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JULY 27, 2023

IMF revises upwards India's GDP growth for 2023 Significant investment in maritime infrastructure in North-East & east coast: Sonowal India aims at 12% annual merchandise export growth to realise $1 trillion vision: DGFT MOL & partners to expand container terminal in Kobe Call for forming global alliance of dockworker unions to oppose automation IMO's 2024 theme focuses on safety in the age of new technologies & sustainability YOU ASK.. WE ANSWER... VOC Port allots land for green hydrogen project Rice a seller's market globally after India's ban Ghana port tariffs revised upwards No jump seen in goods exports to Russia

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JULY 27, 2023

"We're not a sofa forwarder"

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JULY 26, 2023

US breathes sigh of relief as UPS comes to terms with Teamsters K Line confirms death after fire breaks out on car carrier Kuehne + Nagel yielding joy, not momentum Soft market sees Zim forced off-course and offload surplus capacity EU initiative will 'kick-start' large-scale production of sustainable maritime fuels' Astral Aviation's Gadhia reveals 'cautious optimism' on plans for Africa First Arctic liner link with China started by New New Shipping DB Cargo pulls the plug as energy costs signal red for electrified rail freight

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JULY 26, 2023

New shallow draft ferry trio goes to work in Frisian Islands Germany's EMS Maritime Offshore (EMO), a subsidiary of AG Ems, has taken delivery of three new 54-passenger ferries from Singapore's Penguin Shipyard. Designed by Incat Crowther, the 17-meter long vessels will operate VIDEO: One dead in Fremantle Highway car carrier fire The Netherlands Coast Guard is continuing to respond to a fire aboard the Shoei Kisen pure car carrier Fremantle Highway that broke out at 11.45 p.m., local time yesterday. The Coast Guard Vineyard Wind marks another installation milestone The Vineyard Wind project offshore Martha's Vineyard has marked another milestone. The DEME Group reports on social media that its offshore installation vessel Orion successfully installed the approximately 3,000 ton offshore substation

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JULY 26, 2023

5 Tips to Improve Your Loading Dock Safety A loading dock is one of the most significant spaces in any industrial facility or warehouse. This critical area is where goods are received and shipped out and is essential to any company's logistical operations. This space is frequently the busiest location in the facility, and accidents can happen fairly quickly. Ensuring safety in the loading dock is critical to avoid accidents and protect th Georgia Ports moves 5.4 million TEUs in FY 2023 Georgia Ports handled a total of 5.4 million TEUs in fiscal year (FY) 2023 (1 July 2022 - 30 June 2023), down 6.7% or 387,000 TEUs compared to the previous record FY. According to recent data, the port of Savannah achieved an 11.2% market share in container trade among US ports on the East, West and Gulf coasts through April, its highest ever. Additionally, the port handled record Roll-on/Roll-of PSA introduces new digital solution for Singapore's haulier sector PSA Singapore (PSA), with the support of Enterprise Singapore, has developed OptETruck, a proprietary cloud-based transport management solution which uses artificial intelligence (AI) to facilitate smarter trip planning and eliminate operational inefficiencies for the haulier community in Singapore. According to the company, this will help hauliers improve asset utilisation, reduce carbon emissio Long Beach harbor commission elects new president Harbor Commission vice president Bobby Olvera Jr. is the new president of the Long Beach Board of Harbor Commissioners, the five-member panel that oversees the Port of Long Beach. The board also selected Bonnie Lowenthal as vice president and Frank Colonna as secretary. More specifically, each July, commissioners select a president and two board officers for one-year terms. The Commission's new o Euroseas agrees new charters for its two 4,250 TEU vessels Greek ship owner Euroseas has entered into an agreement to terminate the current charters for two container vessels, while concurrently fixing the vessels on new charters for US$21,000 per vessel per day. More specifically, the company agreed to terminate the current charter of Rena P, a 4,250 TEU boxship built in 2007, which was originally expiring in February 2025 earning a rate of US$20,250/da Pilbara Ports marks another throughput record year Pilbara Ports reported a strong financial year, achieving a fourth consecutive year of record-breaking throughput. More specifically, the result represents a 3% increase when compared to the last financial year, with 752.4 million tonnes (Mt) of throughput recorded in 2022-23, worth an estimated US$164 billion. According to Pilbara Ports, this result comes despite many of the company's customers

