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Markets Spike Following Houthi Attacks on Shipping
Continued missile attacks on merchant ships in the Red Sea have plunged supply chains into chaos, and consumers around the world will have to pay the price, according to Xeneta.Latest data from the industry analyst shows spot rates in the ocean freight shipping market spiked by 20% since Friday after major shipping liner companies such as Hapag Lloyd, MSC and Maersk announced they are avoiding the Red Sea amid the attacks by Houthi militia.Xeneta chief analyst Peter Sand saidâŠ
New General Manager Appointed for Taylor Smith Shipyard
Taylor Smith Shipyard (TSS), the oldest ship repair yard on Mauritius, has appointed Willy van Niekerk as new General Manager.van Niekerk knows the yard well and was Assistant General Manager since 2022. He has broad experience in the maritime and offshore industries, taking to sea at 14 as a school holiday job on a converted fishing vessel and deciding to study marine engineering as a result.Throughout the yearsâŠ
Esgian: Rigs on the Move in Asia and Europe
This week Esgianâs Week 50 Rig Analytics Market Roundup notes developments in the semisub sector including that Shell has decided to exercise its option on Stena Don in the North Sea but not on Deepsea Bollsta in Namibia. Meanwhile, a new contract for the Transocean Barents will see it operate in the Black Sea, and jackup Shelf Drilling Perseverance will move to Vietnam.ContractsShelf Drilling hasâŠ
The Problem with Reducing Underwater Radiated Noise
If the global commercial fleet reduced its speed by 10%, it would reduce underwater radiated noise by 40%, but nothingâs ever that simple.The main thing holding the shipping industry back from reducing its underwater radiated noise (URN) is not a lack of appropriate technology. Itâs argued that many of the technologies being implemented today to reduce fuel consumption also reduce noise. So, the noise reductions could essentially come at no net cost to the shipownerâŠ
Achieving Digital Transformation in the Marine Industry
Like so many other industries in transportation, the marine industry is being challenged on multiple frontsâfrom 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 shipâs lifecycleâŠ
Robotics in the EngineRoom
When talk turns to autonomous ships, a first question always centers on how routine and emergency repair and maintenance will be conducted. Trey Taylor, Director of Digital Innovation, Fairbanks Morse Defense (FMD), discusses FMDâs research and development on next-gen engine room robotics.The FMD team that Trey Taylor leads is relatively new, kicking off in 2019 with a baseline product that was looking at monitoring equipmentâŠ
Somali Pirates Are Back in Action, But Full Scale Return Unlikely
An Iranian fishing vessel, Almeraj 1, was reportedly hijacked by Somali pirates in November 2023. According to media reports, the pirates demanded US$400,000 in ransom and threatened to use the Iranian ship for additional hijackings if the payment was not made.Two days later, other Somali pirates hijacked a tanker, Central Park, off the Yemeni coast. The tanker sent a distress signal during the attack.
C-Innovation Names Cribley Business Development Manager
Edison Chouest Offshore (ECO) aïŹliate C-Innovation (C-I) has welcomed back Lucas Cribley as its new business development manager.During his more than 20-year career, Cribley worked as the program manager and first employee in a joint venture start-up between ECO and FMC Technologies, in which he secured and managed major Inspection, Maintenance, & Repair (IMR), light construction, and Riserless Light Well Intervention (RWLI) projects.
Panama Canal Woes to Delay Grain Ships well into '24
Bulk grain shippers hauling crops from the U.S. Gulf Coast export hub to Asia are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal, traders and analysts said.The shipping snarl through one of the world's main maritime trade routes comes at the peak season for U.S. crop exports, and the higher costs are threatening to dent demand for U.S.
Data Collaboration Demands âSystemic Shiftâ in Shipping
Shippingâs journey of digital transformation is as much about cultural change - from the boardroom to onboard vessels - to adapt to new ways of working with data collaboration at the core as it is about technology adoption, according to a new Bureau Veritas-backed research study.Digital transformation of the industry âdemands a systemic shift in how we work together,â Bureau Veritas Marine & Offshoreâs VP Digital Solutions & TransformationâŠ
Philippines, China Trade Accusations over South China Sea Collision
The Philippines and China traded accusations on Sunday over a collision of their vessels near a disputed shoal in the South China Sea as tensions over claims in the vital waterway escalate.The Philippine coast guard accused China of firing water cannons and ramming resupply vessels and a coast guard ship, causing "serious engine damage" to one, while China's coast guard said the Philippine vessel intentionally rammed its ship.China claims almost the entire South China SeaâŠ
Hornbeck Offshore Discloses Revenue Growth in Its IPO Paperwork
Marine transportation services provider Hornbeck Offshore on Thursday made public its paperwork for a stock market listing in New York, which showed its revenue rose in the three months ended September.The listing will test the appetite for another stock flotation at a time when green shoots in the U.S. IPO market have been overshadowed by the poor post-debut performances of some high-profile firmsâŠ
Market Watch: Container Freight Rates Fall, Costs Soar
"So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019,â says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Liner operators continue to struggle with a worsening supply/demand balance, affecting freight rates.
Carbon Capture Chasm Exposed at Climate Summit
Carbon capture and storage has emerged as flashpoint at the UN climate conference in Dubai about how big a role it is destined to play in reaching the target of net zero emissions.It has also prompted an unusual and bad-tempered confrontation between senior officials at the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).In the run up to the conferenceâŠ
NCDOT Awarded Federal Grant to Study Second Ferry Maintenance Facility
The North Carolina Department of Transportationâs Ferry Division is looking into whether a second vessel maintenance facility could improve service to customers.Currently, the NCDOT Ferry Division has one maintenance facility, the Manns Harbor Shipyard in Dare County.The new planning studyâfunded by a $400,000 Federal Transit Administration grant, plus a $100,000 match from Ferry Divisionâwill explore the conceptual site design for a largerâŠ
US Coast Guard Responds to Another GoM Oil Spill
The U.S. Coast Guard said on Wednesday it was responding to an oil discharge near the Main Pass Oil Gathering (MPOG) Co's pipeline system in the Gulf of Mexico, while the main pipeline and several surrounding ones remained shut in."The reported sheen is being investigated and has not been confirmed to be associated with the November 16 observed initial discharge," the Coast Guard said.The Coast GuardâŠ
Governments Take Action to Keep Offshore Wind Projects on Track
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'âŠ
War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks
War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on Monday.The incidents are the latest in a series of attacks in Middle Eastern waters since a brutal war between Israel and the Palestinian Islamist group Hamas broke out on Oct. 7.The three commercial vessels came under attack in international waters in the southern Red Sea, the U.S.
New Wave Data Underpins Ship Structural Integrity
The loss of the Stellar Daisy in 2017 was a tragic reminder of the importance of wave data to ship design and operation. The vessel sank in the South Atlantic Ocean, with 22 of 24 crewmembers lost. The structural failure of the vessel was attributed to several factors including material fatigue and the forces imposed on the hull as a result of the weather conditions.Survey requirements for some vessel types have since been tightenedâŠ
bp's Search for New CEO to Extend into Next Year
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 hasâŠ