sum. Established in 2006, the Hamburg-based Opus operates in the German and Taiwanese offshore wind sectors. The acquisition will see MRE's fleet double from eight to sixteen CTVs, the majority of which are certified for ...
New concept for ammonia-ready LNG-fuelled VLCC gets stamp of approval A partnership between China Merchants Energy Shipping (CMES), TotalEnergies, Dalian Shipbuilding Industry Co (DSIC) and French membrane containment system designer GTT has developed a new concept design for an ammonia-ready LNG dual-fuelled very large crude carrier (VLCC). The project, launched in 2021 to evaluate the environmental, financial, technical and regulatory implications, resulted in a
Bourbon sets up offshore wind division French offshore vessel owner and services provider Bourbon has established a new division dedicated to offshore wind after more than a decade of installation of the main floating wind farm prototypes in Europe. The company said the Bourbon Wind division would support its ambitious wind development plan to serve fields from 250 MW to 1 ...
Hurricane Fiona whips up Jones Act storm A hurricane has whipped up a swell of Jones Act fury in the US with energy major BP in the eye of the storm. Hurricane Fiona slammed into the US territory on September 18 knocking out of Puerto Rico's power. Pedro Pierluisi, the governor of Puerto Rico, applied to the government in Washington DC for ...
Saipem lands $957m in Ivory Coast contracts Saipem has been awarded two new contracts by ENI worth approximately €1bn ($957m) for the Baleine phase 1 project, for the development of the relative oil and gas field offshore Ivory Coast. The contracts have been assigned by the ENI Cote d'Ivoire-Petroci consortium for the Baleine Phase 1 Project, for the development of the relative ...
Siem Offshore seals three-year OSCV charter with Subsea 7 Norway's Siem Offshore has secured a three-year charter contract from Subsea 7 for the 2014-built offshore subsea construction vessel (OSCV) . The contract will commence in direct continuation of its current commitment, securing further firm utilisation, the company said. The vessel will be deployed on Subsea 7's projects predominantly within the oil and gas sector ...
European gas prices soar following damage to Nord Stream pipelines The price of European natural gas has soared on warnings of possible sabotage on the Nord Stream pipelines, deepening uncertainty about the continent's energy security amid rising fears of running short of fuel over the winter. European gas benchmark, the Dutch TTF, jumped more than 10% on Wednesday to approach €210/MWh after a 7% rise ...
PGS scores West African survey Norwegian offshore seismic acquisition specialist PGS said it had secured solid industry pre-funding for a multi-client survey in West Africa. The Oslo-listed firm will mobilise the 2014-built for the survey in late October and the acquisition is expected to complete in early January. "This is the first multi-client project in West Africa since early 2021 ...
Maersk remains the only investment-grade credit in the container shipping space According to Drewry analysis, which includes a forecast for 2023, in just three years, the container shipping industry will have made as much money as the entire previous six decades. Nevertheless, container shipping's credit rating remains poor despite the record earnings, something of potential alarm as the box market now shows multiple signs of weakening. ...
Mexico readies its first LNG export terminal The east coast of North America is increasingly covered with gas export facilities, with Europe taking ever more cargoes in lieu of Russian sources of energy. The latest to enter the mix is Mexico, whose president, Andres Manuel Lopez Obrador, announced plans yesterday to develop a facility costing up to $5bn in the port of ...
Shipping can no longer rely on China for all its trade growth: Splash Extra Global shipping's reliance on China for trade growth might need to change, according to a major new report from DHL, Germany's top logistics player. Leading the coverage in the September issue of Splash Extra is a detailed look at where shipping can expect to see the most trade growth from now through to 2026. According ...
Five countries come out in support of new Clean Energy Marine Hubs Initiative Panama, Norway, Canada, the United Arab Emirates and Uruguay have come out in support of the brand new Clean Energy Marine Hubs Initiative. Launched at the Clean Energy Ministerial (CEM) in Pittsburgh last week, the initiative has seen the International Chamber of Shipping (ICS), the International Association of Ports and Harbors (IAPH) and the Clean ...
