A Stable News

Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions.A raft of sanctions by the U.S. and allies against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.Russian companies Sogaz Insurance…

Japan’s first dual-fuel LNG bunkering vessel KEYS Azalea has completed its first ship-to-ship LNG bunkering in Western Japan.The vessel - owned and operated by KEYS Bunkering West Japan Corporation, a joint venture established by Kyushu Electric Power, NYK Line, Itochu Enex, and Saibu Gas - bunkered LNG for the car and truck carrier Daisy Leader 2 at the Port of HiroshimaKEYS Azalea was delivered to KEYS Bunkering West Japan Corporation earlier in April. It is equipped with a…

Steerprop announced it has been chosen to provide a Polar Class 4 (PC 4) propulsion package for the Canadian Coast Guard's Multi-Purpose Vessels (MPV) renewal program.The contract entails the supply of propulsion packages for the initial six MPVs, integral to Canada's National Shipbuilding Strategy (NSS). Steerprop's solution comprises two tunnel thrusters for auxiliary propulsion and two Contra-Rotating Propulsors (CRP) for main propulsion, engineered to meet the operational…

Russia's seaborne oil product exports fell 4.2% in March from the previous month to 10.178 million metric tons due to unplanned maintenance at refineries and a uel export ban, data from industry sources and Reuters calculations showed.Russia's daily offline primary oil refining capacity has jumped by around a third in March to 4.079 million metric tons from February due to drone attacks, Reuters calculations based on data from industry sources showed.Last month, a fire broke out after a Ukrainian drone attack at the Norsi refinery…

Here’s some good news for America’s sea power. While the U.S. Navy has initiated another review of its 30-year shipbuilding plan in the face of widespread dissatisfaction, one element within that plan has been praised: the decision to provide funding for continued construction of amphibious warfare ships. These vessels offer unmatched flexibility and the capability of transporting, deploying, and supporting ground combat forces – typically U.S. Marine Corps – to conduct amphibious assaults, humanitarian operations, or disaster relief missions.

Mitsubishi Shipbuilding, part of Mitsubishi Heavy Industries (MHI) Group, has acquired an approval in principle (AiP) from the Japanese classification society ClassNK for its ammonia fuel supply system (AFSS).The AiP has been issued for the AFSS developed for the X-DF-A, a large, low-speed two-stroke ammonia-fueled engine under development by WinGD, a Swiss designer and licensor of large marine engines.In June 2023 Mitsubishi Shipbuilding and WinGD concluded a memorandum of understanding (MoU) to undertake joint technical studies on an AFSS…

Data gathering and transmission for Accelleron’s digital optimization solutions and service agreements will be automated under a new agreement signed by BEMAC and Accelleron’s Japanese joint venture company Turbo Systems United.The MaSSA-One platform has become a core part of BEMAC’s portfolio of ship technologies alongside its power distribution and control systems. The advanced platform collects and stores a wide array of data, including from engines, cargo handling and navigation, and shares the data with shoreside services to provide ship support applications.

Ship recycling has again been quiet across the ship recycling globe, reports cash buyer GMS.“Moreover, as an increasing number of vessels past beached have been nearly recycled, and barely any meaningful arrivals have been reported at the respective waterfronts (zero in India this week), frustrated industry players are just … going with the depressive flow,” states GMS.“With that being said and reportedly this week, amidst a sea of floating oldies several high-priced sales were surprisingly confirmed to the various markets (essentially Bangladesh and Pakistan)…

As Senator Roger Wicker of Mississippi once said, “Growth in commercial shipbuilding facilitates growth in the battle fleet.” Sen. Wicker shrewdly recognizes that America’s manufacturing capacity and national security are deeply intertwined. A robust commercial shipbuilding and repair industry is a critical cornerstone of this capacity.For the shipyard industrial base to remain strong and competitive, American innovators need a forward-thinking comprehensive American maritime strategy…

The Indian navy handed over 35 Somali pirates to the police in Mumbai on Saturday, after 100 days of anti-piracy operations east of the Red Sea, where piracy has resurfaced for the first time in nearly a decade.India, the largest national force in the Gulf of Aden and northern Arabian Sea region, captured the pirates from the cargo ship Ruen last week, three months after it was hijacked off the Somali coast.Taking advantage of Western forces' focus on protecting shipping from attacks in the Red Sea by Yemen's Iranian-backed Houthi militants…

The BIMCO Container Shipping Market Overview & Outlook for March 2024 has been published, and Niels Rasmussen, BIMCO’s Chief Shipping Analyst, highlights that ship supply is expected to grow on average 9.1% in 2024 and 4.1% in 2025.Rerouting via Cape of Good Hope is assumed to impact the first half of 2024. Ship demand increases an estimated 9.5% in 2024 and falls 0.5% in 2025. The supply/demand balance is expected to tighten in the first half of 2024 but then weaken when ships can return to the Suez Canal routing.According to the IMF…

Cereal and oilseed imports to China, the world's biggest buyer of farm goods, will remain near record highs this year despite a recent spate of cancellations as lower global prices and a domestic output shortfall prompt purchases.China's wheat imports from Australia in January and February this year have nearly quadrupled from the same time last year, the latest customs data show. That trend should continue even after Beijing cancelled or postponed 1 million metric tons of Australian wheat last week.The cancellations, along with those for about 500,000 tons of U.S.

