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Tag: splash24x7

  • Singapore shows others how to future-proof maritime

    Singapore shows others how to future-proof maritime Singapore has more than one maritime week. There’s the official one in April, plus this week’s mix of events – including our own Maritime CEO Forum – that culminate with Friday’s massive Singapore Shipping Association dinner. Splash launches its latest Singapore annual today, assessing how the city-state aims…

  • Comoros takes action on dark fleet

    Comoros takes action on dark fleet Israeli maritime analytics firm Windward is reporting that the government of Comoros has begun a clean-out of its international registry, a flag which has been central to sanctions-circumventing dark fleet tankers shipping Russian, Iranian and Venezuelan oil. There are now 62 tankers, three liquefied petroleum gas carriers and one…

  • Surging VLCC rates propel ClarkSea Index to two-year high

    Surging VLCC rates propel ClarkSea Index to two-year high Surging VLCC rates have seen the cross-sector ClarkSea Index, a weighted average of tanker, bulk carrier, containership, and gas carrier earnings managed by Clarksons Research, reach a two-year high of $29,888 per day as of last Friday, 50% above the 10-year trend. VLCC rates leapt last…

  • SCI teams up with refiners to grow India’s MR fleet

    SCI teams up with refiners to grow India’s MR fleet India’s state-owned Shipping Corporation of India (SCI) is joining forces with the country’s top refiners to launch an expansion of the MR tanker fleet, part of New Delhi’s drive for greater energy and maritime security. According to the Economic Times, SCI is forming a joint…

  • Vehicle shipping player Polaris launches dry bulk arm

    Vehicle shipping player Polaris launches dry bulk arm Polaris International is diversifying its shipping portfolio with the official entry into the dry bulk market and the launch of Polaris Bulkers The move marks a strategic expansion for Polaris, best known for its automotive logistics division, Polaris Autoliners. The new dry bulk venture will operate out…

  • P&I claims hit a ten-year peak

    P&I claims hit a ten-year peak Lockton, the world’s largest independent insurance broker, has released a report highlighting mounting financial pressures on the International Group of P&I Clubs despite modest premium increases. The report also highlights the crisis of suicides at sea. The 2024/25 policy year saw the clubs report a collective underwriting loss of…

  • Splash Wrap: Net zero dogfight erupts in London

    Splash Wrap: Net zero dogfight erupts in London The hundreds of events across the British capital that made up London International Shipping Week have served as a sounding board over the past few days for backers and opponents of the International Maritime Organization’s Net Zero Framework, due for a vote next month. The debate dominated…

  • Fredriksen and Greece’s top shipowners spearhead revolt against IMO’s Net Zero Framework

    Fredriksen and Greece’s top shipowners spearhead revolt against IMO’s Net Zero Framework Some of the biggest names in world shipping are rallying against the International Maritime Organization’s (IMO) flagship Net-Zero Framework (NZF), just weeks before it comes up for adoption in October. John Fredriksen’s Frontline, George Economou’s TMS Group, Evangelos Marinakis’s Capital Maritime & Trading,…

  • Tsao-backed vehicle co-launches $75m Asia Ocean Fund

    Tsao-backed vehicle co-launches $75m Asia Ocean Fund Two high-profile names from opposite sides of the world — Asian shipping tycoon Chavalit Frederick Tsao and Norwegian impact investor Tharald Nustad — have teamed up to create a new ocean impact vehicle aimed squarely at Asia. The pair yesterday unveiled the Asia Ocean Fund, a $75m investment…

  • HD Hyundai eyes US yard in bid to cash in on Trump’s shipbuilding revival

    HD Hyundai eyes US yard in bid to cash in on Trump’s shipbuilding revival South Korea’s HD Hyundai Heavy Industries has confirmed it is in talks with multiple firms to buy a US shipyard, a move aimed at tapping into Washington’s resurgent naval build-up under president Donald Trump. A senior HD Hyundai executive told Reuters…

  • Survey highlights barriers to scaling low-carbon tech in shipping

    Survey highlights barriers to scaling low-carbon tech in shipping Maritime scale-ups developing low-carbon technologies say they are being stalled by the very corporates that claim to need them, a new survey revealed. A survey of 30 founders revealed that no company scored above 6.5 out of 10 for collaboration, pointing to slow decisions, scarce funding,…

  • UK to debut an electric shipping route

    UK to debut an electric shipping route NatPower Marine and Peel Ports Group are set to commence installation of shore power at Heysham port this month, with the first plug live in the initial phase and expansion to four across all berths, by 2026. This will enable all Heysham routes within the Irish Sea to…

  • New data clears biofuels for extended deployment

    New data clears biofuels for extended deployment The Global Centre for Maritime Decarbonisation (GCMD) has published results from its six-month Project LOTUS trial, showing that long-term use of biofuels on oceangoing ships can be done safely without hitting performance or costs. Launched with Japan’s Nippon Yusen Kaisha in May 2024, the project put a B24…

