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TEN Sells 2005-built Suezmax Tanker
Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.In announcing the sale…
Product Tanker Scrapping Drops 82%
“In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Strong earnings and second-hand values, as well as a reduction in newbuilding deliveries…
Houthis Vow to Keep Up Red Sea Attacks
The chief negotiator for Yemen's Houthis said on Monday the group's stance has not changed since U.S.-led air strikes on its positions, and warned that attacks on ships headed to Israel will continue.U.S. and British warplanes, ships and submarines last week launched dozens of air strikes across Yemen in retaliation for Houthi attacks on Red Sea shipping, which the Iran-aligned movement cast as a response…
Tesla, Volvo Car Pause Output as Red Sea Shipping Crisis Deepens
Automakers Tesla and Geely-owned Volvo Car said they were suspending some production in Europe due to a shortage of components, the first clear sign that attacks on shipping in the Red Sea are hitting manufacturers in the region.The United States and Britain launched a series of strikes on Yemen on Thursday, aimed at the Iran-backed Houthi militia whose attacks on international shipping have disrupted…
Record Container Ship Deliveries Expected in 2024
In 2023, shipyards delivered 350 new container ships with a total capacity of 2.2 million TEU, beating the previous record from 2015 when 1.7 million TEU was delivered. “The 2023 record is now likely to be beaten already in 2024,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As 2023 saw a relatively low level of container ship recycling, new ships entering the fleet caused an 8% rise in the capacity of the container fleet, the fastest growth registered since 2011.
Polish Seaborne LPG Import Growth Slowed to 7% in 2023
Growth in sea-borne imports of liquefied petroleum gas (LPG) to Poland slowed 7% last year to 1.084 million metric tons, from a jump of more than 70% in 2022, with sea terminals working almost at capacity, according to traders and LSEG data.Sea-borne imports account for some 35% of total LPG supplies to Poland, while deliveries by rail was more than 50%.Poland also remained the main destination for Russian LPG…
Germany Builds up LNG Import Terminals
German utility RWE on Jan. 1 handed over floating liquefied natural gas (LNG) infrastructure at Brunsbuettel on the North Sea to state-owned Deutsche Energy Terminal (DET) as agreed when first imports arrived 10 months ago, it said.DET is now the sole operational manager and markets the capacity of the Brunsbuettel Elbehafen LNG project.Germany's quest to increase LNG capacity for regasification on its shores has intensified as it seeks to end reliance on Russian pipeline gas…
Low Flashpoint Bunkers Identified in Indonesia
Singapore-based CTI-Maritec has found that seven samples from four different suppliers representing HSD and Bio Distillate grade deliveries in Indonesia have a flashpoint as low as 35°C.The samples were taken between December 10 and 19 2023.The company reminds that SOLAS Chapter II-2, Part B, Reg. 4. Clause 2.1.1 states: “The following limitations shall apply to the use of oil as fuel, except as otherwise permitted by this paragraph…
Workboat Power: Alternatives Join Diesel to Power Current—and Future—Vessels
Analysts and commentators are quick to point out that fossil fuels will power maritime equipment, and indeed dominate the fueling marketplace, well into the future. However, they will do so alongside new fuels, and new technologies, that will be introduced to the maritime sector in the coming years. In its September, 2023 report “Beyond the Horizon: View of the Emerging Energy Value Chains”, the American Bureau of Shipping (ABS) explains that…
Shipping Firms Impose Surcharges as Red Sea Attacks Hit Global Trade
Maersk and CMA CGM, two of the world's largest shipping firms, will impose extra charges after deciding to re-route ships following attacks on vessels in the Red Sea, as worries about the disruption to global trade grow.The surcharges, designed to cover longer voyages around Africa compared with routes via the Suez Canal, will add to rising costs for sea transport since Yemen's Houthi militant group…
MacGregor Cargo Handling Equipment Ordered for Matson Containerships
MacGregor announced on Friday it has landed a contract from SM Solutions/Philly Shipyard to supply cargo handling solutions for three 1,822 FEU sized containerships.MacGregor’s scope of supply encompasses design, hardware and supply for hatch covers, lashing bridges, deck stanchions, fixed and removable cell guides in hold and container fixed fittings. Deliveries are scheduled to commence during the fourth quarter of 2024 and completed within 2026…
Lack of Arctic Tankers Puts Russia's LNG Development Dreams on Ice
Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG…
More Ships to Avoid Red Sea as Attacks Disrupt World Trade
German shipping company Hapag-Lloyd said on Thursday it was the latest company planning to avoid the Red Sea after attacks there by Yemen's Houthi group on merchant vessels, which have disrupted global trade and triggered a multinational naval action.Hapag-Lloyd said it would reroute 25 ships by the end of the year from the key waterway as freight rates and shipping stocks have increased because of the disruption.
Shipping Industry in the Dark Over US-led Red Sea Navy Force
Shipping companies remain in the dark over a new international navy coalition being assembled by the United States to combat attacks in the Red Sea, with many vessels continuing to avoid the area or cancelling contracts, sources said on Wednesday.The sources, who include shipping and maritime security officials, say few practical details are known about the initiative launched on Tuesday by Washington…
Vitol Completes Biofuel Delivery in the UAE
Vitol says it successfully completed its first biofuel deliveries in Fujairah.Through its wholly-owned bunker arm, Vitol Bunkers, two vessels received B24 VLSFO on December 8 and 14. The fuel was sourced from its Fujairah-based refinery FRL and blended with regionally-sourced biofuel at VTTI storage facilities.
US Launches Multi-National Operation to Safeguard Red Sea Commerce
The United States on Tuesday launched a multinational operation to safeguard commerce in the Red Sea as attacks by Iran-backed Yemeni militants forced major shipping companies to reroute, stoking fears of sustained disruptions to global trade.The Houthi militant group, which controls vast amounts of territory in Yemen after years of war, has since last month fired drones and missiles at international…
Recycling Market Sees Trickle of Deals
It is clear that sub-continent ship recycling markets are not going to have the bumper conclusion to 2023 that many had been hoping for, reports cash buyer GMS.“Instead, only a trickle of deals are being done to muted markets, as demand and sentiments continue to struggle for another week,” says GMS. “There was one further container deal done, amidst a last quarter flurry, but dry bulk supply has stalled as trading markets have enjoyed an unexpected spike…
Achieving Digital Transformation in the Marine Industry
Like so many other industries in transportation, the marine industry is being challenged on multiple fronts—from a shortage of manpower and emerging digital technologies to sustainability requirements. In the face of these growing pressures, ship designers increasingly rely on digital transformation to stay competitive and deliver higher-quality products. Digital transformation offers many solutions across a ship’s lifecycle…
Berg Propulsion for Erik Thun Newbuilds
Erik Thun Group selected Berg Propulsion’s Dynamic Drive technology to optimize efficiency on board all 10 of its latest newbuildings. The Swedish owner confirmed its decision after pilot installations exceeded energy efficiency gain expectations, with the integrated drive solution helping to save 10% of fuel, rising to 20% in some operational conditions.As part of Erik Thun’s rolling fleet renewal strategy…
ABB Supplies Charging System for Auckland’s New Electric Ferries
ABB has secured a contract with Auckland Transport (AT) to deliver the maritime world’s first megawatt charging system (MCS) to recharge electric ferries using the same interface as trucks and airplanes. Lowering the barrier to entry, the standardized and highly adaptable system is expected to improve electric vessel competitiveness against fossil-fueled counterparts.As part of its Mission Electric initiative…