DHL predicts China's share of global trade growth will slide 50% by 2026 China's dominance in leading world trade is set to slow in the years ahead with other regions picking up the slack, according to a major new report from German logistics giant DHL, a publication with sizeable ramifications for the global seaborne map. DHL's Trade Growth Atlas report published this month predicts China's share of global ...
The exclusive shipowners' club In our business ecosystem, we like to think of shipowners as being at the very top of the food chain. Their decisions influence the fortunes of everyone below them. They wield power, are feted wherever they go, and more often than not live rather pampered lives. The life of a shipowner is generally a rather ...
September 2022 Review The container party showed clear signs of coming to a close finally. After a couple of record years of earnings, spot rates have been sliding in dramatic fashion in recent months, with contract and charter rates now following. Shippers have started to renegotiate their contracts, while the first boxship newbuild contract cancellations have surfaced, sure ...
Tankers are consolidating gains Tanker owners, brokers, equity analysts and investors have been getting increasingly excited about the freight markets in August and September. Some have even predicted as big a freight market as was enjoyed between 2005 and 2008. It can be hard to discern the cause for all the excitement in the midst of weak macro-economic data, ...
Reasons to worry for dry bulk Macro-economic signals continue to affect sentiment in bulk carrier freight markets. Commodity prices are falling. Globally, lumber prices are down around 60% in September compared to June, copper down 35%, and iron ore down 60% from a March peak of nearly $160 to a low on September 22 of $89.5. Rio Tinto and its biggest ...
End of the line for liners? Just over a year ago on September 10, 2021, the Freightos Baltic Exchange Global Container Index peaked at $11,109. On September 9 this year, it stood at $4,682, a fall of 58%. As of September 23, it had fallen to $4,232, passing on the downward slope its level in January 2021 as rates began to ...
Seattle dispute sends jitters as US west coast dockworker talks drag on A senior official with the International Longshore and Warehouse Union (ILWU) in Seattle said in a statement on Tuesday that the union is "shocked" by action taken by SSA Marine - the largest marine terminal at the Seattle port - while contract negotiations continue between ILWU and the Pacific Maritime Association (PMA), which represents maritime and ...
Port Tampa Bay prepares for Hurricane Ian Port Tampa Bay has been coordinating closely this week with federal, state and local agencies, as well as the maritime community, to prepare for and respond to potential impacts of Hurricane Ian. Florida residents, particularly on the state's Gulf of Mexico coast, were told to evacuate to avoid what the National Hurricane Center has described ...
Singapore and the lessons learned from the pandemic How can Singapore keep shipping flowing smoothly in the event of another global health crisis? September 2022 seems a very far cry from the summer of 2020, a period of time where seafarers were rightly railing against the flip-flapping inaction of many maritime administrations around the world as the
UK extends green innovation funding for maritime Among the winners in the last round of the Clean Maritime Demonstration Competition was a study between the ports of...
EU finds legal basis for oil price cap on Russia oil as sanctions extended Oil price cap to be integrated into existing bans on Russia crude exports, which begin on December 5, and refined...
Ilias Tsakiris of Hellenic Hull elected chair of IUMI's Ocean Hull Committee New chair pledges commitment to sustainable goals
Biden administration under increasing pressure to grant Jones Act waivers Calls for temporary waivers to the archaic law increase as a tanker carrying about 300,000 barrels of diesel is anchored...
Top Ships posts largest first-half profit since 2005 First-half revenues jumped by 53% to $38.8m
Box shipping is still a risky business Maersk is the only container shipping company with an investment grade credit rating. While others are improving, the prospect of...
Sanctions-busting tanker in collision with boxship in Malacca Strait An aframax tanker recently engaged in illicit tanker trades had its protection and indemnity insurance cover cancelled in July. This could...
