Christmas Supply Chain Crisis Averted, Biden Says
President Joe Biden said U.S. actions to eliminate supply-chain snarls have staved off a pre-Christmas crisis, ahead of a meeting with U.S. officials and private-sector companies, including FedEx, on Wednesday.Biden created a task force in June to address high prices and shortages of consumer goods and crucial components, thanks to pandemic-related labor and demand issues.After pushing for round-the-clock port operations…
Minerva Sets Up Bunkering Ops in Yanbu and Jeddah
Marine fuel supplier Minerva Bunkering announced it has launched a new marine fuels supply service in the Red Sea ports of Yanbu and Jeddah in the Kingdom of Saudi Arabia."The Red Sea is one of the shipping industry's most important waterways yet one that has historically offered limited bunkering options to serve the global fleet. We believe Minerva's new operation will support the increasing number…
Global Shipping in Crosshairs as Environmental Scrutiny Deepens
Ocean freight costs are likely to remain high in 2022 as investors and regulators scramble to accelerate decarbonization of the shipping industry and companies grapple with green financing, sources say.Shipping, which transports about 90% of world trade and accounts for nearly 3% of the world's CO2 emissions, is under growing pressure from environmentalists to deliver more concrete action including a carbon levy.The International Maritime Organization (IMO)…
GTT Wins LNG Tank Design Order from Samsung
French engineering firm GTT announced on Wednesday that it has received an order from South Korean shipyard Samsung Heavy Industries for the tank design of a new…
New Fully-electric Towboats Will be the First in the US
A series of four fully-electric, zero-emissions towboats announced this week are set to become the first built in North America as vessel owners and operators continue to explore new avenues to decarbonize.The new towboats, designed to support cleaner container transport in America's ports and inland waterways, will be built for New York-based Zeeboat and available for charter from 2025. Notably, they'll run entirely on battery power…
Tilting Wind Sail Installed on Theater Ship
A unique "theater vessel" used by La Fura dels Baus and the production company Elipsis Onboard has been fitted with a tiltable wind sail propulsion system, helping to reduce the vessel's environmental footprint.bound4blue said its eSAIL system was installed on La Naumon during a recent docking at Spanish shipyard Astander.The 18-meter-high rigid sail, equipped with a tilting mechanism and an autonomous control system…
Maritime Intelligence Firm Horizon Teams Up With Virgin Orbit
U.K.-based Horizon Technologies is teaming up with Richard Branson's launch and space solutions company Virgin Orbit, the companies announced on Tuesday.Horizon, which provides space-based maritime domain awareness through signals intelligence, has tapped U.S.-based Virgin Orbit to become its preferred launch partner. Horizon will use Virgin Orbit's LauncherOne’s for at least five launches.Also under the deal…
Port of Rotterdam Expects Container Traffic to Remain High in 2022
Container traffic at the Port of Rotterdam has reached a record level this year and is expected to be high again in 2022, Europe's largest sea port said on Wednesday.The port said that it had received 15 million containers this year up until Wednesday, marking the first time a European port had reached that level.Container freight, measured in the equivalent of twenty-foot long containers (TEU), has increased at least 5% in 2021 from last year…
Shipping Giants Will Plot Course for Landbound M&A
Shipping giants are heading for port, but not in the traditional sense. Companies like Denmark’s A.P. Moller-Maersk and Germany’s Hapag-Lloyd are riding a record valuation wave thanks to a year of sky-high container rates. Gobbling up land-based logistics rivals would be one use for the cash burning a hole in their pockets. It would also serve as a handy buffer against future supply-chain crunches.Pandemic upheaval has benefitted the shipping industry.
New Dredges Enter Service in Bangladesh
DSC Dredge and Deep Diggers Ltd announced the launch of a new 18-inch Shark Class dredge manufactured in Bangladesh.In 2019 U.S.-based cutter suction dredge manufacturer DSC Dredge signed a memorandum of understanding with Deep Diggers Ltd, Bangladesh with a project focus of providing an engineering design and component package. Deep Diggers imported all the dredge components from DSC including the Caterpillar diesel engine…
Dry Bulk: Capesize Rates Hit Lowest in Seven Months
The Baltic Exchange's dry bulk sea freight index declined on Wednesday, pressured by lower rates across the capesize vessel segment, recording its lowest level since June.The overall index, which factors in rates for capesize, panamax and supramax vessels, lost 65 points, or 2.8%, to 2,229, its lowest since April 14Rates for the vessels have further eroded into the current week ahead of the holidays, shipbroker Intermodal said in a weekly note dated Tuesday.The capesize index fell 208 points, or
Solstad Offshore Gets Grant to Cut Offshore Vessel Emissions
Norwegian offshore vessel owner Solstad Offshore ASA has received an 87 million crowns (~$9.79 million) grant from Innovation Norway to reduce emissions from its fleet.Including the funds from Innovation Norway, the company plans to invest investing more than 300 MNOK ($33.73 million) in battery hybrid conversion projects. Solstad Offshore is planning for a 50% global fleet emission reduction by 2030, with eleven vessels planned to be upgraded over the next three years.
Madagascar Boat Accident: Death Toll Rises to 64
At least 64 people have died in a boat accident off the coast of northeastern Madagascar and searches were underway for 24 missing passengers, the maritime agency said on Wednesday.Fifty survivors were found, the Maritime and River Port Agency said.The vessel, a cargo ship that was not authorized to transport people, was overloaded and water flooded the engine, said Mamy Randrianavony, director of…
Maersk to Buy LF Logistics for $3.6B
Container shipping giant Maersk on Wednesday agreed to buy Hong Kong-based LF Logistics for $3.6 billion in an all-cash deal, as it seeks to expand beyond its core ocean freight business.The deal is one of the group's largest takeovers to date and follows a series of acquisitions including e-commerce firms, a freight forwarder specializing in air freight and its smaller rival Hamburg Sud."The acquisition will further strengthen Maersk's capabilities as an integrated container logistics company…