UAE and Morocco to Boost Trade Via Faster Shipping
The United Arab Emriates wants to bolster trade with Morocco to reach $7 billion within 10 years from $800 million in 2021, UAE Economy Minister Abdullah bin Touq Al Marri said on Thursday in Rabat.For that purpose, the two countries will speed up container shipping to seven days from 40 days, Al Marri told Reuters before a visit to Africa's largest port in Tangier, northern Morocco.The UAE is one of the largest investors in Morocco…
Baltic Dry Index Hits Six-week Low
The Baltic Exchange's main sea freight index extended its slide on Thursday to hit the lowest in more than six weeks, hurt by falling rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 68 points, or 2.8%, to 2,342 points.The capesize index fell 88 points, or about 3.6%, to 2,369 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $737 to $19,643.C
Biden Urges Congress to 'Crack Down' on Shipping
U.S. President Joe Biden on Thursday urged Congress to “crack down” on ocean carriers that have raised shipping prices significantly and helped drive up the cost of goods in the country.“One of the reasons prices have gone up is because a handful of companies who control the market have raised shipping prices by as much as 1,000%,” Biden said in Twitter post. “It’s outrageous—and I’m calling on Congress to crack down on them.”“We’ve got to change this.
Maritime Risk Symposium 2022: The Importance of Inland Systems to the MTS
The theme of Maritime Risk Symposium (MRS) 2022 is “The Importance of Inland Systems to the MTS.” The global MTS consists of numerous inland networks that connect the major transnational and inland ports. The United States has more than 25,000 miles of navigable waters, which can carry around 630 million tons of cargo annually. Barges carry the bulk of the commodities on the inland river networks while freighters carry the commodities on the Great Lakes and Saint Lawrence Seaway.
US Approves $120 Million Sale to Maintain Taiwanese Warships
The United States has approved a possible $120 million sale of parts to help Taiwan maintain its warships, which the island's defense ministry said would help ensure combat readiness in the face of China's "frequent activities" near the island.The U.S. Defense Security Cooperation Agency said it had delivered the required certification notifying Congress following State Department approval for the sale…
Freeport LNG Plant Suffers Explosion
A explosion occurred on Wednesday at the Freeport LNG liquefied natural gas plant on the Texas Gulf Coast, according to police, and prompting an evacuation of nearby residents in Quintana, Texas.The plant can process up to 2.1 billion cubic feet of natural gas per day into a supercooled liquid for export.Freeport LNG acknowledged an incident occurred around 11:40 a.m. local time with providing further details.
Iran Expects Confiscated Oil Cargo to be Returned in Full
Iran expects an oil cargo confiscated by the United States off the coast of Greece to be returned in full, Tehran's ambassador to Athens said on Thursday, following a Greek court ruling quashing the original decision to confiscate it.The case arose when Greece in April impounded the Iranian-flagged Lana, formerly Pegas, with 19 Russian crew members on board, near the island of Evia due to European Union sanctions.The ship was released due to complications over its ownership.
Ship Fuel and Lube Costs Are Skyrocketing
The $300 billion bunkering market is at a critical juncture due to the double whammy of the geopolitical crisis and the uncertainty surrounding the regulatory framework pertaining to the decarbonization of the shipping industry.“Bunkering has been hit from the trickledown effect of the sanctions against Russia, and this of course has had a serious impact on prices. Pre-war, the global prices were around $750-$850 per ton…
Partners Aim to Advance Augmented Data in Ship Operations
Classification society Bureau Veritas (BV) said it is working with Laskaridis Shipping and smart tool provider METIS Cyberspace Technology on a pilot project to develop and apply a new BV SMART 3 Class notation covering the use of augmented data in ship operations.Modern ships increasingly use smart systems designed to improve their operational efficiency. As part of its strategy to support maritime digitalization…
US Oil Spill Testing, Response Facility Gets Major Upgrade
The Bureau of Safety and Environmental Enforcement’s National Oil Spill Response Research and Renewable Energy Test Facility, known as Ohmsett, has now reopened after undergoing significant refurbishment over the past eight months as part of BSEE’s ongoing maintenance plan. Originally constructed and operated by the U.S. EPA in 1974, the facility was passed to the U.S. Navy and then to the Department of the Interior’s Minerals Management Service in 1990.
