World's largest wind assisted cruise ship will have Thordon propeller shaft bearings Thordon Bearings has secured an order to supply its COMPAC seawater-lubricated propeller shaft bearings for installation on the two large wind assisted cruise ships that Frances Chantiers de l'Atlantique is building for
Steerprop solutions picked for giant cable layer Fleeming Jenkin Rauma, Finland, based Steerprop has been selected to provide a comprehensive propulsion system solution for the for the world's largest cable-laying vessel, the Fleeming Jenkin. Under construction for the Jan De Nul
U.S., Canada and Finland in new polar icebreaker ICE Pact In a joint statement released today, the leaders of the United States, Canada, and Finland announced their intent to create the Icebreaker Collaboration Effort, or ICE, Pact, which is a trilateral arrangement
Yanmar taps Amogy for H2ICE hydrogen-fueled engine project Japan's Yanmar Power Technology Co., Ltd. (YPT), a subsidiary of Yanmar Holdings, reported in January that is developing a hydrogen-fueled four-stroke high-speed generator engine (H2ICE) for Japanese coastal vessels as part of
Maersk updates PSS for C1E trade route Maersk has announced an updated Peak Season Surcharge (PSS) for the trade route C1E, effective from 15 July 2024. The Danish shipping firm has included the levels and rate structure for some sample corridors from Shanghai, China to Manzanillo, Mexico, valid from mid July until further notice. The revised tariff amounts are as follows: Origin Destination Container Size/type Rate Currency Charge Ba
ONE launches new service connecting Asia with Mexico Ocean Network Express (ONE) has announced the launch of a new shuttle service, the Asia Latin America Express 4 (ALX4), to meet the growing demand for cargo transport from Asia to Mexico's West Coast. The service will commence with the vessel ONE Reputation, expected to arrive in Shanghai on 16 August 2024. The port rotation for this service will be Shanghai (China) - Busan (South Korea) - Lazaro
Hapag-Lloyd implements new peak season surcharges worldwide Hapag-Lloyd has announced several peak season surcharges (PSS) worldwide effective from the next days in July and early August. The German ocean carrier will apply a PSS from India to Africa, effective from 15 July. The surcharge will be as follows: India to Tanzania and Kenya: US$1,000 per container India to South Africa, Mozambique and Namibia: US$500 per container India to Angola, Republic of
Advanced 5G surveillance and autonomous drones to strengthen Port of Valencia security The IMAGINE-B5G project's success hinges on 5G connectivity, speed, efficiency, optimization, and real-time coordination. This initiative, part of the Port Authority of València (PAV) innovation strategy, has been developed by Telefónica, XRF, ETRAIR, and coordinated by the PAV, the Valenciaport Foundation, and the iTeam Institute of the Polytechnic University of València. The project's goal is t
Extreme weather halts container traffic at Cape of Good Hope Severe weather conditions near the Cape of Good Hope have halted container traffic this week, according to an analysis by LSEG Shipping Research. "We have a complete stop at the Cape of Good Hope for container ships - east and west. There is no significant change in Red Sea traffic so far, but several container ships have made turnarounds and/or are waiting off the coast of Durban," said Fabrice
WaveBL integrates Legal Entity Identifier on eBL platform A new partnership has been announced between the Global Legal Entity Identifier Foundation (GLEIF) and WaveBL, marking a significant advancement for the global maritime industry. This collaboration aims to boost operational efficiency, bolster security measures, and alleviate the regulatory compliance burden through the digital transformation of electronic Bills of Lading (eBLs) and associated tr
Shipstar appoints new general manager Shipstar, a provider of ship chandling services, has announced the appointment of Arul Prabeen Albert as the company's new general manager. Arul Prabeen Albert succeeds Simone Guerra, who is stepping down and will be transitioning out of Shipstar. Arul Prabeen Albert, a seasoned professional with over two decades of diverse industry experience across the Maldives, Dubai, US, Spain, Denmark, Singa
More boxships sold as Red Sea crisis continues The Red Sea crisis has rejuvenated the sales and purchases of container ships as vessel demand soars, according to Alphaliner's latest report. Some 141 ships of 572,600 TEUs were bought and sold between January and June, an average of 23 units per month. This compared to an average of 15 sales per month in the second half of 2023. When Iran-backed Houthi rebels began attacking ships in response t
Global bunker indices experience moderate decline During the 28th week of the year, the Marine Bunker Exchange (MABUX) global bunker indices experienced a moderate decline. The 380 HSFO Index decreased to US$557.86/MT, the VLSFO Index dropped to US$660.79/MT and the MGO Index fell to US$852.68/MT. "At the time of writing, the global bunker market continued to trend moderately downward," stated a MABUX official. The MABUX Global Scrubber Spread (
