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Shipping Services News

13 Mar 2024

Zim Reports Fourth Quarter Loss

© Dmitry Pistrov / Adobe Stock

ZIM Integrated Shipping Services has announced consolidated results for the three and 12 months ended December 31, 2023, noting a net loss for the fourth quarter of $147 million (compared to a net profit of $417 million in the fourth quarter of 2022).The net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69 billion (compared to a net profit of $4.63 billion for the full year of 2022).Adjusted EBITDA for the fourth quarter was $190 million, a year-over-year decrease of 80%.

04 Mar 2024

Fire Caused by Blasts Breaks Out on Ship Southeast of Aden

© Maciej Olszewski / Adobe Stock

A fire caused by nearby explosions broke out onboard a vessel southeast of the Yemeni port city of Aden on Monday, before being contained, the U.K. Maritime Trade Operations (UKMTO) agency and British security firm Ambrey reported."The Master reports the fire onboard has been extinguished and that the crew are all safe. Coalition Forces are responding," UKMTO said in a recent update on the incident.It later added that the vessel was clear of the area and was proceeding to its…

27 Feb 2024

New Container Shipping Company Launched in Saudi Arabia

Poul Hestbaek (Photo: Folk Maritime)

A new container shipping line has been launched in Saudi Arabia.The newly formed company, Folk Maritime, will provide feeder vessel and short-sea shipping services in the Middle East and the surrounding region.The Riyadh-headquartered company is led by CEO Poul Hestbaek, who previously served as CEO of Maersk's Hamburg Sud.Other executives include chief commercial officer Saleem Kadernani, chief financial officer Khalid Fawzi and chief human resources officer Abdulrahman Alshangiti.

27 Feb 2024

Wallenius Wilhelmsen Orders Four More Dual-Fuel Carrier Vessels

(Credit: Wallenius Wilhelmsen)

Wallenius Wilhelmsen, the world’s largest RoRo vessel operator, has declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels. The 9,300 CEU methanol dual fuel vessels can utilize alternative fuel sources, such as methanol, upon delivery.They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.These next generation vessels will play a key role in the introduction…

23 Feb 2024

ZIM Names Trio of LNG Containerships

Image courtesy ZIM

The naming ceremonies of three new vessels joining ZIM’s fleet were held in Korea and China this week for ZIM Integrated Shipping Services, continuing ZIM’s widescale fleet renovation.The naming ceremony of Zim Mount Elbrus and Zim Mount Vinson, the final additions to the series of ten 15,000 TEUs advanced LNG vessels, took place at the SHI Geoje shipyard in Korea. These vessels, showcasing state-of-the-art LNG technology, were named in a traditional manner by their respective godmothers, Mrs. Hani Kalinsky, ZIM's EVP Pacific Business Unit, and Mrs.

13 Feb 2024

Ambrey, Inchcape Shipping Services Join Forces

Ambrey and Inchcape Shipping Services (ISS) announced a strategic partnership aimed at transforming safety and security in the maritime sector.Through this partnership, Ambrey and Inchcape will jointly offer a comprehensive range of services via Inchcape's Survey & Inspection Department, led by Vice President Chris Greenwood, including Citadel Inspections, Ship Security Assessments, Anti-Piracy Ship Security Assessments, Ship Security Plan Reviews, and Port Security Assessments on various projects worldwide.In turn…

01 Feb 2024

Russian Oil Flows Through Red Sea Face Lower Risks

© Carabay / Adobe Stock

Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported…

15 Jan 2024

Inchcape Shipping Services Names Svend Stenberg Mølholt CCO

Svend Stenberg, Chief Commercial Officer at Inchcape Shipping Services. Credit: Kasper Fuglsang

Port agency and marine services company Inchcape Shipping Services (ISS) announced the appointment of Svend Stenberg Mølholt as Chief Commercial Officer, effective January 9, 2024.Svend has been in the shipping industry for 20 years, most recently serving as the Group COO in Monjasa Holding, a global fuel and shipping company. While serving as the Group COO, Svend also held the position of Chairman of the Board at RelateIT, one of Denmark’s largest NAV/Business Central partners.

