Maritime Law & Regulations News

The Singapore fuel oil market has rallied this week as inventories have dropped at the same time that some supplies in the region do not meet the standards for use as shipping fuel, further reducing the amount of supply available, five trade sources said.Cash premiums for 380-centistoke fuel oil, which is primarily sold for ship fuel, known as bunker fuel, have soared this week to the highest since May 2017. The premium of the prompt-month swap for the fuel over the second-month swap has jumped to the highest since October…

Singapore-based Keppel Corp said on Wednesday its offshore rig-building unit is on track to deliver in May what the shipbuilder said will be the first tugboat in southeast Asia that can run on liquefied natural gas (LNG). The vessel will be one of seven dual-fuel vessels the company is building, and will be able to run on LNG and diesel, a spokesman for Keppel said, without disclosing how much the ship cost to build. A second dual-fuel LNG tug is due to be delivered by June or July, he said.

Belgian tanker operator Euronav's average spot rates for its very large crude carriers (VLCCs) fell 53.8 percent to $18,725 per day in the first quarter, as challenging conditions continued in the freight market, the company said on Wednesday. Tanker companies have been suffering from a glut of excess capacity which has weighed on rates, while OPEC oil production cuts have added to the pressure. "The rebalancing of the tanker market requires further affirmative action in reducing primarily older tonnage…

London's Baltic Exchange is developing a container shipping index with Hong Kong-headquartered group Freightos in another sign that the centuries-old business is moving into new markets. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates, including ones used by the multi-billion dollar freight derivatives market. The Baltic and its partner on the initiative Freightos, a digital container platform which also has a global database of freight rates…

Traditionally, tugs and towboats (hereinafter tugs) have largely been uninspected vessels of the United States. They were subject to basic examinations by the U.S. Coast Guard, but the standards were little higher than those applicable to recreational craft. These tugs were also subject to examination by the Occupational Safety and Health Administration (OSHA). The OSHA examinations were rare, but when they took place any violations found could be costly. After one of the OSHA penalty cases was litigated all the way to the U.S.

Houston based tank barge operator Kirby Corporation announced that Joseph H. Pyne will retire as Executive Chairman of the Board, effective April 30, 2018. Pyne will continue to serve as Chairman of the Board in a nonexecutive role.The firm also announced that Kirby will incur a charge for compensation related to retirement in the second quarter of 2018.Pyne began his career with Kirby in 1978, and has held numerous executive positions including Chairman of the Board since April 2014…

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, firmed on Tuesday as rates for capesize vessels rose for a twelfth straight session. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 24 points, or 1.8 percent, at 1,330 points. The index hit its highest since Jan. 10. The capesize index gained 121 points, or 6 percent, at 2,130 points. The index rose for a twelfth straight session to touch an over 14-week high.

Singaporean rig builder Sembcorp Marine Ltd said on Wednesday first-quarter profit fell 86 percent, and signaled a subdued outlook for orders and business volumes.Sembcorp Marine said profit came in at S$5.3 million ($4 million) for the three-month period ended March, compared with S$37 million in the same period a year ago.The year-ago profit was boosted by an one-off gain from the disposal of Sembcorp Marine's stake in Cosco Shipyard Co.Overall business volume has remained significantly below peak levels…

The frigate Federico Martinengo was delivered to the Italian Navy at Fincantieri’s shipyard in Muggiano, La Spezia. The ship is the seventh of a series of 10 FREMM vessels of the FREMM program – Multi Mission European Frigates – commissioned to Fincantieri as part of the international Italian-French program, coordinated by OCCAR (the Organisation for Joint Armament Cooperation). Orizzonte Sistemi Navali (51 percent Fincantieri and 49 percent Leonardo) is the prime contractor for Italy in the FREMM program…

Preference given to fleets in areas facing air quality challenges. The U.S. Environmental Protection Agency (EPA) announced the availability of grant funding to modernize the nation’s diesel fleet by retrofitting or replacing vehicles with cleaner, more efficient diesel engines. EPA anticipates awarding approximately $40 million in Diesel Emission Reduction Program (DERA) grant funding to eligible applicants, subject to the availability of funds. “These grants will incentivize improvements to aging diesel fleets and improve air quality throughout the country…

A French judge on Wednesday placed tycoon Vincent Bollore under formal investigation over allegations his company undercharged for work on behalf of presidential candidates in two African nations in return for port contracts.Bollore's company, Groupe Bollore, announced the decision by Judge Serge Tournaire, which came after Bollore had been questioned for two days by French fraud police.Bollore, whose logistics empire is a powerhouse in former French colonies across West Africa…

Bureau Veritas has introduced the first phase of My Fuel Consumption, a cloud-based and secure web application for desktop, mobile and tablet that aims to make compliance easy, with a digitized process throughout the various steps of IMO-DCS (declaration of fuel consumption) and EU MRV regulations (CO2 emissions).All ships of 5,000 GT and above must submit IMO-DCS plan to receive a confirmation of compliance, from their flag states or delegated Recognized Organizations (ROs) before January 1, 2019.

