NOIA condemns continuing offshore oil and gas leasing program delays The National Ocean Industries Association (NOIA) is slamming foot dragging by the U.S. Department of the Interior in developing the next federal offshore oil and gas leasing program. The leasing program is
Briggs Marine orders maintenance support vessel U.K.-based Briggs Marine has ordered a 40-meter maintenance support vessel at Vigo, Spain, based shipbuilder Freire A/S. Due to enter service in fourth quarter 2004, the vessel will enhance and expand the
Wiernicki: "Shipping pivotal to clean energy transition" "Shipping will play a pivotal role in driving the global clean energy transition," that was the message delivered by ABS chairman, president and CEO Christopher J. Wiernicki gave in a series of
HMM 9,000 TEU newbuilds will be the first with new G80 methanol engine The nine 9,000 TEU methanol-dual fueled containerships ordered by South Korea's HMM will be powered by MAN B&W G80ME-LGIM dual fueled engines. Hyundai Samho Heavy Industries(HSHI) will build seven of the ships
Kuehne+Nagel's net earnings exceed US$3 billion in FY2022 Kuehne+Nagel closed the financial year 2022 with improved financial figures, increasing its net earnings by 30%, reaching around US$3 billion. The company's net turnover also increased by 20% to US$42 billion, while earnings before interest and taxes (EBIT) grew by 28% to US$4 billion and earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 23% to US$4.8 billion. Addit
Former CEO of MSC PSA European Terminal in Antwerp moves to APM Terminals Harold Kunst, the previous chief executive officer (CEO) of MSC PSA European Terminal in Antwerp, will be the new managing director of APM Terminals Maasvlakte II in the port of Rotterdam. Kunst is no stranger to APM Terminals, having begun his career with A.P. Moller - Maersk in 1996 and previously held different roles in APM Terminals. The new managing director will formally take over his dutie
Global bunker indices remain rangebound with no firm trend Marine Bunker Exchange (MABUX) announced that fuel prices have stayed rangebound with no clear pattern in the tenth week of the year. The 380 HSFO index increased to US$490/MT, the VLSFO index remained relatively steady at US$669/MT and the MGO index fell to US$949/MT. "At the time of writing, the market was in a slight downtrend," commented a MABUX official. In Week 10, the Global Scrubber Sprea
GSBN, COSCO, OOCL, and SICIT partner to boost safety in chemical cargo transportation Global Shipping Business Network (GSBN), an independent, non-profit blockchain technology consortium, announced its collaboration with COSCO SHIPPING Lines, Orient Overseas Container Line (OOCL) and the Shanghai Research Institute of Chemical Industry Testing (SICIT) to improve the safe transportation of chemical cargo through the use of blockchain technology. GSBN noted that special cargo with d
Sea-Intelligence reports strong capacity correction on Asia - North America West Coast During the first months of the Covid-19 outbreak, ocean carriers were able to cut capacity in line with the massive demand contraction, according to Danish maritime data analysis firm Sea-Intelligence, which, however, noted that the same degree of commitment has not been seen with the container volume crash in the last four months of 2022. The container lines were either not able to, or possibly
DB Schenker to bring first Prototype Volta Zero truck on the road DB Schenker, a logistics service provider, has been presented the first pilot Volta Zero truck taking part in the European field test. The company visited the Volta Trucks' contract manufacturing facility in Steyr, Austria, to see the final prototype generation of the all-electric Volta Zero truck in pre-production. In particular, 150 Volta Trucks will be handed over to DB Schenker in 2023. Cyril
Singapore mulls streamlining container movements Singapore's government wants to simplify land-based transhipment processes to help save more than US$1.5m for businesses. Speaking at the city-state Ministry of Transport's committee of supply debate on 3 March, Senior Minister of State for Finance Chee Hong Tat said that one move being considered is granting transhipment permits to goods being moved across land borders. Presently, such goods are
AAPA rejects Chinese 'spy cranes' scenarios in US ports The American Association of Port Authorities (AAPA) has denied recent media reports about a possible security threat at US ports posed by Chinese port equipment. "There have been no known security breaches as the result of any cranes at US ports, despite alarmist media reports," pointed out AAPA in a statement. "Further, modern cranes are very fast and sophisticated but even they can't track the
Yang Ming achieves record annual revenues and profits Yang Ming Marine Transport Corporation marked new records in its annual revenues and profits in 2022 with the Taiwanese ocean carrier reporting consolidated revenues of US$12.61 billion and after-tax profits of US$6.06 billion. However, the board of directors of Yang Ming approved maintaining the cash dividend at NTD 20 (US$0.65) per share, "given the uncertainties of the shipping industry and th
COSCO proceeds with blockchain-based eBL COSCO SHIPPING Specialized Carriers and COSCO SHIPPING Lines have taken further steps to promote blockchain-based electronic bill of lading (eBL) in order to provide clients with a more personalised service experience. COSCO SHIPPING Lines Qingdao released its first blockchain-based eBL on 13 February, signalling the formal opening of the new cargo release route at Qingdao Port in China. The comp
Pyxis Tankers offloads its oldest ship Greek product tanker pure-play Pyxis Tankers is selling its oldest vessel to an undisclosed UK buyer. The 2009-built 50,667 dwt will fetch $24.8m on completion of the sale scheduled to occur in March this year. After the repayment of the outstanding indebtedness securing the vessel and various transaction costs, the cash proceeds should be around ...
