Hong Kong News

Hong Kong-based shipping company Wah Kwong is finalizing a deal later this month to double the number of liquefied natural gas (LNG) carriers that it has ordered to four, as it eyes growing global trade in the superchilled fuel, its chairman said.The ships would be delivered from 2027 onwards, Wah Kwong's Executive Chairman Hing Chao told Reuters on the sidelines of the Singapore Maritime Week ShipZERO28 event late last week."We have always been very optimistic about the outlook of LNG as a global energy," said Chao, adding that a lot of supply will have to come from the U.S.

The Sustainable Ship and Offshore Recycling Program (SSORP) has announced the successful completion of its 500th free safety awareness session at ship recycling yards across the Indian subcontinent.The milestone underscores SSORP's firm commitment to elevating safety standards and promoting sustainable practices within the ship recycling industry.Over 20 unique topics have been addressed in these sessions, spanning crucial areas such as emergency response, environmental hazards…

Ocean Network Express (ONE) has announced its Transpacific service starting from February 2025 which will deploy 16 core weekly services.“The emphasis will be on quality end-to-end direct services with high schedule reliability.

The International Chamber of Shipping (ICS) has issued a statement following the conclusion of the IMO Marine Environment Protection Committee (MEPC81) Meeting last week.“We welcome the progress made during these intensive negotiations to achieve net zero emissions from shipping, and the support received from around 60 Member States for a flat rate contribution system per tonne of GHG. The purpose of the proposed system, put forward by the ICS, is to reduce the cost gap and incentivise the accelerated uptake of green marine fuels…

Yang Ming Marine Transport is adopting sustainable biofuel for its fleet, starting at Hong Kong and Singapore, and will now incorporate biofuel into its annual fuel consumption on an on-going basis.The adoption of biofuel began with Yang Ming’s 1,805 TEU class container ship, YM Inception, and 6,600 TEU class container ship, YM Masculinity. These vessels are currently deployed on the Japan to/from Taiwan, Hong Kong, Vietnam and Thailand service and the Far East to/from Middle East service…

The new passenger fast ferry, Xin Ming Xhu VIII, is now servicing commuters on Hong Kong’s waterways after digital shipbuilder Incat Crowther delivered the first of six new passenger fast ferries to mass transit operator Sun Ferry.Xin Ming Xhu VIII, built by Guangzhou-based shipbuilder AFAI Southern Shipyard, is now in operation on the busy Central Ferry Pier to Mui Wo and Cheung Chau commuter routes in Hong Kong.Capable of transporting up to 500 passengers, the new low-draft vessel features Incat Crowther's latest generation hull form.

Ships will have to obtain a permit from Yemen's Houthi-controlled Maritime Affairs Authority before entering Yemeni waters, Houthi Telecommunications Minister Misfer Al-Numair said on Monday.Houthi militants have repeatedly launched drones and missiles against international commercial shipping in the Gulf of Aden since mid-November, saying they are acting in solidarity with Palestinians against Israel's offensive in Gaza.The near-daily attacks have forced firms into long and costly diversions around southern Africa…

As freight markets push further on, global ship recycling markets remain deprived of tonnage, making it an increasingly suffocating environment for ship recyclers to operate in, reports cash buyer GMS.Bangladesh and Pakistan rely heavily on imported ship’s steel, not only for domestic / large-scale infrastructure projects, but also for its comparatively ‘healthier’ and ‘rust-free’ condition than other forms of imported scrap metal / steel (HMS 1, HMS 2, shredded steel, etc.)Therefore…

The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian commodities to businesses in China in sanctions announced on Tuesday.Mohammad Reza Falahzadeh, deputy commander of Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen's Houthi militia, were designated under the sanctions, the Treasury Department said.The Iranian military has provided weapons and intelligence support to the Houthis that support the group's attacks on international shipping in the Red Sea…

Hede (HONGKONG) International Shipping Limited has been classified by the US Federal Maritime Commission as a controlled carrier of the Government of the People’s Republic of China and added to the agency’s Controlled Carrier List.The Controlled Carrier List was further revised by removing COSCO Shipping Lines (Europe) GmbH, which has ceased serving the US trades and has cancelled its tariff. Other COSCO entities remain on the list.Controlled Carriers are ocean common carriers operating in the US-foreign trades that are…

VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst, Veson Nautical.The data provided by VesselsValue and analysed by Veson is valid as of February 2024.

