Watertight integrity at issue in sinking of Jacqueline A towboat The sinking last year of a towing vessel in the Atlantic Ocean was due to a lack of watertight integrity, the National Transportation Safety Board said Tuesday. The vessel, the Jacqueline A,
Berge Bulk deploys Sofar Ocean voyage optimization fleetwide Singapore-headquartered Berge Bulk has adopted San Francisco based Sofar Ocean's Wayfinder voyage optimization platform across its fleet of owned vessels, including new vessels equipped with wind propulsion technology. Berge Bulk uses Wayfinder's
FERRIES 2024: Green funding access for ferry operators Going green isn't always inexpensive, but there are strategies to help ferry operators manage the costs. To provide valuable insights on accessing green funding, Kristen Kissinger, Marine Transit Planning Team Lead, Project
Windcat selects Anglo-Eastern to manage its hydrogen-fueled CSOVs CMB Group's offshore personnel transfer subsidiary Windcat has selected Hong Kong headquartered Anglo Eastern to manage the hydrogen-fueled Elevation Series CSOVs that it has under construction at the Damen Ha Long shipyard
TT warns container seals are being ignored to the detriment of cargo security Though not a robust deterrent to determined thieves the humble seal plays a central role in identifying location, method and often perpetrators of cargo theft. Freight insurance specialist TT Club argues for greater emphasis on the container seal as part of a stronger security culture across the supply chain. Loss due to theft is among the top three causes of claims received on an annual basis by
Kale Logistics announces new leadership Global vertical SaaS platform provider Indian Kale Logistics has announced new Chief Financial Officer and Chief Innovation Officer. Shripad Inamdar, who has over 20 years of SaaS and IT expertise, will be the new CFO and will drive the company's digitalisation projects and international expansion. Sanjeev Madavi, with nearly thirty years of experience in digital transformation and innovation in
Leschaco appoints new Managing Director in Malaysia The Leschaco Group has announced the appointment of Jens Osterwald as the new Managing Director for Leschaco (Malaysia) Sdn. Bhd. He will assume his new role in Malaysia on 1 September 2024. Osterwald began his professional career in 2005 with a three-year dual study programme at Leschaco's headquarters in Bremen. He then worked for two years as a sales representative in the tank container depart
CSBC breaks boxship order drought with bumper Wan Hai contract Taiwanese shipbuilder CSBC Corporation ended its near drought of merchant ship orders on 12 August, when compatriot liner operator Wan Hai Lines commissioned a dozen 8,000 TEU methanol dual-fuelled container ships. The total contract value ranges from US$1.23 billion to US$1.98 billion, representing CSBC's largest order in its 51-year history. The contract also comes with options for another four
Yang Ming reports US$730 million H1 profit, reflecting strong financial performance Yang Ming reported second-quarter consolidated revenues of US$ 1.65 billion, translating to a year-on-year increase of 50%. The company's after-tax net profit and EPS reached US$435.6 million and NT$3.98, respectively. Additionally, the ocean carrier's consolidated revenues for the first half of 2024 grew by 34% to US$3.02 billion, while its after-tax net profit and EPS for this period were US$72
MSC vessel suffers blast in Colombo port One of MSC container ships caught fire after an explosion in Sri Lanka's Colombo port on 11 August. The incident of the 2006-built, 2,824 TEU MSC Capetown III occurred in Colombo's Jaya Container Terminal around 1 am local time. MSC Capetown III, which serves MSC's East Africa Service or South Asia - East Africa Service (Dar Es Salam Service), was discharging 995 boxes and loading 880 boxes at th
Essential Measures for Minimizing Disruption Amid Ningbo Port Closure: Container xChange Container xChange, an online container trading and leasing marketplace, is alerting the global container trading and leasing community to the serious repercussions of the recent explosion aboard the Yang Ming vessel YM Mobility at Ningbo Port, China. This incident, which has led to the closure of one of the world's busiest container terminals, is expected to have significant ripple effects across
HMM achieves growth in first-half revenue and profits South Korea's major container line HMM has posted significant gains in first-half revenue and profits. In particular, HMM reported a year-on-year 18.6% growth in its H1 revenue, reaching US$3.64 billion, an 88% increase in net profit climbing to US$840,000, and a 125% increase in operating profit rising to US$770,000. HMM's first-half operating margin is 21.1%, which is the highest level among gl
