IMO to Open Regional Office in Fiji
The IMO will open its seventh Regional Presence Office (RPO), in Suva, Fiji, after IMO Secretary-General, Arsenio Dominguez, and Fiji Minister for Transport, Ro Filipe Tuisawau, signed a Memorandum of Understanding on March 18.The Regional Presence Office will support the maritime needs and priorities of countries in the Pacific Islands region, aligning IMO actions with national and regional development policies, while providing advice on key maritime issues such as training, safety and security, legislation and marine environment.
Seatrium Renews Exclusive Deal with Gaslog and Shell for LGN Carrier Repairs
Singapore-based Seatrium has renewed its long-term favored customer contract (FCC) with GasLog LNG Services and Shell International Trading and Shipping Company (STASCO) to provide ship repairs, refurbishment and upgrading for their LNG carriers until 2029, with further renewal options.The contract marks a collaborative partnership between Seatrium and these two leading maritime companies with whom the Singaporean group has established a long history of collaboration.The contract involves the repairsā¦
ONE Secures AiP for 3500 TEU Ammonia Dual-Fueled Vessel
Japanese container shipping company Ocean Network Express (ONE) has secured the Approval in Principle (AiP) for an ammonia dual-fueled vessel.The newly AiP-awarded 3,500 TEU vessel was jointly developed by ONE, Nihon Shipyard (NSY) and classification society DNV, as part of a joint development project established in late 2022 among the three parties.Along with recent investment in 12 methanol dual-fueled vessels, the award marks another milestone for ONE on its journey towardsā¦
DNV, SDTR Marine to Explore CCS for Kamsarmax Bulker
Classification society DNV has entered into a joint development project (JDP) with Singapore-based shipping company SDTR Marine to cooperate on a carbon capture and storage (CCS) feasibility study for the latterās 85,000 dwt Kamsarmax bulk carrier.As part of the JDP, DNV and SDTR Marine will collaborate on a techno-economic analysis of CCS implementation aboard the bulk carriers. Utilizing DNV's FuelPath, the study aims to evaluate the economic viability of different fuel and technology approaches under various fuel and CO2 price scenarios.
Maersk and Hapag-Lloyd Set Up Operational Cooperation
Shipping industry majors Hapag-Lloyd and Maersk have signed an agreement for a new long-term operational collaboration called āGemini Cooperationā, which will start in February 2025.The ambition is to deliver a flexible and interconnected ocean network with industry-leading reliability.The new cooperation between the companies will comprise a fleet pool of around 290 vessels with a combined capacity of 3.4 million containers (TEU). Maersk will deploy 60% and Hapag-Lloyd 40%, the shipping giants said.As a part of the agreementā¦
Purus Selects DNV to Class Its First VLEC Newbuilds
UK-headquartered shipowner Purus has selected DNV to class its two Very Large Ethane Carriers (VLEC) newbuilds.The vessels have been contracted at HD Hyundai Heavy Industries (HHI) in South Korea and scheduled for delivery in 2026-2027.With a cargo carrying capacity of 98,000cbm, the two VLECs will be fitted with GTTās Mark III membrane containment system.The vessels will be equipped with dual-fuel ethane engines and optimized cargo handling systems to reduce emissions and will also be EEDI Phase III compliant.Once deliveredā¦
Oil Tankers Continue Red Sea Movements Despite Houthi Attacks
Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed.The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than feared on oil flows, with shippers continuing to use the key East-West passage. The Houthis, who have said they are targeting Israel-bound vessels, have largelyā¦
Some LNG Carriers Avoiding the Red Sea as Attacks Increase
Several liquefied natural gas (LNG) vessels have changed their courses in recent days to avoid the Red Sea region amid maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.The Red Sea is linked to the Mediterranean by the Suez Canal, creating the shortest shipping route between Europe and Asia, and is connected to the Gulf of Aden by the Bab-el-Mandeb strait between Yemen and Djibouti. About 12% of world shipping traffic transits the canal.But attacks in recent days on ships along the route have led companies such as oil major BPā¦
Why the Indian Ocean Could be China's Achilles' Heel in a Taiwan War
Every day, nearly 60 fully loaded very large crude-oil carriers sail between the Persian Gulf and Chinese ports, carrying about half of the oil that powers the world's second-largest economy.As the vessels enter the South China Sea, they ply waters increasingly controlled by China's growing military, from the missile batteries and airfields at its bases on disputed islands to its stealthy Type 055 destroyers.But when crossing the Indian Ocean, joined by others headed to China from Africa and Brazilā¦
Panama Canal Woes to Delay Grain Ships well into '24
Bulk grain shippers hauling crops from the U.S. Gulf Coast export hub to Asia are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal, traders and analysts said.The shipping snarl through one of the world's main maritime trade routes comes at the peak season for U.S. crop exports, and the higher costs are threatening to dent demand for U.S. corn and soy suppliers that have already ceded market share to Brazil in recent years.
