Royal Caribbean cruises to a $1 billion quarter Shares in Royal Caribbean Group (NYSE: RCL) were trading up today, as the company reported third quarter results that topped analysts' expectations. The cruise giant reported net income for the third quarter
Metal Shark building two new fast fireboats for Maryland county Jeanerette, La., headquartered boat builder Metal Shark is building two welded-aluminum fireboats for the Anne Arundel County Fire Department in Maryland that will have a top speed of 45 knots and a
Airbus opts for e-methanol and rotor sails for new transatlantic trio Looking to reduce its carbon footprint, Airbus is to renew it entire fleet of vessels chartered in from France's Louis Dreyfus Armateurs (LDA) to transport aircraft subassemblies between Saint-Nazaire, France, and its
Carrier Transicold's Lynx Fleet Digital Solution to strengthen cold chain in India Carrier Transicold recently announced at REFCOLD India 2023 the launch of its Lynx Fleet digital platform, now available in India for over-the-road owners, operators and leasing companies providing a new level of visibility, data and actionable insights. In particular, by applying advanced Internet of Things (IoT), machine learning and analytics, Lynx Fleet provides users with a new ability to mo
Ports of Long Beach and Los Angeles update San Pedro Bay Ports Clean Air Action Plan The ports of Long Beach and Los Angeles will provide an update on the San Pedro Bay Ports Clean Air Action Plan (CAAP) on 8 November. The discussion will cover updates on the 2022 Emissions Inventories, the implementation of the Clean Truck Fund Rate, zero-emission cargo handling equipment targets, and grant funding cooperation with the ports and the South Coast Air Quality Management District. T
Container ships reach highest average age on record of 14.2 years "Container ships have reached their highest average age yet at 14.2 years, the highest average age of the three main shipping sectors. The dry bulk fleet has an average age of 11.9 years whereas tankers on average are 12.8 years old," stated Niels Rasmussen, chief shipping analyst at BIMCO. The average age of the container fleet has increased 4.3 years during the past 13 years with the average ag
KR signs MoU with HD Hyundai Global Service KR (Korean Register) and HD Hyundai Global Service formalized their collaboration by signing a Memorandum of Understanding (MoU), at the Kormarine 2023 evente in Busan, South Korea. The purpose of this agreement is to jointly assess and validate solutions aimed at reducing carbon emissions in the maritime industry. With the gradual strengthening of decarbonization regulations, shipping companies
TT Club publishes new paper "Risk Byte: Good neighbour agreements" TT Club, a worldwide freight transport and cargo handling insurer, applauds equipment-sharing agreements as an effective use of resources but warns of possible liability risks if appropriate insurance cover is not in place. The first of TT's new 'Risk Bytes' series of advice documents provides guidance. The benefits of good neighbour agreements are generally recognized and successfully used by fr
OOCL's parent company changes CEO Orient Overseas International Limited (OOIL) said that Huang Xiaowen has retired as executive director and CEO of the company, and is no longer a member of the Executive Committee and the chairman of the company's Inside Information Committee, Risk Committee, and Strategic Development Committee. Chen Yangfan has been appointed as the new executive director and chief executive officer of OOIL. Che
Gebrüder Weiss takes over Amm logistics in Konradsreuth Gebrüder Weiss announces the next acquisition in Upper Franconia, Germany: with effect from the beginning of 2024, the logistics provider will take over the Konradsreuth location from the forwarding company Amm, which is going to operate under the Gebrüder Weiss brand in future. The location near Hof will be continued in its current structure as part of the German general cargo cooperations Cargo
EuroDry forms shipowning joint venture for bulker duo Greek dry bulk owner EuroDry has formed a joint venture with several investors represented by NRP Project Finance regarding the ownership of two recently acquired ultramax vessels. The JV will own the 63,197 dwt Christos K, formerly known as the Giants Causeway, and 63,153 dwt Maria, formerly known as the Sadlers Wells. Both bulkers were ...
James Fisher signs for LNG-fuelled tanker newbuilds UK-based James Fisher has contracted up to four LNG dual-fuelled product and chemical tankers in China. The company has commissioned China Merchants Jinling Shipyard in Yangzhou to build two firm 6,000 dwt units costing $28m each for delivery in 2025. The deal includes options for two additional vessels, according to brokers. James Fisher Everard, acquired ...
