VIDEO: Long Beach plans mega floating wind support facility The Port of Long Beach has released a concept study for a facility called Pier Wind that would support the manufacture and assembly of offshore wind turbines standing as tall as the
Narco sub "prince" gets hefty U.S. prison term So long as cocaine continues to be the most profitable cargo that can be transported by sea, so called "narco subs," or more accurately semi-submersibles, will continue to present a tricky target
MOBtronic man overboard technology gains key certification While there are currently more than 300 cruise ships in operation, only a tiny fraction are equipped with a man overboard detection system. Monaco-headquartered defense technology specialist MARSS is looking to change
Tidewater: momentum continues says Kneen Quintin Kneen, president and CEO of offshore services giant Tidewater Inc. (NYSE:TDW), said he is "encouraged by the continued momentum we saw during the first quarter" as the company released its results
DB Schenker opens new warehouse in South Korea DB Schenker Korea has announced the launch of a new 40,000 m² global distribution and logistics centre, KLC2, in Incheon Free trade zone. DB Schenker said the newly opened KLC 2 warehouse features TAPA A, LEED GOLD certification, and adhered to NFPA standards, in addition to superior quality management systems and values. "It is one of the largest investments for DB Schenker in the Asia-Pacific (
DSME to be renamed South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) is expected to be renamed Hanwha Ocean after being acquired by Hanwha Corporation. DSME's directors announced that a vote on amendments to the articles of incorporation, such as changing the company name to Hanwha Ocean, will be held during an extraordinary general meeting of shareholders on 23 May. On 26 September 2022, Han
Leading container lines show improved schedule reliability Danish maritime data analysis company Sea-Intelligence showed schedule reliability data through March 2023 in its latest report. Source: Sea-Intelligence.com, GLP Report, issue 140 Source: Sea-Intelligence.com, GLP Report, issue 140 March 2023 saw a further month-to-month gain in global schedule reliability, this time by 2.4 percentage points, reaching 62.6% and bringing it close to the 2020 resu
Global Freight Monitor: Losing steam but hope remains The Shanghai Containerised Freight Index (SCFI) steadied and posted a 0.1% w-o-w decline, while China Containerized Freight Index (CCFI) was up 0.3% and World Container Index (WCI) was up 1%. The rally in freight rates since late April appears short-lived as demand has not yet materially picked up. However, consumption has been resilient, lending hope for a potential restocking-led demand recover
Indian container volumes shrink as Mundra Port takes a hit Indian ports got off to a slower start in the fiscal year 2023-24, which began on 1 April. According to exclusive data obtained by Container News , combined volumes out of India's major/government and minor/private ports last month fell 7% month-on-month reaching 1.76 million TEUs. Mundra Port, the country's busiest container gateway, saw a 13% decrease in box volumes in April, versus March, desp
ICTSI reports strong first quarter results with increased revenues, earnings and TEU volumes International Container Terminal Services, Inc. (ICTSI) reported increased container volumes, as well as improved financial results in the first quarter of 2023, compared with the same period in the previous year. In particular, ICTSI handled 3,102,105 TEUs in the first three months of the year, translating to a 9% growth from the same period in 2022. Moreover, the global operator's revenues grew
CMA CGM, Bolloré Logistics close to US$5.5 takeover deal French shipping group CMA CGM has agreed to acquire 100% of Bolloré Logistics for €5 billion (around US$5.5 billion), after exclusive negotiations between the two companies. Bolloré Group has not yet approved the deal, saying that it has accepted this put option strictly as an offer. "The information and consultation procedures with the relevant staff representative bodies of the Bolloré Group pe
CMA CGM revises congestion surcharge at Turkish ports Considering the operational circumstances in Iskenderun and Mersin in Turkiye, CMA CGM has announced there will be an update in the Port Congestion Surcharge (PCS) that has been implemented in the two ports. The French ocean carrier said it will charge US$100 per dry and reefer container that will sail from the two aforementioned Turkish ports to West Africa. The updated surcharge is effective fr
Global Ship Lease acquires and charters back four post-panamax boxships Global Ship Lease (GSL), an independent container ship owner, has agreed to purchase and charter back four 8,500 TEU container vessels with an average age of about 20 years for an aggregate price of US$123.3 million. The charters are for a minimum fixed duration of 24 months each, followed by a 12-month extension at the charterer's discretion. The charterer is a leading liner operator, according
Korean industry looks to block foreign takeover of Hyundai LNG Shipping Concerns have been raised in South Korea's maritime industry about the proposed sale of the country's top liquefied natural gas shipping company, Hyundai LNG Shipping, to a foreign entity. Hyundai LNG Shipping was formerly the gas carrier division of South Korea's largest carrier, HMM. Compatriot private equity firm IMM bought the LNG shipping unit from ...