Italy's Eni will not relinquish its interests in Cyprus, its CEO said on Wednesday, as an uneasy standoff between Turkey and the Mediterranean island lingered over offshore hydrocarbons resources.The Italian state-controlled energy giant had to abandon a scheduled drill for oil and gas south of Cyprus in February because of Turkish military exercises. The broader region has yielded some of the largest natural gas finds worldwide in recent years."I just want to remind (sic) that so far we have invested about 700 million euros in Cyprus. That means that there's strong engagement and commitment towards the country," Eni CEO Claudio Descalzi…

The director of a yacht management firm was cleared of manslaughter charges bought on by the death of four sailors in 2014.Four U.K. men – two in their twenties and two in their fifties – were killed when the 40-foot Cheeki Rafiki capsized in the Atlantic in May 2014 while returning across the Atlantic Ocean to Southampton from Antigua. The sailors’ bodies were never recovered.Yacht manager Doug Innes, who had been accused of failing to have the yacht properly checked ahead of its voyage and to ensure that its certification was in date for the intended trip, has been found not guilty on four charges of gross negligence manslaughter today at Winchester Crown Court.Innes along with his company Stormforce Coaching had denied all charges…

Eric Crooker has been promoted to vice president of contracts and pricing for Huntington Ingalls Industries’ (HII) Ingalls Shipbuilding division.Effective immediately, Crooker will have overall responsibility for contracts, estimating and pricing, and export/import licensing and compliance for the Ingalls shipyard and will report to Tom Stiehle, Ingalls’ vice president, business management, and chief financial officer.Crooker succeeds Don Perkins, who will retire from Ingalls on July 1.Crooker joined HII in 2012 and served as a senior counsel at Ingalls.

DNV GL said it has completed a workscope with the European Bank of Reconstruction and Development (EBRD), under funding provided by the EU, to develop guidance for the Greek offshore safety competent authority, Hellenic Ηydrocarbons Resources Management (HHRM), under Greek law 4409/2016 which enacts EU directive (2013/30/EE) on offshore safety. The offshore major hazards guidance was presented to several international and domestic companies and the ministry of environment and energy in Athens, on March 1, 2018.

Wärtsilä has partnered with the Maritime and Port Authority of Singapore (MPA) to promote maritime innovation and R&D. The partnership covers four different streams: digital acceleration, cyber-physical security, intelligent vessel and port operations. Wärtsilä and MPA have also agreed to support and leverage start-ups and small and medium enterprises in Singapore in these four streams.“This partnership with MPA is a great example of how combining digitalization ecosystems thinking, and collaboration will benefit the maritime industry and drive tangible value at pace.

Norwegian offshore oil services firm Subsea 7 is open to potentially sweetening its $2 billion offer for McDermott if the U.S. company would work with it to identify additional benefits of a deal, Subsea said on Wednesday. The Norwegian firm's comments come a week before McDermott's shareholders vote on a planned combination with Chicago Bridge and Iron (CB&I), which McDermott's board has recommended its investors to support while rejected Subsea's proposal "Subsea 7 is open to…

The Baltic Exchange announced it will launch an Escrow Service for its members to hold deposits for ship sale transactions.The paid-for service will be available from May 2018 for use in transactions where the buyer of the vessel is a Baltic Exchange member. The service will cost $5,000 per side and is likely to be extended to disputes related payments, the Baltic Exchange said.The Escrow Service will be run by the Baltic Exchange's Asia office in Singapore and will be subject to the Singapore Exchange's (SGX) compliance and money laundering procedures.

The Baltic Exchange said it will introduce a new code of conduct for shipowners, charterers and shipbrokers using the physical shipping and freight derivatives markets.Following a detailed review of the current arrangements led by law firm Norton Rose Fulbright with oversight by the Baltic Exchange Council and the Baltic Membership Council, the New Baltic Code has been drafted to bring together a set of principles and business practices which will be applicable to not only Baltic Exchange members, but also the wider market.

A new integrated risk management solution launched for the global shipping community is said to be the first of its type, according to OSERV.OSERV, OSM Maritime Group’s specialized concept for supply chain management and value-added services, developed the solution together with cyber security specialist Pragma.Combining five crucial elements of cyber protection – technical, operational, IT backup, legal and media crisis management, the new SEAWALL Maritime Cyber Security solution aims to address the peril of cyber-attacks in today’s climate of the escalating incidents in the maritime industry.A 2017 ransomware attack involving Maersk…

Shell aims to start exports from Prelude LNG this year; Inpex hopes to commence shipments from Ichthys LNG. Shell and Inpex are on the final stretch of a years-long race to export gas from offshore northern Australia, where both have spent billions of dollars building the world's biggest maritime vessels to grab a slice of Asia's booming LNG market. Anglo-Dutch energy major Royal Dutch Shell and Inpex, Japan's biggest oil and gas producer, are vying for first gas from two overlapping fields after delays and cost overruns that have plagued both projects.

The port of Rotterdam expects to see its first ship-to-ship (STS) liquefied natural gas (LNG) refuelling operation in June, marking an important milestone in the use of the cleaner burning fuel in shipping. The opening of STS marine refuelling, also known as bunkering, is significant because it makes the cleaner fuel more accessible to shippers, said Cees Boon, senior safety adviser at the Port of Rotterdam. "A lot milestones will follow," said Boon in an email on Tuesday. In June…

Finnish ship technology and power plant maker Wartsila missed first-quarter earnings expectations on Tuesday and said geopolitical uncertainty was slowing demand in the marine market. In a phone interview following the quarterly report, Chief Executive Jaakko Eskola said Wartsila aimed to grow through acquisitions and that it continued to look at Rolls-Royce's marine business, which the British company is reviewing for a possible sale. Wartsila said the marine sector, which has been hit by overcapacity and lack of financing, was recovering, but not at the pace the company had anticipated.

U.S. conglomerate General Electric will test the world's largest wind turbine in a facility in northeast England, it said on Tuesday. GE Renewable Energy, the renewable arm of the U.S. firm, and the British government-funded Offshore Renewable Energy Catapult signed a five-year agreement to test GE's Haliade-X 12 megawatt (MW) turbine in Blyth, Northumberland. "This is an important agreement because it will enable us to prove Haliade-X in a faster way by putting it under controlled and extreme conditions," John Lavelle, president & CEO of GE's Offshore Wind business said in a statement.

