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Friday, March 29, 2024
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Closing News

28 Mar 2024

Asia Crude Imports Surge as China, India Snap Up Russian Oil

© Igor Groshev / Adobe Stock

Asia's imports of crude oil are expected to rise to the highest in 10 months as heavyweights China and India lifted arrivals from Russia, but impending maintenance schedules and rising prices mean such levels may not be sustained.The world's top importing region is forecast to see arrivals of 27.48 million barrels per day (bpd) in March, up from 26.70 million bpd in February and January's 27.18 million bpd, according to data compiled by LSEG Oil Research.The bulk of oil arriving in March was arranged before the current increase in prices…

26 Mar 2024

Cargo Ship Lost Power Before Slamming Bridge in Baltimore

Collapsed Francis Scott Key Bridge in Baltimore (Credit: Screenshot/StreamTime Live)

A massive cargo ship smashed into a bridge while sailing out of Baltimore early on Tuesday, sending cars and people into the river below and closing one of the busiest ports on the U.S. Eastern Seaboard.Rescuers pulled out two survivors, one of whom was hospitalized, and searched for more in the Patapsco River after huge metal spans of the 1.6-mile (2.57 km) Francis Scott Key Bridge crumpled into the icy water around 1:30 a.m. (0530 GMT).The ship reported a power issue before impact…

21 Mar 2024

Report: Sustainable Shipping Fuels Can Reach Cost Parity by 2035

Source: Wärtsilä

Sustainable shipping fuels could reach cost parity with fossil fuels as early as 2035 with the help of decisive emissions policy such as carbon taxes and emissions limits, according to a new report launched by Wärtsilä.The report, titled ‘Sustainable fuels for shipping by 2050 – the 3 key elements of success’, states that the EU Emissions Trading Scheme (ETS) and FuelEU Maritime Initiative will see the cost of using fossil fuels more than double by 2030. By 2035, they will close the price gap between fossil fuels and sustainable fuels for the very first time.Existing decarbonisation solutions…

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…

12 Feb 2024

MARAD’s Title XI Changes: Good News for Offshore Wind?

© Maxim Khalansky / Adobe Stock

The U.S. Department of Transportation's Maritime Administration (MARAD) in December issued a final rule updating its financial requirements for the Federal Ship Financing Program, commonly referred to as Title XI. While the move applies to the U.S. maritime industry as a whole, it is seen as especially helpful for players looking to serve the U.S. offshore wind sector.Designed to promote the growth and modernization of the U.S. merchant marine and U.S. shipyards, Title XI provides for a full faith and credit guarantee by the U.S. government. The program essentially aims to encourage U.S.

24 Jan 2024

ABB Acquires Weather Routing Business

Image courtesy ABB

ABB entered into an agreement to acquire the shipping business of DTN Europe BV and DTN Philippines Inc. (hereinafter DTN Shipping), expanding the company’s offering in maritime software. The acquisition of the DTN Shipping portfolio covers vessel routing software, including analytics, reporting, and modelling applications. Financial details of the transaction were not disclosed. The transaction is subject to customary closing conditions as well as completion of applicable works councils’ consultation procedures.

12 Jan 2024

Frontline Sells Its Five Oldest VLCCs

© Björn Wylezich / Adobe Stock

Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the Company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million…

09 Jan 2024

BAE Systems Begins Building Shipbuilding Academy in Glasgow

(Image: BAE Systems)

BAE Systems announced construction has begun on a new Applied Shipbuilding Academy at its Scotstoun shipyard on the banks of the River Clyde in Glasgow, as the company bolsters its efforts to develop future talent.Designed to support the development of the entire workforce, from apprentices to senior leaders, the Academy will comprise of a Modern Trade Hall and a Flexible Learning Hub. It will also serve to upskill the existing workforce while attracting new talent.A historic industrial building will be retrofitted to become the Modern Trade Hall…

12 Feb 2024

Euronav to Buy CMB.TECH for $1.15 Billion

(Credit: Euronav)

Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH builds…

22 Dec 2023

Capital Product Partners Move Forward with $3.1B Acquisition of 11 LNG Carriers

(Credit: Capital Gas)

