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Friday, March 29, 2024
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26 Mar 2024

Leadership Profile: Tor Svanes and NAVTOR's Quest to Transform Shipping

Tor Svanes, Founder and CEO, NAVTOR. Image courtesy Navto

Compliance, performance, profitability, sustainability; take the biggest ‘pain points’ for almost any shipping company and watch NAVTOR’s digital ecosystem work wonders. Here Tor Svanes, Founder and CEO, explains how NAVTOR has grown to lead the smart shipping world, why the recent merger with Voyager Worldwide was so critical, and how he hopes to help steer the industry towards brighter, simpler, and more intelligent horizons.“The morning of the announcement I got a text from the boss of one of our biggest competitors…

24 Mar 2024

Provaris Energy Begins Fabrication of Prototype Compressed Hydrogen Tank

Source: Provaris

Provaris Energy's prototype compressed hydrogen tank is now under construction, and final class approval is on track for completion in the June 2024 quarter.The proprietary tank design, which utilizes carbon steel plates and an inner liner, is part of the company’s hydrogen carrying vessel design.Awarded to Prodtex and partnered with SINTEF, the tank production project is designed for hydrogen storage and transportation. “The optimized design of the full-scale H2Neo carrier and containment tanks delivers substantial CAPEX and OPEX savings.

24 Mar 2024

Esgian Week 12 Report: New Finds in Guyana, China and Norway

© bomboman / Adobe Stock

Esgian reports fresh finds confirmed in Guyana, China and Norway in its Week 12 Rig Analytics Market Roundup.Report Outline:ContractsDolphin Drilling has announced the award of a $154 million drilling contract from India's exploration and production company, Oil India Limited (Oil India), to the 6,000-ft semisub Blackford Dolphin.Malaysian offshore drilling firm Velesto confirmed Friday it had recently secured long-term contract extensions for three of its jackup rigs with Petronas Carigali…

21 Mar 2024

Rem Offshore Places Order for Next-Gen Subsea Construction Vessel

Rendering of Rem Offshore's ESCV (Credit: Rem Offshore)

Norway-based offshore vessel owner Rem Offshore and shipbuilder Myklebust Verft have signed a contract for the construction of an Energy Subsea Construction Vessel (ESCV) with a 250-tonne crane.The vessel will be delivered in 2026 and will be the first of its kind that can perform heavy construction work in both offshore wind and subsea with net zero emissions, according to Rem Offshore.The contract also contains an option to build one more vessel, the company confirmed.The vessel will be equipped with dual-fuel methanol engines in combination with battery packs.

20 Mar 2024

Reliance Refusing Sovcomflot Oil Shipments

© momentscatcher / Adobe Stock

India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.The U.S.

18 Mar 2024

CEO Says Exxon Mobil Not Trying to Buy Hess

Source: Hess

Exxon Mobil CEO Darren Woods on Monday said his company is trying to establish it has rights over Hess Corp's Guyana assets in its dispute with Chevron, not buy the company itself.In his first public remarks on the company's pursuit of an arbitration case that could block Chevron's $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess."We're basically standing up for what we believe is a fundamental right," Woods told Reuters at the CERAWeek energy conference in Houston.

12 Mar 2024

Wärtsilä Delivers Simulator to Sharjah Maritime Academy

Source: Wärtsilä

Wärtsilä has supplied its latest simulator technology to the prestigious Sharjah Maritime Academy located in Khorfakkan, United Arab Emirates.The comprehensive suite of navigation, engineering, communications and Vessel Traffic Services (VTS) simulators includes full mission, part task and classroom trainers for all levels of training and research, as well as modelling and content creation tools to enable the highly skilled maritime faculty team to offer a complete range of services…

11 Mar 2024

Quality Tank Cleaning Unveils New Vessel Tank Cleaning Facility

Source: QTC

Quality Tank Cleaning LLC (QTC) has inaugurated a new industrial tank cleaning facility in collaboration with Harvey Gulf (HGIM).The company has introduced Ivan Galicia as a partner in the new endeavor located at Harvey Gulf’s Operations Facility in Port Fourchon, LA.With an illustrious career spanning over 25 years in the industry, Galicia is esteemed for his unparalleled expertise in tank cleaning operations, earning him recognition as a foremost authority in the field. He and…

07 Mar 2024

Damen and Saab Agree to Export C-71 Submarines

L to R: Micael Johansson, CEO of Saab, and Arnout Damen, CEO of Damen Shipyards (Credit: Damen)

Damen Shipyards and Saab have agreed to export the advanced expeditionary C-71 submarines, which have been developed for the Royal Netherlands Navy to replace the current Walrus class.The agreement doubles the long-term prospect of employment and income for the Netherlands Naval Cluster with the replacement of the Walrus submarines by Saab-Damen.Saab and Damen have been working together since 2015 to build, modernize, and maintain the new expeditionary submarine for the Royal Netherlands Navy.The two companies have now also agreed to offer their advanced expeditionary submarines to Canada…

06 Mar 2024

ABB to Deliver Integrated Propulsion System for CCG’s Next-Gen Polar Icebreaker

Polar icebreaker (Credit: Seaspan Shipyards)

Seaspan Shipyards, Canada’s long-term shipbuilding partner for the Canadian Coast Guard (CCG) and Royal Canadian Navy, has awarded ABB a contract to deliver an integrated propulsion system for the first of the CCG’s new-generation polar class icebreakers.The vessel is expected to be one of the world’s largest and most powerful diesel-electric icebreaker when it enters service in 2030, with ABB supplying vessel systems complying with IACS Polar Class 2 requirements for year-round…

