Marine Link
Tuesday, March 19, 2024
SUBSCRIBE

Next Week News

10 Mar 2024

Biden's Pier for Gaza Aid Might Not be Ready for 60 Days

File photo: A temporary floating pier built by U.S. armed forces in South Korea as part of an exercise in 2015 (Photo: Maricris McLane U.S. Army)

U.S. President Joe Biden's plan to build a floating U.S. military port to speed up aid to Gaza could take up to 60 days to become a reality and involve more than 1,000 American troops, the Pentagon said on Friday.The Pentagon offered the timeline a day after Biden announced the initiative in his State of the Union speech, as he seeks to cool anger in his Democratic Party over his staunch support for Israel's offensive in Gaza since Oct. 7.The United Nations has warned that widespread famine in the Gaza Strip is "almost inevitable" without urgent action.

18 Feb 2024

GMS: Ship Recycling Market Still Slow

Source: GMS

Despite Chinese new year holidays concluding on Friday, a pervading theme of an unrelenting dearth in the overall availability of tonnage across global ship recycling markets has been enduring for several quarters now, says cash buyer, GMS.This has resulted in another dreary week of market inactivity and silence across all recycling destinations.Charter rates continue to remain artificially elevated (especially) in the dry bulk sector, consequently placing a tighter squeeze on the overall supply of vessels for recycling.

17 Jan 2024

EU Report Recognizes Need for Port Investment Stability

Source: ESPO

The European Parliament has officially adopted the Berendsen report, an own-initiative report on “building a comprehensive European Port Strategy” (585 in favor, 21 against, 26 abstentions).The European Sea Ports Organisation (ESPO) welcomed the support for the strategic and vital role that Europe’s ports play for European society and economy. ESPO supports the Parliament’s plea to further harmonize the measures to strengthen the resilience and protection of Europe’s critical infrastructure, including ports.

17 Jan 2024

US Lists Houthis as Terrorists, Business Fears Lengthy Red Sea Disruption

© aerial-drone / Adobe Stock

The United States on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups, while business chiefs warned that disruption to shipping in the Red Sea caused by their attacks could affect supply chains for months.Attacks by the Iran-allied Houthi militia on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.The Houthis say they are acting in solidarity with Palestinians and have threatened to expand attacks to include U.S.

17 Jan 2024

Italy Pushes for Quick Decision on EU Maritime Red Sea Force

© aerial-drone / Adobe Stock

Italy would like a political decision made to create an EU maritime security mission for the Red Sea by next week so that it can become operational as soon as possible, its foreign minister said on Wednesday.European Union member states gave initial backing on Tuesday to the mission to protect ships from attacks by Yemen's Iran-aligned Houthi militia in the Red Sea on concern that disruption in one of the world's top trading arteries could hit the global economy.A U.S.-led mission is already operating in the region.The objective of EU states was to establish their mission by Feb.

14 Jan 2024

Tesla, Volvo Car Pause Output as Red Sea Shipping Crisis Deepens

© Björn Wylezich / Adobe Stock

Automakers Tesla and Geely-owned Volvo Car said they were suspending some production in Europe due to a shortage of components, the first clear sign that attacks on shipping in the Red Sea are hitting manufacturers in the region.The United States and Britain launched a series of strikes on Yemen on Thursday, aimed at the Iran-backed Houthi militia whose attacks on international shipping have disrupted one of the world's most important shipping routes.Container shipping rates jumped…

04 Dec 2023

India Resumes Imports of Venezuelan Oil

© Fotos von Schiffen / Adobe Stock

Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance RELI.NS set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.Trade resumed between the OPEC producer and the second largest destination for its oil after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a flurry of spot sales of crude and fuel through middlemen and traders…

27 Nov 2023

Shell's Prelude LNG Facility Expected to Resume Exports Next Month

(Photo: Shelll)

Shell has almost finished extensive maintenance at its Prelude floating liquefied natural gas (FLNG) facility off Australia and is set to resume exports next month, according to industry sources and shipping data.The timing of the giant floating facility's return to operations is likely to coincide with peak consumption in major markets, including China and Europe, as winter in the northern hemisphere drives demand, although high inventories have limited buying so far this year.In a sign that the work…

