Higher Rates for Smaller Vessels Lift Baltic Dry Index
The Baltic Exchange's main sea freight index rose on Thursday as an uptick in rates for smaller panamax and supramax vessels offset weakness in the capesize segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 5 points, or 0.24%, at 2,118 points, snapping two sessions of losses.The capesize index fell for the third straight session, losing 66 points, or 2.4%, to 2,653 points.Average daily earnings for capesizes, which typically transport 1
US Watercraft Building New Oyster Farm Support Vessel
US Watercraft, the commercial boatbuilding division of Waterline Systems, said it is building a new oyster farm support vessel for Matheson Oyster Co., a sustainable oyster farm located in Virginia.Matheson Oyster came to the Hubert, N.C. boatbuilder with a specific request: build a low-freeboard vessel that can hold position safely and travel quickly in the choppy waters of Chesapeake Bay.US Watercraft’s…
W&O Supply Acquired by MiddleGround Capital
Private equity firm MiddleGround Capital has acquired PVI Holdings, Inc., the parent company of W&O Supply, Setpoint Integrated Solutions and A-T Controls.“It was a cultural fit from our first meeting. MiddleGround brings a unique style to private equity that has my team fired up about the future,” said Brad Bergeron, PVI CEO. “We value their operational expertise, passion for continuous improvement…
Shrugging off Russia Maritime Business Loss, Cyprus Targets Asia Shipping
Cyprus has already overcome the loss of Russian maritime trade due to European sanctions and the Mediterranean shipping hub is chasing business expansion in Japan and elsewhere in Asia as it looks to grow its flag, a senior government official said.Cyprus, together with Greece and Malta, which have the largest shipping fleets in the 27 member EU and host large ship-management centers, have been the…
Passenger Vessels Collide Near Rotterdam's Erasmus Bridge
A sightseeing boat and a water taxi collided on Thursday near Rotterdam's iconic Erasmus Bridge, local emergency services said, and six people were "helped out of the water".Images of the incident on social media showed the collision between the two vessels, with the smaller water taxi being pushed under water of the Nieuwe Maas river.ANP news agency reported that the six rescued were all passengers and the captain of the water taxi, which it said later sank.
Interview: Jörg Franzke, President, Scania USA
Jörg Franzke, the newly appointed president of Scania U.S.A., Inc., is a company veteran, having been with the Scania group since 1995, building a wide experience in various positions such as Services, Truck Sales, R&D, Network Development and Quality Management. And prior to his current role, Franzke was the Head of Power Solutions at Scania Germany for 10 years.He weighs in on how Scania is helping customers meet their decarbonization agendas…
U.S. President Biden Visits Prysmian's Subsea Cable Plant Site in Brayton Point, Mass.
Prysmian Group, the energy and telecom cable systems provider, on Wednesday welcomed U.S. President Joe Biden on a visit to the site of its new subsea power cables plant in Brayton Point, Massachusetts. Prysmian said it was set to transform the area, home to the former Somerset coal plant, into a high-tech hub for the energy transition process.The Brayton Point factory will manufacture subsea inter-array and export cables up to 275 kV AC or 525 kV DC…
Nippon Yusen Kabushiki Kaisha Revises Financial Outlook
Nippon Yusen Kabushiki Kaisha has upgraded its financial outlook for the fiscal year ending March 2023, projecting higher revenue and operating profits across the board in light of changing market conditions across multiple sectors it serves, inculding containershipping and bulk carriers. In a statemetn the company said:"The forecast at the beginning of the current fiscal year assumed a decline in demand related to general consumer goods considering lockdowns in China…
ABB Intends to Spin Off Its Turbocharging Business
ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7…
Sea Freight Rates to Drop Further, CMA CGM Boss Says
Sea freight rates, which over the last weeks started to decrease after reaching a high, are likely to fall further, the head of French shipping giant CMA CGM said in a newspaper interview published on Wednesday.Asked by Le Figaro whether container rates will keep dipping, Chief Executive Rodolphe Saade replied, "This is very likely," saying that reduced consumer demand for goods amid high inflation was leading to a downward trend in international trade.(Reporting by Tassilo Hummel; Editing by Ma