Two ratifications to a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship have brought the instrument a step closer to entry into force. Canada and Turkey on Monday (23 April) deposited their instruments of ratification to the 2010 Protocol to the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, 1996 (2010 HNS Convention). When in force, the treaty will provide a regime of liability and compensation for damage caused by HNS cargoes transported by sea…

On April 18, Rear Admiral Anthony “Jack” Vogt, Assistant Commandant for Response Policy, released an update on the status of the most recent U.S. Salvage and Marine Firefighting (SMFF) industry verification initiative. According to the report, the Coast Guard has conducted 58 scenario-based SMFF verifications within the last year across 19 different Captain of the Port Zones, with 16 different vessel owners and operators. To date, all results have been found to be satisfactory and reflect compliance with the Coast Guard’s Salvage and Marine Firefighting regulations.

The crew aboard the U.S. Coast Guard Cutter Steadfast (WMEC-623) returned home Friday to Astoria after a 60-day counternarcotic patrol in the Eastern Pacific Ocean.While patrolling international waters off the coast of Mexico and Central America, Steadfast’s law enforcement boarding teams intercepted and stopped eight separate vessels suspected of smuggling illicit drugs. The eight boardings resulted in the discovery and seizure of approximately 13,123 pounds of cocaine worth…

Offshore oil services firm Subsea 7 has made an unsolicited offer worth about $2 billion for U.S. rival McDermott, potentially breaking up the U.S. company's agreed deal with onshore engineering firm Chicago Bridge & Iron (CB&I).The deal could make Oslo-listed Subsea 7 the market leader in supplying and installing subsea equipment for oil and gas firms with a combined market share of 24 percent, followed by TechnipFMC with 20 percent and Saipem with 15 percent, an Oslo-based consultancy…

U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said it planned to make a final investment decision to build the third liquefaction train at its Corpus Christi LNG export facility in Texas in the first half of 2018:Cheniere said on Friday its Cheniere Corpus Christi Holdings LLC subsidiary engaged financial institutions to arrange up to $6.4 billion of credit facilities. The unit already has about $4.6 billion of existing credit facilities.Cheniere said it will use the credit facilities to fund a portion of the costs of developing…

Even prior to NotPetya, regulatory bodies, insurers, P&I clubs, port authorities, and other segments of the maritime industry started taking steps to minimize the industry’s exposure to cyberattacks.The maritime industry has had an awakening. We have awoken to the fact that digitalization has woven its threads throughout the industry, and we have greatly benefited from being able to operate in an interconnected cyber environment. Likewise, being able to transmit shipboard machinery diagnostic information to shore-side operations centers…

A U.S. national security review has raised concerns about a takeover by China's COSCO Shipping Holdings Co of a large container terminal in Long Beach, California, the Wall Street Journal reported on Friday.The terminal is part of COSCO's planned $6.3 billion deal to buy shipping firm Orient Overseas International Ltd (OOIL) , the Journal reported, citing people familiar with the matter.COSCO executives met with officials at the Committee on Foreign Investment in the United States (CFIUS) this week and proposed to divest or carve out the Long Beach terminal to ease U.S.

A Dutch flagged product tanker has reportedly discharged 2,600 gallons of heavy fuel oil into the Mississippi River near Norco, La., Monday. The cause of the spill is under investigation.The U.S. Coast Guard said it is responding to the incident after its watchstanders in New Orleans received a report of the oil discharge from the vessel Iver Exporter at approximately 1 a.m.The source of the discharge near mile marker 126 on the Lower Mississippi River is reported to be secured…

The U.S. Navy commission its newest amphibious transport dock ship during a ceremony Saturday, April 21, at the Port of Portland, Marine Terminal 2 in Portland, Ore.Built by Ingalls Shipbuilding in Pascagoula, Miss., USS Portland (LPD 27) is the 11th ship in the San Antonio class designed to support embarking, transporting, and landing elements of more than 800 Marines with both a flight deck, which accommodates CH-53E Sea Stallion, and MV-22 Osprey tilt-rotor aircraft, and a well deck…

U.S. supplies to Europe set for all-time high in April; on course to overtake Russia, Saudi. As OPEC's efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices close to four-year highs.

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday to near 15-week highs, boosted by rising rates for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 25 points, or about 2 percent, at 1,306 points, its highest since Jan. 10. The capesize index gained 94 points, or 4.9 percent and hit 2,009 points, its highest in 14 weeks. Capesize earnings continued…

Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index down by 2,041 points in the week ending Monday to 7,323.   "Led by gains on trans-Atlantic routes, the SSY Atlantic Capesize Index to the highest level since the second week of January at 7,323 points, up by 2,041 points week-on-week. The largest weekly increase since 2014. There were strong increases, of $10,000/day and $12,350/day, in the Atlantic round-voyage and fronthaul rates (180k dwt) to $15,150/day and $31,500/day, respectively." SSY said. 

Engineering group Alfa Laval reported quarterly earnings and order intake above market expectations on the back of an upturn in the oil and gas sector on Monday and forecast demand would remain at the same level in the second quarter. The company, a maker of products such as heat exchangers, separators and ballast water treatment equipment, reported order intake of 10.0 billion crowns, above the 9.6 billion seen by analysts. "Improved activity in upstream oil and gas, on shore…

China first domestically developed aircraft carrier looks set to begin sea trials after pictures appeared on the Chinese internet on Monday of it leaving its dock in the northeastern port of Dalian. The still-unnamed carrier was launched this time last year but since then has been undergoing fitting of weapons and other systems and has not yet entered service. Chinese President Xi Jinping is overseeing an ambitious military modernisation scheme, including stealth jets and anti-satellite missiles, as China ramps up its presence in the disputed South China Sea and around self-ruled Taiwan, an island it considers its own. Online Chinese news portals…

Vopak Rotterdam Botlek is investing in 63.000 cbm state-of-the-art stainless steel capacity (15 tanks) for the storage of Styrene and other hazardous chemicals. Styrene is a vital product used in manufacturing of a wide variety of consumer goods serving markets such as packaging, construction (for example isolation) and automotive. The new infrastructure will be fully insulated to allow for product temperature control and is designed to prevent any emissions to the environment.