SAAM reported net income of US$501 million in 2023, representing its best-ever results thanks to the sale of its port and logistics assets to Hapag-Lloyd, which generated a net gain of US$422 million.Sales for the year totaled US$540 million and EBITDA was US$160 million, surpassing the prior year by 17% and 9%, respectively."The sale of our port terminal and inland logistics operations leaves us in a solid position to move forward on the path we have set for ourselves: to lead the consolidation process in the towage industry and grow in air cargo logistics services.

MAN Energy Solutions’ licensee, MITSUI E&S Co. Ltd., has announced that it has successfully tested a 50-bore MAN B&W two-stroke engine up to 100% load at its Tamano facility while running on hydrogen, a world-first for the maritime industry.In collaboration with MAN Energy Solutions, MITSUI converted one of the four cylinders of an MAN B&W ME-GI (-Gas Injection) engine to hydrogen operation. The hydrogen was supplied from a hydrogen gas-supply system that MITSUI developed in 2023.Stable operation was achieved at various loads and operating conditions…

The cost of war risk insurance through the Red Sea remained stable on Monday despite the sinking of the Rubymar cargo ship as underwriters had already factored in the casualty after it was first hit by a missile last month, industry sources said.The cost of insuring a seven-day voyage through the Red Sea has risen by hundreds of thousands of dollars since Yemen's Iran-aligned Houthis began attacking shipping in the area in November in a show of solidarity with Palestinians in…

Attacks by Yemen's Iran-backed Houthis on cargo ships in the Red Seas are having limited effect on trade to Israel and have not led to any significant inflationary pressures, Israel's Finance Ministry said in a report on Monday.Houthi militants have repeatedly launched drones and missiles against international commercial shipping in the Gulf of Aden since mid-November, saying they are acting in solidarity with Palestinians against Israel's military actions in Gaza.Their Red Sea attacks have disrupted global shipping…

“The winds of change are blowing wild and free.” – Bob DylanIn the U.S. offshore wind industry, developments over recent months have placed an exclamation point on the word “wild”. Yes, the wind still blows “free”, but mounting challenges have proven that harnessing its power offshore is anything but. In fact, far from it, as rising materials costs, high interest rates, labor shortages and supply chain delays, among other issues, have delivered heavy blows to the commercial viability of several projects.

Norwegian oil companies resumed helicopter flights to offshore oil and gas fields on Friday following Wednesday's deadly crash off the country's west coast, operator Equinor and airports said on Friday.On Thursday helicopter traffic was halted to oil and gas platforms following the crash in which one person died and five were injured. Norway said it was considering grounding Sikorsky's S-92A aircraft model while investigating the accident."Based on dialogue with the Civil Aviation Authority (CAA)…

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, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…

“During the first seven weeks of 2024, cargo volumes to and from ports in the Gulf of Aden and Red Sea declined 21% y/y. The number of ships arriving in these ports significantly declined as merchant shipping increasingly avoided transiting through the region due to concerns over attacks on ships by the Houthis,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Since November 2023, Houthi forces have attacked ships in the Red Sea and Gulf of Aden. In December, most container and gas carriers started avoiding the region and by January…

Wärtsilä Gas Solutions, part of technology group Wärtsilä, has introduced a new ammonia fuel supply system (AFSS) for ships able to operate with ammonia fuel.The system is available for both liquid and gaseous fuel, enabling the use of ammonia as a marine fuel, according to Wärtsilä.In line with shipping’s transition to decarbonized fuels, ammonia is widely seen as one of the most promising new fuel candidates. It offers a huge reduction in CO2 emissions, almost zero sulphur oxide (SOx) emissions…

Towage and marine services company Svitzer has published its 2023 annual report, showing that total revenue grew 6% to DKK 5,786 million driven by, among other things, a record number of harbour towage tug jobs of more than 150,000.Adjusted for foreign exchange impact, total revenue grew 9.5%. Operating profit (EBITDA) was up 4% to DKK 1,690 million, corresponding to an EBITDA margin of 29.2%. In the past five years, total revenue has on average grown by almost 6% annually with an average EBITDA margin of 30%.

Global ship recycling markets are now being exclusively driven by the relentless and futile shortage of tonnage that is expected to continue until Spring (at the very least), says cash buyer GMS.“The much-anticipated rebound in global recycling volumes that so many in our industry had been waiting (hoping) for before the turn of the year, has unfortunately failed to materialize.”Markets in Turkey and India remain well off the competitive pace, so Pakistan and Bangladesh remain are leading the market despite the continued drop in supply of vessels.