  • COSCO pledges stable transpac coverage as US fee regime nears

    COSCO pledges stable transpac coverage as US fee regime nears With less than four weeks until the US hikes port fees for China-linked tonnage, COSCO, the world’s fourth largest containerline, has moved to reassure clients it will maintain a stable coverage on the transpacific.  COSCO conceded in a note to clients that the new fees…

  • Leadership handover at Pangaea as long-serving CEO Filanowski retires

    Leadership handover at Pangaea as long-serving CEO Filanowski retires Newport-based Pangaea Logistics Solutions has confirmed a leadership transition with CEO Mark Filanowski stepping down at the turn of the year after more than a decade at the helm. Chief operating officer Mads Petersen will take over as president and CEO from January 1, 2026. Filanowski,…

  • Shipping off track on 2030 fuel goals

    Shipping off track on 2030 fuel goals The shipping sector is still off track to meet its climate target of having at least 5-10% of the fuel used in international shipping come from scalable zero-emission sources by 2030, according to a new progress report. The fourth annual report of its kind, Progress towards shipping’s 2030…

  • Shipping launches first training playbook for handling ammonia, methanol and hydrogen

    Shipping launches first training playbook for handling ammonia, methanol and hydrogen The Maritime Just Transition Task Force (MJTTF) has released industry-first training frameworks designed to facilitate the development of training programmes for seafarers for working on ships powered by ammonia, methanol and hydrogen. The MJTTF was formed at COP26 four years ago by the International…

  • Petros Panagiotidis firms up second LPG swap between Toro and Robin

    Petros Panagiotidis firms up second LPG swap between Toro and Robin Toro Corp has struck another related-party deal, selling one of its LPG carriers to an affiliate of chairman Petros Panagiotidis for $20m. The Nasdaq-listed owner is offloading the 2020-built, 4,700 cu m Dream Terrax to a subsidiary of Robin Energy, another Panagiotidis-controlled Nasdaq-listed vehicle.…

  • Baker Hughes secures Petrobras contract extension for vessel duo

    Baker Hughes secures Petrobras contract extension for vessel duo Oilfield services giant Baker Hughes has signed a multi-year agreement with Petrobras to extend the deployment of two stimulation vessels. The award, which followed an open tender, also includes the provision of associated chemicals and services. The 2008-built Blue Marlin and the 2013-built Blue Orca will…

  • SSI: AI and the business of building ships

    SSI: AI and the business of building ships Canadian shipbuilding software specialist SSI has been working at the intersection of technology and shipyards for decades. Today, Denis Morais, the company’s CEO, believes the industry is entering a pivotal moment — and AI is at the centre of it. “I’ve never seen shipyards more open to…

  • Race for ZIM tipped to widen

    Race for ZIM tipped to widen ZIM Integrated Shipping Services has hired Wall Street advisory house Evercore to trawl for alternative buyers, as early signals from CEO Eli Glickman and long-time shipping investor Rami Unger have failed to satisfy the board’s valuation expectations. According to Israeli financial title Calcalist, Glickman and Unger are exploring a…

  • Beirut blast shipowner arrested in Bulgaria five years after port tragedy

    Beirut blast shipowner arrested in Bulgaria five years after port tragedy Bulgarian authorities have arrested Igor Grechushkin, the Russian owner of the cargo ship tied to the 2,750 tonnes of ammonium nitrate that caused the catastrophic Beirut port explosion in August 2020, Lebanese judicial officials confirmed yesterday. Grechushkin, who also holds Cypriot citizenship, was detained…

  • ABS boss urges ‘timeout’ on IMO climate push

    ABS boss urges ‘timeout’ on IMO climate push With 28 days to go until the vital extraordinary session of the Marine Environment Protection Committee (MEPC) convenes at the London headquarters of the International Maritime Organization (IMO), the battle lines have been drawn sharply.  In a surprise intervention, Christopher Wiernicki, the departing chairman and CEO of…

  • Quadrise names Peter Borup as CEO

    Quadrise names Peter Borup as CEO Low-emission fuels and biofuels supplier Quadrise has appointed Peter Borup as its chief executive officer. Borup, who will take the CEO seat on October 1, is an accomplished international CEO with over 30 years of experience in the shipping industry. He began his career at A.P. Moller-Maersk, rising to…

  • EuroDry sheds 21-year-old panamax

    EuroDry sheds 21-year-old panamax Nasdaq-listed Greek dry bulk owner EuroDry has sold one of its panamax vessels to an undisclosed buyer. The Aristides Pittas-led company said that it signed an agreement to sell the 2004-built 76,466 dwt Eirini P. bulker to an unaffiliated third party. According to the company, the vessel was sold for approximately…

  • 41% of container transport is empty

    41% of container transport is empty New analysis from Danish liner consultancy Sea-Intelligence shows the growing percentage of empty containers moving around the world.  Experts at Sea-Intelligence have calculated the share of empties relative to full containers, based on teu-miles, and found out that currently 41% of container transport is empty.  “The present situation is…

