Keppel Posts 66% Jump in First-half Profit
Singaporean conglomerate Keppel Corp on Thursday reported a first-half profit that rose 66%, helped by higher earnings across most of its main businesses and a rebound at its offshore & marine (O&M) unit.Keppel, which traces its roots to a small ship repair yard corporatized in 1968, has seen its renewable energy and asset management units bounce back this year, offsetting a decline in its urban development business."In an extended inflationary environment, demand for real assets with cash flow,
Baltic Dry Index Falls to 5-month Low
The Baltic Exchange's main sea freight index hit its lowest in over five months on Thursday as rates across vessel segments extended their retreat.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, logged its worst daily fall in a fortnight, shedding 62 points, or 3.1%, to 1,945 points, its lowest since Feb. 17.The capesize index lost 143 points, or 6.1%…
AET Unveils Shuttle Tanker for Long-term Charter to Petrobras
Tanker shipping company AET on Thursday named its newest vessel, Eagle Crato, the final of three Suezmax Dynamic Positioning (DP2) shuttle tankers purpose-built for long-term charter to Petróleo Brasileiro S.A. – Petrobras, based on the agreement signed in February 2020.The Eagle Crato was unveiled at a naming ceremony held at the Samsung Heavy Industries (SHI) Shipyard in Geoje, South Korea. Eagle Crato will be delivered to AET on Friday…
US Navy Exercises Option for L3Harris Submarine Imaging Masts
L3Harris Technologies reports the U.S. Navy has exercised an option on its previously awarded contract to produce enhanced submarine imaging masts and spares.L3Harris said it will provide two configurations of its Type 20 low-profile mast to meet the Navy’s operational requirements. Production will be performed at L3Harris’ Northampton, Mass. facility, with initial deliveries scheduled to begin in…
Staff Vote to Strike at UK's Biggest Container Port
Staff at Britain's largest container port, Felixstowe, have voted in favor of strike action in a dispute over pay, the Unite union said on Thursday, warning of huge disruption across the supply chain.The dockworkers join a growing wave of employees, in a range of sectors from rail to telecoms, resorting to industrial action as pay rises fail to keep pace with inflation which is expected to hit double digits in Britain by the end of the year."Strike action would bring Felixstowe to a standstill a
MAN PrimeServ Inks Deal for Dredger Samuel de Champlain
MAN PrimeServ, the after-sales service brand of MAN Energy Solutions, signed a long-term service agreement (LTSA) with GIE Dragages-Ports, which includes inspection kits and preventative maintenance services as well as remote assistance (PrimeServ Assist) and engine-fluid analysis (PrimeServ LAB).The Samuel de Champlain dredger (117 m, 8,500 cu. m.) belongs to GIE Dragages-Ports, headquartered in Rouen…
De Nora, N-KOM Ink BWMS Service Agreement Deal
De Nora Marine Technologies signed a formal service subcontracting agreement with Nakilat-Keppel Offshore & Marine (N-KOM), one of the largest shipyard and offshore repair facilities in the Middle East, located at Ras Laffan Industrial City, Qatar. The agreement will expand service convenience for De Nora Ballast Water Management Systems (BWMS) installed on vessels trading in the Gulf region.The subcontracting…
Container Shipping Rates: Has the Peak Been Reached?
Despite another slew of rises in long-term contracted ocean freight rates across key global trade corridors, month-on-month growth is slowing - and spot rates continue to weaken – suggesting prices may have peaked. However, according to the latest Xeneta Shipping Index (XSI), which crowd-sources real-time data from the world’s leading shippers, today’s valid long-term agreements stand 112% higher than this time last year…
US Navy: Building Small Combatants to Create Force Structure and Capability
The U.S. Navy needs more ships. And that means the Navy has to build more ships than it is decommissioning.The sea service has a stated a goal of 355 ships, and as many as 500 and more when unmanned platforms are counted. There are 298 ships in the fleet today. For surface ships, this number includes a high-low mix of highly capable large surface combatants, and smaller ships such as littoral combat ships LCS).The Navy’s smallest combatants are the 330-ton, 197-foot coastal patrol boats (PCs).
