Maritime Industry Top News
Oil Prices Fall on Looming Supply Glut
Oil prices fell by more than $1 a barrel on Friday as investors weighed a looming global supply glut, while also keeping an eye on a potential Ukraine peace deal ahead of talks this weekend between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.Brent crude futures fell $1.13 or 1.82% to $61.11 per barrel by 1:14 p.m. EDT. U.S. West Texas Intermediate (WTI) crude fell $1.13…
Maritime History: Effort Underway to Preserve Historic Passenger Vessel
On January 8, 2026, NYK will launch an expert committee dedicated to the long-term preservation of Hikawa Maru, a national Important Cultural Property moored in front of Yokohama’s Yamashita Park.Since 2024, NYK has been conducting surveys on the hull of Hikawa Maru to assess its safety and structural integrity in preparation for large-scale repairs. This long-term preservation project aims not only…
US Orders Military to Enforce ‘Quarantine’ of Venezuelan Oil
The White House has ordered U.S. military forces to focus almost exclusively on enforcing a "quarantine" of Venezuelan oil for at least the next two months, a U.S. official told Reuters, indicating Washington is currently more interested in using economic rather than military means to pressure Caracas."While military options still exist, the focus is to first use economic pressure by enforcing sanctions to reach the outcome the White House is looking (for)…
Iran Seizes Foreign Tanker Over Alleged Fuel Smuggling
Iran has seized a foreign oil tanker near the Iranian island of Qeshm in the Gulf, saying it was carrying 4 million litres of smuggled fuel, state media reported on Friday.Authorities did not name the vessel or disclose its nationality. They said 16 foreign crew members had been detained on criminal charges.
USCG Awaits Additional Forces to Before Seizing Venezuela-Linked Tanker
The U.S. Coast Guard is waiting for additional forces to arrive before potentially attempting to board and seize a Venezuela-linked oil tanker it has been pursuing since Sunday, a U.S. official and a source familiar with the matter told Reuters.The ship, which maritime groups have identified as the Bella 1, has refused to be boarded by the Coast Guard. That means that the task will likely fall to one…
Phoenix Assists US Navy with Aircraft Recovery in the South China Sea
Phoenix's International (Phoenix) recently assisted the Naval Sea System Command (NAVSEA) Supervisor of Salvage and Diving (SUPSALV) with the successful recovery of an MH-60R helicopter and an F/A-18F Super Hornet fighter aircraft. The two aircraft went down within 30 minutes of each other during routine flight operations off the USS NIMITZ (CVN-68) in the South China Sea on October 26, 2025. All crew…
Eidesvik Offshore Secures Work for Viking Princess PSV
Norwegian offshore vessel owner Eidesvik Offshore has secured a contract for its Viking Princess platform supply vessel (PSV).The contract has been signed with operators DNO Norge, Sval Energi, which is another DNO subsidiary, and Wellesley Petroleum covering a campaign with the Deepsea Yantai drilling rig.Estimated at 300-365 days, the work relates to plugging and abandonment of one well and drilling of four consecutive wells and is scheduled to start in January 2026.Built in 2013…
MOL Gets ClassNK Approval for Jointing and Burial Vessels Design
Mitsui O.S.K. Lines (MOL) has secured an approval in principle (AiP) from ClassNK for the basic design of specialized vessels to joint and bury subsea power cables.MOL is working with Sumitomo Electric Industries, Furukawa Electric and Nippon Yusen Kabushiki Kaisha (NYK Line) to develop fundamental technologies-including a new type of cable-laying vessel-as part of a project subsidized by the Japanese…
BP Sells Majority Stake in Castrol to Stonepeak for $6B
BP has agreed to sell a 65% stake in its Castrol lubricants business to infrastructure investor Stonepeak at an enterprise value of about $10 billion, as the energy major presses ahead with its divestment program and balance sheet repair.The transaction is expected to generate net proceeds of around $6 billion for BP, including accelerated dividend payments, with all proceeds earmarked for reducing net debt.Under the deal…
Venezuela Passes Law Against Piracy, Blockades Amidst US Tanker Seizures
Venezuela's ruling-party controlled National Assembly unanimously approved a law on Tuesday that allows prison sentences of up to 20 years for anyone who promotes or finances what it describes as piracy or blockades.The law, which includes "other international crimes", comes after recent U.S. actions against Venezuelan oil shipments.The U.S. Coast Guard seized a sanctioned supertanker carrying Venezuelan…
Venezuela Turns to Floating Oil Storage as Onshore Tanks Fill
Venezuela's state-run oil company PDVSA has started filling tankers with crude and fuel oil and keeping them in Venezuelan waters, as inventories have mounted due to the U.S. seizing Venezuela-linked ships at sea, according to company documents and shipping data.This month, the U.S. Coast Guard intercepted the Skipper and Centuries tankers in the Caribbean Sea, both fully loaded with Venezuelan crude.
