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Ship Recycling Fundamentals Remain Shaky
As inflation starts to slowly ramp up across the world, the US is gradually heading for a recession as the American economy shrank through Q1, reports cash buyer GMS, and the U.S. Dollar has weakened against some recycling nation currencies.The Baltic Exchange Dry Index reported increases this week as trade starts to shift around the world and global economies hash out fresh trade agreements without the United States…
The Biggest Conservation Commitment in the World
At COP 15 in December 2022, over 190 countries adopted a framework for action in support of the Convention on Biological Diversity.The framework includes 23 targets aimed at reversing habitat and species loss. Target 3, known as “30x30”, calls for the effective protection and management of 30% of the world’s terrestrial, inland water and coastal and marine areas by the year 2030.Put simply, says the Nature Conservancy…
General Dynamics Electric Boat Awarded $12 Billion Contract Modification for Virginia-Class Submarines
General Dynamics Electric Boat, a business unit of General Dynamics, has been awarded a total of $12.4 billion in contract modifications for construction of two fiscal year 2024 Virginia-class submarines. Additionally, the award funds investments to improve productivity at the shipyards and workforce support as detailed in the Department of Defense contract award announcement. This contract includes options which…
HII Awarded Contract Modification for Construction of Two Additional Submarines
HII announced that the Virginia-class shipbuilding team, which includes the company’s Newport News Shipbuilding (NNS) division, has been awarded a contract modification in support of construction of two fiscal year 2024 Block V submarines.The contract modification, to NNS and teaming partner General Dynamics Electric Boat, authorizes construction of the 11th and 12th fast-attack submarines of the Block…
HII Reports Q1 2025 Results
HII today reported results for the first quarter of fiscal 2025.First quarter 2025 revenues of $2.7 billion were down 2.5% from the first quarter of 2024, driven by lower volume at Newport News Shipbuilding, Ingalls Shipbuilding and Mission Technologies.Operating income in the first quarter of 2025 was $161 million and operating margin was 5.9%, compared to $154 million and 5.5%, respectively, in the first quarter of 2024.
Philippines: China Has Not Seized Disputed South China Sea Reef
The Philippines said on Monday there was no truth to news reports that Beijing has seized control of a disputed reef in the South China Sea, after its personnel landed on the unoccupied sandbars and found no Chinese presence there.Chinese state broadcaster CCTV on Friday said its coast guard had landed on Sandy Cay as part of maritime control operations to exercise its sovereignty. It did not say China…
Jetfoil Service Between Hong Kong and Macau Turns 50, Commemorated With a Book
To commemorate the history of Hong Kong – Macau sailings, Aero Editor launched a book “Hong Kong - Macau High-Speed Ferries” (Traditional Chinese) last year. This book introduces the history, development and current status of sea travel between Hong Kong and Macau, especially the stories of the legendary Jetfoil fleetOn April 25, 1975, Jetfoil MADEIRA of Far East Hydrofoil Co. Ltd. (now TurboJET) set sail from Hong Kong to Macau…
FarSounder: News Citizen Science Capabilities with Whale and Debris Reporting Feature
FarSounder has announced the release of a new citizen science feature in its latest SonaSoft™ software update. Building on its existing Data Sharing Program, this release introduces the ability for users to report whale sightings and floating trash/debris—further integrating marine conservation into day-to-day navigation for Argos users.Since 2019, vessels equipped with FarSounder’s Argos sonars have had the ability to participate in citizen science by contributing to global seabed mapping.