First VCR technology to be trialled on CMA CGM boxships Swiss marine power company WinGD's Variable Compression Ratio (VCR) technology is expected to be trialled onboard one of CMA CGM's container vessels. The collaboration marks the first field test for the new dual-fuel engine technology and follows successful factory tests showing significant efficiency improvements with both diesel and LNG fuel. VCR dynamically adapts cylinder compression ratio in
Intermodal Group and OneStop extend partnership at new terminal OneStop, a supply chain optimisation solution provider, and Intermodal Group (IMG) have expanded their partnership to include the latter's new facility, the Kenwick Intermodal Terminal (IMT) in Western Australia. This collaboration will introduce OneStop's cutting-edge solutions, OneStop Modal and Vehicle Booking System (VBS) at the new intermodal facility, aiming to enhance operational efficienc
Saudi ports see container drop in July The Saudi ports, supervised by the Saudi Ports Authority (Mawani), recorded a 9.11% increase in cargo throughput tonnage during July, reaching 27,382,403 tons, compared to 25,096,888 tons in the same month of the last year. The statistics for imported containers show an increase of 15.72%, totaling 271,465 TEUs compared to 234,592 TEUs last year. On the other hand, the statistics for exported con
VLCC sales reemerge after two-month hiatus The first VLCC sales since the middle of June are appearing in broking reports. The 14-year-old, Japanese-built Apollo Harmony has been sold by Idemitsu Tanker for $58m to unspecified Greek interests. The scrubber-fitted vessel has dry-docked recently and just passed its special survey. Meanwhile, Patria Nusasegara from Indonesia has recorded a today profit from the ...
Diana Shipping fixes out kamsarmax bulker to Paralos Shipping New York-listed Greek bulker owner Diana Shipping has entered into a time charter contract with Paralos Shipping for one of its vessels. Aquavita chartered the 2013-built, 81,513 dwt kamsarmax bulker Astarte for a gross charter rate of $14,000, minus a 5% commission paid to third parties, for a period until a minimum of July 15, 2025, ...
ASRY appoints new CEO Arab Shipbuilding and Repair Yard Company (ASRY) has appointed Ahmed Al-Abri as the new chief executive officer. The Omani national and former chairman of Asyad Container Terminals and CEO of Asyad Ports brings over 25 years of experience to Bahrain-based ship repair and fabrication yard. Tawfeeq AlMoayed, ASRY chairman of the board of directors, said: ...
Anglo-Eastern seals Windcat CSOV shipmanagement deal Crew transfer vessel operator Windcat, part of Saverys family-controlled CMB.TECH, has selected Hong Kong-based shipmanager Anglo-Eastern for the technical and crewing management of six commissioning service operation vessels (CSOVs) currently under construction at Dutch shipbuilder Damen Shipyards. The partnership builds on the deal with Anglo-Eastern Technical Services (AETS), Anglo-Eastern's t
Tankers International increases VLCC pool to 35 UK-based VLCC pool operator Tankers International has added two Vietnamese-flagged tankers to increase the pool size to 35. The two vessels in question are the 2010-built Felix and the 2009-built Symphony VLCCs. The former joined the pool earlier this year, with the latter joining earlier this month. Although the owners of the vessels were not ...
Tsunami of boxship orders grows as Wan Hai lines up 20 newbuilds Taiwan's Wan Hai Lines has set out to expand its fleet with up to 20 methanol dual-fuel vessels. The world's 11th largest containerline, which had ordered around 40 ships during the box shipping boom of 2021 and 2022, has inked a letter of intent with compatriot shipbuilder CSBC Corporation for 12 firm and four optional ...
China admits responsibility for last year's European pipeline destruction Chinese authorities have stated that Newnew Shipping's container ship Newnew Polar Bear was responsible, albeit by accident, for damaging the Balticconnector subsea gas pipeline between Estonia and Finland last year. According to a report by the South China Morning Post, Chinese authorities have conducted an internal investigation and forwarded the results to the two European ...
Houthis pursue ship across the Red Sea The Houthis in Yemen have adopted a new tactic which sees them pursuing individual ships across long stretches of the Red Sea. An unidentified ship was attacked by the Houthis three times in the space of 12 hours today. The first attack happened around 115 km south of the Houthi-held port city of Hodeida, the ...
