BC Ferries reports increased ridership, revenues and earnings One of the world's largest ferry operators, Canada's BC Ferries, has released its second quarter results for the three and six months ending September 30, 2022. Vehicle and passenger traffic, revenue and
DOF ASA wins new contracts and charters in a CSV When we last reported on Norwegian offshore services provider DOF ASA it appeared that the company was headed for either a forced restructuring under the Norwegian Reconstruction Act, or bankruptcy. Which of
Production of first WindWings gets under way BAR Technologies' WindWings solid sails have received a lot of media attention as ship operators increasingly eye retrofits of wind assisted propulsion as a means of reducing carbon emissions. Now BAR Technologies
GAC Group appoints new president GAC Group has announced the appointment of Pontus Fredriksson as its new group president effective from January 2023. Fredriksson joined GAC in 2007 and has been group vice president of GAC's Americas region since August 2019. He previously held various finance and managerial roles in the Middle East, including managing director of GAC Bahrain. "His acumen and sound industry knowledge put him in
ECU's parent Allcargo acquires German cargo consolidator Fair Trade GmbH Allcargo Logistics, India's leading 3PL provider, has added another partner to its global NVOCC network, operated under its wholly-owned subsidiary brand ECU Worldwide. The company has signed an agreement to buy a controlling 75% stake in Germany's Fair Trade GmbH, which offers FCL and LCL consolidation services. "The company's wholly-owned subsidiary Allcargo Belgium N.V. (WOS) has entered into
DP World announces new train service connecting UK box terminals A new intermodal train service connecting DP World's container terminals in the United Kingdom, at London Gateway and Southampton, is expected to boost the resilience of the customers' supply chains and enable them to switch volumes quickly and easily between the two UK locations. The train takes up to 120 lorries a week off the roads and cuts carbon emissions by up to 80%, according to DP World,
FESCO and Egypt explore possibilities for Alexandria-Novorossiysk shipping service Andrey Severilov, chairman of the board of directors of the FESCO Transport Group held a meeting with Yasser Moustafa, the head of the commercial Bureau of the Embassy of the Arab Republic of Egypt, in Russia, to discuss opportunities for opening a new shipping service from Alexandria port to Novorossiysk for food and agricultural products delivery. According to the Russian transport company FESC
CMA CGM nears US$20 billion in third-quarter revenue, reduces net debt The board of directors of the CMA CGM Group met under the chairmanship of Rodolphe Saadé, the company's chairman and chief executive officer, in order to review the financial statements for the third quarter of 2022. According to the group's statement, CMA CGM showed very strong financial results despite inflation, slowing consumer spending and economic uncertainty. Commenting on the 2022 Q3 resu
Wan Hai boss optimistic that freight situation will rebound Wan Hai chairman Chen Bo-ting believes the freight market will turn around in mid-2023, as concerns over Russia's invasion of Ukraine and Covid-19 should ease by then. Since the middle of the year, freight rates have fallen from historical highs and are expected to reach the low levels seen before Covid-19 hit in 2020. Chen said, "Overall, things aren't as bad as what many people imagine. Today's
Angelina Egorenkov appointed as captain in ZIM Angelina Egorenkov received the official appointment of captain from ZIM president and CEO, Eli Glickman, in a ceremony held at the company's headquarters in Haifa, Israel. Egorenkov began her maritime career as a cadet on the company's ships in 2003. She is a graduate of the Marine Institute in Akko and has a multidisciplinary bachelor's degree from the University of Haifa. David Arbel, vice pre
CN analysis: Freight rates on Indian trades hit new lows amid weakening demand Container freight rates on major trades out of India have hit new lows in November amid falling cargo volumes, according to the latest market analysis by Container News . On the westbound India-Europe trade, average contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) have plunged to US$2,300 per
Advanced biofuels can accelerate shipping's decarbonisation without new infrastructure Dr Nicholas Ball, CEO of XFuel, makes the case for greater use of biofuels today. We are increasingly seeing a premium emerge for vessels that can demonstrate sustainability credentials. This however is set against a practical challenge. Many of the solutions currently being developed still face a number of technical and logistical issues. For larger ...
BAR Technologies presses ahead with wind propulsion as first WindWings take shape Marine engineering consultancy BAR Technologies and its Scandinavian partner Yara Marine Technologies are pressing ahead with the construction of WindWings, having completed the first cut of steelwork for the first production run of BAR's wind sail technology. Mitsubishi Corporation's 2017-built panamax bulk carrier Pyxis Ocean, on a charter with development partner Cargill, will be the ...
