Red Sea: EU launches new naval mission ASPIDES As Houthi attacks on merchant ships in the Red Sea continued, the European Union today officially launched EUNAVFOR ASPIDES, saying that the objective of the defensive maritime security operation is to restore
Eidesvik orders world's first methanol-fueled CSV Norwegian shipowners Eidesvik Offshore and Agalas have placed an order at Turkey's Sefine Shipyard for a state-of-the-art, battery-hybrid methanol-fueled CSV (construction support vessel). It will be owned by an entity to be
WeFreight appoints new global head of finance WeFreight, a fast-growing freight forwarder with a digital focus on serving customers both large and small with a full range of products and services, announced the recent appointment of Jai Sankar Viswanathan as the new global head of finance. With a track record spanning over three decades in finance within the logistics and supply chain industry, Jai Sankar Viswanathan brings a wealth of exper
JAXPORT's strategic initiatives drive Jacksonville's cargo growth During the State of the Port address, Eric Green, the CEO of the Jacksonville Port Authority (JAXPORT), highlighted significant growth initiatives in progress at port terminals in Jacksonville. These initiatives are strategically positioning the city for increased cargo volume in the future. The event, hosted by the Propeller Club of the United States - Port of Jacksonville, offered updates on JA
Kalmar to deliver new straddle carriers to Indian Ocean's Port Réunion Kalmar and its regional dealer DMP SAS have agreed with Société De Manutention Et De Consignation Maritime (SOMACOM) to deliver three diesel-electric straddle carriers for the Ile de la Réunion Terminal. The new equipment is scheduled to be completed during the fourth quarter of 2024. Port Réunion, the busiest container port in the Indian Ocean, is situated on the west coast of Réunion Island. It
CMA CGM introduces Red Sea contingency fee Marseille-headquartered box line CMA CGM will implement a contingency charge from 1 March due to the additional expenses caused by rerouting services via the Cape of Good Hope to bypass the Red Sea passage. The French ocean carrier will apply a charge of US$1,550/container from Papua New Guinea to North Europe, Scandinavia, Poland, Baltic, East and West Mediterranean, Adriatic and Black Sea. If y
CMB.TECH to own world's first ammonia-powered container vessel CMB.TECH announces the order of the world's first ammonia-powered container vessel in partnership with Yara Clean Ammonia, North Sea Container Line and Yara International through a 15-year deal. The vessel, to be named Yara Eyde, is a 1,400 TEU ice-class container ship to be built at Qingdao Yangfan Shipbuilding (Qingdao, China). Expected to be delivered by mid-2026, the Yara Eyde is set to becom
What is a Liquidity Pool and How Does It Work? The cryptocurrency industry is growing, especially with the rise of institutional cryptocurrency trading . There are many ways of how investors use digital assets. Some companies buy and hold crypto long-term, others use crypto to integrate it into their payment systems, and some become liquidity providers and market makers. While a market maker relates to providing liquidity to centralized excha
WEC Lines enhances its reefer container fleet WEC Lines has decided to enter the refrigerated container market by adding 45ft reefer boxes to its container fleet. The company has added the first batch of 50 brand new 45ft High-Cube Pallet-Wide refrigerated container units. The carrier says the demand for reefer containers has been rising steadily across various industries, including food & beverage, pharmaceuticals, and healthcare, driven by
Grimaldi buys Italian container terminal The two co-shareholders of Gruppo Investimenti Portuali (GIP), Infracapital, the infrastructure equity investment arm of M&G Plc and InfraVia Capital Partner, an independent French private equity firm, have agreed on the sale of their 100% stake in Terminal Darsena Toscana (TDT) to the Grimaldi Group. Giulio Schenone, CEO of GIP and a minority shareholder of GIP will also exit as part of the tran
SeaLead unveils new ownership structure and management leadership shift SeaLead, a rapidly expanding global shipping line, has announced a shift in its ownership structure and management leadership, reflecting a strategic move to fortify its market position and bolster operational and commercial capabilities. SeaLead is now owned by a consortium of investors, which includes: Eurasia Capital: A Singapore-based equity and debt multi-purpose fund with a broad investment
NWSA handles over 210,000 TEUs in January In January 2024, the Northwest Seaport Alliance (NWSA) handled a total of 211,283 TEUs, translating to a marginal decline of 0.9% from the same month in 2023. Overall, international trade volumes experienced a moderate increase of 0.4% year-on-year, at 165,268 TEUs. Full international imports amounted to 80,410 TEUs, reflecting a 1.7% increase compared to the previous year. Full international exp