Subsea sector global spending tipped to go past $42bn by 2027 Driven by rising operator expenditure on equipment and installation services, the subsea market segment will see a 10% annual compound growth rate from 2024 to 2027 with total spending exceeding $42bn by the end of this period, a new Rystad Energy report suggests. Investment activity in the sector has been strong in South America and ...
Belships outfit Lighthouse Navigation rebrands as Norwegian Bulk Carriers Oslo-based dry bulk operator Lighthouse Navigation has been rebranded as Norwegian Bulk Carriers. The move comes after Norwegian bulker owner Belships took a majority stake of 67% in the company while letting go of similar business, which operates from offices across Asia and Australia, in April this year. Norwegian Bulk Carriers operates between 60 and ...
Shipping gears up to debate carbon levies Ahead of the next session of the Marine Environment Protection Committee (MEPC), scheduled to start at the end of September, proposals are pouring into the International Maritime Organization (IMO). The headline from the global gathering is expected to be the deliberations on some form of carbon levy. Lobby group, the International Chamber of Shipping (ICS), ...
Two dead from explosion on Icon Offshore platform supplier Malaysian offshore service provider Icon Offshore said on Monday that an explosion occurred on its Icon Amara platform supply vessel which led to two fatalities. The incident on the Icon Amara occurred on August 2 at approximately 10:30 pm local time at the Sapar Alpha platform near Bintulu. The incident resulted in two fatalities and ...
PSA retains port crown Singapore's PSA International has retained its ports crown in the latest annual rankings of global container terminal operators from UK consultancy Drewry. The seven largest terminal operators now handle over 40% of global port throughput on an equity-adjusted basis. Mediterranean Shipping Co (MSC) recorded the strongest growth last year, with equity teu up by more ...
Seacon offloads second bulker in a month Hong Kong-listed Seacon Shipping has cashed in on its second bulk carrier in a month as it continues to gather cash for potential future deals and balance out its fleet portfolio. The Qingdao-based diversified owner and operator has agreed a $32.1m sale of the modern 2019-built ultramax Seacon Athens to Shanghai-based Henxin Ship Leasing. The ...
Prysmian awarded $96m in trade secrets case against Sterlite Offshore cable maker Prysmian has won its trade secrets case against its India-based competitor Sterlite Technologies and the Italian firm's former executive Stephen Szymanski. A South Carolina jury found in favour of Prysmian following a three-week jury trial in the US District Court in Columbia, South Carolina. The jury found that Sterlite was 'unjustly enriched' ...
Yilport invests in El Salvador Turkey's Yilport will invest $1.6bn in two ports in El Salvador. The investments will go towards tripling the capacity of Acajutla, El Salvador's largest port, as well as resuscitating the port of La Union, a facility that was completed in 2008 and never opened. Yilport and El Salvador's Autonomous Port Executive Commission (CEPA) will jointly ...
DryDel tied to third ultramax sale this year Greek bulker player DryDel Shipping has been linked to its third ultramax disposal this year. Multiple S&P sources report the Costas Dellaportas-led company is shipping out the 2012-built Dolce Vita in a deal worth about $23.5m with an undisclosed Chinese buyer. DryDel, formerly Meadway Shipping and Trading, bought the 61,600 dwt Oshima-built vessel for $24m ...
Pyxis Tankers lifts profits after adding bulkers Nasdaq-listed company will continue to monitor the product tanker sector for acquisition opportunities but values have reached a 10-year high
Over 90% of Russia crude exports circumvented G7 price cap in July Two thirds of crude and condensates loaded at Russian ports were shipped on the so-called dark fleet* of elderly, anonymously...
Syrian businessman assassinated in July was linked to Iranian oil sales Israeli officials say al-Qaterji was linked to Iranian oil sales and was operating in support of the IRGC-Qods Force and...
Oil demand increases in second quarter, but global economic concerns loom Worries about the health of China's economy remain after slower-than-expected growth in 2Q24, heightened by employment and consumer confidence data...
Meyer Werft sees another boost with new Disney Cruise Line four-ship order New tonnage is set to be delivered by Meyer Werft between 2027 and 2031. The quartet adds to two ships...
