New Marsh facility set to slash cost of Ukraine grain war risk insurance In a move that promises to substantially reduce the costs of insuring ships exporting Ukraine grain, Marsh McLennan (NYSE: MMC) has announced the launch of a new facility - Unity - to
Austal USA lays the keel for T-ATS 11 Austal USA yesterday celebrated the official start of construction on the future USNS Billy Frank, Jr., the Navy's eleventh Towing, Salvage and Rescue Ship (T-ATS 11), with a keel laying ceremony at
Court rules against further GoM oil and gas lease sale delay The U.S. Court of Appeals for the Fifth Circuit has issued an order dismissing an appeal against a GoM oil and gas lease preliminary injunction. As we reported earlier, the Bureau of
Wärtsilä in ammonia-fueled four-stroke first Wärtsilä has brought to market the marine sector's first four-stroke engine based solution for ammonia fuel. It is now commercially available as part of the Wärtsilä 25 engine platform, which was launched
St. Paul Engineer district to close four locks and dams The U.S. Army Corps of Engineers, St. Paul District, is closing four of its locks and dams in early December for maintenance. The closures will officially end the 2023 navigation season on
Conrad reports third quarter results and backlog "We are cautiously optimistic about the future of our vessel construction segment due to recent backlog additions for repeat builds in the ferry and barge markets for repeat customers," said Johnny Conrad,
MacGregor receives RoRo equipment order for two Pure Car and Truck Carriers MacGregor has received an order to supply comprehensive packages of RoRo equipment for two Pure Car and Truck Carriers (PCTC) vessels to be built by Hyundai Mipo Dockyard in South Korea. The order was booked into Cargotec's 2023 third-quarter orders received, while the vessels are scheduled to be delivered to the owner between the second and the third quarter of 2026. MacGregor's scope of supply
MOL, KEPCO sign service agreement on development of liquefied CO2 carrier design for CCS value chain Mitsui O.S.K. Lines (MOL) and Kansai Electric Power (KEPCO) have signed a service agreement to perform feasibility studies on the design of a liquefied CO2 carrier at shipyards in Japan and across the world. The extensive study of the carbon dioxide capture and storage (CCS) value chain, which includes shipyards, is a pioneering initiative for other CO2-emitting industry operators. The agreement
Peel Ports and Suardiaz establish UK's first green automotive manufacturing hub Peel Ports and Suardiaz have inaugurated a UK-first Green Automotive Manufacturing Hub in Merseyside, which will considerably cut supply chain emissions in the North-West. The US$12.5 million facility, the first of its kind in the UK, was officially launched on 14 November with a ribbon-cutting ceremony as it welcomed a Suardiaz vessel from Vigo Port in Spain, to which it will operate a twice-wee
Box volumes grow at Saudi ports in October For October 2023, the Saudi Ports Authority (Mawani) announced a 5.31% growth in container handling throughout its ports. A total of 741,905 TEUs were handled, translating to an increase over the 704,486 TEUs handled in the same month in 2022. The number of exported containers increased by 9.72% in October, reaching 224,822 TEUs, up from 204,903 TEUs in the same month last year. The number of imp
IMO's CII a failed market mechanism should be replaced, says DSF According to Danish Ship Finance (DSF), the IMO's Carbon Intensity Indicator (CII) which became effective this year is a "failed market mechanism" that should be replaced by a voyage index that will give shippers more transparency. In a recent press briefing, IMO secretary general Kitack Lim said that the collaboration between stakeholders is to be ramped up with round tables to discuss the futur
ZIM reports over US$2.2 billion loss in third quarter Israeli container line ZIM has announced a net loss of US$2.27 billion in the third quarter of the year, while the company achieved a US$1.66 billion net income in the same period last year. Similarly, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of the company sank by 89% year-over-year to US$211 million, while ZIM's operating loss (EBIT) reached US$2.3 billio
Fincantieri and Central Adriatic Sea System Authority sign deal for Ancona port development The Port System Authority of the Central Adriatic Sea (ADSP) and Italian shipbuilding company Fincantieri have signed a program agreement to promote the development of the port of Ancona in Italy. Pierroberto Folgiero, CEO and managing director of Fincantieri, and Vincenzo Garofalo, president of ADSP, signed the agreement on 13 November. According to the statement, the goal of the agreement is to