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JULY 26, 2023

Product tanker orders smash 2022 total in six months An upsurge in freight rates and demand has seen product tanker orders in the first half of this year already surpass last year's total newbuild contracting, reaching 8.9m dwt by June, according to shipowning body BIMCO. The product tanker orderbook to fleet ratio has increased from 5.4% last December to 9.3% in June 2023, driven ... Zodiac expands chemical tankers fleet with Japanese order Eyal Ofer-controlled Zodiac Maritime has commissioned Fukuoka Shipbuilding in Japan to build four stainless steel chemical tankers. The J19 units, contracted recently in the high $30m each, will start delivering from the middle of 2024. The newbuildings have been designed with an optimised hull and energy-saving devices such as pre-swirl stator fins and surf-bulb on ... MOL signs for VLCC pair at DACKS Japanese shipowner Mitsui OSK Lines (MOL) is betting on more LNG dual-fuel VLCC newbuilds. The largest shipping company in Japan in dwt terms has signed for two firm 309,000 dwt tankers at Dalian COSCO KHI Ship Engineering (DACKS) in a deal worth $260m. Last August, MOL became the first Japanese company to order LNG-fuelled VLCCs. ... Byzantine Maritime adds to bulker orderbook in China Greek owner Byzantine Maritime has added another handysize bulk carrier to its orderbook in China. The Marios Stafilopatis-controlled company is said to have exercised an option for a fourth 41,000 dwt at New Dayang Shipbuilding. Earlier this year, Byzantine ordered a trio at the state-owned shipyard for $30m each, due for delivery in 2024 and ... MJL Bangladesh orders LR2 in South Korea Bangladeshi owner MJL Bangladesh has ordered an LR2 tanker at DH Shipbuilding in South Korea. The yard, formerly Daehan Shipbuilding, which has mostly attracted Greek tanker owners, will bank around $74m from the deal. The LNG-ready 115,000 dwt vessel is expected to be on the water in 2026. MJL Bangladesh, formerly known as Mobil Jamuna ... MOL signs MoU for container terminal expansion at Port of Kobe Japanese shipowner Mitsui O.S.K. Lines (MOL) has signed a memorandum of understanding (MoU) for the Port Island Phase 2 development project at the Port of Kobe. MOL signed the agreement with Kobe-Osaka International Port Corporation and Kawasaki Kisen Kaisha (K Line). Following the Phase 2 South Pier expansion and improvement work undertaken by the Kobe-Osaka ... Foroohari buys its largest vessel Germany's Foroohari Schiffahrt has bought its biggest ship in its 28-year history. Alphaliner is reporting it has bought the scrubber-fitted 6,494 teu for $32m. The 2009-built ship is currently on charter to MSC through to early 2025. Stade-based Foroohari has a fleet of 13 cellular containerships and also runs a fleet of multipurpose vessels. Black Sea shipping's future cast into doubt Just what's next for the precarious state of shipping in the Black Sea region? The topic forms the lead in the July issue of Splash Extra published today with expert analysis from the likes of Arrow, Drewry, Jefferies, Shipfix, Signal and Simpson Spence Young and follows a tumultuous 10 days where a shipping pact between ... Hyundai Mipo to spearhead Korean CSOV development Hyundai Mipo Dockyard is pressing ahead with plans to develop ships for the burgeoning offshore wind sector. South Korean yard has joined forces with the country's class society Korean Register to jointly develop a basic design for a wind farm commissioning service operation vessel (CSOV). The two parties agreed to develop their own design and ... Maersk slashes its fleet the most among global carriers this year In the year to date Danish giant Maersk has slashed its fleet size more than any other global carrier, according to new data from Alphaliner. After reducing fleet capacity in 2022 by 1.4%, Maersk continued to sell ships or end charters in the first half of 2023, reducing its capacity again by 2.1%. Under previous ... Drought conditions see Panama Canal restrict daily transits The Panama Canal Authority has decided to restrict the number of daily transits to 32 vessels a day as Central America grapples with the effects of drought and the El Niño weather phenomenon. The canal will keep its maximum draft at 13.41 m for the next "several" months, it stated in a release yesterday, some ... Fincantieri comes onboard nuclear power project A European triumvirate is looking at developing nuclear propulsion for ships. French nuclear developer newcleo has signed an agreement with Italian yard Fincantieri and class society RINA to carry out a feasibility study for nuclear applications to the shipping industry, including newcleo's lead-cooled small modular reactor technology. The deployment of newcleo's technology would involve placing Pan Ocean parent