BIMCO: Tanker Supply/Demand Balance will Tighten
The BIMCO Tanker Shipping Market Overview & Outlook February 2024 by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, forecasts that the supply/demand balance will tighten further during both 2024 and 2025.Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is also expected to tighten in 2024 but weaken in 2025.
Steve Nevey Tapped to Lead Washington State Ferries
Steve Nevey has been selected to serve as assistant secretary for the Washington State Ferries Division, the state's Secretary of Transportation Roger Millar announced on Thursday. Nevey will succeed Patty Rubstello, who is stepping down as head of WSF after more than 33 years of service with the Washington State Department of Transportation.A career mariner, Nevey progressed directly from high school to a maritime academy in the U.K.
Virginia-Class Submarine New Jersey (SSN 796) Completes Initial Sea Trials
HII on Thursday announced its Newport News Shipbuilding division has completed initial sea trials for Virginia-class attack submarine New Jersey (SSN 796). New Jersey spent several days at sea to test the boat’s systems and components.Testing included submerging the submarine for the first time and conducting high-speed maneuvers while on the surface and submerged. NNS teams will continue the testing program ahead of delivering the boat to the U.S.
New York Awards Equinor and Orsted New Offshore Wind Contracts
New York officials on Thursday awarded provisional contracts to two proposed offshore wind projects under a program meant to support the embattled industry and keep the state's clean energy goals on track.The state selected a planned 810-megawatt project, Empire Wind 1, (developed by Equinor) and Sunrise Wind, a planned 924-megawatt project (developed by Orsted and Eversource).The closely watched solicitation…
Norden Acquires Four Capesize Newbuilds
Danish shipowner Norden announced it has acquired four Capesize newbuilds expected to be delivered between 2025-2027.With the latest investments, adding to the five owned and seven chartered Capesize vessels, Norden is moving toward its ambition to operate between 20-25 Capesizes.The company said it has seen "strong demands from customers looking to unlock economies of scale by sizing up to improve efficiencies while lowering emissions"."The investments are furthermore a testament to the long-te
Wärtsilä Relaunches STC0-23 Sewage Treatment Plant
Wärtsilä Water & Waste, part of technology group Wärtsilä, has relaunched the STC0-23 sewage treatment plant, part of its series of Super Trident technologies.The relaunch, which comes after a gap of more than 13 years, sees several improvements to STC0-23, including the smallest and most compact design of any Wärtsilä Water & Waste sewage treatment plant. The technology works with both gravity and…
Houthis Say They Will Introduce Military 'Surprises' in Red Sea
Yemen's Houthis will introduce military "surprises" in their Red Sea operations, the Iran-aligned group's leader Abdul Malik al-Houthi said in a televised speech on Thursday."Our military operations will continue and advance and we have surprises that our enemies will not expect at all," al-Houthi said.Houthi militants have repeatedly launched drones and missiles against international commercial shipping since mid-November, saying they are acting in solidarity with Palestinians against Israel's
KOTUG Takes Full Ownership of Its Bahamas Towage JV with SEACOR
KOTUG International, a marine services and towage provider based in the Netherlands, announced on Thursday it has concluded its acquisition of Kotug Seabulk Maritime (KSM), taking full ownership of the Caribbean marine towage business.KOTUG said it has acquired the interest of its joint venture partner, Fort Lauderdale, Fla.-based SEACOR Holdings via its Seabulk subsidiary KS Maritime Holdings, owner of the 50% share in KSM.Founded in 2017…
CMA CGM Caps Logistics Push with $5 Billion Bollore Deal
France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.The deal will extend the reach of CMA CGM's CEVA Logistics unit into areas such as freight management
Barge Fuel Exports Help Russia Negotiate Tanker Shortage
Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges because of a lack of bigger tankers owing to EU sanctions and price cap limitations, market sources said and LSEG data showed.Some ship owners have avoided Russian ports since the EU embargo and price cap on Russian refined oil products went into effect in February last year…
Jozwiak Joins GLO Marine as Green Transition Lead
Maciej Jozwiak joined the GLO Marine team, with his experience expected to enhance the company's technical capacity to deliver high-end services to the retrofit and vessel upgrade market, with a focus on green technologies and decarbonization measures.Jozwiak brings more than six years of engineering project management at DAMEN and more than nine years as senior approval engineer at DNV’s Oslo Headquarters.
Germany Opens Remote-Controlled Center for Inland Shipping
SEAFAR, a Belgian technology and service provider for remote-controlled inland waterway shipping operations, has set up the first Remote Operations Center in Germany; a project completed in conjunction with HGK Shipping and Reederei Deymann.The Remote Operations Center, opened on February 28, 2024, enables captains to navigate vessels on inland waterways from dry land, a development seen as central to stemming problems from the shortage of specialist workers.