  • LNG scrapping sets annual record

    LNG scrapping sets annual record LNG carrier demolition sales have already reached an annual record with nearly 30% of the year still to go. Data from Clarksons Research show 0.8m dwt worth of LNG carriers have been sent for demolition this year as weak market conditions have led to several steam turbine units being disposed…

  • Wah Kwong NatPower, Shandong Port to advance ship charging network

    Wah Kwong NatPower, Shandong Port to advance ship charging network Wah Kwong NatPower and Shandong Port Group (SPG) have signed a strategic memorandum of understanding to develop large-scale shore power and ship charging projects. The agreement begins with Qingdao Port International, one of the world’s most automated terminals, and will explore new business models for…

  • Zhongxin Funeng seals boxship newbuild quartet

    Zhongxin Funeng seals boxship newbuild quartet China’s Anhui Zhongxin Funeng Shipping has placed an order for four containerships at Jiangsu Dayang Offshore Equipment. The deal coves newbuilds designed by the Marine Design and Research Institute of China (MARIC), a total nominal capacity of around 3,010 teu, including about 1,930 teu on deck and 1,080 in…

  • Minerva Marine firms up feeder options at Yangzijiang

    Minerva Marine firms up feeder options at Yangzijiang Minerva Marine has added two more feeder container ships to its orderbook at Yangzijiang Shipbuilding, lifting the total number of firm newbuildings in its programme to six. The Greece-based owner, led by Andreas Martinos, has now firmed up a second pair of 1,800 teu vessels at the…

  • CY Shipping and BigLift double down on heavylift fleet expansion

    CY Shipping and BigLift double down on heavylift fleet expansion CY Shipping and BigLift Shipping are adding two more new heavylift vessels to their joint fleet, bringing the total to eight ships. The newbuilds are scheduled for delivery in the first and third quarters of 2028, respectively. As with the earlier vessels of the so-called…

  • Subsea7 scores Aramco contract worth up to $1.25bn

    Subsea7 scores Aramco contract worth up to $1.25bn Subsea7 has landed a major engineering, procurement, construction, and installation (EPCI) contract from Aramco, covering offshore facilities in Saudi Arabia. The award falls under Subsea7’s long-term agreement (LTA) with the state-owned operator, the Oslo-listed company said. The contract scope includes approximately 106 km of infield and export…

  • Mexico pushes 50% tariff on China-built cars

    Mexico pushes 50% tariff on China-built cars Mexico is preparing to more than double tariffs on cars from China and several other Asian countries, with duties rising from 20% to 50% under a proposal sent to Congress by President Claudia Sheinbaum. The draft bill, expected to pass given the government’s majority, would take effect 30…

  • US unleashes its largest sanctions package aimed at the Houthis

    US unleashes its largest sanctions package aimed at the Houthis Yesterday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) unveiled its largest sanctions to date against the Houthis, designating 32 individuals and entities, including a Dubai shipmanager as well as four vessels – two MRs and two handy tankers “The Houthis…

  • Wan Hai 503 finds refuge in Dubai after 13-week odyssey

    Wan Hai 503 finds refuge in Dubai after 13-week odyssey The long-stranded Wan Hai 503 has finally found shelter in Dubai, ending a 13-week saga. The 2005-built, 4,333 teu vessel had been at sea since June, unable to discharge or secure port access after a severe fire onboard. The ship, which is operated by Wan…

  • Adani turns away sanctioned tankers from its ports in India

    Adani turns away sanctioned tankers from its ports in India India’s largest private port operator, Adani Group, has banned entry of tankers that are sanctioned by the US, UK or the European Union, according to multiple local media outlets. Adani’s port footprint in India is more focused on containers and dry bulk than tankers with…

  • HMM signs long-term contract with Vale

    HMM signs long-term contract with Vale HMM has signed a long-term contract of affreightment (COA) with Brazil’s Vale, valued at KRW430bn ($309m). This is the second contract signed between the two companies, following a KRW 636bn, 10-year deal concluded in May. Under the new agreement, HMM will transport iron ore using five bulk carriers over…

  • Wison New Energies, H2Carrier team up to develop green ammonia FPSO

    Wison New Energies, H2Carrier team up to develop green ammonia FPSO China’s Wison New Energies and Norwegian firm H2Carrier have launched a new initiative to deliver a 500MW green ammonia FPSO. In this collaboration, Wison is uniquely positioned to provide engineering and design, as well as construction and integration of the works for the Green…

  • CMA CGM rules out surcharge ahead of US fees on Chinese tonnage

    CMA CGM rules out surcharge ahead of US fees on Chinese tonnage France’s CMA CGM, the world’s third-largest containerline, has told clients it is fully prepared for next month’s hiked port fees in the US for Chinese-linked tonnage, and that it does not envisage implementing surcharges because of the new ruling.  In April, the US…