New York-listed shipowner Capital Product Partners L.P. (CPLP) has closed the umbrella agreement from November 2023, moving forward with the $3.1 billion acquisition of 11 newbuild LNG carrier vessels.CPLP entered into umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, providing for the acquisition of 11 newbuild liquefied LNG carriers.Upon the closing of the umbrella agreement on Thursday, CPLP entered into 11 share purchase agreements to acquire 100% of the equity interests in each vessel-owning company.Each Vessel will have a capacity of 174…

21 Dec 2023

Wilhelmsen, MPC Capital Acquire Zeaborn

Pictured L to R: Dr. Michael Silies, CEO of Wilhelmsen Ahrenkiel Ship Management; Michael Brandhoff, CEO of ZEABORN Ship Management, Carl Schou, CEO and President of Wilhelmsen Ship Management; Constantin Baack, Board Member of MPC Capital and Dr. Philipp Lauenstein, CFO of MPC Capital. Image courtesy MPC Capital

Wilhelmsen Ship Management and MPC Capital jointly acquire 100 % of Zeaborn Ship ManagementWilhelmsen Ship Management (Wilhelmsen) and MPC Capital have agreed to acquire 100% of the company Zeaborn Ship Management, which the acquiring companis position as the next milestone in the partnership between MPC Capital and Wilhelmsen and their ship management joint venture Wilhelmsen Ahrenkiel Ship Management and tanker specialist Barber Ship Management.Zeaborn manages a fleet of around 100 vessels…

13 Dec 2023

NOIA Responds to COP28 Non-Binding Pact

Source: COP28

COP28 has concluded with agreement on a text named The UAE Consensus that aims to set out a climate agenda to keep 1.5°C within reach. The UAE Consensus calls on parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions, includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.The UAE Consensus followed a year of inclusive diplomatic engagements and two weeks of intense negotiations.

13 Dec 2023

Star Bulk and Eagle Bulk Agree to $2.1 Billion Merger

© Ivan / Adobe Stock

Dry bulk shipping companies Star Bulk Carriers and Eagle Bulk Shipping have reached a deal to merge in a $2.1 billion all-stock deal.The terms of the definitive agreement have received unanimous approval from the boards of directors of both New York-listed ocean carriers, and the companes expect the deal to close in the first half of 2024 following approvals from regulators and Eagle shareholder.Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.

11 Dec 2023

Plans in Progress for New North Sea Wells

Source: COSL

Esgian has published its Week 49 Rig Market Roundup highlighting new drilling activity in the North Sea and a new licensing deal in Morocco.Drilling Activity and DiscoveriesSerica Energy is continuing with plans for its four-well drilling campaign in the UK North Sea, scheduled for 2024 and early 2025. The campaign will be carried out using the semisubmersible COSLInnovator. All four wells are production wells. The first well in the campaign will be a sidetrack of an existing well (B1z) on the Bittern field.

07 Dec 2023

Structural Safeguards in Coast Guard Suspension and Revocation Proceedings

Chief Judge Brudzinski has been an Administrative Law Judge with the U.S. Coast Guard since 2003 and its Chief Administrative Law Judge since 2013.  He has lectured extensively and has authored many articles on Coast Guard suspension and revocation proceedings for MarineLink publications, among others. The opinions expressed in this article are the author’s alone and do not necessarily reflect the official policy of the U.S. Coast Guard

This article examines 10 structural safeguards in Coast Guard Suspension and Revocation (S&R) Proceedings that ensure Coast Guard Administrative Law Judge (ALJ) decisional independence. These safeguards separate potential agency influences from the ALJ decision making process and are critical to mariner due process and fundamental fairness. We will start with an overview of Coast Guard S&R proceedings, followed by brief discussions of the Administrative Procedure Act, Administrative Law Judges, and U.S. Office of Personnel Management oversight.

