Returns News

Van Oord’s cutter suction dredger Biesbosch and trailing suction hopper dredger Vox Apolonia are teaming up to dredge the Prinses Amaliahaven located on Maasvlakte in Rotterdam, the Netherlands.A consortium of Van Oord, HOCHTIEF and Ballast Nedam has constructed 2.4 kilometres of new quay wall. The new quays are being dredged to a depth of more than 20 metres below sea level. This development means that the Port of Rotterdam Authority is ensuring an expansion of container capacity in Rotterdam.In total 1…

Chevron has chartered its first hybrid electric bunker tanker from V-Bunkers that will be used to provide fuel to maritime customers in Singapore region.The bunker tanker is expected to consume approximately 20% less fuel compared to a conventional tanker as it goes about its operations, which can reduce emissions and costs, according to Chevron.Instead of three auxiliary engines, as a conventional fueling barge this size would have, the barge has two auxiliary engines and an electric power distribution system.Current technology doesn’t allow barges to run completely on electricity…

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.

The Port of New Orleans (Port NOLA) reports its cruise passenger numbers are back to pre-pandemic levels. The port said Monday that it finished calendar year 2023 with nearly 1.2 million cruise passenger movements and renewed commitments to the New Orleans cruise market from both oceangoing and river cruise lines.“The cruise business has rebounded in New Orleans and cruise line partners are confident in our Port NOLA cruise market,” said Port NOLA president and CEO Brandy D. Christian.

India has deployed at least a dozen warships east of the Red Sea to provide security against pirates and has investigated more than 250 vessels as Western powers focus on attacks by Yemen's Iran-backed Houthis, Indian officials said.India has not joined the U.S.-led task force for the Red Sea and does not have any warships there. But it currently has two frontline warships in the Gulf of Aden and at least 10 warships in the northern and western Arabian Sea, along with surveillance aircraft…

Weeks of attacks by Iranian-backed Houthi militants on vessels in the Red Sea have disrupted shipping in the Suez Canal, the fastest sea route between Asia and Europe, carrying around 15% of global sea trade.For the European economy, already skirting a mild recession as it tries to shake off high inflation, prolonged trade disruption could derail plans by central banks to start cutting interest rates this year.Here are some factors policymakers are considering as they assess the implications of the disruptions.WHAT HAS BEEN THE IMPACT ON THE EUROPEAN ECONOMY SO FAR?In macroeconomic terms…

The Australian Government has recalled the livestock carrier Bahijah after it diverted from the Red Sea over a week into its voyage to the Middle East.The Bahijah loaded cattle and sheep in Fremantle, Western Australia, and departed for the Middle East on January 5, 2024. The vessel has an Israeli company name painted in large letters along the side of the hull.At the time of departure, the Department of Agriculture, Fisheries and Forestry (DAFF) said it was satisfied that the arrangements for the transport of the livestock were appropriate to ensure their health and welfare.

Kenny Ballard has been appointed Mustang Survival’s new President, taking over responsibilities from Juanita Killen, who stepped into the role of Interim President in 2023. Additionally, Lance Richardson takes on the newly created role of VP, Manufacturing and Innovation for the Wing Group, Mustang Survival’s parent company.Ballard brings a wealth of experience from previous executive roles with renowned brands, including Osprey, SwissGear, Wenger Outdoor, Kelty, and, most recently, his own successful consulting firm.

Offshore drilling company Valaris has taken delivery of newbuild drillships VALARIS DS-13 and DS-14 for an aggregate purchase price of approximately $337 million.VALARIS DS-13 and DS-14 will be mobilized from South Korea to Las Palmas in Spain, where the rigs will be stacked until they are contracted for work.The purchase of the rigs is expected to increase the company’s fourth quarter 2023 capital expenditures by approximately $355 million, representing the purchase price for the rigs and costs associated with preparing the rigs to mobilize from South Korea to Las Palmas…

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has approved the Development Plan Amendment (DPA) for the Hebron Field.The Hebron oil field is located offshore Newfoundland and Labrador, Canada, in the Jeanne d'Arc Basin 340 kilometers southeast of St. John's. The field was first discovered in 1980, and is estimated to produce more than 700 million barrels of recoverable resources. The water depth at the Hebron field is 93 meters.The approval enables ExxonMobil and…

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.

Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets.Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants.But some countries' wind power capacity targets started to look unrealistic this year after developers cancelled projects in the U.S.

bp's search for a new chief executive is set to extend into the first quarter of 2024, three sources told Reuters, while the board's probe into whether previous CEO Bernard Looney breached the code of conduct in his undisclosed personal relationships with staff drags on.The oil company has been in turmoil since Looney's resignation in September, company sources told Reuters, and the share price has underperformed rival Shell since then amid investor uncertainty over bp's future strategy.bp's shares have dropped 9% since Looney's departure, while Shell's have gained 2% over the same period.