As part of the government's large-scale rescue plan for shipping sector, the Export-Import Bank of Korea  (Korea Eximbank) sets a figure for loans and guarantees to the country's shipping sector. According to Yonhap, Korea Eximbank will funnel more than 800 billion won ($749.3 million) in shipping finance as a part of the state-sponsored program to revive the shipping industry following the collapse of Korea’s flag sea carrier Hanjin Shipping. The five-year plan for rehabilitating the maritime sector involves the building of more than 200 ships…

A proposal by China to mandate specific ISO test methods for sulphur, building on a proposal made by IBIA to the IMO earlier this year, has won support to be further considered as the IMO works on measures to ensure uniform implementation of the 0.50% sulphur limit. China submitted its proposal to the 72nd session of the IMO’s Marine Environment Protection Committee (MEPC 72) last week, proposing that the test method of sulphur content of fuel oil should be made mandatory to avoid disputes, and that the methods should be ISO 8754:2003 or ISO 14596:2007.

Plastic waste and marine litter pose an increasingly serious threat to our oceans and marine life. Canada is committed to protecting our environment and preserving our waterways, so that all Canadians can continue to enjoy the beauty, health and economic benefits that our oceans, lakes and rivers provide. The Government of Canada is working at home and with international partners to address this serious and growing problem. As Canadians celebrate Earth Day, Catherine McKenna, Minister of Environment and Climate Change…

Hapag-Lloyd is publishing the company’s first sustainability report ever yesterday (April 22) as the world celebrates “Earth Day,” which says that the company had achieved 46 percent reduction between 2007 and 2016. Within the report, the shipping company is announcing for the first time the climate goal it has set for itself: By 2020, Hapag-Lloyd intends to achieve a 20 percent reduction in CO2 emissions per TEU-kilometer (compared to 2016). Hapag-Lloyd has already succeeded in significantly lowering its CO2 emissions in the past.

The first edition of IBIA’s “Best practice guidance for suppliers for assuring the quality of bunkers delivered to ships” was welcomed by the 72nd session of the IMO’s Marine Environment Protection Committee (MEPC 72) last week, where it was agreed that it would be a good basis for the development of IMO guidance. For the past few years, an IMO Correspondence Group on Fuel oil quality (CG) has been working on developing draft guidance on best practice for assuring the quality of fuel oil delivered for use on board ships.

Alderman The Lord Mountevans, Maritime UK Vice Chair, called for increased trade between UK and Commonwealth countries at the Commonwealth Head of Governments Meeting (CHOGM). Maritime UK brings together the UK’s shipping, ports, services, engineering and leisure marine industries to promote the sector, influence government and drive growth. Lord Mountevans, who addressed the Commonwealth Business Forum, said: “Today the Commonwealth is a modern and dynamic network of peoples.

The crew aboard the U.S. Coast Guard Cutter Steadfast (WMEC-623) returned home Friday to Astoria after a 60-day counternarcotic patrol in the Eastern Pacific Ocean. While patrolling international waters off the coast of Mexico and Central America, Steadfast’s law enforcement boarding teams intercepted and stopped eight separate vessels suspected of smuggling illicit drugs. The eight boardings resulted in the discovery and seizure of approximately 13,123 pounds of cocaine worth more than $200 million wholesale.

Star Bulk Carriers Corp. agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration…

The Coast Guard commissioned North Carolina's first Fast Response Cutter, the Richard Snyder, during a ceremony in Atlantic Beach. FRCs feature advanced command, control, communications, computers, intelligence, surveillance, and reconnaissance equipment that allow their crews to more effectively conduct the Coast Guard’s statutory missions. The cutter is named after Richard Snyder, a World War II hero known for his brave actions in battle defending troops coming to shore on the Island of Biak at the western edge of Papua New Guinea.

Seaspan Corporation, the world's largest independent containership owner operator, has announced that Mark Chu has notified the company that he plans to step down from his roles as General Counsel and Chief Operating Officer to pursue other opportunities. Chu will remain in his current roles through August 31st, 2018 to help facilitate a seamless transition. Bing Chen, President and Chief Executive Officer of Seaspan said, "I would like to thank Mark for his many contributions to Seaspan over the years.

Mexico has hosted a five-day workshop on International Maritime Organization (IMO)'s International Ship and Port Facility Security Code (ISPS Code), which sets out preventive security measures in case of threats to ships and port facilities. Designated authority and port facility security officers had the chance to improve their knowledge and understanding through practical exercises as well as class-based training in how to implement the relevant provisions of the ISPS Code, SOLAS Chapter XI-2 and related guidance.

U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S. oil prices are near a three-year high…

European Union and Italian authorities are investigating suspected wide-scale tax fraud by Chinese criminal gangs importing goods via Greece’s largest port of Piraeus, a trade gateway between China and Europe, officials said.“The VAT is completely evaded, with enormous damage to the national tax authorities and to the community,” Fabio Botto, of the Italian Central Anti-fraud Office’s special investigative unit, said in an interview.He said the suspected scam at Piraeus, part of China’s vast Belt and Road infrastructure project…

Semco Maritime’s revenue shrunk to DKK 1,408 million in 2017 against DKK 1,598 million in 2016 as the offshore services provider observed continued price pressure and market hesitancy amid postponed projects and growing competition across its business areas.“Even though oil and gas prices increased during the year, the majority of 2017 was characterized by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers…

The U.S. Coast Guard has issued its very first certificate of inspection (COI) under the Subchapter M requirements, which set new rules for the inspection, standards and safety policies of towing vessels.The COI issued to Marine Towing of Tampa's 90-foot tug Endeavor was signed Wednesday by Capt. Holly Najarian, commander of Sector St. Petersburg, Fla., and was presented Thursday morning at the company’s corporate office in Tampa, Fla.The 4,200-horsepower Endeavor, built in 2000 in Lockport…

General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.

