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Ocean freight container carriers are treading a fine line between risk and reward during new contract negotiations as the market remains gripped by uncertainty in the Red Sea, according to new data on the Xeneta Shipping Index (XSI®).The latest data released by Xeneta on May 2 shows the Global XSI (the average rate of all valid long term contracts in the market) remained fairly flat in April at 154.3 points, up by just 1.7% from March.However, looking at sub-indices within this global figure reveals a dynamic market…

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.

Senator Wesley Livsey Jones gave his name to the famous “Jones Act” governing U.S. domestic maritime trade. But what do really know about him? It turns out that he was much more than a leading merchant marine policy maker. (i)Jones had a long career in the U.S. House of Representatives before he was a Senator, was an effective legislator, an astute politician, one of the hardest working legislators of his era, and always viewed as honest and forthright. His many maritime legislative successes included the Merchant Marine Act…

The United States on Tuesday imposed sanctions on hundreds of people and entities, including in China, Turkey and the United Arab Emirates, as it targets Russia's sanctions evasion, future energy capabilities, banks and its metals and mining sector.The U.S. Treasury and State departments targeted more than 250 individuals and entities in Washington's latest action attempting to crack down on Russia and its evasion of sanctions imposed by the U.S. and its allies over the war in…

Denmark, France, Germany, Sweden and the Netherlands have signed the Aalborg Declaration that aims at joint European cooperation on CO2 capture, use and storage (CCUS).CO2 capture, use and storage must be scaled up, both nationally and at European level, the countries agreed at the signing which occurred at the EU's CCUS Forum this week, hosted in Aalborg, Denmark."Today shows that there is European will, both among us decision-makers and among the industry - and with the Aalborg declaration we are moving closer to a common European market for CO2 capture, use and storage.

The Xeneta Summit has heard the ocean freight shipping industry will find new ways of working together in the face of a volatile market.Stanley Smulders, Director of Marketing & Commercial at Ocean Network Express (ONE), took part in a keynote Q&A with Xeneta CEO Patrik Berglund during the Summit in Amsterdam this week to discuss the major challenges facing the industry.While there are rough seas ahead, Smulders maintains growth is still on the horizon.He said: “The current market is at best volatile…

An oil tanker registered under the flag of the Marshall Islands was suspected to have been involved in an 'accidental collision' with a Philippine boat in the South China Sea that killed three fishermen, the Philippine coast guard said on Wednesday.Philippine coast guard spokesperson Armando Balilo said that the incident was under investigation but that coast guard monitoring pointed to the Pacific Anna, registered under the flag of Marshall Islands, as the likely vessel that collided with the fishing boat.The coast guard said in a statement the Philippine boat "failed to detect" the approaching foreign vessel because of poor weather, resulting in a collision that caused the boat to capsize.

Wilhelmsen and Thyssenkrupp announced on September 29 their joint venture company, Pelagus 3D, marking the entry of a new player into global maritime and offshore services market."Pelagus 3D envisions to be the largest one-stop, on-demand digital manufacturing partner for the maritime and offshore industries. It uses Additive Manufacturing (AM) or 3D printing to deliver maritime spare parts more efficiently in terms of time and cost, allowing customers to ensure their vessels’ seaworthiness and keep their operations moving on schedule…

This week, recycling markets essentially became an unfeasible business-place as very few recyclers were willing to table any firm offers, reports cash buyer GMS. Instead, they only tabled low-ball indications as main continued waiting and watching the market before deciding which direction the domestic industry is headed.There remain several unsold units that are currently being diverted to other destinations from Bangladesh, including India, in additional to a recently re-emerging…

Off the coast of Spain and Portugal, killer whales have been biting boats. And the famous beluga whale nicknamed “Hvaldimir” has popped up again – this time in Sweden. When first spotted in Norway in 2019, wearing a suspicious harness, some suggested he could be a Russian spy.These unusual human-wildlife interactions raise questions about managing risk. Both situations present a maritime safety concern. And the whales are at risk of being injured or killed by the boat.What’s more…

The European Commission is helping the United Nations and Turkey try to extend a deal allowing the Black Sea export of Ukraine grain and is open to "explore all solutions," a European Union spokesperson said on Thursday, ahead of the deal's possible expiration on Monday.The U.N. and Turkey brokered the Black Sea Grain Initiative with Russia and Ukraine in July 2022 to help alleviate a global food crisis worsened by Moscow's invasion and blockade of Ukrainian ports. Ukraine and…

Armach Robotics said on Tuesday that it had reached a major milestone by operating its hull cleaning robot successfully in full over-the-horizon (OTH) mode.In the water in Norfolk, VA, Armach’s hull service robot, was earlier this month monitored and controlled by staff at Armach’s command center in Plymouth, MA, using a 4G modem providing over-the-air connectivity.Once the communications connection was made between Norfolk and Plymouth, the vehicle was able to complete its pre-dive checks on the pier.