29 Nov 2023

Equinor Sells Nigerian Business to Chappal Energies

Source: Equinor

Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including the unitised 20.21% stake in the Agbami oil field, operated by Chevron.Equinor has been present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deep-water field, Agbami. Since production started in 2008, the Agbami field has produced more than 1 billion barrels of oil…

13 Nov 2023

IMO/ILO Conference on Work at Sea Highlights Collaboration

Source: IMO

The Joint IMO/ILO Conference on Work at Sea held on November 13 involved the sharing of best practices, views and experiences on: ensuring the rights of seafarers and fishers; identifying gaps in the current regulatory framework, including in relation to responsible management; and exploring how governments, industry, IGOs and NGOs can collaborate to improve the relevant international maritime legal framework.In his closing remarks International Labour Organization (ILO) Director-General Gilbert F.

18 Sep 2023

Norwegian Seismic Specialists TGS and PGS Set to Merge

A PGS seismic vessel - Credit: PGS

Seismic group TGS, a supplier of key data to the oil industry, has agreed to buy loss-making rival PGS in an all-share deal valued at 9.3 billion Norwegian crowns ($864 million), the two Oslo-listed companies said on Monday.The groups expect "significant economies of scale" from the combination, with a preliminary estimate of cost cuts amounting to $50 million, they said in a joint statement.The deal, if approved by regulators, will give TGS ownership of seven modern seismic ships…

25 Sep 2023

SEACOR to Sell U.S. Harbor Towing Operations

File photo: Robert Allan Ltd.

SEACOR Holdings said Monday it had agreed to sell its U.S. harbor towing operations and assets from its Seabulk subsidiary to two parties, E.N. Bisso & Son, Inc. and Bay-Houston Towing Co.The E.N. Bisso transaction includes 12 harbor towing vessels across ports in Florida and Alabama. Bay-Houston is acquiring eight vessels operating in Texas along the Sabine Neches Navigation District and in the Port of Lake Charles, La."E.N. Bisso and Bay-Houston are two industry-leading harbor towing providers supported by many decades of safe and reliable operations…

22 Sep 2023

US Buyer Scoops Pyxis Product Tanker for $40.75 Million

Greek shipping company Pyxis Tankers announced it has agreed to sell the vessel Pyxis Epsilon, a 2015 built 50,295 dwt. product tanker, for a sale price of $40.75 million in cash to an unaffiliated buyer located in the United States.Completion of the vessel sale remains subject to customary closing conditions and is expected to occur during the fourth quarter of 2023. After the repayment of the outstanding indebtedness secured by the vessel and the payment of various transaction costs, Pyxis Tankers expects to receive cash proceeds of approximately $26.4 million, the company said. Assuming completion of the vessel sale during the fourth quarter of 2023…

25 Oct 2023

SEACOR Sells Its Inland River Business to Ingram

© Danita Delimont / Adobe Stock

Fort Lauderdale, Fla. based SEACOR Holdings Inc. announced it has signed a definitive agreement to sell its inland river transportation and logistics business to Ingram Barge Company LLC, a division of Nashville-based Ingram Marine Group.Part of the SEACOR family of businesses for over two decades, Inland River Transport Holdings LLC (SCF) includes more than 1,000 covered dry cargo hopper barges, eight 6,000-plus horsepower towboats and a network of terminal and fleeting infrastructure along the Mississippi River.“I am extremely pleased to enter this transaction with Ingram…

27 Sep 2023

Diana Inks LOI to Order Methanol Dual-fuel Bulkers

© Björn Wylezich / Adobe Stock

Dry bulk shipowner Diana Shipping announced it has signed a letter of intent (LOI) to order through Marubeni Corporation or its guaranteed nominee, an unaffiliated third party, two 81,200 dwt methanol dual fuel new-building Kamsarmax dry bulk vessels, for a purchase price of $46 million each, built at Tsuneishi Group (Zhoushan) Shipbuilding Inc., China.The vessels are expected to be delivered by the second half of 2027 and the first half of 2028 respectively. The transaction remains…

09 Nov 2023

US Shipbuilding: Policy and Progress

© Maxim Khalansky / Adobe Stock

When asked about the top issues facing shipbuilders, executives at the Shipbuilders Council of America (SCA) listed a number of topics and concerns. SCA is the only national trade association representing U.S. shipyards engaged in the building and repairing of military and other government and commercial vessels, and companies providing goods and services to the shipbuilding industry.Shutdowns have consequencesMatthew Paxton and Paula Zorensky are, respectively, SCA President and Vice President. Their top federal concern at the end of September? A U.S.