Maersk commences construction works for new cold storage facility in Rotterdam Danish ocean carrier Maersk has started the construction works for its new large cold store in Rotterdam. The specialized warehouse for temperature-sensitive or frozen products, like pharmaceuticals, fruits, meat or fish, is located right next to the Maasvlakte II terminal, which is operated by Maersk-owned port operator APM Terminals. The new 40,000 m² facility is expected to be operational in t
Cocaine seized from Maersk ship in New Zealand Nearly US$10 million of cocaine was seized from a Maersk ship after the vessel arrived in Tauranga, New Zealand. The drugs were concealed in the engine compartment of a refrigerated container that held bananas, New Zealand Customs Service said on 14 November. The vessel called at the port five days earlier. The ship name was not disclosed, but vessel-tracking data shows that the 3,078 TEU Safmari
CMA CGM announces BAF update in Algeria, Tunisia and Morocco RoRo services Following the development of bunker prices since the last surcharge adjustment, CMA CGM SSL Intra Europe will modify its Bunker Adjustment Factor (BAF) on its RoRo South services linking France with Algeria, Tunisia, and Morocco (import and export) as follows: The following charges will take effect on 1 December 2023: Cargo Algeria service Tunisia service Morocco service Roll, full €1,244/unit €5
Argo Anchor launches operations in Dubai backed by Indian shipping firm's investment Argo Anchor Shipping Service LLC, a new force in the shipping industry, has officially launched its operations in Dubai, UAE backed by a significant investment from India-based shipping agency Lancer Container Limited. This collaboration signals the entry of Argo Anchor Shipping Service into the NVOCC and freight forwarding market, with plans to commandeer 5,000 TEUs by the end of 2023 and 15,000
MOL to install cameras and AI systems in newbuilding car carriers for early fire detection Mitsui O.S.K. Lines (MOL) has decided to install cameras and an Artificial Intelligence (AI) system developed by Israel-based maritime safety and management system developer Captain's Eye in the cargo holds of most of its LNG-fuelled car carriers. The devices, which are expected to provide early fire detection capabilities, will be installed on 10 vessels currently on order and scheduled for deli
Wan Hai holds naming ceremony for new 3,000 TEU vessels Taiwan-based ocean carrier Wan Hai Lines held ship naming ceremonies for two new container ships, Wan Hai 368 and Wan Hai 369. Wan Hai Lines and Japan Marine United Corporation have deployed the third batch of their 3,055 TEU series ships, totaling twelve vessels. Wan Hai 368 and Wan Hai 369 are the 4th and 5th vessels in the series of ships, all built by Japan Marine United Corporation ARIAKE Sh
Cadeler taps HSBC for $54m green loan Denmark-based Cadeler has secured financing from HSBC to help fund the construction of its newbuilds and upgrade the existing vessels. The BW Group-backed offshore wind contractor has struck a deal for a five-year €50m ($54.2m)unsecured green loan, which comes with a non-committed accordion option of up to €50m. The Cadeler fleet consists of two operational ...
Easterly Asset Management emerges as buyer of Celsius tanker duo Easterly Asset Management's Maritime Logistics Equity Partners (MLEP) has emerged as the buyer of two chemical tankers from Danish shipowner Celsius Shipping. The US-based company said in a statement that it had acquired and renamed the 2009-built 25,400 dwt Easterly Birdie, ex-Celsius Birdie, and the 2010-built 25,390 dwt Easterly Eagle, ex-Celsius Eagle. No price was ...
Germany's RWE forms offshore wind and green hydrogen alliance in South Korea German utility and one of the leading renewable energy developers RWE has reached an agreement with Hyundai Engineering & Construction, a subsidiary of South Korea's Hyundai Motor Group, to work together on offshore wind and green hydrogen projects. Korean government targets 24 GW of offshore wind capacity by 2036 and the duo will, under a ...
Rem Offshore scores over $138m in vessel contracts Norwegian offshore vessel operator Rem Offshore has penned several long-term contracts for its fleet worth a total of just over NOK1.5bn ($138.6). The Fosnavåg-based company has fixed the 2013-built subsea vessel Reem Inspector on offshore wind projects in Taiwan for about one year, commencing in the fourth quarter of 2023. The ship has worked in ...
