Oil Prices Fall to Lowest Since May Ahead of Possible Russia-Ukraine Peace Deal
Oil prices fell below $60 a barrel on Tuesday, the lowest since May, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations sanctions could be eased.Brent crude futures fell $1.03, or around 1.7%, to $59.53 a barrel at 1340 GMT, while U.S. West Texas Intermediate crude was trading at $55.76, down $1.06, or 1.9%."Brent has dropped this morning to below $60 per barrel for the first time in months…
Fincantieri Targets 40% Revenue Growth by 2030 with Five-Year Plan
Italian shipbuilder Fincantieri on Tuesday set a goal of a 40% rise in revenues and a near doubling of core profits in its new five-year plan, expanding to the defence and underwater businesses while keeping its leadership on cruise ships.The 2026-2030 strategy, dubbed "F4 Fast Forward Further Future" and expected to be detailed in the first months of next year, forecasts more than 50 billion euros ($58.79 billion) of new orders…
PDVSA Faces Stuck Cargos, Rising Discounts, and Contract Change Demands
Venezuela's state-run company PDVSA is dealing with stuck oil cargoes, rising price discounts and demands from customers to change terms of spot contracts following the U.S. seizure of a ship carrying the OPEC country's crude, traders and sources said.As Washington's pressure on President Nicolas Maduro grows, the U.S. Coast Guard last week intercepted the vessel Skipper near Venezuela's coast, its first seizure of an oil tanker or cargo from the South American country. The U.S.
Italy Approves 2.4b Euro Investment in Frigates
Italy's government has asked parliament to approve a 2.4-billion-euro ($2.82 billion) investment over 15 years for the maintenance and modernisation of its frigate fleet, a parliamentary document seen by Reuters showed.The plan comes as Italy moves to gradually increase its defence spending to comply with higher NATO targets, after the alliance members agreed to a U.S. demand to boost their annual defence budgets to 5% of gross domestic product.The programme…
Tocaro Blue Embeds Processing Software into Metal Shark HSMUSVs
Louisiana-based boat builder Metal Shark, a supplier for the US Armed Forces and allies, and Tocaro Blue, a developer of Al-powered marine sensor processing solutions, have announced a strategic collaboration to embed Tocaro Blue's ProteusCore M Radar processing software into Metal Shark's fleet of High Speed Maneuverable Unmanned Surface Vessels (HSMUSVs).ProteusCore provides operators with advanced radar data fusion…
German Naval Yards, Swisship, Pascoli International Reveal Next-Gen Superyacht
German Naval Yards (GNY), Swisship Yacht Projects headed by Andreas Iseli and Kristian Pascoli of Pascoli International have announced their collaboration on a new 93-meter superyacht concept “KOA” aimed at the next generation of large-superyacht owners. With a beam of 14.60 meters, a draft of 4 meters and an internal volume of approximately 3,500 GT, the project balances modern aesthetics, advanced…
Gram Car Carriers Rolls Out Orca AI Navigational Analytics Platform
Orca AI has signed a multi-year agreement with Gram Car Carriers (GCC), the world’s third-largest tonnage provider of Pure Car and Truck Carriers (PCTCs) and part of the MSC Group, to deploy its AI-powered navigational safety and fleet analytics platform across GCC's global fleet of 22 owned vessels.Building on the success of Orca AI’s existing collaboration with MSC, the partnership marks an expansion…
Alfa Laval Launches FCM LNG Fuel Supply System Featuring Cryogenic Technology
In response to the strong market trend for LNG, Alfa Laval has launched its new FCM LNG fuel supply system during Marintec 2025. The LNG fuel supply system features cryogenic technology from Fives, a company recently acquired by Alfa Laval. This enables Alfa Laval to deliver a high-performance system that enables customers to adopt LNG efficiently and safely as a marine fuel. As the maritime industry navigates its decarbonization journey, LNG has solidified its role as a transitional fuel.
Inmarsat Maritime to Deploy NexusWave on Krey Schiffahrt Heavy Lift Vessels
Inmarsat Maritime, a Viasat company, will deploy NexusWave on Krey Schiffahrt’s four newbuild heavy lift vessels. The deployment will enable the German ship manager to enhance operational efficiency and unlock the benefits of always-on, unlimited connectivity.Krey Schiffahrt currently manages eight modern multi-purpose heavy lift vessels and is expanding its fleet to meet evolving project cargo demands.
