Inventory News

Here’s some good news for America’s sea power. While the U.S. Navy has initiated another review of its 30-year shipbuilding plan in the face of widespread dissatisfaction, one element within that plan has been praised: the decision to provide funding for continued construction of amphibious warfare ships. These vessels offer unmatched flexibility and the capability of transporting, deploying, and supporting ground combat forces – typically U.S. Marine Corps – to conduct amphibious assaults, humanitarian operations, or disaster relief missions.

The catastrophic bridge collapse that closed the Port of Baltimore to ship traffic is unlikely to trigger a major new U.S. supply chain crisis or spike goods prices, due to ample and growing spare capacity at competing East Coast ports, economists and logistics experts say.With six people still missing after a container ship collision destroyed the Francis Scott Key Bridge, it remained unclear how long the span's twisted superstructure would block the harbor's mouth.But port officials…

U.S. automakers General Motors and Ford will reroute affected shipments after a bridge collapse in the U.S. shuttered the Port of Baltimore, but the companies said on Tuesday the impact will be minimal."We expect the situation to have minimal impact to our operations. We are working to re-route any vehicle shipments to other ports," GM said in a statement.The Port of Baltimore is the busiest U.S. port for car shipments, handling at least 750,000 vehicles in 2023, according to data from the Maryland Port Administration.

Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show.Nord Stream AG names Lloyd's Insurance Company and Arch Insurance (EU) DAC as defendants in its lawsuit, which was filed at London's High Court last month.Switzerland-based Nord Stream confirmed in an email there is a contractual dispute in London commercial courts between itself and insurers of the pipeline system."However…

Esgian reports that offshore drilling contractors secured additional backlog in the U.S. Gulf of Mexico, Egypt, Nigeria, and Brazil and operators confirmed new discoveries in Indonesia, Côte d’Ivoire, and China in its Week 10 Rig Analytics Market Roundup.ContractsDiamond Offshore has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the 12,000-ft drillship Ocean BlackHornet.Shelf Drilling’s 250-ft jackup Rig 141 has secured a two-year…

The IMO’s Sub-Committee on Pollution Prevention and Response (PPR 11) agreed new guidance on several key environmental issues.Meeting from February 19 to 23, 2024, the following guidance will now be submitted to the Marine Environment Protection Committee for approval this March (MEPC 81) and October (MEPC 82):• the safe transport of plastic pellets by sea• best practices for cutting black carbon emissions from ships operating in or near the Arctic• reducing risks of use and carriage…

The Panama Canal announced that Deputy Administrator Ilya Espino de Marotta will now also serve as the Canal’s first Chief Sustainability Officer (CSO).As CSO, Espino de Marotta will spearhead the development of a comprehensive sustainability strategy focused on decarbonization, adaptation, and transition. Working with the International Finance Corporation (IFC), part of the World Bank Group, the Canal is already in the process of finalizing an inventory of its greenhouse gas (GHG) emissions and aims to complete a climate risk assessment by the end of the year.

The Indian Navy said on Thursday it had rescued the crew of a U.S.-owned vessel in the Gulf of Aden after an attack by Yemen's Houthi movement as tensions in the region's sea lanes disrupted global trade.Following the attack on the U.S. Genco Picardy late on Wednesday, the U.S. military said its forces had conducted strikes on 14 Houthi missiles that "presented an imminent threat to merchant vessels and U.S. Navy ships in the region".Attacks by the Iran-allied Houthi militia on…

As we enter a New Year, the memories of the shocks to the foundations to the U.S. offshore wind segment remain fresh. In short, supply chain inflation and capacity/availability, interest rate increases, and tax credit monetization have been the key themes highlighted by developers to explain why many projects became commercially unviable.Several Northeast and Mid-Atlantic states have reacted rapidly, accepting the termination of power sales & purchase agreements and allowing the canceled projects to be rebid into new solicitations.

The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

Canada-headquartered water-lubricated and grease-free seals and bearings company Thordon Bearings has appointed propeller manufacturer Bruntons Propellers as its new distributor for the U.K. and Ireland region.The propeller manufacturer will market, supply and service Thordon’s entire marine portfolio of propeller shaft bearings and seals. There is also provision for Bruntons to promote and service Thordon’s products in other market segments.Neil McDonald, Thordon Bearings’ Regional Manager…

The much-needed replacement for the U.S. Coast Guard’s long-serving medium endurance cutters (WMEC) took a giant step closer to joining the fleet as the first Offshore Patrol Cutter (OPC) was launched and christened at Eastern Shipbuilding Group (ESG) in Panama City, Fla. on October 27, 2023.The future USCGC Argus (WMSM 915) was christened by the ship’s sponsor, Captain (Ret.) Beverly Kelley, the first woman to command a U.S. military vessel, the 95-foot patrol boat, USCGC Cape Newagen (WPB 95318).