Italy's Manisa books up to eight ships in China Italy's Manisa is expanding its fleet with a shipbuilding contract at CSSC Guangxi yard for up to eight general cargo vessels. The contract covers six firm 8,500 dwt gearless, open-hatch ships for delivery in 2025 and 2026, with an option for two additional units. The RINA-classed 119.9-m-long vessels, designed by Marine Design & Consulting of ...
UK shipbuilder duo joins forces under one banner Two UK-based shipbuilders have been brought together to form a new global firm named APCL Group. APCL Group has been established to operate as an umbrella organisation for UK-based firms A&P Group and Cammell Laird Shiprepairers & Shipbuilders Limited. Ship repair and project management specialist Atlantic & Peninsula Australia and UK-based Neway Industrial Services will ...
Ships advised to wait further offshore as rockets rain down around Israel Shipping lines are being advised to wait further offshore when calling Israel as the nation battles Hamas. Yesterday Hamas launched a single unguided long-range rocket toward Haifa. The rocket ultimately exploded mid-flight. Similar rocket attacks have been reported at the nation's other major port, Ashdod as well as the Red Sea port city of Eilat. ...
Seacor sells inland shipping business to Ingram US owner Seacor Holdings has sold Inland River Transport Holdings (SCF) to Ingram Barge Company, a division of Nashville-based Ingram Marine Group. "I am extremely pleased to enter this transaction with Ingram, one of the most respected river transportation providers," said Eric Fabrikant, Chief Executive Officer of SEACOR. "As an organization, Ingram upholds a corporate ...
Tech expert takes the reins at OOCL A Chinese tech expert has been appointed by COSCO to run Orient Overseas (International) Limited (OOIL), the holding company of Hong Kong containerline subsidiary OOCL. Chen Yangfan, 47, is taking over from Huang Xiaowen as CEO at the famous liner brand with Huang set to retire. Chen had 25 years of experience in information technology ...
Trøim's Himalaya Shipping fixes entire fleet Oslo-listed Himalaya Shipping has secured employment for its entire fleet of newcastlemax dry bulk carriers, having struck a new charter deal for one of its vessels under construction in China. The Tor Olav Troim-backed owner has fixed the last remaining of its 12 LNG dual-fuel ships to a major Japanese shipping and logistics company for ...
Tight market puts 15-year rig deals on the table According to energy market research and consultancy firm Westwood, a marked lengthening of new contract award durations, as well as for new tender opportunities, are becoming a trend as offshore drilling rig utilisation increases and availability continues to tighten. Over the last decade, new rig deal durations peaked in 2013 for jack-ups and in 2014 ...
Massive boxship orderbook delivering into record ageing fleet Container shipping is entering a once in a generation fleet renewal with a record orderbook delivering into a fleet that is now primed for much demolition with shipping organisation BIMCO reporting today boxships now have reached the highest average age on record. "Container ships have reached their highest average age yet at 14.2 years, the ...
CIP, Avangrid agree $1.2bn in funds for Vineyard Wind 1 Denmark-based Copenhagen Infrastructure Partners (CIP) and US Iberdrola subsidiary Avangrid have closed a $1.2bn investment in the Vineyard Wind 1 offshore project. CIP said that this was the largest single asset tax equity financing and the first for a commercial-scale offshore wind project. It was provided by three US-based banks - J.P. Morgan Chase, Bank ...
Russia in talks with China to develop shipyards Russia is in talks with China to develop shipbuilding expertise across the world's largest country. Andrey Kostin, CEO of Russia's VTB Bank, which has just taken over the running of United Shipbuilding Corporation (USC), has been in Beijing with president Vladimir Putin, attending China's Belt and Road Forum. Interviewed by Hong Kong's South China Morning ...
Rosetti Marino awarded $316m contract by Saipem Italy's Rosetti Marino has secured a contract worth over €300m from compatriot energy services player Saipem for an offshore project in the Mediterranean Sea. Under the contract, the Ravenna-based fabricator and shipyard will build a gas recovery module (GRM) of approximately 5,000 tonnes to be installed on the DP4 offshore structure off the coast of ...
Korean yards seal bumper Qatar gas carrier orders South Korea's president, Yoon Suk Yeol, is jetting back home having concluded an incredibly successful trade mission to Qatar with Korean shipyards hauling in record orders for LNG carriers. HD Hyundai Heavy Industries confirmed a record-breaking $3.9bn deal to build 17 LNG carriers for QatarEnergy on the trip, while Hanwha Ocean and Samsung Heavy Industries ...
