Pool News

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

The Maritime International Advisory Panel (IAP) held its third annual meeting on April 16, 2024, during the Singapore Maritime Week 2024. This year, the Maritime IAP held in-depth discussions on the key developments in the maritime sector, including decarbonization, green financing, digitalization and cybersecurity.Established in 2022 by the Ministry of Transport (MOT) and the Maritime and Port Authority of Singapore (MPA), the Maritime IAP aims to seek international perspectives on key long-term trends and developments that will shape the maritime industry.

If nothing else, building vessels in the U.S. is a complicated business.In a session on the domestic shipbuilding marketplace, at Marine Money’s late-November 2023 conference held in New Orleans, Ben Bordelon, president and CEO of Bollinger Shipyards (with more than a dozen facilities, in Mississippi and Louisiana), described his company’s architecture as a “three-legged stool approach: commercial newbuilds, government newbuilds and repair/conversion capabilities”.On the same panel…

X-Press Feeders has signed of a memorandum of understanding (MOU) with six European ports: Port of Antwerp Bruges (Belgium), Port of Tallinn (Estonia), Port of Helsinki (Finland), Port of HaminaKotka (Finland), Freeport of Riga (Latvia) and Klaipeda Port (Lithuania).The agreement signifies a joint commitment to accelerate the establishment of green shipping corridors and the broader decarbonization of the marine sector in Scandinavia and the Baltic Sea.X-Press Feeders and the…

U.S.-based Chance Maritime Technologies, a startup and service provider of uncrewed vessel technology, reports it has completed long-endurance commissioning trials of its MC-29: a 29-foot-long, mission-capable USV that operates at high power with long endurance. The vehicle completed over 40 total operational days, which included 24 operational days of 24-hour operation in Vermilion Bay and the Gulf of Mexico.This new class of utility vessel offers kilowatts of continuously available payload power…

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…

Compliance, performance, profitability, sustainability; take the biggest ‘pain points’ for almost any shipping company and watch NAVTOR’s digital ecosystem work wonders. Here Tor Svanes, Founder and CEO, explains how NAVTOR has grown to lead the smart shipping world, why the recent merger with Voyager Worldwide was so critical, and how he hopes to help steer the industry towards brighter, simpler, and more intelligent horizons.“The morning of the announcement I got a text from the boss of one of our biggest competitors…

A new fire safety study by survival technology solutions provider Survitec finds that existing fire-fighting methods used to extinguish machinery space spray and pool fires on conventionally fueled vessels are inadequate when dealing with methanol-based fires.This follows extensive comparative fire tests on dual-fuel marine engines using diesel oil and methanol.“Our tests confirm that traditional water mist fire suppression mechanisms do not perform as expected on methanol pool fires and methanol spray fires.

Sustainable shipping fuels could reach cost parity with fossil fuels as early as 2035 with the help of decisive emissions policy such as carbon taxes and emissions limits, according to a new report launched by Wärtsilä.The report, titled ‘Sustainable fuels for shipping by 2050 – the 3 key elements of success’, states that the EU Emissions Trading Scheme (ETS) and FuelEU Maritime Initiative will see the cost of using fossil fuels more than double by 2030. By 2035, they will close the price gap between fossil fuels and sustainable fuels for the very first time.Existing decarbonisation solutions…

NYK Stolt Tankers, a joint venture between NYK and Dutch company Stolt Tankers, has signed a contract with Nantong Xiangyu Shipyard in China to build six parcel chemical tankers.The contract will strengthen NYK’s chemical tanker business, for which demand is expected to grow steadily, and deepen the partnership with Stolt Tankers, a leading player in the industry, the company said.Parel tankers are multi-purpose chemical tankers can carry various cargo, including chemical products…

On January 17, the NYK Group and Stolt Tankers held a ceremony in Singapore to commemorate the 30th anniversary of the start of the companies’ parcel chemical tanker joint venture in Asia and the Pacific.A parcel tanker is a multipurpose chemical tanker capable of carrying many types of cargo, including chemical products, kinetic vegetable oil, etc.The ceremony was attended by Yuji Nishijima, executive officer of NYK; Bjarke Nissen, managing director of Stolt Tankers; and Masahito Hirano…

Shipping industry majors Hapag-Lloyd and Maersk have signed an agreement for a new long-term operational collaboration called ‘Gemini Cooperation’, which will start in February 2025.The ambition is to deliver a flexible and interconnected ocean network with industry-leading reliability.The new cooperation between the companies will comprise a fleet pool of around 290 vessels with a combined capacity of 3.4 million containers (TEU). Maersk will deploy 60% and Hapag-Lloyd 40%, the shipping giants said.As a part of the agreement…