Swire Projects Launches Transpacific Semi Liner Service
Swire Projects, the projects and heavy lift shipping arm of Swire Shipping, has officially launched a dedicated semi liner service connecting East Asia with the West Coast of North America.Previously offered on an ad hoc basis, the service will provide enhanced cargo connectivity and support the growing demand for reliable breakbulk and project cargo transportation into the West Coast and a gateway to the interior of the Continent avoiding the need to route cargo via the Panama Canal.Swire Projects' semi liner service connects the base ports of Qingdao and Taicang in China and ports en routeā¦
The $1 Billion Offshore Wind Prize for US Shipyards
The U.S. offshore wind market presents a $1 billion long-term opportunity to builders of crew transfer vessels (CTV) and service operation vessels (SOV) that will support both wind farm construction and long-term operations and maintenance. Unlike many of the construction vessels to be deployed on U.S. wind projects, CTVs and SOVs must be Jones Act compliant, meaning they will be built, owned and operated by U.S. companies and personnel.However, although seen as somewhat commoditized vesselsā¦
Varamar, COSCO Shipping Enter Strategic Commercial Partnership
Varamar DMCC has entered into a strategic commercial partnership with ASL Shipping & Logistics Pvt Ltd, a COSCO Shipping Group company, with the aim of helping both companies to strengthen their respective trades.Varamar, a liner and tramp carrier that specializes in breakbulk, dry-bulk, oversized, and containerized cargo, has historically focused on trade lanes connecting Europe with the Middle East, Asia, and the Far East, while also trading to Africa and the Americas. The recent expansion of Varamar to 10 international branchesā¦
Decarbonizing Shipping: DNV, AL Team Up for Onboard CCS Study
Classification society DNV has entered into a Joint Development Project (JDP) with AL Group and its Singapore company Asiatic Lloyd Maritime LLP to explore the feasibility of carbon capture and storage (CCS) on board ALās 7,100TEU containership and Kamsarmax bulk carrier newbuildings.Under the JDP, DNV will cooperate with AL on a techno-economic study of CCS on board the vessels using DNV's FuelPath to assess the economic potential of the different fuel and technology strategies.
Russia Strikes Deal with DP World to Develop Arctic Sea Route
Russian nuclear agency Rosatom said on Tuesday it has set up a joint venture with Dubai's DP World to develop container shipping through the Arctic as part of an initiative heavily promoted by President Vladimir Putin.The deal with one of the world's top port operators is the most tangible sign yet of Moscow's ability to attract big international partners to help it realise its ambitious plans for what it calls the Northern Sea Route.Putin has talked up prospects for the Arctic corridorā¦
Shipshave Scoops Award for In-Transit Hull Cleaning Solution
Shipshave has won the Most Innovative Proven Technology Award in the inaugural SNIC Innovation Awards for its in-transit hull cleaning solution that removes biofouling to boost fuel efficiency and decarbonization.The prize was handed out at the Singapore Norway Innovation Conference (SNIC) 2023, with the theme Innovate to Zero, that is hosted annually in Singapore by the Norwegian Business Association Singapore (NBAS).Shipshave earned the accolade for having āthe most innovativeā¦
US Dirty Tanker Export Demand Jumps
During the first eight months of 2023, US dirty tanker export demand increased 33% year-on-year while the global dirty tanker exports increased only 5%. Measured in deadweight tonne miles, US exports now account for 14% of global dirty tanker demand, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.US oil production has increased since 2013 while US refinery runs peaked before the COVID pandemic. This has allowed dirty tanker exports to increase from 0.4 million barrels per day (mbpd) in 2016 to 3.5 mbpd during the first eight months of 2023.