LA and Guangzhou form green corridor pact Los Angeles now has green corridor links to more destinations in Asia than any other port with Guangzhou in south China being the latest port to sign a reciprocal deal with the Californian port. Areas of collaboration include development of digital supply chain infrastructure, creation of a transpacific green shipping corridor between the two ports, ...
Why dry bulk owners have cause for optimism China's steel sector remains in the doldrums as "market players are taking a fence-sitting attitude" after the Golden Week holiday according to analysts at ChinaSteel. Iron ore prices have stabilised a few dollars either side of $120 per tonne. Yet freight rates for iron ore from both Brazil and Australia to China have ballooned in ...
M3 Marine opens London office M3 Marine Group, Asia's largest independent offshore broking company, is launching a new London-based offshore brokerage, M3 Marine (Offshore Brokers) UK(M3OBUK). Set to begin trading on November 1, M3OBUK will be spearheaded by M3 Marine Group CEO Mike Meade and will offer brokerage services for newbuilding, sale and purchase and chartering on a fully global ...
Embracing Alfred Holt's vision Shipping's past can offer inspiration for a possible atomic future, writes Russ Green, founder of RTG Communications. As the shipping industry enters a new era, transitioning from fossil fuels to using cleaner energy sources, a comparison has been made to the launch of commercial long-haul steamships in the 1860s, which challenged the primacy of sail. ...
Ukraine denies maritime corridor is closed The maritime route continues to function under difficult military circumstances. Security analysts indicate the threat of sea mines to commercial...
Surging spot rates raise fourth quarter outlook for mid-sized tankers Spot rates for suezmax and aframax crude tankers, as well as long range two product tankers, have surged in recent...
Imperial spends $2.5m on share and warrant buybacks Third-quarter is profitable despite revenue dip due to lower charter rates, tanker dry dockings, the sale of one tanker and...
EU needs at least 1 GW shore power to reach targets, ICCT says The International Council on Clean Transportation publishes new working paper stating EU requires at least 1 GW of new shore...
Filipino seafarer named among Verity missing Faversham Ships not ready to release details of crew members now feared dead
Cost of insuring bulkers up 40% in four years, says Baltic Investor Indices Development will add weight claims from brokers that 'rate restoration' process has overshot
EuroDry joins Norway's NRP shipping fund for bulker duo Nasdaq-listed EuroDry clinches $11m sustainable loan from Eurobank for first of joint-venture ships
Seacor announces second asset sale in a month Seacor is continuing to offload assets, announcing a second sale within one month. The Florida company has agreed to sale...
Box terminal giants join up to push electrification agenda Terminal operators need to give the right signals if they are to electrify their equipment. An industry-wide effort would help...
Hanhua Ocean reports first quarterly profit in three years LNG carriers account for more than 65% of its order backlog
One third of China's seaborne car exports are being carried in containers, says Höegh Autoliners About a third of China's seaborne exports are being shipped in containers, Höegh Autoliners says, adding volumes will return to ro-ros...
Boxship age profile edges up Demolition has failed to match the influx of newbuildings entering the market. The average age of fleet is highest of...
Cosco Shipping appoints new blood as old guard retires The move marks a generational shift as the state behemoth completes the transition among its top management
No can do: Performance Shipping recommends against Economou's tender offer Performance Shipping rejects the tender offer submitted by shipping magnate George Economou's Sphinx Investment Corp earlier this month
Daily Briefing Carriers face car crash year in 2024 | Russian move to acquire seized Mariupol ships branded 'plainly unlawful' | Fake...
US LTL carriers gaining freight and hiking rates, but real recovery is elusive Less-than-truckload freight once hauled by Yellow is being "reallocated" among carriers, and rates are rising, but an underlying economic impetus for a surge in LTL demand is still missing.
China-India rates tick steadily higher as Asian manufacturing diversifies Seeing the demand growth, niche intra-Asia liners have beefed up their networks out of India, deploying bigger vessels and opening more calls to the country's East Coast ports.
Hobbled Panama Canal pinched further as eastern Asia factory growth favors Suez The Panama Canal faces the prospect of transit and loading limitations becoming a regular feature of all-water transits to eastern North America, while a shift of trade out of China increasingly favors Suez Canal routings in the longer-term, writes Journal of Commerce Executive Editor Mark Szakonyi.
