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Egypt Studying Further Expansion of Suez Canal
Egypt is studying further expansions of the Suez Canal to extend and complete a second channel of the waterway, the canal's head said on Monday, a move that could allow for higher volumes of shipping and prevent blockages from halting traffic.The comments come as the canal is seeing a sharp fall in revenue due to shipping companies diverting away from the waterway, the shortest route between Europe and Asia, because of attacks by Houthi militants in Yemen against ships in the Red Sea.Any new ext
Risk Reigns in Ocean Shipping, Industry and Economic Experts Say
Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers, at a level we haven't seen since the end of World War II," former U.S. Defense Secretary Robert Gates said at the opening of S&P Global's TPM24 container shipping conference in Long Beach…
MAN to Offer Ammonia-Fuelled Ship Engines After 2027
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…
Recycling Market Still Deprived of Tonnage
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…
US Gulf Coast Fuel Oil Imports Hit Five-year Low
Imports of fuel oil bound for the U.S. Gulf Coast fell to a five-year low last month as refiners ran more cheap, heavy Canadian crude and geopolitical tensions in the Middle East pressured fuel oil flows.Fuel oil deliveries to the Gulf Coast dwindled in February to just 318,000 barrels per day (bpd), a 20% drop from the prior month and marking their lowest level since February 2019, data from tanker tracking firm…
Steve Nevey Tapped to Lead Washington State Ferries
Steve Nevey has been selected to serve as assistant secretary for the Washington State Ferries Division, the state's Secretary of Transportation Roger Millar announced on Thursday. Nevey will succeed Patty Rubstello, who is stepping down as head of WSF after more than 33 years of service with the Washington State Department of Transportation.A career mariner, Nevey progressed directly from high school to a maritime academy in the U.K.
Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals
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…
ABL on Tow Job for Mero 3 FPSO’s Voyage to Brazil
Energy and marine consultancy ABL Group has secured a contract by POSH Projects to act as tow master to support and supervise the towage of the Mero 3 FPSO from Yantai in China to Brazilian waters.As part of its scope of work, ABL’s operations in Singapore will provide a tow master to act as client representative throughout the 12,108 nautical mile towage.The tow master will supervise and ensure that…
Houthis Keep Up Pressure with Near Miss on US-flagged Tanker
Yemen's Houthis fired a missile that likely targeted the Torm Thor in the Gulf of Aden on Feb. 24 but missed the U.S.-flagged oil tanker, the U.S. Central Command (CENTCOM) said on Monday, as the Iran-aligned militia steps up attacks on ships.Shipping risks have escalated due to repeated Houthi drone and missile strikes in the Red Sea and Bab al-Mandab Strait since November in support of Palestinians in Gaza. U.S.
The APAC Offshore Market: Riding the Wave of Success into 2024 and Beyond
2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general…
Red Sea Ship Attacks Not Driving Inflation, Moody's Says
Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive route around Africa.
Greek Ship Attacked in Red Sea by Houthis Arrives in Aden
The Greek-flagged bulk cargo vessel Sea Champion arrived in the southern Yemeni port of Aden on Tuesday after being attacked in the Red Sea in what appeared to have been a mistaken missile strike by Houthi militia, shipping and military sources said.Shipping risks are escalating due to repeated drone and missile strikes in the Red Sea and Bab al-Mandab Strait by the Iran-aligned Houthis since November. U.S.
Potential Abolition of Danish International Ship Register Under Fire
It is sad and worrying that the Frigast committee now proposes to scrap the Danish International Ship Register (DIS) scheme, says Danske Rederier (Danish Shipowners). The organization therefore makes a clear call to the government not to implement the proposal, as it will have major negative consequences for Danish shipping.The so-called Frigast committee published its recommendations for changes to the existing business support schemes this week.
Red Sea Disruption to Impact Deliveries, Not Output, QatarEnergy CEO Says
Disruption to shipping in the Red Sea region will impact QatarEnergy's deliveries of liquefied natural gas (LNG) but not its production, CEO Saad al-Kaabi said on Monday."It's only going to take longer to get it there. But it will not reach a point where we have to stop production because there isn't any ship.
Two Dead in Migrant Rescues off Libya
More than 80 migrants were saved, but two died and three were missing following two sea rescue operations in the Mediterranean off the coast of Libya, the Doctors Without Borders (MSF) charity said on Sunday.MSF's vessel Geo Barents picked up over 60 people late on Saturday from a rubber dinghy in distress in international waters off Libya. It also recovered one body, and one of the migrants taken…
Marine Power R&D Insights: Matt Hart, Wabtec Corporation
Matt Hart, Manager & Platform Leader, Marine & Stationary Power Systems, Wabtec, offers insights on how the megatrends of decarbonization, energy transition and autonomy all inspire and impact the marine power solutions from Wabtec.Matt, to start us off, can you provide insight on the journey to your present position?I graduated from the University of Notre Dame with an undergraduate in Mechanical…
Port of Antwerp Disrupted by Belgian Farmers' Protests
Operations at the port of Antwerp, one of Europe's biggest container ports, were seriously impacted on Tuesday as hundreds of farmers on tractors blocked the roads around the port to demand better pay and working conditions, officials said.The protest follows a large number of similar actions by angry farmers in France, Belgium, the Netherlands and beyond, as farmers also demand looser environmental rules and better protection against cheap imports."Operations are heavily disrupted…
Houthis Target Cargo Ship Bound for Iran
Yemen's Iran-aligned Houthis have targeted a cargo ship in the Red Sea which shipping analysts said on Monday had been carrying corn to Iran.It appeared to be the first time the Houthis have targeted an Iran-bound vessel since starting attacks on international shipping in solidarity with Palestinians over the Israel-Hamas war in Gaza, shipping sources said.A U.S. defence official said it was likely that the ship had been targeted but not hit, but provided no further comment.
Future Ships: Picture Perfect
Big data, advanced computers and AI are allowing vessel designers to prepare models that leave essentially nothing to chance.“Lastly, it may be of considerable importance to form from the draught a block model of the vessel from which a still more accurate judgment may be formed of the fitness and beauty of the body. And should any defect be discovered, farther alterations must still be made, till the draught and the model are perfectly approved of.
More Grain Ships Diverted from Red Sea Due to Houthi Attacks
More ships carrying grain were diverted from the Suez Canal to sailings around the Cape of Good Hope this week as concern about attacks on vessels in the Red Sea continued, shipping analysts said on Friday."Another 13 vessels were diverted this week taking the total cargo diverted away from the Red Sea route to around 5.2 million metric tons of grains in about 90 ships since the attacks started late last year…