German shipping group Oldendorff Carriers is stopping its business in Guyana, the company said on Friday, after the United States blacklisted Russian aluminum producer Rusal, which has a plant in the South American country.The United States on April 6 imposed sanctions against Russian entities and individuals to punish Moscow for its alleged meddling in the 2016 U.S. election and what the U.S. Treasury Department dubbed other "malign activity".Since then, the world's two biggest…

The Harry S. Truman Carrier Strike Group (HSTCSG) entered the U.S. 6th Fleet area of operations April 18, 2018 as part of a routine deployment in support of NATO allies, European and African partner nations, coalition partners, and U.S. national security interests in Europe and Africa. The presence of the HSTCSG demonstrates the multi-mission capability of the U.S. Navy’s globally deployed force and is part of an ongoing rotation of forward-deployed forces to support maritime security operations in the U.S. 6th Fleet area of operations.

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hit an over three-month high on Friday as a rally in the capesize vessel segment helped the index record its best week since August 2014.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 80 points, or 6.7 percent, at 1,281 points, the highest level since Jan. 11.The index was up for the 10th straight day, and surged 26.3 percent this week.The capesize index rose for the 11th straight session…

Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell raised $175 million via a new share issue on Thursday to help buy semi-submersible Stena Midmax Rig from Samsung Heavy Industries for $505 million.

Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed.Sorghum is a niche animal feed and a tiny slice of the billions of dollars in exports at stake in the trade dispute between the world's two largest economies, which threatens to disrupt the flow of everything from steel to electronics.The supply-chain pain felt by sorghum suppliers on the Pacific…

Norwegian cruise ferry operator Hurtigruten has signed a Letter of Intent with Rolls-Royce to upgrade up to nine vessels to hybrid power.The main engines on up to nine cruise ships will switch from diesel to gas power, and the upgrade will also include installation of a hybrid battery system.The deal comprises the supply of equipment to six existing passenger cruise vessels, with an option for a further three. The ships will completely change their power system with the installation of new Rolls-Royce liquefied natural gas (LNG) engines as part of a new hybrid system.

Global shipping fleet must cut sulfur emissions by 2020. Wartsila received record orders for sulfur scrubbers last year. Shipping industry hopes that so-called sulfur scrubbers are a quick-fix solution to compliance with drastic emissions reduction demanded by 2020 are somewhat misguided, one of the world's biggest manufacturers of the equipment told Reuters. The International Maritime Organization's (IMO) cut to the amount of sulfur the world's fleet can emit will have massive implications for shippers, oil refiners and even crude oil producers.

Oil major buys various grades from Qatar, UAE, Russia; re-sells Qatar Marine and Sokol. Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday. The region's pull on Middle East and Russian grades, priced off Middle East crude benchmark Dubai, has strengthened this month as a widening of Brent's premium to Dubai has made competing Atlantic Basin supplies more expensive.

The Panama Canal may carry five times as much liquefied natural gas (LNG) in 2020 as it did last year as production of the fuel expands in the United States and Asian import demand rises, the head of the canal's governing agency told Reuters.LNG volumes traversing the Canal could hit 30 million tonnes a year before the end of 2020, said Jorge Quijano, who leads the Panama Canal Authority, up from 6 million tonnes last year.Demand for LNG has risen significantly in the last three years as the increase of supply…

On Wednesday, the U.S. Senate rejected legislation - Vessel Incidental Discharge Act (VIDA) - that would have simplified regulatory oversight of vessel discharges. The Coast Guard Authorization Act of 2017, due to inclusion of the Vessel Incidental Discharge Act (VIDA) within the bill, failed by three votes to reach the 60 votes needed in the United States Senate to end debate and move to a vote on final passage. While the vote tally reflected bipartisan support for the Coast Guard authorization bill with VIDA included…

Iranian officials responsible for implementing IMO standards on air pollution and greenhouse gas emissions from shipping are undergoing IMO training at a national workshop in Tehran, Islamic Republic of Iran (18 April). Around 30 participants from the country’s Ports and Maritime Organization (PMO), Department of Environment and numerous ports are taking part. They are being trained on the IMO treaty restricting air pollution from ships as well as ship energy-efficiency measures – MARPOL Annex VI.

Quality, modernisation and transparency have been the three fundamental themes of the International Association of Classification Societies (IACS) during DNV GL’s Chairmanship, and this approach is widely reflected in IACS’ 2017 Annual Review which was presented in London today by IACS Chairman Knut Ørbeck-Nilssen. Looking back at IACS’ development and successes over the past year, Mr Ørbeck-Nilssen said that during these dynamic times, both IACS and its twelve Member societies need to act as a guide for the shipping industry, identifying the path for others to follow.

The U.S. Coast Guard offloaded $13.3 million worth of suspected heroin and cocaine and transferred custody of two suspected smugglers to authorities in San Juan Tuesday, following a recent interdiction in the Caribbean Sea off Puerto Rico.The crew of a patrolling Customs and Border Protection Caribbean Air and Marine Branch (CAMB) maritime patrol aircraft initially detected a 30-foot go-fast vessel Saturday afternoon transiting with two people onboard and visible packages on deck south of Patillas…

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, jumped 7 percent for the second straight day to a six-week high, perked up by surging capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained for the ninth straight session and was up 77 points, or 6.9 percent, at 1,201 points - highest level since March 9. The percentage jump is the index's biggest since November 2017. The capesize index rose for a 10th straight session and gained 266 points, or about 19 percent, at 1,668 points.

