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Shipping group CMA CGM benefited in the first quarter from a rebound in demand for consumer goods and higher freight rates linked to Red Sea disruption, but expects an influx of new ships to weigh on the market later in the year, it said on Friday.France-based CMA CGM, the world's third-largest container line, reported first-quarter net profit of $785 million, recovering from a $90 million loss in the final quarter of 2023.That was down from a net profit of $2.01 billion in the first quarter of 2023…

Offshore installation services company Jan De Nul has ordered another XL cable laying vessel (CLV), identical to the Fleeming Jenkin, which boasts ‘unrivalled cable-carrying capacity’.Like the Fleeming Jenkin, the vessel will be 215 meters long and can transport 28,000 tonnes of cables.This will make them the largest capacity cable-laying vessels in the world, according to Jan De Nul.Thanks to cutting-edge technology on both vessels, designed by Jan De Nul Group's own specialists, they can lay cables in both shallow and ultra-deep waters up to 3,000 meters.

The Port of Los Angeles will receive an estimated $58 million in federal funding this year for maintaining its harbor channels and repairing its wharves, the U.S. Army Corps of Engineers announced. According to the port, the record amount—a nearly tenfold increase compared with $6 million it received in 2023—reflects the federal government's commitment to fully implementing long sought reforms to the Harbor Maintenance Trust Fund (HMTF).“The San Pedro Bay ports move 40% of the nation’s container imports, transporting the goods that power our economy,” said California Sen. Alex Padilla.

“Global soya bean exports are forecast to grow by 8% between 2023 and 2025 based on data from the United States Department of Agriculture (USDA). Stronger import demand from China will be met by larger harvests in the US and Brazil and in the near term, soya beans are expected to be a key growth driver for global grain shipments,” says Filipe Gouveia, Shipping Analyst at BIMCO.In 2023, soya bean exports rose 10.6% due to a record harvest in Brazil. However, so far in 2024 exports have stagnated as Brazil has offset a weaker harvest with inventories from the previous season.

Foundation installation work has commenced for the second phase of what will become the world’s largest offshore wind farm, Dogger Bank, in the U.K. North Sea.Seaway7’s vessels Seaway Strashnov and Seaway Alfa Lift have commenced installation of monopile foundations and transition pieces for the Dogger Bank B phase of the offshore wind farm project. The team recently completed installation of all 95 transition pieces on Dogger Bank A, thus concluding the installation of the foundations for the first phase of the project.Olly Cass…

Mitsui E&S has announced that the group's total production of large marine engines in FY2023 was 155 units with a cumulative horsepower of 3.16 million. In FY2024, the group anticipates producing146 units with a cumullative horsepower of 3.04 million.Since forming a technical partnership with B&W (now MAN Energy Solutions) in 1926, Mitsui E&S has established a production track record as one of the world's top manufacturers.Mitsui E&S DU Co., Ltd., which was established as a Mitsui E&S Group company in April 2023…

Crewmembers from a Greek oil tanker have admitted to environmental crimes in U.S. waters, U.S. Attorney Philip R. Sellinger and Assistant Attorney General Todd Kim announced.Konstantinos Atsalis, the chief engineer on board the Kriti Ruby, admitted to charges related to the discharge of oily waste into the sea from a commercial vessel near a petroleum terminal in Sewaren, N.J. He and second engineer Sonny Bosito also admitted concealment of pollution from that vessel through the…

“In 2023, 2.3 million TEU of container ship capacity was delivered, beating the former all-time high by 37%. Year-to-date another record has been set as more than 1 million TEU has already been delivered during the first four months of the year, an increase of nearly 80% compared to the previous record,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As ship recycling has so far only retired 19 smaller ships, the fleet has expanded by nearly 1 million TEU, a 3.5% increase compared to the beginning of the year.

Cruise operator Royal Caribbean Group is in discussions with new and existing markets around the world to recruit thousands of workers to staff its ships and private destinations to keep up with record cruise demand.The number of people taking cruises hit a record in 2023, and with the surge in demand and larger vessels, labor needs are growing. Tourism boards and port operators from around the world said Royal Caribbean is looking to hire worldwide and the company confirmed it will hire around 10…

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…

The captain of a dive boat that caught fire and sank off the California coast in 2019, killing 34 people in one of the state's deadliest maritime disasters, was sentenced on Thursday to four years in prison for his conviction on a federal charge of seaman's manslaughter.Jerry Boylan, 70, was found guilty by a U.S. District Court jury in November on a single felony count of "misconduct or neglect of a ship officer" under a federal homicide statute dating from steamboat accidents of the early 1800s.Federal prosecutors had sought the maximum penalty of 10 years in prison…

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.

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

Sunil Krishnakumar, Senior Technical Manager at the International Chamber of Shipping, provides his key insights on the newly released Engine Room Procedures Guide, Second Edition, by ICS.The shipping industry has embarked on a transformative journey, actively working towards a sustainable future and a safer environment. With a strong commitment to reducing greenhouse gas emissions, the industry is actively seeking the uptake and safe use of new low-GHG technologies and alternatives…

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…

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…

Enterprise Products Partners on Tuesday said it expects to have two contracts for its proposed deepwater oil export terminal by May 31 and reach a final investment decision before year-end.Enterprise's ambitious Sea Port Oil Terminal (SPOT), proposed off for a site off the coast of Texas, would be able to load two supertankers at a single time. It received a key government license this month, but is yet to sign any commercial customers.The cost of the project has soared to about $3 billion…

The IMO's Legal Committee met in person for its 111th session at IMO Headquarters in London from April 22 to 26 April 2024, and finalized guidelines on the fair treatment of seafarers detained on suspicion of committing crimes.These are to be applied where seafarers may be detained in a jurisdiction other than that of the seafarers' nationality on suspicion of committing crimes during the course of their employment on board a ship.The objective is to ensure that seafarers are treated fairly during any investigation and detention by public authorities…

A Commissioner with the U.S. Federal Maritime Commission is urging President Joe Biden to provide aid for local companies and workers suffering from an economic upheaval in the wake of the tragic Key Bridge collapse in Baltimore.A letter sent by Commissioner Carl W. Bentzel to President Biden on Monday asks the President to consider using the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a model for providing relief workers and industries affected by the temporary…

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…

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.

Hess Corp on Wednesday said its board has set April 12 as the record date for the determination of the stockholders entitled to vote on the proposed merger with Chevron Corp.Shareholders will vote on the proposed deal in a meeting whose date is yet to be set, the company said in a U.S. securities filing. Neither Chevron nor Hess can predict the actual date on which the transaction will be completed, it said in the filing.Exxon Mobil and CNOOC Ltd filed cases before the International Chamber of Commerce last month…