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Thursday, June 1, 2023

Maritime Law & Regulations News

01 Jun 2023

Singapore Detained Gatik Tanker in May Over Safety Issues

©K. -

Singapore authorities detained one of the oil tankers from Gatik Ship Management's fleet, a major carrier of Russian oil to India, for three days last month over safety issues, according to port state control data from Tokyo MoU.The Gabon-flagged tanker Lefkada was detained on May 11 after several deficiencies were found, the report from the leading port body showed.They included maintenance of the ship and equipment, fire protection system and life-saving gear.The ship was released on May 13 after the safety issues were rectified…

01 Jun 2023

Denmark's Semco Maritime to Acquire German Firm Wind Multiplikator

Credit; Semco Maritime

Denmark-based engineering and contracting group Semco Maritime has agreed to acquire German firm Wind Multiplikator, specialized in managing offshore wind farms and projects and providing engineering and consulting services.The transaction also includes all activities in offshore service provider OWS Off-Shore Wind Solutions, which is part of Wind Multiplikator Group. The combined Wind Multiplikator Group focuses on offshore wind O&M related activities, including major component…

31 May 2023

North Korea Missile Tests Endanger Shipping, IMO Warned

© SHUTTER DIN / Adobe Stock

North Korean missile tests are endangering the safety of commercial shipping in busy sea lanes in northeastern Asia without enough time given for notification, several countries told a UN agency on Wednesday.Nuclear-armed North Korea's sixth satellite launch on Wednesday ended in failure, with the booster and payload plunging into the sea, but it still prompted emergency alerts and evacuation warnings in parts of South Korea and Japan.A resolution adopted by a majority of over 100 countries attending the International Maritime Organization's (IMO) security committee…

31 May 2023

CMA CGM Acquires La Méridionale, New Ship Orders Planned

Copyright CMA CGM

The CMA CGM Group today finalized the acquisition of La Méridionale, a mixed-use freight and passenger shipping company established in Marseille since 1931. La Méridionale currently has four RoPax vessels, which operate up to 13 weekly crossings between Marseille, Porto Vecchio and Ajaccio, plus connections between Marseille and Morocco.The acquisition of La Méridionale complements the new division of the CMA CGM Group dedicated to specialized shipping operations. This division encompasses the new car carrier business…

31 May 2023

Viasat Buys Inmarsat, Creating Global Satellite Communications Powerhouse

Credit: wanfahmy/AdobeStock

U.S.-based global communications company Viasat has completed the acquisition of its UK-based rival Inmarsat."The combined company enhances our scale and scope to continue to drive growth in the increasingly dynamic and competitive satellite communications industry. The company’s assets, once fully integrated, are expected to increase the pace and scope of innovation in the global satellite connectivity sector, offering new and improved capabilities to customers that will address the ever-increasing speed…

30 May 2023

BOEM Completes Environmental Review of Gulf of Mexico Wind Lease Areas

© Thomas / Adobe Stock

The United States' Bureau of Ocean Energy Management (BOEM) on Tuesday issued a final environmental assessment (EA) on potential impacts from offshore wind leasing on the U.S. Outer Continental Shelf in the Gulf of Mexico, marking another step toward the potential first-ever offshore wind lease sale in the Gulf.The assessment, completed with the help of the Gulf of Mexico Intergovernmental Renewable Energy Task Force—a collaboration between Tribal, Federal, state, and local government agencies—found "no significant impacts to environmental resources"…

30 May 2023

Bangladesh to Ratify Ship Recycling Convention in June

© katiekk2 / Adobe Stock

Bangladesh is set to ratify an international convention in early June on recycling ships aimed at increasing safety and environmental standards, a senior official told Reuters."We expect the first week of June for the official declaration," said Mamunur Rashid, a deputy secretary with the Ministry of Industries, who said Bangladesh is the world's top ship breaking and recycling centre.The Hong Kong Convention was adopted in 2009 by 63 countries and so far has been ratified by 20 nations…

30 May 2023

Top Shipper of Russian Oil Secures Indian Cover as Western Certifiers Exit

© Andrea Izzotti / Adobe Stock

An Indian agency has stepped in to provide safety certification for most of Gatik Ship Management's fleet, a major carrier of Russian oil to India, after Lloyd's Register and the American Bureau of Shipping (ABS) withdrew classification for many of its vessels, records show.Mumbai-based Gatik, which has emerged this year as a significant player in Russian oil transport, also recently reflagged at least four of its vessels to Mongolia, according to data from maritime platform Lloyd's List Intelligence.This followed the de-flagging of 36 of the Gatik-managed fleet by St.

29 May 2023

Heroic Idun Released from Nigeria

Source: Nigerian Navy

The Nigerian Navy announced the release of the VLCC Heroic Idun on Saturday, and the crew and vessel are now reportedly sailing for South Africa.The navy said the “grave infractions” of the vessel were prosecuted by the Federal Government of Nigeria at the Federal High Court, Port Harcourt on January,10 2023. The 26 foreign crew pleaded guilty and elected voluntarily to enter into a plea bargain that involved paying fines and making an apology to the Federal Republic of Nigeria…

29 May 2023

Malaysia Detains Chinese Ship Linked to Suspected Illegal Salvage of British WW2 Wrecks

Credit: Angiolo/AdobeStock

Malaysia's maritime authorities on Monday said cannon shells believed to be from World War Two have been found on a China-registered bulk carrier ship detained at the weekend for anchoring in its waters without permission.The discovery comes amid reports this month that scavengers have targeted two British World War Two wrecks off the coast of Malaysia - the HMS Prince of Wales and HMS Repulse - which were sunk by Japanese torpedoes in 1941, just three days after the devastating attack on Pearl Harbor in Hawaii.

26 May 2023

NORDEN to Acquire the Thorco Projects Business

(Photo: NORDEN)

Danish shipping company NORDEN announced Friday it has entered into an agreement to acquire the Thorco Projects business, providing access to new customers within the general cargo segment such as break bulk, steels and wind energy.Denmark-based Thorco Projects, part of Thornico Group, has in recent years transformed into an asset light business operating a chartered fleet of 30-40 vessels, including mostly Handysize vessels, where NORDEN is a significant operator. The acquisition…

25 May 2023

US Coast Guard Ready to Move New Anti-SASH Policy

(Credit: Deven Leigh Ellis / U.S. Navy)

In May, the U.S. Coast Guard will start a strengthened and pointedly direct anti-SASH campaign that will extend across the maritime industry. SASH is an acronym for sexual assault/sexual harassment, and this new effort adds muscle to Marine Safety Information Bulletin (MSIB Number: 1-23) "Reporting Sexual Misconduct on U.S. Vessels" released in February. The new bulletin supersedes a previous one from late 2021.USCG personnel will be very deliberate in making sure that all maritime operators are aware of MSIB 1-23. The core message: report all sexual misconduct and harassment.

25 May 2023

Lloyd's Register Drops Ships of Top Indian Carrier of Russian Oil

© komi$ar / Adobe Stock

Lloyd's Register has told India's Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters.It is the latest setback for Gatik, which was also been forced to find new flags for 36 of its ships after they were deflagged by the St. Kitts & Nevis International Ship Registry."Lloyd's Register is committed to facilitating compliance with sanctions regulations on the trading of Russian oil," it said in an email to Reuters.

