Institute of Chartered Shipbrokers Welcomes New Senior Officers
The Institute of Chartered Shipbrokers has officially welcomed its new senior officers at a Controlling Council meeting held in Athens, Greece.Taking over from Glenn Murphy as International Chair of the Institute is Luis Bernat. Prior to his election as Chair, Bernat has held the position of Vice Chair since 2021. He brings to the role extensive experience gained over almost 50 years in the industry. This includes, most recently, his role as Chartering Manager for TSL Shipping & Trading.
Euronav to Buy CMB.TECH for $1.15 Billion
Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels…
Maersk Prepares to Resume Shipping Through Red Sea
Denmark's Maersk is preparing to resume shipping operations in the Red Sea and the Gulf of Aden, the company said on Sunday, citing the deployment of a U.S.-led military operation designed to ensure the safety of commerce in the area.The shipping giant paused sending vessels through the Bab el-Mandeb strait earlier in December due to attacks against its ships. That rendered the Suez Canal, which is key to global commerce…
Foreign Shareholders Suspend Participation in Russia's Arctic LNG 2 Project
Foreign shareholders suspended participation in the Arctic LNG 2 project due to sanctions, renouncing their responsibilities for financing and for offtake contracts for the new Russian liquefied natural gas (LNG) plant, the daily Kommersant reported on Monday.The project, seen as a key element in Russia's drive to boost its LNG global market share to 20% by 2030 from 8%, was already facing difficulties due to U.S.
Sub-Continent Recyclers Hope for Better 2024
As we enter the last week of 2023, sub-continent markets struggle on, says cash buyer GMS, going the final furlong to round out what has been an overall disappointing year for pricing and volumes.Prices have collapsed from over $600/LDT to below $500/LDT over certain stages this year, seeing around $150/LDT wiped from residual values in a shock for owners and cash buyers alike.“Now that currencies and steel prices seem to have stabilized across the board for the time being, many will be hoping f
Great Lakes' MARAD Title XI Financing Application Completed
Great Lakes Dredge & Dock Corporation announced its MARAD Title XI Financing application for its offshore wind rock installation vessel, the Acadia, has been updated to the "completed" category, indicating the loan process is moving towards the final phase.Lasse Petterson, Great Lakes president and CEO, said, “We have fostered a strong relationship with MARAD and are pleased to have reached this significant milestone in the application process.
More than 20 Countries Now Part of US-led Red Sea Coalition
A total of more than 20 countries have agreed to participate in the new U.S.-led coalition safeguarding commercial traffic in the Red Sea from attacks by Yemen's Houthi movement as more nations join the effort, the Pentagon said on Thursday.Still, the new Pentagon total would suggest that at least eight of the countries who have signed up have also declined to be publicly named, in a sign of political…
Cruise Ship Towed to Germany After Power Outage in North Sea Storm
Norwegian cruise ship MS Maud is being towed to Bremerhafen in Germany after a violent North Sea storm shattered windows on the bridge, causing a power outage late on Thursday, Danish authorities said on Friday.The ship's 266 passengers and 131 crew members were safe, a spokesperson for the Danish Joint Rescue Coordination Centre (DJRC) told Reuters, adding that a vessel from civil rescue firm Esvagt had managed to connect a tow line to the cruise ship."An Esvagt ship is towing it slowly towards
Shipping Firms Impose Surcharges as Red Sea Attacks Hit Global Trade
Maersk and CMA CGM, two of the world's largest shipping firms, will impose extra charges after deciding to re-route ships following attacks on vessels in the Red Sea, as worries about the disruption to global trade grow.The surcharges, designed to cover longer voyages around Africa compared with routes via the Suez Canal, will add to rising costs for sea transport since Yemen's Houthi militant group…
MacGregor Cargo Handling Equipment Ordered for Matson Containerships
MacGregor announced on Friday it has landed a contract from SM Solutions/Philly Shipyard to supply cargo handling solutions for three 1,822 FEU sized containerships.MacGregor’s scope of supply encompasses design, hardware and supply for hatch covers, lashing bridges, deck stanchions, fixed and removable cell guides in hold and container fixed fittings. Deliveries are scheduled to commence during the fourth quarter of 2024 and completed within 2026…
Damen Studying Zeabuz’s Autonomous Vessel Technology
Dutch shipbuilding conglomerate Damen said it is studying Zeabuz's cutting-edge technology for autonomous sailing in an effort to enable autonomous vessel operations in the coming years.Norway-based Zeabuz specializes in software for autonomous maritime operations."Autonomy holds the potential to revolutionize vessel operations by enhancing safety protocols, optimizing asset effectiveness, and paving the way for the creation of new business models," Damen said.