Crew from sunken cargo ship saved as South Korean president steps in All 11 seafarers on a general cargo ship were rescued by the Korea Coast Guard shortly before their vessel sank, in an event that saw the country's president intervening. The 2017-built 3,562 dwt Keum Yang 6, owned by South Korean shipping company Keumyang Shipping, was sailing from Gwangyang, South Korea, carrying steel products to China when the vessel became flooded 61km southwest off Seogwipo
MPCC, Unifeeder partner on dual-fuel methanol boxship construction MPC Container Ships (MPCC) has entered into joint retrofit agreements with various charter customers. Under these agreements, both the charterer and MPCC will share the costs of retrofit investments followed by an extension of the vessels' time-charter contracts. "This collaborative effort reduces open charter positions, increases contract coverage for 2024 and beyond and enhances the overall eff
Port of Salalah receives first cranes in US$300 million expansion project Amidst its US$300 million project aimed at upgrading and expanding its container terminal, the Port of Salalah has recently welcomed the arrival of the initial four out of 10 state-of-the-art ZPMC ship-to-shore cranes. This milestone marks a significant step forward in the major Oman's port endeavour, with completion slated for the first quarter of 2025. Upon project culmination, the terminal's a
Red Sea Crisis: Spiralling ocean freight rates from Far East to US may have peaked The Red Sea crisis sent ocean freight rates from the Far East to the US spiralling by more than 150%, but there appears to be some relief on the horizon for shippers. The latest data released by Xeneta indicates a peak may have been reached after spot rates from the Far East into the US declined slightly since the last round of General Rate Increases (GRIs) were implemented at the start of Februa
EU launches Red Sea mission as US-owned bulker gets attacked twice The European Union has launched a naval mission to protect Red Sea shipping after the Houthis continued their attacks on commercial vessels on Monday, targeting a bulk carrier twice within hours. Maritime security specialists Ambrey said Monday the US-owned and Greek-flagged ship had first called for military assistance, citing a missile attack some 100 nautical ...
GasLog replaced as FSRU supplier for Australian LNG project Australian energy infrastructure developer Venice Energy has decided to take on a different supplier of a floating storage and regasification unit (FSRU) for the Outer Harbor LNG Project in Adelaide. In mid-2022, Venice signed an FSRU time charter party agreement with Greek shipping company GasLog. However, GasLog underwent a major restructuring last year, with one ...
CMB.TECH to own first-ever ammonia-powered boxship CMB.TECH has ordered the world's first ammonia-powered container vessel in partnership with Yara Clean Ammonia, North Sea Container Line, and Yara International through a 15-year deal. The vessel, named Yara Eyde, is a 1,400 teu ice-class container ship to be built at Qingdao Yangfan Shipbuilding. The vessel is expected to be delivered by mid-2026 and ...
Eidesvik teams with Agalas to order methanol-powered CSVs Norwegian offshore vessel owner Eidesvik and compatriot Agalas have joined forces to build up to five construction support vessels (CSVs) for subsea and offshore wind operations. The first vessel, costing about €81.5m ($87.8m), will be built at Sefine Shipyard in Turkey and owned by Eidsvik Agalas venture, in which Eidesvik will hold a 50.1% stake. ...
Unifeeder enters long-term charter for methanol-fuelled boxships pair Unifeeder has entered into a long-term charter agreement for two additional dual-fuel methanol newbuild container feeder vessels. The latest agreement is in partnership with German-based shipowning group Elbdeich Reederei and Norwegian shipowner MPC Container Ships (MPCC), who are responsible for one vessel each. The 1,250 teu vessels scheduled for delivery in 2026 will be deployed ...
Five groups qualified for Norway's offshore wind auction Five applicants have qualified to take part in Norwegian's upcoming 1,500 MW Sørlige Nordsjø II offshore wind auction round. The groups are a consortium between Aker Offshore Wind, BP and Statkraft, one between Equinor and RWE, Energie Baden-Wurttemberg, a joint project proposed by Shell, Lyse and Eviny and a cooperation between Parkwind and Ingka. Norway ...
Great Eastern Shipping expands fleet with MR product tanker Indian owner Great Eastern Shipping has bought a 2010-built MR product tanker of about 49,999 dwt. The vessel is expected to join the company's fleet by the first quarter of the financial year 2025. According to Great Eastern Shipping, the proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is ...
Crew abandon bulk carrier after Houthi missile attack In a weekend of multiple attacks by the Houthis, they claim to have had their largest strike since they entered the war between Israel and Hamas in October with claims a bulk carrier has been struck, its crew evacuated, and a risk the ship could sink. An explosion happened in close proximity to the Belize-flagged ...