24 May 2023

AI-Driven Maritime Custody Service Now Available Commercially

© neiezhmakov / Adobe Stock

BlackSky Technology and Spire Global have teamed up to create a real-time, commercially available Maritime Custody Service that can automatically detect, identify and track more than 270 thousand vessels worldwide in open water, along rivers and canals, and while docked at port.The system uses data from Spire’s radio frequency-monitoring satellite constellation to detect emissions from maritime targets, including the ability to detect and locate dark vessels that manipulate their reported position in order to conceal nefarious activities.

23 May 2023

InterManager Urges European Commission to Employ Polluter Pays Principle

Captain Kuba Szymanski courtesy of InterManager

Ship management association InterManager is urging the European Commission to follow the polluter pays approach when finalising legislation intended to reduce greenhouse gas emissions from shipping in European waters.Shipowners are concerned that proposed EU-ETS legislation could miss its mark if it holds ship management firms accountable for emissions reductions rather than target the parties who control key pollution-related aspects of ship operation such as fuel, machinery and vessel speed.In a submission to the Commission…

23 May 2023

Ukraine Says Russia Prevents Black Sea Grain Deal Port Operating

© Aleksandr Lesik / Adobe Stock

The Ukrainian port of Pivdennyi has halted operations because Russia is not allowing ships to enter it, in effect cutting it out of a deal allowing safe Black Sea grain exports, a Ukrainian official said on Tuesday.The Black Sea Grain Initiative signed by Russia and Ukraine last July, and extended last week for two months, is intended to guarantee the safe wartime export of grains and foodstuffs from three Ukrainian ports - Odesa, Chornomorsk and Pivdennyi.The United Nations, which together with Turkey…

22 May 2023

Israel Accuses Iran of Using Civilian Ships as 'Floating Terror Bases'

© Vitalii Vodolazskyi / Adobe Stock

Israel accused the Iranian Revolutionary Guards Corps (IRGC) on Monday of turning commercial ships into platforms for launching missiles, drones and commandos, saying the objective was to spread Tehran's clandestine naval clout well beyond the Gulf.The allegation by Defence Minister Yoav Gallant came as tensions between the regional foes surge afresh over Iran's nuclear drive and support for Palestinian and Lebanese militias.Showing images of six purportedly repurposed Iranian vessels…

22 May 2023

OSM Maritime Group and Thome Group Get Merger Approvals, Creating a Ship Management Giant

©OSM Thome

OSM Maritime Group and Thome Group have received approvals from competition authorities to merge and create one of the world's largest ship management companies.The merged company, OSM Thome, says it will be a powerhouse in the international ship management market, represented in 22 countries and headquartered in Arendal, Norway.Finn Amund Nordbye CEO of OSM Thome said: "This is a big day for OSM Thome. Our merger is now formally and finally approved. The merged company combines proud traditions with high ambitions.

19 May 2023

Sakhalin Energy Sues Svitzer over Tugboats

©Svitzer operating in Sakhalin, Russia. Image Courtesy Svitzer (File Image)

Russia's Sakhalin Energy operating company has filed a lawsuit in a Russian court over tugboats owned by Denmark's Svitzer, a unit of shipping and oil group A.P. Moller-Maersk, court documents showed on Thursday. The Russian court on the Pacific island of Sakhalin last month ordered the seizure of four tugboats belonging to Svitzer at the request of Sakhalin Energy, which claimed that the Danish company had unilaterally annulled the freight contract with it. Maersk has said it decided to exit Russia completely in March 2022 and has had an ongoing divestment process over its towage activities…

18 May 2023

US, UK, Others Seek to Target Illicit Oil Shipping Transfers at Sea

Illustration only - ©Igor Groshev/AdobeStock

The U.S., UK, Denmark, and other countries have called for more action, including increased surveillance, over the booming practice of unregulated oil transfers at sea, as fears grow over potential pollution, according to a paper submitted to the U.N."These transfers undermine the rules-based international order and increase the risk of pollution to nearby coastal States. This threatens global efforts to prevent pollution from ships," the paper said.The paper was submitted to United Nations shipping agency…

17 May 2023

Bangladesh Ready to Ratify Hong Kong Convention

© saintmichel85 / Adobe Stock

The Bangladesh Government has confirmed that it will ratify the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships in the next few weeks, allowing for the Convention to enter into force.BIMCO’s Secretary General and CEO, David Loosley visited Bangladesh as part of an industry delegation to discuss the benefits of the Convention entering into force. “BIMCO is delighted that Bangladesh has confirmed their commitment to ratifying the Convention in the very near future.

17 May 2023

Alaska LNG Project Clears Legal Hurdle

(Image: Alaska LNG)

A U.S. appeals court on Tuesday rejected a lawsuit filed by environmental groups challenging federal approvals needed to construct a $39 billion project that would move natural gas from Alaska’s North Slope across the state.A three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia said the U.S. Federal Energy Regulatory Commission's review of plans for the state-run Alaska Gasline Development Corp's project satisfied the National Environmental Policy Act requirements to take a hard look at environmental impacts of major proposals…

16 May 2023

Asian Shipowners’ Association Calls for Action on Seafarer Safety

© remipiotrowski / Adobe Stock

The Asian Shipowners’ Association (ASA) held its 32nd Annual General Meeting (AGM) on May 16 in Shanghai with focus of much of the discussion on the safety of seafarers.The meeting was hosted by the China Shipowners’ Association (CSA) and attended by more than 230 representatives from ASA Ordinary/Associate members.The ASA said that unfair treatment of seafarers has a severe impact on seafarers' physical and mental well-being and a damaging effect on the image of the shipping industry and its ability to attract and retain qualified seafarers.

15 May 2023

A.P. Møller Holding Takes Over Maersk Supply Service, Names New CEO

©Christian M. Ingerslev, new CEO of Maersk Supply Service

A.P. Møller Holding A/S has acquired offshore vessel services firm Maersk Supply Service A/S from A.P. Møller – Mærsk A/S, through the closing of the previously announced transaction.In connection with the closing of this acquisition, A.P. Moller Holding has elected a new CEO and Board of Directors for Maersk Supply Service A/S. Christian M. Ingerslev will take over the Chief Executive Officer (CEO) position from Steen S. Karstensen, who has been at the helm of Maersk Supply Service since 2016.

15 May 2023

Norway Naval Officer Found Guilty of Negligence in Oil Tanker Collision

NCA's surveillance aircraft LN-LYV flew over the incident site on November 9, 2018. Photo: The Norwegian Coastal Administration (NCA) - CC BY-NC 2.0

A Norwegian naval officer was found guilty on Monday and sentenced to a two-month suspended jail sentence for negligence leading up to the 2018 collision between a warship he commanded and an oil tanker in which the military vessel sank.Building a replacement for the lost Helge Ingstad frigate would have cost up to 13 billion crowns ($1.24 billion), the armed forces estimated in a 2019 report.The early-morning crash between the Ingstad and the fully loaded Sola TS crude carrier near a major North Sea oil export terminal also triggered shutdowns of parts of Norway's petroleum production.

