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Monday, March 18, 2024
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Long Term News

17 Mar 2024

Mexico Could be Back Door for Chinese Imports into US

© EvrenKalinbacak / Adobe Stock

Growth in demand for container shipping imports from China into Mexico in January 2024 increased by 60% compared to 12 months ago, further fuelling suspicions it has become a back door into the US.According to analysts at Xeneta, 117,000 TEU was shipped in January of this year compared to 73,000 TEU in January 2023 (source: Container Trades Statistics).Annual growth in container shipping between China and Mexico had already increased by 34.8% in 2023 compared to just 3.5% in 2022.Peter Sand…

17 Mar 2024

Venture Global LNG to Buy Fleet of LNG Vessels

© Andriy Sharpilo / Adobe Stock

Venture Global LNG said on Sunday it would acquire a fleet of nine liquefied natural gas (LNG) transport vessels, expanding its ability to sell and ship its own cargoes.Venture Global LNG has exported hundreds of cargoes since it started liquefying gas for export in 2022 from the first of its three planned facilities in Louisiana. The vessels it used were owned by other companies and leased.The nine vessels in Venture Global's future fleet will be built in South Korea with the first to be delivered later this year…

17 Mar 2024

Launch Ceremony Held for A-O-S' New Jones Act CTV Gripper

(Photo: American Offshore Services)

An official launch ceremony was held to celebrate the commissioning of a new Jones Act compliant crew transfer vessel (CTV) built for American Offshore Services (A-O-S)—the company's first.Constructed by Blount Boats in Warren, R.I., the 100-foot-long aluminum catamaran is owned and operated by A-O-S, a joint venture formed in 2020 by leading European CTV operator Northern Offshore Services (N-O-S) and U.S.-based investment firm OIC.The vessel will support Ørsted and Eversource’s portfolio of offshore wind farms in the Northeast…

13 Mar 2024

Equinor Extends Drilling Contracts

Photo: Arne Reidar Mortensen / Equinor

Equinor, on behalf of the partners, is exercising two options to extend contracts with Archer AS, KCA Deutag Drilling Norway AS and Odfjell Operations AS for a total of four years.The options for drilling services on fixed installations on the Norwegian continental shelf provide jobs for 2,000 people per year and have an estimated value of NOK 18.4 billion.The contracts were signed in 2018 with three option periods of two years. The first two-year option was exercised in 2022.

13 Mar 2024

Zim Reports Fourth Quarter Loss

© Dmitry Pistrov / Adobe Stock

ZIM Integrated Shipping Services has announced consolidated results for the three and 12 months ended December 31, 2023, noting a net loss for the fourth quarter of $147 million (compared to a net profit of $417 million in the fourth quarter of 2022).The net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69 billion (compared to a net profit of $4.63 billion for the full year of 2022).Adjusted EBITDA for the fourth quarter was $190 million, a year-over-year decrease of 80%.

13 Mar 2024

Keel Laid for Finnish Border Guard’s New Patrol Vessel

The Finnish Border Guard, Meyer Turku, Baltic Operator and Bureau Veritas project teams (Credit: Meyer Turku)

The Finnish Border Guard has held a keel laying ceremony for its new patrol vessel at Baltic Operator's shipyard in Gdansk.On March 12, 2024, a keel laying ceremony was arranged at Baltic Operator’s shipyard in Gdansk. The ceremony took place in the presence of the representatives of the Finnish Border Guard, Meyer Turku, Baltic Operator and Bureau Veritas.The keel laying ceremony is an old tradition. Before the keel laying, the ordering party - the Finnish Border Guard - and the shipyard’s representative placed their lucky coins under the keel beneath the first block.Later on…

12 Mar 2024

Updated Framework Released for Comparing Decarbonization Technologies

© Mariusz / Adobe Stock

The Maritime Technologies Forum (MTF) has released an updated Framework for Assessing Decarbonization Technologies and Alternative Energy Carriers and a comprehensive assessment on the maturity and readiness of alternative fuel options, expanding the number of evaluated fuels covered since the previous heatmap report issued in November 2022.The assessment applied MTF’s recently updated framework to an expanded set of eight fuels, including fossil LNG, fossil MGO combined with carbon capture and storage (CCS)…

11 Mar 2024

NextDecade Targets Train 4 FID at Texas LNG Facility in H2 2024

© moofushi / Adobe Stock

NextDecade said on Monday it was targeting a final investment decision (FID) and plans to start construction of the fourth liquefaction train at its Rio Grande liquefied natural gas (LNG) facility in Texas by the second half of 2024.The Rio Grande LNG export plant has been in development for several years, suffering repeated delays. Last year the company made an FID to construct the first three liquefaction trains at the facility.NextDecade expects to finalize commercial arrangements for Train 4 in the coming months to support the FID.