Briggs Marine expands fleet with newbuild order in Spain UK marine services company Briggs Marine has placed an order at Spanish shipbuilder Freire Shipyard for a new maintenance support vessel due to enter service in Q4 2024. The 40-m-long newbuild will form part of Briggs' charter fleet and is expected to enhance and expand the company's offering across a range of industries including defence, ...
Eidesvik Offshore awarded PSV extension by Wintershall Dea Oslo-listed shipowner Eidesvik Offshore has scored a contract extension with Wintershall Dea for its 2013-built platform supply vessel . The German-based oil and gas producer has declared an option to keep the vessel until January 2024. The new hire starts in July in direct continuation of the current contract which kicked off in January. "This ...
Dolphin Drilling firms up Nigeria semisub deal Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built . The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit's backlog by a minimum of 120 days and up to 485 ...
Yinson Production eyes autonomous FPSOs Yinson Production has partnered with British software company Aveva to develop autonomous and sustainable floating production storage and offloading (FPSO) solutions. The Singapore-based unit of the Malaysian Yinson Group said the collaboration will enable it to operate its FPSO with minimal human involvement, and with a vision for them eventually becoming fully autonomous. "Autonomous technology
VLCCs charge towards $100,000 a day Tanker watchers are keeping a firm eye on the volatile VLCC markets today, with a $ 100,000-a-day fixture widely anticipated, the first time this landmark has been broken since November. VLCC fixtures have been on a charge all week, with eco, scrubber-fitted ships fixing at figures pushing above $90,000 a day. Demand from China has ...
Demand for ocean space to grow five-fold by 2050 The amount of ocean space occupied by installations will grow five-fold by 2050, according to DNV's Spatial Competition Forecast. This will be driven by offshore wind, which will account for 80% of stationary infrastructure at sea by the midcentury, followed by aquaculture with 13% and oil and gas accounting for 5%. The class society highlighted ...
First CO2 storage in the Danish North Sea Hailed as a "big moment for Europe's green transition" the Danish carbon capture and storage project has marked its first injection of CO2 into a depleted oil field in the Danish North Sea. A consortium of 23 organisations led by UK-based chemicals giant Ineos and Wintershall Dea, is behind Project Greensand which demonstrated for the ...
Wrecked bulker off Gibraltar battered by storms Recent storms have hammered the wreck of the , a bulk carrier which sank off the coast of Gibraltar last year. Nevertheless, authorities remain confident salvors can remove the smashed vessel by the end of May as stipulated in earlier signed salvage contracts. The ship came into contact with LNG carrier Adam LNG while manoeuvring to exit ...
Tanker oil spill spreads far and wide in central Philippines The Philippine government has said it will take up to four months to clear the oil spill from the Princess Empress, a product tanker that sank in rough weather off the island of Mindoro on February 28. Oil has been detected more than 130 km away from the site where the ship went down having ...
Maersk restarts direct bookings to Ukraine Maersk has restarted direct bookings to war-torn Ukraine from across the world. Conceding that logistics operations in and around the country remain challenging one year on from the start of the war with Russia, the Danish carrier has come up with a plan to provide some container connectivity to Ukraine. Maersk has launched a new, ...
Su Yin Anand moves away from shipping A well known name in Singapore shipping circles is changing roles. Su Yin Anand, who has headed up Australian mining company South32's shipping division for the past two years, is moving to the company's aluminium business with the miner now seeking a replacement on its freight desk. Anand was a maritime litigator for 15 years ...
China's Milkyway takes leap into shipping Shanghai-listed Milkyway Chemical Supply Chains has become a shipowner, buying an 80% stake in Zhoushan Zhonggu Shipping. Zhonggu Shipping operates four 4,000 dwt stainless steel chemical parcel tankers, which to date have been operating on domestic routes. Milkyway has plans to add to the fleet, with newbuilds, secondhand purchases and some chartered in tonnage, and ...
Shelf Drilling secures two-year jackup contract in Nigeria Oslo-listed jackup rig pure-play Shelf Drilling has won a two-year contract in Nigeria for the . The drilling campaign for an undisclosed operator is set to start in May 2023 and comes with a one-year option attached. The firm contract is worth around $118m, including mobilisation revenue. Dubai-headquartered Shelf with a fleet of 36 jackups ...