12 May 2023

US to Bolster Defensive Posture to Protect Gulf Shipping

© sghiaseddin / Adobe Stock

Iran has increased its attacks on commercial shipping in recent months and the Pentagon will begin to bolster defensive posture in the region on Friday, White House spokesperson John Kirby said.In the past two years, Iran has harassed, attacked or interfered with the navigational rights of 15 internationally flagged commercial vessels, Kirby said."Today, the Department of Defense will be making a series of moves to bolster our defensive posture in the Arabian Gulf," Kirby told reporters in a briefing.Kirby said U.S Central Command will provide details in coming days. The U.S.

12 May 2023

Spain Seizes Brazilian Fishing Boat with Cocaine Haul on Rough Seas

© JoLin / Adobe Stock

Spanish authorities have seized a Brazilian-flagged fishing boat off the Canary Islands with 1.5 tonnes of cocaine in a hidden compartment in its machine room, police said on Friday as they brought the boat to the port of Las Palmas.Authorities shared a video of the 25-metere Efesios 5-20 being approached on rough seas by a speedboat sent from the patrol ship Condor.Officers arrested the crew of six people - five Brazilians and a Venezuelan national. The boat's name - Ethesians…

11 May 2023

US Envoy Says Russian Ship Picked Up Arms in South Africa

© Andrews Answer /

The United States envoy to South Africa said on Thursday he was confident that a Russian ship had picked up weapons in South Africa last year, in a possible breach of Pretoria's declared neutrality in the Ukraine conflict.The rand and South Africa's 2030 government bond extended losses after the U.S. assertion as currency traders said they were worried that South Africa could now face Western sanctions.The government is launching an independent inquiry led by a retired judge into the alleged arms shipment…

10 May 2023

IFCHOR Galbraiths Acquires UNO Offshore

© Arild / Adobe Stock

International shipbroker IFCHOR Galbraiths (IG) will be providing offshore brokerage services in the oil and gas market following its acquisition of Norwegian offshore specialist UNO Offshore.Founded in 2010, with a seven-strong team based in Bergen and Haugesund, UNO Offshore focuses on providing chartering, newbuild, sale and purchase, research and consulting services related to the oil and gas sector. UNO Offshore will be renamed IG Offshore.Commenting on the move, IG co-CEO, Bjorn Andersen, said, “We are delighted to bring Hans and his experienced team into the IG family.

10 May 2023

Russian Court Seizes Four Danish-owned Tugboats in Sakhalin

Svitzer operating in Sakhalin, Russia. Image Courtesy Svitzer (File Image)

A Russian court on the Pacific island of Sakhalin has ordered the provisional seizure of four tugboats belonging to Denmark's Svitzer, the world's biggest tugboat operator, at the request of a Russian energy company. Moscow has been seizing the assets of some Western companies which have left the country or are scaling back their business there in response to the conflict in Ukraine and Western sanctions. A court ruling dated April 24 said it had ordered the tugboats seized in response to a request by Sakhalin Energy…

09 May 2023

Macquarie Expects $1 Billion from Sale of US Port Terminal Operator Ceres

(File photo: Ceres Terminals)

Australia's Macquarie Group Ltd is looking to sell its North American port facilities business, Ceres Terminals, for about $1 billion, the Wall Street Journal reported on Tuesday citing sources familiar with the matter.The financial conglomerate acquired full control of the general cargo stevedoring operations in 2019 from Tokyo-based shipping and logistics firm Nippon Yusen Kaisha (NYK Line).Ceres moves about 4.3 million containers annually at several major ports in the United States, according to its company website.The shipping industry globally has been under pressure as supply-chain bottl

09 May 2023

Stena Line Acquires Ferry and RoRo Port Operations in Ventspils

(Photo: Stena Line)

Stena Line announced on Tuesday that it has acquired the operations of the ferry and RoRo terminals in the Port of Ventspils, Latvia, representing the latest in a range of investments in the Baltic region, including the addition of upgraded ferries and new ferry routes.The acquisition in Latvia is the latest among several moves to support Stena Line’s long-term expansion in the growing Baltic Sea region. Stena Line has operated the route between Ventspils and Nynäshamn, Sweden…

09 May 2023

India's Adani Ports to Pay $130 Million of Debt Early


India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said on Tuesday that it would pay $130 million of its debt early, after nearly $413 million worth of debt has been tendered for early payment.Adani Ports had floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds late last month, as it seeks to boost investor confidence after the group's shares were pummelled earlier this year by a U.S. short-seller's report.

09 May 2023

HAV Group Set to Acquire Undheim Systems, Adding DP Capabilities

©HAV Group

Norway's HAV Group ASA has agreed to acquire Undheim Systems AS, a provider of dynamic positioning (DP) systems for vessels."The planned technology acquisition is a strategic move that accelerates HAV Group's plans to offer digital functionality that meets the global maritime market's needs for decision support tools and autonomous ship operations," HAV Group said.“HAV Group already provides digital decision support systems to vessels in order to cut operating expenditure and emissions to air.

08 May 2023

Meyer Turku Increased Turnover in 2022

Icon of the Seas under construction at Meyer Turku shipyard © Finmiki / Adobe Stock

Meyer Turku Group has published its 2022 financial results indicating a positive turnaround on the previous year.The Group’s turnover was 1.30 billion euros, up about 200 million euros on 2021. The loss for the financial year was 15.6 million euros, which was less than the previous year's 17 million euros.Meyer Turku CEO Tim Meyer comments on the result: "During 2022, we were particularly affected by the difficult availability of materials and overall increased costs, especially on materials and financing.

08 May 2023

US Coast Guard Warns on Load Line Regulations

© H. Ozmen / Adobe Stock

The Office of Investigations and Casualty Analysis has released U.S. Coast Guard Marine Safety Alert 06-23: Avoiding Load Line Requirements.The safety alert cites a recent marine casualty resulting in the total loss of a crane barge, estimated at over $6 million, and cautions about the risks associated with not complying with load line regulations.The incident occurred approximately 18 miles offshore of Louisiana in the Gulf of Mexico while the crane barge was being towed in calm weather conditions.

08 May 2023

CMA CGM to Buy Bollore Logistics Unit for $5.5 Billion

© Björn Wylezich / Adobe Stock

French shipping group CMA CGM has committed to buy the logistics operations of family-run conglomerate Bollore for an enterprise value of 5 billion euros ($5.5 billion), the two companies said on Monday.CMA CGM granted the Bollore group an option to sell it the logistics business, which generated more than 7 billion euros in revenue last year and employs 13,500 people.Bollore said it would decide whether or not to exercise the option after consulting employee representatives.The…

04 May 2023

SAAM Buys 21 Tugs from Starnav

(Photo: SAAM)

Towage provider SAAM on Thursday announced it has concluded the purchase of 21 tugboats from the Brazilian company Starnav, including 19 tugs currently in operation and two additional vessels in the final phase of construction.“This is one of the largest transactions in SAAM's history and is part of our strategy to continue advancing our leadership in the towage industry. Brazil is home to our company’s largest operations and with this deal we will have one of the most competitive…

03 May 2023

Greece Warned Shipowners Days Before Iran Seized Tankers

© leodeep / Adobe Stock

Greece issued a series of warnings to shipowners to avoid sailing close to Iranian waters days before Tehran seized two tankers amid heightening tensions in the region, according to documents and industry sources.Iran seized a second oil tanker in a week on Wednesday in Gulf waters, the U.S.