Op/Ed: Public Opinion on Nuclear Power has Deep Roots
Australia does not have nuclear power stations, and it does not have nuclear weapons.I remember having lessons and debates on it in high school, many years ago. My favorite science teacher was dead against either use of nuclear technology.One of the most interesting arguments I remember hearing was that the technology developments that make nuclear power more efficient would also help make nuclear bombs more efficient.Fiji is much the same as Australia…
Italian Billionaire Emerges as Lead Investor for Group Seeking to Buy CK Hutchison Ports
Italian billionaire Gianluigi Aponte's family-run business is emerging as the lead investor of a group seeking to buy 43 ports from conglomerate CK Hutchison, Bloomberg News reported on Monday, citing people familiar with the matter.The Aponte family's Terminal Investment Ltd (TIL), which manages a diverse portfolio of container terminals according to its website, will be the sole owner of all the ports once the deal is completed…
Permit-Free Entry to EU for Ukrainian Cargo Extended Until Year-End
A freight liberalisation agreement allowing Ukrainian cargo to enter the EU without a transport permit has been extended until the end of the year, Ukrainian officials said on Thursday.The agreement, signed in 2022, cancels the requirement for Ukrainian carriers to obtain permits for bilateral and transit transport to the EU and avoids exports of Ukrainian products having to stop at road checkpoints.The arrangement is critical in a situation where Ukrainian Black Sea ports…
EU Puts Countermeasures on Hold Following Trump's Tariffs Frieze
The European Union will pause its first countermeasures against U.S. tariffs after President Donald Trump temporarily lowered the hefty duties he had just imposed on dozens of countries, European Commission chief Ursula von der Leyen said on Thursday.The bloc was due to launch counter-tariffs on about 21 billion euros ($23.25 billion) of U.S. imports from next Tuesday in response to Trump's 25% tariffs on steel and aluminium. It is still assessing how to respond to U.S.
South Korea Holds "Shipbuilding Card' in US Tariff Negotiations, Says Minister
South Korea's trade and industry minister Ahn Duk-geun said on Wednesday that potential cooperation with Washington in the shipbuilding sector is a "very important card" in negotiating with the U.S. over its tariffs.U.S. President Donald Trump spoke to South Korean interim leader Han Duck-soo late on Tuesday to discuss shipbuilding and potential energy deals in what Trump labelled a "great call", a…
Hegseth Fine-Tunes Trump’s Panama Canal Rhetoric
The United States will "take back" the Panama Canal from Chinese influence, U.S. Defense Secretary Pete Hegseth said on Tuesday during a visit to the Central American nation.After talks with Panama's government, Hegseth vowed to deepen security cooperation with Panamanian security forces and said China would not be allowed to "weaponize" the canal by using Chinese firms' commercial relationships for espionage."Together…
CMA CGM to Use AI to Boost Productivity
Shipping giant CMA CGM and tech startup Mistral AI expect rapid productivity gains from a 100 million euro ($110 million) partnership unveiled on Sunday, which the French firms also touted as a commitment to their home country amid the global trade tensions.The five-year partnership, which will bring CMA CGM's AI-related spending to 500 million euros ($550 million), will focus on customer service in…
Search for MH370 Suspended Due to Bad Weather
The search for the wreckage of the missing Malaysia Airlines flight MH370 in the southern Indian Ocean has been suspended due to poor weather conditions and will only resume at the end of the year, Transport Minister Loke Siew Fook said on Thursday.Flight MH370, a Boeing 777, was carrying 227 passengers and 12 crew when it vanished en route from Kuala Lumpur to Beijing in 2014, in one of the world's greatest aviation mysteries.The minister…
Iran Seizes Foreign Tankers Allegedly Carrying Smuggled Diesel Fuel
Iran's Revolutionary Guards on Monday seized two foreign tankers in the Persian Gulf carrying over 3 million litres (792,516 U.S.
HII Celebrates Shipbuilding Apprentice Graduates
HII hosted commencement exercises on March 29, celebrating 77 graduates of the company’s Newport News Shipbuilding Apprentice School. Virginia State Senator Louise Lucas delivered the keynote commencement address.“The technical skills you acquired here will serve as a foundation upon which you build your career,” Lucas told the graduates. “The leadership lessons learned in The Apprentice School and…
CK Hutchison Says 'No Deal' for Panama Port Operations Sale
Hong Kong's CK Hutchison will not sign a deal next week to sell its two port operations near the Panama Canal to a BlackRock-led group, two people with direct knowledge of the matter said, amid growing pressure from Beijing.China's market regulator said it will carry out an antitrust review on the Panama port deal in accordance with law to protect fair competition and safeguard public interests, its…
Russia Launches Nuclear-Powered Submarine From Arctic Naval Base
President Vladimir Putin on Thursday launched a nuclear-powered submarine equipped with hypersonic Zircon missiles capable of travelling at several times the speed of sound.Russian news agencies, referring to a video link from the Arctic port of Murmansk, said Putin launched the vessel, named Perm after a city in the Urals, with the order: "I hereby authorise!"The Russian agencies, quoting documents associated with the launch, said the Perm is the first nuclear-powered submarine to be equipped w
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