Early preparation essential for fuel conversion Building containerships that can use today's fuel and future fuels requires complex choices. Early planning can help reduce total lifetime...
Tanker companies more worried about recession than ending war Executives at tanker companies told a Marine Money forum that they were keeping a close eye on macro-economic conditions, highlighting...
Banks willing to share risks on new shipping technologies In deciding who to lend to, banks look at companies' track records and environmental, social and corporate governance strategy
First containership recycling sale of 2022 will not be the last Regional Container Lines vessel previously seized by Indonesia for alleged palm oil smuggling has been sold for scrap
More communication needed on meeting CII standards Dry bulk players agree that the system of Carbon Intensity Indicator standards is not perfect. There will be gaps in the...
Lila Global planning 51% fleet expansion by 2025 'Since we are a low debt company, we do not feel the pressure to tie the vessels to long-term charters,'...
IMO backs new tech to accelerate push for greener shipping This year's World Maritime Day theme will go deeper into topics that relate to new technologies supporting a greener transition...
Banks increasingly influenced by ESG profiles when making loan decisions 'We will probably downgrade the ratings of the company and step away from financing' it, if it is engaged in...
Daily Briefing Why liner operators won't be begging for boxship charter rate reductions | Shipping warned over slowdown in China | Stay...
More chassis, yard space cut container backlog at BNSF Alliance terminal A backlog of containers at BNSF's Dallas-Fort Worth rail ramp has been reduced by about 25 percent due to more chassis coming into its yard and additional space and lift equipment.
More chassis, yard space cuts container backlog at BNSF Alliance terminal A backlog of containers at BNSF's Dallas-Fort Worth rail ramp has been reduced by about 25 percent due to more chassis coming into its yard and additional space and lift equipment.
FMC's Maffei warns of increased Congressional scrutiny on IEPs, rails With US maritime reform now on the books, the head of the FMC says Congress is paying close attention to the end-to-end supply chain beyond ocean carriers.
Tampa Bay, Jaxport locked down, rails close as Ian approaches The ports of Tampa Bay and Jacksonville were closed to all vessel and truck moves as of midday Wednesday as major Hurricane Ian approached the west coast of Florida.
Vessel on-time performance at US ports up slightly in August: Sea-Intelligence Vessel on-time performance to US ports improved in August, but was still noticeably below global reliability as supply chain bottlenecks on some of the major east-west trade lanes began to ease.
JOC Q&A: Yergin says US-China relationship provides 'specter of risk' In a Q&A with JOC.com, Pulitzer Prize-winning author and energy expert Daniel Yergin talks about the heightened sensitivity around US-China relations, the war in Ukraine, and what the current oil market means for the energy transition.
Scoular announces Scoular Global Shipping, the new name for its worldwide freight forwarding business
MSC's Jeddah call expands transshipment reach for Indian shippers Foreign transshipment demand for Indian containerized exports and imports remains considerable despite recent heightened stakeholder efforts to tame the costly mode in the absence of insufficient origin-to-destination direct
Panamax bulkers set to benefit from robust Brazilian grain exports, Braemar says Shipbroker says corn exports are expected to more than double in September, helping midsize ships
After frantic September, crude tanker market cools off Rates for VLCCs and suezmaxes remain elevated but dipped over the last week, according to Fearnleys
TotalEnergies pivots its LNG ambitions to US as it backs away from Russia French energy major sees security situation for Mozambique LNG improving and is looking at how to relaunch its project there
Colombian refinery expansion to boost product exports as crude cargoes shrink Broker BRS also considers impact of Venezuela terminal fire
Green Seas: 'We need to have IMO on board' with carbon ambition, shipping leaders say Our weekly environmental sustainability newsletter visits the Global Maritime Forum's annual summit, where eyes are on the months ahead at the global shipping regulator