03 May 2023

Second Oil Tanker in a Week Seized by Iran in Gulf - U.S. Navy

Credit: CNA/

A second oil tanker in a week was seized by Iran on Wednesday in Gulf waters, the U.S. Navy said, the latest escalation in a series of seizures or attacks on commercial vessels in Gulf waters since 2019.The Bahrain-based Fifth Fleet of the U.S. Navy said the Panama-flagged oil tanker Niovi was seized by Iran's Islamic Revolutionary Guard Corps Navy (IRGCN) at 0620 local time while passing through the narrow Strait of Hormuz.The incident comes after Iran on Thursday seized a Marshall Islands-flagged oil tanker in the Gulf of Oman called the Advantage Sweet.

03 May 2023

Austal USA Hires New Chief Compliance Officer

Adam Overstreet courtesy of Austal USA

Austal USA has hired Adam Overstreet as vice president of legal affairs and chief compliance officer.Overstreet will manage a broad spectrum of legal issues, including employment and labor law matters, commercial transactions, and litigation. As the company’s chief compliance officer, Overstreet will oversee and strengthen the execution of compliance activities throughout the organization.“Austal USA takes compliance with all laws and government regulations seriously,” Austal USA President Rusty Murdaugh stated.

28 Apr 2023

US Confiscates Iran Oil Cargo on Tanker Amid Tehran Tensions

© Daisuke Nimura /

The U.S. confiscated Iranian oil on a tanker at sea in recent days in a sanctions enforcement operation, three sources said, and days later Iran seized another oil-laden tanker in retaliation, according to a maritime security firm.As oil markets remain jittery, the cargo seizure is the latest escalation between Washington and Tehran after years of sanctions pressure by the U.S. over Iran's nuclear program. Iran does not recognise the sanctions, and its oil exports have been rising.Tehran…

28 Apr 2023

US Calls on Iran to Release Tanker Seized in Gulf of Oman

Advantage Sweet (Photo: Advantage Tankers)

Iran seized a Marshall Islands-flagged oil tanker in the Gulf of Oman in international waters on Thursday, the U.S. Navy said, the latest in a series of seizures or attacks on commercial vessels in sensitive Gulf waters since 2019.Iran's army said it had seized a Marshall Islands-flagged oil tanker in the Gulf of Oman after it collided with an Iranian boat, injuring several crewmen, Iranian state media reported."Two members of the boat's crew are missing and several were injured due to the collision of the ship with the boat," an army statement said.The U.S.

27 Apr 2023

Senators Urge Biden to Enable Agency to Seize Tankers of Iran Oil

© Igor Groshev / Adobe Stock

As Iran's oil exports rise despite U.S. sanctions over its nuclear program, senators from both parties urged President Joe Biden to enable a federal government agency to seize Iranian oil and gas shipments.Senators Joni Ernst, a Republican, and Richard Blumenthal, a Democrat, said in a letter to Biden that the Department of Homeland Security's Homeland Security Investigations (HSI) office has not been able to seize an Iranian oil shipment for more than a year.HSI's enforcement has been curtailed by policy limitations within the Department of Treasury's Executive Office for Asset Forfeiture…

27 Apr 2023

Protecting Offshore Energy Sources via USV

Photo courtesy Mr. Dave Meron

When most people discuss energy sources such as fossil fuel and green energy, it is from an “either-or” perspective. Some favor the former while others advocate for the latter. However, what is often lost in the arguments on both sides is that regardless of the type of energy being extracted or generated, those platforms that are offshore, especially oil rigs, oil and gas pipelines, and wind farms, are incredibly vulnerable to anyone who wants to attack these sources in wartime…

27 Apr 2023

Ship Insurers Warn of Russian Oil Price Cap Evasion, Risks of 'Dark Fleet'

© momentscatcher / Adobe Stock

A rise in spot prices for Russian crude oil to above the $60 per barrel cap imposed by western powers has made ship insurers even more nervous of running foul of the rules as they are unable to independently track the value of cargoes, executives said.To curb Moscow's oil revenues following the Ukraine war, the Group of Seven Nations, the European Union and Australia imposed price caps on Russian crude and oil products from December and February, respectively.So long as the prices do not exceed capped levels…

27 Apr 2023

Missing Red Sea Yacht Turns Up in Djibouti Safely After Attack

© Matyas Rehak / Adobe Stock

A private yacht with three Russians and two Egyptians on board which had been reported missing in the Red Sea off Yemen turned up in Djibouti on Thursday after what the owner said was an attack by unknown gunmen.The 30 Minutes sent its last signal on Tuesday night off the coast of Jizan, a port in southern Saudi Arabia near the Yemeni border before appearing to go missing, owner Dmitriy Chuguevskiy had told Reuters,"According to the people on board ... they were going in international waters off Yemen. They were attacked from the Yemen side, shot at ...

26 Apr 2023

London Marine Insurers Add Sudan to High-risk List

© robnaw / Adobe Stock

London’s marine insurance market added Sudan to its of areas deemed high risk this week amid further fighting in the conflict-ridden African country, according to an advisory note.The addition of Sudan to the high risk list will mean that any ships sailing into the country will need to pay an additional war risk premium and also seek approval from their insurer.Advisory notes from the Joint War Committee, which comprises syndicate members from the Lloyd’s Market Association and representatives from the London insurance company market…

25 Apr 2023

Yacht Goes Missing in the Red Sea with Five Aboard

© Sergey / Adobe Stock

A private yacht with three Russians and two Egyptians on board has been reported missing in the Red Sea near the coast of Yemen for several days by its owner and the Russian embassy in Saudi Arabia.It was not immediately clear what had happened to the pleasure yacht named 30 Minutes which its owner said was heading to Djibouti to be sent onwards by ship to Dubai.The ship, which its owner said was registered in Panama, was not fitted with the standard AIS ship tracking system which…

25 Apr 2023

Hundested Propeller Acquires Ocean Marine Systems

(Photo: Hundested Propeller)

Hundested Propeller announced it has acquired Ocean Marine Systems Ltd (OMS) and with immediate effect welcomes the U.K. organization as a subsidiary.For over 100 years, Hundested Propeller has been a manufacturer of marine equipment and today it supplies complete controllable pitch propulsion systems, marine gearboxes, thrusters and sail drive solutions. The purchase of OMS will increase its thruster range, and OMS will continue its range of hydraulic cylinders and through-hull instrument deployment systems used in underwater security and seabed mapping applications.The former owners of OMS…

25 Apr 2023

US Coast Guard: Latvia Records Highest Detention Ratio in 2022

© Alexander / Adobe Stock

The US Coast Guard’s Office of Commercial Vessel Compliance has released its U.S. Port State Control Annual Report for 2022, with Latvia noted as having the highest detention ratio, ahead of Bolivia.The report lists highest risk flag administrations based on their 2020-2022 detention ratio as: Latvia (57.14%), Bolivia (31.25%), Togo (7.69%), Curacao (4.88%), Italy (3.39%), Turkey (2.90%) and Saint Vincent and the Grenadines (2.30%).Medium risk flag administrations were Cyprus…

