US Gives Grace Period to Cargoes Under Russia Oil Product Price Cap
The U.S. Treasury Department said late on Wednesday that shipments facing the G7's upcoming price cap on oil products such as diesel and gasoline from Russia will have a grace period to arrive at their destination.G7 democracies and Australia are planning to cap prices on two oil products from Russia from Feb. 5 as part of their effort to reduce Moscow's export revenues as it wages war in Ukraine.
Sanctions Could Cut Russia's Baltic Oil Exports by 20%
Exports of Russia's flagship Urals crude blend from Baltic Sea ports may fall by up to a fifth in December, after a Western price cap and an EU embargo on Russian oil took effect, according to traders and Reuters calculations.Traders said Russia has been unable to fully redirect Urals exports from Europe to other markets, notably India and China, and it had struggled to find enough suitable vessels.According to traders' data and calculations made by Reuters…
Algoma Acquires Two Product Tankers
Canadian shipping company Algoma Central Corporation on Thursday announced it has acquired two 18,894 dwt product tankers. Built in 2007, the sister ships were purchased to prepare for the coming replacement of two older vessels in the company’s Algoma Product Tankers fleet.“The vessels are high quality additions to our Product Tanker fleet,” said Gregg Ruhl, President and CEO of Algoma, “and mark an important step in our on-going fleet renewal journey…
Remontowa Delivers Mine Destroyer to Polish Navy
At the Remontowa Shipbuilding S.A. shipyard, a handover and acceptance protocol for the third in a series of modern mine destroyers – the ORP Mewa vessel for the Polish Navy – was signed on Wednesday.The ship was built by a consortium comprising the leader, Stocznia Remontowa Shipbuilding S.A., which is part of the Remontowa Holding S.A. capital group, the Research and Development Centre for Maritime Technology (OBR CTM) S.A.
Eni to Deploy FLNG Unit Offshore the Republic of Congo
Italian oil giant Eni has signed a contract with China's Wison Heavy Industry for the construction and installation of a floating liquefied natural gas (FLNG) unit with a capacity of 2.4 MTPA (million tons per annum). The FLNG will be deployed offshore the Republic of Congo.The 380-meter-long and 60-meter-wide vessel will be anchored at a water-depth of around 40 meters and will be able to store over 180,000 cubic meters of LNG and 45,000 cubic meters of LPG.
Has Green Hydrogen Sprung a Leak?
The green hydrogen express is gathering pace, but it may have a worrying problem with leaks.As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data on leaks and the potential harm they could cause is a blind spot for the nascent industry.At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere.
Report: Output from Shell's Prelude FLNG Shut Again
Shell has stopped production at its Prelude floating LNG plant off Western Australia after a fire.A Shell spokesperson told Reuters on Thursday that the fire at…
US Navy to Name Oceanographic Survey Ship USNS Robert Ballard
The U.S. Navy's next Pathfinder-class oceanographic survey ship will be named USNS Robert Ballard (T-AGS 67), Secretary of the Navy (SECNAV) Carlos Del Toro announced on Wednesday.The name selection follows the tradition of naming survey ships after explorers, oceanographers and distinguished marine surveyors. Widely known as a discoverer of the final resting place of the R.M.S. Titanic, Dr. Robert Ballard is a retired U.S.
Dry Bulk: Capesizes Rates Top Five-month High
The Baltic Exchange's dry bulk sea freight index rose on Wednesday, as a jump in capesize segment to its highest since mid-July offsets a decline in rates for smaller vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 127 points, or about 8%, to 1,723, its highest since Oct.
Caterpillar to Pilot Hybrid Solution on a Jackson Offshore PSV
Power solutions provider Caterpillar Marine is partnering with Jackson Offshore Operators to pilot an integrated hybrid energy solution that will help the Louisiana-based offshore marine services firm reduce fuel consumption and diesel exhaust emissions on board one of its platform supply vessels (PSV), the companies announced Wednesday.The solution, which will include a new energy storage system (ESS) to compliment the vessel's existing twin 2…
Swedish Club Managing Director Lars Rhodin Retires
Lars Rhodin, will retire as managing director of The Swedish Club, ffective January 1, 2023.Rhodin first joined The Swedish Club in 1986 and has spent 15 years at the helm. During that time, he spearheaded a period of considerable growth for the Club, successfully steering it through challenges and overseeing the opening of three new offices in Oslo, London and, the latest, in Singapore.“Since I joined the Club in 1986, I have been part of a family,” Rhodin said.