  • Korea Shipowners’ Association hits out at POSCO’s HMM takeover plans

    Korea Shipowners’ Association hits out at POSCO’s HMM takeover plans The Korea Shipowners’ Association has hit out at reports the country’s top steel mill is being linked with taking over national flagship, HMM. Splash reported last week that advisors from Samil PwC and Boston Consulting Group have been working with POSCO on feasibility studies for…

  • Lauro and Livanos among shipping heavyweights signing up for Trøim’s new VLCC venture

    Lauro and Livanos among shipping heavyweights signing up for Trøim’s new VLCC venture Tor Olav Trøim is ramping up his return to the tanker business with plans to take a new VLCC venture public, backed by a roster of well-known shipping names. Trøim’s Oslo-listed vehicle Bruton is preparing to merge its two dual-fuel VLCC newbuildings…

  • Curtin Maritime orders eight hybrid-electric tugboats

    Curtin Maritime orders eight hybrid-electric tugboats US-based marine firm Curtin Maritime has invested $160m for eight hybrid-electric ship assist tugboats. The tugs will be built by the Snow & Co shipyard and will be equipped with Arc’s vertically integrated electric powertrains, delivering over 4,000 bhp and backed by a 6MWh battery buffer. According to Arc,…

  • Tsakos adds to VLCC orderbook at Hanwha Ocean

    Tsakos adds to VLCC orderbook at Hanwha Ocean Greece’s Tsakos Energy Navigation (TEN) has expanded its VLCC newbuilding programme at South Korea’s Hanwha Ocean, adding one firm vessel and securing an option for a fourth. The new order builds on the two 320,000 dwt units TEN booked at the yard earlier this year. Those ships,…

  • 67 boxes tumble overboard from ZIM-chartered vessel berthed at Long Beach

    67 boxes tumble overboard from ZIM-chartered vessel berthed at Long Beach A ZIM-chartered containership suffered a serious cargo accident while alongside at the Port of Long Beach yesterday, with 67 containers falling into the harbour during discharging operations — some striking a clean air barge moored nearby. The accident involved the 2024-built, 5,504 teu Mississippi…

  • Maersk muscles in on COSCO’s intra-Asia crown

    Maersk muscles in on COSCO’s intra-Asia crown Maersk has climbed the ranks of the intra-Asia trades to challenge the tradelane’s leader COSCO, according to new data compiled by Alphaliner.  The Danish carrier has added an extra 100,000 teu in capacity into the intra-Asia trades over the past 12 months, container shipping’s busiest area, whereby it…

  • Jinjiang Shipping in for up to four feeder newbuilds

    Jinjiang Shipping in for up to four feeder newbuilds Shanghai-listed Jinjiang Shipping has returned to the yards, lining up fresh feeder tonnage as it looks to strengthen its intra-Asia network. The Shanghai International Port Group-controlled carrier has committed to up to four 1,182 teu containerships, with two firm units and two options. Deliveries are expected…

  • Ciner charts return to boxships with China newbuilds

    Ciner charts return to boxships with China newbuilds Turkish industrial conglomerate Ciner Group is poised to re-enter the container shipping market with two 3,100 TEU vessels at China’s New Dayang Shipyard. Boxship newbuilding players estimate each ship at around $44m, with deliveries expected in late 2027. While the exact design details remain under wraps, sources…

  • Turkey’s GSD Marin returns to Japan for fresh ultramax order

    Turkey’s GSD Marin returns to Japan for fresh ultramax order Turkish bulker owner GSD Marin has returned to Japan for another ultramax order, signing a deal with Nihon Shipyard for a 64,000 dwt newbuild due in 2029. The Istanbul-listed subsidiary of GSD Holding already has a similar ship on order at the same yard, a…

  • Scorpio Tankers offloads modern MR for $42m

    Scorpio Tankers offloads modern MR for $42m Monaco-headquartered Scorpio Tankers has struck a deal to sell one of its modern MR product carriers. The New York-listed company is selling the 2020-built scrubber-fitted STI Maestro to an unnamed buyer for $42m, with the sale expected to close in the fourth quarter. Brokers have linked the vessels…

  • Spanish ports closed to arms for Israel

    Spanish ports closed to arms for Israel Spain has banned ships and aircraft carrying weapons or military-grade fuel to Israel from calling at Spanish ports or entering its airspace due to Israel’s nearly two-year-long military offensive in Gaza. “There is a difference between defending your country and bombing hospitals or starving innocent children,” Spanish prime…

  • Anglo Teck merger creates top five global copper producer

    Anglo Teck merger creates top five global copper producer Global mining group Anglo American and Canadian miner Teck Resources have agreed to merge in a deal that will create one of the world’s largest copper producers with a combined market value of over $53bn. The combined group, to be named Anglo Teck, will rank among…