20 Apr 2023

Keppel's Profit Boosted by Sale of Offshore & Marine Business

Credit: Keppel O&M

Singaporean conglomerate Keppel Corp Ltd on Thursday posted a higher net profit for the first quarter, boosted by a significant one-off gain recognized from the sale of its offshore & marine unit.In February, Sembcorp Marine completed a S$4.50 billion ($3.37 billion) buyout of Keppel's offshore & marine unit after receiving the necessary shareholder approvals.Keppel recognized a gain of S$3.3 billion and received S$500 million of cash in the first quarter following the transaction, it said.The company did not disclose a profit figure, but said that revenue for the quarter was S$2.26 billion, u

19 Apr 2023

DNV Launches Real-Time Emissions Data Verification Solution

Source: DNV

DNV has launched Emissions Connect, an emissions data verification engine and data management platform designed to help the maritime industry accurately assess and work with emissions data.The solution provides a trusted, verified source of emissions data that can be shared securely with all relevant stakeholders along the maritime value chain. High-quality emissions data provided by the shipowner is verified by DNV and shared with customers for self-service in settlement of transactions or other purposes such as compliance reporting…

18 Apr 2023

Ince to Seek Sale After Creditor Bows Out

Photo © Robert Lamb (cc-by-sa/2.0)

Legal and professional services firm Ince Group Plc plans to enter administration and pursue a sale of the company, it said on April 12, amid cash concerns and repeated delays in reporting its financial results.Ince's directors applied to London's High Court on April 12 to appoint administrators under UK insolvency law in relation to the company and four subsidiaries, court filings show.Trading in Ince on London's Alternative Investment Market was suspended from Jan.

18 Apr 2023

CMA CGM Offers $5.5 Billion for Bollore Logistics Unit

© dbvirago / Adobe Stock

French shipping group CMA CGM is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday.For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid to offer end-to-end transportation services and supply chain management.The business posted more than 7 billion euros in revenue last year and has 15,000 employees.News of the indicative offer, made on a cash free and debt-free basis, boosted Bollore's shares.Bollore disclosed it following a report in shipping publi

18 Apr 2023

Norway Parliament Asks for CCS Alternative to Decarbonize Major LNG Plant

Credit: Equinor

Norway's parliament on Tuesday told the government to consider an alternative way to cut carbon emissions at Western Europe's largest liquefied natural gas (LNG) plant, but stopped short of outright halting a controversial plan to use power from land. Oil firm Equinor and partners are seeking approval to replace the use of gas at the plant with power from the national grid, and thus reduce its emissions. The site is one of Norway's largest single emitters of carbon dioxide. In a unanimous vote…

18 Apr 2023

Norden Offers Carbon Inset Tokens

Source: 123Carbon

Danish bulk shipping company Norden has partnered with 123Carbon and its partners, AllChiefs and Verifavia, to commence offering carbon inset tokens through 123Carbon’s newly developed platform.With the platform, Norden will now be able to tokenise CO2-equivalent reductions made on biofuel voyages and allocate them to industry customers who are looking to reduce their maritime Scope 3 emissions.The platform supports auditing companies like Verifavia, a global verification auditing body specialised in transport…

17 Apr 2023

Abandoned Seafarers Repatriated After Five Months on Livestock Carrier

The Yangtze Harmony's crew at Singapore Changi Airport. Source: ITF

Thirteen Filipino seafarers, the last of 43 abandoned on two livestock carriers, have made it home after more than five months onboard the Yangtze Harmony.The International Transport Workers’ Federation (ITF) intervened after the ship’s owners abandoned the vessel and its crew in October 2022. At that time, the Singapore Sheriff court seized the Yangtze Harmony on behalf of Glander International Bunkering over an unpaid fuel bill. That began a legal process to sell the ship and pay off its debts…

14 Apr 2023

What Happens if Russia Abandons UN-backed Grain Corridor?

The Kremlin has said the outlook is "not so great" for extending beyond May 18 a deal that allows the safe wartime export of grain from some Ukrainian Black Sea ports, raising concerns over what happens next with the U.N.-backed sea corridor.The deal has helped to tackle a global food crisis that U.N. officials said had been worsened by the most deadly war in Europe since World War Two.Reached in July last year, it created a protected transit corridor to enable exports to resume from three ports in Ukraine…

13 Apr 2023

China to Ban Vessels from Area Near Taiwan Over Rocket Debris


China will ban vessels from an area near Taiwan on Sunday because of the possibility of falling rocket debris, its maritime safety agency said on Thursday, as Japan sought details from Beijing on a reported no-fly zone in the same location. China has not commented on the no-fly zone, but South Korea, which was also briefed on the plans, said it was due to a falling object related to a launch vehicle. The disruption comes during tension in the region over Chinese military exercises around Taiwan…

12 Apr 2023

Berlin Reviewing Decision to Allow Chinese Investment in Hamburg Port Terminal

© Wolfgang Jargstorff / Adobe Stock

Berlin is reviewing its decision to allow China's Cosco to take a stake in one of logistics firm HHLA's three terminals at the Hamburg port, a spokesperson for the German economy ministry said on Wednesday.Responding to a question about the reported classification of Tollerort as critical infrastructure, the spokesperson said it was being determined whether and under what conditions Cosco would be allowed to take a stake in the terminal named Tollerort.The German cabinet gave Cosco the go-ahead to take a 24.9% stake in the port in October last year.German Chancellor Olaf Scholz gave the green

11 Apr 2023

Veson Nautical to Acquire VesselsValue


Veson Nautical (Veson), a maritime freight management solutions provider, said Tuesday it planned to acquire vessel valuation provider VesselsValue. Founded in 2011, VesselsValue now has a database of more than 81,500 vessels and provides daily updated, automated, vessel-specific valuations, reports, and market insights.In a statement on Tuesday, Veson said: "By combining VesselsValue products and services with Veson’s existing solutions, clients will benefit from a comprehensive product offering.

11 Apr 2023

Chinese Aircraft, Ships Remain around Taiwan After Drills end

Chinese warplanes and navy ships were still in the waters around Taiwan, the island's defense ministry said on Tuesday after the end of three days of war games, as Taiwan President Tsai Ing-wen criticized Beijing for its "irresponsible" behavior.China began the exercises on Saturday after Tsai returned to Taipei following a meeting in Los Angeles with U.S. House of Representatives Speaker Kevin McCarthy.China, which warned the U.S. not to allow Tsai to visit or meet McCarthy, has never renounced the use of force to bring the democratically governed island under Beijing's control.

11 Apr 2023

Tanker Attacked by Pirates off Ivory Coast

© Lucia / Adobe Stock

The Singapore-flagged chemical tanker Success 9 has been attacked by pirates. Praesidium International reports the attack occurred on April 10 300NM south of Abidjan, Ivory Coast, in the Gulf of Guinea.The number of people that boarded the vessel is unknown, AIS transmission has been lost, and the incident is on-going. Praesidium notes that the vessel regularly travels in the region and was likely involved in bunkering operations.Fuel theft is suspected as a motive for this and other attacks mounted in the region. The Liberian-flagged tanker Monjasa Reformer was attacked in March 2023.