Maersk Tankers announced it has acquired U.S. pool operator Penfield Marine, creating a large-scale crude and product tanker company with around 240 vessels under its management.Maersk Tankers’ CEO, Tina Revsbech, said, “Penfield Marine has over the years built a solid position and presence in the industry and is a perfect match to Maersk Tankers. Our combined commercial and operational expertise will allow us to grow our presence as a commercial manager and extend our service…

“Turku is building the real big ships,” said Meyer Turku CEO Tim Meyer.Meyer is not exaggerating. The yard’s latest newbuild, Icon of the Seas—the first ship of Royal Caribbean’s Icon class—is 248,655 GT, making it the largest cruise ship ever constructed.In general, the cruise ships rolling out of the nearly 300-year-old Finnish shipyard have been steadily increasing in size since the Meyer Group took full ownership in 2015. “We are proud to say Turku has been a first-mover in building these big new classes for Royal Caribbean…

Fincantieri signed a "green" construction loan for a maximum amount of $461m with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Cassa Depositi e Prestiti (CDP), the proceeds of which will be used to cover the financial needs linked to the construction of the Mein Schiff Relax, the first of two newly designed dual-fuel inTUItion class cruise ships (Liquid Natural Gas - LNG and Marine Gas Oil - MGO) that Fincantieri is building for TUI Cruises, a joint venture between the TUI AG and Royal Caribbean Cruises.

As 2023 is drawing to a close we would once again invite the readers of Offshore Engineer Magazine to gaze into our crystal ball to see what 2024 might have in store for the offshore support vessel industry. Before diving straight into our forward-looking sentiments however, it is important to address some of the main trends in the year that past as these lay the foundation for the year to come.Continuing the market development from the year before, 2023 very much advanced the ongoing recovery for offshore support vessels further.

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has approved the Development Plan Amendment (DPA) for the Hebron Field.The Hebron oil field is located offshore Newfoundland and Labrador, Canada, in the Jeanne d'Arc Basin 340 kilometers southeast of St. John's. The field was first discovered in 1980, and is estimated to produce more than 700 million barrels of recoverable resources. The water depth at the Hebron field is 93 meters.The approval enables ExxonMobil and…

Singaporean shipbuilding group Seatrium announced it has appointed Adrian Teng as Chief Financial Officer (CFO), effective January 1, 2024.Teng brings over two decades of diverse international experience in strategy, finance, restructuring, operations and corporate management across developed and emerging markets. Prior to his current appointment, Teng was Group Chief Financial Officer and Chief Operating Officer of Clifford Capital Holdings, with responsibilities in finance, treasury…

The NYK Group, Stolt Tankers, and ENEOS Ocean launched a chemical ship pool business in the Asia-Pacific region in October.Shipowners and operators pool their vessels and undertake transportation services at the request of shippers. The pool business allows more flexible transportation services that utilize economies of scale, NYK said.The project started with 13 vessels, comprising two chemical tankers owned by ENEOS Ocean and 11 chemical tankers owned by a joint venture between…

Finnish shipbuilder Meyer Turku on Monday delivered the world's largest cruise ship, the 248,655 GT Icon of the Seas, to U.S.-based Royal Caribbean International.The 365-meter-long cruise ship has 20 decks (including 18 guest decks) and surpasses the previous world's largest, Royal Caribbean's Oasis-class Allure of the Seas. With 2,805 staterooms, Icon is able to carry 5,610 passengers at double occupancy, or up to 7,600 passengers if every cabin is maxed out—another cruise industry record.

Norwegian shipping company Odfjell SE announced it is expanding its fleet with six newbuildings through a combination of long-term time charter and pool agreements with Japanese shipowners and shipyards.This increases the total to twelve 25,000 - 40,000 dwt stainless steel vessels to be delivered on long-term time charters and pool agreements between 2024 and 2027.The series of newbuildings will be built at multiple shipyards in Japan and are scheduled to be delivered from 1H2026 to 1H2027.

Finnish companies have designed about 80 percent of the world’s icebreakers, and about 60 percent of them have been built by Finnish shipyards.Finland is home to a strong and vibrant maritime cluster, with a mix of large, medium and small shipyards, as well as a deep pool of marine engineering expertise and a broad network of vessel equipment suppliers.As one of the world’s northernmost countries, Finland is also home to a fleet of icebreakers that keep imports and exports flowing through its harbors, even during the coldest winter months.

Viking has announced the expansion of its river fleet in Southeast Asia with the new Viking Tonle.Designed for the Mekong River, the vessel will join its identical sister ship, the Viking Saigon, which debuted in 2022, and will sail between Kampong Cham, Cambodia, and Mỹ Tho, Vietnam, as part of Viking's 15-day Magnificent Mekong itinerary.The ship is under construction and is currently scheduled to debut in October 2025. To meet strong demand for Mekong River voyages, Viking…