Wärtsilä unveils first four-stroke ammonia-fuelled engine solution Finnish technology group Wärtsilä has introduced the marine sector's first commercially available four-stroke engine-based solution for ammonia fuel. Viridis Bulk Carriers, the world's first zero-emission shipping company, will be the first shipowner to benefit from the new ammonia solution. The company is a partnership between Amon Maritime, Mosvolds Rederi, and Navigare Logistics. Norwegian gov
Cocaine found on anchor chain of Berge Bulk cape Turkish authorities have seized nearly 52kg of cocaine on Berge Bulk's capesize off the coast of Adana Yumurtalik in Iskenderun Bay. In his statement on social media, Turkey's' interior minister, Ali Yerlikaya, said the drugs were found tied to the anchor chain of the Liberian-flagged . Twenty-six suspects on board the 175,900 dwt ship, including ...
Shipping locks in Panama Canal diversion plans The global seaborne trading map is in flux as shippers and shipowners reassess alternate routes to the parched Panama Canal, a waterway that accounts for 3% of all global maritime trade, which is in the process of slashing the amount daily transits in half as a drought prevention measure. Analysis carried out for Splash by ...
2020 Bulkers locks away four newcastlemaxes with Koch extension deals Norway's 2020 Bulkers has secured charter extensions from Singapore's Koch Shipping on four of its newcastlemax bulk carriers. The Oslo-listed owner's Bulk Sandefjord, Bulk Santiago, Bulk Shenzhen and Bulk Sydney have been fixed until the end of 2026 with options for 12 more months. "We are very pleased with the long-term contract extensions for four ...
Seoul readies $544m in aid for Korean shipyards Seoul has earmarked an extra $544m in state support for the Korean shipbuilding sector through to 2028. The money will be spent helping develop alternatively fuelled vessels, on digitalisation and reinforcing the shipbuilding workforce. Korean shipyards are sitting on record orderbooks, with delivery slots taken through to mid-2027. However, production schedules have been slipping this ...
DOF wins CSV work, charters in Maersk Supply Service vessel Norway's DOF Group has found work for one of its construction support vessels (CSVs) and chartered in a vessel from Maersk Supply Service. The Oslo-listed company said that it won a contract from Subsea7 for a time charter of the Skandi Acergy CSV, adding a minimum of 18 months firm backlog, at a value in ...
Kyiv unveils new ship insurance scheme Kyiv has reached a deal with Lloyd's of London and Marsh McLennan to bring insurance cover for ships taking Ukrainian grain exports. Ukraine's economy minister Yulia Svyrydenko stated in a Facebook post that the $50m program would insure ships against military risks. The insurance news comes one week after a pilot died and three Filipino ...
CGG kicks off multi-client survey offshore Malaysia French geoscience technology company CGG, in association with Petronas, has started the 8,000 km Selat Melaka 2D multi-client seismic program over the Langkasuka Basin offshore Malaysia. Located in the Malacca Strait, the project has received industry funding and will deliver early products in December 2023 and final results in August 2024. CGG's Kuala Lumpur subsurface ...
Thailand dusts off Kra transport link plans Thailand has dusted off plans for a transport link that would allow ships to skip the Malacca Strait, one of the busiest shipping lanes in the world. The Southeast Asian kingdom has long touted the construction of the Kra Canal, a waterway across a narrow part of the country in the far south. While this ...
Snam to invest over $1bn in Ravenna offshore LNG terminal Italian energy company Snam has revealed that it would invest €1bn ($1.09bn) in its LNG offshore terminal near Ravenna which will host the FSRU . The new terminal will have an annual capacity of 5 bcm of gas and start commercial activity in early 2025. The FSRU will add to the supplies from the FSRU ...
Israel's war with Hamas cripples an Italian containerline Israel's ongoing war with Hamas has crippled one Italian containerline. Alphaliner is reporting that a charter conflict has broken out between Kalypso di Navigazione and Zhonggu Shipping with the Chinese tonnage provider refusing to allow its four 2,518 teu ships to call in Israel. The vessels had been deployed on Kalypso's Marco Polo service connecting ...
MOL rolls out tech to combat fire scourge across its car carrier fleet Japanese shipowner Mitsui OSK Lines (MOL) will install cameras and an AI system developed by Israeli firm Captain's Eye in the cargo holds of most of its LNG-fuelled car carriers to provide early fire detection capabilities. The devices will be installed on 10 vessels currently on order, and the company will consider retrofitting current in-service ...
ExxonMobil starts production from third Guyana FPSO US supermajor ExxonMobil has started production at Payara, Guyana's third offshore oil development on the Stabroek Block. The Prosperity FPSO vessel is expected to reach initial production of approximately 220,000 barrels per day over the first half of next year as new wells come online. The startup brings the total production capacity in Guyana to ...