11 Mar 2024

Port Houston Promotes Mariacher, Soares

© Oleksii Fadieiev / Adobe Stock

Earlier this year, 30-year Port Houston veteran Jeff Davis announced his retirement as Chief Port Operations Officer. The port's Executive Director Roger Guenther has subsequently announced the promotion of two long-term, well-regarded members of Port Houston’s executive leadership team to vital roles to ensure sustained operations and exceptional service.Ryan Mariacher, a 20-year employee and formerly Director of Container Terminal Operations, was promoted to Chief Port Operations Officer.

08 Mar 2024

Gram Car Carriers Refinances Viking Adventure

(Photo: Gram Car Carriers)

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.

07 Mar 2024

Briggs Marine Adds New Pilot Boat in the UK

(Image: Briggs Marine)

Briggs Marine announced its is adding a new pilot vessel to its fleet in response to demand for pilot services within the U.K.Built by Goodchild Marine and scheduled for delivery in March, the Forth Navigator is a 12m version of the now well-established ORC design, incorporating the high levels of performance and crew comfort, Briggs Marine said.From March 2024, the Forth Navigator will be available for charter for a range of activities, including pilot boat duties and harbor patrol either on a short or long-term basis.

07 Mar 2024

Twin Disc Inks Deal to Acquire Katsa for $23 Million

(Photo: Twin Disc)

U.S. based power transmission equipment manufacturer Twin Disc announced it has entered into a definitive agreement to acquire Katsa, a Finnish-headquartered manufacturer of power transmission components and gearboxes for industrial and marine markets, in an all-cash transaction valued at €21 million (approximately $23 million).The transaction is expected to close in the first half of calendar year 2024, subject to customary closing conditions, including regulatory approval, Twin…

07 Mar 2024

Damen and Saab Agree to Export C-71 Submarines

L to R: Micael Johansson, CEO of Saab, and Arnout Damen, CEO of Damen Shipyards (Credit: Damen)

Damen Shipyards and Saab have agreed to export the advanced expeditionary C-71 submarines, which have been developed for the Royal Netherlands Navy to replace the current Walrus class.The agreement doubles the long-term prospect of employment and income for the Netherlands Naval Cluster with the replacement of the Walrus submarines by Saab-Damen.Saab and Damen have been working together since 2015 to build, modernize, and maintain the new expeditionary submarine for the Royal Netherlands Navy.The two companies have now also agreed to offer their advanced expeditionary submarines to Canada…

06 Mar 2024

APL’s Fluid Swivel Technology Certified by DNV

Source: NOV

NOV’s APL group has received technology qualification program (TQP) certification from DNV for its largest swivel. The swivel TQP developed by APL is claimed to be a game-changer for fluid swivels for oil, gas, e-fuels, and CO2 transfer.The TQP was developed to meet the increasing demand for larger swivel designs that can withstand higher pressures and temperatures. Large swivel stacks are used for floating production vessels to connect the processing system on the weathervaning vessel with the geostationary subsea installation.“Without the swivel stack…

06 Mar 2024

ABB to Deliver Integrated Propulsion System for CCG’s Next-Gen Polar Icebreaker

Polar icebreaker (Credit: Seaspan Shipyards)

Seaspan Shipyards, Canada’s long-term shipbuilding partner for the Canadian Coast Guard (CCG) and Royal Canadian Navy, has awarded ABB a contract to deliver an integrated propulsion system for the first of the CCG’s new-generation polar class icebreakers.The vessel is expected to be one of the world’s largest and most powerful diesel-electric icebreaker when it enters service in 2030, with ABB supplying vessel systems complying with IACS Polar Class 2 requirements for year-round…