London-headquartered Stolt-Nielsen Limited announced its subsidiary Stolt Tankers B.V. has reached an agreement with Chinese shipbuilder  Wuhu Shipyard to construct six 38,000 deadweight tonne stainless steel parcel tankers for delivery between 2026 and 2028, with additional options for a further six newbuildings.The new ships will have 30 stainless steel cargo tank segregations offering a wide range of cargo flexibility, the shipowner said.Stolt-Nielsen CEO Udo Lange said, “Following our well-timed acquisitions of 10 secondhand ships since 2021…

Erika Graziuso, Chief Information Officer, Crowley, brings a breadth and depth of non-maritime experience to bear in her quest to drive Crowley’s digital transformation in the name of decarbonization, holistic transportation efficiency and crew attraction and retention.Emulating best practices from industries outside of maritime has been a mantra in boardrooms and conferences for decades, as traditional maritime mindset has, at times, been seen as an impediment to achieving next-level efficiency.Enter Erika Graziuso…

Orient Overseas Container Line (OOCL) has reported that there is a suspicious investment software in the market that is using the OOCL logo without authorization.The software claims to offer high returns on investments. However, OOCL has no connection or affiliation with the software or its developers.In a statement warning its clients, OOCL says: “We do not endorse or recommend it in any way.“OOCL does not offer any investment product or service via any channel and we urge you…

Maritime players plotting pathways to data collaboration with digital projects in line with new BV-backed research study.Digital technologies are increasingly being leveraged by shipping players to facilitate data collaboration among different actors in areas like ship design, vessel performance and port calls as a new Thetius research study backed by Bureau Veritas (BV) shows this will be vital to drive decarbonization, an OrbitMI-hosted panel heard at the recent Shipping Insight event in the US.“Data-powered…

Australian offshore vessel operator MMA Offshore has acquired the vessel “Offshore Solution” to supplement its multi-purpose support vessel fleet. The Offshore Solution is a 2016 European-built, 54-meter, DP-2 multi-purpose support vessel fitted with two deck cranes, dual moon pools, and accommodation for 42 people. According to MMA Offshore, the vessel is suitable for operations globally and can undertake a wide range of offshore services, including surveys, remote operations…

Marine Technology Reporter (MTR) has been unveiled as the exclusive video media partner of the Oceanology International exhibition and conference and will be delivering extended broadcast coverage from the 2024 event (Oi24).The collaboration will enhance Oi24’s value as a multi-media platform that communicates the changes in the fast-paced ocean technology, science, and engineering sectors and showcases the developments of the leading innovators to the global industry.As a premier news source in the marine technology and subsea sectors…

The American Association of Port Authorities (AAPA) has voiced strong support of Representative Pete Stauber’s (R-Minn.) amendment to the Transportation Housing and Urban Development (THUD) Appropriations bill which, if implemented, would restore funding for the Port Infrastructure Development Program (PIDP).“The Feds have made a serious, laudable, bipartisan down payment on port infrastructure modernization with $1.45 billion awarded through PIDP so far. Don’t stop now, Congress,” said Cary Davis, AAPA President and CEO.

Eneti, a company providing offshore wind installation vessel services, said Tuesday its subsidiary Seajacks had signed a contract with an undisclosed client to transport and install wind turbines.With mobilization starting in the second quarter of 2027, the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean (ex-Daewoo Shipbuilding & Marine Engineering) in South Korea. Including mobilization and demobilization…

Malaysia's MISC has entered into a binding Heads of Agreement (HOA) with Pengerang LNG (Two) Sdn. Bhd. (PLNG2SB), a subsidiary of PETRONAS Gas Berhad (PGB), for the supply, operation, and maintenance of a Liquefied Natural Gas (LNG) Floating Storage Unit (FSU)intended to be deployed at the PETRONAS LNG Regasification Terminal Pengerang (RGTP) in Johor."This project is a continuation of the collaboration between MISC and PGB in 2012 that brought about the successful deployment of FSU Tenaga Satu and FSU Tenaga Empat at the LNG Regasification Terminal Sungai Udang…

Carbon dioxide emissions from U.S. liquefied natural gas facilities have jumped to 18 million tons per year, up 81% since 2019, adding a volume of greenhouse gas to the atmosphere equivalent to that produced by several big coal plants, according to United States government data.They could more than double to 45 million tons per year by the end of the decade as new facilities, encouraged by soaring overseas demand for the super-cooled fuel, come online, according to company projections provided to the U.S.