Demand News

In 2018, convicted cocaine trafficker Slobodan Kostovski fled a Brazilian prison and made his way back to Europe with a fake passport.The Serbian senior quickly fell into old habits, police allege. Last August, Kostovski was arrested in Belgrade, accused of shipping 2.7 metric tonnes of cocaine from Brazil aboard a 22-meter vessel apprehended near Spain’s Canary Islands.Nicknamed “the General” by his associates, he had been trafficking “large amounts” of powder to “Europe for a long period of time,” Serbian police wrote in a 2022 intelligence report obtained exclusively by Reuters.

Huntington Ingalls Industries (HII) reported a better-than-expected quarterly earnings on Thursday, on the back of demand for aircraft carriers, amphibious assault ships and submarines amid high geopolitical tension.Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions, benefiting shipbuilding giants such as Huntington Ingalls.Huntington is the only major pure-play defense company that has outperformed S&P 500 index…

Shipping group Maersk raised its full-year profit guidance after reporting first-quarter earnings on Thursday, citing strong demand and higher freight rates as ships sail for longer to avoid conflict in the Red Sea.The company, viewed as a barometer of world trade, said that shipping disruptions caused by Houthi militants' attacks on vessels in the Red Sea were expected to last at least until the end of the year, adding that growth in demand for container shipping had been stronger than forecast."The container volumes we see today are quite high compared to GDP growth in the world economy…

Louisiana-based boat builder Metal Shark announced it has won a contract to build 22 welded-aluminum high-speed surface interceptor vessels for the Jamaica Defence Force (JDF).JDF has selected the Metal Shark 36 Fearless, a high-performance center console craft proven in service with multiple military, law enforcement, and first responder agencies worldwide. Procured via direct purchase, these new surface interceptor vessels will be used by the JDF-Coast Guard for law enforcement, patrolling, and interdiction missions within Jamaica’s exclusive economic zone.

Shares of Norwegian Cruise Line Holdings fell more than 12% after the operator's downbeat first-quarter revenue overshadowed a raise in annual profit forecast on Wednesday.Expectations for cruise operators have generally become high after strong booking trends and demand drove up their results and shares last year.Shares of Norwegian and its rival Carnival have seen their growth temper from those highs, in part due to concerns around cost pressures and their brands' exposure to the Middle East conflict.Meanwhile…

Shares of Viking Holdings rose 9% in their debut on the New York Stock Exchange on Wednesday, giving the travel and cruising company a valuation of $11 billion.Viking opened at $26.15 compared with its initial public offering (IPO) price of $24 in a stellar debut, amid a rebound in stock market listings and at a time when cruise stocks have delivered outsized returns.Founded in 1997, Viking provides destination-focused itineraries including a shore excursion at every port and an onboard and onshore program through performances of music and art, cooking demonstrations, port talks and guest lect

The Baltic Exchange's dry bulk sea freight index edged up on Wednesday, buoyed by an uptick in capesize and panamax vessel rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, ticked up to 1,683.The capesize index gained 16 points, or 0.8% to 2,116.

The U.S. Navy's Submarine Industrial Base (SIB) program launched the Southern California Talent Pipeline Program in Newport Beach, Calif., April 26. The program will engage hundreds of shipbuilding and ship sustainment suppliers across the region to create maritime-focused manufacturing pipelines that revitalize the defense workforce by addressing critical skill gaps."The strength of the talent pipeline is as vital as any capability of a submarine," said Program Executive Officer Undersea Warfare Systems Rear Adm. Todd Weeks and executive sponsor, Southern California Talent Pipeline Project.

The El Nino climate phenomenon, not climate change, drove lower rainfall last year that reduced the Panama Canal's water levels and contributed to shipping restrictions that disrupted global trade, a study released on Wednesday found.Prioritizing water for human consumption rather than for the canal also played a role in shipping restrictions, according to the study by research consortium World Weather Attribution.Panama experienced its third-driest year on record in 2023, leading…

Tanker ordering has surged in the first few months of 2024 as shipowners owners seek to renew ageing fleets and add new vessels that meet latest environmental regulations.So far this year, 104 tankers have been added to the global orderbook, up from 79 for the same period last year, representing a year-on-year increase of c.32%, according to latest figures from Veson Nautical.Values for tanker newbuildings have also increased across all subsectors. LR2s of 115,000 DWT show the biggest leap…

Logistical constraints at the Port of Vancouver mean waterborne oil exports from the highly anticipated Trans Mountain pipeline expansion due to start up on Wednesday may only be around half what the Canadian government-owned corporation has forecast, traders and shipping sources said.The C$34 billion ($24.82 billion) project to nearly triple the flow of crude from Alberta to Canada's Pacific Coast to 890,000 barrels per day is scheduled to start operating on May 1 after years of regulatory delays and construction setbacks.The extra 590…

The New Zealand government may restart the live export trade which has been banned since May 1, 2023.The ban was imposed in response to veterinarians, animal welfare advocates and the New Zealand public decrying conditions and outcomes for the animals. There have also been multiple disasters for the industry.Animal welfare group SPCA says politicians claiming to be champions of farming and business do not have the support of all farmers or a business case for it.“Government would have the public believe that any opposition to their plan is anti-farming…

The Baltic Exchange's dry bulk sea freight index fell on Monday, hurt by weaker demand across all vessel segments, with rates for capesize vessels hitting its lowest level in nearly three months.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 37 points, or 2.2%, to 1,684. The index was down for the sixth consecutive session.The capesize index shed 92 points, or 4.2%, to 2,080, marking its lowest level since Feb.