Time to listen to the ocean Steven Jones, the incoming CEO of the Sustainable Shipping Initiative, on the urgent need for the oceans to be embraced during the upcoming COP28. As global leaders ready themselves for the forthcoming United Nations (UN) climate conference in Dubai, the urgency to prioritise both the climate challenges and potential contributions of our oceans is intensifying. ...
Energy efficiency methods can significantly reduce ship underwater noise, new study finds Marine conservation NGO Okeanos supports a 3 decibel per decade reduction target for underwater noise, while worst-case scenario in the...
Zim expects operating loss of $400m-$600m and takes $2bn impairment cost Overcapacity and anaemic demand sees Zim revising its outlook for the year to an adjusted operating loss of $400m to...
Talks underway for Denmark 'to stop and inspect' sanctions-breaching tankers from Russia Some 57 dark fleet tankers without International Group P&I cover transited Danish waters laden with Russian oil between October 1...
India's growing coal imports may create short-term upside for dry bulkers Imports have risen to meet surging power demand
Houthi leader threatens to destroy Israeli ships in Red Sea Some Israel affiliated ships operating in the Bab el-Mandeb Strait and Red Sea shut off their AIS last week
Burning questions remain on EVs and ship fires: Insurers With the rise of EVs, the car carrying sector is now prepared to change its firefighting approaches after decades of...
Shippers seek sanctuary in diversification Despite the easing of congestion, supply chains face disruption and unreliable service. Diversified sourcing can help reduce risk
Marsh scheme could cut Ukraine war risk rates by as much as two-thirds Move follows last week's fatal missile attack on bulk carrier KMAX Ruler
UK government reshuffle ushers in new shipping minister The sixth UK shipping minister in the past three years will inherit a brief that has seen very limited progress...
Freight falls but passengers pick up as DFDS raises 2023 guidance "Freight markets are challenging and we continue to adapt our ferry and road capacity to optimise their utilisation," said DFDS...
CMA CGM invests in gas-electric-powered newbuildings for newly acquired La Méridionale Newbuilding contract for 180 metre long ro-ro passenger duo has been won by experienced Chinese shipbuilder CMJL Weihai, with delivery...
Wärtsilä launches dual-fuel ammonia engine The Finnish engine designer plans to sign its first commercial contract to sell its ammonia engine in early 2024 with...
Panama Canal disruptions help boost BW LPG World's leading operator of LPG carriers has posted its strongest-ever quarterly financial results
Daily Briefing OSG's Sam Norton to optimise his Jones Act tankers rather than build new ones | Star Bulk optimistic about market...
Cosco, Varamar expand MPV reach with strategic partnership The aim of the venture is to broaden the scope of the companies' current operations, both geographically and in vessel size.
Grim 2024 outlook drives Zim to take huge Q3 impairment loss The carrier is expecting next year to be dominated by significant overcapacity and weak demand, and with its balance sheet awash with expensive time charter capacity, it decided to factor in expected losses early.
House bill seeks to ensure funding for CBP capital costs linked to port inspections The bill is a response to growing CBP demands that ports pay for new inspection-related equipment, or risk having the agency reduce the amount of time its officers spend performing inspections.
Hamburg port volume turns positive in Q3 amid boost in Asia business There was significant improvement in Hamburg's operational indicators through the third quarter, especially those covering trade with China, its biggest source of imports.
Shippers remain slow to embrace more expensive green shipping services Carriers are reporting some successes in convincing shippers to use their emissions-reduction services, but acceptance of premium - and costly - green products remains a hard sell in a market where rate levels are at record lows.