20 Oct 2023

Australia Says 'Not Necessary' to Cancel Chinese Firm's Lease on Darwin Port

© Peter / Adobe Stock

Australia said a security review of a 99-year lease held by Chinese company Landbridge on the northern port of Darwin, a key focus of its defense strategy, found it was "not necessary to vary or cancel the lease".In a statement, the prime minister's department said: "Australians can have confidence that their safety will not be compromised, while ensuring that Australia remains a competitive destination for foreign investment".It added that monitoring of security arrangements would continue around the northern port…

22 Sep 2023

U.S. Judge Orders Expansion of Gulf of Mexico Oil Lease Auction

Credit: Mike Mareen/AdobeStock

A federal judge in Louisiana has ordered an expansion of next week's sale of oil leases in the Gulf of Mexico, saying the Biden administration must include additional acreage, according to a court ruling issued late on Thursday.The oil and gas industry, which had sued the administration,  welcomed the decision to restore 6 million acres to the auction after the Interior Department's Bureau of Ocean Energy Management earlier reduced the area available for lease in an effort to protect an endangered whale.U.S.

04 Sep 2023

A Glimmer of Optimism Shines in Ship Recycling Market

© knovakov / Adobe Stock

A glimmer of optimism seems to have been aroused in the sub-continent ship recycling markets this week, reports cash buyer GMS.The sentiment comes as several units were reportedly concluded to optimistically fervent cash buyers (at increasingly firmer levels) who are perhaps eager to book tonnage pre-Monsoon end. This could potentially satiate some of the forthcoming increase in demand from the sub-continent markets once the traditionally busy year-end / Q4 kicks in.“Several sales…

22 Aug 2023

Ferry Loses Rudder After Running Aground in Maine

Captain Richard G. Spear (File photo: Maine State Ferry Service)

A Maine State Ferry Service vessel was damaged after running aground off the coast of Vinalhaven on August 16.The car and passenger ferry Captain Richard G. Spear was pulling away from Vinalhaven to start a trip to Rockland shortly after 10:30 a.m. when it grounded. There were 65 passengers and five crew members on board at the time of the incident. No injuries were reported.MaineDOT, which runs the MSFS, said its employee who was captaining the ferry at the time of the incident…

28 Jun 2023

Sale of 37 PSVs to Tidewater: Solstad Offshore's Exit from PSV Sector Imminent

©Solstad Offshore

Norwegian offshore vessel owner Solstad Offshore has revealed the expected completion date for its previously agreed sale of 37 platform supply vessels to the U.S. offshore vessel firm Tidewater.Solstad Offshore in March said it would sell 37 PSVs to Tidewater in a move that will mark Solstad Offshore's exit from the platform supply vessel sector.In a statement on Wednesday, Solstad Offshore said the transaction was scheduled to be completed in "week 27." Given that we're currently in week 26 of 2023…

27 Jun 2023

Kitack Lim Tells GHG Strategy Group: Be Ambitious and Bold

Source: IMO

IMO Secretary-General Kitack Lim has delivered a speech at the working group meeting on the revision of shipping’s GHG strategy.The Intersessional Working Group on Reduction of GHG Emissions from Ships (ISWG-GHG 15) is meeting for five days before MEPC 80 meeting (3-7 July).There are two main themes: the finalization of the draft 2023 IMO strategy on reduction of GHG emissions from ships, and the further assessment and selection of measures, both technical and economic elements.Lim said: “You have already reiterated your commitment to finalize the revision of the initial strategy at MEPC 80.

05 Jun 2023

A Quiet Week in Chattogram, Says GMS

© saintmichel85 / Adobe Stock

As the Bangladeshi budget of June 1 starts to be digested in full, it has been a quieter week in Chattogram for ship recycling as local banks and recyclers evaluate the outcome to ensure no unexpected surprises emerge, before committing afresh on tonnage.Thus far, none seem to be reported, says GMS, so it should be a busier time for sales and activity from next week. However, this time of year is typically quieter as monsoon season brings persistent rain that hinders recycling activities.The supply of tonnage remains surprisingly scarce…

01 Jun 2023

Equinor's Arctic LNG Plant to Resume Production Next Week After Gas Leak Shutdown

Melkøya plant - Image: Ole Jørgen Bratland/Equinor

Norway's Equinor plans to restart production at its Arctic liquefied natural gas (LNG) plant in Hammerfest on June 8 after it was shut down on May 31 due to a gas leak, the company said in a market message on Thursday. The facility will be unavailable until 2100 GMT on June 8, according to a message posted via the transparency page of Norwegian gas infrastructure operator Gassco. Equinor halted production after it detected a gas leak on a cooling circuit valve. The leak had been plugged late on Wednesday.