On the back of freight markets that are finally facing their first set of 2024 jitters, the industry is gradually witnessing an increasing number of units being proposed for a recycling sale, all of which are being confirmed via the sudden influx of tonnage at the Indian and Bangladeshi waterfronts this week, reports cash buyer GMS.This coms just as the Pakistani market (as expected) starts to fall behind on its domestic arrivals. At this rate, India looks set to sneak past the Pakistani market in the rankings…

d’Amico International Shipping S.A. subsidiary d’Amico Tankers D.A.C. signed a shipbuilding contract with Jiangsu New Yangzi ShipbuildingCo., China, for the purchase of two (2) new Long Range (LR1 – 75,000 DWT) product tanker vessels at a contract price of $ 55.4 million each. The ships are expected to be delivered in September and November 2027, respectively.Today the DIS’ fleet comprises 34 double-hulled product tankers (MR, Handysize and LR1, of which 26 owned, 5 chartered-in and 3 bareboat chartered-in) with an average age of about 8.8 years for its owned and bareboat chartered-in vessels.“This deal is aligned with our strategic objective of controlling a very modern fleet," said Paolo d’Amico, Chairman and CEO of d’Amico International Shipping.

At a high-level, there are three solutions to transferring technicians from shore bases to offshore wind farms for construction and O&M activities: crew transfer vessel (CTV), helicopter, and SOVs/CSOVs.SOVs and CSOVs generally house 60-120 technicians offshore for a few weeks at a time, allowing them to transfer to structures on integrated heave compensated gangways, by daughter craft or on CTVs. The vessels are also equipped with cranes, storage, and small workshop areas.SOV: Service operations vessels…

Today’s evolving maritime security risks pose all-too-familiar threats to international shipping, and as just one of the many causes of fatigue, they add to the cognitive burden already faced by watchkeepers. But Groke Technologies can boost safety onboard, says co-founder and CEO Juha Rokka.Life at sea is already physically and mentally demanding. Crewing levels are tight, work hours are long and irregular, watchkeepers are required to perform administrative tasks while on the bridge…

Mitsui O.S.K. Line (MOL) has taken delivery of the newly built dual-fuel LGP and ammonia very large gas carrier (VLGC) Aquamarine Progress II, which will sail under charter with a Japanese LPG importer and distributor.Ordered by MOL’s company Aramo Shipping (Singapore), the Aquamarine Progress II has been delivered by Namura Shipbuilding.The Aquamarine Progress II will sail under a time charter contract with GYXIS Corporation, a Japanese LPG importer and distributor.The vessel is 230 meters long, with the breadth of 36.6 meters.

Cobham Satcom and China TranTech Technologies have signed a contract which includes the largest delivery of SAILOR XTR Ku VSAT antennas to the Chinese market so far, supported by an extensive training and global service program.China TranTech is a subsidiary of China Transport Telecommunication Information Group Company Limited (CTTIC) and the only maritime satellite safety communication provider in China.SAILOR 1000 XTR Ku antennas deliver dependable, high-speed connectivity that vessel crews need to optimize remote marine operations at sea.

BIMCO has released its Dry Bulk Shipping Market Overview & Outlook for April 2024, predicting that the supply/demand balance should strengthen in 2024, but weaken in 2025.This would be the result of ships returning to the Red Sea and Panama Canal, shortening sailing distances.Supply is forecast to grow 2.5% in 2024 and 2.0% in 2025. Growth is slowing due to lower deliveries, reports, Niels Rasmussen, BIMCO’s Chief Shipping Analyst.The fleet is expected to grow 4.9% between end 2023 and end 2025, the slowest it has grown since 2016. Ship recycling is expected to stay low.

Royal Caribbean Group raised its annual profit forecast for a second time and beat expectations for first-quarter profit and revenue on Thursday, with half of its growth coming from higher ticket pricing.Soaring demand for vacations at sea has given cruise operators ample room to raise ticket prices as the industry looks to close the pricing gap with land-based vacations and give their profits a lift."What transpired over the past three months was even better than our already elevated expectations," Royal Caribbean Group CEO Jason Liberty said.

Shipping must engage with the decarbonization realities that lie ahead by changing the way it crafts maritime legislation to reflect its place in the interconnected, interdependent world economy, says Eero Lehtovaara, Head of Regulatory & Public Affairs, ABB Marine & Ports.ABB Marine & Ports Head of Regulatory & Public Affairs, Eero Lehtovaara has carved out an unusual - and possibly unique - role in the maritime industry over recent years, as a ‘stakeholder’ simultaneously mindful of the perspectives of owners…

UK-based small-scale liquefied natural gas (LNG) supplier Avenir LNG has entered into a shipbuilding contract with Nantong CIMC Sinopacific Offshore & Engineering in China, a subsidiary of CIMC Enric, for two new LNG bunker and supply vessels.The two 20,000 cbm LNG bunker and supply vessels are scheduled to be delivered in the fourth quarter of 2026 and the first quarter of 2027.The newbuildings will feature new Type C tank designs, lower boil off rates, the latest engine technologies…