EnTrust Global buys Offshore Merchant Partners US asset management firm EnTrust Global has sealed a deal to acquire Norwegian alternative investment fund Offshore Merchant Partners for an undisclosed sum. Offshore Merchant Partners (OMP) was established in 2013. The company, headed up by Ivar Myklebust, has provided about $700m in capital to the shipping and energy services sectors. The Gregg Hymowitz-led company, ...
Argeo looking to enter sale and leaseback deal for Argeo Venture Norwegian surveyor Argeo has engaged Pareto Securities to explore the possibility of a sale and leaseback transaction involving the Argeo Venture vessel. The proceeds from any such transaction are expected to replace the offer for a $10m bank loan and $2m credit facility in and provide improved cash liquidity over the previously announced loan and ...
SeaLead Shipping gets new owners Singapore-based liner operator SeaLead Shipping has been taken over by a group of four investors who have appointed an interim boss, with Henry Schmidl exiting the company. Established in 2017, Sea Lead is ranked 16th by Alphaliner. The company operates a fleet of 32 chartered-in ships on services that link Asia to the Indian Subcontinent, ...
Seatrium to construct third offshore wind project for TenneT Singapore's Seatrium and its consortium partner GE Vernova will construct the third offshore wind project for Dutch transmission system operator TenneT. TenneT will start work on the third 2GW high voltage direct current electrical transmission system from June 1, 2024, after the completion of certain deliverables by both Seatrium and GE Vernova in the coming ...
Seacon seals first tanker orders China's Seacon Shipping is diversifying its fleet, signing for its first tanker orders. Hong Kong-listed Seacon has contracted Fujian Southeast Shipbuilding to build four 18,500 dwt chemical tankers in a deal worth a total of $129.2m. The four newbuildings are expected to be delivered between July 2025 and May 2026. Ever since its IPO in March ...
Turkey's Devbulk conducts more business with Maestro Shipping Fast-growing Turkish owner Devbulk has paid some $28m to Swiss outfit Maestro Shipping for the Maestro Sapphire, a 39,800 dwt bulker built by Japan's Saiki Shipbuilding in 2020. The high-spec open hatch box-shape bulk carrier will be renamed Devbulk Servet. This is the third purchase from Maestro in under a year. Last spring, the Deval ...
Geneva Dry Dialogues: ABS The dry bulk sector, which accounts for a substantial part of the global shipping industry, faces unique challenges on its path to decarbonisation. The sector's trading structure, with vessels serving a diverse array of ports and anchorages, makes the transition to low or zero carbon fuels more complex. The sector's green pathway will be under ...
K Line acquires French kite developer Airseas Nantes-based Airseas was in financial trouble before the buyout by its only customer K Line, according to reports
The week in newbuildings: Cruise sector revival Carnival and Royal Caribbean both confirmed orders following a pandemic-induced absence from the newbuilding market since 2020
Scrubber savings surge as spreads swell IMO2020 gave shipowners a choice to use cleaner fuel or to clean their exhausts. Rising spreads between fuels have made...
ACL targets US west coast-Europe traffic with land bridge to beat Panama delays Chief executive Andrew Abbott has promised customers that ACL will neither blank sailings nor slow steam in 2024 as the...
CMA CGM still transiting Bab el Mandeb CMA CGM has publicly stated that it will no longer risk any transits through the Bab el Mandeb. But it...
Houthis using underwater drones in Red Sea says US military Despite risk of escalation, military coalition providing 'sophisticated, layered defence plus outstanding intelligence' says retired UK commodore, that can 'thwart...
Week in charts: Russia's Sea of Azov trade reconfigures | Houthi threat to shipping to remain | Scrubber-fitted boxship capacity climbs to new highs Ukraine's naval campaign forced Kerch Strait traffic offline and pushed the region's main transhipment hub south; Houthis will continue to...
Maritime groups unite to demand release of Galaxy Leader hostages Shipping associations including BIMCO, ICS and the World Shipping Council are calling for an immediate release of the Galaxy Leader crew, who...
Gabon deflags sanctioned Sovcomflot tanker Sovcomflot has shifted most of its Liberia-flagged tankers to Gabon over the past two months after its shipmanagement arm was...
Daily Briefing Dark fleet tanker laden with Russian crude likely victim of latest Houthi strike | P&I clubs getting two thirds of...
