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Cut Costs News

14 Mar 2024

Hapag-Lloyd to Seek Cost Cuts After Net Profit Slump

© olrat / Adobe Stock

German container shipper Hapag-Lloyd said on Thursday the global oversupply of container ships and a crisis in the Red Sea will force it to cut costs in 2024, adapting sailings and ports following a bruising 83% fall in net profit.Ship operators face prolonged disruption while Yemen-based Houthi militants are attacking vessels travelling on one of the world's busiest routes, wiping out the benefit from higher freight rates with costly redirections around Africa.Hapag-Lloyd's problems chime with those of competitors such as Maersk and CMA CGM, exacerbated by the arrival of additional ships orde

08 Feb 2024

Volunteer Fire Department in Indiana Gets Its First Boat

The Bellmore Fire Department uses the boat for the first time in early January while responding to a nighttime report of a dog in the water. (Photo: Marathon Petroleum Corporation)

A volunteer fire department in western Indiana has increased its capabilities to respond to incidents on lakes and waterways after getting an unexpected grant.The Bellmore Volunteer Fire Department purchased its first boat through funding from Marathon Pipe Line (MPL), a subsidiary of Marathon Petroleum’s midstream segment, MPLX.The department’s chief said he had considered budget cuts to make the purchase possible before MPL surprised him with a check for all the necessary funding.Bellmore…

15 Nov 2023

Digitalization: Maritime Charts its Course

Data collaboration among maritime players will be vital to facilitate more efficient ship performance as operations become more digitalised. Photo: Shutterstock

Maritime players plotting pathways to data collaboration with digital projects in line with new BV-backed research study.Digital technologies are increasingly being leveraged by shipping players to facilitate data collaboration among different actors in areas like ship design, vessel performance and port calls as a new Thetius research study backed by Bureau Veritas (BV) shows this will be vital to drive decarbonization, an OrbitMI-hosted panel heard at the recent Shipping Insight event in the US.“Data-powered…

17 Oct 2023

Rolls-Royce to Cut Up to 2,500 Jobs

© thomathzac23 / Adobe Stock

Rolls-Royce (RR.L) said on Tuesday it would cut up to 2,500 jobs as its new chief executive seeks to build a more efficient business, the latest boss to attempt to revamp one of Britain's most prestigious engineering companies.Over the last decade, Rolls-Royce, whose engines and systems are used on the Airbus A350 and Boeing 787 as well as ships, submarines and in power generation, has been through several restructurings, axing more than 13,000 jobs.Tufan Erginbilgic, who took over in January, is the latest CEO to try to tackle the company's inefficiencies.

13 Oct 2023

Connecting the Dots: From Remote Operations to Full Autonomy

Image courtesy Harvest Technology Group Limited

Realizing the full value of digital solutions far exceeds the capability of technology. The technology exists today to help offshore energy and maritime operators radically improve efficiency and cut costs in equal measure. The real trick to driving efficiencies is to take advantage of the latest technologies while at the same time negotiating the necessary culture change within individual organizations, to really reap the benefits.Harvest Technology Group is a relatively young and small Australian company that has caught the attention of a number of offshore and subsea industry heavyweights…

21 Sep 2023

US' MARAD Announces Grants to Boost Supply Chain Efficiency

File photo: U.S. Transportation Secretary Pete Buttigieg (Photo: Harvey A. Duze – Office of Command Communications)

The U.S. Department of Transportation’s Maritime Administration (MARAD) awarded nearly $12 million in grants to eight marine highway projects across the nation under the United States Marine Highway Program (USMHP). The funding will improve the movement of goods along our navigable waterways and expand existing waterborne freight services in Alaska, Illinois, Indiana, Louisiana, Texas, Washington, and Wisconsin, which will strengthen supply chains and ultimately cut costs for consumers.“Our country has always relied on American waterways to get vital goods where they need to go,” said U.S.

24 Aug 2023

Ukraine's Odesa Region Introduces New Grain Export Control Mechanism

© danimages / Adobe Stock

The southern Ukrainian region of Odesa, which has ports on the Black Sea and Danube River, is introducing a new export control mechanism for grain, regional governor Oleh Kiper said on Thursday."From now on, vessels (barges) will be loaded only after a preliminary analysis of the legality of the grain's origin," he said, adding that all customs declarations would have to be registered prior to the loading of export goods.The measure is aimed at strengthening discipline, accounting and reporting in foreign economic activity, he said.Analysts have said that a significant amount of grain is bough

10 Jul 2023

Clipper Shipping Convicted of Dumping Violations in the US

Norwegian shipping company Clipper Shipping A.S. has been convicted of violating the Act to Prevent Pollution from Ships after admitting that oily bilge water was discharged from the motor tanker Clipper Saturn. As part of the plea, they acknowledged the discharges were omitted from the Oil Record Book. Immediately after the plea entered July 6, U.S. District Judge Alfred Bennett ordered the company to pay a $1.5 million fine.On Sept. 27 and Oct. 1, 2021, the Clipper Saturn was anchored near Lome, Togo. The chief engineer at the time directed oily bilge water to be transferred into the vessel’s gray water tank and then discharged directly overboard under the cover of darkness.