lodges bid for HMM A second suitor has emerged lining up bids for HMM, South Korea's flagship carrier. Harim Group, which controls local owner Pan Ocean, has joined forces with private equity investment firm JKL Partners, submitting a joint bid yesterday. SM Group, which controls SM Line, is also lining up to take control of HMM, now that state ... UK debuts shipyard credit guarantee system The UK government has debuted a shipbuilding credit guarantee scheme in the latest move by the kingdom to bolster its shipyard sector whereby the government will act as a guarantor for lenders, unlocking credit for maritime firms who order in Britain. Minister for industry and economic security Nusrat Ghani said: "Shipbuilding is an integral part ... Iberdrola sells 49% of German offshore wind farm to Masdar Spanish electric utility company Iberdrola has officially given up a slice of its 476 MW offshore wind farm in the German Baltic Sea to Masdar. The Abu Dhabi-based renewable energy company is paying around $414.5m for a 49% stake in the $1.5bn Baltic Eagle project. Masdar is to contribute corresponding to its stake to develop ... One dead and several injured in major fire onboard car carrier Around midnight on July 26, the Dutch coastguard received a report that a major fire broke out on the car carrier. The vessel, owned by Shoei Kisen and chartered by K Line, had 23 crew members onboard and, at the time, was sailing 27 kilometres north of Ameland. The crew initially attempted to extinguish the ... What next for Black Sea shipping? In the space of 10 days shipping in and around the Black Sea region has descended into chaos with many experts now questioning how shipments can proceed in the medium-term. Last Monday, Russia decided to quit the United Nations-brokered Black Sea Grain Initiative after the Kerch Bridge was targeted by Ukrainians. On quitting the shipping ... Shipping's problematic bubble mindset Last week, somewhat parched having been pounding the streets of London all day, I made for The Champion in the relatively trendy Notting Hill Gate district where a pub quiz was coming to its conclusion as a thirst quenching pint of Peroni hit my lips. The very first question I heard from the overly enthusiastic ... July 2023 Review The 80th gathering of the Marine Environment Protection Committee (MEPC) wrapped up at the headquarters of the International Maritime Organization on July 7 with a revised greenhouse gas (GHG) strategy announced. The levels of ambitions agreed within the revised strategy include peaking GHG emissions as soon as possible and to reach net-zero by or around ... Tonne-mile hopes for tankers The tanker freight markets spent June becalmed with brokers reporting a balanced market degrading to a supply-saturated market in July featuring plenty of candidates for cargoes. This has led to rangebound freight markets for all sizes of crude oil tanker on many routes especially for VLCCs. Charterers have focused on older tonnage, keeping rates low ... Heatwaves and dry bulk China's heatwave continues with temperatures in the more arid areas of Xinjiang province exceeding 52 Celsius but more importantly the large cities in the central and eastern areas are experiencing hotter than average temperatures. This has led to record electricity consumption and to a leap in coal usage and imports. Coal shipments to China surpassed ... Grim expectations for liners The same under-par economic growth in China that has affected raw materials demand there has also affected Chinese exports, excluding automobiles, exports of which have tripled in three years. Some banks are expecting a pronounced slowdown of exports if central banks in the EU and US have their way and raise rates to the point ... Analyst Abstract Tankers The medium-term future for aframaxes might be bright, they've just got to bypass the immediate next few months. New York-based Poten & Partners noted the longer distances aframaxes - both dirty and clean (LR2s) - have been travelling since the war in Ukraine started. Russia is exporting more oil to Asia and Europe is ... Summer holidays slow S&P "It feels like the summer holidays are in full swing," says one Asia-based S&P broker on the relatively quiet S&P scene this month. That said, he adds there are still plenty of people sniffing around capes if not really other bulkers. Tankers are muted on the large crude, with a bit more interest in the ... Tankers International: VLCC pool operator sets sights on other segments While the VLCC market remains its core focus, in the longer term, transitioning to other segments is an option for Tanker International, the company's boss Charlie Grey tells Maritime CEO. The UK-based VLCC pool operator established in 2000 today has a fleet of over 60 ships but it has invested in internal digital infrastructure that ...

