US Meets with Panama on Iran Sanction-Evading Ships
The United States has asked Panama to ban Iranian vessels sanctioned by Washington from using its flag, U.S. State Department special envoy Abram Paley said on Wednesday.Paley said the request aims to prevent ships from being used for illegal actions such as supporting groups designated as Iranian terrorist organizations with oil sales.In January 2023, Panama's maritime authority said it had withdrawn its flag from 136 ships linked to Iran's state oil company in the last four years.
German Shipowners Seek Clarity from Berlin on Carbon Trading
German shipowners' group VDR on Tuesday urged the Berlin government to provide legislation implementing European Union requirements to include the sector in the bloc's carbon trading system.The government is behind in transforming an EU agreement late in 2022 to require shipowners to buy EU carbon permits to trigger investment in greener technologies, into national legislation, VDR said at its annual press conference."For us, the cornerstone of our operations is not only planning certainty but also the assurance of uniform competitive conditions on an international scale…
MOL Teams Up with Rio Tinto for Decarbonization of Maritime Transportation
Mitsui O.S.K. Lines, Ltd. (MOL) and Rio Tinto have signed the partnership agreement to enhance collaboration on both safety and crew welfare initiative and decarbonization of maritime transportation.MOL and Rio Tinto have agreed to further collaborate on shipping decarbonization in addition to the existing commitment to the DOO program through a deal signed on January 24, 2024.The DOO program is a Rio Tinto initiative aimed at enhancing safety and improving crew welfare in the…
OpEd: Focusing on Green Fuels Takes the Focus Off Shipping's Major Problems
Shipyard order books show that more and more ships are being built that can run on methanol or liquified natural gas (LNG). Major shipping companies are investing in green fuels for their fleets, and researchers around the world are working intensely to find new solutions that can make the shipping industry greener.This is all good news that strengthens the belief that shipping is reducing its emissions of greenhouse gases, among others. While there is reason for some optimism, as shipping is becoming more sustainable, there is no doubt that we are still very far from the goal.
Posidonia 2024 Exhibitors Anticipate Paradigm Shift as AI Gains Traction
The maritime industry, often viewed as conservative and measured in its approach to technological integration, is on the cusp of a transformative era with artificial intelligence (AI) emerging as a prominent player. Insights from key exhibitors at the upcoming Posidonia Shipping Εxhibition reveal a new landscape, where industry leaders strategically align with the inexorable rise of AI and consider adopting it already.According to Theodore Vokos, Managing Director, Posidonia Exhibitions S.A.…
Explosion Reported Near US-Owned Cargo Ship Off Yemen
An explosion in the vicinity of a Barbados-flagged, U.S.-owned cargo ship off the port of Aden in southern Yemen was reported by a nearby vessel, British security firm Ambrey said on Wednesday.The ship, located approximately 57 nautical miles southwest of Aden, was hailed by an entity declaring itself to be the "Yemeni Navy" and ordered to alter course, Ambrey said.Vessels in the vicinity reported a loud bang and a large plume of smoke, the United Kingdom Maritime Trade Operations (UKMTO) agency said.Houthi militants in Yemen have launched drone and missile attacks on shipping in the Red Sea…
Singapore and Australia Formalize Corridor Collaboration
Singapore and Australia have signed a Memorandum of Understanding (MoU) to formally collaborate on establishing the Singapore-Australia green and digital shipping corridor.The MoU was signed by Chee Hong Tat, Singapore’s Minister for Transport and Second Minister for Finance, and Catherine King, Australian Minister for Infrastructure, Transport, Regional Development and Local Government.Both countries will work with interested partners to explore opportunities to develop zero or near-zero greenhouse gas (GHG) emission fuel supply chains for the maritime industry…
Singapore Highlights its Maritime Achievements for 2023
The Singapore government has recounted the achievements of Maritime Singapore to date to highlight the nation’s successes as a maritime hub in 2023:Total business spending by key maritime companies overseen by MPA exceeded S$4.8 billion, up from S$4.3 billion in 2022. Twenty-five maritime companies established or expanded their operations in Singapore last year. These included maritime services companies and companies setting up sustainability desks in Singapore as part of their…
Wärtsilä Partners Up with EBDG to Reduce Port Emissions Across North America
Finnish technology group Wärtsilä has entered into a collaboration agreement with U.S.-based naval architecture and marine engineering firm Elliott Bay Design Group (EBDG) to further develop its Clean Harbor Alternative Mobile Power (CHAMP) Barge design.Featuring Wärtsilä’s methanol engine technology, the collaboration introduces a solution to reduce emissions from large vessels in situations where conventional shore power is limited or not available.The floating mobile power…
MOL Wraps Up Fairfield Chemical Carriers Acquisition
Mitsui O.S.K. Lines (MOL) has, through its subsidiary MOL Chemical Tankers, completed the acquisition of Fairfield Chemical Carriers, creating one of the world’s largest multi-segregated chemical tanker fleets.The acquisition, valued at $400 million, is based on a share transfer agreement signed at the end of September 2023, which has been approved by the relevant authorities under competition law.The transaction is in line with MOL’s plan to proactively invest in chemical tanker business…
Hanwha Ocean Secures $258M Order for Two VLCCs
South Korean shipbuilder Hanwha Ocean has received an order to construct two very large crude carriers (VLCCs) for a shipping company in Oceania.The order for VLCCs, worth $257.8 million (342 billion won), is the first such order for Hanwha Ocean in the last three years. This is also the highest price for the vessels in 16 years, since the 2008 global financial crisis, the company said.The ships will be built at the Geoje plant and delivered to the shipowner in the first and second half of 2026…
Orca AI Platform Helped Fleet Cut CO2 Emissions