28 Jun 2023

Denmark Puts Off North Sea Energy Island Tender Due to High Cost

Illustration: Danish Energy Agency (File image)

The Danish government has postponed the launch of a tender to establish a North Sea energy island project due to high costs, the country's ministry of energy said on Wednesday.The project included the construction of an artificial island in the North Sea that would serve as a hub to gather and distribute power generated by surrounding offshore wind turbines.

31 Oct 2022

CEO in Focus: Allard Castelein, Port of Rotterdam

Image courtesy Port of Rotterdam Authority/ © Ernst Bode

The Port of Rotterdam has blazed a path for ports globally in terms of automation, digitalization and decarbonization. As he enters the final year of his tenure, Allard Castelein, CEO, Port of Rotterdam, says there is still much work to do.While many global organizations are adept at ‘talking the talk’, the Port of Rotterdam stands out as ‘walking the walk’ in regards to real investment and innovation in robotics, digitalization and infrastructure improvements to facilitate the efficient, effective transfer of ship’s cargo for distribution globally.

04 Aug 2022

Rocketing Tanker Freight Rates Send Mexico's Fuel Costs Soaring

© scandamerican / Adobe Stock

High rates worldwide for moving oil are driving up Mexico’s fuel costs as importers face tanker fees on North America’s busiest maritime route that are more than double levels seen in recent years, traders and shippers said.On routes to Mexico, the extra costs have added price volatility to an otherwise stable freight market, according to Refinitiv Eikon data and people familiar with the matter.The rates are the latest blow to state oil company Petroleos Mexicanos, which controls the bulk of fuel imports later sold at subsidized retail prices.

20 Jun 2022

New Product: SeaQ Remote for Autonomous Ship Ops

“This represents a technological leap that is also the natural next step in our evolution based on long-established expertise in supply and integration of advanced SeaQ automated control systems for such areas as energy management, propulsion, bridge and navigation on more than 300 vessels,” said Vard Electro’s CEO Andrea Qualizza. Image courtesy Vard Electro

As the move toward advanced remote and autonomous operation of vessels proceeds at speed, Vard Electro introduced SeaQ Remote to facilitate a new generation of larger robotic vessels.The new product, which will see its debut delivery on a total of 14 newbuild marine robotic vessels contracted with shipbuilder VARD, is designed to unify the SeaQ suite of automation systems into a single user interface with the full range of remote functionality from shore.“We are now investing heavily in autonomous technology and digitalization…

21 Apr 2022

Rising Calls for U.S. LNG Revive Stalled Export Projects, but at Higher Costs

New Fortress Energy earlier las year bought two jack-up rigs from Maersk Drilling to use them for non-drilling purposes as part of its planned Fast LNG project. NFE is also thinking of using similar floating infrastructure for its Fast LNG Project - Image for illustration only - Credit Maersk Drilling

Soaring demand for U.S. liquefied natural gas (LNG) as buyers steer clear of Russian fuel is putting some long-stalled U.S. export projects back on track. But rising costs for materials and labor threaten to snarl these plants once again.Two developers with projects sidelined due to the U.S.-China trade war – Energy Transfer with its Lake Charles LNG and Tellurian Inc with its Driftwood LNG – have begun talks with construction provider Bechtel Group over costs, according to a…

13 Apr 2022

Another P&O Ferry Seized on Disrupted Dover-Calais Route

A second P&O ferry that sails between the English town of Dover and the French city of Calais has been detained by British officials due to a "number of deficiencies", likely exacerbating Easter holiday travel disruption.P&O Ferries, which accounted for a third of Dover's capacity, has struggled to operate a service after it fired 800 workers last month to cut costs, drawing sharp criticism from the government and sparking union protests.Britain's Maritime and Coastguard Agency (MCA) have since inspected a number of P&O's vessels and suspended four, with two operating between Dover and Calais.

