Ocean Yield Firms Up Newcastlemax Order
Norwegian shipowner Ocean Yield on Friday announced it has finalized order details for a series of new Newcastlemax bulk carriers.The company announced in December 2022 that it had agreed to acquire a minimum of five and a maximum of 10 vessels with expected delivery dates between Q1 2025 and Q2 2026.Ocean Yield now revealed it has agreed with the charterer that the final transaction scope will be eight or nine vessels…
Asian Spot LNG Prices Slide for Fifth Straight Week
Asian spot liquefied natural gas (LNG) prices have weakened for the fifth consecutive week on muted demand due to healthy stocks, remaining at their lowest level in two years.The average LNG price for July delivery into north-east Asia was down 3% from the previous week at $9.50 per million British thermal units (mmBtu), the lowest since early May 2021, industry sources estimated."North Asia remains largely void of demand.
CMA CGM Sees Profit Easing as Demand Wanes, New Ship Supply
CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx of new vessels cool the container shipping market after a record 2022.The company, based in Marseille and privately controlled by the founding Saade family, on Friday reported a first-quarter net profit of $2.0 billion, compared with $7.2 billion in the year-earlier period, and said in a statement it expects the first quarter to be its most profitable of 2023.CMA
Canadian Coast Guard Plans to Order Up to 61 Small Vessels
The Canadian Coast Guard has revealed big plans to invest in its fleet of small vessels.Joyce Murray, Minister of Fisheries and Oceans and the Canadian Coast Guard, on Thursday announced $2.5 billion CAD (roughly $1.8 billion USD) for the construction of up to 61 new small vessels and the ongoing replacement of small craft, barges and workboats within the Canadian Coast guard fleet.“This is a critical investment that will help modernize the Canadian Coast Guard’s small vessel fleet…
Mass. Maritime Holds Change of Command Ceremony
Massachusetts Maritime Academy conducted its annual regimental Change of Command Ceremony in conjunction with the celebration of National Maritime Day on Wednesday, May 24.The Change of Command Ceremony is both the symbolic and physical transfer of leadership responsibilities from the graduating senior class to members of the junior class. During the ceremony, held at the Clean Harbors Athletic Stadium on the Academy’s campus…
Chinese Ships Ignore Vietnam Demand to Leave Area Close to Russian-run Offshore Gas Fields
A Chinese research ship and five escort vessels were in Vietnam's exclusive economic zone (EEZ) on Friday, close to gas blocks operated by Russian firms in the South China Sea…
NORDEN to Acquire the Thorco Projects Business
Danish shipping company NORDEN announced Friday it has entered into an agreement to acquire the Thorco Projects business, providing access to new customers within the general cargo segment such as break bulk, steels and wind energy.Denmark-based Thorco Projects, part of Thornico Group, has in recent years transformed into an asset light business operating a chartered fleet of 30-40 vessels, including mostly Handysize vessels, where NORDEN is a significant operator.
Cargo Vessel Completes Complex Autonomous Journey Off Coast of Norway
Norway's Kongsberg Maritime said Friday it had successfully demonstrated a range of remote and autonomous technologies on a cargo vessel operating off the coast of Norway.The test cruise has been named one of the most complex autonomous journeys at sea so far, Kongsberg Maritime said.The Eidsvaag Pioner is one of the two vessels that are equipped for remote-operated and autonomous transport demonstrations for the AUTOSHIP project…
Mediterranean Boat Carrying 500 Migrants has Disappeared, Rescuers Say
A boat carrying about 500 migrants, including a newborn baby and pregnant women, has disappeared in the central Mediterranean, two charities said on Friday. Alarm Phone, a group that picks up calls from migrant vessels in distress, said it lost contact with the boat on Wednesday morning. At the time, the boat was adrift, with no working engine, in high seas about 320 km (200 miles) north of the Libyan port of Benghazi and more than 400 km away from Malta or Italy's southern island of Sicily.