  • Navios Partners snaps up boxship newbuild resales in $460m deal

    Navios Partners snaps up boxship newbuild resales in $460m deal Greece’s Navios Maritime Partners has confirmed its latest move in the boxship newbuilding market with four ships snapped up in a $460m resale deal. The Angeliki Frangou-led outfit is paying $115.1m apiece for the 8,850 teu methanol-ready and scrubber-fitted vessels from an undisclosed third party.…

  • Ningbo Ocean Shipping looks to Singapore for global fleet expansion

    Ningbo Ocean Shipping looks to Singapore for global fleet expansion Ningbo Ocean Shipping has revealed a plan to invest around CNY2.9bn ($406.5m) via its Singapore arm to set up two more subsidiaries in the country to further grow its fleet. The company will invest CNY1.2bn ($168.2m) to establish Ningbo Ocean Shipping Singapore Longitude and CNY1.7bn…

  • ‘The end of globalisation is fast approaching’: IUMI president

    ‘The end of globalisation is fast approaching’: IUMI president Geopolitical conflicts and shifting trade patterns are redefining risks and opportunities for the marine insurance sector. Opening this year’s International Union of Marine Insurance (IUMI) conference in Singapore, IUMI president Frédéric Denèfle warned that marine insurers are facing significant change as the world approaches the end…

  • More than one in 10 shipments flagged for deficiencies in new cargo safety report

    More than one in 10 shipments flagged for deficiencies in new cargo safety report Despite misdeclared cargoes making more and more headlines, leading to deaths and vessel losses, new data published today shows more than one in 10 shipments have deficiencies, an alarming upward trend.  The World Shipping Council (WSC), liner shipping’s lobby group, has…

  • The winners and losers among European ports from this year’s liner alliance reshuffle

    The winners and losers among European ports from this year’s liner alliance reshuffle At the start of the year, there was the largest alliance reshuffle among global liners in more than a decade. As the year has progressed, it has become apparent that this redrawing of the global liner map has had some winners and…

  • HSBC warns COSCO and OOCL face $2.1bn hit from looming US port fees

    HSBC warns COSCO and OOCL face $2.1bn hit from looming US port fees The looming US port fee regime aimed squarely at Chinese-linked tonnage could saddle COSCO and its Hong Kong-listed subsidiary OOCL with a combined bill of more than $2.1bn in 2026, according to fresh calculations from HSBC. The US Trade Representative (USTR) is…

  • Scorpio Tankers boosts coverage with LR2 charter-out deal

    Scorpio Tankers boosts coverage with LR2 charter-out deal Monaco-headquartered product carrier major Scorpio Tankers has secured a five-year charter for one of its LR2 product carriers at a rate of $28,350 per day. The New York-listed owner said the 2014-built, 110,000 dwt STI Orchard has been fixed to an undisclosed charterer, with the contract starting…

  • Young Chinese carrier moves into ownership with boxship newbuilds

    Young Chinese carrier moves into ownership with boxship newbuilds China’s Chenxin Shipping has taken the plunge into vessel ownership with an order for four newbuild containerships, signalling the young carrier’s intent to shift from slot-sharing to controlling its own tonnage. The 2023-established company has contracted two 4,350 teu ships and two 1,900 teu feeders, with…

  • Evalend swells suezmax orderbook in South Korea

    Evalend swells suezmax orderbook in South Korea Greek owner Evalend Shipping has bolstered its suezmax newbuilding orderbook in South Korea, with two additional units lined up for construction at HD Hyundai Samho. Shipbuilding sources have named the Kriton Lendoudis-led company behind the recently announced order for a pair of 157,000 dwt newbuilds with delivery expected…

  • DOF bags Equinor PSV extensions

    DOF bags Equinor PSV extensions Norwegian offshore vessel owner DOF has landed contract extensions with Equinor for two of its long-serving platform supply vessels. The state-backed energy major has exercised options to keep the 2009-built Skandi Flora and the 2008-built Skandi Mongstad on charter for another year, with the new firm period starting in October…

  • Wallenius Wilhelmsen wins $100m deal in Australia

    Wallenius Wilhelmsen wins $100m deal in Australia Wallenius Wilhelmsen has clinched a major logistics contract in Australia with a leading automotive manufacturer, expected to bring in revenues of more than $100m. The Oslo-listed roro and logistics group will provide vehicle processing services across Melbourne, Brisbane and Perth under a three-plus-one-year deal. Pia Synnerman, chief commercial…

  • POSCO circles HMM as speculation mounts on state-backed exit

    POSCO circles HMM as speculation mounts on state-backed exit Speculation is mounting in Seoul that steel giant POSCO could emerge as the frontrunner to acquire a controlling stake in liner major HMM. Local media report that advisors from Samil PwC and Boston Consulting Group are understood to be working with POSCO on feasibility studies for…

  • US visa crackdown creates turmoil for shipmanagers

    US visa crackdown creates turmoil for shipmanagers Shipmanagers are warning of mounting operational chaos as fresh US visa restrictions begin to bite, Splash has learned. Multiple sources at leading shipmanagement companies confirm growing problems with obtaining valid US visas for crewmembers. The issues stem from a raft of executive orders signed by the current US…

