Money News

Simulators Track our Changing Relationship with Technology

Simulation-based training has its whole-of-ship/whole-of-team scenarios, but zooming in, the industry is now working on more specific targets.We have a close relationship with technology, evidenced by, for example, the phones we are estimated to unlock around 50-80 times a day. It has changed us. Half the people surveyed in a 2022 King’s College London study said that they feel like their attention span is shorter than it used to be. They are wrong, though, if they think that the average attention span of adults today is just eight seconds, one second less than goldfish.

Simulators Track our Changing Relationship with Technology

Simulation-based training has its whole-of-ship/whole-of-team scenarios, but zooming in, the industry is now working on more specific targets.We have a close relationship with technology, evidenced by, for example, the phones we are estimated to unlock around 50-80 times a day. It has changed us. Half the people surveyed in a 2022 King’s College London study said that they feel like their attention span is shorter than it used to be. They are wrong, though, if they think that the average attention span of adults today is just eight seconds, one second less than goldfish.

Marine News' 2024 US Shipbuilding Report

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…

Denmark Bans Discharge of Scrubber Water

The discharge of scrubber water from ships out to 22km (12 nautical miles) from the Danish coasts will be prohibited by law. The ban will come into effect on July 1, 2025, for ships with scrubbers in open operation, where the wash water is discharged into the sea. For ships with scrubbers in closed operation, the ban on water discharge will take effect on July 1, 2029.The Ministry of Environment has stated that scrubber water has contributed to excessive levels of a number of heavy metals and tar substances such as lead, cadmium, anthracene and benz(a)pyrene in the marine environment.

Somali Pirates Release Ship after Ransom Paid

Somali pirates released a hijacked ship, MV Abdullah, and its crew of 23 early on Sunday after a $5 million ransom was paid, according to two pirates."The money was brought to us two nights ago as usual... we checked whether the money was fake or not. Then we divided the money into groups and left, avoiding the government forces," Abdirashiid Yusuf, one of the pirates, told Reuters.He added the ship had been released with all its crew.Somalia government officials did not respond to a request for comment.The MV Abdullah…

Due Diligence Needed for Maritime Tech Adoption to Minimize Risk with Digital Transformation, Says OrbitMI

Rapid technological change, complex regulation and competitive pressures are driving digital transformation in the shipping industry. But navigating a confusing software landscape can be difficult, and sound decision-making is essential to minimize innovation risk, according to OrbitMI.Industry spending has soared in recent years on intelligent process automation solutions geared to boosting efficiency, reducing costs, curbing emissions and improving safety for shipping companies…

US Investigators Interview Ship Personnel in Maryland Bridge Collapse

U.S. National Transportation Safety Board chair Jennifer Homendy said at a Senate hearing Wednesday that investigators had conducted interviews with key cargo ship personnel in the investigation of the March 26 Baltimore bridge collapse.The Dali cargo ship crashed into the Francis Scott Key Bridge on March 26, sending it crashing into the harbor and killing six people. Work to clear the wreckage and restore traffic through the Mid-Atlantic state's shipping channel is ongoing.Homendy said investigators remained on site and had interviewed the pilots…

Crumbling Great Lakes Ports Infrastructure Makes Port Insurance Even More Critical

The state of Great Lakes port infrastructure is one of the biggest issues facing the U.S. and Canadian maritime industries. According to the America Great Lakes Ports Association, “Due to years of inadequate funding, the U.S. Army Corps of Engineers has been unable to maintain Great Lakes navigation infrastructure. Over the next five years Great Lakes navigation channels will require $540 million of dredging to maintain authorized channel dimensions. Breakwaters and other federal…

Trapped Vessels Start to Move Out of Baltimore Following Bridge Disaster

The U.S. state of Maryland has opened a temporary channel on the northbound side of the collapsed Baltimore bridge, allowing limited tug and barge traffic around the container ship stuck at the disaster site, Governor Wes Moore said on Monday."It will help us to get more vessels in the water around the site of the collapse," Moore told a news conference.The Port of Baltimore's shipping channel has been blocked since a fully loaded container ship lost power and collided with a support column on the Francis Scott Key Bridge last Tuesday…

Insights: Cherrie Felder, VP, Channel Shipyard Companies

For Cheryl “Cherrie” Felder, the path to the maritime industry was both untraditional and seemingly meant to be. After studying African art, she began her career working in a museum in New Orleans before landing a role directing professional rodeo in the Big Easy.“It was a lot of fun, and I learned a whole lot,” Felder said. “But as you may imagine, New Orleans is not a rodeo town. After the third year, the board of directors decided, okay, that's it. No more rodeo.”And that’s when Felder’s doorway to the maritime industry swung open…

Recruiter to Cooperate in Deal with Workers Suing Major US Shipbuilders

A maritime industry recruiter has agreed to work with plaintiffs and share worker compensation data in a lawsuit accusing major U.S. shipbuilders of limiting employee mobility, marking the first settlement in the case.Attorneys for a proposed class of engineers and architects suing General Dynamics, Huntington Ingalls Industries and other companies disclosed the settlement with Faststream Recruitment on Tuesday in Alexandria, Virginia federal court.The October lawsuit said the shipbuilders violated U.S.