Kirby increases profit despite coastal fleet downtime and river delays New York-listed tug and barge owner's shares beat analyst consensus in third quarter
Carnival loses 2020 Covid class-action lawsuit in Australia Operator Carnival Australia found negligent regarding passenger safety
Royal Caribbean raises 2023 outlook as it earns $1bn for third quarter New York-listed cruise ship operator beat third-quarter analyst forecast by $0.37 adjusted earnings per share
Clarksons: Time will be a healer for bulkers as fleet slows down and takes time out for retrofits Research by world's largest shipbroker suggests outlook for 2024 will be 'moderate'
NAT and Teekay Tankers set to reap benefits from surge in midsize rates With two wars raging, Jefferies sees 'risk premium' effect on tightly balanced market
Streetwise: Shipping research's officer and gentleman speaks on Harvard, the Air Force and a staffing gambit This week's Streetwise newsletter takes a look at how the analyst ranks have settled down and even seen one contender ramping up
BW Epic Kosan insiders to mop up remaining investors after reaching 96% ownership Take-private offer succeeds in passing the 90% level needed for compulsory buy-out
Green Seas: As right whales face extinction, ships are flouting speed rules that protect them Newsletter on the environment and the business of the ocean explores compliance with restrictions aimed at keeping a species from the brink
Reuben Munger's US shipping investor Vision Ridge puts 'boots on the ground' in London Energy transition backer's first non-US office to broaden European reach
Oil tankers detained off Malaysia after 'unauthorised' STS operation Senior Malaysian coastguard official says the masters of the two vessels are being investigated for obstructing the work of officials
Italy's Manisa group orders up to eight newbuildings in China Naples-based cargo ship specialist expands its fleet with fuel-efficient vessels
Italy's Manisa Bulk orders up to eight newbuildings in China Naples-based cargo ship specialist expands its fleet with fuel-efficient vessels
Greek buyer linked to carrier quartet sold by MOL Chemical Tankers The Singapore-based owner is said to have offloaded ships a month after expanding its fleet with the takeover of Fairfield Chemical Carriers
Bonheur warns of 'increasing uncertainty' over wind farm costs Wind shipping outlook is still positive but clouds gathering, according to Norwegian owner
Broker Clarksons joins carbon storage group to drive CO2 shipping 'evolution' Membership will help standardise the nascent sector, company hopes
Himalaya Shipping fleet is fully fixed after securing charter for final newcastlemax bulk carrier Another charterer has extended its contracts on six vessels
France's first FSRU starts delivering its cargo of Norwegian LNG The move comes with European calls to end Russian LNG imports to the region growing louder
Tankers International says lifting sanctions on Venezuela to drive VLCC demand China's teapot refineries will need to look further afield for supplies with Iran-Russia market saturated, says pool operator
SpareBank 1 builds shipping book as merger set to make it Norway's second-biggest lender Oslo-listed group's tie-up with compatriot bank to boost its market cap
Drugs menace has become seafarers' worst nightmare, Intercargo warns Arbitrary arrests and incarcerations make it harder to recruit crews for shipping's future vessels
Hanwha Ocean back in black, ends 12-quarter loss streak Triumph in arbitration battle and improved production help reverse losses
Steamship Mutual to hike rates as insurer rewards members with $25m windfall London-based mutual is the first protection and indemnity insurer to announce a premium increase target for next year
Mike Meade's M3 Marine sets up new offshore broking shop in London Doyen of Asian offshore broking hints of more expansion moves over the next year
Finland probes Chinese ship after gas pipeline and telecoms cables damaged Police believe the rupture was caused by a vessel dragging its anchor
Hoegh Autoliners breaks profit record in 'exceptional' quarter Norwegian car carrier owner sees a slight volume drop, but freight rates rise again
Braemar pushes results into November as broker wraps up legacy deal probe London shipbroker's stock will remain suspended until annual accounts revealed
Hanwha Ocean bounces back into the black for the first time in 12 quarters Triumph in arbitration battle and improved production have helped the shipyard reverse losses
Hanwha Ocean rebounds back into the black for the first time in 12 quarters Triumphs in legal suit and improved production have helped the shipyard to reverse losses
Mike Meade's M3 Marine sets up new offshore broking shop in London Doyen of Asian offshore broking hints of more expansion moves over the next year
Tor Olav Troim-backed Borr Drilling taps bond investors for $1.5bn Oslo and New York-listed jack-up specialist pays stiff premium to secure fresh round of financing
Former Polar Air Cargo exec pleads guilty to swindling employer A former senior executive at Polar Air Cargo pleaded guilty to corporate corruption and agreed to pay restitution of $9.3 million in addition to serving a potential jail sentence.
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