  • Jinhui continues supramax selloff

    Jinhui continues supramax selloff Oslo-listed Jinhui Shipping and Transportation has struck a deal to sell the 2008-built supramax bulker Jin Rong for $11.93m, continuing its clear-out of older tonnage. The 58,700 dwt vessel, built at Tsuneishi Cebu in the Philippines, is heading to Hong Kong-registered Liuliu Shun Shipping. The sale is slated to close by…

  • PSA Mumbai poised to become India’s largest container terminal

    PSA Mumbai poised to become India’s largest container terminal The prime ministers of India and Singapore gave speeches yesterday ahead of the inauguration of what will become India’s largest container terminal. With the inauguration of its phase two expansion, PSA Mumbai is poised to become India’s largest container terminal, doubling its annual handling capacity to…

  • Splash Wrap: From tankers to tech

    Splash Wrap: From tankers to tech Unquestionably, the big news this week came from Singapore, where BW-controlled Hafnia made a move for rival product tanker giant Torm. Hafnia is acquiring a 14.45% holding in its Danish rival from Oaktree Capital Management in a deal worth about $311.4m leading many analysts to speculate whether this is…

  • NatPower Marine and Wah Kwong team up for Asian port electrification push

    NatPower Marine and Wah Kwong team up for Asian port electrification push NatPower Marine and Hong Kong-based shipowner Wah Kwong Maritime Transport have set up a joint venture to roll out large-scale shore power and vessel charging infrastructure across Asia. The new company, Wah Kwong NatPower, will start with projects in Hong Kong from 2026…

  • Shipping heavyweights invest in AI safety firm Captain’s Eye

    Shipping heavyweights invest in AI safety firm Captain’s Eye AI safety technology firm Captain’s Eye has completed its Series A funding round, bringing in backing from major shipping groups Eastern Pacific Shipping (EPS), MOL PLUS of Mitsui OSK Lines, and The Caravel Group. The investors, which collectively control or manage more than 1,700 ships, are…

  • TB Marine and Ektank sign for chemical tanker newbuilds

    TB Marine and Ektank sign for chemical tanker newbuilds German owner TB Marine and Sweden’s Ektank have signed up for 22,000 dwt methanol-ready chemical carriers to join the IceChem Tankers pool. The Danish pool operator said four ships have been contracted, with the first newbuild due in autumn 2026, and subsequent units arriving every three…

  • Hafnia swoops for 14.5% Torm stake in $311m deal with Oaktree

    Hafnia swoops for 14.5% Torm stake in $311m deal with Oaktree Singapore-based product tanker giant Hafnia has agreed to acquire a 14.45% holding in Danish rival Torm from Oaktree Capital Management in a deal worth about $311.4m. The BW Group-backed owner will pay $22 per share for the block of A-shares in the Copenhagen- and…

  • ADES scores multi-year jackup extension deal in Qatar

    ADES scores multi-year jackup extension deal in Qatar Saudi Arabia’s ADES has signed a multi-year contract extension with QatarEnergy for its jackup rig Aquamarine Driller, marking its second long-term award in Qatar this year. The deal secures the rig for a firm period of four years, with three additional one-year options. If fully exercised, the…

  • Nam Cheong pulls plug on Japan OSV contract

    Nam Cheong pulls plug on Japan OSV contract Malaysia’s Nam Cheong has terminated a charter deal for one of its offshore support vessels with an offshore wind farm contractor in Japan after the charterer failed to meet its obligations. The Singapore-listed company said the contract collapsed following the cancellation of the charterer’s downstream agreement with…

  • Bourbon lines up newbuilds for ExxonMobil in Angola

    Bourbon lines up newbuilds for ExxonMobil in Angola French OSV owner Bourbon has strengthened its long-standing relationship with ExxonMobil in Angola with a five-year charter for newbuild crew transfer vessels. The deal will see Bourbon Mobility deliver tailor-made 34-m crewboats to shuttle personnel between Soyo and Block 15, located around 80 miles offshore. The new…

  • Fugro scores ROV deal brace with Constellation

    Fugro scores ROV deal brace with Constellation Dutch surveyor Fugro has signed two three-year contracts with offshore energy services company Constellation to support deepwater exploration activities in the Campos Basin and the Equatorial Margin off Brazil. Fugro’s work will involve deploying advanced ROVs aboard Constellation-managed vessels to carry out subsea equipment inspections, interventions, and a…

  • Carlyle moves into FPSO market with Altera acquisition

    Carlyle moves into FPSO market with Altera acquisition Global investment firm Carlyle has agreed to acquire Altera Infrastructure’s entire FPSO business, bolstering its footprint in offshore energy infrastructure. The deal, subject to customary closing conditions and regulatory approvals, includes ownership of multiple FPSOs and an FSO, as well as a 50% stake in the Altera&Ocyan…

