VIDEO: Iranian Navy releases video of Advantage Sweet seizure Iranian Navy footage has appeared on YouTube showing yesterday's seizure of the Marshall Islands flagged tanker Advantage Sweet while transiting international waters in the Gulf of Oman. While Iranian state-controlled media outlets
New Incat Crowther 29 joins Auckland operator's fleet The latest addition to Auckland, New Zealand, tourism operator Explore Group's fleet, Tuhi Rapa, is a 300-passenger Incat Crowther 29. Built by Australian shipyard Aluminium Marine, it has been plying the waters
Ship Repair USA: Mitigating welding risks during ship repair projects As a supporter of shipyards and a representative for vessel owners and operators, Seattle-based Elliott Bay Design Group (EBDG) has recognized a need for complex weld engineering and inspection services. The combination
Seaspan Shipyards teams up with four Canadian tech companies Canada's Seaspan Shipyards has awarded three contracts, totaling approximately CAD 2.6 million, to enable four Canadian companies to advance marine industry digitalization and further modernize shipbuilding and fleet maintenance. In March 2022,
Downward momentum continues for bunker market Global MABUX bunker indices showed a consistent downward trend. The 380 HSFO index dropped by US$8.51 to US$498.19/MT. Similarly, the VLSFO index also declined by US$19.28 to US$643.55/MT and the MGO index experienced a decrease of US$21.73, falling to US$840.92/MT. "As of the time of writing, the market continued to show downward momentum," pointed out a MABUX representative. In Week 17, the Glo
Valenciaport is the world's first port to operate hydrogen-powered 4'4 trucks Valencia is now the world's first port to use a 4x4 truck tractor unit powered by green hydrogen to transport containers within its facilities. This is another milestone in the Port Authority of Valencia's (PAV) journey to attain zero-emission objectives by 2030. On 27 April, the 4x4 terminal tractor, which arrived in the port region last week, conducted the first operational test at the Grimaldi
Wincanton invests in electric vehicles for IKEA Wincanton, a supply chain partner for UK business, made a heavy investment in electric vehicle technology to provide home delivery services for IKEA. More specifically, the investment has seen Wincanton purchase 30 electric home delivery vehicles, comprising of ten 16-tonne trucks and twenty vans, to support IKEA's goal of reaching 100% zero emission last mile deliveries by 2025. Additionally, th
MSC strengthens connections between Africa, Middle East and India Swiss/Italian box carrier MSC has announced updates to its India Africa Service (IAS) and India to South Africa Service aiming to enhance its offerings between Africa, the Middle East and India. MSC's current India Africa Service (IAS) rotation will be updated with direct calls at Coega, Abu Dhabi and Jebel Ali. The new rotation of the service will be as follows with weekly frequency: Mundra - Nh
CMA CGM announces extra risk coverage surcharge in Sudan CMA CGM will implement an extra risk coverage surcharge for several sailings at the destination of Sudan, considering the current situation in the country. The French ocean carrier said that there will be a surcharge of US$500 per dry and reefer TEU for sailings from North Europe, Scandinavia, Poland, Baltic, Black Sea, West Med, East Med, Adriatic, North Africa, Morocco, Indian Subcontinent, Mid
How to Improve Your CSA Score? CSA is a government program designed to assure the safety and dependability of carriers. It stands for Compliance, Safety, and Accountability. CSA score is one of the most important metrics that can directly impact a business. With the CSA score, a company can determine whether they require a DOT visit or not. As most fleets are aware, lower CSA scores are preferable. In case of high CSA scores t
Konecranes Q1 operating profit exceeds US$90 million Konecranes reported that its operating profit for the first quarter of the year decreased, compared to the same period last year, to US$92.9 million. Additionally, the Finnish port equipment manufacturer said its comparable earnings before interest, taxes, and amortization (EBITA) reached US$104.8 million, while the company's EBITA margin increased to 10.6% for the same period. Konecranes noted t
