Week News

This week at Singapore Maritime Week, the U.S. Department of Energy (DOE) is advancing ambitious decarbonization targets for the maritime transportation sector, both domestically and internationally.DOE is teaming with over 15 government and industry partners in Singapore to foster partnerships and collaborate on clean energy solutions aimed at achieving net zero-emissions in the maritime sector by 2050. Domestically, DOE’s Office of Energy Efficiency and Renewable Energy (EERE) is joining with ABS to create opportunities for data and information sharing to strengthen U.S. shipping. The U.S.

Singapore has the potential to supply over 1 million metric tons of low-carbon methanol annually by 2030 to meet rising demand for alternative bunker fuel, a Singapore minister said on Tuesday.Singapore's Maritime and Port Authority (MPA) late last year started seeking proposals from companies to supply methanol as a marine bunker fuel at Singapore from 2025."On aggregate, the submissions have the potential to supply over one million tonnes per annum of low-carbon methanol by 2030," said Amy Khor, a senior minister of state, at the Singapore Maritime Week conference on Tuesday.The submissions

EST-Floattech will be providing the battery system for the purpose-built electric-landing utility vessel (E-LUV) to be built at Coastal Workboats’ new yard Stornoway. The company will also provide the shore-based power supply system.The collaboration with Coastal Workboats Scotland is realized due to Coastal Workboats receiving a £6 million (€7 million) grant to demonstrate the UK's first commercial electric workboat and charging station from the Clean Maritime Demonstration Competition.The BV-classed E-LUV is set to be the UK's first commercial electric workboat.

The FBI said on Monday it opened a criminal probe into the collapse of a Baltimore bridge in March when a ship crashed into a bridge support, while local officials confirmed the recovery of a fourth body from the incident.FBI agents boarded the cargo ship Dali to conduct court-authorized law enforcement activity regarding the crash, an FBI spokesperson said. The spokesperson said there was no other public information available and the bureau will have no further comment.The body…

Indian sub-continent ship recycling markets enjoyed a greater than expected degree of a post-Ramadan resurgence, reports cash buyer GMS.“Vessel prices across the various destinations seemed to have concurrently enjoyed varying degrees of an uptick this week on the back of which some eye-opening sales were seemingly concluded into the various sub-continent locations.”However, this firming is certainly surprising, given that recycling destination currencies suffered through their own versions of volatility against the U.S.

Esgian reports on new contracts for Borr Drilling and Shelf Drilling (North Sea) jackups in its Week 15 Rig Analytics Market Roundup. Additionally, Energean has selected a drillship for its upcoming drilling campaign offshore Morocco. South America remains vital to the floating rig market, with ExxonMobil moving ahead on a sixth development on the prolific Stabroek block offshore Guyana and Petrobras reporting a new discovery in Brazil's Potiguar Basin.Report Outline:ContractsBorr Drilling has announced new contract commitments for three of its premium jackup rigs…

Greenpeace activists painted slogans on an Estonian-owned tanker in the middle of the Baltic Sea on Friday, and said the ship supplied bunker fuel to vessels transporting Russian oil that posed a danger to the environment and would fuel conflict."Oil fuels war," the campaigners, who arrived in small boats, scrawled in large white letters on the side of the Zircone tanker, pictures provided by Greenpeace showed.The vessel, sitting in international waters off the Swedish island of Gotland, has supplied fuel to more than 50 oil tankers travelling to or from Russian ports in the last two months, S

This week, Seaspan Energy launched the second of its three 7600m3 liquefied natural gas (LNG) bunkering vessels, the Seaspan Lions, named after the twin peaks of the North Shore, or known as Ch'ich'iyúy Elxwíkn (“Twin Sisters” or “Two Sisters”) to the Squamish Nation.This series of vessels is named after iconic West Coast mountains and the first two vessels, the Seaspan Garibaldi ("Nch'kay") and the Seaspan Lions (Ch'ich'iyúy Elxwíkn), will be delivered in 2024 with the third…

U.S. National Transportation Safety Board chair Jennifer Homendy said at a Senate hearing Wednesday that investigators had conducted interviews with key cargo ship personnel in the investigation of the March 26 Baltimore bridge collapse.The Dali cargo ship crashed into the Francis Scott Key Bridge on March 26, sending it crashing into the harbor and killing six people. Work to clear the wreckage and restore traffic through the Mid-Atlantic state's shipping channel is ongoing.Homendy said investigators remained on site and had interviewed the pilots…

Spot marine biofuel premiums have weakened further at the world's largest bunker hub Singapore, weighed by slow demand, market sources said this week.Premiums for the flagship B24 marine biofuel blend recently traded between $120 to $130 a metric ton over 0.5% low sulphur fuel oil quotes, on a delivered Singapore basis, according to sources from bunker suppliers, trading firms and shipowners.The premiums extended declines from early first quarter when the product traded down to about $140 a ton…

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

At SAAM’s annual general meeting last week, Chairman Óscar Hasbún outlined the objectives for the company's new phase, following the sale of the port terminals and inland logistics division."SAAM has robust solvency and liquidity indicators and a solid capital structure for this new cycle where our objective is clear: to become a leading global operator in the towage business and a regional leader in airport logistics. We are already a benchmark in both businesses and have developed a unique operating model…