Wilhelmsen joins RightShip's Zero Harm Innovation Partners Program RightShip has announced that Wilhelmsen Ships Service (Wilhelmsen), a maritime solution provider, has joined RightShip's Zero Harm Innovation Partners Program (ZHIP). Through this collaboration, Wilhelmsen will showcase its advanced products, the Timm Snap Back Arrestor (SBA ) rope and the Line Management Plan (LMP ), which underscore its dedication to safer mooring practices. Mooring operations
CNC launches new intra-Asia service CNC has completed its maiden call at Chan May Port in Vietnam on 9 July on the Japan-South Korea-Vietnam-Thailand (JTVS) service. The container vessel CNC Jupiter arrived at the Chan May Port, which as the sole port in Thua Thien Hue province, it plays a critical role in the region's trade. The JTVS service will directly connect Thua Thien Hue with major ports in Thailand, Japan, Korea and Taiwan
Maersk applies fresh PSS from India, Bangladesh and Sri Lanka to UAE Danish box line Maersk has announced an updated Peak Season Surcharge (PSS) from India, Bangladesh and Sri Lanka to United Arab Emirates for all dry containers effective from 26 July. Origin Destination Container type Rate Currency India, Bangladesh, Sri Lanka United Arab Emirates All dry containers 350 US$ If you liked this post, please consider donating The post appeared first on Container New
CMA CGM ship loses 44 containers off South Africa The 18,000 TEU container vessel CMA CGM Benjamin Franklin encountered severe weather off the coast of South Africa, resulting in the loss of 44 containers and damage to 30 more boxes. This incident occurred on 9 July, while the 2015-built container ship was en route from Asia to Europe. "No injury to the crew has been reported, no pollution, no strong damage to the vessel which remains fully seaw
Fitch upgrades Port of Oakland's outlook Fitch Ratings has affirmed the bond ratings for the Port of Oakland and upgraded the Port's outlook from stable to positive. Fitch has affirmed the following ratings for the Port's debt: A+ for senior lien revenue bonds A for intermediate lien revenue bonds A for the underlying bank bond rating for the Port's commercial paper notes "These bond ratings reflect the Port's unwavering commitment to p
OceanScore pinpoints US$1.4 billion FuelEU penalty impact on ship segments The financial implications of FuelEU Maritime are commanding the attention of shipping companies as they confront potential fines for failing to meet greenhouse gas (GHG) intensity reduction targets. OceanScore has pinpointed the segments most likely to be affected. According to OceanScore, vessels in the passenger/cruise, container, RoPax, bulker, and tanker segments will face significant cost e
Port of Los Angeles completes US$73 million rail expansion project The Port of Los Angeles has completed a significant rail expansion project on Pier 400, which will enhance cargo flow, reduce emissions, and improve roadway safety at the US busiest port. "This US$73 million rail project will increase cargo efficiency while reducing emissions -- a cornerstone of the Port's blueprint for sustainable growth. Advancing capital improvement initiatives like this are k
ADES scores 10-year jackup rig extension deal worth $351m Oil and gas driller ADES Holding has picked up a long-term contract extension with Saudi Aramco for one of its jackup rigs. The listed operator of 49 offshore assets, including jackup rigs, barges, and mobile offshore production units, has fixed the 1980-built rig Admarine 657 for 10 years in a deal worth $351m. The extension ...
CMA CGM boxship loses 44 containers in extreme weather off South Africa French liner CMA CGM has stated that one of its containerships lost 44 containers at sea due to adverse weather conditions off the coast of South Africa. The 2005-built, 17,859 teu CMA CGM Benjamin Franklin faced severe weather on Tuesday, July 9, during a westbound voyage from Asia to Europe and suffered and loss of ...
Container freight rates seen peaking The first cracks in the incredible container boom of 2024 are emerging with shippers ready to bargain hard. Linerlytica, an Asia-based consultancy, has warned that freight rates may have peaked, something that is manifesting in the freight futures markets which have dropped off this week (see chart at bottom of article). "Although carriers successfully pushed ...
Former Maersk Supply Service boss emerges to head up AD Ports offshore and subsea business Former chief executive of Maersk Supply Service (MSS) Steen Karstensen has been selected to lead the offshore and subsea business of Abu Dhabi-based ports and logistics giant AD Ports Group. Karstensen announced his new appointment on LinkedIn more than a year after he had left MSS, following A.P. Moller Holding's takeover in which Christian Ingerslev, ...
Cargo ship captain arrested for smuggling Ukrainian grain from Crimea The Security Service of Ukraine has detained a cargo ship and its captain off Odesa for allegedly exporting stolen Ukrainian grain. According to the Security Service, the unnamed vessel was sailing under the flag of a Central African country and the crew was ordered by Russia to export Ukrainian grain from the occupied Crimea Peninsula. ...