Junzheng Logistics books chemical tankers at domestic yard Shanghai Junzheng Logistics, also known as Gentco Logistics, has placed an order at China Merchants Jinling Shipyard in Yangzhou for the construction of two 25,900 dwt stainless steel chemical tankers. No price or delivery date has been revealed for the pair designed by Shanghai Odely Marine Engineering and classed by ABS. The newbuilds will be ...
DeepOcean awarded more than $200m worth of contracts Norwegian subsea contractor DeepOcean has won new deals from Equinor, ConocoPhillips and BP worth a total of NOK2bn ($201.6m). The work scopes involve subsea inspection, maintenance and repair (IMR), subsea construction, removal and recycling of subsea equipment, and subsea survey scopes in the North Sea region, until the end of 2026. "In recent years, future ...
Pontus Fredriksson named new GAC president Global shipping, logistics and marine services provider GAC Group has announced the appointment of Pontus Fredriksson as its new president effective from January 2023. Bengt Ekstrand, who has held the position for the past 10 years, will take on the role of executive co-chairman alongside GAC's long-standing executive chairman Björn Engblom. Ekstrand's tenure began at ...
SeaMar clinches DSV extension with Neptune Dutch offshore vessel owner SeaMar has secured a new one-year charter extension deal with Neptune Energy Netherlands (Neptune) for the 1986-built dive support vessel (DSV) . The Gibraltar-flagged ship has been supporting Neptune with inspection, repair and maintenance (IRM) campaigns in the southern sector of the North Sea on the Dutch continental shelf. In March ...
South Korea's striking truckers face back-to-work order if talks fail South Korea's government failed to reach a deal with thousands of unionised truckers in the first round of talks on Monday, the fifth day of a mass walkout that has disrupted logistics and crippled several key industries in the country. The truckers are demanding the government extend and expand a system calculating minimum wages based ...
DSME cancels last of three Sovcomflot LNG carriers South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) has cancelled a third and final order for a specialised icebreaking LNG carrier newbuild that was originally contracted by Russian shipowner Sovcomflot. The shipbuilder, which did not name the owner involved, said in a stock exchange filing that due to export controls on Russia, the supply of ...
Floatel International gets another Equinor charter extension Floatel International has secured another contract extension from Norway's Equinor for the . The Oslo-based offshore accommodation platform operator said the new deal would see the 2010-built semisub flotel continue to work at the Grane field in the Norwegian North Sea until March 31, 2023. Equinor, who extended the charter in October until the end ...
Shipping braces as largest uprising since Tiananmen Square rips across China The largest protests seen in China since the Tiananmen Square massacre of 1989 have spooked financial and commodity markets today. Both the Hong Kong and Shanghai stock markets closed down on Monday while the prices of key commodities including oil came under pressure. The immediate trigger for the demonstrations was a deadly fire in Urumqi, ...
Grain from Ukraine scheme launched by Zelenskiy President Volodymyr Zelenskiy has unveiled a new Grain from Ukraine scheme, with his nation determined to get up to 60 bulk carriers working exclusively on shipping the foodstuff on dedicated routes to Africa by the middle of next year. The news comes swiftly after the United Nations-brokered Black Sea Grain Initiative was extended for another ...
Liner shipping on course to smash last year's record profits by 50% Despite myriad doom and gloom headlines based on rapidly declining spot rates, an influential container expert is forecasting liner shipping will post a full-year net profit of $223.4bn, a 50.6% improvement over the record profits made last year. John McCown, who runs Blue Alpha Capital in the US, has issued his latest liner quarterly profits ...
NYK unveils ammonia hybrid designs Nippon Yusen Kaisha (NYK), MTI and Elomatic have completed the concept design phase of a new capesize bulk carrier and a very large crude oil tanker (VLCC) in a project that aims to build an LNG-fuelled vessel that can be efficiently converted to an ammonia-fuelled vessel. The three companies are positioning these new hybrids as ...
Jan De Nul acquires Global Marine OSV Belgian offshore contractor Jan De Nul has bolstered its fleet by acquiring offshore support vessel from UK-based subsea cabling specialist Global Marine Systems, part of the Global Marine Group. No price has been revealed for the 2011-built ship, online pricing portal VesselsValue estimates as worth $71.82m. The OSV has been renamed Symphony and will mainly ...
Siem Offshore scores MPSV contract Siem Offshore has been awarded a new contract for the 2009-built multipurpose support vessel (MPSV). The Norwegian offshore vessel operator said the ship had been fixed for a firm period of one year with options attached for further extensions. The contract will commence in direct continuation of the current agreement and operations are expected ...
New car carrier trade from Vietnam launches Sporting a white and red livery with a VinFast logo emblazoned across it, the 2009-built departed Haiphong in northern Vietnam on Friday for a new era in the car carrier trades with the nation's prime minister watching on. The ship, on long term charter from Dubai's Sallaum Lines, is carrying the first 999 locally made ...