Shell lines up Brazilian FPSO for scrap in Denmark Modern American Recycling Services Europe has received limited notice to proceed from Shell for green recycling of its 49-year-old floating production storage and offloading vessel (FPSO) . The FPSO will be scrapped after 20 years in operation for Shell in the Bijupirá and Salema oil fields in the Campos Basin off the coast of Brazil. ...
Velesto clinches $128m Petronas drilling contract Offshore drilling unit of Malaysia's Velesto Energy has been awarded contracts by Petronas for the provision of three jackup rigs. The contracts, totalling around $128m, will see Velesto's Naga 3, Naga 4, and Naga 6 rigs utilised from the third quarter of this year. The 2010-built Naga 3 has been booked for eight firm wells, ...
Meadway adds to Japanese ultramax bulker orderbook Greek owner Meadway Shipping & Trading has returned to Japan's Tsuneishi Shipbuilding with a contract for another ultramax bulker newbuild, taking its orderbook to seven ships. No price has been revealed for the Tess66 Aeroline scrubber-fitted vessel Costas Dellaportas-led outfit expects to deliver in the second quarter of 2026. The latest deal takes Meadway's order ...
North Star returns to Vard for more offshore wind service vessels UK offshore support vessel owner and operator North Star has returned to Fincantieri-controlled Norwegian shipbuilder Vard with an order for up to four offshore wind farm commissioning service operation vessels (CSOVs). The hulls of the two firm ships will be built at one of Vard's yards in Romania and outfitted, commissioned, and delivered from one ...
Icon Offshore scores vessel contract with Petronas Malaysian offshore service provider Icon Offshore has secured a contract from Petronas Carigali for the provision of an anchor handling tug vessel with crew and equipment. The services will be utilised to support and maintain drilling rigs, offshore installations, derrick barges, towing and anchor jobs required by Petronas during their drilling and project activities, Icon ...
Diamond Offshore wins $212m worth of contracts and lists stacked semisub for sale Houston-based Diamond Offshore Drilling has revealed $212m in new contract awards in the US Gulf of Mexico and the UK North Sea while listing one of its vintage rigs for sale. The New York-listed company has sealed a one-year deal with Anadarko for the 2014-built drillship Ocean BlackHawk in the US Gulf. The contract is ...
Turkey's fastest-growing owner adds another LR tanker Beks Ship Management's appetite for vintage tanker tonnage appears to have no end. Fresh data identifies Beks as the buyer of several older tanker units. The Bekmezci family has now added its second LR in a row, the 72,000 dwt, Samsung-built Sauger, for just under $18.5m from Prima Marine, its second deal with a Greek ...
Dynagas and NYK book LNG slots in Korea The identities of the owners behind recent big-ticket LNG orders at Hyundai Heavy Industries (HHI) in South Korea have been revealed. According to Allied Shipbroking Greek owner Dynagas has returned for 200,000 cu m LNG carriers following on from its order for three such vessels at the same yard back in January. Dynagas is having ...