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JULY 26, 2023

US national gets 41 months in prison for violating sanctions on Iran Behrouz Mokhtari, a dual US and Iranian national, was sentenced to 41 months in Federal prison for violating US sanctions... SunGas to construct $2bn green methanol facility in Louisiana US-based SunGas Renewables, which signed a strategic partnership with Maersk late last year, will begin construction on a $2bn green... US fills up Tanker Security Program ranks Seabulk Tankers, part of Seacor, is the third company to admit three product tankers to Marad's Tanker Security Program, alongside... Carriers retreat to alliances to constrain capacity Carriers added capacity rapidly during the pandemic, usually outside their alliance partnerships. With demand now in retreat, those services are... Lock in long-term hull & machinery pricing if offered, advises Gallagher Moves by P&I clubs to write commercial lines are positive, argues leading broker, but adds: 'I wouldn't say we're seeing... FuelEU Maritime explained: What the new EU rules mean for shipping FuelEU rules mandate that shipping reduces greenhouse gas intensity for energy used on board a ship by 80% from 2050... Fires making car carriers harder to insure, warns Gallagher Two total losses a year enough to wipe out all premiums on entire vessel type, according to director at leading... Container volumes into Russia rebound with intensified competition among carriers More carriers have entered this seemingly lucrative trade but making profits appears to have become increasingly difficult Genco Shipping & Trading tops ESG scorecard of public shipping companies 'The idea that underpins this entire endeavour... is that we believe there is no longer a place in the public... MSC snaps up more secondhand boxships as values descend Secondhand containership prices, which have held up relatively well compared to freight rates, have started to fall again after they... Let's be honest: digital technology is leaving too many seafarers behind Seafarers initially find technology exciting and stimulating, but then reality kicks in and they become frustrated by what is now... Weak China exports hit HPH Trust results Sharp declines in volumes ex-China to the US and EU have taken a toll on throughput. But there are signs... Cosco Shipping returns to Hudong-Zhonghua for more newbuild LNG carriers The new order is part of a joint newbuilding and charter project by three state-owned giants MOL and K Line in agreement to create largest box terminal in western Japan The expanded facility will be able to handle 40% of the international container cargo, or about 1m teu, at the... Daily Briefing UK licence suspension of Indian Ocean floating armouries leaves 3,000 weapons in limbo | Greek tanker exodus from Russia trades... One crew dead and several wounded in K Line car carrier blaze off Dutch coast Update: An electric car fire is suspected as the possible source of a blaze that has ripped through the Shoei...

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JULY 26, 2023

ODFL focusing on capacity, cost management in LTL downcycle Freight volumes were down almost 12% in the second quarter at Old Dominion Freight Line, but the less-than-truckload carrier says it will continue to reinvest in capacity. Union Pacific appoints Jim Vena as CEO amid focus on 'improving service' After UP's 2022 performance failed to meet the expectations of shareholders, an activist investor called for current CEO Lance Fritz to be replaced by Vena, who had previously served as the railroad's chief operating officer. Western Canada port backlog to take weeks to clear: Canadian National CN said it will take up to eight weeks to clear the cargo backlog at the ports of Vancouver and Prince Rupert as the industry waits to see if ILWU Canada's rank and file will accept terms of the tentative deal reached last week. Western Canada port backlog to take weeks to clear amid union contract vote: CN Canadian National Railway said it will take up to eight weeks to clear the cargo backlog at the ports of Vancouver and Prince Rupert as the industry waits to see if ILWU Canada's rank and file will accept terms of the tentative deal reached last week. Strategic focus on higher-margin business pays off for forwarders The decision by DSV and Kuehne + Nagel to protect yields at the expense of volume is allowing the forwarders to move into an uncertain second half in a solidly profitable position.

