Big Cash Boost at Boston Port
A new report from the Massachusetts Port Authority (Massport) shows the Port of Boston contributed $8.2 billion in economic activity in 2018, up from $4.6 billion…
SW/TCH Maritime Funds H2 e-Ferry
SW/TCH Maritime has announced its investment to construct and own the ‘Water Go Round’ e-ferry in collaboration with Golden Gate Zero Emission Marine (GGZEM).SW/TCH…
Vattenfall Launches Maiden Green Bond
Swedish energy company Vattenfall has issued a EUR500mln green bond, its first such issuance, with the proceeds earmarked for a number of projects, including renewables.The…
U.S. Pushes for More Offshore Wind Jobs
The National Ocean Industries Association (NOIA) announced the support for the Offshore Wind Jobs and Opportunities Act.NOIA President Randall Luthi submitted a…
Renewable Energy Brings 11 Million Jobs
According to the International Renewable Energy Agency (IRENA) eleven million people were employed in renewable energy worldwide in 2018. This compares with 10.3…
Petrobras Sells TAG, Gets $8.7 bln
Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) has concluded the sale of gas pipeline system Transportadora Associada de Gás S.A. (TAG) to a group…
Greenpeace Activists Removed from Rig
Two Greenpeace activists who were occupying an oil rig have been removed from the structure and arrested.Officers boarded the Transocean rig in the Cromarty Firth…
SPII Holdings Bids for DryShips
Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant…
ReCAAP Reports Seven Piracy Incidents
ReCAAP ISC issued its monthly piracy report, informing of seven incidents of piracy and armed robbery against ships in Asia in May 2019. There was no report of abduction…
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with…
INTERTANKO Says Vessels at Risk in Gulf
The tanker association INTERTANKO condemned unprovoked attack against two tankers on innocent passage in international waters in the Gulf of Oman on Thursday 13…
Hapag-Lloyd Pact for EUR100mln Credit
The transnational German-based transportation company Hapag-Lloyd AG has entered into a new EUR 100 million revolving credit facility, to be made available for…
ICS Concerns About Tanker Attacks
International Chamber of Shipping (ICS), the world's principal shipping organisation, stated that its Board has expressed concern at the serious incidents involving…
EIB to Invest in Sustainable Transport
The European Investment Bank (EIB) approved a total of EUR 4.5 billion (USD 5bln) of new financing that will tackle investment gaps hindering private sector growth…
Jotun Signs Agreement with HHI
Norwegian paints and coatings company Jotun Group announced that it signed a memorandum of understanding with the world’s largest shipyards for a new type of marine…
DSME, DNV GL Pact for Joint Projects
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) and DNV GL have signed a framework agreement which will see them cooperate on joint development…
Oil Prices Jump 2% After Tanker Attacks
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings…
Unexploded Device Spotted on Attacked Tanker
An unexploded device, believed to be a limpet mine, was spotted on the side of one of two oil tankers attacked on Thursday in the Gulf of Oman, a U.S. official told Reuters, speaking on condition of anonymity.If confirmed, then the method of attack would be the same as the one that the United States believes was used last month when four other tankers were struck off the coast of the United Arab Emirates.
Cyber Risk Management: What Maritime Professionals Need to Know Now
The IMO January 2021 deadline for shipping interests to incorporate cyber risk management into their existing Safety Management Systems is fast approaching. It is critical that stakeholders understand their vulnerabilities. The IMO has issued MSC-FAL.1/Circ.3 guidelines on maritime cyber risk management that does a good job of outlining the many vulnerable systems within marine operations, including:1.Bridge systems;2.
Digitalization: Managing the Flow
Mathias Rusch, Director of the Marine business unit at SKF explains what trends are currently shaping the industry, what future challenges are emerging and how operators can manage the flood of data that is coming out of the digitalization revolution.Two major trends that shipowners and operators are currently dealing with are persistently low freight rates, which have been significantly depressing…