05 Mar 2024

Vuyk Engineering Rotterdam: Three Years of Independence

Source: Vuyk Engineering

Three years ago in March, Vuyk Engineering Rotterdam gained full independence, and since then, the company has taken strategic steps to chart its own course and strengthen its independent position within the maritime sector.After the closure of the Vuyk shipyard in Capelle aan den IJssel in 1979, marking the end of all shipbuilding activities, former employees established a new company: Vuyk Engineering and Trading. Founded on the principles of technical know-how combined with experience in cost calculation…

04 Mar 2024

Fincantieri Joins MIT Industrial Liaison Program

Copyright Roman Tiraspolsky/AdobeStock

Fincantieri joined the Industrial Liaison Program (ILP) of the Massachusetts Institute of Technology (MIT), a collaboration that is part of the route towards the implementation of the 2023-2027 Industrial Plan.MIT's Industrial Liaison Program is a program based on the membership of large organizations interested in long-term strategic relationships with the Massachusetts Institute of Technology.The agreement will become part of Fincantieri's commitment to innovate and be at the forefront in the development of new technologies on strategic issues…

04 Mar 2024

MOL Wraps Up Fairfield Chemical Carriers Acquisition

MOL Chemical Tankers-operated chemical tanker Ensemble (Credit: MOL)

Mitsui O.S.K. Lines (MOL) has, through its subsidiary MOL Chemical Tankers, completed the acquisition of Fairfield Chemical Carriers, creating one of the world’s largest multi-segregated chemical tanker fleets.The acquisition, valued at $400 million, is based on a share transfer agreement signed at the end of September 2023, which has been approved by the relevant authorities under competition law.The transaction is in line with MOL’s plan to proactively invest in chemical tanker business…

04 Mar 2024

MAN to Offer Ammonia-Fuelled Ship Engines After 2027

Source: MAN Energy Solutions

MAN Energy Solutions plans to deliver later this year its first-ever engine fuelled by ammonia for installation on a new vessel in Japan and will be ready to offer ammonia-powered engines to its clients after 2027, its chief executive said.Ammonia is among several alternative fuels that shippers are exploring to reduce emissions. The shipping industry transports around 90% of world trade, but accounts for nearly 3% of the world's carbon dioxide emissions, and installing engines…

03 Mar 2024

Eight Japanese Ports Join The Green Award

Source: The Green Award

The Green Award Foundation has announced that eight ports managed by the Osaka Ports and Harbors Bureau have joined as new Incentive Providers, offering discounted port fees to Green Award certified vessels that call their ports.This expands The Green Award’s network to 47 ports incentivising safety and sustainability in shipping globally.Among the eight new Japanese ports are the Port of Sakai-Senboku and Port of Hannan, two major industrial ports situated in the Osaka Bay. With a long history as trading hubs…

03 Mar 2024

Recycling Market Still Deprived of Tonnage

Source: GMS

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…

01 Mar 2024

Ukraine Expands Ship War Insurance with Marsh & Lloyd's to Iron Ore, Steel

© glebzter / Adobe Stock

Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, following Russia's invasion of Ukraine two years ago."Expanding insurance to cover ships carrying all non-military cargo is extremely important for Ukraine…

29 Feb 2024

New York Awards Equinor and Orsted New Offshore Wind Contracts

© Fokke Baarssen / Adobe Stock

New York officials on Thursday awarded provisional contracts to two proposed offshore wind projects under a program meant to support the embattled industry and keep the state's clean energy goals on track.The state selected a planned 810-megawatt project, Empire Wind 1, (developed by Equinor) and Sunrise Wind, a planned 924-megawatt project (developed by Orsted and Eversource).The closely watched solicitation by the New York State Energy Research and Development Authority (NYSERDA)…

29 Feb 2024

CMA CGM Caps Logistics Push with $5 Billion Bollore Deal

© K I Photography / Adobe Stock

France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.The deal will extend the reach of CMA CGM's CEVA Logistics unit into areas such as freight management for pharmaceutical, cosmetics and luxury firms.CMA CGM, based in Marseille and privately controlled

29 Feb 2024

Germany Opens Remote-Controlled Center for Inland Shipping

© SEAFAR

SEAFAR, a Belgian technology and service provider for remote-controlled inland waterway shipping operations, has set up the first Remote Operations Center in Germany; a project completed in conjunction with HGK Shipping and Reederei Deymann.The Remote Operations Center, opened on February 28, 2024, enables captains to navigate vessels on inland waterways from dry land, a development seen as central to stemming problems from the shortage of specialist workers. The partners are working with the public authorities to use the permits…

28 Feb 2024

Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals

(File photo: QatarEnergy)

Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…

28 Feb 2024

DHT Orders Four VLCCs

© Antony / Adobe Stock

DHT Holdings announced it has entered into agreements to build four very large crude carriers (VLCC) in South Korea for delivery between April and December 2026.Two of the large tankers will be constructed at Hyundai Samho Heavy Industries and the other two at Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), for an average price of $128.5 million. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.The vessels have been ordered to Super Eco-designs and have carrying capacity of about 320,000 metric tons.

28 Feb 2024

Esvagt Enters South Korea’s Offshore Wind Market

(Credit: Esvagt)

Danish vessel owner Esvagt and South Korea-based shipping company KMC Line have formed strategic partnership to cooperate on offshore wind opportunities in the East Asian country.A new collaboration between Esvagt and KMC Line, formalized through the signing of the letter of intent, is aiming to unlock the considerable potential in South Korean offshore wind industry.Combining the two shipping companies' respective strengths is the new partnership's strongest card to secure a significant market position in the developing offshore value chain in the country…