Norwegian tourist vessel owner and operator The Fjords has taken delivery of an innovative newbuild that sets high marks for environmentally friendly passenger transport.The new 42-meter-long carbon fiber all-electric catamaran, Future of The Fjords, is the first vessel of its kind to offer completely emissions-free transport through the Western Norwegian landscape. Starting in mid-May, the 400-passenger vessel will sail sans emissions as it makes around 700 yearly round trips…

Statoil, on behalf of the Njord license, awarded a NOK 1.3 billion ($168 million) contract to Aibel to upgrade the Njord Bravo floating storage and offloading (FSO) vessel in the Norwegian Sea.The FSO will be prepared for extended operation of the Njord and Hyme fields, as well as tie-in of two new field developments in the Norwegian Sea, Bauge and Fenja.The job involves extensive vessel upgrades and maintenance, in addition to the installation of equipment on board for reducing…

More than 440 tons of heavy fuel oil was extracted from the tanks of the sunken general cargo vessel Thorco Cloud. The wreck lies in two sections 1,730 meters apart and 70 meters down in the middle of the eastbound traffic lane of the Singapore Strait following a collision in December 2015. The heavy oil in the fuel tanks and in trapped compartments was seen as a major pollution hazard. Both the bow and stern sections contained fuel tanks that required emptying, so the Thorco Cloud’s owner…

Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.

Norwegian start-up technology firm ScanReach is set to redefine safety standards at sea with In:Range, a unique system capable of locating anyone on a vessel or offshore installation in real time. The plug and play technology is simple, easy to install, low cost and, according to the team behind it, could save countless lives at sea. With In:Range ScanReach has solved a problem nobody else has. The firm has created a system and technology capable of sending and receiving data signals wirelessly through any structure, including steel.

Soya bean trade lanes may change due to the ongoing trade war. The shipping of soya beans from the US to China is one of the most significant ‘one commodity’ cargoes that may become affected by the trade war between the US and China. Soya bean trade lanes will be affected if the Chinese buyers shy away their traditional suppliers because of the extra cost from the proposed tariff on US soya beans. A move that may favour Brazilian ones further, which also hold a higher protein content.

Libya's National Oil Corporation (NOC) is considering using a chemical marking system to help trace oil products smuggled out of the country, its chairman said on Wednesday. Mustafa Sanalla also called on a European Union naval mission to combat smugglers by seizing their ships in the Mediterranean, said the United Nations should consider sanctioning smugglers, and urged Libya to reform massive subsidies that allow fuel to be sold for as little as 2-3 U.S. cents per liter. "The fuel smugglers and thieves have permeated not only the militias which control much of Libya…

South African ship owner Grindrod has sold its bunker division, Unicorn Bunker Services (Pty) Ltd., for an undisclosed sum to new co-owners WOESA (Women in Oil and Energy South Africa) and Linsen Nambi.Financed through the Industrial Development Corporation (IDC), the deal creates the nations first 100 percent black ship owners and facilitates the participation of black women and black youth in the maritime sector.Unicorn Bunker Services was established in 2006 a division of Grindrod Freight Services and operates three bunker tankers in the ports of Durban and Cape Town under contract to BP…

The shipping industry and oil refineries are not doing enough to prepare for new rules cutting the amount of sulfur that vessels can emit from 2020, according to the head of the International Energy Agency's (IEA) oil industry and market division.The new rules drastically cut the amount of sulfur that the world's ships can emit, from 3.5 percent currently to just 0.5 percent. Ships that install "scrubbers" that remove sulfur as the fuel is burned can continue to use higher sulfur fuels…

The Queen Elizabeth 2 (QE2) ocean liner has been given a new lease of life as a floating hotel in Dubai, 10 years after the Gulf Arab emirate bought it for $100 million.State-owned Dubai World bought the QE2 from Cunard Line in 2007, but the 2008 financial crisis delayed any plans for the 40-year-old vessel, one of the world's most famous ships.Now the QE2, permanently moored at Mina Rashid port, has been refurbished based on the original design, from its carpets to the theatre…

The U.S. Coast Guard is scheduled to commission Fast Response Cutter, the Richard Snyder, during a ceremony in Atlantic Beach, N.C. on Friday.The vessel was built by Bollinger Shipyards in Louisiana and delivered to the Coast Guard on February 8, 2018, in Key West, Fla.The cutter is named after Richard Snyder, a World War II hero known for his brave actions in battle defending troops coming to shore on the Island of Biak at the western edge of Papua New Guinea. Snyder was awarded the Silver Star…

Finland-based exhaust gas cleaning firmLangh Tech has explained how last week’s decision to prohibit the carriage of noncompliant fuel oil will have a material and technical impact on commercial ship operations.In a special panel session during the Sulphur Cap 2020 conference in Amsterdam, Langh Tech Managing Director Laura Langh-Lagerlof told delegates, “If such measures are adopted, any shipowner, operator, master mariner or chief engineer found guilty of transporting noncompliant…

The United States Coast Guard said it responded to a natural gas pipeline fire near Port O'Connor, Texas, on Tuesday evening.The agency was notified of the incident by vessel Jonathon King Boyd, which was on fire after hitting a gas pipeline while conducting dredging operations.The Intracoastal Waterway is closed to traffic from mile marker 468 to 474 to include the Matagorda Ship Channel from the jetties to 7 nautical miles (13 km) inside the bay.The impacted pipeline has been secured and the remaining gas is residual, the Coast Guard said.Reporting by Apeksha Nair

Egypt will keep its ports running for 24 hours a day, up from 16 currently, in an effort to cut down on "long waiting times" for shipments, Transportation Minister Hesham Arafat said on Wednesday. The extended port hours will not come at any added cost for shippers, he said. Arafat did not specify when the new port hours would come in to effect or how long the new policy would remain in place. Traders have complained of growing demurrage fees in recent months caused by long delays for their vessels at Egyptian ports that have raised the cost of doing business.