09 May 2023

Ship Recycling Market Slows

Copyright katiekk2/AdobeStock

As the ship recycle market enters a period of contraction going into the traditionally weaker and quieter summer / monsoon months, sentiments have declined across the sub-continent markets (and even Turkey) this week, according to GMS. To compound the bearish ship recycling sentiments, local steel plate prices have further weakened at key destinations and LME steel futures show few signs of any sort of recovery in the immediate future.That said, several vessels have been working firm over the past few weeks and sales have been taking place.

26 Apr 2023

War Games: US and Philippines Sink Mock Enemy Warship

A U.S. Army High Mobility Artillery Rocket System fires during a littoral live fire event during Balikatan 23 at the Naval Education, Training and Doctrine Command, Philippines, April 26, 2023.  (Photo: Samuel Fletcher / U.S. Marine Corps)

U.S. and Philippine armed forces unleashed a volley of missiles on a mock enemy warship in the South China Sea on Wednesday, in a show of military power and a strengthening alliance at a time of rising regional tension.Philippine President Ferdinand Marcos Jr watched from a four-storey tower as a high mobility artillery rocket system (HIMARS) fired rockets at a decommissioned navy corvette in the waters just a few miles off its western province of Zambales.It was the first time the annual U.S.-Philippines "Balikatan" exercises featured live fire drills at sea…

24 Apr 2023

Ship Recycling Challenges Mount in Bangladesh

Copyright Mulderphoto/AdobeStock

The results of this most recent market decline have been on full display this week as those vessels previously sold at higher prices are now struggling to deliver in a U.S. dollar starved Bangladesh (and Pakistan) and end buyers are starting to (expectedly) create unnecessary turbulence at the waterfront, especially on those high-priced incoming units.Steel plate prices continue to dither across all markets (including Turkey) over the past month or so, leaving the various recycling…

14 Apr 2023

World's Largest FSRU Arrives in Hong Kong

©CLP Power Hong Kong Ltd

The world's largest floating storage and regasification unit (FSRU) has arrived in Hong Kong to serve the city's first liquefied natural gas (LNG) import terminal, said CLP Power Hong Kong Ltd and Hong Kong Electric Co. Ltd.The FSRU arrived on April 13 and will set sail after checks and port clearance procedures to the offshore Hong Kong LNG terminal next week for final commissioning of the project, the two companies said in a joint statement on Thursday evening.The 4 million…

10 Apr 2023

Rare Shipments of North Sea Forties Crude Head to East Coast Refiners

U.S. and Canadian refiners have turned to North Sea "Forties" crude oil for the first time in seven years in the latest sign of changing global oil flows from Russia's invasion of Ukraine. Nearly 2.6 million barrels of the crude are set to arrive at U.S. East Coast ports since February, according to Customs data on Refinitiv Eikon. Some of the oil is likely headed to Canada via pipeline. The light, low-sulfur Forties crudes are blended with others to replace Russian crudes that have been barred from the U.S. and Canada. Prior to the ban, about 50% of all crude from Russian ports that landed in the U.S. went to East Coast refineries, the customs data showed. The tanker Sea Turtle in February discharged 770,000 barrels of Forties and Forties blend crudes in Maine, destined for Suncor Energy.

23 Mar 2023

Baltic Dry Index Gains as Capesize Rates Rebound

© sandsun / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday buoyed by a rebound in rates of the larger capesize vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 28 points, or about 1.9%, to 1,484 - its biggest daily percentage rise since March 14.The capesize index added 104 points, or about 5.9%, to 1,856.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $868 to $15,396.2Mean

17 Mar 2023

GEOS Wins UK, Norway Contracts for Energy Duchess Offshore Vessel

Norwegian offshore vessel owner Golden Energy Offshore Services AS (GEOS) has secured bring to work (B2W) contract for its offshore vessel  Energy Duchess and a medium-term contract in direct continuation.The 83.4-meter vessel of Ulstein PX121 design will be mobilized with a Z-Bridge Bring to Work system (B2W), and its role will be to accommodate and bring technicians and equipment to offshore work locations. Several of the vessel's MPSV capacities and capabilities will be utilized throughout, GEOS said.According to GEOS, the job is up to 14 days in duration, and mobilization in Rotterdam will start next week after the completion of its current spot job. GEOS website info shows the vessel is currently working for EnQuest Heather Ltd. on a contract set to expire on March 20.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week