Diana Shipping stays the course as charter revenue pullback eats at profits New York-listed shipowner's results consistent with analyst estimates
Easterly's MLEP swoops for Celsius chemical tankers Boss Darrell Crate tells TradeWinds that US shipowner's appetite for tonnage is renewed
United Maritime completes triple capesize sale-and-leaseback in readiness for looming loan deadline Bulker owner had a profitable third quarter, thanks in part to sale of its last tanker
Ernst Russ expects to log operating result close to $100m this year Hamburg-based tonnage provider profits from expanded container shipping fleet
Ukraine $100m insurance package may slash marine war risk costs by half, lead broker says Public-private hull and liability insurance scheme covers just agricultural exports out of Ukraine
'The wolf is here': Failure to build infrastructure to prevent Panama Canal water crisis fuels anger Green Seas newsletter reports on the maritime unions' calls for action on the drought-stricken waterway
CMA CGM eyes switch to LNG from methanol for dual-fuel container ship newbuildings Shipowners are considering the costs and availability of green alternative fuels
Easterly's Darrell Crate explains who's selling chemical tankers in strong markets Managing principal says owners' different tastes open up opportunities for buyers
Easterly's MLEP kicks off new fund with swoop for Celsius chemical tankers Boss Darrell Crate tells TradeWinds that US shipowner's appetite for tonnage is renewed
Zim reveals shocking $2bn quarterly loss after non-cash impairment Carrier relies on $3bn in built-up liquidity to weather the downturn
Kremlin shrugs off US' oil price cap crackdown Russian export revenues in September hit their highest levels for more than a year
Resurgent DOF wins $105m charter and brings in Maersk vessel Norwegian owner reveals new deals as profit jumps back into the black
BW LPG says Panama Canal disruption is not all good news for VLGC owners Bosses point out that extra costs for operators are not easily passed on to end users
Wavelength: Why tanker owners face Russian crude crackdown Sanctions web may be full of holes but anyone snared could suffer severe penalties
Bunker One steps up fuel additives trial after early study generates consumption cuts Trial has been expanded to include vessels from six different shipowners
Spetalen's Standard Supply sells PSV trio for huge gain as asset values soar Oslo-listed owner banks $72.2m in en-bloc deal with tonnage in demand
Livestock carriers get high tech in move to improve animal welfare Use of internet of things network to continuously monitor animal conditions due to welfare pressure
Concordia mulls its options after being reduced to single tanker Company excited about future but not rushing into next investment in cyclical industry
Dry-dockings slim Awilco LNG's third-quarter figures But fixed rate contracts on company's two vessels set to put it back on track
DFDS profit trends down as it raises full-year expectations Danish ferry outfit is carrying less freight but more passengers
Koch Shipping extends charters of four 2020 Bulkers newcastlemaxes Commodities giant's shipping operation will keep hold of the bulkers for at least two more years
ONE shares $2bn methanol dual-fuelled container ship order with two Chinese yards Asian liner giant is said to have ordered six vessels each at Jiangnan Shipyard and Yangzijiang Shipbuilding
MOL turns to AI to fight car carrier fires System will able to detect abnormal images and alert crew and onshore staff
Houthi leader threatens to target Israeli ships over Gaza war Yemeni rebel leader says group is monitoring Israeli-owned tonnage in Red Sea
Wartsila reveals first ammonia four-stroke engine along with initial customer Viridis Bulk Carriers signs up as pilot to take on pioneering engines
Fuel being removed from Russian tanker five days after grounding Product carrier Victoria being battered by big waves off Sakhalin Island
EU mulls targeting ship sales and Danish transits in new Russia measures Measures reportedly being discussed as bloc mulls a 12th round of measures over invasion of Ukraine
DFDS profit trends down as it raises full-year expectations Danish ferry outfit is carrying less freight but more passengers
KCC to fit four more ships with Silverstream air lubrication systems Combination carrier company also has options for more retrofits as it aims to cut emissions.
Turkey warns 'poison merchants' after cocaine found tied to Berge Bulk anchor chain Capesize Berge Torre was searched by divers in Iskenderun Bay after trip from Colombia
Cedar LNG bags berth space for FLNG unit at Samsung Heavy Industries Kitimat project is targeting an end-of-year, early 2024 final investment decision
ASL Marine reverses year-ago loss on improving markets Singapore-listed offshore support vessel player continues turnaround effort, but some uncertainties remain
Panama Canal restrictions could boost demand for handysize gas carriers, Navigator says Booking requirement forces ships to wait for days or take much longer voyages around Cape Horn
DHL Express upsizes Hong Kong air hub DHL Express has doubled the size of its Asia air hub in Hong Kong.
Massive impairment charge drags shipping line Zim to $2.3B loss Zim's headline loss looks ugly, but most of the decline was non-cash and it still has ample reserves to weather the downcycle.
Korean Air says Amerijet-Maersk cargo partnership violates trade agreement U.S. cargo airline Amerijet accuses Korean Air of protectionism. Korean Air says Amerijet is trying to cover up the true nature of its relationship with Maersk Air Cargo because it violates air transport rules.
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