ADNOC Fleet Rises to over 300 with ZMI Buy
The shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC) is acquiring Zakher Marine International (ZMI), adding 24 jack-up barges and 38 offshore support vessels to its fleet. ZMI is an Abu Dhabi-based owner and operator of offshore support vessels, with what ADNOC says is the world’s largest fleet of self-propelled jack-up barges. On completion of the transaction, which is subject to customary regulatory approvals…
BP Reserves Yinson FPSO for Angola
BP has reserved Yinson's Nganhurra floating, production storage and offloading (FPSO) vessel for use on its proposed 10-well subsea Palas, Astrea and Juno oil fields (PAJ Project), on Block 31, offshore Angola.Under an agreement signed between BP and Yinson, Yinson will exclusively allocate FPSO Nganhurra to BP for the PAJ Project until 31 December 2022, with an extension option until 30 June 2023…
Navios Maritime Holdings Sells Its 36 Dry Bulk Vessels to Navios Maritime Partners
Navios Maritime Holdings Inc. on Wednesday announced it has reached a deal to sell its 36-vessel dry bulk fleet to Navios Maritime Partners L.P. approximately $835 million.Navios Holdings, which holds a 10.3% interest in the US publicly listed shipping company Navios Partners, with the sale officially exited direct fleet ownership. Going forward, the company said kit plans to focus on growing Navios South American Logistics Inc.
New York Announces Third Offshore Wind Solicitation
New York is seeking renewable energy to power at least 1.5 million New York homes in its third offshore wind solicitation, Governor Kathy Hochul said on Wednesday, as the state ramps up development of the industry.Administered by the New York State Energy Research and Development Authority, the first phase includes $500 million investment in offshore wind ports, manufacturing, and supply chain infrastructure.Release of the third offshore wind solicitation is the next step towards achieving New Y
Seafarer Shortage Stands in Way of Ukraine Grain Corridor
Finding enough seafarers willing to sail ships stuck inside Ukraine's ports is set to pose a major challenge to the proposed grains corridor designed to ease an international food crisis.Russia and Ukraine last week signed a deal to restart grain and fertilizer exports that have been blocked in the Black Sea and on Wednesday Turkey unveiled a center to coordinate the resumption of shipments.But some…
US' First Modern Laker Begins Maiden Voyage
The newly built Mark W. Barker, the United States' first new Great Lakes bulk carrier in nearly 40 years, has embarked on its maiden voyage from Fincantieri Bay Shipbuilding in Sturgeon Bay, Wis.“This is a monumental day for our company and the U.S. flag fleet as our much-anticipated freighter departs on her first voyage in what will be a long life of service on the Great Lakes,” said Mark W. Barker…
Injured Crewmember Medevaced in the North Pacific
An injured crewmember was airlifted Tuesday from a Hong Kong- flagged bulk carrier in the north Pacific Ocean, approximately 230 nautical miles southwest of Dutch Harbor…
Financing and Bankability of Offshore Wind Vessels
In our first article we highlighted some of the key contractual considerations facing shipowners looking to construct and charter offshore wind vessels. In this article we explore some of the considerations concerning the financing and bankability of offshore wind vessels. We have seen a diverse group of financiers interested in financing vessels in the offshore wind sector and, while the nature of the financing available will depend to a large extent on the employment of the vessel…
Great Lakes Announces New Leadership Appointments
Houston-based dredging contractor Great Lakes Dredge & Dock Corporation said it has appointed David Johanson to the position of SVP, Project Acquisition & Operations, and of Christopher G. Gunsten, P.E. to the position of SVP, Project Services & Fleet Engineering.Johanson and Gunsten will assume their new roles effective August 1, 2022. Their positions will fill the roles currently held by the Company’s Chief Operating Officer, David E. Simonelli, who is retiring on September 16, 2022.
Carnival's AIDA Cruises Makes Biofuels Foray
German cruise operator AIDA Cruises, a wholly owned subsidiary of Carnival Corporation, has for the first time started to use biofuels in regular ship operations as part of its CO2 emissions reduction efforts.On July 21, 2022, during its layover in Rotterdam, AIDAprima became the first larger scale cruise ship to be bunkered with a blend of marine biofuel from Dutch supplier GoodFuels made from 100% sustainable raw materials such as waste cooking oil, and marine gas oil (MGO).
Sea Shepherd Expands Its Fleet
Sea Shepherd Conservation Society announced it has acquired the MV Sharkwater, a storied vessel with a long history of conservation. SSCS took possession of the ship 12 miles off-shore of San Diego, on July 8, 2022.Built in 1997, the 48 x 7.4 meter ship will be the largest in the SSCS fleet, weighing in at 287 gross tons. Throughout August and September it will be refitted for Sea Shepherd’s missions…