Chinese collaborate to harness blockchain technology for chemical cargoes Hong Kong-based blockchain platform Global Shipping Business Network (GSBN) is collaborating with COSCO, Orient Overseas Container Line (OOCL), and the Shanghai Research Institute of Chemical Industry Testing (SICIT) to improve the safe transportation of chemical cargoes, including lithium batteries. The blockchain news comes at a time where container shipping has been hit hard by a ...
Are SOVs still fit for offshore wind O&M? Offshore wind service operation vessels (SOVs) have an obvious and undeniable place in the market but are the planned numbers all required? Is an over-specification of vessel type for the work in hand, one that an industry under pressure can't really afford? asks John Cooper, CEO of BAR Technologies. In recent years, offshore wind farms ...
Pricing power for Jones Act tanker owners 'not been this strong in over a decade', says OSG chief Renewable diesel trade and robust global product tanker market boost Overseas Shipholding Group, which will continue benefiting from an empty...
US sanctions 'shadow' banking network linked to Iran Multi-jurisdictional network gave sanctioned Iranian companies access to the international financial system and obfuscated their trade with foreign customers, according...
UN spends $55m on ageing Euronav VLCC to avert environmental disaster UN Development Programme secures Euronav VLCC for $55m as part of a plan to offload an estimated one million barrels...
D'Amico says tanker tonne-mile boost to continue Chief executive says Russia's refined products are being re-routed, mostly to North Africa and Türkiye amid European Union sanctions. The...
Green lobby urges Europe to end incentives for biofuels production 'Biofuels are a failed experiment,' said Maik Marahrens, biofuels manager at Transport & Environment. 'To continue to burn food as...
DHL expects lower earnings even in best-case recovery Recovery forecasts remain cloudy. A bounce back could come as early as the second quarter or as late as 2024
GoodBulk reduces fleet with three more capesize sales Company says decline in freight rates 'bottomed out' in the middle of February
Training required for 'safe' STS basket transfers Crew reluctance to use baskets for personnel transfers is not justified by data
Sinopec fuels speculation over China relaxing export quota Proposal comes amid speculations that China is to allow more exports of fuels and other oil products to meet the...
Shippers should seek to help carriers repair relationships Many shippers are angry after the treatment they received during the pandemic. But restoring relationships with their carriers is more...
UN chief calls for Black Sea grain deal extension Russia and Ukraine have lobbied for changes to the Black Sea Grain Initiative since the first renewal round in November
CMES boosts value with stock option plan Shipping giant's tanker and dry bulker business to lift its financial performance with a rebound in China's commodity demand, say...
Boxship charter periods rise as newbuild threat remains Containership charter rates are still above pre-pandemic levels but the delivery of 340 newbuildings this year remains concerning for non-operating...
Ports group names former UK government adviser as chief New appointee succeeds Tim Morris, who has taken communications role with Associated British Ports
Yang Ming says container market 'still faces uncertainties' Market prospects can turn positive later this year provided a reopened China can help stimulate the world's economy and demand...
Daily Briefing Bulk exports from Russia remain elevated | Early Chinese New Year pulls down January container volumes | Difficult details of...
Petronas completes Malaysia's first ship-to-ship LNG bunkering Petronas inaugurated its LNG bunkering business by completing its first ship-to-ship bunkering operation with Tiger Gas
NYK and FueLNG complete first PCTC LNG bunkering in Singapore FueLNG Bellina is Singapore's first LNG bunker vessel, entering operation in 2021
Carriers face choppy first half ahead of more positive H2: Yang Ming Yang Ming echoed the warnings of its competitors, saying consumer spending power has fallen since the fourth quarter of last year because of inflation, while high inventory levels have also affected demand.
Shippers committed to digital investments in logistics: S&P Global Shippers are showing "healthy adoption" of a wide variety of digital transformation projects, according to new research from S&P Global Market Intelligence.
Maersk shifts detention billing to consignees ahead of FMC regulation The move by the carrier comes as the FMC is in the midst of a rulemaking process around detention and demurrage billing mandated by the passage of the Ocean Shipping Reform Act of 2022 last June.
MSC prepares for delivery of Hapag-Lloyd-sized orderbook Carriers' record container ship capacity on order is being led by MSC, which will grow its fleet - already the world's largest - by almost 40 percent over the next two years.
China recovery, pent-up demand signals air cargo growth this year: trade groups The post-pandemic recovery of China's economy following the lifting of restrictions late last year is sparking increasingly optimistic expectations for the air cargo market in 2023 despite a challenging start to the year.