First direct shipment of Australian gas arrives in Europe The ongoing redrawing of the seaborne energy trading map in the wake of the war between Russia and Ukraine is making for some extraordinarily long journeys. Woodside Energy Group announced today it has shipped an LNG cargo direct to Europe from Australia's North West Shelf project for the first time The 75,000 tonne cargo was ...
10% general increase in P&I renewals across the board Shipowners face another year of swelling insurance costs. North P&I Club is the latest club to come in with a 10% general increase announcement for 2023/24, with its merger partner Standard announcing the same 10% as has Skuld and the West of England. The news follows on from hefty rises - averaging 12.5% - announced ...
K Line set to take delivery of landmark ammonia-powered newcastlemax in 2026 Kawasaki Kisen Kaisha (K Line), together with Itochu, Nihon Shipyard, Mitsui E&S Machinery, and NS United Kaiun Kaisha have obtained an approval in principle (AiP) from classification society, Nippon Kaiji Kyokai (ClassNK) for the design of a 200,000 dwt ammonia-fuelled newcastlemax bulk carrier. The vessel was developed by Nihon Shipyard with government backing. K Line ...
Diligent sells supramax for $18m Greece's Diligent Holdings has sold its 2009-built, 56,000 dwt supramax bulk carrier to Roy Khoury-led Blue Fleet Group of Lebanon for $18m. The deal comes after Diligent sold a 2008-built, 56,000 dwt Oreo to the same buyers in June for $19.35m. Over the past 18 months, Diligent has sold seven ships, using Hull Search International ...
CNOOC buys 5% stake in production-sharing agreement at Buzios oil field Brazil's state-owned oil company Petrobras announced last week that it had received $1.9bn from CNOOC Petroleum Brasil Ltd. (CPBL) for a 5% stake in a production-sharing agreement for the Buzios field in the pre-salt of the Santos Basin. The $1.9bn includes adjustments provided for in the contract. The transaction is subject to approval by Brazil's ...
UK, Wales governments to receive bid to create freeport in North Wales The county council in Anglesey, an island in Wales off the mainland's northwest coast, and Sweden's Stena Line plan to submit this week a bid to create a freeport at Holyhead Port in North Wales. Stena Line has also invested in a 213-acre site, one of a number of sites that will be selected across ...
The week in charts: Panama tops flag state ranking | Aframax tanker freight rates at 17-year high | Data corroborates drone attack reports The ranking of the top box port operators has been revealed. Elsewhere, vessel-tracking data corroborates reports of drone attack on...
FMC's Bentzel sees 'huge' upside in harmonising US data flows Commissioner Carl Bentzel says there are behind-the-scenes discussions going on 'just to make sure that this is achievable with without...
Russian interference cuts Odesa ports capacity in half, says Ukrainian official Black Sea Grain Initiative is not operating at maximum efficiency due to logistics bottleneck
Berge Bulk sells ageing bulk carrier for HKC recycling The 171,000 dwt vessel Berge Apo is the fourth large bulk carrier to have been sold by Berge Bulk for recycling...
The week in newbuildings: K Line makes ammonia bulk carrier push Newcastlemax vessel will be built by Japan's Nihon Shipyard for delivery in 2026
Box lines face hard landing as rates continue slide Slack demand and easing congestion have pricked the bubble of container spot rates. With costs rising and new capacity coming...
Cosco expands overseas car shipping exposure More vessels will be deployed to link China with foreign markets including Europe, South America, the Red Sea, Mexico and...
Top 10 maritime lawyers 2022 Use of English law and London arbitration makes the UK a natural centre for shipping law, though the US and...
Top 10 in marine insurance 2022 Marine insurance has been well to the fore in 2022, providing war risk cover for both ships and cargo carrying...
Chevron gets US licence to resume Venezuela oil production The move suggests some Venezuelan crude oil could return to the international markets, providing more cargo to tanker shipping
Few shipping companies offering careers to women, conference told Very few employers want to to take women on as seafarers despite the public relations image that shipping wants to...
DSME cancels last of three Novatek-linked LNG carriers Contracts for two other vessels were cancelled in May and June
Daily Briefing Shipping on high alert amid warning of more drone attacks | Data corroborates reports of Novorossiysk drone attack on oil...
FMC gives green light to Southeast US chassis pool The South Atlantic Chassis Pool 3.0 has received federal approval and should launch officially in 2023, but it will face a daunting challenge satisfying rising demand as discretionary cargo shifts from the West Coast to East Coast ports.
Intermarine partners with Thailand-based project specialist on new Asia JV US-based MPV operator Intermarine is expanding into Asia and Europe via a partnership with Thailand's WeShip.