Rain Helps Rhine River in Germany But Shipping Problems Remain
Heavy rain is helping stabilize the river Rhine in Germany as it suffers low water levels, but it is unlikely to be enough to solve freight shipping problems, navigation authorities said on Thursday.Shallow water is hampering shipping on the entire river in Germany south of Duisburg, and freight shipping on the river continues but with vessels carrying greatly reduced loads, said a spokesman for German…
Biden Moves to Expand Offshore Wind to Gulf of Mexico
The Biden administration on Wednesday said it had identified 700,000 acres for possible offshore wind energy development in the Gulf of Mexico, seeking to expand a growing clean energy industry to a major U.S. oil and gas hub.It also said President Joe Biden would direct his Interior Department to move ahead with offshore wind development in areas of the Atlantic coast where former President Donald…
'K' Line Orders Airseas Kites for Three More Ships
One of the world’s largest shipping companies has ordered kite wind propulsion systems to reduce fuel consumption and greenhouse gas emissions from three of its bulk carrier vessel.Japan-based Kawasaki Kisen Kaisha (“K” LINE) on Wednesday confirmed orders for three additional Seawing systems, bringing to a total of five the number of its vessels that will use Airseas’ innovative wind propulsion technology to reduce their emissions.Under the agreement…
Newport News Shipbuilding Announces Leadership Changes
HII’s Newport News Shipbuilding division announced several promotions “designed to optimize its shipyard operations and accelerate execution”.“We have been on an aggressive journey to transform the way we run our business. Accomplishing this transformation while running our complex business is not a simple task,” said Jennifer Boykin, president of Newport News Shipbuilding. “Our Navy customer expects…
Oil Platform Worker Airlifted Near Southwest Pass
An oil platform worker was medevaced Wednesday morning approximately 20 miles southeast of Southwest Pass, La.The U.S. Coast Guard said its watchstanders at Sector New Orleans received notification at 11:38 p.m. Tuesday from the oil platform West Delta Block 73 AD of a 49-year-old male experiencing severe abdominal pain.Watchstanders coordinated the launch of a Coast Guard Air Station New Orleans MH-60 Jayhawk helicopter crew to assist.
ABS and SHI JDP to Develop Smart Hull Monitoring Software
Classification society ABS said it has signed a joint development project (JDP) with South Korean shipbuilder Samsung Heavy Industries Co., Ltd. (SHI) aiming to enhance hull safety with smart ship technology for Structural Health Monitoring (SHM) using a hull sensor package that will allow for more informed and targeted hull surveys.SHI’s Hull Stress Monitoring System (HSMS) will be developed in accordance with the ABS Smart Functions Guide.
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DNV Verifies Signal Ocean Platform's Vessel Emissions Estimates
The algorithm underpinning Signal Ocean's estimates of vessel CO2 emissions has been verified as meeting IMO guidelines by the independent classification society DNV.The calculation considers all aspects of any voyage as well as any route deviations already taken by any given available vessel. Other factors include the vessel’s size, age, speed, loading conditions, shipyard, use of scrubbers and the type of fuel used are also considered and represented in the algorithm's output.
Swan Hellenic’s Cruise Ship SH Vega Named at Helsinki Shipyard
SH Vega, the second of three Vega-class ships under construction in Helsinki for Swan Hellenic’s heritage brand, was recently named at Helsinki Shipyard. The naming ceremony was held on Monday July 11 with Patrizia Passalacqua as the godmother of the vessel.The series of three expedition cruise vessels have high ice class and are made for high-end cruising worldwide, including high latitude areas.
Foss Maritime Names Mack COO
Seattle-based Foss Maritime announced it has promoted Chris Mack Jr. to Chief Operating Officer (COO), responsible for all of the company's harbor services activitiesMack will oversee Marine Assurance, HR and labor, Fleet Engineering and Foss’ regional management teams in Washington, Oregon, California and Hawaii.Mack joined Foss Maritime as an Able-Seaman in the Ocean Fleet after graduating from California Maritime Academy in 2005.