Hong Kong based ocean carrier Orient Overseas Container Line Ltd. (OOCL) announced it has taken delivery of its eighth 24,188 TEU containership, OOCL Abu Dhabi.The vessel is the fourth in a series of six 24,188 TEU newbuilds to be delivered to OOCL by the Dalian COSCO KHI Ship Engineering Co., Ltd. (DACKS) shipyard in China. The ultra large containership is 400 meters long and 61.3 meters wide.OOCL Abu Dhabi was officially named during a ceremony at the shipyard on February 25.

Dr. Kishore Rajvanshy is stepping down after three decades as managing director of Fleet Management Limited (FLEET), currently the world’s largest third-party ship management company.FLEET announced it has begun implementing a phased succession plan as Rajvanshy transitions from his current role, with a global search for a new managing director underway.As part of this transition, Angad Banga, the chief operating officer of FLEET’s parent company, The Caravel Group, will co-lead FLEET with Rajvanshy – where Rajvanshy will continue to manage the technical…

BIMCO, Bangladesh, India, Norway, Pakistan and the ICS have submitted a paper ahead of the 81st Marine Environment Protection Committee (MEPC) meeting on March 18-22 that highlights the need to resolve possible conflicts between the Hong Kong Convention and the Basel Convention.The Hong Kong Convention will enter into force on June 26, 2025, and the co-signatories of the paper ask for clarification and assurance that shipowners and parties operating in compliance with the Hong…

War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting in solidarity with Palestinians as Israel's war against Hamas militants in Gaza…

A new table published by the International Chamber of Shipping (ICS) indicates continuing positive performance by the vast majority of the maritime industry's flag states.Merchant ships are required to register under a flag state, which determines the vessel's nationality and gives jurisdiction under which to operate. Flag states have the authority and responsibility to enforce regulations over vessels registered under their flag, including those relating to inspection, certification…

In its Week 3 market report, cash buyer GMS says that even as vessel prices have improved from the lows seen towards the end of 2023 and plate prices made a massive jump in Bangladesh over the last couple of weeks, only a trickle of sales have been confirmed into the recycling markets in 2024 thus far.“There also seems a reluctance from ship owners to bite at current offers in the low USD 500s/LDT, having seen levels around USD 100/LDT higher only a couple of quarters ago. Mercifully…

China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing's commercial interests along the Suez Canal at risk.The Iran-backed Houthi militia from Yemen that seeks "Death to Israel" is challenging the ability of the world's biggest trading nation to defend billions in strategic investments in Egypt.Since President Abdel-Fattah el-Sisi came to power in 2014, China has stepped up its investment and commercial activities along Egypt's Suez Canal…

Toymaker Basic Fun's team that oversees ocean shipments of Tonka trucks and Care Bears for Walmart and other retailers is racing to reroute cargo away from the Suez Canal following militant attacks on vessels in the Red Sea.Suppliers for the likes of IKEA, Home Depot, Amazon and retailers around the world are doing the same as businesses grapple with the biggest shipping upheaval since the COVID-19 pandemic threw global supply chains into disarray, sources in the logistics industry said.Florida-based Basic Fun usually ships all Europe-bound toys from its China factories via the Suez Canal…

Lloyd’s Register (LR) has certified Nova Scotia recycling facility, R.J. MacIsaac (RJMI), according to the requirements of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships.RJMI has become first Canadian facility to be issued a Statement of Compliance (SoC) to the Hong Kong Convention for international ship recycling standards, which is scheduled to enter into force in June 2025.RJMI was required to demonstrate that its environmental protection, workforce safety and emergency preparedness systems surpass the stringent conditions of the convention.

When the United States and 11 allies published a joint statement last week calling for an end to Houthi attacks from Yemen on Red Sea shipping, they hoped the implicit threat of force might at least reduce the intensity of fire on foreign vessels.Instead, Wednesday saw the largest single attack yet on foreign vessels, according to Western defence officials, launched seven days after the joint statement. It appeared a clear attempt to call the West's bluff, just as other tensions across the Middle East appear to be on the rise.In Iraq and Syria, U.S.

It is clear that sub-continent ship recycling markets are not going to have the bumper conclusion to 2023 that many had been hoping for, reports cash buyer GMS.“Instead, only a trickle of deals are being done to muted markets, as demand and sentiments continue to struggle for another week,” says GMS. “There was one further container deal done, amidst a last quarter flurry, but dry bulk supply has stalled as trading markets have enjoyed an unexpected spike, and it seems many owners…

The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime the Treasury Department said will make it harder for Russian exporters to bypass the cap.The Treasury also imposed fresh sanctions on a ship manager owned by the Russian government and three oil traders involved in Russian oil trade.The Group of Seven (G7) industrialized countries last year imposed a price cap of $60 per barrel on Russian oil shipments in…