Real Estate News

In the first quarter of 2024, global iron ore shipments rose 3.8% y/y on expectation of strong Chinese steel production which, however, failed to materialise. Iron ore supply has grown faster than Chinese demand which could lead to weaker shipments ahead, says Filipe Gouveia, Shipping Analyst at BIMCO.During the start of the year, Brazilian iron ore shipments typically slow down due to mining disruptions caused by heavy rainfall. However, this year conditions were better and Vale…

Crowley Maritime Corporation has owned and operated a lot of vessels since its founding in 1892. But the latest vessel to join its fleet is unlike any other that has come before it.Crowley’s new harbor tug, eWolf, is unique in that it runs 100% powered by batteries, not diesel engines, meaning it produces zero emissions and nearly no noise. Not only is the vessel the first fully electric tug in the Crowley fleet, but it is also the first of its kind in the United States.Faced with stricter regulations and commercial pressure to prioritize environmental…

A 300-acre property along the Mississippi River in Herculaneum, Missouri recently received Port District zoning making way for redevelopment as an intermodal transportation hub and industrial park.Located on the shipping lanes of the Mississippi River, the site has been utilized since the 1700s as a port. With its easy access for barge loading and offloading and the site’s proximity to early lead mines in adjacent Washington County, under early French ownership the port was utilized to ship lead cannonballs and shot to Europe to support Napolean’s army.

The Golden Gate Yacht Club (GGYC) represented by BMW Oracle Racing and the Société Nautique de Genève (SNG), the Americas Cup defending champion, represented by Team Alinghi were entwined in a 2.5-year legal battle over multiple court cases, including hearings in the New York Supreme Court and the Appellate Division of the New York Supreme Court, prior to the 33rd edition of the race, due to take place in 2010.The parties disagreed about the location, format, and restrictions on boat design, all of which were changed by the courts prior to the race.

Independent finance and capital structuring partner RCP Finance has successfully secured a $15 million credit facility from a leading Asian lender for The Hawks Pvt Ltd., a distributor of high-quality fuel in the Maldives.The Hawks caters to a range of local businesses including resort hotels, super yachts and navy vessels, with a total portfolio of more than 452 clients.Part of the credit facility has been used to facilitate the acquisition of the Bro Developer, a 2007 oil and chemical tanker with a carrying capacity of 15,000dwt.

“At the start of October, the capesize order book was at 20 million DWT, a mere 5% of the capesize fleet. The contracting of newbuild capesize ships has gradually decreased since its peak in 2013 and only 5 million DWT were contracted so far in 2023, down 4% y/y. Low freight rates paired with a young fleet are keeping the order book small,” says Filipe Gouveia, Shipping Analyst at BIMCO.Contracting of newbuild ships typically increases following periods of high freight rates. For capesizes, freight rates depend heavily on China, as 63% of their cargoes have China as their destination.

“During the first five months of 2023, demand for Capesize ships increased 5% y/y while supply increased 3% y/y. Nonetheless, spot rate increases remain hesitant, largely due to concerns over China’s fragile economic recovery,” says Filipe Gouveia, Shipping Analyst at BIMCO.Demand growth was supported by a 4% increase in average haul while cargo volumes increased only marginally. Average haul increased due to higher exports from Brazil and Guinea and higher volumes of long-haul Russian coal.Supply rose due to a 2% y/y increase in the Capesize fleet and a 1% increase in fleet productivity.

SAAM reported comparable net income of $18.9 million for the first quarter of 2023 (-19%). This figure excludes $1.3 million in extraordinary accounting losses related to the binding agreement to sell the port terminal and associated logistics operations to Hapag-Lloyd.Sales totaled $218.1 million (+8%) and consolidated EBITDA $67.7 million (-4%)."During the period we saw a decrease in volumes at our port and logistics operations, mainly due to less dynamic trade in Chile, while cargo at our foreign terminals remained stable.

Mobile Cable Positioning Devices can quickly accommodate vessels of many sizes and shapes, making shore power available almost immediately, a boon to the industry’s ambitious decarbonization goalsOne of the keys to reaching Cruise Lines International Association’s (CLIA) target of net-zero carbon cruising globally by 2050 is switching from diesel burning engines to shoreside electricity while in port. Although the technology can significantly reduce emissions to address climate change and improve air quality…

Brendan Smith brings more than a decade of maritime experience to his role as president of Seaward Services, a marine services company specializing in the operation, maintenance and repair of government and privately owned vessels. The company is part of the Hornblower Group.During his 6.5 years with the U.S. Navy, he served aboard the nuclear-powered submarine USS Santa Fe, and his roles included chemistry and radiological controls assistant (CRA), quality assurance officer (QAO) and combat operations instructor.

2023 has so far been a disappointment for the dry bulk shipping sector, despite hopes that a quick economic recovery in China would boost iron ore demand,. During the first three weeks of the year, iron ore shipments fell 13.1% year on year, the lowest volume since at least 2019, worsening conditions for capesizes. In this period, the Baltic Dry Index (BDI) declined by almost 500 points to 763 on 20 January, its lowest point since June 2020.It is not unusual for the bulk market to cool during the first quarter when demand weakens during the Lunar New Year celebrations.

