Second Quarter News

Baker Hughes has secured a contract to supply gas compression and power generation technology for ST LNG’s proposed 8.4 million tonnes per annum liquefied natural gas export terminal offshore Matagorda in Texas.Under the agreement, Baker Hughes will provide two LM6000PF gas turbine-driven centrifugal compressor trains and three NovaLT16 gas turbine generator packages for the first phase of the project, which is expected to deliver 2.1 MTPA as part of a planned four-phase development.The project, located in U.S.

GTT has received an order from HD Korea Shipbuilding & Offshore Engineering (HD KSOE) for the tank design of a new liquefied natural gas carrier.The vessel will be built by the shipyard HD Hyundai Samho on behalf of the shipowner Sonangol. The vessel’s cryogenic tanks, with a total capacity of 174,000 m³, will be fitted with GTT’s Mark III Flex membrane containment system.Delivery of the vessel is scheduled for the second quarter of 2028.

The U.S.–Iran war widened on Wednesday after a U.S. strike hit an Iranian warship off Sri Lanka, deepening a crisis that has paralysed shipping through the Strait of Hormuz for a fifth day and choked off vital Middle East oil and gas flows.The U.S. submarine strike on the Iranian vessel came as U.S. President Donald Trump pledged to provide insurance and navy escorts to ships exporting oil and gas from the Middle East in a bid to contain soaring energy prices.At least 200 ships…

Low ship recycling activity could undermine tanker market strength in the coming years, BIMCO said in its February 2026 Tanker Shipping Market Overview & Outlook, even as crude tanker earnings are expected to remain firm in the near term.“We expect continued strong market conditions for crude tankers in 2026 and 2027 despite some weakening in 2027. On the other hand, we forecast that the product tanker market will weaken during both years as fleet and supply growth accelerates…

All-Cash Deal, Expanding Brazil FootprintTidewater Inc. (NYSE: TDW) has signed a definitive agreement to acquire Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (collectively, WSUT) in an all-cash transaction valued at approximately $500 million, including the assumption of existing debt.The acquisition significantly strengthens Tidewater’s position in the global offshore support vessel (OSV) market while marking a decisive expansion in…

Costamare Bulkers has reported its unaudited financial results for the fourth quarter and year ended December 31, 2025, reflecting on the company’s performance during its second full quarter as an independent, publicly traded company.Costamare Bulkers had no operating activity during the year ended December 31, 2024 and remained a wholly-owned subsidiary of Costamare Inc., a New York Stock Exchange listed company, until May 6, 2025, when it became an independent, publicly traded company through a spin-off from Costamare.Costamare Bulkers had nominal operations from January 1…

In its Q4 and full-year 2025 earnings release, the Monaco-based containership owner posted full-year 2025 adjusted net income from continuing operations of $375.6 million, or $3.12 per share. Net income from continuing operations available to common stockholders totaled $371.0 million, or $3.09 per share.For the fourth quarter, adjusted net income from continuing operations reached $71.8 million, or $0.60 per share, while net income from continuing operations available to common stockholders was $72.6 million…

GustoMSC, through its parent company NOV, has secured contracts for the design and supply of critical equipment for Hanwha Ocean’s new wind turbine installation vessel (WTIV), based on the GustoMSC NG-16000X design, with delivery scheduled for the second quarter of 2028.The vessel will be the fourth based on the NG-16000X platform, following an initial U.S.-built unit and two vessels for Cadeler currently under construction at Hanwha Ocean.Designed to support Korea’s offshore wind ambitions…

Belgian oil tanker group CMB.TECH has agreed to sell two very large crude carriers (VLCCs) in a transaction expected to generate a capital gain of about $98.2 million.The vessels sold are 2012-built, 314,000 dwt Ingrid and Ilma VLCCs.The ships are scheduled to be delivered to their new owner in the second quarter of 2026.CMB.TECH said the capital gain, calculated based on the net sales price and book values of the vessels, will be recognized in the second quarter of 2026.

MacGregor has been selected to supply a substantial 400-tonne Active Heave Compensated (AHC) subsea crane for a new 127-meter Floating Wind Farm Construction Vessel (FWCV).Purpose-built for the burgeoning floating offshore wind market, the new vessel is a significant development for the industry and requires one of the largest subsea AHC cranes ordered in recent years.The order is booked into MacGregor's first quarter 2026 order intake.The contract for MacGregor is with Chinese shipyard, Jiangsu Dajin Heavy Industry.