Safety required for Red Sea normalisation is nowhere in sight Analysts agree that a ceasefire or de-escalation in the Israel-Hamas war is the first step to Houthis slowing attacks against...
Make IMO DCS data public for planet's sake, say NGOs NGOs have called for greater public access to the IMO Data Collection System, saying the current fragmented structure hampers progress...
Swedish Club first-half results top expectations 'We are seeing some solid figures as we continue to grow in a controlled manner to restore our financial strength,'...
GSL clinches $300m refinancing with bank trio Company's average cost of debt is brought below 4%
Boxship casualties turn to LOF agreements New version of Lloyd's Open Forum contract is due for rollout next year and is intended to propitiate insurer concerns
Shipping emissions fell in 2023, IMO data shows The International Maritime Organization has published Carbon Intensity Indicator ratings for the first time
HMM thrives in first half of year, racking up 88% net profit growth HMM plans for global service network improvement, preparing for market fluctuations
Hyundai Heavy union plans walkout despite strong newbuild market South Korean shipbuilder calls the decision 'unfortunate' as the industry is facing a 'critical moment' for revival
Houthis target vessel three times as US carrier accelerates A master of one vessel reported three separate attacks in the early hours of August 13, including an approach from...
Wallenius Wilhelmsen posts record earnings as vessel capacity remains sold out 'We believe volumes will be higher in 2025, while contract renewals due this year will be at higher rates; 2025...
Yangzijiang Shipbuilding achieves 77% profit surge with record orderbook Singapore-listed shipbuilder's orderbook reached a record high of 224 vessels valued at $20.2bn
VLCC rates weighed down by weaker-than-expected Chinese growth, says DHT 'Chinese economic growth and oil demand has recently been slower than expected. We understand Asian refiners to have built inventories...
Navigator Gas announces $147.6m financing deal Handysize gas carrier specialist Navigator Gas has announced financing of $147.6m that it plans to use for refinancing a 2019...
Daily Briefing Israel's entry to sanctions game further complicates shipping's compliance conundrum | Palau flag opens investigation into Russia's LNG carriers manipulating...
First dual-fuel orders see Wan Hai jump into newbuilding rush Wan Hai announced its first-ever methanol-capable orders after a hiatus in new shipbuilding since 2022. Taiwanese carrier says the fuel...
Evergreen rides surging freight rates to big jump in H1 profits The results, the carrier's strongest since the second half of 2022, follow those of fellow Taiwan liners Yang Ming Marine Transport and Wan Hai Lines, which reported healthy first-half financials on Monday.
India-Europe ocean carriers lower spot rates as demand recedes Local freight forwarder sources who spoke with the Journal of Commerce reported a significant downward correction in spot rates quoted by major carriers for their upcoming sailings in the second half of August.
When it comes to the Red Sea diversions, the world is moving on Not only are several geopolitical scenarios being confronted with much larger stakes, such as the ongoing Russia-Ukraine war and the possibility of escalation in the Middle East, but economists say there is little in the more than six-month shipping disruption that is cause for serious economic concern.
HMM reports soaring profitability, but warns of growing market challenges The carrier is preparing its container shipping network for any shifting cargo flows amid rising geopolitical risks and global trade tensions.