With the creation of a full-fledged U.S. offshore wind industry undoubtedly comes many opportunities for those that own, operate, build and service relevant vessels as developers work toward the nation’s goal of 30 gigawatts (GW) of offshore wind by 2030.But for every opportunity there are at least a handful of challenges, many of which have recently been amplified by supply chain volatility, inflation pressures and other unwelcome factors that have spurred cost increases for…

Weak economic activity, a 10.5% increase in domestic coal mining, and a recovery in coal imports from Mongolia via rail alleviated coal shipments to China in 2022. However, the end of China’s zero Covid policy and an anticipated recovery of the Chinese economy have strengthened expectations for the country’s coal imports in 2023. A return of import tariffs, the end of China’s unofficial ban on Australian coal, and the energy transition in China could shape the coal shipment outlook.Coal shipments fell 12.2% in 2022…

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Tuesday, on lower rates for all vessel segments as panamaxes hit their lowest level in two years.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 43 points, or 3.8%, to 1,096.The capesize index lost 60 points, or 3.8%, to 1,536.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $496 at $12,741.The panamax index extended its fall for the 12th consecutive day

Intellian expanded its XEO Series, a Ku/Ka electronically switching dual-band multi-orbit VSAT antennas, with the addition of the X100D and X150D. The XEO Series were first unveiled in March 2022 at the Satellite Show, leading to Intellian’s design of the X100D, available later this month, and the X150D, launching in early Q3 2023.According to the company, the XEO Series are the world’s first commercially available Ka/Ku-band through a single feed, electronically switchable, multi-orbit antennas, making them ideal for customers requiring high-bandwidth, availability and maximum agility.

The Baltic Exchange's dry bulk sea freight index extended its decline to hit an over one-month low on Wednesday, weighed by weaker demand across vessel segments. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, lost 74 points, or 5.9%, to 1,176, a day after posting its biggest daily percentage loss in decades.The capesize index dropped 119 points, or 7.3%, to 1,516, its lowest in more than four weeks.Average daily earnings for capesizes…

U.S. Department of Transportation (DOT) announced more than $703 million to fund 41 projects in 22 states and one territory that designed to help improve port facilities through the Maritime Administration’s Port Infrastructure Development Program. Following is the full list of FY 2022 Port Infrastructure Development Grant Awards:ALASKANorth Extension Stabilization Step 1 Project ($68,700,000), Anchorage, AlaskaThe Project will reconfigure and realign the shoreline within the “North Extension” (the area north of the existing general cargo terminals) at the Port of Alaska in Anchorage, Alaska.

SAAM shareholders at an extraordinary shareholder’s meeting on Tuesday approved a deal valued at about $1 billion to sell 100% of the shares of its subsidiaries SAAM Ports and SAAM Logistics, as well as the real estate assets belonging to the logistics business, to the German liner shipping company Hapag-Lloyd.The agreement, first announced earlier this month, consists of selling SAAM’s stakes in the 10 port terminals it operates in six countries in the Americas (five are in Chile)…

Hapag-Lloyd AG and SM SAAM have signed a binding agreement under which Hapag-Lloyd will acquire 100 % of the shares of SAAM Ports S.A. and SAAM Logistics S.A. and thereby the entire company’s terminal business and associated logistics services.The contracting parties agreed upon a price of around $1 billion, which also includes real estate assets related to the logistics business.Chile-based SM SAAM is a terminal operator, logistics company, and towage provider active in multiple countries in the Americas.

The city of Jeffersonville, Ind. announced plans are underway to redevelop the shuttered site of one of the nation’s oldest, largest and best-known inland shipbuilders.The city said it is working with the property's owner American Commercial Barge Line (ACBL) to develop a master plan for the 80-acre site along the Ohio Riverfront that was once home to Jeffboat. The southern Indiana shipyard was founded in the 1800s and served as one of Jeffersonville's largest employers until it shut down in 2018 amid a national slowdown in barge construction.As part of an agreement with ACBL…

The Baltic Exchange's dry bulk sea freight index slipped to its lowest in more than a week on Monday, pressured by declines in the capesize and supramax segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, dropped 30 points, or about 2.2%, to 1,325, its lowest since November 4.The capesize index lost 98 points, or about 6.4%, to 1,446.Average daily earnings for capesize, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $812 to $11,995.Meanwhile, iron ore futur

With shipowners pressed to upgrade machinery to meet strict new emission targets, there’s much confusion with chatter surrounding ‘decarbonization’ and ‘future fuels’, solutions that don’t exist today – and may not exist in mass for another generation – cluttering the conversation. Enter Wabtec, formerly GE Transportation, which today offers a Tier 4 compliant engine with no need for urea. Is it the cheapest propulsion solution on the market? No. But the Pennsylvania-based engine builder mounts a compelling case for its 250MDC diesel engine based on performance…

The New Bedford Port Authority (NBPA) has named Gordon Carr as the next Executive Director of the Massachusetts seaport.Carr, who current serves as Deputy Director of Real Estate Strategy and Policy at the Massachusetts Port Authority (Massport), has more than 25 years of experience in the public and private sectors in the areas of public policy, economic development, and enterprise strategy, including on projects related to the City. As an independent consultant in 2014-15, Carr…