  • Interasia in for up to eight boxship newbuilds

    Interasia in for up to eight boxship newbuilds Asian regional container operator Interasia Lines has returned to the shipbuilding market, signing a contract with Jiangsu YangZiJiang Shipbuilding Group (YZJ) for up to eight 2,900 teu vessels. The order includes six firm newbuilds and two optional units, marking Interasia’s first collaboration with YZJ. Financial terms have…

  • BW Offshore picked as preferred FPSO supplier for Equinor project in Canada

    BW Offshore picked as preferred FPSO supplier for Equinor project in Canada Floater specialist BW Offshore has signed a head of agreement with Equinor confirming its selection as the preferred bidder for the FPSO unit for the Bay du Nord project offshore Newfoundland and Labrador, Canada. Bay du Nord, Canada’s first deepwater oil project, is…

  • Lomar taps pilot-assist tech for tanker trial

    Lomar taps pilot-assist tech for tanker trial Lomar’s tanker unit, CB Tankers, has seen one of its chemical carriers fitted with Mythos AI’s advanced pilot assistance system (APAS) as part of a year-long trial to test next-generation bridge intelligence in commercial shipping. The installation onboard the 2020-built CB Pacific marks the first deployment of APAS…

  • Eastern Pacific chemical tanker attacked by the Houthis

    Eastern Pacific chemical tanker attacked by the Houthis A chemical tanker owned by Idan Ofer’s Eastern Pacific Shipping came under attack from the Houthis yesterday.  The five-year-old, 20,000 dwt Scarlet Ray reported an explosion nearby while underway passing the coastline of Saudi Arabia. No casualties or damage to the ship was reported, with the vessel…

  • Caravel and Celsius form LNG bunkering JV

    Caravel and Celsius form LNG bunkering JV The Caravel Group and Celsius Tankers have formed a joint venture to co-own and operate a new fleet of LNG bunkering vessels.  The joint venture has placed a firm order for two 20,000 cu m LNG bunker vessels at China Merchants Industry Holdings and China Merchants Heavy Industry…

  • ABB and Wallenius Marine launch venture for digital fleet optimisation

    ABB and Wallenius Marine launch venture for digital fleet optimisation Swiss technology group ABB and Sweden-based ship designer and manager Wallenius Marine have formally established a new joint venture in Stockholm to expand their OVERSEA collaboration, a digital platform aimed at improving vessel efficiency and sustainability. The two companies first introduced OVERSEA in September 2022…

  • Danish shipping group USTC pushes back against press attacks

    Danish shipping group USTC pushes back against press attacks United Shipping & Trading Company (USTC), the Danish shipping and logistics group owned by the Østergaard-Nielsen family, has filed a complaint with the Danish Press Council against the daily tabloid Ekstra Bladet, accusing it of breaching press ethics in its reporting on founder Torben Østergaard-Nielsen. The…

  • Japan delivers world’s first commercial ammonia-fuelled engine

    Japan delivers world’s first commercial ammonia-fuelled engine Japan Engine Corporation (J-ENG) has claimed a significant step in shipping’s decarbonisation drive with the completion of the world’s first full-scale commercial ammonia-fuelled engine. The seven-cylinder, 50 cm bore 7UEC50LSJA-HPSCR engine was finalised on August 30, following official test runs at J-ENG’s factory in Akashi under the supervision…

  • SCFI blip can’t mask deepening container carnage ahead of Q4

    SCFI blip can’t mask deepening container carnage ahead of Q4 Red ink is forecast to splatter across the balance sheets of containerlines in the final quarter of the year despite the Shanghai Containerized Freight Index (SCFI) snapping its more than two-month decline today.  The SCFI broke its 11-week-long losing streak today, climbing 30 points to…

  • Wan Hai fire-hit boxship towed toward Middle East after 11 weeks adrift without refuge

    Wan Hai fire-hit boxship towed toward Middle East after 11 weeks adrift without refuge The fire-damaged Wan Hai 503 is being towed across the Arabian Sea toward the Middle East after spending nearly 11 weeks stranded without a port of refuge, following rejections from both Sri Lanka and India. The 4,333 teu containership (built 2005)…

  • 30-ton hatch recovered from coal ship explosion in Baltimore

    30-ton hatch recovered from coal ship explosion in Baltimore Baltimore’s shipping traffic was disrupted for nearly a week after an explosion on a fully laden coal carrier in the Patapsco River forced the recovery of a massive 30-ton hatch from the harbour. The 81,681 dwt W-Sapphire, managed by Athens-based W Marine and flagged in Liberia,…

  • Splash Wrap: Koreans bankroll America’s rusting docks

    Splash Wrap: Koreans bankroll America’s rusting docks Shipbuilding has become a central part of trade diplomacy in the Trump era. As well as a customised gold putter, it was noticeable that the Korean president, Lee Jae Myung, also presented Donald Trump with a model of an ancient Korean battleship when the pair met up earlier…