DSME to rebrand as Hanwha Ocean One of the most famous names in global shipbuilding is set to be rebranded. Daewoo Shipbuilding & Marine Engineering (DSME), whose brass plaques (pictured) adorn thousands of the largest, priciest, most high tech vessels trading today, will become Hanwha Ocean on May 23. DSME, acquired by Daewoo Group in 1978, had to be rescued by ...
CMA CGM agrees $5.5bn price to take over Bolloré Logistics French liner CMA CGM has agreed to buy the logistics operations of family-run conglomerate Bolloré Logistics for an enterprise value of EUR5bn ($5.5bn). Bolloré said the deal still needs to get the agreement of employee organisations. CMA CGM said the deal would make it a top five player in global logistics. Bolloré Logistics operates in nearly 150 ...
Global Ship Lease buys four 8,500 teu ships Boxship specialist Global Ship Lease has agreed to purchase and charter back four 8,500 teu ships with an average age of approximately 20 years for an aggregate purchase price of $123.3m. The charters are to a top liner operator for a minimum firm period of 24 months each, followed by a 12-month extension at the ...
Eyesea teams up with Mapbox to further ocean pollution mapping efforts Eyesea, a global nonprofit organisation dedicated to mapping and reducing global ocean pollution and maritime hazards, has partnered with Mapbox, a provider of location data and mapping technology, to power the Eyesea pollution tracking application. Eyesea's mission is to use technology to make ocean impact and coastal pollution visible, and to ultimately eradicate it. The ...
Why transport of CO2 in liquid form is not the best idea Henrik Madsen, a sustainability advisor and former CEO of DNV, makes the case for dry ice in containers. A 1.5 degrees Celsius global warming scenario by 2100 from the Intergovernmental Panel for Climate Change (IPCC) assumes an annual CO2 reduction of 6bn tons from carbon capture and storage by 2050. This CO2 must be transported ...
Macroeconomic headwinds 'outweighed' by strong fundamentals, says Ardmore chief Macroeconomic headwinds outweighed by positive fundamentals, says Ardmore chief, with demand for both product and chemical tankers forecast to grow...
Freight rate rally loses steam ahead of peak season as analysts urge caution Carriers seem to be reverting to their old habits of fighting for market share with the re-acceleration of vessel speed...
Vafias leads tanker spin-off Imperial to record profit Imperial is 'well-positioned' ahead of planned new dry bulk spin-off, according to chief executive
Evergreen sells first boxship for scrap in three years Three containerships have been sold for recycling in the past week bringing total boxship scrap sales since December up to...
The week in charts: Greek owners grow share of Russian tanker trade | Piracy and maritime crime incidents creep up | Iranian oil keeps flowing despite sanctions Demolition prices fall but remain at relatively high levels, LNG and methanol vessel orders pick up, while capacity loss nearing...
GoodBulk pays out again Norwegian OTC-listed owner sees 'good expectations' for the dry bulk market, particularly in the second half of the year
Maersk sells elderly post-panamax boxships to Global Ship Lease 'Maersk wants to sell its older ships so it is not left with the scrapping decision when they reach end...
Amsterdam biomethanol plant granted environment permit BP has signed an offtake agreement with Gidara to buy all the biomethanol that will be produced at the Amsterdam...
NYK and K Line forecast profit plunge K Line and NYK's respective container shipping businesses have been by some margin the pair's largest earnings contributor over the...
Capital Product Partners eyes expansion in particularly interesting LNG sector Despite a mounting liquefied natural gas orderbook, market could still be short of modern LNG carriers by 2027, according to...
The week in newbuildings: Vard wins wind farm operations vessels from UK owner UK's North Star Shipping has boosted its existing newbuilding orderbook by adding two, methanol-ready, wind farm service operations vessels at...
CMA CGM commits to Bolloré Logistics deal In what will be its largest deal to date, CMA CGM is further expanding its logistics business. Combined entities would...
ABS withdraws class from tanker over suspected Iranian cargo ABS withdraws class from Panama-flagged very large crude carrier Wen Yao over potential sanctions breaches, after being alerted by monitoring...