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JULY 26, 2023

Safe Bulkers net profit drops amid slow markets and fleet upgrade US-listed dry bulk shipowner incurs higher costs as its older vessels undergo dry-docking to improve their efficiency Grimaldi conro ship remains aground off Mexico for several days The vessel gets caught up on a reef off of Yucatan Peninsula Video: Netherlands Coastguard struggles to contain North Sea car carrier blaze Additional tugs sent to scene of the casualty to secure a line and save the stricken vessel Product tanker order surge eclipses total for 2022 in six months Bimco says demand for versatile LR2 newbuildings has led the way as orderbook grows Seaboard Marine upgrades fleet with Eastern Pacific newbuild charters Miami-based operator continues to modernise with Bangkokmax container ships Subsea 7's John Evans reiterates DOF interest but will look at chartering in Subsea 7 offered NOK 35 per share in a mix of cash and stock to acquire DOF just before it went public in June UK pulls licences for floating armouries in Indian Ocean MNG Maritime operates three ships used by private security companies to store weapons to protect commercial vessels Panama Canal Authority reassures shipping there will be enough water as waiting times grow Ships are waiting for up to two weeks to transit the Canal from the Atlantic to the Pacific, which is twice as long as last month Russia seeks to replace Ukraine grain as Black Sea tensions escalate A tumultuous week shows that for Ukraine, there are only insufficient alternatives to the UN's defunct grain export corridor Bureau Veritas upgrades financial forecast after stronger first half Hinda Gharbi-led group credits sustainability-related growth across all portfolios US showers business on Schuyler and other US tanker owners Washington employs Jones-Act product tanker for up to five years and formally reveals partners under its Tanker Security Programme Green Seas: How will the EU's upcoming carbon laws change shipping? Our environment newsletter explores mixed views with Emissions Trading System implementation just over five months away and FuelEU Maritime to follow Comment: States should take clear stand against threats to shipping as Black Sea enters dark chapter Amid escalation fears in the waters off Ukraine, governments must remember that war has rules and their response matters Death reported from fire on Shoei Kisen car carrier in the North Sea Fire could be related to a number electric or second hand cars onboard the vessel GTT inches forward on liquid hydrogen tank for next generation carrier As Australia's Provaris starts tests on prototype compressed H2 containment system War risk market holds fire on Black Sea rates in wake of threats to shipping No response yet as Ukraine and Russian governments threaten to target commercial shipping Year-end targets in sight for Subsea 7 as it moves on from two ships Kristian Siem-backed outfit says it will surpass 2022 revenue as impairment charges drag on second quarter bottom line Failure to launch: What next for bulker markets as Chinese economic growth disappoints? The world's biggest importer of dry bulk commodities pledged to up governmental support for its economy on Monday Chemical tanker prospects remain strong as owners return to shipyards MSI says raft of new orders has continued in 2023 after impact of Russia's invasion of Ukraine boosts sector earnings Keith Denholm leaves IMC Shipping and plans Europe move It's time to move closer to home, the Scotsman says after a combined 17 years in Singapore Swiss trader Mercuria looks at doubling its money on sale of rare LR3 product tanker Even a slowly dying ship breed can yield amazing profit margins in today's tanker market Socio-economic factors contributing to Singapore piracy surge, says ReCAAP The pandemic and lower fishing catches means more people are turning to robbery at sea UK government offers credit guarantees to support shipbuilding sector Move is part of a £4bn package aimed at boosting employment in coastal communities Seatrium a 'key beneficiary' of strengthening offshore market, says analyst Singapore yard group could be in line for another $7.5bn worth of floater contracts, according to UOB Kay Hian

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JULY 26, 2023

Cargo volumes a mixed bag for Gulf Coast ports in June Cargo volumes were a mixed bag for Gulf Coast ports in June, with Houston reporting container declines, while crude oil shipments boosted Corpus Christi. Hawaiian Airlines preps for October start of Amazon cargo service Hawaiian Airlines is starting an in-house cargo airline that will fly dedicated routes for Amazon Air starting this fall.