Australia LNG Strikes Would Need to Last Over a Month to Spike Prices, Analysts Say
Threatened strikes by workers at Australian liquefied natural gas (LNG) providers would need to last more than a month to significantly push up global prices, analysts said this week.The Woodside Energy and Chevron operations supply about 10% of global LNG output and worries of a walkout have lifted prices of European gas benchmark TTF forward curve 5%-7% higher over the September-to-April period than just before the news of a potential strike.The three Australian plants facing possible strikes risk losing 4 to 5 billion cubic meters of production per month if they go offlineā¦
Global Container Freight Stuck in Doldrums
Global trade remained in the doldrums during the second quarter as Chinaās post-lockdown rebound proved slower than expected and was offset by continued weakness in North America and Europe.Seasonally-adjusted trade volumes were no higher in the three months from February to April 2023 than they had been 17 months earlier in the three months from September to November 2021.Volumes were down in three of the first four months of 2023 compared with a year earlier, according to the Netherlands Bureau of Economic Policy Analysis (āWorld trade monitorāā¦
Shipwreck Off Greece Claims the Lives of at Least 78 Migrants. Search Underway for Survivors
Rescuers scoured seas off Greece on Thursday in a massive search operation, as hopes dwindled of finding survivors of a shipwreck that killed at least 78 migrants in one of Europe's deadliest such disasters in recent years.Reports suggested hundreds of people had packed the fishing boat that capsized and sank early on Wednesday in deep waters about 50 miles (80 km) from the southern coastal town of Pylos, while being shadowed by the Greek coast guard. As dawn broke on Thursday, a coast guard vessel sailed into the nearby port city of Kalamata, transferring victims.
LR Grants AIP for Samsung Heavy Industriesā Advanced Systems
Lloydās Register (LR) has awarded approval in principle (AIP) to Samsung Heavy Industries (SHI) for its Samsung Autonomous Ship (SAS) Autonomous Navigation System and SVESSEL Communication System, a key result of a joint development project formed in early 2023. The autonomous software for Autonomous Navigation System features an Integrated Bridge System, situational awareness tools and SHIās Anti-Collision Decision-Making System. By integrating these features with current navigation equipment SHIās technology can be used to eliminate human errorā¦
Study Highlights Upskilling Needs of Seafarers
DNV has published a study co-sponsored by the Singapore Maritime Foundation (SMF), examining the key drivers transforming the maritime industry and their impact on ship management and seafarers.The study was officially handed to SMF Chairman Hor Weng Yew during the Nor-Shipping trade fair in Oslo.The research draws on a comprehensive methodology combining a literature review, expert consultations, and a survey of over 500 seafarers responsible for operating dry bulk, tanker, and container vessels globally.
Asian Spot LNG Prices Slide for Fifth Straight Week
Asian spot liquefied natural gas (LNG) prices have weakened for the fifth consecutive week on muted demand due to healthy stocks, remaining at their lowest level in two years.The average LNG price for July delivery into north-east Asia was down 3% from the previous week at $9.50 per million British thermal units (mmBtu), the lowest since early May 2021, industry sources estimated."North Asia remains largely void of demand. Prices have continued to walk down week-on-week and support hasn't been helped by Japanese utilities selling into an already weak marketā¦