10 Apr 2023

A Proposal for a Small Change in Lloyds Open Form

Beached Schooner. No Cure No Pay offered and signed. Schooner refloated within two hours. All costs and award settled in three days.  Photos courtesy Rik van Hemmen

In February Gard published the results of its review of Lloyds Open Form (LOF). Their review indicated a disturbing reduction in the number of LOF contracts, and noted some other concerns with regard to loss of use of LOF in salvage situations.Lloyds Open Form is a classic and, in my mind, cherished, example of the core beauty of maritime. It combines a large number of maritime concepts into a simple device that solves a complex problem.It reminds me of a few of the lines in the song “Wooden Ships” by Crosby, Still, Nash and Young.

10 Apr 2023

Credit Suisse Wins $41 Million Superyacht Lawsuit Against Saudi Prince

© Yü Lan / Adobe Stock

Swiss lender Credit Suisse has won a $41 million lawsuit against a member of the Saudi royal family over a loan to refinance a super yacht, with London’s High Court ruling there was no viable defense to the bank’s case.Prince Fahad bin Sultan bin Abdulaziz al Saud is liable to pay his company Burgundy Sea Ltd’s debts to Credit Suisse, Judge Robert Bright said in a written ruling.The judge had ruled in Credit Suisse’s favor without a trial at a hearing last month, at which the prince and Burgundy were unrepresented…

07 Apr 2023

Russia Warns West: We May Work Around the Black Sea Grain Deal


Russia warned the West on Friday that unless obstacles to its exports of grain and fertilisers were removed, then Ukraine would have to export grain over land and Moscow would work outside the UN-brokered landmark grain export deal.The Black Sea grain deal is an attempt by the United Nations to ease a food crisis that predated the Russian invasion of Ukraine, but was made worse by the most deadly war in Europe since World War Two.The deal, first signed by Russia, Ukraine, Turkey…

07 Apr 2023

Saudi-led Coalition Eases Restrictions on Yemen's Imports


A Saudi Arabian-led military coalition lifted eight-year-old restrictions on imports headed for Yemen's southern ports, the internationally recognized authorities said, in a sign that peace talks are progressing with the Houthi group in the north.This follows the easing of restrictions in February on commercial goods entering the Houthi-held western port of Hodeidah, the country's main seaport, as Yemen's warring sides work to reinstate an expired U.N.-brokered truce deal.The…

07 Apr 2023

World Court says it Can Rule on Guyana-Venezuela Border Dispute


Judges at the International Court of Justice (ICJ) on Thursday ruled they had jurisdiction over a long-running border dispute between Guyana and Venezuela, which could determine which country has rights to territory rich in oil and gas.Guyana in 2018 asked the ICJ, also known as the World Court, to confirm that the border was laid down in an 1899 arbitration between Venezuela and the then-colony of British Guiana. Venezuela, while boycotting much of the procedure, tried to stop the case from moving forward by arguing the United Kingdom should be involved as Guyana was a British colony in 1899…

06 Apr 2023

Fincantieri Bay Shipbuilding Executive Suspended Over Criminal Fraud Allegations

Craig Perciavalle (Photo: Fincantieri Marine Group)

Fincantieri Marine Group announced on Thursday that it has suspended the general manager of its Bay Shipbuilding shipyard in Sturgeon Bay, Wis. over recent criminal fraud charges.The U.S. Department of Justice (DOJ) recently charged Craig Perciavalle and two other former Austal USA employees for "allegedly making or causing to be made false and misleading statements about Austal USA's performance and financial condition between 2012 and 2016", according to Austal USA, a subsidiary of Australian shipbuilding group Austal. The U.S.

05 Apr 2023

Russia Using Ship-to-ship Diesel Transfers for Transatlantic Exports

Marlin Aquamarine - ©Daisuke NIMURA /

Russia has started to make ship-to-ship (STS) transfers of diesel near African ports as it seeks transatlantic sales, according to traders and Refinitiv Eikon data.A full EU embargo on Russian oil products on Feb. 5 has boosted Russian diesel exports to Asia, Africa, and the Middle East, with STS loadings in the Mediterranean helping to shorten eastern routes. Last month, Russia sent about 1.0 million tonnes of diesel to African countries, some of which could be re-exported, traders said."Some volumes could be blended and resold or transshipped to reduce freight costs on the long routes…

04 Apr 2023

Operation TIN CAN Targets Rip-On/Rip-Off Concealment

Source: Australian Border Force

A major joint operation organised by the Australian Border Force (ABF), World Customs Organization (WCO), the World Shipping Council and the UN Office on Drugs and Crime (UNODC) has led to 43 arrests and more than 100 drug seizures, including 98,734 kilograms of cocaine and 314 kilograms of cannabis.58 countries were involved, and the ABF worked alongside officers from German Customs, United Kingdom Border Force, US Customs and Border Protection and the Dutch Customs Administration to deliver a series of coordinated strikes on organised crime.The operation…

03 Apr 2023

Three Austal USA Executives Indicted for Fraud

© Orhan Çam / Adobe Stock

A federal grand jury returned an indictment last week charging three Alabama men with orchestrating an accounting fraud scheme at the Mobile-based shipbuilder Austal USA LLC.The yard builds vessels for the U.S. Navy, including the Independence-class Littoral Combat Ship (LCS). Austal USA is a wholly owned subsidiary of the Australian company Austal Limited.According to court documents, from at least in or around 2013 through at least in or around July 2016, Craig Perciavalle, 52…

03 Apr 2023

Shipbuilder Austal Sinks on Former U.S. Executives' Indictment for Financial Fraud

Credit: Naval Surface Warriors ©CC BY-SA 2.0

Australian shipbuilder Austal Ltd sank as much as 8.4% to its lowest level in more than four years on Monday after the United States Department of Justice indicted three of its former U.S. employees on manipulating financial information. Austal, which builds ships for the U.S. Navy and is working on parts of the Virginia class submarines, plunged to its lowest level since October 25, 2018, and marked its worst intraday drop since January 17. The U.S. Department of Justice (DOJ)…

31 Mar 2023

Spain Calls for Tougher Enforcement of Oil Transfers at Sea

© yriy47 / Adobe Stock

Spain has called for tighter scrutiny of oil transfers involving tankers at sea as the number of unregulated ships hit by sanctions grows and raises pollution risks, a U.N. agency session heard this week.Hundreds of extra "ghost" tankers have joined this opaque parallel trade over the past few years as a result of rising Iranian oil exports as well as restrictions imposed on Russian energy sales over the war in Ukraine.The number of incidents last year including groundings, collisions and near misses involving these ships reached the highest in years…

30 Mar 2023

Florida Marine Transporters Refinances with TCW

File photo: Metal Shark)

Florida Marine Transporters LLC Holdings has completed a refinancing with  a unit of TCW Asset Management Company LLC.Investment bank Carl Marks Advisors announced it facilitated the transaction.FMT, headquartered in Mandeville, La., is one of America’s largest independent, family-owned, Jones-Act-compliant marine transportation companies, providing liquid petrochemical, chemical cargo, and dry cargo transportation services in the inland waterways of the United States, primarily the Gulf intercoastal Waterway and Mississippi River System.

30 Mar 2023

Headwinds Hamper the Poseidon Principles

Copyright Bojan/AdobeStock

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels,  influential administrations seek to accelerate towards net-zero or even zero by 2050.