  • Europe moves to snap back Iran sanctions

    Europe moves to snap back Iran sanctions Britain, France and Germany have triggered a 30-day process to reimpose United Nations sanctions on Iran, a move that threatens to shake up tanker markets. The so-called snapback mechanism, launched on Thursday, would reinstate wide-ranging sanctions suspended under the 2015 nuclear accord, including restrictions on oil exports, financial…

  • Mibau Stema grows bulker fleet backed by Hartmann-CSL venture

    Mibau Stema grows bulker fleet backed by Hartmann-CSL venture Denmark-based Mibau Stema Group has signed up for two new self-unloading bulk carriers at Chengxi Shipyard in China. These newbuilds will be constructed to be biofuel- and methanol-ready as part of Mibau Stema’s strategic goal to enhance transport capabilities, increase operational versatility, and transition towards more…

  • HD Hyundai Heavy and Hyundai Mipo to merge

    HD Hyundai Heavy and Hyundai Mipo to merge South Korea’s HD Hyundai Heavy Industries has rolled out plans to merge with its affiliate HD Hyundai Mipo Dockyard by the end of the year, aiming to strengthen its position in the US naval and Arctic shipbuilding markets. The move comes after a Korea-US summit highlighted shipbuilding…

  • DOF scores Asia Pacific vessel deal

    DOF scores Asia Pacific vessel deal Norwegian offshore vessel owner DOF has secured a long-term charter for the construction support vessel (CSV) Skandi Inventor in the Asia-Pacific region. The deal, signed with an unnamed international operator, runs for one year from January 2026 and includes extension options. DOF classifies the award as “substantial,” with an…

  • Hanwha bankrolls Philly revival in showpiece of Korea-US shipbuilding pact

    Hanwha bankrolls Philly revival in showpiece of Korea-US shipbuilding pact Hanwha Group has unveiled a $5bn expansion plan for Hanwha Philly Shipyard as well as ordering 10 tankers to be built in Philadelphia, in a landmark moment for Korea-US industrial cooperation designed to revive American shipbuilding. The announcement was made on Tuesday at the christening…

  • Himalaya switches newcastlemax brace to fixed deals

    Himalaya switches newcastlemax brace to fixed deals Himalaya Shipping is continuing its shift from index-linked earnings, converting two more newcastlemaxes to fixed-rate charters. The Tor Olav Troim-backed, Oslo-listed owner said the vessels will move onto fixed hire from October 1 until the end of the year. The two dual-fuel ships will earn an average of…

  • Eagle S trial exposes voyage data recorder blackout during Baltic rampage

    Eagle S trial exposes voyage data recorder blackout during Baltic rampage The trial has kicked off in Helsinki for the captain and two officers of the Russian-linked oil tanker Eagle S, accused of dragging its anchor across the seabed and severing critical undersea cables between Finland and Estonia last Christmas. Finnish prosecutors say the Cook…

  • OrbitMI expands with Gale Force acquisition

    OrbitMI expands with Gale Force acquisition US-based maritime software company OrbitMI has acquired Swedish advisory firm Gale Force, expanding its portfolio in voyage optimisation and environmental compliance. The deal follows OrbitMI’s recent purchase of AI specialist AuQub and reflects the company’s strategy to blend maritime expertise with digital tools for shipowners and operators. Gale Force,…

  • South Africa tightens offshore ship-to-ship rules

    South Africa tightens offshore ship-to-ship rules South Africa has introduced a new regulatory framework for offshore ship-to-ship (STS) transfers, sharply increasing penalties and setting strict environmental conditions in a bid to protect coastal ecosystems and the endangered African penguin. Under regulations signed by minister of forestry, fisheries and the environment, Dr Dion George, transgressors face…

  • Turkey shuts ports to Israeli-linked vessels and cargoes

    Turkey shuts ports to Israeli-linked vessels and cargoes ZIM confirmed on Monday that Turkish authorities have barred Israeli-linked vessels from entering the country’s ports, in the latest escalation of Ankara’s sanctions against Israel. The Haifa-based line, the world’s ninth-largest container carrier, said that vessels that are either owned, managed or operated by an entity related…

  • Carriers reroute fleets to sidestep US levy

    Carriers reroute fleets to sidestep US levy Global shipping is realigning fleets in anticipation of October’s extra port fees to be levied by the US on China-linked tonnage. This is already being reflected in chartering decisions for transatlantic tanker and dry bulk fixtures with Chinese-built tonnage shifting to other parts of the globe. In the…

  • Seoul bets on shipbuilding to keep Trump sweet

    Seoul bets on shipbuilding to keep Trump sweet South Korea is making shipbuilding the anchor of its trade diplomacy with Washington, rolling out billions in promises to revive America’s rusted yards in a bid to keep Donald Trump on side. President Lee Jae Myung’s first US trip saw him push a $350bn investment package, with…