US Dredging: Plenty of Issues, New WRDA on the Way

2024 marks another year for development of a biennial WRDA bill—Water Resources Development Act, critical legislation for the Nation’s waterways, ports and harbors. WRDA encompasses a range of issues, from environmental regs to energy use to agriculture and, of course, a focus on projects critical for economic growth.Because these are dynamic and timely issues, Congress and the maritime sector like to keep WRDA on a two-year reauthorization timeline. Indeed, the House Transportation & Infrastructure Committee, December and January, held three WRDA information hearings.

Inland Waterways Focus: The Pacific Northwest Columbia-Snake River System

"The Columbia River and its tributaries, wetlands, and estuaries are the lifeblood of the Pacific Northwest, providing abundant water, power, recreation, agriculture, transportation and natural resources that have supported livelihoods, cultural and spiritual practices, commerce and economic growth.” - President Biden, Memorandum of September 27, 2023.Those abundant benefits directly impact about 13 million people in the Pacific Northwest. Hydropower extends that plentitude to millions more, powering cities and industry from Idaho to California.

Shipping Companies Turn to Longer-Term Leases as Tanker Supply Tightens

Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.The global oil tanker fleet must now travel further to get crude to refineries and fuel to consumers. European sanctions have forced Russian exporters to send oil to Asia that would have otherwise gone to Europe. Attacks on vessels in the Red Sea have forced some shippers to sail around…

Italy Impounds Charity Ship Involved in Dispute with Libya

A German charity vessel was on Tuesday impounded by Italian authorities after it ran into a dispute with the Libyan coast guard over the rescue of as many as 100 migrants in international waters.Italy often temporarily blocks the operations of charity-operated rescue vessels on the basis of a migration decree introduced last year by Prime Minister Giorgia Meloni's rightist government.The Humanity 1, operated by the SOS Humanity organization, was blocked for 20 days in the southern port of Crotone…

Singapore's Temasek Shortlists Saudi Aramco, Shell in Sale of Pavilion Energy Assets

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

US Offshore Wind: Down but Not Out

“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.

Three Questions: Matt Tremblay, VP, Global Offshore Markets, ABS

The American Bureau of Shipping dominates the global market in the classification of Floating Production. Offshore Engineer recently sat with Matt Tremblay, ABS’ Vice President of Global Offshore Markets, at American Bureau of Shipping HQ in Houston for his insights on market drivers and technical trends in this dynamic market.Matt, big picture, how do you see the Floating Production market developing in the coming years?At a macro level, I think we're going to be supply limited over the next five years.

American Queen Voyages Up for Sale as Hornblower Gets New Majority Owner

A global alternative investment firm Strategic Value Partners has entered into agreement with Hornblower Group to acquire the majority ownership of the company in exchange for significant equity investment. As part of the agreement, Crestview Partners retained minority ownership in the business, and the decision was made to sell or wind down the company’s overnight cruises unit American Queen Voyages.Aside from significant minority stake in the business, Crestview will become the sole owner of Journey Beyond…

Australian Government Considering Re-Export of Livestock

The Australian Department of Agriculture continues to assess an application to re-export the sheep and cattle currently loaded on the livestock carrier Bahijah.The government recalled the vessel after it diverted from the Red Sea over a week into its voyage to the Middle East. The Bahijah had loaded cattle and sheep in Fremantle, Western Australia, and departed for the Middle East on January 5, 2024.The vessel has an Israeli company name painted in large letters along the side of the hull, and it is currently docked in Fremantle taking on supplies.

Let’s Set Some Standards for Micro Cargo

As zero carbon cargo efforts are progressing, it is becoming more apparent that the lowest hanging fruit is in the last few miles. This is where a large amount of carbon is expended in delivering small parcels to stores and consumers’ doors.This is particularly apparent in dense pack cities like New York City, where delivery vans clog streets and water crossings. The NYC Economic Development Commission recently issued a Request For Expression of Interest in waterborne micro cargo delivery.

Shipping Industry Influencers to Join Commodores’ Debate at CMA Shipping 2024

Dorian LPG, International Seaways Ship Management LLC, Poten & Partners, d’Amico and TEN Ltd. all confirmed for the CMA Shipping 2024 Commodores’ Debate rounding off three days of thought-leading content from March 12-14 in Connecticut.A highlight of the Stamford-based show, the Commodores’ Debate brings past and present CMA Commodores together to discuss the key issues and opportunities facing shipowners today and in the future.Moderated by Marine Money’s Jim Lawrence, the debate will focus on the meaning of business excellence during a time of disruption and market volatility.

African Union Bans Donkey Skin Trade

African Heads of State have agreed a landmark moratorium on the donkey skin trade. The agreement was reached on February 18 during the 37th African Union Summit in Ethiopia.Over the last decade, Africa has seen its donkey population decimated due to Chinese demand for ejiao, a gelatine used in traditional Chinese medicine that is made from boiling down donkey skins. Believed to have unsubstantiated health benefits, demand for ejiao has obliterated China’s own donkey population…