Disney Cruise Line announces four more newbuildings US leisure and entertainment giant says cruise is one of the strongest growing businesses
Delta Tankers ship named as target of latest multi-prong Houthi attack Product carrier managed by Anglo-Eastern identified as ship in the vicinity of another explosion
Letter: Shipping needs to see the big green picture Failure to consider the resources and energy used in a ship's full life cycle can lead to poor environmental decisions, argues Jan-Hugo Holten
Aegean Sea emerges as new Russian diesel transfer site as oil product export revenue rises Data shows ship-to-ship transfers have declined in EU waters
Yang Ming puts profits to work with purchase of 11,000-teu container ship duo Taiwanese liner operator lifts tally to 10 neo-panamax vessels bought in past 18 months
Dominant dry cargo player Star Bulk share price 'puzzling', says Clarksons Owner offers 'shining value' after Eagle Bulk merger, analysts argue
Retail giant Walmart offers ocean shipping to e-commerce network Largest US chain looks to leverage container shipping position to move beyond traditional retail
DHT mulls time charters and finance options for accelerated VLCC newbuildings VLCC specialist is seeking to boost contract cover having moved up the delivery dates of its newbuildings
Shrinking fleets signal good times ahead for offshore as up cycle looms Shrunk anchor-handling tug supply vessel and platform supply vessels fleets fuelling confidence
Freedom of navigation facing multiple threats beyond Red Sea, top politicians warn Houthi attacks are latest attempts to undermine international law, officials say
Peter Dohle extends container ship buying spree with purchase from financier Tonnage provider maintains buying spree with vessel chartered to liner upstart Tailwind
Braemar joint global S&P head exits amid talk of wider departures for major rival Talk circulates of multiple brokers jumping ship to SSY
New Fortress finally exports first cargo from its 'Fast LNG' unit Offshore plant now due to shutdown for maintenance before firing up into production
Anglo-Eastern wins management deal for Saverys' hydrogen-powered CSOV fleet CMB.Tech's Windcat hands over technical and crewing operations of innovative offshore wind ships to Hong Kong group
Purus opens new UK office and expands in Hong Kong Growing shipowner bolstering gas and offshore wind operations
Shipowners will wave farewell to record low financing costs as bond market dynamics change, DNB says DNB Markets sees Nordic high yield bond return of 8-10% in 2024
Tankers International grows VLCC pool with double addition Asia Pacific Shipping and Phuong Dong Petrol Transport each contribute a ship to UK-managed pool
HMM profit doubles as it rides stronger freight market Newbuildings and used ships remain on the agenda for South Korean operator
Piles of cash and easy finance: Why bulker sale-and-purchase activity is heading for a fresh record Buyers have been undeterred by expensive prices or older vessels, and sellers have been only too happy to take profit
Container ship damaged key Baltic gas pipeline 'by accident', says China probe Government says incident involving NewNew Polar Bear was the result of a storm, report claims
Sea drone 'disabled' as Houthis target two ships in overnight Red Sea attacks Vessels survive unscathed and are headed for their next ports of call
GSL secures 'significant' interest cut on new $300m boxship refinancing deal ABN Amro, Credit Agricole and Bank of America come up with fresh funding linked to 10 vessels
Samos Steamship orders capesize bulker brace and an aframax tanker in latest newbuilding play The Greek company ends three-years capesize bulker order drought
Russian crude-laden product tanker discharges cargo in India after three-week delay The Destan was reportedly stuck in Vadinar for three weeks
'Promising' chemical tanker fundamentals see Odfjell upgraded to 'buy' Norne Securities sees record earnings and high dividends
Wallenius Wilhelmsen sees 'strongest quarter on record' as rates jump Market remains tight as company forecasts better results than 2023
Vroon tanker suffered 'significant' damage after being hit by bulker French maritime authority said Dutch bitumen ship was at anchor when accident occurred
Wan Hai Lines inks $2bn swoop for 20 dual-fuel container ship newbuildings Taiwanese company bucked the trend and picked methanol as fuelling choice
Tanker damaged and minor injuries reported after collision with bulker French maritime authority said Dutch bitumen ship was at anchor when accident occurred
Houthis target two ships in overnight Red Sea attacks Vessels survive unscathed and are headed for their next ports of call
Norden eyes asset-play profits to plug red ink from its trading business Danish owner-operator is considering how to play a raft of purchase options as its asset-light business suffers heavy losses
Indonesia's Patria Nusasegara scores big on VLCC sale deal Strong tanker asset values see Jakarta-based company earn hefty profit of at least $10m on PNS Serena sale
Great Eastern happy to stay 'near 100%' in spot market for tankers and bulkers Executive Rahul Sheth says one-off deals have historically paid off better than long-term fixtures
Great Eastern starts chartering operation to reap rewards of new 'smart city' Benefits on offer to companies setting up shop in country's first purpose-built complex
Port of Virginia completes expanded rail project Eastern Class 1 railroads Norfolk Southern and CSX will help reach Midwest cities with double-stack trains from the newly expanded Port of Virginia central rail yard.
China port explosion snarls trans-Pacific container trade Importers are advised to seek alternative routes and plan for extended delays as the peak shipping season gets underway, following an explosion involving hazardous materials at China's Port of Ningbo.
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