Official inauguration of Stockholm Norvik Port Stockholm Norvik Port, Sweden's newest major freight port, was officially inaugurated on 26 April. The port launched operations in 2020, when the Covid-19 pandemic was at its height, and as a result, the official opening ceremony had to be postponed. The King and the Crown Princess of Sweden visited Stockholm Norvik Port on 26 April and cut the ribbon. "The Crown Princess and I have been given a
EFL Global buys Locher Evers International Locher Evers International (LEI), a long-standing, family-owned Canadian logistics firm, has been acquired by EFL Global, a major provider of logistics and supply chain solutions. LEI has over 47 years of expertise in logistics and provides a broad range of services such as air freight, ocean freight, customs brokerage, rail service, warehousing, distribution, fulfilment, domestic transportation,
Maersk to receive landmark green methanol boxship in Copenhagen A.P. Moller - Maersk will conduct a week of festivities, including a name-giving ceremony and other activities, in Copenhagen, Denmark, to honour the world's first container vessel sailing on green methanol. The 172-meter-long ship will set sail from Korea's Hyundai Mipo Dockyard this summer on its inaugural journey to Copenhagen. The vessel will have a container capacity of 2,100 TEU and will sa
Japan-US container exports swell in March According to Descartes Datamyne, container shipments from Japan to the United States reached 54,744 TEUs in March (based on volumes at Japanese ports of origin), up 14.9% from the previous month but down 5.8% from the same month in 2022. Direct shipments from Japan to the United States were 33,765 TEUs, representing a 10.7% decrease year-on-year. The total number of TEUs transshipped along the wa
CN analysis: Container freight rate slide on larger Indian trades slows amid contract negotiations The slide in container freight rates on some of the trades routes out of India seems to have slowed, 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 dropped to US$850 per 20-foot cont
ONE sees annual earnings and profits decline Ocean Network Express (ONE) has reported a plunge in its revenue, earnings and profits for FY 2022 (April 2022 - March 2023). In particular, the Singapore-headquartered ocean carrier reported a 10% decrease in its yearly profit, compared with FY21 levels, falling to approximately US$15 billion. Additionally, ONE's revenue shrunk by 3% to US$29.3 billion, the company's Earnings Before Interest, Ta
Wärtsilä and MPA Singapore sign decarbonisation and digitalisation MoU Technology group Wärtsilä and the Maritime and Port Authority of Singapore (MPA Singapore) signed a Memorandum of Understanding (MoU) in April, aiming at collaborating in mutually beneficial areas. The two partners will work together to enable the introduction of next generation renewable fuels, optimise digital port operations and develop future talent. Additionally, the two parties aim to explo
APM Terminals MedPort Tangier receives new equipment With the delivery of the first of four batches of new twin Ship-to-Shore (STS) cranes, APM Terminals MedPort Tangier in Morocco has reached a new milestone in its development project. The arrival of two dual Ship-to-Shore cranes is part of a series of eight new cranes that will be commissioned as part of the terminal's third phase of expansion, representing a US$129 million investment. With an 82
Maritime CEO Forum: Tomorrow's workforce identified Where shipping is getting it right and wrong when it comes to attracting and retaining the best talent and how different the demands of the industry will be in the coming decade in terms of requisite skillsets made for a very lively human resources session at this week's Maritime CEO Forum held at the Fullerton ...
Pools and the regulatory minefield The argument to join a commercial pool has a new impetus this year. The argument for pools has always tended to focus on their defensive qualities. Historically, pools have flourished, fleet-size-wise, in tough markets; strength in numbers, as such. This year, however, there's a new reason for pools to prove attractive: regulation from the International ...
Arctic shipping's foggy future As the Arctic warms and loses sea ice, trans-Arctic shipping has increased, reducing travel time and costs for international trade, while increasing concerns of an environmental catastrophe in a comparatively pristine environment. A new study published in Geophysical Research Letters has found that the Arctic Ocean is getting foggier as ice disappears, reducing visibility and ...