Crew recovered after Gulf of Guinea kidnapping The Liberia-flagged tanker was located five days after being boarded by armed attackers off Congo. Some crew members were kidnapped...
DSME will rebranded as Hanwha Ocean Company is also seeking to launch a new management team and expand its business scope to shipping, leasing, chartering and...
Study shows mismatched expectations between maritime workers and employers A new survey on 500 maritime employees and over 100 employers has shown that there is a misalignment between the...
FMC adds oversight heft by naming first director of enforcement program Ex-DOJ advisor John Crews will oversee the FMC departments that investigate and prosecute a growing number of shipping complaints.
Top US Shippers: Price inflation pulls the plug on surging US electronics imports Last year's dip in electronics imports is a sign that US consumers were holding back on some discretionary purchases after two years of heightened spending during the COVID-19 pandemic.
Trans-Atlantic spot rates tumble on supply-demand imbalance While rates on the trans-Pacific and Asia-Europe trades may have hit bottom, there is still some way to go before headhaul trans-Atlantic prices reach pre-pandemic levels, but the gap is narrowing by the week.
Savannah doubles down on terminal expansion with $1.4 billion investment Nearly three years of record Asia imports tested Savannah's cargo flow at times, underscoring the port's need to ensure it had sufficient buffer capacity to handle growth.
Softer peak season import forecast trending toward pre-pandemic levels: US retailers Consumer spending in the coming months will be compromised somewhat by high inflation, while retailers are being conservative in placing purchase orders with factories in Asia because of bloated inventories, according to the Global Port Tracker.
Battle over collision between Kirby and K Line dismissed as warring sides reach settlement After nearly four years, deal with more than 2,000 claimants brings case to a close
Tidewater returns to profit as rates 'continued momentum' during slowest quarter Offshore vessel owner maintains revenue guidance of $1.03bn for 2023.a
Capesize bulker spot rates break $20,000 per day mark as futures surge Average spot rate for large bulkers hits highest level of 2023
European Parliament spells out new rulings on cutting methane emissions Energy importers may be required to fix leaks and countries stick to targets in legislation aimed at damaging greenhouse gas
Maltese cargo ship refloated after eight-day salvage in Greece But the Atlanta needs more work before it can be safely towed away
Ardmore Shipping steady as she goes with another profitable quarter Numbers fall slightly from robust fourth quarter while bookings are in line for current three months
Minister concerned at trade 'triangle' that recycles Russian oil into Denmark Imports of Indian jet fuel refined from Russian crude have soared, lobby group says
Video: Coast Guard mounts rescue of Carnival passenger who 'ingested a battery' Operation off Galveston medevacs passenger safely a week after hair-raising operation over same ship
Rejected tankers now being snapped up as rate setback fails to deter buyers Shipbrokers say secondhand demand is holding up and those vessels spurned earlier are now back on the table
Refiner Grey Rock and Alf Aanonsen trade barbs as tanker contract falls apart Texas lawsuit targeting Trinity Tankers and Trinity Enterprise on claims of failing to provide ships draws threat of bigger counterclaim
Greece's Meadway Shipping bumps up bulk carrier newbuilding tally at Tsuneishi Costas Dellaportas now has seven bulkers under his belt at Japanese-controlled shipyards
GoodBulk is still a dividend machine despite lower quarterly result Shrinking capesize fleet has been 100% exposed to the spot market for the past year
Tokyo MOU reveals cyber-attack compromised data The outage lasted for months after the attack, affecting risk assessment and chartering decisions
Saudi giant Bahri rides wave of bumper VLCC rates VLCC shipowner reports 660% year-on-year first quarter profit rise after rates for largest tankers emerge from doldrums
Taiwanese shipowner named as buyer of one of BW's oldest LNG steamships Twenty-year-old ship added to growing list of secondhand sales reported for 2023
Navigare Capital ties up second container ship sale to D Oltmann Demand for a limited supply of larger boxships remains strong among tonnage providers and charterers