Scrubber discharge has less sulphur concentrate than 'Pellegrino water', Star Bulk president says Sulphur is already 'ubiquitous' in sea water, says president Hamish Norton
Washington urges major commodities traders to haul Russian oil Senior US Treasury Department officials have spoken with executives and traders to ensure global supplies of oil remain steady
First movers see a future for nuclear-powered ships - but not everywhere Carnival executive sees pitfalls for cruise, but Cargill shipping official thinks it will be the endpoint
Putting the 'chicken and egg' problem to rest: Early adopters talk alternative fuels 'The investments being made here are really going to advance the technology,' Waterfront Shipping president says
Shipbrokers raise £1m for suicide prevention charity Money raised from a day of trades at Oil Brokerage will allow therapy centre to open five months early
Japanese bulker pursued by Texas cement company for cargo damage Royal White Cement claims it has a nearly $2m lien on a Kyowa Sansho ship
'Defensive no more': OSG eyes cash growth after profit jump Crossing to the black, Jones Act company looks to expand cash-generating capacity
China leads challenge to IMO 2050 net zero goal due to clash with Xi Jinping's 2060 aim Developing countries want the shipping regulator to adopt a flexible approach and review its decarbonisation targets every five years
Russia's Yamal LNG upped exports in 2022 with 90% of cargoes shipped to Europe Greater use was made of Arc7 ice-breaking LNG carrier fleet Centre for High North Logistics data shows
Pyxis Tankers builds war chest by selling oldest MR for $8m gain Cash from the disposal will go on reducing debt, but Greek owner is also eyeing buys
Mahnke plots second green maritime fund after first breaches $200m Raising green finance is difficult, but deploying funds is tough too
Castor Maritime reaps record profit as it spins off tanker fleet Shareholders receive stock in start-up Toro Corp following best-ever year
Abuse survivor Hope Hicks 'sickened' that her attacker can still work at sea Ex-cadet Hope Hicks marked International Women's Day by calling for tougher enforcement after finding her attacker is still working at sea
Container shipping 'price war' spreads to Asia-Europe trades Freight rates have dropped to pre-pandemic levels on the world's biggest liner trade
GoodBulk reveals significant share buyback after another good quarter and big dividends Dividend for the fourth quarter was the same as in the previous three months, which was its biggest quarterly payout
D'Amico International logs 'remarkable' record profit and says more to come Italian owner believes product tanker strength to continue this year
Buoyant Boskalis wins contract for Saudi futuristic city project Chief executive announced 60% rise in annual profits from 2022 after spike in dredging and offshore energy revenues
'Throw politics out': Russian fertiliser the key to UN grain deal With Black Sea Grain Initiative up for renewal, Russia raises the stakes and UN official makes dramatic appeal
Rigault and Ong sell BW LPG shares after option awards Two of VLGC owner's top executives cash in stock that has risen sharply since 2020
Teekay Tankers poised for 'robust' talks on fleet renewal and dividends after huge profit March board meeting to decide on strategy for 2023
NAT 'on path to former glory' as debt shrinks in strong suezmax market Analysts examine suezmax owner's aim of paying off borrowings in two years
Bunnemann family builds stake in Gram Car Carriers with block share deal German shipowners follow up participation in Oslo listing with another stock buy
Top Ships jumps 30% as bosses come out with big NAV reading Tanker owner's stock shows more volatility in the US
Ocean Yield sells over-subscribed $70m bond to slash finance costs Unsecured issue comes in much cheaper than existing series
Ownership battle: Legal fight over tanker sold to 'pay for Persian carpets worth $9m' Sanctioned Iranian businessman claims vessel was stolen by the owner of Athens-based oil tanker company St James Shipping
Lloyd's of London reports underwriting profit despite Ukraine war claims Leading specialty insurance market describes its performance as 'strong'
Bunneman family builds stake in Gram Car Carriers with block share deal German shipowners follow up participation in Oslo listing with further stock buy
Ocean Yield sells over-subscribed $75m bond to slash finance costs Unsecured issue comes in much cheaper than existing series
Hanse Bereederung shipbroker Karydis asks if is it time for a resurgence of the ULCC? Greek broker ponders whether tanker shipowners will rush to shipyards and mimic container lines by switching to bigger sizes?
'Dark fleet': Shipbrokers are on thin ice if they ignore Russia sanctions Clarksons' Andi Case casts shade on brokers sailing close to the wind on sanctions - but who could he mean?
Su Yin Anand set to exit role as head of shipping at South32 Popular shipping executive set to head for pastures new within Australian mining company
GAC looks to ride Vietnam's offshore wind revolution with Ho Chi Minh outpost Ship agency says renewables push is a key focus for the company alongside its traditional shipping operations
Singapore says no to fossil fuels for harbour craft built after 2030 The city state's maritime regulator aims to help lower the cost of adoption and mobilise support for early adopters
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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