North Sea Boulevard Reopens After TenneT Offshore Wind Cable Installation
The North Sea Boulevard and Maasvlakte Boulevard are reopened to traffic as TenneT's cables for connecting two offshore wind farms are now buried in the seabed along the road. The high-voltage cables for the future IJmuiden Ver Beta and IJmuiden Ver Gamma offshore wind farms have been installed by contractor NRG.In a few years, the green energy from the offshore wind farms will arrive onshore via cables…
CMA CGM Vessels Navigate the Suez Canal, Hinting at Easing Tensions
Two vessels from CMA CGM, the world's third-largest container shipping line, have travelled through the Suez Canal, the authority that runs the waterway said on Tuesday, in a sign the disruptions linked to the Gaza war could be easing.While the Suez Canal provides the fastest link between Asia and Europe, since November 2023, shipping companies have had to take much longer routes because Yemen's Iran-aligned Houthi militants attacked commercial vessels…
Svitzer Reshuffles Leadership in Americas and Europe
Towage services provider Svitzer has announced leadership changes across its Americas and European operations, starting from 2026, as part of a planned management transition.Arjen Van Dijk, who has served as managing director of Svitzer’s Americas business for the past six years, will move to lead the company’s European operations. During his tenure in the Americas, Svitzer expanded its footprint across…
CMA CGM, DHL Step Up Ocean Freight Decarbonization with Biofuel Deal
DHL Global Forwarding and shipping group CMA CGM have agreed to jointly use 8,990 metric tons of second-generation biofuel to reduce emissions from ocean freight.The initiative is expected to cut around 25,000 metric tons of carbon dioxide equivalent emissions on a well-to-wake basis for container shipments moved under DHL’s GoGreen Plus service, marking a further step in efforts to decarbonize maritime transport.Under the agreement…
Trump-Class Battleship Unveiled, Defense Contractors Put on Notice
U.S. President Trump on Monday announced plans for a new "Trump class" of battleships, marking the start of an expanded naval buildup and signaling increased scrutiny of defense contractors over production delays and cost overruns.Trump said the new battleships would be larger, faster and "100 times more powerful" than any previously built, forming the centerpiece of what he called an expanded "Golden Fleet" aimed at cementing U.S.
Gulf Marine Hooks Multi-Year Jack-Up Vessels Charter in Europe
Gulf Marine Services (GMS), a provider of jack-up support vessels to the offshore energy industry, has secured a contract covering two of its large-class vessels in Europe.The contract spans a total of 1624 days and will see the vessels continue to support offshore operations across the region.Following this award, GMS’s contracted backlog has increased to $540 million, according to the company.“We are delighted to have secured this contract…
Equinor Halts Activities on Empire Wind Project After US Stop-Work Order
Equinor said it is complying with a stop-work order issued by the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM), which ordered the suspension of offshore construction activities on the Empire Wind project citing national security concerns.Empire Offshore Wind LLC, the project company, received the notice on December 22 and has begun safely suspending all ongoing work on the U.S.
DOF Bags Two Deals in Asia-Pacific Region
Norwegian offshore vessel owner and subsea services provider DOF Group has secured two contracts for its vessels and services in the Asia-Pacific (APAC) region.DOF signed a three-year frame agreement for the provision of subsea inspection, maintenance and repair services with associated assets in the APAC region.A call off under the contract has also been confirmed and will utilize DSV Skandi Singapore…
Oil Prices Rise as US Continues Tanker Interceptions Offshore Venezuela
Oil prices settled higher on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers in Russia, raising the risk of oil supply disruptions.Brent crude futures gained $1.60, or 2.7%, to settle at $62.07 a barrel, while U.S. West Texas Intermediate crude futures rose $1.49, or 2.6%, to settle at $58.01 a barrel.The U.S. Coast Guard tried to intercept an oil tanker on Sunday that U.S.