05 Mar 2024

Vuyk Engineering Rotterdam: Three Years of Independence

Source: Vuyk Engineering

Three years ago in March, Vuyk Engineering Rotterdam gained full independence, and since then, the company has taken strategic steps to chart its own course and strengthen its independent position within the maritime sector.After the closure of the Vuyk shipyard in Capelle aan den IJssel in 1979, marking the end of all shipbuilding activities, former employees established a new company: Vuyk Engineering and Trading. Founded on the principles of technical know-how combined with experience in cost calculation…

05 Mar 2024

Seaspan Shipyards Orders ABB Propulsion for Canadian Polar Icebreaker

(Image: Seaspan Shipyards)

Canadian shipbuilder Seaspan Shipyards has awarded ABB a contract to deliver an integrated propulsion system for the first of the Canadian Coast Guard’s (CCG) new-generation polar class icebreakers.The first vessel of its kind to be built in Canada in over 60 years, the vessel is expected to be one of the world’s largest and most powerful diesel-electric icebreaker when it enters service in 2030, complying with IACS Polar Class 2 requirements for year-round operations in moderate multi-year ice conditions.

05 Mar 2024

MOL Signs Long-Term Charter with Tokyo Gas for LNG Carrier Newbuilding

Illustration (Credit: MOL)

Mitsui O.S.K. Lines (MOL) has signed a long-term charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker (TLT), a wholly-owned subsidiary of Tokyo Gas.This is the eighth contract, following a time charter contract for seven LNG carriers that were signed for TLT.The 174,000-cbm ship will be 294.9 meters long, with the bread of 46.4 meters.The vessel will be built at the Geoje Shipyard of Hanwha Ocean in South Korea, and is scheduled for delivery in 2026.It will be…

05 Mar 2024

Singapore's Temasek Shortlists Saudi Aramco, Shell in Sale of Pavilion Energy Assets

© vladsv / Adobe Stock

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

04 Mar 2024

Fincantieri Joins MIT Industrial Liaison Program

Copyright Roman Tiraspolsky/AdobeStock

Fincantieri joined the Industrial Liaison Program (ILP) of the Massachusetts Institute of Technology (MIT), a collaboration that is part of the route towards the implementation of the 2023-2027 Industrial Plan.MIT's Industrial Liaison Program is a program based on the membership of large organizations interested in long-term strategic relationships with the Massachusetts Institute of Technology.The agreement will become part of Fincantieri's commitment to innovate and be at the forefront in the development of new technologies on strategic issues…

01 Mar 2024

Yara and ACME Sign Ammonia Supply Agreement

Source: Yara

Yara and GHC SAOC, a wholly owned subsidiary of India’s Acme Cleantech, have signed a binding agreement for the supply of ammonia with reduced CO2 emissions from Acme to Yara on a long-term basis.Both companies had previously signed a non-binding offtake Term Sheet and the current agreement concludes 18 months of negotiations during which the regulatory framework and certification regime have evolved significantly, creating a suitable environment for such long-term contracts.The long-term offtake agreement covers the supply of 100…

17 Mar 2024

American Offshore Services Takes Delivery of Its First CTV

(Photo: American Offshore Services)

American Offshore Services (A-O-S) has taken delivery of its first crew transfer vessel (CTV), Gripper, purpose built to support the U.S. offshore wind industry. The vessel is scheduled to be christened during an official ceremony later this month.The Jones Act compliant aluminum catamaran was built by Blount Boats in Warren, R.I., based on Northern Offshore Services' (N-O-S) 30-meter G-class design. The newbuild features Volvo Penta's IPS propulsion system and is said to be "hybrid-ready"…

01 Mar 2024

Cochin Shipyard Cuts First Steel for SAMSKIP's Zero-emission Containership

(Image: Samskip)

Indian shipbuilder Cochin Shipyard has cut first steel for the first vessel in Samskip's new series of zero-emission, autonomous ready shortsea containerships.The first of two contracted vessels, Samskip SeaShuttle, will also be among the world's first zero-emissions short sea container vessels fueled by green hydrogen.The 135-meter-long containerships were ordered by marine robotics specialist Ocean Infinity for scheduled delivery in 2025 and will be operated under long-term charter by Rotterdam-based shipping company Samskip on its west European routes.

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