French collaborate on large hydrogen carrier development The French brains behind the development of large LNG carriers are now gearing up to offer large liquid hydrogen carriers. France's GTT, which is the world leader in LNG containment systems, has teamed with TotalEnergies, ship designer LMG Marin and Bureau Veritas to develop a 150,000 cu m capacity liquid hydrogen (LH2) carrier concept design, ...
RightShip unveils RightSTORE Risk management platform RightShip has unveiled RightSTORE, an online store selling its data. "RightSTORE is the key to the proverbial engine room, providing unprecedented levels of access to RightShip's existing data and information without the need for a traditional subscription," the ship vetting company stated in a release, adding: "This new point of entry provides ...
PSA Marine buys into Panamanian towage firm Singapore's PSA Marine has completed the acquisition of a 45% stake in Panama-based Meyer's Tugs (MTSA) from Inversiones Maritimas CPT, a subsidiary of Chile's CPT Empresas Maritimas. MTSA was incorporated in 2015 and offers towage services between the Pacific and Atlantic coast in Panama. The company owns and operates a fleet of six harbour tugs ...
Iranians seize tanker belonging to Chinese leasing company The US Navy reported yesterday that Iran seized the Marshall Islands-flagged tanker in the Gulf of Oman, 40 nautical miles southwest of Badar Jask. The vessel is on charter to Chevron, but importantly is owned by SPDB Financial Leasing of China, an ally of Iran's. Moments before the seizure, Advantage Sweet issued a distress call. ...
Project launched to tackle earthquake challenges for wind farms Class society DNV has started a new joint industry project to increase certainty in the design process for wind farms challenged by earthquakes. The so-called ACE2 JIP is a follow-up project of "Alleviating Cyclone and Earthquake Challenges" (ACE) project and will deeply investigate issues related to earthquakes which was not conducted in the first project. ...
Prosafe CEO to step down Jesper Kragh Andresen will be stepping down as chief executive of semisub accommodation vessel owner Prosafe after more than six years. At the helm since March 2017 Andresen will continue in his current role until his successor is in place. Prosafe has engaged Russell Reynolds Associates in Oslo as an advisor in the recruitment process. ...
Shearwater seal first contract in Cote d'Ivoire Norwegian offshore seismic specialist Shearwater GeoServices has won a contract for a 4D survey in Cote d'Ivoire. The company's first deal in the country will see the 2015-built survey vessel employed over a period of around two months from May 2023. The company did not disclose the client but said that the campaign would be ...
Philippines gets its first LNG import terminal The Philippines' first LNG import terminal is offloading its first cargo. ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi's ADNOC, has announced the successful berthing of LNG carrier, Ish, at the AG&P Philippines LNG (PHLNG) Import Terminal in Batangas Bay. Following its arrival, Ish will be commissioned as ...
Change at the top of Tankers International VLCC pool Tankers International has announced the appointment of Charlie Grey as CEO, replacing Jonathan Lee, who will become chairman. Grey had been chief operating office previously. The pool, established in 2000, holds 64 vessels today. Recent developments include the establishment of a new optional climate compensation voyage programme and the continued development of the ...
TCC orders first newbuilds since 2018 Hong Kong's Tai Chong Cheang (TCC Group) has signed for two LR2 tankers at Shanghai Waigaoqiao Shipbuilding, marking its first newbuilds for around five years. The 114,000 dwt ships will deliver in 2026. No price has been revealed for the pair. The Koo family-controlled TCC and Waigaoqiao have strong relationships. Around the turn of the ...
Greek shipowners' leader calls for Europe to recognise 'irreplaceable' shipping Travlos was first UGS leader to speak at Delphi Economic Forum in a sign of growing recognition of industry's importance
Prokopiou orders over $1bn of product tankers and LNG carriers Greek owner makes first major move in the LR2 segment after 'revising' pledge to never order another tanker
Gabon gives Gatik tankers registry refuge after St Kitts and Nevis deflagging UAE-based Gabon is flagging tankers owned by the largest dark-fleet operator shipping sanctioned Russian crude
US seizure of Iran cargo on Greek tanker behind Advantage Sweet hijack Details have emerged that Empire Navigation's Suez Rajan is now sailing for the US with shipowner Stamatis Molaris co-operating with...