Two niche container lines launching trans-Atlantic services Newly launched ocean carriers Kalypso and Ellerman are debuting trans-Atlantic services for US shippers that want to bypass the delays and congestion seen over most of 2022.
Pandemic disruption gives way to lingering congestion in Central Am/Carib trade Central America and Caribbean trade has largely recovered from the COVID-19 pandemic thanks to healthy peak season demand, but port congestion and labor issues continue to cause intermittent delays.
Ocean freight rate decline to accelerate through Q4: CMA CGM CMA CGM continued its run of extreme profitability in the third quarter, strengthening its already solid balance sheet and slashing debt levels, but it warned that economic headwinds are strengthening.
BRS Group sees a lot to look forward to in tankers, unless you own VLCCs Largest tankers pointing downward as prospects look brighter for MRs, LR2s and aframaxes, broker says
Dry bulk market faces uncertainty as China weighs zero-Covid policy Market experts have differing views on whether nation will loosen it or keep it in place
Maersk Tankers secures $150m credit facility to pay owners Pool operator secures cash standby for high bunker prices and fortnightly payments to owners
Bengt Ekstrand steps down as GAC boss after a decade Long-serving boss will be replaced by Pontus Fredriksson in promotion move
Jinhui Shipping profit hit by rising costs and weaker bulker rates The now pure-play supramax owner has opted not to pay a dividend for the third quarter
Maersk in 'excellent' negotiating position despite liner sector's rates 'wildfire' Boss Soren Skou says customers keeping their word over long-term contracts
LNG shipping figure Erick Weston dies at 66 Former Shell cadet served on one of world's first experimental LNG carriers
Germany's Schulte Group emerges as the seller of product tankers to Transworld Amber and Azurite reappear in the fleet of diversifying Dubai owner
Broker Lockton sees two-tier P&I market if consolidation takes off Report highlights how divide between the rich and poorer clubs could become wider
Diligent eyes bigger bulkers as it sells second supramax to Blue Fleet Greek owner slims down fleet with series of sales, but has big renewal plans
US eases sanctions on Venezuela by allowing Chevron to export its oil Talks in Mexico City open the door to elections in 2024, six years after allegedly rigged polls that kept Maduro in power
Germany's Schulte Group emerges as seller of LR1s to Transworld Amber and Azurite reappear in the fleet of diversifying Dubai owner
Fast-growing flag Liberia edges closer to Panama's 30-year market lead Change at the top of ship register ranking likely to take place early next year
K Line on track to launch ammonia-fuelled newcastlemax in 2026 Japanese owner teaming up with Itochu, Nihon Shipyard and others for new design
DSME cancels final LNG carrier from Sovcomflot trio But shipyard will complete all three specialised ice-class vessels for its own account
Nigeria wants to prosecute Danish forces involved in 'piracy' deaths African country also demands release of citizen being tried in Denmark after fatal firefight
Cosco Shipping boosting car carrier fleet with newbuild additions The Chinese owner is in talks with a domestic shipyard for up to eight 7,000-ceu vessels
First cargo ship released from Mariupol barred from docking in Spain Azov Concord spent months trapped in Ukraine but has now been denied entry to Cartagena
Grain from Ukraine scheme to use '60 bulkers' to get food to poorer nations Initiative has raised an initial $150m which will be used to purchase food for countries hit by high prices
Gibsons says prices and demand for older tankers may be softening Shipbroker says buyers of ships suitable for sanctioned oil trades likely waiting for clarity on EU embargo
CMA CGM posts revenue of $20bn for third quarter but warns of headwinds High bunker costs have hit the company's profit
CMA CGM posts strong results of $20bn for third quarter but warns of headwinds High bunker costs have hit the company's profit
Grain from Ukraine scheme to use '60 bulkers' to get food to Africa's starving Initiative has raised an initial $150m which will be used to purchase food for countries hit by high prices
Gibson says prices and demand for older tankers maybe softening Shipbroker says buyers of ships suitable for sanctioned oil trades likely waiting for clarity on EU embargo
Columbia seals deal for berthing facility at UAE's 'mega-base' Ship manager providing engineering expertise for huge industrial project in Abu Dhabi
Shipping stocks in the crosshairs as China fears mount Hopes that China will relax its zero-COVID policy are fading, raising concerns about shipping volume fallout.
African passenger airline adds 1st all-cargo aircraft RwandAir is becoming a combination carrier, adding a freighter airline to its traditional passenger operation.
Enhanced ship routing key to US-Singapore low-carbon corridor Shippers and carriers are increasing the pressure on ports and other supply chain participants to roll out "green corridors" using digital technology.
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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