Golar LNG proposes bond rejig as balance sheet strengthens Company said purpose is to aid future dividends and share buybacks
Hoegh Autoliners rates and volume tick up in promising market Car carrier owner reports $74.80 per cbm net freight rates for April, up slightly from first quarter figures
'Tug-of-war' in dry bulk S&P market sees flurry of deal-making With opinions on market prospects diverging players are displaying different strategies
Denmark under fire after breaching EU rules on collective bargaining for foreign crew Danish Maritime Authority discussing how to address non-conformity with the European Social Charter
Maritime piracy hits 28-year low, says IMO Declines reported in most areas in 2022, with reduction in attacks continuing this year
HAV electrical controls company to buy Norwegian DP firm Norwegian Electric Systems says planned acquisition aims to accelerate plans for greater digital functionality and meet need for autonomous ship operations
West P&I fires warning on Russian oil sanctions reporting Oil price rises increase prospects of sanctions breaches
Gram Car Carriers plots share buyback to reward bosses or pursue acquisitions Car carrier owner's spend of up to $5.7m could be completed by the end of August
Reach Subsea returns to profit as offshore market picks up Offshore vessel owner's backlog more than doubles year-over-year to NOK 815m
Chevron targets single South Korean shipyard for LNG carriers Major's enquiry for newbuilding berths advances as tight availability for yard slots intensifies
Elderly tankers to form 15% of fleet by mid-decade, says Braemar Research highlights environmental risk posed by ageing fleet after Pablo blast
High value of five-year-old ships is 'classic' sign of market health, Clarksons says Average of secondhand tanker, bulker and boxship asset values at 13-year high, UK shipbroker calculates
New Brent pricing formula could shake up tanker markets, Gibson Shipbrokers says UK shipbroker believes inclusion of US WTI crude is a positive for shipping, but further adjustments may be needed
Taiwanese shipowner named as buyer of BW's co-oldest LNG steamship Twenty-year-old ship added to growing list of secondhand sales reported for 2022
Russian-backed separatists ship first grain cargo out of Mariupol Moscow to boost its own grain exports while looking likely to block those out of Ukraine
Winding down? Black Sea grain corridor inactive for two days Last-ditch talks in Istanbul to save initiative and extend it beyond 18 May
Belships' bottom line remains stable thanks to profitable period deals Shipowner's average daily vessel earnings were double the average Baltic Supramax Index for the first quarter
'Tug-of-war' in dry bulk S&P market sees flurry of dealmaking With opinions on market prospects diverging players are displaying different strategies
Taiwanese shipowner named as buyer of BW's oldest LNG steamship Twenty-year-old ship added to growing list of secondhand sales reported for 2022
North Star doubles C/SOV wind fleet with new Vard order Scottish shipowner heads back to Fincantieri subsidiary for up to four new ships
More security and coordination needed in Gulf of Guinea, Danish Shipping says Piracy in the West African waters is 'far from solved' trade group head Anne Steffensen argues
Greece's Zeus Lines and master admit dumping oily bilge water from tanker in US Company and captain also hid inoperative inert gas system
CMA CGM on the hunt for up to 10 ultra-large container ship newbuildings French liner is seeking to order methanol dual-fuel vessels for its next haul
NYK Line joins MOL and K Line in forecasting shrinking profit Japanese shipowner looks to return to normality after 'extremely unique' situation due to Covid-19 disruptions
Shipping stock sell-off: Shares down double digits since March Is the sharp decline in shipping stocks a canary in the coal mine or an opportunity for investors to buy the dip?
Jaxport welcomes largest container ship to call The 14,000-TEU One Stork on Tuesday became the largest container ship to call Jacksonville, Florida.
Japan Airlines returns to freighter business Japan Airlines is joining a group of passenger airlines that are starting all-cargo operations.
Mediterranean Shipping Co. designates air cargo agent MSC Air Cargo, the airfreight arm of Mediterranean Shipping Co., has named ECS Group to handle functions in two major markets.
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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