The Lloyd's List Podcast: What US-China decoupling means for shipping ONE chief executive Jeremy Nixon says carriers need to stay 'lean and agile' to deal with long-term geopolitical shifts, including...
Tanker newbuild orders hit two-year high Despite a surge in newbuilding contracts, the orderbook-to-existing-fleet ratio remains at its lowest level since the late 1980s
Container freight rate rises lose momentum Rate increase pushed through earlier this month has failed to hold. Contract rates have also shown a steep fall
Toro diversifies with LPG carrier quartet Company to pay $70.7m for en bloc purchase of 5,000 cu m vessels
MOL forecasts 74% drop in full-year profit Economic slowdown cited as cause for gloomy profit forecast after two years of record high earnings
DP World sees small rise in volumes in first quarter Globally, DP World saw volumes rise despite a wider market decline. But the outlook remains clouded by uncertainty
Dominica's Doumbia-Henry wants to take IMO to 'next level' The International Maritime Organization has the potential to address all the issues of the current time, says secretary-general candidate
Lloyd's Register wins IMO green corridors challenge Pilot aims to reduce emissions from the cargo trade in the region and incentivise the development of alternative fuel supply...
Singapore launches initiative to attract and nurture maritime talent Maritime Singapore is a strong partnership of government, employers and unions, says senior minister
Vessel fired on off Yemen as security tensions rise Monitoring group reports an unidentified vessel came under fire less than 24 hours after Iran's navy seized a tanker destined...
Green ship recycling gathers momentum While Hong Kong Convention on ship recycling has been a driving force in cleaning up the ship recycling industry, the...
ONE says market uncertainty makes outlook 'difficult to predict' Further changes in the market are expected as transport demand and trade patterns continue to alter, says the shipping line
Daily Briefing Sanctions are working despite price cap breaches | Iran seizes Marshall Islands-flagged tanker in Gulf of Oman | Alleged grain-smuggling...
California ports to share $27 million grant for new data portal California wants to give shippers a single view into freight operations at five state ports with a joint grant for those gateways to create a single data system that can provide visibility.
Cosco Shipping confirms Q1 plunge in profits amid weakening demand Highlighting the fall in demand, total liftings at Cosco Shipping Lines and OOCL fell more than 10 percent in the first quarter, to 5.5 million TEU.
Savannah wins environmental clearance for new inland terminal The Georgia Ports Authority expects to begin construction on the approximately $170 million terminal in early 2024, which will have a focus on manufacturing imports and poultry exports.
Service levels to determine success in reshaped Mexico-US intermodal market Beyond the dynamics of the new partnerships, intermodal providers acknowledge that generating fresh cross-border business will be important for long-term growth to fill new containers, but only if the price is right.
European green fuel regulations place airlines on notice There are concerns that the latest requirement could force the price of sustainable aviation fuel higher, which would be felt in the pockets of airline passengers and cargo shippers.
No 'green shoots' of demand until at least mid-year: ONE's Nixon High inventories, falling consumption in key markets and an influx of capacity from recovering supply chains pulled down fiscal year earnings at Ocean Network Express.
Boost in container ship capacity puts end to MPV spillover market Cargoes "unboxed" during the pandemic market are sliding back to container carriers on the hunt for volumes to fill their ships, while excess containers on MPV ships have disappeared.