Capital Product Partners Move Forward with $3.1B Acquisition of 11 LNG Carriers
New York-listed shipowner Capital Product Partners L.P. (CPLP) has closed the umbrella agreement from November 2023, moving forward with the $3.1 billion acquisition of 11 newbuild LNG carrier vessels.CPLP entered into umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, providing for the acquisition of 11 newbuild liquefied LNG carriers.Upon the closing of the umbrella agreement on Thursday…
Lack of Arctic Tankers Puts Russia's LNG Development Dreams on Ice
Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG…
New Fortress Energy Takes Delivery of Energos Celsius FSRU
Seatrium has delivered a floating storage and regasification unit (FSRU) Energos Celsius to New Fortress Energy (NFE), one of the world’s leading LNG project developers.Energos Celsius is owned by Energos Infrastructure, a global marine infrastructure platform backed by Apollo funds and NFE, and the vessel is on long-term charter to NFE in Brazil.The FSRU was completed on time and within budget, and has departed the Seatrium shipyard for Brazil.It will subsequently be deployed at NFE’s completed
Brunvoll Invests in New Production Tech
Brunvoll’s will invest $10m in new production technology: One large machining center for gearbox housings were ordered for the factory in Volda. The other machine on order is a large combination turning and machining center for the factory in Molde. The machines will be delivered by the supplier PAMA S.P.A in Q1 2025. PAMA is an Italian company with a 90-year long history of delivering medium to large…
Vigor Completes Works on USCGC Vessel Ahead of Time
Vigor Alaska, a Titan Company, successfully completed a dry dock and repair work solicitation on U.S. Coast Guard Cutter John McCormick this month, returning it to service ahead of schedule.The $3.65 million contract was awarded in September 2023 and represents the first non-emergent maintenance solicitation awarded to the Ketchikan Shipyard since 2011.USCGC McCormick is homeported at Coast Guard Base Ketchikan…
Austal USA Wins USN Contract
Austal USA received an $867.6 million undefinitized contract award (UCA) for final design and construction of three Expeditionary Medical Ships (EMS) from the U.S. Navy. The EMS will be manufactured in Austal USA’s aluminum manufacturing line following completion of the last Expeditionary Fast Transport (EPF 16).The Expeditionary Medical Ship (EMS), an Expeditionary Fast Transport (EPF) variant, is a cost-effective design providing a dedicated medical ship optimized to provide patient holding…
MOL Gets ClassNK Blessing for Ammonia FSRU Design
Mitsui O.S.K. Lines (MOL) has been awarded an approval in principle (AiP) by ClassNK for a design of Floating Storage and Regasification Unit (FSRU) for ammonia.The ammonia FSRU has been jointly developed by MOL and MHI Group’s Mitsubishi Shipbuilding.Obtains AiP for Ammonia FSRU Design - A Step Toward Safe Utilization of Ammonia for DecarbonizingThe AiP gives MOL further assurances in its design and development of ammonia FSRU…
Godmother Names Sanmar Harbor Tug After Her Son
Sanmar’s Altinova Shipyard held a christening ceremony last Saturday for a powerful new harbour tug destined to work for German operator H. Schramm Towage.Lara König, took on the honorary role of godmother to the new tug, which is named Bo after her two-year-old son, who is the godchild of SCHRAMM group owner Hans-Helmut Schramm.Bo is based on the exclusive-to-Sanmar TRAktor-Z 2500SX design from Canadian naval architects Robert Allan…
Cruise Ship Loses Navigation Ability in North Sea During Storm
The Norwegian cruise ship MS Maud suffered a power outage after a rogue wave shattered windows on the bridge while it sailed in the North Sea, causing the vessel to lose its ability to navigate, Danish authorities and the ship's owner said on Thursday.The 266 passengers and 131 crew members were safe, according to the Danish Joint Rescue Coordination Centre."There is no power on the ship. The main engine is functioning but the navigation systems and radars are not…
