Dali Incident Could Be Largest Ever Single Marine Insurance Loss
Britannia, the insurer of container ship the Dali, is working with the vessel's owner and U.S. authorities on the investigation into the collapse of Baltimore's Francis Scott Key Bridge, the insurer said on Thursday.The bridge collapsed on Tuesday after the Dali suffered a power outage and struck a pylon, causing huge disruption in the port."We are working closely with the vessel's owner and manager and the relevant U.S. authorities as part of the investigation into the casualty…
Ports Not Ready for Offloading of CO2 Captured Onboard
A study commissioned by the Global Centre for Maritime Decarbonisation (GCMD), in collaboration with Lloyd’s Register and ARUP, has identified low port readiness as a major hurdle bottlenecking the adoption of onboard carbon capture and storage (OCCS) systems as a practicable decarbonization solution.Whilst the technologies required for offloading onboard captured CO2 exist at high levels of maturity, safe operationalisation of captured CO2 transfer by trained personnel has not been demonstrated.The report…
Hapag-Lloyd to Seek Cost Cuts After Net Profit Slump
German container shipper Hapag-Lloyd said on Thursday the global oversupply of container ships and a crisis in the Red Sea will force it to cut costs in 2024, adapting sailings and ports following a bruising 83% fall in net profit.Ship operators face prolonged disruption while Yemen-based Houthi militants are attacking vessels travelling on one of the world's busiest routes, wiping out the benefit from higher freight rates with costly redirections around Africa.Hapag-Lloyd's problems chime with those of competitors such as Maersk and CMA CGM, exacerbated by the arrival of additional ships orde
Nord Stream Sues Insurers in London Over 2022 Pipeline Blasts
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…
SAAM Closes 2023 with Historic Earnings
SAAM reported net income of US$501 million in 2023, representing its best-ever results thanks to the sale of its port and logistics assets to Hapag-Lloyd, which generated a net gain of US$422 million.Sales for the year totaled US$540 million and EBITDA was US$160 million, surpassing the prior year by 17% and 9%, respectively."The sale of our port terminal and inland logistics operations leaves us in a solid position to move forward on the path we have set for ourselves: to lead the consolidation process in the towage industry and grow in air cargo logistics services.
Esgian Week 10 Report: Additional Backlog Secured
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…
Posidonia 2024 Exhibitors Anticipate Paradigm Shift as AI Gains Traction
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.…
Asyad Shipping Taps LR for ESG Strategy and Reporting
Asyad Shipping, part of Asyad Group, and Lloyd’s Register (LR) have partnered to deliver the Omani national shipping company’s first ESG (Environmental, Social and Governance) report, in line with the established Global Reporting frameworks.Asyad Shipping, which operates a fleet of 85 vessels including gas carriers, very large crude carriers, product tankers and container ships, is one of the first maritime organisations in the Middle East to publish an ESG report.ESG reporting has become a growing necessity in the shipping sector as environmental concerns…
Russia Oil Fleet Shifts Away from Liberia, Marshall Island Flags Amid US Sanctions Crackdown
Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials.The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands, which are headquartered not in their home countries, but in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S.
Predictive Tech Could Extend Tank Inspection Intervals on LNG Carriers
Inspection intervals for liquefied natural gas (LNG) carrier membrane tanks could be safely extended thanks to monitoring technology and predictive maintenance, according to a study led by GTT Group, Lloyd’s Register and Shell International Trading and Shipping Company Limited.The International Gas Carriers (IGC) Code and IACS UR Z16 rules require LNG carrier cargo tanks to be inspected internally every five years. This joint study explored whether this interval could be extended…
Ukraine Expands Ship War Insurance with Marsh & Lloyd's to Iron Ore, Steel
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…
IMO Finalizes Arctic Pollution Prevention Guideline Drafts
The IMO Pollution Prevention and Response Sub-Committee PPR 11 was held February 19-23, and agreement was reached on guidance for the prevention of pollution in the Arctic marine environment.The guidance will now be presented to the IMO’s Marine Environment Protection Committee (MEPC).Lloyd’s Register reports the following was agreed at PPR 11:• Draft guidance on best practice for goal-based control measures to reduce the impact on the Arctic of black carbon emissions from international shipping (expected to be approved at MEPC 82…
EST-Floattech Receives €4 Million Investment
Developer of maritime battery systems EST-Floattech has received an investment of 4 million euros from Energy Transition Fund Rotterdam and existing shareholders Rotterdam Port Fund, PDENH, Ponooc, and Yard Energy.Energy Transition Fund Rotterdam is investing 3 million euros, the fund's first investment in maritime battery systems. The existing shareholders are jointly investing 1 million euros.The announcement was made by Chantal Zeegers, the Alderman for Climate, Building, and Housing in Rotterdam.
ICS Publishes Anti-Bullying Principles
The International Chamber of Shipping (ICS) has launched a set of industry principles for establishing effective measures to combat and eliminate harassment and bullying in the maritime sector.The principles have been published against the backdrop of a report by the International Labour Organization (ILO) – alongside Lloyd’s Register Foundation (LRF) and Gallup – on experiences of violence and harassment at work. The first of its kind global survey and analysis benefitted from insights of 74,364 respondents in employment across a range of sectors in 121 countries and territories.