California greenlights 25 GW floating offshore wind scheme The California Energy Commission has approved a strategic plan to develop a massive floating offshore wind industry with the aim of achieving 25 GW of capacity by 2045. California's electricity grid is served by nearly 35,000 MW of renewable resources today, but to meet the 2045 goal, the state will need an additional 148,000 MW, ...
CIMC Raffles secures work on Petrobras FPSO newbuilds CIMC Raffles yard in China has secured a contract from Singapore's Seatrium for work on two newbuild floating production, storage and offloading (FPSO) vessels that will be delivered to Brazil's Petrobras. In May, Petrobras selected Seatrium to deliver the vessels with a production capacity of 225,000 bopd and a gas processing capacity of 10 mcpd ...
Carbon Intensity Indicator inadequacies highlighted Not since the introduction of the global sulphur cap at the start of the decade has an International Maritime Organization (IMO) regulation attracted such criticism as the Carbon Intensity Indicator (CII). Six of shipping's top organisations have issued a joint industry policy statement this week on how the CII can be tweaked, the latest in ...
Southeast Asia offshore gas 'renaissance' to unlock $100bn by 2028 Offshore gas production in Southeast Asia is set to unlock a $100bn potential, driven by several planned final investment decisions expected to materialise by 2028, according to Rystad Energy's latest analysis. This represents more than a twofold increase over the $45bn worth of developments that reached FID from 2014 to 2023 and is pointing towards ...
Ultrabulk vessel aground off South Africa The Ultrabulk-managed general cargo ship Ultra Galaxy, which was abandoned by its crew of 18 seafarers on Monday after a heavy listing, has run aground with efforts to prevent a fuel and oil spill currently underway. The South African Maritime Safety Authority (SAMSA) said on Wednesday that attempts are being made to salvage the vessel's ...
NovaAlgoma orders world's largest cement carrier A Chinese yard has been tasked with building the world's largest cement carrier. NovaAlgoma, the joint venture between the Italian-Swiss group Nova Marine Carriers and Canada's Algoma Central Corporation, has ordered a 38,000 dwt ship at Zhejiang Xinle Shipbuilding in Ningbo. The vessel will be methanol dual-fuelled. Other tech on the ship due to deliver ...
Norway imports record amount of West African crude The Maran Lyra, a VLCC, is due in Norway today with what broker Braemar describes as an "unusual" cargo. The ship will discharge Nigerian crude at Mongstad, north of Bergen where Equinor has a refinery. It is the second vessel to carry Nigerian crude to Mongstad this month, following on from the Atlantic suezmax. "Norway ...
MIT study warns on health risks associated with switch to ammonia fuel A new study led by the Massachusetts Institute of Technology (MIT) has warned over the health risks from shipping's switch to using ammonia as its future fuel. Ammonia combustion generates nitrous oxide (N2O), a greenhouse gas that is about 300 times more potent than carbon dioxide, the study points out. It also emits nitrogen in ...
Taiwan's Big Three carriers post near-record H1 revenues amid soaring rates Ocean carriers have seen freight rates on key trans-Pacific and Asia-Europe trades double and triple since the start of the year amid a capacity crunch and supply chain disruptions.
High ocean rates slam brakes on European imports of low-margin goods Some imports from Asia are being priced out of the market with container shipping costs on the westbound trade almost seven times higher than this time last year.
Software vendors eye ocean bookings as linchpin for broader digitization While the industry has focused on areas like tracking and quoting, advancements in booking technology portend new potential for digitizing containerized supply chains.
Asia-USWC spot rates edge lower as new capacity takes edge off overheated market Forwarders expect the rate decline to accelerate in the coming weeks after carriers launched or reinstated 10 services into the eastbound trans-Pacific.
