Shipping Co News

The maritime industry, often viewed as conservative and measured in its approach to technological integration, is on the cusp of a transformative era with artificial intelligence (AI) emerging as a prominent player. Insights from key exhibitors at the upcoming Posidonia Shipping Εxhibition reveal a new landscape, where industry leaders strategically align with the inexorable rise of AI and consider adopting it already.According to Theodore Vokos, Managing Director, Posidonia Exhibitions S.A.…

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…

Hapag-Lloyd will continue to divert its vessels around the Suez Canal for security reasons, a spokesperson for the German container shipper said on Friday, adding a further assessment would be made on January 2.Mitsui O.S.K. Lines and Nippon Yusen, Japan's largest shipping companies, also said their vessels with links to Israel were avoiding the Red Sea area. Both companies said they were monitoring the situation.Shipping companies including Hapag-Lloyd and Denmark's Maersk earlier…

France's CMA CGM is increasing the number of vessels travelling through the Suez Canal, it said on Tuesday, joining Maersk in returning to the area after U.S.-led efforts to prevent attacks.The world's top shipping companies, including Maersk and Hapag-Lloyd, stopped using Red Sea routes after Yemen's Houthi militant group began targeting vessels this month, disrupting global trade through the Suez Canal.Instead they have rerouted via southern Africa, a longer and more expensive journey.

France's CMA CGM is increasing the number of vessels travelling through the Suez Canal, it said on Tuesday, joining Maersk in returning to the area after U.S.-led efforts to prevent attacks.The world's top shipping companies, including Maersk and Hapag-Lloyd, stopped using Red Sea routes after Yemen's Houthi militant group began targeting vessels this month, disrupting global trade through the Suez Canal.Instead they have rerouted via southern Africa, a longer and more expensive journey.

South Korean private equity firm Hahn & Co is reviewing strategic options for its majority stake in SK Shipping Co, including a sale that could value the company at about $10 billion including debt, Bloomberg News reported on Thursday.Hahn & Co is working with financial advisers as it weighs a partial or full sale of its stake, the report said, citing people familiar with the matter, adding that it was considering other options like selling individual divisions of the Seoul-based shipping company.SK Shipping did not immediately respond to a Reuters request for comment, while Hahn & Co could no

Ship classification organization ABS said Tuesday it had joined an elite working group comprised of global maritime leaders to study onboard carbon capture technologies.The collaborative project brings together ABS, Diana Shipping Services S.A., Equinor ASA, GasLog LNG Services Ltd., Maran Gas Maritime Inc., Minerva Gas Inc., Neptune Lines Shipping and Managing Enterprises S.A., Norwegian Maritime Authority (NMA), Prime Tanker Management Inc., Solvang ASA, Springfield Shipping Co.

Dry bulk shipping company Diana Shipping announced it has taken delivery of a 2016-built Ultramax bulk carrier.Diana, through a separate wholly-owned subsidiary, had agreed to purchase the 63,379 dwt DSI Drammen (formerly Nord Potomac) in February 2023.The company also announced that, through the same wholly-owned subsidiary, it entered into a time charter contract with IMC Shipping Co. Pte. Ltd., at a gross charter rate of US$18,250 per day, minus a 5% commission paid to third parties, for a period until minimum April 10, 2024 up to maximum June 10, 2024. The charter is expected to commence on April 15, 2023.The employment of DSI Drammen is anticipated to generate approximately $6.5 million of gross revenue for the minimum scheduled period of the time charter, Diana said.

Swire Bulk announced it is voluntarily rerouting its vessels off southern Sri Lanka to avoid whale strikes in one of the world's busiest shipping lanes.The move comes after researchers identified ship strikes as the leading cause of death for whales in the area, a feeding ground for many cetaceans.Swire Bulk, part of the Swire Group, said its vessels will now pass at least 15 nautical miles south of Dondra Head traffic separation scheme and avoid sailing through marked out as “no go areas”.

A group of partners in South Korea has set out to develop, demonstrate and commercialize vessels powered by small modular reactors (SMR).Nuclear power for ships has been gaining interest amid stricter greenhouse gas emissions regulations in the international shipping sector.Nine participating institutions, including KAERI, Gyeongsangbuk-do, Gyeongju-si, Korea Research Institute of Ships and Ocean Engineering (KRISO), Korean Register (KR), H-Line Shipping Co., Ltd., HMM Co., Ltd., Wooyang Shipping Co., Ltd., Sinokor Merchant Marine Co., Ltd.

Shipping companies are still waiting for "real green" fuel solutions as part of decarbonization efforts to clean up the industry, a leading industry official said.Shipping, which transports around 90% of world trade and accounts for nearly 3% of the world's CO2 emissions, is under growing pressure from environmentalists to deliver more concrete action, including a carbon levy."We are still awaiting engine and shipbuilders to come up with real green solutions," Haralambos Fafalios…

Prices in the most volatile segment of ocean shipping are collapsing, but top retailers like Walmart and Home Depot should not expect relief until the spring contract renegotiation season, industry experts said.Spot rates, which cover anywhere from 10% to 40% of ocean container shipments and are considered a key indicator of the industry's health, are in free fall as recession looms and the pandemic-fueled U.S. import bubble deflates.The cost to send a container from Asia to the United States on the demand-sensitive spot market has tumbled more than 80% from its September peak above $20…

The United States on Friday imposed new sanctions following North Korea's latest missile launches this week, targeting a fuel procurement network that Washington said supports Pyongyang's weapons programs and its military.Friday's action targeted two Singapore-registered companies and a Marshall Islands-registered firm, the U.S. Treasury Department said in a statement, as Washington seeks to hold North Korea accountable for ship-to-ship transfers that circumvent United Nations sanctions on the country."By designating these entities and individuals, the United States is sending a clear message that we will continue to take actions against those who support the development and sustainment of the DPRK’s military and weapons arsenal," U.S.