29 Mar 2023

Ship Seized by Pirates Seen 540 Miles West from Gulf of Guinea Attack Point

The Monjasa Reformer was previously known as Ekfors © Krijn Hamelink /

A Danish-owned vessel that was boarded by pirates in the Gulf of Guinea on Saturday was spotted about 540 miles further off shore on Tuesday, according to a maritime cooperation centre monitoring security in the area.The Liberian-flagged oil and chemical tanker Monjasa Reformer was boarded by five armed people some 140 miles west of the Republic of Congo's Port Pointe-Noire. All 16 crew sought refuge in a safe room aboard, according to the cooperation centre.Danish marine fuels supplier Monjasa, owner of Monjasa Reformer, said on Tuesday all communications channels with the vessel were down.

27 Mar 2023

Hydra Service Sold to Local Investment Group

Image courtesy Hydra Service

Hydra Service, manufacturer of Dynapower pumps, motors and turbine starters, announced it has been purchased by a local manufacturing investment group led by Mick Webber. According to the company, the new ownership and existing management are committed to servicing and replacing old equipment, developing new products, opening channels to market, and attracting different customer segments.“When I started Hydra Service in 1981, we were a four-man shop that primarily serviced oilfield equipment,” said former owner Rick Bentley.

27 Mar 2023

NYK to Make Mitsubishi Ore Transport its Wholly-Owned Subsidiary

(File photo: MOT)

NYK agreed to obtain all the shares of Mitsubishi Ore Transport Co., Ltd. (MOT) from Mitsubishi Corp. (MC), Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine & Nichido), and Mitsubishi Heavy Industries, Ltd. (MHI), making MOT its wholly-owned subsidiary.MOT is a joint company of NYK, which owns a 40.28% stake, MC, Tokio Marine & Nichido, and MHI, mainly operating vessel management and ship-owning businesses with 17 ships consisting of bulkers, pure car and truck carriers, and wood-chip carriers.

27 Mar 2023

Spain Tightens Rules on Ship-to-ship Oil Transfers

© Vallehr / Adobe Stock

The Spanish government has tightened its rules around ship-to-ship oil transfers after an uptick in the activity along its coastline.Oil tankers seeking to carry out operations off the Mediterranean and Atlantic shores, even outside territorial waters, will have to seek authorization from the closest Spanish port captaincy, according to a new rule due to come into force 20 days after it was published on March 22.Boats seeking to service these tankers loaded with crude oil, refined products or other chemicals will also have to request specific authorization, the rule said.Fuel trading has been

27 Mar 2023

Russia-bound Containers Stuck at Antwerp Port for Year

© chandlervid85 / Adobe Stock

Five Russia-bound containers from India's Jindal Stainless Ltd (JSL) have been stuck at the Belgian port of Antwerp for around a year, unable to enter the European Union, the company said on Friday."The containers are carrying around 100 metric tonnes of stainless steel," a company spokesperson said.The containers were sent in February 2022 for shipment via Antwerp, but were held up because of EU sanctions imposed on Russia after it invaded Ukraine the same month.JSL's spokesperson said the stainless steel was not among the goods on the EU's sanctions list, and should be cleared for onward tra

27 Mar 2023

Carnival Posts Smaller Loss on Strong Demand

© NAN / Adobe Stock

Cruise operator Carnival Corp on Monday reported a smaller-than-expected quarterly loss and beat estimates for revenue, helped by strong demand for leisure travel, higher ticket prices and strong on-board spending.Cruise operators like Carnival, Royal Caribbean Group and Norwegian Cruise Lines Holdings are reporting resilient demand from cooped-up consumers undeterred by elevated inflation as COVID-19 pandemic-related restrictions ease."We are still experiencing a record wave season…

27 Mar 2023

Canada's Davie Moves to Buy Helsinki Shipyard

(File photo: Eric Haun)

Shipbuilding group Chantier Davie Canada announced it has exercised an exclusive option to purchase the assets of Finland’s Helsinki Shipyard Oy, which has struggled to gain new business due to Western sanctions against Russia.The deal remains subject to financial, regulatory and legal considerations, as well as final decision making by Davie, the company said.Davie president and CEO, James Davies, said, “If the acquisition is successful, it would combine two historic and highly…

23 Mar 2023

Insurers Covering Ukraine Grain Corridor Shipments for Now

© glebzter / Adobe Stock

Insurers continue to cover grain shipments from Ukraine through a U.N.-backed corridor although more clarity will be required soon, a senior Lloyd's of London official said on Thursday, after the export accord was renewed for at least 60 days.The deal allowing the safe wartime export of Ukrainian grain from its Black Sea ports, initially brokered last July by Turkey and the U.N., was renewed on Saturday for just half the intended period.Insurance for ships going into the three Ukrainian ports covered by the agreement has been vital…

23 Mar 2023

Ministers Seek to Combat Organized Crime in Global Fisheries

© uliabond / Adobe Stock

Organized crime in the fisheries industry that endangers stocks, exploits labor and robs states of billions of dollars must be fought with cross-border surveillance and stronger law enforcement, officials meeting in Copenhagen heard on Thursday.Some 600 million people worldwide depend on the sector for their livelihoods, working in a value chain affected by illegal fishing, slave labour, corruption and tax evasion, according to the United Nations Food and Agriculture Organization (FAO).Government ministers and delegates attended a conference by the Blue Justice Initiative…

23 Mar 2023

Oil Spills and Near Misses: More Ghost Tankers Ship Sanctioned Fuel

© komi$ar / Adobe Stock

An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control.These vessels were part of a "shadow" fleet of tankers carrying oil last year from countries hit by Western sanctions, according to a Reuters analysis of ship tracking and accident data and interviews with more than a dozen industry specialists.Hundreds of extra ships have joined this opaque parallel trade…

22 Mar 2023

UBS Likely to Shrink Credit Suisse's $10 Billion Shipping Portfolio

© nmann77 / Adobe Stock

UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter.About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added."Our wealth management business in Greece is an integral part o

21 Mar 2023

US Firm Says Mexican Authorities Illegally Seized Its Port Terminal

© Viktor Ketal / Adobe Stock

U.S. construction materials firm Vulcan Materials Co said on Monday that Mexican security forces illegally took possession last week of its port terminal in southern Mexico, as an extended legal battle over its nearby limestone mining activities plays out.The incident took place last Tuesday night at the terminal in the popular tourist hub of Playa del Carmen, and follows a five-year fight with the government over Vulcan's concessions punctuated by sharp criticism from the country's president last year.Vulcan…

20 Mar 2023

Enstructure Acquires Richardson Companies

© Amarinj / Adobe Stock

U.S. marine terminal and logistics company Enstructure announced Monday that it has acquired Richardson Companies, a terminal and logistics company with primary operations in  Port Houston and the Port of Mobile.Richardson handles a diverse mix of breakbulk cargoes, including steel products, forest products, and project cargo. The company operates approximately one million square feet of industrial warehousing in Houston, Baytown, Freeport, and Mobile.Following the acquisition…

20 Mar 2023

Maersk Sells Supply Service to Family Holding Company for $685M

©Maersk Supply Service (file photo)