02 Jan 2024

ISS Takes Majority Stake in Leth Suez Transit

Inchcape Shipping Services has taken a major share of Leth Suez Transit Ltd AS (LETH). Under the new ownership structure, Otto Jervell, the CEO of LETH, will continue to helm the company as a part-owner.LETH, with its heritage starting in 1924 as a bunker supplier in Egypt, has grown into a globally recognized top transit agent. The company currently handles more than 200 transits per month in the Suez Canal.While the Suez Canal remains at the core of LETH, the company's expertise and solution-oriented approach have expanded to cover other vital transit locations, including the Panama Canal, the Turkish and Danish Straits, and key bunkering locations such as Singapore and Gibraltar.

28 Nov 2023

Anthony Veder Deploys NAPA’s Logbook System Fleetwide

Source: NAPA

Software company NAPA will install its electronic reporting and data integration system, NAPA Logbook, across Anthony Veder's fleet of LNG and gas carriers.This shift from manual to electronic logbooks facilitates onboard record-keeping, significantly reducing crew workloads while also streamlining voyage reporting and regulatory compliance. Voyage reports, such as noon and bunkering reports, as well as notices of readiness, departure, and arrivals, are now fully automated. This eliminates duplication and facilitates communication between all stakeholders…

27 Nov 2023

ZIM Announces Rerouting of Some Vessels

Source: ZIM

Israel-based container shipping company ZIM Integrated Shipping Services has reaffirmed its continued commitment to serve the East Mediterranean and Israeli ports.The message comes after incidents in the Red Sea where militant groups have indicated the desire to disrupt Israeli shipping movements.“Operations to and from these ports will be maintained with the highest regard for safety protocols which are essential to safeguarding the interests of all stakeholders,” said the company in a statement.“In light of the threat to safe transit of global trade in the Arabian and Red Seas…

20 Nov 2023

Ecochlor Signs CCS Letter of Intent

Sinotech's Carbon Capture and Storage System courtesy of Ecochlor

Ecochlor, Inc. has signed a Letter of Intent (LOI) with Diana Shipping Services and carbon capture and storage (CCS) specialist, Sinotech CCS for the installation of a Sinotech scrubber and CCS system onboard one of Diana Shipping’s capesize dry bulk carrier, the MV G.P. Zafirakis.This system is designed to capture 25% of the CO2 emitted within the exhaust gas and temporarily storing it onboard in liquified form (LCO2). Sinotech will provide the expertise for a full feasibility study…

15 Nov 2023

UECC's EU ETS Solution Brings Clarity to Emission Costs

Source: UECC

Cargo owners seeking to determine their Scope 3 emission liabilities from the logistics chain must contend with multiple calculation methods from different shipping lines that will affect their costs exposure to the EU ETS for shipping. To resolve this conundrum for its clients, pure car and truck carrier (PCTC) owner and operator UECC has adopted a standardised methodology based on an existing and trusted industry framework.The EU Emissions Trading System (EU ETS), set to be phased in for shipping from January 1…

07 Nov 2023

Wallenius Wilhelmsen Orders MAN Engines for Dual-Fuel Car Carriers

Source: MAN

RoRo shipping company Wallenius Wilhelmsen has ordered 4 × MAN B&W 7S60ME-C10.5-LGIM (Liquid Gas Injection Methanol) dual-fuel engines capable of running on green methanol in connection with the construction of four pure car/truck carriers (PCTCs).The 9,300 CEU (Car Equivalent Unit) vessels will be built in China at the Jinling Shipyard (Jiangsu) and are scheduled for delivery from mid-2026 on. The order contains options for a further eight such vessels.Xavier Leroi, EVP & COO Shipping Services…

06 Nov 2023

Inchcape Acquires Full Ownership of ISS-McKay

(Photo: Inchcape Shipping Services)

Inchcape Shipping Services has acquired McKay Shipping Limited's share of ISS-McKay Limited, giving it full full ownership ownership of the joint venture that was set up in 2008to conduct core port agency business in New Zealand.ISS-McKay provides full coverage to the North and South Island of New Zealand through its network of eight port offices and 41 local staff, with market shares in cruise, dry bulk, tanker, liner and ship manager markets.As part of the joint venture, Inchcape Shipping Services established itself as the majority shareholder…

15 Oct 2023

Hapag-Lloyd Expects Three Tough Years for Shipping Industry

Source: Hapag-Lloyd

The head of German shipping firm Hapag-Lloyd, Rolf Habben Jansen, expects the next three years to be difficult because demand for shipping services is growing more slowly than available shipping capacity, he told the Welt am Sonntag newspaper.Despite that, he thought the downturn in the sector would be less severe than in the period following the global financial crisis in 2008 when new capacity due to launch amounted to 55% of the existing fleet. Now, the equivalent figure is just 27%.Freight rates had fallen by around 60% year-on-year…