Cruise bounces back but it is floating in a sea of debt Cruise lines are focused on health and safety, although they also need to reduce astronomical debt accumulated during lockdown
Capesize bulkers reach 2023 high despite lower steel and iron ore prices Atlantic and Pacific basins saw more fixture activity over past week as China readies for Labour Day
Crude tanker rates dip even as long-term forecast remains strong For more than a month, the Baltic Dirty Tanker Index has been sinking lower and lower
Ince Group saved as law firm Axiom DWFM steps in with rescue deal Partner-driven acquisition will save the 250-year-old law firm, which collapsed in mid-April
Locked up: Eagle Bulk incentivises Gary Vogel to hang around for awhile Half of chief executive's $7m headline pay package requires him to stay put until 2026
US reportedly seized tanker with Iranian oil before Advantage Sweet incident Court records show US authorities had been probing cargo on Empire Navigation-controlled ships at the same time that lawsuits were targeting
Carbon clock ticking: Wallenius Wilhelmsen could reveal plan for new ships Fearnley Securities expects strong earnings next week, and maybe a steer on how owner will introduce net-zero services in 2027
Editor's selection: Suezmax snatched, Procopiou pounces and product tankers' 'double-handling' TradeWinds reviews the stories that shook the world of shipping this week
Wallenius Wilhelmsen comes up short on bank-based emissions targets Car carrier giant says shifting trade routes and congestion raised emissions
Cargo ship mangled after hitting wind turbine in North Sea German vessel suffers extensive damage after incident at Gode Wind 1 site
MOL and Mitsui buy $188m of Modec shares as new FPSO alliance formed Japanese groups deepen cooperation for new offshore projects
Samsung Heavy Industries turns a profit in first quarter after five years in red Shipbuilder says this is first positive result since July to September period of 2017
Swedish Club calm as investment losses cut into free reserves Underwriting recovered in 2022 and the insurer says investment returns are poised to bounce back
Pelagic Partners continues push into handysizes with Van Weelde deal Fund sees promising entry point into smaller bulker sector
European navies condemn tanker seizure as Chevron tries to resolve crisis Detention of Advantage Sweet puts safety and freedom of navigation at risk, Strait of Hormuz mission says
Fog in the forecast for Arctic shipping Global warming cuts the ice but also the visibility on Arctic sea routes, and Chinese and US scientists have tips for reducing time lost to fog
Ukrainian Navy accuses Russia of blocking World Food Programme grain shipment Four ships have been delayed at Ukraine ports including one operating under the World Food Programme
Record aframax period rates spurring order rush as price rises slow But broker BRS says more muted charter deals for VLCCs and suezmaxes may be holding back ordering in those sectors
Costamare Bulkers, Reachy and Cobelfret lock in kamsarmax tonnage for year-long charters Diana Shipping-owned vessel scores rate well below market assessments for period charter
Tanker orders run hot but market safe from supply effects until 2027, BRS says French shipbroker says owners on course to add 260 ships to the orderbook this year
Eyal Ofer's Zodiac Maritime turns to Yangzijiang for newbuildings as tanker run builds Order marks first contract at the Singapore-listed shipyard
Bunker Holding seals record $1.1bn financing as new fuels push up prices Danish bunker supplier says clients needs more credit flexibility as costs increase
Shipping caught in the crossfire amid war of words as Ukraine grain deal renewal looms Shipowners are being kept in suspense as the future critical shipments hangs in the balance
Castor Maritime tanker spin-off Toro snaps up four LPG carriers US-listed newcomer quick to undertake its first transaction as a newly independent company
Not one kilo available: ESL newbuild drive hinges on future-fuel production Boss Mikki Koskinen outlines next phase of fleet transformation at Finnish bulker company
Viewpoint: How shipowners can limit their exposure to the US' shameful piracy The US criminalisation of seafarers in pollution investigations must be reformed, argue legal eagles Edward MacColl and Marshall Tinkle
TotalEnergies teams with GTT, LMG Marin and BV on large LH2 carrier Another energy major starts on a design for a large-scale liquid hydrogen carrier
Trans-Atlantic shipping rates keep sinking as imports from Europe fall The Europe-U.S. trade held up a lot longer than the Asia-U.S. trade, but trans-Atlantic premiums are now fading away.
Sun Country's Amazon cargo moves stay steady as rivals fly less Sun Country is bucking the trend of express carriers flying fewer hours because of slow shipping volumes. Its Amazon fleet is busy as ever.
Rail data shows reality of current supply chain The impact of the movement of trade to the East Coast and Gulf ports can no longer be denied in the railroad data.
UPS downshifts flight activity as volumes deteriorate UPS is adjusting its air network to minimize wasteful flying while shipping volumes are weak.
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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