My father was on the new construction team of the 1958 SS Rotterdam V, a visually iconic passenger liner that is presently a static hotel and event space in Rotterdam Harbor. When she entered service, her looks were much discussed and generally compared to her very graceful older running partner, the 1936 SS Nieuw Amsterdam II.I have pictures of both vessels in my office and I think the older vessel is the prettier vessel. Beauty is in the eye of the beholder, but, regardless…

Divers from a documentary crew looking for the wreckage of a World War Two aircraft off the coast of Florida found a 20-foot section of the space shuttle Challenger, which exploded and broke apart shortly after its launch in 1986, NASA said on Thursday.The divers contacted NASA after spotting a large, clearly modern object mostly covered in sand at the bottom of the ocean and bearing the shuttle's distinctive tiles, the space agency said in a written statement."This discovery gives us an opportunity to pause once again…

U.S. Transportation Secretary Pete Buttigieg this week announced the appointment of 25 new members to the Maritime Transportation System National Advisory Committee (MTSNAC). The MTSNAC Charter will advise the Secretary, through the Maritime Administration (MARAD) Administrator, on ways to identify and address impediments hindering the effective use of short sea transportation. The MTSNAC’s counsel comes as the Biden-Harris Administration takes aim at tackling inflation and reducing the cost of goods in the country…

State-owned Bangladesh Shipping Corp is seeking $22.4 million from its insurer for a cargo ship hit by a missile in March, government officials with knowledge of the talks said, in the first major marine insurance claim from the conflict in Ukraine.The UN's shipping agency said last week it would create a safe maritime corridor for merchant ships and crews stuck in the Black Sea and Sea of Azov, although shipping industry sources expect progress to be slow. Projectiles have hit four other vessels in recent days with one sunk.Insurance premiums have soared by over 100% for voyages to the region since the war started. Insurers are watching…

Hempel continued its growth trajectory in 2021, ending the year with 5.9 percent organic growth, following 10 consecutive quarters of organic growth. Total growth was 15.1 percent, despite supply chain challenges across the coatings industry. The 5.9 percent organic growth was the highest in more than 10 years, driven by strong performance in the Marine and Infrastructure segments, and stronger than expected in the face of unprecedented raw material cost increases and shortages.

Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several nations including the United States sanctioned multiple Russian entities following Russia's invasion of Ukraine, though Washington has explicitly exempted energy products from the Russian measures.

The European Football Championship is on the verge –and kicking off on Friday June 11. Therefore, BIMCO’s shipping number of the week had to be football-infused today. Adding extra topping to this sporting feast is the fact that the 2021 Copa America starts at the same time.If the result was decided by COVID-19, anything can happenSeveral national football teams have already seen the supply of their top footballers disrupted by the pandemic, much like what has hit many shippers ordering containerised goods produced in the Far East for shipments to any destination…

Jennifer Carpenter joined The American Waterways Operators (AWO), the national trade association representing the inland and coastal tugboat, towboat and barge industry, in August 1990 and became its president and CEO in January 2020. She weighs in on the unprecedented challenges encountered over the past year and addresses top priorities along the uncertain path ahead.The world has changed drastically in the year since you took the helm at AWO. How have priorities shifted, both…

In the United States, it is a frustrating time to be in the government shipbuilding business. Even though America depends upon maritime commerce and faces growing security risks at sea, shipbuilding is just not a major national focus.Up to now, shipbuilders have had it pretty good. For the past several years, big naval shipbuilders have enjoyed steady growth and strong performance. In 2020, Huntington Ingalls Industries enjoyed record revenue of $9.4 billion, an 8.5% margin and gave a quarter billion back to shareholders in dividends and stock buybacks.

Naval architects and marine engineers sit on the front lines of the maritime industry’s battle toward decarbonization. Morgan Fanberg, President, Glosten, discusses the challenges and opportunities ahead.Put in context the challenge ahead for ship owners and ship designers to meet emission targets of 2050?I started my career in 1998 and as a young marine engineer, the challenges that I faced were taking old boats and meeting SOLAS requirements, developing ship yard packages for modifications such as oily water separator upgrades (for example).

Amazon.com Inc and IKEA are among commercial users of container shipping that will opt for zero-carbon marine fuels by 2040 in a new initiative aimed at speeding up decarbonization in the maritime sector, executives said on Tuesday.With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO2 emissions and the sector is under growing scrutiny to become cleaner.The initiative, which was organized by the non-profit Aspen Institute and has nine signatories so far also including Unilever and Michelin…