A Chinese-built very large crude carrier (VLCC) fitted with fuel-saving and emissions-reducing wing sails has been delivered to China Merchants Group.The New Aden was handed over from Dalian Shipbuilding Industry Co., Ltd (DSIC) to China Merchant Energy Shipping Co., Ltd (CMES) on September 24. Built to China Classification Society (CCS) class, the newbuild tanker is equipped with two pairs of new generation rigid wing sails made of carbon fiber composite, which will provide auxiliary propulsion power to help reduce the vessel's fuel consumptions and emissions.

The SafeNav (Safer Navigation) maritime safety project, co-funded by the European Commission and UK Research and Innovation (UKRI), was officially launched on September 1.The EUR 8 million project aims to beat a path towards safer and more secure bridge navigation today while moving toward tomorrow’s world of remote operations and autonomous shipping. “The ambition and objective of the project is to develop and test a highly innovative collision-prevention solution that will significantly reduce the probability of collisions and groundings…

Classification society DNV announced Tony Linden will step into the role of Area Manager for the UK & Ireland effective Thursday, having recently been appointed as Business Development Manager for the same area.“I am delighted to congratulate Tony on his appointment. His enterprising background, technical know-how and clear understanding of the complex challenges facing the shipping industry will make him an invaluable asset to the market,” said Torgeir Sterri, DNV Maritime Regional…

American Shipping Company ASA (AMSC), A Norwegian-based ship finance company focused on the intercoastal U.S. Jones Act shipping market, announced it has entered into bareboat charters for two of its vessels commencing in December 2022 with U.S. tanker operator Keystone Shipping Co.The bareboat charters have minimum terms of three years which may be extended at the charterer’s options. The charters are secured by back-to-back time charters of the same duration between Keystone and a major U.S. based oil and refinery group.AMSC said the new charters add almost $60 million to its existing charter backlog, excluding any proceeds from the profit share component of the charters.AMSC CEO Pål Lothe Magnussen said…

For more than two years, Isaac Larian has used every available tool to overcome global supply-chain bottlenecks and keep retailers stocked with enough Bratz and LOL Surprise! dolls to meet pandemic demand.Asked how he's preparing for this summer's West Coast port labor talks, the chief executive of Los Angeles-based MGA Entertainment deadpanned, "I'm praying two times a day."Larian and a half-dozen suppliers for major retailers like Walmart WMT.N, Amazon.com AMZN.O and Target…

Japanese shipping and logistics firm NYK has signed a long-term time-charter contract with CNOOC Gas and Power Singapore Trading & Marketing Pte. Ltd. for six liquefied natural gas (LNG) carriers, in addition to a shipbuilding contract for the vessels with Hudong-Zhonghua Shipbuilding (Group) Co. Ltd.This is NYK's first long-term time-charter contract for an LNG carrier with CNOOC. The six vessels are scheduled to be delivered between 2026 and 2027 and will be mainly engaged in LNG transportation to China.

Nakilat took delivery of a newbuild LNG carrier, “Global Sealine”, which will be commercially and technically managed in-house by Nakilat Shipping Qatar Limited (NSQL). Built by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea, this is the final LNG newbuild carrier to be delivered to Global Shipping Co. Ltd., a joint venture between Nakilat (60%) and Maran Ventures Inc. (Maran Ventures) (40%). Three of its sister vessels were delivered between 2020-2021 and are all under time charters. With a cargo carrying capacity of 174,000 cu.

Oil major Chevron Corp said on Thursday, its shipping unit has joined the Sea Cargo Charter, an initiative launched last year to cut and track emissions from ships, as efforts intensify to reduce the maritime industry's carbon footprint.Under the Sea Cargo Charter, companies, including agrigroups Cargill, ADM, and Bunge, oil majors Royal Dutch Shell and Total, and mining group Anglo American will disclose annually whether their overall ship chartering activities are aligned with International Maritime Organization (IMO) 2050 goals.IMO…

Nakilat has taken delivery of a newbuild LNG carrier dubbed Global Sea Spirit, a ship to be commercially and technically managed in-house by Nakilat Shipping Qatar Limited (NSQL). Built by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea, this is the third of four LNG newbuild carriers to be delivered to Global Shipping Co. Ltd., a joint venture between Nakilat (60%) and Maran Ventures Inc. (40%). The first two LNG carriers’ newbuilds (ME-GI type) were delivered in May 2020 and January 2021 respectively and are currently in service.With a cargo carrying capacity of 174,000 cu.

Bad weather off Canada's Pacific Coast on Monday prevented a salvage crew from boarding a cargo ship where several containers of chemicals burned over the weekend, the coast guard said.Sixteen crew members were evacuated from the MV Zim Kingston on Saturday. Five remained onboard to fight the fire, which was largely under control by late Sunday.The company has appointed a salvage crew "but due to the current weather, (they) have been unable to board the container ship", the coast…