Ship recycling has again been quiet across the ship recycling globe, reports cash buyer GMS.“Moreover, as an increasing number of vessels past beached have been nearly recycled, and barely any meaningful arrivals have been reported at the respective waterfronts (zero in India this week), frustrated industry players are just … going with the depressive flow,” states GMS.“With that being said and reportedly this week, amidst a sea of floating oldies several high-priced sales were surprisingly confirmed to the various markets (essentially Bangladesh and Pakistan)…

Esgian reports various drilling contractors disclosing details of discussions with Saudi Aramco regarding jackup contract suspensions in its Week 14 Rig Analytics Market Roundup. These contractors include Shelf Drilling, ADES, Borr Drilling, Arabian Drilling, COSL, and ARO Drilling.Meanwhile, Transocean, Noble, and COSL rigs have firmed up new work in the US Gulf of Mexico, Suriname, and the North Sea, respectively.Report overview:ContractsShelf Drilling has received a notice of suspension of operations on four jackup rigs from a customer in the Middle East.

A British Royal Navy ship will supply aid to Gaza as part of an international effort to help set up a new humanitarian maritime corridor in early May, the foreign office and ministry of defence said on Saturday.The multinational effort, involving the United States, Cyprus and other partners, will develop a new temporary pier off the coast of Gaza, British foreign minister David Cameron said."The situation in Gaza is dire and the prospect of famine is real. We remain committed to getting aid to those who so desperately need it…

The Baltic Exchange's dry bulk sea freight index fell on Friday to log its third straight weekly decline, weighed down by a dip in rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 41 points or 2.5% to 1,628 points, its lowest level in seven weeks.The index was down over 10% for the week.The capesize index was down by 80 points, or 3.4%, at 2,274. It logged a weekly rise of over 13%.Average daily earnings for capesize vessels…

The U.S. Transportation Department on Friday said it reached an agreement with Baltimore County to revise an $8.26 million grant agreement to enable Tradepoint Atlantic (TPA) to accommodate more cargo.Repurposing the funds will allow a boost in cargo to Sparrows Point at the Port of Baltimore, which is outside the area affected by last week’s collapse of Baltimore’s Francis Scott Key Bridge and continues to move cargo.The changes will enable Baltimore County and TPA to speed paving at least 10 acres that will be used for an additional cargo laydown area by the end of April…

Con Edison Transmission and National Grid Ventures submitted a plan to carry offshore wind power to New Jersey's electric grid as the state aims to meet renewable energy goals, according to a press release on Thursday.If awarded, the 'Garden State Energy Path' proposal involves building transmission infrastructure that would be operational by early 2029 and deliver about six gigawatts (GW) of offshore wind power, Con Edison said."This project is foundational to helping New Jersey reach its goal of 11 GW of offshore wind by 2040," it said.Earlier this week, California’s grid operator recommende

The U.S. Army Corps of Engineers said Thursday it expects to open a new channel to the Port of Baltimore by the end of April, freeing up commercial shipping blocked by a collapsed bridge, and then restore port access to full capacity by the end of May.The main channel has been blocked by wreckage since the fully loaded container ship Dali lost power and rammed into a support column of the Francis Scott Key Bridge on March 26, killing six road workers and causing the highway bridge to tumble into the Patapsco River.The Army Corps…

A resolution to end a dispute between Peru and China's Cosco Shipping could come as soon as this week to ensure a megaport will start operations as planned by the end of the year, Peru's Prime Minister Gustavo Adrianzen said on Thursday.The Peruvian port authority said in Marchit hoped to annul its decision granting exclusivity of the port's operations to Cosco, citing an "administrative error."Cosco, which is investing $1.3 billion in the first stage of the terminal, has said the push affects the "security and legal stability of investments."On Thursday…

Louisiana-based boat builder Metal Shark has unveiled Prowler, its new autonomous, amphibious, and semi-submersible military craft engineered to meet the current and near future warfighting requirements of the U.S. military and its allies. The company is also debuting Frenzy, a high-performance, low-cost, amphibious micro-USV (uncrewed surface vehicle) with a payload carrying capacity of up to 14 pounds.“Prowler represents the sum total of everything we’ve learned while building 400-plus autonomous and remote operated vessels for our military customers over the past decade…

Energy storage group VTTI will get a 70% stake in Italy's biggest liquefied natural gas (LNG) terminal, with grid operator Snam owning the rest, the Milan-listed group said on Wednesday, announcing a deal to be finalised by year-end.Snam, which is controlled by the Italian government, said in a statement it had exercised its pre-emption right to increase its stake in the infrastructure dubbed Adriatic LNG to 30% from 7.3%.The move comes after ExxonMobil and QatarEnergy last week agreed to sell their stakes in the terminal to a consortium led by Dutch group VTTI.

Ship engine manufacturer Wärtsilä expects to deliver its first ammonia-fueled engine on a new vessel in early 2025, with more widespread sales expected in the 2030s, a company executive told Reuters.Ammonia is among several alternative fuels that shippers are exploring to reduce carbon emissions.The company launched its first ammonia four-stroke engine for orders in the fourth quarter last year, with the first such engine to be delivered early next year on a vessel, Roger Holm…