Greek ferries remained docked at the country's ports on Wednesday as seamen, marine engineers and ship cooks walked off the job to protest against planned government reforms which they say will further hurt their labour rights. The 24-hour strike was organised by Greece's seamen federation (PNO), which said the leftist-led government was preparing a reform allowing non-European flagged transport ships to sail in Greece, leading to job losses for Greek crews. The reform is coming on top of pension cuts, rising unregistered labour and work without any insurance, PNO said.

The new LPS 420 E is the latest extension of the Liebherr mobile harbour crane product range. The newly designed machine is a purely electric driven portal crane. All crane movements like luffing, hoisting, slewing and travelling are done by electric motors. As the LPS 420 E is a member of the LHM series, it is also characterised by high modularity. Therefore, it is a universal all-rounder and a key asset for handling every type of cargo, from containers to bulk, general cargo and heavy lifts up to 124 t.

A world leader in maritime transport CMA CGM reaffirmed its commitment towards the protection of the environment following the International Maritime Organization (IMO)’s historic decision aimed at reducing by 50% the industry’s CO2 emissions in 2050. "The CMA CGM Group welcomes the adoption, by member countries of the IMO, of a strategy aimed at reducing carbon emissions by 50% in 2050 in the maritime transport industry," said a press statement. The CMA CGM Group is already strongly…

Monaco-based Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party in Japan. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Tango, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates…

Trials are underway at Southampton as part of a pilot scheme to launch the eco-friendly HullWiper hull cleaning technology at the port. HullWiper is working to test the system on a range of vessels including cruise liners, Ro-Ro ships, container ships and general cargo carriers at the south coast port. Managing Director Simon Doran explains that the trials are to demonstrate the efficiency of the diver-and brush-free ROV to the harbour authority, Associated British Ports (ABP) in Southampton: “HullWiper provides an affordable…

The RMS St. Helena, Britain’s last working postal ship, was for nearly three decades the main source of contact between one of humanity’s remotest islands and the outside world.Now the ship, cherished by the 4,500 residents of British-ruled St. Helena, will start a new life as a floating armory, packed with automatic weapons, bullet-proof jackets and night vision goggles, all stored for maritime security operatives.Renamed the MNG Tahiti, the 340-foot ship will undergo some tweaks…

Russian aluminum giant Rusal has stopped placing orders with two logistics firms that ship its exports, executives with the firms said on Tuesday, in a sign of deepening problems for the company after it was hit by U.S. sanctions.Rusal and its major shareholder Oleg Deripaska were included on a U.S. sanctions blacklist this month, leading to anxiety among many of its customers, suppliers and creditors who fear they too could be hit by sanctions through association with the company.A number of traders and customers of Rusal's aluminum have stopped buying the firm's products…

Singapore's Maritime and Port Authority (MPA) said it is investigating a collision between two tankers in Singapore waters on Tuesday that led to a leak of liquefied petroleum gas (LPG) from one of the ships.An estimated 1,796 tonnes of butane gas leaked from the LPG tanker involved but this posed no danger to shipping and measures had been taken by the ship's crew to stop the leak, MPA said in a statement."As liquefied butane has a high evaporation rate, MPA has assessed that any leaked butane would have been carried southward away from mainland Singapore…

A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill.

Crowley Alaska Tankers, LLC, has completed its acquisition of three tankers from SeaRiver Maritime Inc. and is now chartering the vessels back to SeaRiver under varying multi-year terms.The tankers Liberty Bay and Eagle Bay, now under Crowley ownership and operation and renamed Washington and California respectively, each have a capacity of 760,000 barrels and transport crude from Alaska to West Coast refineries. The tanker SR American Progress, renamed Oregon, has a capacity of 342,000 barrels and transports refined petroleum between the U.S.

Russia's largest freight container operator, TransContainer said on Tuesday Russian aluminium giant Rusal had suspended exports through TransContainer's system after Rusal was hit by U.S. sanctions "They (Rusal) do not know what to do yet, what is going on with them; that is why all transportation operations are suspended," TransContainer's chief executive Petr Baskakov told reporters in Moscow on Tuesday.According to his estimate, Rusal had been shipping 25-30 percent of its exports via TransContainer.

Danish dry bulk carrier Thorco Bulk announced today it has been renamed Trithorn Bulk with immediate effect. “This is a natural development for our company. We wish to further strengthen our corporate identity and position in the market by taking a name that truly expresses what the three of us, the trio from North of Denmark, has built together with Thornico,” Trithorn Bulk management explained on the company’s website. The name change includes no changes to the legal entity or to the ownership, status management and personnel.

This March, a robot called Fleet Cleaner was deployed to clean both floaters of Heerema’s semi-submersible crane vessel Thialf in the Port of Rotterdam.The Fleet Cleaner is equipped with a magnetic system that allows it to attach to vessels for cleaning above and below the waterline. The robot captures all removed fouling so that the water environment is not affected by the cleaning operation. Waste is collected, weighed and disposed of, and wastewater is filtered and clean water released.The Thialf hull cleaning was the vessel's first since it last went to dry dock six years ago.

The International Maritime Organization (IMO) January 2021 deadline for ship owners and managers to incorporate cyber risk management into existing Safety Management Systems is closer than many realize, especially given the complex profile that the risk presents and the need for a well-detailed procedure to help protect marine assets and businesses. The failure to properly address cyber risks is much greater than the simple fact that a vessel could be detained by Port State Authorities if it were found to be not in compliance.