Maritime Emissions Reduction Center Launched in Athens
The Lloyd’s Register (LR) Maritime Decarbonization Hub is collaborating with five leading shipowners as founding members in the establishment of a not-for-profit Athens-based global Maritime Emissions Reduction Center (M-ERC) that will focus on optimizing the efficiency of the existing fleet.The M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the greenhouse gas (GHG) emissions of the existing global fleet…
WSC Proposes Green Balance Mechanism
As the IMO prepares for negotiations on regulations to support net-zero by 2050 at MEPC 81 in March, the World Shipping Council (WSC) has proposed a greenhouse gas pricing mechanism it calls the Green Balance Mechanism.The aim is to provide a new approach to greenhouse gas pricing which makes it possible to close the price gap between fossil fuels and green fuels, at the lowest possible overall cost:• Through the Green Balance Mechanism, fees are taken from fossil fuels and allocated to green fuels used…
Fincantieri Delivers Cruise Ship Sun Princess
Italian shipbuilding group Fincantieri announced it has delivered Sun Princess, the first in a series of two new liquefied natural gas (LNG ) fueled cruise ships for Princess Cruises.At about 178,000 gross tons, Sun Princess is the largest ship ever built in Italy, as well as the first LNG cruise ship ever built by Fincantieri, the shipbuilder said. The ship is also the first dual-fuel vessel powered primarily by LNG to enter the Princess fleet.Sun Princess is the first in Princess Cruises’ Sphere class. Its sister-ship is scheduled to be delivered in 2025.
Maersk Warns Oversupply to Hit Profits
Maersk warned on Thursday that container shipping overcapacity would hit profits more than expected this year and that it didn't see a major boost from the jump in freight rates due to Red Sea disruptions, hammering its shares.The warning, which also led the Danish shipping giant to suspend its share buyback programme, is in stark contrast with investors' recent optimism about the sector.Container shipping companies have been among the best-performing stocks in Europe this year…
Navigating Disruption: CMA Shipping 2024 Unveils Agenda and Speaker Lineup
C-Suite leaders of ABS, Panama Canal Authority, BIMCO, INTERCARGO, IACS, DNV, Stena Bulk, Hapag-Lloyd, IBIA, International Seaways and many more have been announced for the conference lineup at CMA Shipping 2024.With just six weeks to go, eager anticipation is growing for the 39th edition of CMA Shipping taking place in Stamford, Conn., from March 12-14, 2024.The conference agenda promises to highlight pertinent issues surrounding the future of shipping, and how the industry can navigate challenges such as the energy transition, crewing and education, safety and compliance.
Cradle-to-Grave LNG Carrier Study Spotlights Crucial Role of Alternative Fuels for GHG Reduction
Alternative fuels, green steel and renewable energy are fundamental to greenhouse gas (GHG) emissions reduction during the life cycle of a vessel, an industry-first cradle-to-grave study on a newbuild LNG carrier has revealed.Carried out by Lloyd’s Register, Knutsen, HD Korea Shipbuilding and Offshore Engineering (HD KSOE), and HD Hyundai Heavy Industries (HHI), the analysis has highlighted the environmental output at each stage of a vessel’s life.Namely, the six-month study, which began in June 2023…
Amogy Issued Feasibility Statement by Lloyd’s Register
Ammonia power solutions company Amogy informs it has been awarded a feasibility statement by classification society Lloyd’s Register (LR).Amogy has developed an ammonia-to-electrical power system that splits, or “cracks,” liquid ammonia into its base elements of hydrogen and nitrogen, which then funnels the hydrogen into a fuel cell, generating power at five times the energy density of lithium batteries.The feasibility statement from LR serves as the official approval of Amogy’s Technology Qualification Plan (TQP)…
Lloyd’s Register Issues AiP for Estonian State Fleet’s Hydrogen Fuel-Cell Ferry
Lloyd’s Register (LR) has awarded Approval in Principle (AiP) to Estonian State Fleet for hydrogen fuel-cell ferry designed by Finnish ship design and engineering company Deltamarin.The zero-emissions ferry is to be operated between the Estonian mainland and the islands of Saaremaa and Hiiumaa, on the Virtsu-Kuivastu and Rohuküla-Heltermaa routes, which connect the Baltic nation to its two largest islands.As part of the certification, LR approved the current stage of the design process to be suitable for further design…
CMA CGM Lines Up Methanol Retrofits
CMA CGM has lined up several of its existing containerships for conversion to dual-fuel methanol propulsion.The French ocean carrier has signed contracts with China State Shipbuilding Corporation’s (CSC) Qingdao Beihai Shipbuilding to carry out the conversions starting from mid-2025. The program will reportedly include one or two 9,300 TEU vessels but could grow to up to 10 ships if successful.CMA CGM joins a growing list of container shipping companies that have moved to convert ships to run on methanol…