Maritime technology company Orca AI has calculated that its automated situational awareness platform achieved significant operational gains for clients in 2023, including a 172,716-tonnes reduction in CO2 emissions and fuel savings.The drop was attributed to fewer sharp manoeuvres and speed drops, as well as an overall reduction in the number of potential incidents and collisions avoided.The analysis was carried out on 15 million nautical miles-worth of data collected in open waters by 267 customer vessels – comprising tankers…
American Queen Voyages Up for Sale as Hornblower Gets New Majority Owner
A global alternative investment firm Strategic Value Partners has entered into agreement with Hornblower Group to acquire the majority ownership of the company in exchange for significant equity investment. As part of the agreement, Crestview Partners retained minority ownership in the business, and the decision was made to sell or wind down the company’s overnight cruises unit American Queen Voyages.Aside from significant minority stake in the business, Crestview will become the sole owner of Journey Beyond…
Red Sea: Far East-US Spiraling Ocean Freight Rates Set for Decline
Spiraling ocean freight rates from the Far East to the United States, caused by the Red Sea crisis, may have peaked, with some relief on the horizon emerging for the shippers, according to the latest analysis from Xeneta, and ocean and air freight rate benchmarking and market analytics platform.The latest data released by Xeneta indicates a peak may have been reached after spot rates from the Far East into the US declined slightly since the last round of General Rate Increases (GRIs) were implemented at the start of February.Into the US East Coast…
Stena Line Commences Dublin-Liverpool Freight Route
Swedish ferry operator, Stena Line has officially commenced its new Dublin – Liverpool (Birkenhead) freight service. The addition of the new route is expected to further boost the company’s freight volumes following a record year on its Irish Sea services in 2023.The return service will operate daily from Dublin in the morning, making the evening return journey from 12 Quays terminal in Birkenhead.The addition of the new service will be Stena Line’s seventh route in the Irish Sea region complementing its Belfast - Cairnryan…
GTT Scoops Order for 8 Very Large LNG Carrier Tank Designs
French engineering company GTT has received an order from a Chinese shipyard for the tank design of eight new very large liquefied natural gas (LNG) carriers.GTT will design the tanks for the eight LNG carriers, which will each offer five tanks with a total capacity of 271,000 m3.The tanks will be fitted with the NO96 Super+ membrane containment system developed by GTT.Delivery is scheduled between the second quarter of 2028 and the fourth quarter of 2029.No further details have been disclosed by the company at the time of the announcement.
Stena Bulk Inks Deal for Four Additional Newbuild Tankers
Swedish shipping company Stena Bulk has expanded its fleet with new long-term charter agreements for four newbuild eco Medium Range (MR) tankers.Two of the vessels, Stena Continent and Stena Conquest, will be delivered from Hyundai Mipo by the end of 2025.Two further eco MR tankers, Stena Contender and Stena Concept, will follow in 2026. All vessels are set to use the South Korean yard’s latest 8th generation MR tanker design, which has been recognized for its excellent efficiency performance.The tankers will feature efficient fuel consumption systems…
Four Japanese Companies Form Consortium for Eco-Friendly VLCCs Concepts
Idemitsu Tanker, IINO Kaiun Kaisha (IINO Lines), Nippon Yusen Kabushiki Kaisha (NYK), and Nihon Shipyard have established a consortium to conduct joint research and development of design concepts for Malacca Max-type very large crude oil carriers (VLCCs).The design concepts, including machinery and environment equipment, will be developed with a view of reducing greenhouse gas (GHG) emissions, the consortium that was initiated by Idemitsu Tanker said.Aiming to reduce emissions by 40% or more compared to previous levels…
Euronav Concludes Billion-Dollar Acquisition of CMB.TECH
Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.It was first announced in December 2023, and also entails Euronav’s proposal change its corporate name to CMB.TECH following completion of the transaction and the offer.
Gasum to Manage Wasaline’s Emissions Allowances
Finnish state-owned energy company Gasum has been selected by shipping company Wasaline to manage its EU Allowances (EUA) portfolio.The partnership will enable Wasaline to better predict and manage the costs of its emissions allowances, according to the company.The EU emissions trading system has included the maritime sector since the beginning of this year.Outsourcing their emissions trading and EUA portfolio allows shipping companies to both manage and predict their costs.Gasum…
FMC Mulls Investigation into Suez and Panama Canal Impacts
The US Federal Maritime Commission (FMC) held an informal public hearing examining impacts from attacks on merchant shipping in the Red Sea and Gulf of Aden on February 7.Opening the hearing, Commissioner Carl Bentzel, voiced concern about safe access through both the Suez and Panama Canals.“What is at stake is severe international economic disruption. The United States is still recovering from the aftershock of the pandemic induced supply chain disruption that that saw 30% increases…
Denmark Primed to Become European CO2 Hub
With its new CCS-strategy, the European Commission has outlined a common direction for the capture, utilization, and storage of CO2 in the EU. The strategy highlights Denmark as a pioneer in the field, and Danish Shipping predicts that Denmark could play a central role.The strategy, named the "Industrial Carbon Management Strategy," sets the framework for the ambition to build an internal market for CO2, benefiting both the climate and employment. All measures are aimed at achieving…
ICS Proposes Zero Emission Shipping Fund to IMO
The International Chamber of Shipping (ICS) has submitted a detailed proposal to the IMO for a Zero Emission Shipping Fund.In recognition of the urgency to move forward with workable solutions to meet ambitious net zero targets, shipowners globally have agreed to mandatory contributions on ships’ GHG emissions to raise billions of dollars annually, says ICS.The shipping industry’s updated proposal is co-sponsored by Bahamas and Liberia (two of the world’s largest flag State administrations, measured in gross tonnage).