Maersk has agreed to sell its offshore marine service provider Maersk Supply Service to family-owned holding company A.P. Moller Holding for $685 million, the Danish shipping giant said in a statement on Monday.The sale marks the completion of Maersk's strategic shift that began in 2016 away from energy towards focusing on its transport and logistics business, which included selling its oil exploration and production business in 2017."It marks the completion of our initial decision to divest all energy related activities and focus on truly integrated logistics…

16 Mar 2023

Norway's Loke Buys UK Deep-sea Mining Firm from Lockheed

(Photo: Loke Marine Minerals)

Norway's Loke Marine Minerals has acquired deep-sea mining firm UK Seabed Resources (UKSR) from Lockheed Martin, the companies said on Thursday.UKSR holds a 100% interest in two deep sea mineral licences in the Clarion-Clipperton Zone (CCZ) in the Pacific Ocean, and a 19.9% interest in the Ocean Mineral Singapore, licences issued by the International Seabed Authority (ISA)."We've got the approval from the UK government... Our ambition is to start extraction from 2030," Hans Olav Hide…

16 Mar 2023

Seafarer Abandonment Is on the Rise

© Deborah Benbrook / Adobe Stock

In troubling news for the maritime sector, new data from RightShip shows reported rates of seafarer abandonment is on the rise with no signs of slowing down.U.K.-based RightShip, which provides an online safety and environmental risk management system for the global maritime industry, said 9,925 seafarers have been cast adrift over the last 20-years, including 1,682 impacted by 103 vessels marked as abandoned at the close of 2022.According to the International Maritime Organization's (IMO’s) definition…

15 Mar 2023

Can Ukraine's Grain Corridor Ease the Global Food Crisis?

© Aleksandr Lesik / Adobe Stock

Russia has proposed that a U.N.-backed initiative that has enabled grains to be exported from Ukraine's Black Sea ports should be renewed for just 60 days.The deal to free up grain exports from Ukraine's southern Black Sea ports, which expires later this month, has previously been renewed for 120 days and there are concerns a shorter extension could cause logistical issues.Reached in July last year, it created a protected sea transit corridor and was designed to alleviate global food shortages by allowing exports to resume from three ports in Ukraine…

13 Mar 2023

S&P Global Buys Firm to Bolster Capability to Track Commodity Shipments


S&P Global Commodity Insights said on Monday it had acquired UK-based technology firm Tradenet and its live vessel-tracking platform Market Intelligence Network (MINT) to bolster its capability to track and analyze commodity shipments. Demand for ship-tracking data has grown in the commodities sector in recent years, leading to the creation of new data analytics businesses such as Kpler, Vortexa and Refinitiv that compete with S&P Global. "The acquisition adds powerful new capabilities to our cargo…

10 Mar 2023

Gas Tankers Stranded near Russia due to Crimea Bridge Restrictions

Kerch Strait ©MarineTraffic (filtered to only show tankers)

Several tankers loaded with liquefied petroleum gas (LPG) have been unable to cross under Russia's Crimea bridge due to security restrictions, traders said on Friday, prompting suppliers to use other routes out of Russia.The 12-mile (19 km) road and rail bridge, which was personally opened by President Vladimir Putin in 2018, was bombed in October in an attack Russia said was carried out by Ukraine. The bridge spans the Kerch Strait linking the Black Sea with the smaller Azov sea. Kyiv never claimed responsibility for the bombing of the bridge on the morning of Oct.

09 Mar 2023

Denmark Investigates Yacht Linked to Nord Stream Blasts

A harbor in Christiansö  (© konradkerker / Adobe Stock)

Danish police have searched for a yacht on a tiny Baltic Sea island near the Nord Stream pipeline blast sites, the local administrator said on Thursday.German authorities confirmed on Wednesday they had raided a ship in January that may have been used to transport explosives used to blow up the pipelines."The police was searching for a specific boat that had moored here in September," Soren Thiim Andersen, the highest authority on the island of Christiansö, told Reuters.The Sept.

06 Mar 2023

Campbell Acquires NGL's Towboat and Barge Fleet

© Martin Reyes Jr /

Houston, Penn.-based Campbell Transportation Company, Inc. (CTC) on Monday announced it has signed a definitive purchase agreement to acquire the majority of the marine assets owned by NGL Marine, LLC, a subsidiary of Tulsa, Okla.-based NGL Energy Partners LP.The $111.65 million cash deal, which is expected to be finalized by the end of March, includes a fleet of 13 towboats and 25 tank barges that provide waterborne transportation of refined products and crude oil for customers on the Gulf Coast, NGL said.

05 Mar 2023

Drug Bust Nets $677 Million of Cocaine from Vessel Off Australia

(Photo: Western Australia Police Force)

A joint U.S. and Australian law enforcement operation busted an international drug ring after intercepting 2.4 tonnes of cocaine aboard a vessel off the coast of South America that had been bound for Australia.The cocaine, linked to a Mexican drug cartel, had a street value of around A$1 billion ($677 million), and was equivalent to half of Australia's estimated annual consumption, making the seizure one of the biggest that Australian police have been involved in.Twelve suspects have been arrested and charged in the case…

05 Mar 2023

British Navy Seizes Smuggled Iranian Weapons in Gulf

(Photo: Royal Navy)

Britain's Royal Navy said on Thursday it had seized Iranian weapons, including anti-tank guided missiles, last month from a smugglers vessel in international waters in the Gulf of Oman.Britain said the vessel was detected travelling south from Iran at high speed during the hours of darkness by an unmanned U.S.

02 Mar 2023

New US Sanctions Target Iranian Shipping

© leodeep / Adobe Stock

The United States imposed new sanctions on Thursday on Iranian or Iran-linked shipping and petrochecmical companies, including two shipping firms based in China, the Treasury Department's website showed.The sanctions also target 20 shipping vessels linked to firms in China, Vietnam and the United Arab Emirates, the website showed.The website did provide details on the new sanctions. A Treasury spokesperson referred questions to the State Department, which did not immediately respond to a request for comment.The sanctions were issued under a 2018 U.S.

01 Mar 2023

Ukraine Traders Seek Transparent Rules for Cargo Queue Under Grain Export Deal

© Elena / Adobe Stock

Ukrainian grain traders union UGA asked the government on Wednesday to provide transparent rules on how cargo ships should queue before loading at Ukrainian Black Sea ports under a grain export deal brokered by the United Nations and Turkey."It is extremely important that work in Ukraine is open and transparent," UGA said in a statement.The Black Sea Grain Initiative that was brokered last July allowed grain to be exported from three Ukrainian ports that had been blockaded by…

28 Feb 2023

Bangladesh Shipping Corporation to Get $22.48 Million for Ship Hit by Missile in Ukraine

Screenshot from video footage shared on social media shows the Banglar Samriddhi on fire after being hit by a missile during fighting in Ukraine.

Insurers are about to pay state-owned Bangladesh Shipping Corporation (BSC) $22.48 million for its vessel that was hit by a missile during fighting in Ukraine, two officials involved said on Tuesday.The expected settlement is one of the first shipping claims to have been paid out since Russia invaded Ukraine on Feb. 24 last year, in a conflict that has added tens of thousands of dollars to risk premiums for every voyage.An explosion on the night of March 2-3 last year rocked the Bangladesh-flagged Banglar Samriddhi and killed a crew member.

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