Maersk asks US court to push $180m shipper complaint into arbitration Container shipping giant alleges U Shippers abandoned the arbitration it launched to file a complaint with the Federal Maritime Commission
EU members push for natural gas price cap, with shipping excluded Most EU governments ask the bloc's authorities to come up with proposals by the end of the week
More lines slash transpacific services as volumes and freight rates nosedive CULines, Shanghai Jinjiang and CMA CGM are the latest to withdraw capacity
Russian exports to 'friendly' nations hit new highs Russian oil is heading to marketplaces known for storage or for blending oils to disguise their origins, says data analyst Vortexa
MR owner TNG's stock jumps as Tankerska Plovidba holding hits 80% Croatian tanker companies not commenting on big share purchases
Hellenic Hull's Tsakiris to head IUMI's Ocean Hull Committee Appointment is the first from the Greek or Cyprus insurance markets as committee head
Ince settles with former boss Biles after 'conflict of interest' sacking UK law firm recouping $719,000 from ex-CEO and another former director,l but paying out more
Tiptree product tanker detained in 'magic pipe' pollution probe A US-owned MR tanker has spent three weeks in detention in Texas
First Chinese wind sail fitted VLCC launched at Dalian China Merchants Energy Shipping-owned tanker New Aden is expected to cut average fuel consumption by nearly 10% on the Middle East to Far East route
Mystery aframax and GSL container ship crunched in Malaysian crash Photos show extensive damage to both to GSL Grania and a tanker appearing as Zephyr I that has been linked to Russian business
New design for LNG-fuelled, ammonia-ready VLCC wins initial approval Joint development project partners advance their plan for new breed of large tanker
Hanwha's DSME buyout to put shipbuilder on a profitable path Korea Development Bank's long-expected sell-off of its problem yard child gets largely positive reaction from market
Ulstein develops 'ultra-high capacity' wind turbine foundation ship New design will be able to cope with next-generation offshore installation projects
Broker Atlantic expects owners to benefit from P&I mega merger Consolidation in the P&I insurance market will be a 'breath of fresh air' that improves service levels
Russian cargo ship banned after Italian inspectors find 32 faults Paris MOU bars Sheksna for three months after it spent 32 days in Savona
Container newbies confirm charter renegotiations as freight market heads south Late entrants to the party like UK-based Allseas have been forced to rethink their plans
Storm-hit Puerto Rico wants Jones Act waiver for Hayfin tanker Pressure mounts on Biden to let overseas vessel dock with diesel after Hurricane Fiona knocked out power
Three buyers on shortlist for $700m Evergas fleet as creditors seek cash Jaccar Holdings closing in on sale of VLECs and multigas carriers a year after departure of principal Jacques de Chateauvieux
Charterer in $2m fight over Russian oligarch sanctions Oleg Deripaska-linked RTI wants English court to overturn ruling in dispute over seven bulkers
Turkish aframax and GSL container ship crunched in Malaysian crash Photos show extensive damage to both the Zephyr 1 and GSL Grania
KCC lands four-year alumina import deal with Bahrain's Alba Combination carriers will ship product from Australia in major win for Norwegian owner
Russian superyacht auctioned at closely watched sale in Gibraltar Axioma sale sets benchmark for auctions of seized Russian assets, but no flood of such yachts is expected to hit the market
QatarEnergy poised to ink seven LNG carriers at Hudong-Zhonghua First phase of giant newbuilding programme set to conclude next month, bringing first round to 65 vessels with more promised
Petredec says Avance stake building gave it confidence to go for IPO VLGC owner said the more conversations it had with investors and banks, the more comfortable it got with the process
Jones Act waiver for Puerto Rico relaxes rules on foreign tankers The Biden administration has approved a controversial Jones Act waiver for Puerto Rico in the wake of Hurricane Fiona.
DHL Express welcomes 1st test flight of Eviation's electric aircraft DHL Express is the first customer for Eviation Aircraft's electric aircraft, which made its first flight on Tuesday.
Supply chain effects from Hurricane Ian could linger for weeks Hurricane Ian could slash the flow of Florida products to companies and consumers in the United States and abroad.
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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