Too early to write off Japan's shipyards despite exit of historic name Sumitomo Heavy Industries Respected name has quit commercial shipbuilding but Imabari and others are showing the way forward
Georgie come lately: Economou under fire as court battle heats up Palios family hits back at Greek magnate over his pursuit of their public company
Houthis claim their first ship sinking as EU launches naval force The 32,200-dwt Rubymar (built 1997) has gone down at the Bab-el-Mandeb strait, Yemeni militants' spokesman says
Houthis target several ships in a day as terror group ramps up strikes Latest attacks come hours after crew had to abandon a cargo ship in Bab el-Mandeb strait
MSC-backed Ignazio Messina raids container ship market Italian operator acquires its fifth boxship, while Swiss-based liner giant ties up German trio
Volatile VLGC rates spike 50% as owners ride spot market roller coaster Analysts say volumes have risen, but question marks remain long-term
Top two DFDS bosses grab a share of $5.4m in stock incentives CEO Torben Carlsen and CFO Karina Deacon being encouraged to stick around at ropax giant
Shipping in the frame as G7 turns screw on Russian tanker trades with price cap crackdown UK policy tweaks cut the time shipowners have to provide documents
Russia set to increase crude exports after drone refinery attacks Production has been hit by up to 500,000 barrels a day in February with facilities knocked offline, says Kpler
Greek shipowner Roswell set for tasty profit after flipping suezmax tanker Roswell Tankers Corp was able to sell a vessel at significant profit, brokers say
Volatile VLGC rates spike 50% as owners ride spot market rollercoaster Analysts say volumes have risen, but question marks remain long-term
We told you so: Repeated warnings Houthis would attack shipping ignored, says Yemen Aden-based leadership says the Houthis honed their tactics in attacks on Saudi-linked targets during civil war
Investor EGD still has 'money on the KCC table' after selling $23m chunk of shares Norwegian investor remains committed to combination carrier owner after taking a profit
Eidesvik and Agalas form new venture to order up to five methanol-fuelled construction vessels First ship will be built in Turkey for operation by Reach Subsea
Shipping in the frame as G7 turns screw on Russian tanker trades with price cap crack-down UK policy tweaks cut the time shipowners have to provide price cap documents
Resurgent VLCCs hit nine-month highs as oil stocks and Middle East fixtures jump Brokers and analysts report limited vessel availability as more tankers head around the Cape of Good Hope
German shipowners strike methanol-capable newbuilding deals with Unifeeder Feeder operator signs long-term deals with Elbdeich Reederei and MPC Container Ships
Insurance crisis: Gard keeps Red Sea crew cover alive Crew cover has been impacted by reinsurers' decision to withdraw support in the troubled region
Sticky situation in UK port after grounded Ukrainian tanker leaked molasses Zapadnyy still being monitored following incident earlier this month
Pavilion Energy deploys new LNG bunker vessel in Singapore Unit shared with TotalEnergies supplies volumes to Rio Tinto-chartered bulker
Cypriot shipowner SMT sells ageing aggregates carrier for recycling Joint venture with Bontrup will have a fleet of 11 open-hatch bulkers dating from between 2009 and 2016.
Seafarer shot dead and crew taken hostage in 'narco-kidnapping' incident Spanish authorities reveal details of operation carried out on tug last November
Shipping unites to demand release of Galaxy Leader crew three months on from Houthi hijack Coalition of 29 groups says continued detention of multinational crew is 'abhorrent' and needs to end
Shipowner Shih Wei Navigation breaks 10-year newbuilding drought with bulker order in Japan Shih Wei Navigation is paying Oshima Shipbuilding $39m each for the 64,000-dwt bulkers
Belships sets for bulker market resurgence with flurry of charters Ultramax now has nine vessels on floating-rate contracts as spot market outlook improves
Broker Gallagher says straight-talking data can make P&I renewal less 'emotional' Data and knowledge will help shipowners find the right deal, says newly appointed head of P&I Alex Vullo
US military spots underwater Houthi drones for the first time As it attacks vessels off the Yemeni coast, the rebel group's sophistication increases
Vessel abandoned at Bab el-Mandeb after Houthi missile attack UK-registered cargo ship is anchored and crew are said to be safe
Indonesia's expanding oil appetite to benefit most tanker sizes, says Poten High exports of products plus large island network make country a happy hunting ground for owners
Chris Hartnoll's HICO moves into offshore wind through Tidal Transit buy-in Family-owned trust has acquired a stake in UK-based operator of electric crew transfer vessels
Great Eastern confirms swoop for tanker after Ardmore vessel links Indian shipowner says it has added a 2010-built ship to fleet
AG&P LNG replaces GasLog as FSRU provider for Aussie import terminal Project developer says it has also been approached by several potential buyers for Adelaide facility
War risk exclusions by insurers heighten stakes in Red Sea attacks A recent string of Houthi attacks have reignited concerns about the Red Sea crisis, raising the floor for tanker rates.
Ports roundup: Georgia breaks export record with almost $50B in trade The Georgia Ports Authority sets export record in 2023; the Alabama Port Authority and CSX partner to launch an intermodal facility; and the Port of Cleveland receives $32 million for upgrades.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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