Austal USA expands digital transformation with SSI ShipbuildingPLM
SSI, a leader delivering software, services, and expertise for the business of shipbuilding, announced that Austal USA, a partner since 2005, will use its ShipbuildingPLM product lifecycle management (PLM) solution to further expand its digital transformation.This decision reflects Austal USA’s pursuit of innovation and operational excellence in shipbuilding, showing how a shipbuilding-specific digital platform can accelerate production…
AYK Energy Signs Second Chemical Tanker Battery Deal with Spain’s Mureloil
Marine battery manufacturer AYK Energy has signed a second contract with Spanish ship owner Mureloil, extending the use of battery-supported diesel-electric propulsion into the chemical tanker segment.The agreement follows the installation of a battery system on Mureloil’s 8,000-deadweight-tonne tanker Bahía Candela and will see AYK supply an identical 4.2 MWh Aries+ battery system for its sister vessel Bahía Beatriz…
Western Bulk Buys Into Bulker Ownership Alongside Nordic Partners
Oslo-based dry bulk operator Western Bulk has re-entered ship ownership after acquiring a minority stake in a Kamsarmax vessel alongside a group of Norwegian partners, the company said on Tuesday.Western Bulk, together with A/S J. Ludwig Mowinckels Rederi, NRP Asset Management-managed Premium Maritime Fund 2024, and Pactum, has acquired the dry bulk carrier CSSC Shi Jia Zhuang, which will be renamed Western Egda.The 2020-built…
ESVAGT Acquires Two SOVs from Edda Wind
Danish vessel owner ESVAGT has completed the acquisition of Breeze Enabler and Brint Enabler Service Operation Vessels (SOVs) from Edda Wind through a 100% share purchase agreement of the two Spanish vessel owning entities.The SOVs are on long-term contracts with customers Ocean Breeze in Germany and Vestas in UK.The contracts for both Breeze Enabler and Brint Enabler have been novated to ESVAGT for…
Union Maritime’s Chemical Tanker Newbuilds to Sport Anemoi’s Rotor Sails
Anemoi Marine Technologies, the U.K.-based designer of Rotor Sails for wind-assisted ship propulsion, has signed a deal to install its Rotor Sails on two newbuild chemical tankers under construction for Union Maritime.The 18,500 DWT vessels, to be built by Wuhu Shipyard Co in China, will feature a combination of technologies and retrofit readiness to safeguard cost-effective decarbonization across…
J-ENG to Develop Methanol-Fueled Engine
Japan Engine Corporation (J-ENG) has commenced development of the methanol-fueled engine, UEC50LSJM. Following the completion of its first ammonia-fueled engine, 7UEC50LSJA, in August of this year, J-ENG is also working on the development of the hydrogen-fueled engine, 6UEC35LSGH. The aim is to have the engine complete within fiscal year 2027.Methanol is a low-carbon fuel that has the effect of reducing GHG (Greenhouse Gas) emissions…
MPCC Places Order for Six New Container Ships to Chinese Shipyard
MPC Container Ships (MPCC) has entered into contracts with Taizhou Sanfu Ship Engineering in China for the construction of six 3,700 TEU container vessels scheduled for first delivery in second half of 2028.Each vessel will operate under a 10-year time charter, with extension options, to a top five liner company.The vessels are based on the newest design, which optimizes speed and fuel consumption for regional and feeder trades…
Morocco’s Marsa Maroc to Acquire 45% Stake in Spain’s Boluda Maritime Terminals
Morocco's leading port operator, Marsa Maroc, said on Tuesday it signed a deal to acquire a 45% stake in Spain's Boluda Maritime Terminals (BMT), a branch of Spain's Boluda Corporacion Maritima for 80 million euros ($94.01 million).The deal, approved by Marsa Maroc's board, is subject to regulatory clearance, the company said in a statement.BMT handled more than 1 million containers in 2024 through its nine terminals across mainland Spain and the Canary Islands.The acquisition would enable Marsa
Ukraine Says Underwater Drones Hit Submarine, Russia Denies Damage
Ukraine said on Monday it hit and disabled a Russian missile-carrying submarine docked at a Black Sea naval base using underwater sea drones for the first time, but Moscow denied the strike caused any damage.The attack with Ukrainian-made "Sub Sea Baby" drones hit the submarine in the port of Novorossiysk where Russia has rebased many of its Black Sea naval vessels to put them out of reach of Ukrainian strikes…
EU Imposes More Sanctions on Oil Traders
The European Union adopted fresh sanctions against Russian oil interests on Monday, targeting traders Murtaza Lakhani and Etibar Eyyub for helping Moscow to circumvent Western sanctions on crude exports that help to fund Russia's war in Ukraine.The EU has imposed 19 packages of sanctions so far, but Moscow has managed to adapt to most measures and is still selling millions of barrels of oil to India and China, albeit at discounts to global prices.
Inflation and Steel Prices Impact Ship Recycling Markets
“Inflation is on the rise again, plate prices are collapsing in the wrong places, all while the U.S. dollar continues to rummage through the wreckage of 2025 for whatever it can suck out of ship-recycling currencies and both freight rates and oil futures tumble in unison,” reports cash buyer GMS, “just within the span of week 50.”The Baltic Exchange Dry Index reportedly fell nearly 4%, down to its lowest level in nearly a month, dragged by capes that fell 5.6%.
