Palmali Aims to Expand Shipping Ops in the Black Sea
Istanbul-based tanker operator Palmali has become the top shipper for Ukraine's Black Sea-borne sunflower oil exports, one of the country's key export products, and plans to expand further, its chairman Mubariz Mansimov said.Azeri-born Mansimov said Palmali was the most active operator in the increasingly dangerous Black Sea, and plans to expand its presence in Ukraine by placing an order for 10 more cargo carriers and starting trading operations early next year. Since pulling out of the U.N.-brokered deal that guaranteed safe shipment of Ukrainian food products in July…
US Announces More Grant Funding for Ferry Upgrades
The U.S. Department of Transportation’s Federal Transit Administration (FTA) has announced $384.4 million in federal funding from President Biden’s Bipartisan Infrastructure Law for expanding and improving the nation’s ferry service in communities across the country, as well as accelerate the transition to zero emission transportation.In total, FTA is awarding 23 grants across 11 states and the U.S. Virgin Islands. Grants will fund projects including replacement of old vessels, expand fleets, and build new terminals and docks.
Stolt-Nielsen Says 2022 Q2 Profit Best Since 2007
Norwegian chemical tanker owner Stolt-Nielsen on Thursday reported a second-quarter net profit attributable to shareholders of $58.6 million, with revenue of $689.1 million. This is an increased compared with a net profit of $52.3 million, with revenue of $606.2 million, in the first quarter.Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said the second quarter net profit was the company’s highest since 2007."The second quarter continued where the first quarter ended with growing demand and a shrinking orderbook for new ships…
Tsuneishi Wins First Order for TESS42
Tsuneishi Shipbuilding Co, ship repair and manufacturing company in Japan, has received its first order from a shipowner in Japan for several 42,000-metric-ton log and bulk carriers Tsuneishi Economical Standard Ship (TESS) 42.The newly developed TESS42 follows the design concept of the TESS38 while improving transportation efficiency, with deadweight capacity increased by approximately 2,000 tons with the same draft and by approximately 4,000 tons at full load."With growing demand for cargo transport due to economic growth in Asia, we foresaw the need for a larger version of the handysize log and bulk carriers and developed this ship model…
US LNG Shipments Point to Global Gas Price Convergence
The emergence of US liquefied natural gas as a competitive alternative for European and Asian customers, combined with an oversupplied market, should drive more convergence between natural gas prices at major hubs and weaken the link between gas and oil prices, Fitch Ratings says. The first shipment of US liquefied natural gas (LNG) from Cheniere Energy's Sabine Pass facility to Europe arrived in Portugal at the end of April. It is unclear how many more shipments will arrive in Europe in the near term…
WESMAR $1.2M Egyptian Contract
WESMAR (Western Marine Electronics) announced that the $1.2m contract they have to equip Egyptian built vessels with their all stainless steel counter rotating dual prop bow thrusters for highly controlled maneuvering in restricted situations, is progressing on schedule despite the political unrest in Egypt. The 100-meter Watania 202 has entered service in the Nile River, joining Wantania 201, which launched late last year. Both vessels are part of the Nile Cargo Project, which is on target to restore commercial barge travel along the Nile River and relieve Egypt’s highway congestion and reduce high transportation costs.The entire project will eventually see 62 of these state-of-the-art, fuel efficient, and environmetnally friendly vessels on the Nile, says WESMAR President Bruce H.