The lackluster end to the year in subcontinent recycling markets continues for another week as disappointed owners and cash buyers face selling their inventory into markets where prices have slumped, reports cash buyer GMS.Several dry bulk sales were below USD 500/LT LDT into India in the lowest confirmed deals for several months.Steel prices have declined in India by almost 10% in a shock to many, particularly as international steel prices have pushed on to an impressive extent over the last month.

Canada’s Minister of Environment and Climate Change, Steven Guilbeault, and Minister of Energy and Natural Resources, Jonathan Wilkinson, introduced Canada’s draft framework to cap pollution from the oil and gas sector on December 7. The aim is to reduce emissions and remain competitive in a shifting global market. “No sector of the economy should be allowed to emit unlimited pollution, not when we are all driving toward the same goal of net zero by 2050 to ward off the worst impacts of the climate crisis,” said the ministers in a statement.

Pakistan has become a Party to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 (Hong Kong Convention).Vice Admiral (Retd.) Iftikhar Ahmad Rao, Maritime Minister and Special Assistant to the Prime Minister (SAPM) on Maritime Affairs, Pakistan, deposited the instrument of accession with IMO Secretary-General Kitack Lim at IMO Headquarters in London on November 30.The deposit follows an IMO-run national seminar in Karachi to…

ABS is working with offshore support vessel operator Edison Chouest Offshore (ECO) on its decarbonization journey with greenhouse gas inventory and sustainability reporting services. ECO has nearly 300 vessels.ABS specialists have been working with the ECO team since 2022 providing a gap analysis for the ECO environmental, social, and governance (ESG) report using the Global Reporting Initiative (GRI) Framework.This led to a full sustainability reporting project in 2023, where ABS supplied technical guidance on the GRI Framework…

McAllister Towing has released its inaugural sustainability report.ABS specialists worked with McAllister’s team to provide greenhouse gas inventory and sustainability reporting services, calculating the operational carbon intensity and benchmarking the performance of the McAllister fleet of more than 60 vessels, including tugboats, passenger ferries, offshore supply vessels, crew boats and barges in over 13 locations along the U.S. East Coast.The report covers topics such as McAllister’s fleet profile…

Frank Manning has quickly risen through the ranks during his eight years in the shipyard business, today serving as president and COO at Diversified Marine, Inc. (DMI) in Portland, Ore. Crucial along the way has been a passion for the business itself and the people that make it all possible.“The first day I walked in a shipyard I knew that I was in the right industry,” Manning said. “DMI has always been a relationship-based business. All of our customers are close friends, and we have relationships that are second to none,” he said.

The European Council and Parliament have reached a provisional political agreement on a regulation for tracking and reducing methane emissions in the energy sector.The regulation introduces new requirements for the oil, gas and coal sectors to measure, report and verify methane emissions, as well as put in place mitigation measures to avoid such emissions, including detecting and repairing methane leaks and limiting venting and flaring. It also puts forward global monitoring tools to ensure transparency on methane emissions from imports of oil…

German container shipper Hapag-Lloyd on Thursday posted a net profit of 3.2 billion euros ($3.43 billion) for the first nine months of 2023, down by 77% from a year earlier, and cut its forecasts for full-year earnings.Net profit was down from 13.8 billion euros in comparable 2022 when the shipping industry, a proxy for global trade, boomed amid post-pandemic recovery and because logistics disruptions drove up prices for consumers.This year, the global economic slowdown and the clearing of port log-jams sent freight rates down sharply…

Pelagus 3D said Wednesday it had delivered a Return Oil Standpipe at Kobe, Japan, to be installed on Wallenius Wilhelmsen's RoRo vessel TYSLA. The collaboration involved Kawasaki Heavy Industries and Wilhelmsen Ship Management.Traditionally, the procurement, fabrication, and delivery of specific spare parts has been a time-consuming process, often leading to costly downtime for the maritime and offshore industries. However, with the advent of Additive Manufacturing (AM), also known as 3D Printing…

After a dire summer that saw over USD 100/LDT wiped off vessel recycling prices in Indian sub-continent ship recycling markets (and even Turkey to an extent), nearly all of the markets have enjoyed an upward resurgence entering the fourth quarter of the year.India has been the primary beneficiary of this recent resurgence with some stunning (container) purchases, some even approaching the USD 600/LDT mark once again, reports cash buyer GMS. As China too entered a holiday period…

Wilhelmsen and Thyssenkrupp announced on September 29 their joint venture company, Pelagus 3D, marking the entry of a new player into global maritime and offshore services market."Pelagus 3D envisions to be the largest one-stop, on-demand digital manufacturing partner for the maritime and offshore industries. It uses Additive Manufacturing (AM) or 3D printing to deliver maritime spare parts more efficiently in terms of time and cost, allowing customers to ensure their vessels’ seaworthiness and keep their operations moving on schedule…