MSC Group Completes Purchase of Bolloré Africa Logistics
French conglomerate Bollore, run by the family of billionaire Vincent Bollore, said on Wednesday it had completed the sale of its Bolloré Africa Logistics arm to shipping company MSC Group.The Bolloré company added the transaction was on the basis of a 5.7 billion euro ($6.1 billion) enterprise value.“The Bolloré Group will remain strongly involved in Africa, notably through Canal+, and will also continue to develop on this continent its activities in many fields such as communications, entertai
Bibby Floatel to House Bridge Builders in Denmark
One of Bibby Marine’s floating accommodation barges, ‘floatels’, the Bibby Bergen, is on its way to Vordingborg, Denmark where it will house bridge construction workers. The floatel will be used on a two-year charter for Site Facility, a Danish company specializing in handling accommodation of larger groups of employees on remote sites.With 180 cabins, a kitchen, restaurant, relaxation rooms and laundry facility on board…
Norwegian Government Backs Project to Develop Offshore Charging Solutions
The Norwegian government awarded Maritime CleanTech partner Vard Group and the Ocean Charger project partners 38 million NOK (approx. US$3.9 million) for the development of offshore charging solutions that would support zero-emissions operations at offshore wind farms.The Norwegian support scheme (The Green Platform Initiative) aims to accelerate the growth of green businesses in Norway. Today, Norwegian Minister of Trade…
Rauma Begins Building Second LNG Ferry for Spirit of Tasmania
Finnish shipbuilder Rauma Marine Constructions held a steel cutting ceremony to mark the official start of construction for Spirit of Tasmania V, the second liquefied natural gas (LNG)-powered car and passenger ferry for the world’s southernmost open sea route between mainland Australia and Tasmania.The production of the first vessel began in February 2022 and its keel-laying ceremony was held in late October. The design and construction of both vessels have proceeded according to schedule.
Shipping Slumps on Russia's Azovo-Don Inland Waterways
Commercial cargo shipments on Russia’s Azovo-Don inland waterways have slumped in 2022 to the lowest level on record amid Western sanctions and traffic suspensions on vessels in the Azov sea, Russian Federal Agency for Sea and Inland Water Transport (Rosmorrechflot) said.The Azovo-Don waterways are used during the summer period as an alternative to railways for the export of cargoes, including oil…
Carnival Posts Smaller Loss as it Tightens Control on Costs
Carnival Corp on Wednesday posted a smaller-than-expected quarterly loss as the cruise operator kept a tight lid on operating costs, sending its shares up about 7% in morning trade.Cruise operators including Carnival have been wrestling with rising fuel prices, a stronger U.S. dollar and higher interest rates, which have been further exacerbated due to the ongoing Russia-Ukraine conflict.Carnival has been removing some of its less efficient ships from the company’s fleet…
Poland and the Baltics Eye Growth in Offshore Wind
Poland and the three Baltic countries, Estonia, Latvia and Lithuania, present a significant opportunity to expand offshore wind generation beyond the Baltic waters of Denmark, Germany and Sweden. Driven by the need to decarbonize energy supply and increase energy security, Poland and the Baltics can be seen as both a single opportunity for the supply chain to support the deployment of at least 28 GW of offshore wind by 2035 and also as individual country opportunities.
FureBear Orders Svanehøj Electric Cargo Pumps for Seven Tankers
Denmark-based marine pump maker Svanehøj said Wednesday it had secured an order to deliver electric cargo pumps for seven LNG-/LBG-fueled chemical & product tankers. The client is the joint venture-company FureBear.Swedish Furetank AB and Canadian Algoma Central Corporation have entered into a joint venture agreement to construct eight LNG/LBG-fueled ice class 1A chemical & product tankers (17,999 DTW) to trade in Northern Europe.The joint-venture company…
Russia's Azovo-Don Inland River Shipping Sees Slump amid Traffic Restrictions, Sanctions
Commercial cargo shipments on Russia's Azovo-Don inland waterways have slumped in 2022 to the lowest level on record amid Western sanctions and traffic suspensions on vessels in the Azov sea…