How to Choose Propulsion Systems for Patrol Craft
The propulsion system is a critical part of all patrol craft. There are different types of propulsion systems available for use on these craft, and selecting the “best” one for the application at hand is not to be taken lightly. You will note that I used “best” in quotes, which I’ve done to hint at the subjective nature of the decision. Propellers, waterjets, sterndrives, outboards – they are all commercial…
CIT Increases Maritime Financing to $57 Million for Crowley
CIT, a division of First Citizens Bank, announced that its Maritime Finance business has recently increased its financing of shipping and logistics company Crowley to a total of $57 million as part of a larger credit facility. This financing applies to multiple Crowley vessels. "Crowley has a heritage of reliable shipping of more than 130 years, and this financing will help continue that safe and reliable service with a focus on innovation…
Offshore Wind Innovation Hub Launched in New York
Equinor and BP on Thursday announced the launch of a New York-based Offshore Wind Innovation Hub that they say will facilitate partnerships with start-ups that bring new technological solutions to the growing US offshore wind industry"The initiative springs from a new three-year partnership between Equinor, the Urban Future Lab (UFL) at the NY Tandon School of Engineering, and the National Offshore Wind R&D Consortium (NOWRDC)…
Sandock Austral Shipyards Offering Container Feeder Barge Concept
A new port container barge concept being offered by Durban's Sandock Austral Shipyards aims to improve the way containers are handled in South Africa’s ports, ultimately leading to less road congestion and faster turnaround times for imports and exports.The internationally patented, German-designed self-propelled and self-sustained Port Feeder Barge can be deployed at a moment’s notice to wherever it is needed and can operate easily in low water depth or high berth.
FMC Reveals Plans to Aid Shippers and Improve Supply Chains
The U.S. Federal Maritime Commission (FMC) said it is establishing three new initiatives that will provide enhanced assistance to shippers, continue to improve legal and regulatory compliance of regulated entities, and focus on remedies to supply chain problems.At the direction of Chairman Daniel Maffei, the Commission will establish a new and permanent International Ocean Shipping Supply Chain Program…
The Port Logistics Challenges of Offshore Wind
Some equations just don’t add up. For example, storing 500 offshore wind turbine blades at a site with only space for 400 (and that’s only if you don’t store the other key elements required to build a full turbine). Elaine Maslin visited Siemens Gamesa’s blade manufacturing facility in Hull, UK, to find out more.Storage space is becoming a major challenge that’s looming for ports involved in the fast-evolving offshore wind industry.
Huisman's Leg Encircling Crane for Another Cadeler Offshore WInd Vessel
Dutch crane specialist Huisman won a contract with China's COSCO Shipping (Qidong) Offshore Co., Ltd. for the design and construction of a Leg Encircling Crane (LEC).The crane, with a fully electrically driven system, will be installed on the $345 million F-class jack-up vessel recently ordered by the Danish offshore wind installation firm Cadeler. The vessel will be able to install both offshore wind foundations as well as the next-generation wind turbines.To remind…
SHI Ammonia-Fueled Neo-Panamax Container Ship earns ABS AIP
ABS granted approval in principle (AIP) to Samsung Heavy Industries’ (SHI) design for an ammonia-fueled Neo-Panamax container vessel.Presented in Athens, Greece, at the Posidonia International Shipping Exhibition, the AIP confirms the design has been reviewed by ABS against the requirements outlined in the ABS Guide for Ammonia Fueled Vessels. “This ammonia-fueled vessel represents a significant step…
MSC Signs On with Kongsberg Digital to 'Digitalize' 500 Ships
Kongsberg Digital and MSC has signed a contract for digitalizing MSC’s entire fleet consisting of approximately 500 vessels with Vessel Insight.“This is a very important contract for MSC as making our fleet more sustainable is one of our top priorities. With Kongsberg Digital and the Vessel Insight data infrastructure we will be able to optimize our vessel operations to become more effective, sustainable, and safer.
ClassNK Grants AiP for Mitsubishi's Ammonia-ready VLGC
The classification society ClassNK has awarded an Approval in Principle (AiP) for Mitsubishi Shipbuilding's conceptual design of an ammonia-ready VLGC."Ammonia is expected to be used as ship fuel for decarbonization since it does not emit CO2 when burned. Meanwhile, taking adequate safety measures is imperative due to its characteristics of being toxic to humans and corrosive against materials, and ClassNK has worked on the development of standards and certification…
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