DHT Holdings reveals third-quarter spot market slump after locking in time-charter New York-listed tanker owner also 'expedites' newbuilding orderbook
Photo gallery: Foremost celebrates 60 years since James Chao started family-run bulker owner Officials, charterers, bankers, suppliers and more celebrate at Harvard Club
Dorian LPG executives reap bigger cash bonuses and base salaries Executive team, including two new positions, also handed restricted stock awards
Oldendorff Carriers hit by exit of three top cargo desk staff Desk has been responsible for lining up big-name cargo clients for the bulker operator
Sam Norton to continue at OSG helm after Saltchuk takeover, executive confirms Seattle-based maritime conglomerate keeps tanker experience at the top in diversifying M&A deal
Pilot and crew criticised after BW Dry Cargo bulker grounding in Australia Panamax World Diana suffered minor hull damage after taking turn too early
Evangelos Marinakis breaks into newcastlemax market at attractive price with Berge Bulk swoop Greek shipowner adds to modern dry bulk fleet in deal with James Marshall's Berge Bulk
Three vessel sales feed chunky dividend payment from NRP Premium Maritime Fund Fund has returned 195% of invested capital back to investors
Tanker cluster formed around Russian Baltic port set to balloon as sanctions bite More than 50 tankers have been blacklisted by US, UK and EU since October 2023
Sanctioned tanker cluster around Russian port to balloon as cargo runs dry More than 50 tankers have been blacklisted by the US, UK and EU since October 2023
Trans Mountain pipeline 'delivers' as tanker loadings jump and rate 'bonanza' on horizon Brokers and analysts mull over the future for Pacific tankers as new Canadian pipeline changes the market
New UK shipping minister arrives with 'much to be done' after general election landslide New minister joins as part of newly elected Labour government
Stolt-Nielsen shares hit harder than expected as investors digest second-quarter showing Chemical tanker giant's second-quarter 'in line' but shares fell hard
Massive CMA CGM boxship sheds 44 containers as freak storm batters vital shipping route CMA CGM Benjamin Franklin proceeding to Cape Town as 'unexpected' weather continues to wreak havoc on South Africa's coast
Eastern Pacific and Nereus tankers make it into Houston as operations recover from storm Beryl Shipping data shows two suezmaxes docked on Wednesday, while Scorpio ship waited out the bad weather at its berth
Massive CMA CGM boxship sheds 44 containers as freak weather batters vital shipping route CMA CGM Benjamin Franklin proceeding to Cape Town as 'unexpected' weather continues to wreak havoc on South Africa's coast
Why methanol shipping pioneers are giving LNG fuelling a second look As the alternative fuel orderbook returns to LNG, the availability of methanol also affects appetite
Logothetis family sets up MIT fellowship in memory of Greek owner Philip Embiricos Libra Philanthropies foundation says student sponsorship will honour late shipowner's legacy
Maersk CEO: Europe 'must be bolder' in green fuel revolution as US and China race ahead Shipowner says EU must slash the bureaucracy and aim for more ambitious projects to produce green fuels at scale
Public awards and private crises: The legacy of Red Sea attacks on seafarers Recognising mariners' bravery is welcome. Dealing with the fallout from global crises is a bigger job
China's role fading as driver of global oil demand growth, says IEA India and Brazil are expected to take a greater share of record supplies
Container S&P transactions slowing after busy first half Alphaliner lists MSC as the largest buyer and Maersk as the biggest seller
'Structural decline': China's role fading as driver of global oil demand growth, says IEA India and Brazil are expected to take a greater share of record supplies
Shareholders approve potential $1.2bn buybacks and share issues as Hafnia moves domicile Product tanker company renews capital return and fundraising mandates as it eyes move from Bermuda to Singapore
Stolt-Nielsen shares slide after weaker than forecast second-quarter profit Oslo-listed chemical tanker operator's bottom line weaker than expected despite boost following explosion settlement
SSY hires ex-Fearnleys offshore chief to target subsea business Expanding shipbroking group aims to become a major global player in offshore
Extreme weather brings Cape of Good Hope container ship traffic to a halt LSEG says no vessels have passed the tip of South Africa this week, adding to disruption
Klaveness Combination Carriers stalls green retrofits as rates ride high Norwegian company says energy-saving work on two ships will now take place in 2025
Never mind Euro 2024 ... Who stole the Marine Challenge Cup? Players from UK insurance powerhouse sweep all before them at the annual London five-a-side tournament
DNB shipping loan book rises to $3.4bn in the second quarter Nordic lender swells exposure to shipping in a period that saw overall profit climb
Stricken Ultrabulk ship runs aground on inhospitable African coast and capsizes Salvors say the prognosis for the multipurpose vessel does not look good
Inui Global Logistics scores hefty gain on handysize bulker sale Japanese shipowner returns to the sale-and-purchase market as a seller for the first time in five years
Adnoc L&S floats 29-year-old LNG carrier for sale Shipowner markets Moss-type, steam turbine vessel as it moves to fleet renewal
Ultrabulk's stricken Ultra Galaxy runs aground on the African coast Salvors say the prognosis for the multi-purpose vessel does not look good
Singapore boxship waiting times cut to 'two days or less', claims PSA Terminal operator says ships are spending more time in port as they look to rejig stowage plans
Western Global pilots seek federal mediation in contract talks Pilots for Western Global Airlines say they need help from the National Mediation Board to move along negotiations on a labor agreement.
Air cargo surge could be at expense of peak season growth Airfreight volumes are buoyant during the typically slow summer season. One theory is that businesses are ordering sooner to avoid late deliveries for second-half shopping holidays, which could mean the busy season will be less busy than expected.
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