Vard, the Norwegian subsidiary of the Fincantieri Group, has signed a new contract with existing customer Ocean Infinity for the design and construction of four Multi-Purpose Robotic Vessels (MPVs).The contract, whose value exceeds $230 million (€200 million), also includes a comprehensive scope of supply from Vard Electro, which will deliver the full suite of SeaQ systems for remote operations.Also, Vard Interiors, responsible for the complete interior solutions, will combine…

Frontline plc has announced a strategic fleet renewal initiative, involving both the acquisition of new vessels and the sale of older vessels.The company has entered into an agreement to sell eight of its oldest first-generation ECO very large crude carriers (VLCCs), built between 2015 and 2016. These vessels are being sold for a total sales price of $831.5 million, with delivery to the new owner scheduled during the first quarter of 2026.After repayment of existing debt on the vessels…

Acta Pegasus was delivered to Acta Marine, its fourth Walk-to-Work (W2W) vessel, a DP2 Construction Service Operation Vessel (CSOV).Acta Pegasus is one of four newbuild vessels currently under construction for Acta Marine at Tersan Shipyard in Turkey. The vessel can accommodate up to 135 persons and is equipped with advanced offshore access and lifting systems, including a 3D motion-compensated SMST gangway and a 3D-compensated crane. In line with Acta Marine’s sustainability ambitions…

Finnish engineering group Wärtsilä has agreed to divest its Gas Solutions business to German private equity investor Mutares SE & Co. KGaA, continuing its efforts to streamline operations and unlock value from its portfolio.Gas Solutions, which operates globally across the gas value chain, provides systems and lifecycle services for maritime gas handling, inert gas systems, gas-to-power solutions, liquefaction and biogas applications. The unit generated annual revenue of around $350 million (€300 million) in 2024…

MPC Container Ships (MPCC) has entered into contracts with Taizhou Sanfu Ship Engineering in China for the construction of six 3,700 TEU container vessels scheduled for first delivery in second half of 2028.Each vessel will operate under a 10-year time charter, with extension options, to a top five liner company.The vessels are based on the newest design, which optimizes speed and fuel consumption for regional and feeder trades, while keeping enough flexibility to shift between…

Norwegian offshore vessel owner Solstad Maritime has sold its Normand Clipper construction support vessel (CSV) to Global Maritime Group.Global Maritime Group, the current charterer of the vessel, declared the purchase option for the Normand Clipper, with the deliver of set to take lace at the end of the firm contract period on June 1, 2026.The vessel has supported Global Marine Group’s worldwide cable-laying operations since 2020.Solstad Maritime said it recognize a gain on the sale of approximately $10 million to be reflected in the second quarter 2026 accounts.Built in 2001…

Germany has been putting import terminals for liquefied natural gas into operation as part of its efforts to replace piped Russian gas following Moscow's invasion of Ukraine in 2022.The Brunsbuettel terminal received its floating storage regasification unit, the Hoegh Gannet, back on November 24 after upgrades, and Wilhelmshaven 2 has restarted its FSRU Excelsior ready for the coming winter months, state-appointed terminal company Deutsche Energy Terminal said.DET, which is in charge of three terminal locations…

Poland said on Wednesday it had chosen Sweden's Saab to supply it with three submarines, in a multi-billion-dollar deal that forms a key element of Warsaw's efforts to bolster its defences in the Baltic Sea.Warsaw has been ramping up investments in the armed forces to counter what it sees as a growing threat from Russia after Moscow's 2022 invasion of Ukraine.The deal with Sweden under the "Orka" programme to boost Poland's military exemplifies Warsaw's efforts to build a Baltic alliance…

MacGregor has secured a contract to deliver a newly developed high-performance lightweight 165-tonne active heave compensated (AHC) crane to Hong Hua Yard in China for the vessel owner Atlantic Navigation.Equipment delivery is scheduled for completion by the second quarter of 2027, with an option included for one additional crane.The scope of supply includes the complete delivery of a modern 165-tonne AHC crane to be installed on a 90-metre construction support offshore vessel…

Italian offshore services provider Next Geosolutions (NextGeo) has secured a new contract worth around $9.8 million by Saipem for offshore survey and installation support activities under the Bouri Gas Utilization Project (BGUP) in North Africa.The contract covers survey and construction support work for the development of the Bouri gas field, located off the Libyan coast, one of the largest offshore initiatives in the region aimed at boosting gas recovery and utilization.Next Geosolutions said the project will involve deployment of its vessels NG Worker and NG Surveyor…

U.S. ocean shipping company Matson MATX.N has paid $6.4 million in port fees to China since they were implemented on October 14, CEO Matt Cox said on Tuesday.President Donald Trump and President Xi Jinping last week agreed to put those tit-for-tat levies on pause for 12 months, starting on November 10. Media outlets in China had reported that Hawaii-based Matson, one of a handful of global shipping firms with U.S.-built and -flagged vessels, was the first to pay the fees in China.Matson expects the U.S.

Vard Electro, a subsidiary of the Fincantieri-owned Vard Group, has signed an agreement with the German shipyard Lloyd Werft for the delivery of complete automation and power management systems to a Platform Supply Vessel (PSV) currently being converted into a research vessel.The scope of supply covers the removal of the vessel’s existing automation systems, replacing it with Vard Electro’s advanced SeaQ Integrated Automation System (IAS) and SeaQ Power Management System (PMS)…

Norwegian offshore supply vessel owner DOF Group has secured contract extensions for two of its subsea vessels, both operating in Guyana.The contract extensions are for Skandi Nomad and Skandi Constructor, which will remain on duty for one more year each.Following the extensions, Skandi Nomad is contracted until the fourth quarter of 2026 and Skandi Constructor until the second quarter of 2027.Skandi Nomad is a 2010-built vessel, designed for subsea operations across a wide range of water depths and environmental conditions.Skandi Constructor is a 2009-built vessel…