11 Oct 2023

Israel's Ports Feel Strain as Shipping Traffic Slows After Attacks

© Dmitry Pistrov / Adobe Stock

Activity at Israel's ports is slowing after Saturday's attacks by Islamist group Hamas on towns close to Gaza, with the cost of insurance premiums for Israeli shipments soaring amid tightening supplies of food stocks, according to sources and data.Israel's southern coastal city of Ashkelon, which has a small port well in range of Hamas rockets, is not allowing ships to enter, shipping sources said.While the main Israeli ports of Ashdod further up the coast and Haifa in the north…

16 Aug 2023

ZIM 2Q Revenues Plunge 62%

ZIM SAMMY off of New York. Photo courtesy ZIM

Pain in the containershipping sector is not uncommon in 2023, and Israel's ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is no exception, today reporting 2Q and six month results:Net loss for the second quarter was $213 million, negatively impacted by a non-cash after tax item of $51 million related to the redelivery of certain vessels.Operating loss (EBIT) for the second quarter was $168 million, compared to operating income of $1,764 million in the second quarter of 2022Revenues for the second quarter were $1…

24 Aug 2023

Inchcape Shipping Services Appoints Regional CEO for the Americas

Harun Duzgoren, Regional Chief Operating Officer for the Americas at Inchcape Shipping Services

Port agency and marine services company Inchcape Shipping Services (ISS) announced it has appointed Harun Duzgoren as the regional chief executive officer for the Americas, effective September 1, 2023.Duzgoren brings to the role 23 years of managerial experience in the global marine services industry. Prior to joining ISS, he served as the chief commercial officer of Subsea Global Solutions. Before that, he spent 16 years at V.Group, where he held various senior international positions.

25 Sep 2023

White House Appoints ARC CEO Eric Ebeling to King’s Point Board of Visitors

Eric P. Ebeling (Photo: ARC)

American Roll-On Roll-Off Carrier Group Inc. (ARC) President and CEO Eric P. Ebeling was appointed by President Joe Biden to the U.S. Merchant Marine Academy’s Board of Visitors.The Board of Visitors provides independent advice and recommendations concurrently to the President of the United States, the Secretary of Transportation, Congress, and Superintendent of the Academy on matters related to the state of morale and discipline, curriculum, instruction, physical equipment, fiscal affairs…

14 Sep 2023

Shippers Launch Tender to Accelerate Zero-Emission Shipping

© EvrenKalinbacak / Adobe Stock

The Zero Emission Maritime Buyers Alliance (ZEMBA) has launched a Request for Proposals (RfP) for 600,000 TEUs over a three-year period on ocean vessels powered by zero-emission fuels.This will help its member companies reduce nearly one million metric tonnes of carbon emissions, equivalent to taking 215,000 cars off the road. The RfP is the first major buyer-led initiative to accelerate the transition to zero-emission maritime fuels. ZEMBA was launched as a nonprofit membership organization in March 2023 by the Aspen Institute…

15 Aug 2023

Wallenius Wilhelmsen to Order Four Methanol-Ready Vessels

Credit: Wallenius Wilhelmsen

Wallenius Wilhelmsen, the world’s largest RoRo vessel operator, has signed a letter of intent for the delivery of four 9,350 CEU methanol-capable and ammonia-ready vessels and individual options for an additional eight vessels. The four vessels will be delivered from mid-2026 and onwards by Jinling Shipyard (Jiangsu). “We are securing our position as our customers' first choice in shipping and delivering on our strategy to provide a net-zero emission free end-to-end service by 2027,” says Xavier Leroi, EVP & COO Shipping Services Wallenius Wilhelmsen.

12 Sep 2023

Top Global Ports May Be Unusable by 2050 Without More Climate Action

© snvv / Adobe Stock

Some of the world's largest ports may be unusable by 2050 as rising sea levels hit operations, and efforts to speed up decarbonization of the maritime sector and bring in new technology are vital, a study showed on Friday.Weather-related disruptions are already impacting ports across the globe. These include a drought which is hampering operations in the Panama Canal, a top waterway.The Global Maritime Trends 2050 report, commissioned by leading shipping services group Lloyd's Register and the independent charity arm Lloyd's Register Foundation…