07 Apr 2022

Oil Tanker Players Euronav, Frontline Plan $4.2B All-stock Merger

©Euronav (File photo)

Belgian oil tanker group Euronav and smaller Oslo-listed rival Frontline plan to merge in an all-stock transaction valued at $4.2 billion that they said would cut costs and help in their low-carbon transition.Euronav shareholders will own 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in a statement on Thursday.The merged company will use the Frontline name and will…

18 Mar 2022

Protesters Gather at UK Ports After P&O Ferries Sacks 800 Crew Members

© Image'in / Adobe Stock

Trade unions protested at British ferry ports on Friday after Dubai-owned P&O Ferries abruptly sacked 800 workers via a video message, drawing widespread condemnation and raising the prospect of disruption to key tourist and goods routes.P&O, which is owned by Dubai ports firm DP World, is recovering from a difficult two years when COVID-19 prevented tourists from travelling on its routes between Britain, France, Ireland and elsewhere in northern Europe.P&O said on Thursday it had lost 100 million pounds ($131 million) in the last year and that without changes its business was not sustainable.

23 Feb 2022

Shell to Install Kongsberg's JAWS Software on 45 LNG Carriers

© Kongsberg

Shell has signed a five-year contract for the installation of Kongsberg's JAWS (Just Add Water System) software on board 45 of the LNG carriers chartered by Shell.These are LNG carriers that already utilize the Kongsberg Maritime K-IMS Information Management System application suite. K-IMS is a web-based solution that gives both ship crews and shore teams continual access to crucial voyage and vessel data. The provision of JAWS as an application within the K-IMS suite renders it instantly available to all K-IMS users.The contract signing follows a successful year-long trial…

25 Jan 2022

Pandemic Setback Strengthens Resolve to Remain Positive

© Udo Ingber / Adobe Stock

Interferry CEO Mike Corrigan looks beyond the latest COVID-19 complications to explain why the global trade association has reasons to believe the industry’s future is ultimately secure.If I had been writing this column just a few weeks earlier than late December, my opening remarks would have been decidedly upbeat. After two devastating years under the cloud of COVID-19, the pandemic seemed to be in ever-growing retreat and the passenger ferry sector was poised to turn the corner toward ‘business as normal’ in 2022.Now, however, that hope has been somewhat diluted by a single word: Omicron.

23 Jun 2021

AR Glasses Allow Yara Marine Technologies to Provide Remote Service

(Photo: Yara Marine Technologies)

Augmented reality (AR) provides interactive access to vessel environments, like a ship’s engine room. With limited vessel access during COVID-19, Yara Marine Technologies implemented AR technology for virtual vessel access."We have been experimenting with AR glasses for some time. When the pandemic stopped our service engineers from boarding vessels, we had the alternative ready. With AR technology we have the visual field of the ship’s crew members on our monitors. While talking to the crew we can make markings, draw, and add text to the various engine parts they are looking at.

16 Mar 2021

Oil Demand Drag Takes a Toll on Tankers

© Ernest Prim / Adobe Stock

U.S. refiners are scaling back on hiring ships for longer periods to save on costs in another sign of uncertainty over when global oil demand will return to pre-COVID levels, shipping and trade sources say.The global rollout of coronavirus vaccines and the expectation that government-offered stimulus packages will boost the world economy has raised expectations of a recovery in oil consumption. But fuel demand remains sluggish, keeping oil refiners under pressure and looking for ways to limit further losses.The International Energy Agency…

13 Oct 2020

Maersk to Lay Off 2,000 in Business Shake-up

© Björn Wylezich / Adobe Stock

The world's biggest container shipping line, Maersk, said on Tuesday demand was recovering faster than expected and lifted its earnings outlook, while also announcing plans to cut 2,000 jobs as it streamlines to cut costs.Maersk, which handles about one in five containers shipped worldwide, said that though cargo volumes were still down on last year they had picked up more than forecast after falling sharply at the height of the coronavirus pandemic a few months ago."A.P. Moller - Maersk is on track to deliver a strong Q3 with solid earnings growth across all our businesses…

24 Sep 2020

Powering the World's First Fleet of Robot Ships

(Image: Ocean Infinity)

The maritime and scientific community have set themselves the ambitious target to map the entire ocean floor by 2030. Volvo Penta and Danfoss Editron will play a role by powering a novel fleet of unmanned surface robots for subsea exploration.The companies have been commissioned for the unique venture by Grovfjord Mek. Verksted (GMV) shipyard, to power the world’s first fleet of autonomous robot exploration vessels for commercial use. The seafloor analysis and oceanography company Ocean Infinity has invested in the ‘Armada’ fleet of super-advanced unmanned vessels.

24 Jun 2020

Berge Bulk Digitalizes Its Procurement

(Photo: Berge Bulk)

A dry bulk shipping company looking to enhance efficiency, cut costs and create complete procurement transparency has turned to digital procurement through Ligimatic's SERTICA fleet management system.Singapore-based Berge Bulk, which controls a fleet of 70 vessels, including some of the largest in the world, equating to over 10 million DWT, invested in SERTICA in 2014, but has recently added Moscord Marketplace digital procurement to its exiting solution.SERTICA allows Berge Bulk to optimize internal procurement processes…

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