Classification society DNV GL has issued a new white paper which assesses a range of alternative fuels and technologies. The white paper “Alternative fuels and technologies for greener shipping” examines the price, availability, regulatory challenges and environmental benefits of alternative fuels and technologies, including LNG, LPG, hydrogen, fuel cells, and hybrid and battery technologies, and comparing them to the use of conventional fuel with scrubbers and new low sulphur alternatives.

ExxonMobil announced it will supply fuels that comply with the International Maritime Organization’s (IMO) 0.5 percent sulfur cap in ports in Northwest Europe, the Mediterranean and Singapore, with additional locations to be announced throughout 2018. “Our new suite of compliant fuels will include residual and distillate grades. We are at a very advanced stage in the development of these fuels, therefore making us well positioned to help customers meet the reduced sulfur limit ahead of the IMO’s 2020 implementation date,” said Luca Volta, Marine Fuels Venture Manager, ExxonMobil.

DESMI Ocean Guard A/S has announced that all the required land-based testing of the CompactClean Ballast Water Management System has been successfully completed. The testing was performed in accordance with both International Maritime Organization (IMO) and U.S. Coast Guard (USCG) requirements and paves the way for the issue of both IMO and USCG type approval certificates later this year. DESMI Ocean Guard’s CompactClean Ballast Water Management System (BWMS) has now successfully completed all the land-based testing required by both IMO and USCG.

Two oil products tankers had collided off Singapore coast but the impact of the accident was not immediately clear, industry sources familiar with the matter said on Tuesday. The tankers were identified as Crystal Sunrise, chartered by Japanese liquefied petroleum gas (LPG) firm Gyxis, and Astro Saturn chartered by European trading house Trafigura. "We can confirm that the Astro Saturn is on TC (time charter) to Trafigura and is carrying fuel oil," said it's spokeswoman without elaborating further.

Switching to liquefied natural gas (LNG) to fuel ocean-going vessels may not be enough for shippers to comply with long-term emissions regulations and they will have to find additional ways of reducing emissions, JBC Energy said on Tuesday. The International Maritime Organization (IMO) on Friday reached an agreement to cut carbon dioxide (CO2) emissions by at least 50 percent by 2050 compared with 2008 levels. Shipping accounts for 2.2 percent of world CO2 emissions, according to the IMO, the United Nations agency responsible for regulating the shipping industry.

Huntington Ingalls Industries’ Ingalls Shipbuilding division received a $27 million cost-plus-award fee contract from the U.S. Navy today for follow yard services in the Navy’s USS Arleigh Burke (DDG 51) program. The contract, which provides liaison and technical support, engineering, design and configuration management, systems engineering, turn-key management and crew indoctrination, includes four option years with a total potential contract value of $181.4 million if all options are exercised.

Intercargo welcomes the landmark initial strategy for the reduction of Greenhouse Gas (GHG) from ships adopted by IMO. "We firmly believe that IMO is the appropriate body to address the global challenge of GHG emissions, as the competent authority to do so. Shipping is the most efficient transportation mode and, moreover, its regulatory body, the IMO, was the first to address GHG emissions by adopting technical and operational requirements for new and existing vessels with global application as early as 2011.

U.S. and partner nation personnel participating in Pacific Partnership 2018 aboard the U.S. Navy hospital ship USNS Mercy (T-AH 19), arrived in Port Kelang, Malaysia, April 16. The Pacific Partnership mission in Malaysia will feature medical exchanges, civil engineering projects, humanitarian assistance and disaster relief (HA/DR) preparedness seminars, and community outreach engagements in the greater Kuala Lumpur area. The secondary mission platform for Pacific Partnership, the expeditionary fast transport ship USNS Brunswick (T-EPF 6) will arrive in Tawau…

Hamburger Hafen und Logistik AG (HHLA) increases efforts to improve the city’s air quality. Container transporters powered by lithium-ion batteries will move the containers at HHLA Container Terminal Alternwerder (CTA) between ships and the yard in future. The use of green energy prevents any CO2, nitric oxide or particulate matter from being emitted and the vehicles are also three times more efficient than their diesel-powered predecessors. Another benefit is that during their time at the charging station…

The U.S. Department of Transportation’s (USDOT) Maritime Administration (MARAD) announced the availability of $19.6 million in federal funding to support capital improvements and employee training at small U.S. shipyards. The grants are provided through the Small Shipyard Grant Program, and help eligible shipyards modernize operations, increase efficiency and reap the benefits of increased productivity. In 2013, U.S. shipbuilders directly employed 110,000 Americans and produced $37.3 billion in Gross Domestic Product (GDP). Available to U.S.

Maritime cyber security specialist Naval Dome has signed a contract with Piraeus-based Stamco Ship Management to install its maritime cyber defense system aboard 55 Pure Car and Truck Carriers (PCTC).Stamco Ship Management provides technical and commercial ship management services to various companies like NYK, MOL, K-Line, China Shipping, Höegh Autoliners, WWL, Eukor and Glovis.Naval Dome will install the security system onboard the vessels’ bridge, navigation, communication and machinery control systems to deliver maximum…

The first of the U.K. Royal Navy's next-generation Offshore Patrol Vessels (OPV) has been formally commissioned into the fleet.Commissioned last week at her home base of Portsmouth, HMS Forth represents the second ship to join the Royal Navy in less than six months, following aircraft carrier HMS Queen Elizabeth commissioned in December. The warships are part of the government’s £178 billion plan to bolster its Armed Forces over the next decade.HMS Forth is the first of five new OPVs designed for counter-piracy…