Contracts News

DHT Holdings entered into an agreement to acquire a VLCC built in 2018 at Hyundai Heavy Industries (HHI), for $107 million. The vessel is scheduled to deliver towards the end of the third quarter of 2025. “This is a sister of vessels built by us in 2018, a design with large carrying capacity and premium earning capabilities, well suited for the trading patterns of our key customers," said DHT’s President & CEO, Svein Moxnes Harfjeld. "We believe this to be a fitting addition to our fleet…

Okeanis Eco Tankers (NYSE: ECO / OSE: OET) has secured a new $65 million term loan facility to finance the repurchase of its VLCC Nissos Kea under a previously announced sale-and-leaseback option. The new financing, led by E.SUN Commercial Bank, extends OET’s strategy of strengthening its capital structure and diversifying its financing sources.The seven-year secured loan carries an interest rate of Term SOFR plus 135 basis points and will be repaid through quarterly installments of $0.9 million, with a $39.8 million balloon payment due at maturity.

South Korean shipbuilder Samsung Heavy Industries  said on Wednesday that two orders from Russia's Zvezda worth a total of 4.85 trillion won ($3.54 billion) for icebreaker ships were cancelled due to "illegal termination by the shipowner".Samsung Heavy said in regulatory filings that in June 2024, Zvezda shipyard unilaterally informed the South Korean company of the contract termination and insisted on the return of advance payments.In July, Samsung filed an arbitration request with the Singapore arbitration court to affirm the illegality of the termination, while engaging in negotiations with

ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project.The contracts involve expanding processing units to boost throughput and improve operational efficiency across its Asab, Buhasa, Habshan onshore facilities and its offshore Das Island liquefaction facility, the company said in a statement.The contracts were awarded to British oilfield services firms Wood Group and Petrofac, and to Kent.ADNOC Gas, a subsidiary of the United Arab Emirates'

Union members at General Dynamics' Electric Boat submarine-making unit have voted to ratify a new contract, the United Auto Workers said on Wednesday.The union, representing over 2,400 marine drafters at Electric Boat, said 85% voted in favor of the ratification of the new five-year agreement which secures a 30% wage increase over the life of the contract and an improved wage progression.In total, members will see a cumulative $115,000-per-member increase in total compensation during the agreement…

Transportation and Infrastructure Committee Chairman Sam Graves (R-MO) testified this week in support of the "One Big Beautiful Bill Act," spotlighting a major investment in the U.S. Coast Guard as a cornerstone of the legislation."For more than 20 years, the Coast Guard has received less than half of the capital investment necessary to successfully carry out its critical missions," Graves said during his prepared remarks. "To support the Coast Guard, we provide more than $21 billion to recapitalize Coast Guard assets."The funding package includes acquisition of new cutters…

NAG Marine, LLC, a provider of shipboard automation and ruggedized computer systems for maritime applications, has been awarded a $28,591,735 firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) contract by the U.S. Navy for the design, production, and delivery of advanced human-machine interfaces (HMIs). These interfaces will support propulsion auxiliary control, damage control, ballast control, and various other machinery systems across multiple U.S. and allied fleets.Under this five-year contract…

Saipem has signed a renewal for its framework agreement with Saudi Aramco. The Long-Term Agreement (LTA) now extends until the end of 2027.With the renewal of the LTA, Saipem is reconfirmed in the exclusive list of contractors selected by Saudi Aramco who are eligible to bid for work orders, known as CRPOs (Contract Release Purchase Orders). These contracts may relate to both the construction of new investment projects and any projects aimed at maintaining production capacity from Saudi Arabia’s offshore fields.Should Saipem be awarded contracts for activities within the Kingdom under the LTA…

V., ship manager and marine services provider, has been awarded the full technical and crew management of six scrubber-fitted, dual-fuel (LNG) ready LR1 vessels by International Seaways, Inc. V., has been awarded the full technical and crew management of six LR1 vessels. Credit: V.The contract further strengthens V.'s partnership with INSW in which V.Ships UK manages 44 vessels in the INSW fleet, spanning VLCCs, Suezmax, Aframax, Panamax (LR1) and MR vessels.The six LR1 vessels, currently under construction at K Shipbuilding Co., Ltd.

Russia's second-largest lender VTB's deal to acquire the Zvezda shipbuilding yard from oil company Rosneft is now dead because the VTB-owned United Shipbuilding Corporation (USC) cannot finance the acquisition, VTB CEO Andrei Kostin said on Tuesday.VTB is currently running USC, Russia's largest shipbuilder, which operates about 40 shipyards, design offices and repair yards across Russia, employing 95,000 staff.VTB said in December of last year that it was in talks with Rosneft over the Zvezda acquisition…

Caledonian Maritime Assets Limited (CMAL) said it intends to award a contract for seven new loch-class electric ferries to Poland's Remontowa Shipbuilding S.A in Gdansk, Poland.The Small Vessel Replacement Program (SVRP) will see seven fully electric vessels built in the first phase, with an additional three delivered in phase two of the project, which will be procured through a separate competitive tender process later in 2025."These seven new vessels, when combined with the six major new vessels joining the fleet in 2025 and 2026…

In a move to restore full domestic ferry service by summer, Governor Bob Ferguson said that Washington State Ferries (WSF) will delay the hybrid-electric conversion of two of the state’s largest ferries. The decision comes as WSF works to increase its operational fleet, ensuring that 18 vessels are in service simultaneously for the first time since 2019. Restoring full domestic ferry service requires 21 vessels, with at least 18 running at any given time. By postponing the hybrid-electric upgrades until after the 2026 FIFA World Cup…

Belgian company DEME Group was the sole firm to bid in the Argentine government's tender for a major maintenance contract for the Parana waterway, a key route for grains transport, the government said on Wednesday.The bid could mark a major shakeup in dredging the river, part of a route from inland areas of Paraguay, Bolivia and southern Brazil out to sea. Argentina ships out some 80% of its massive farm exports along the waterway.Belgian rival Jan de Nul currently holds the concession to maintain the river and has for decades…

Seaward Services, Inc. (SSI), a subsidiary of Hornblower Group, has been awarded a new five-year contract by the U.S. Navy for the continued operation and maintenance of the USNS Guam. This contract, secured through a competitive bidding process, will take effect in March 2025.Seaward has been the primary operator of the USNS Guam since 2013, overseeing its delivery from Norfolk, Virginia, to its current homeport in Okinawa, Japan, in 2017. The 107-meter high-speed troop transport vessel plays a vital role in the Western Pacific…

SANMAR signed a contract with PORT FLOT – BURGAS, one of Bulgaria’s leading towage companies, to build a multi-purpose tug to join its fleet, providing services in the Bay of Burgas.The new tugboat will be one of the Turkish tug-builder and operator’s Boğaçay Series and to be known as BOĞAÇAY LXXXI while under construction. It will be based on the exclusive-to-SANMAR RAmparts 2400SX-MKII design from Canadian naval architect Robert Allan Ltd.PORT FLOT - BURGAS has more than 35 years of tradition in the maritime business at Burgas Port…

Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), announced that its Hunt Valve operation has been awarded purchase orders totaling $96 million to provide valves in support of the construction of 12 new Virginia-class and five Columbia-class submarines. This includes ship service ball valves and forged high-pressure system valves.The contract makes Fairbanks Morse Defense among the largest suppliers to these submarine programs. It also guarantees Hunt Valve work for the next 5+ years…

Konecranes has received its fifth portal jib order from the US Navy, part of an agreement initially announced in December 2019. This latest process crane order, worth $46.8 million, was booked in November 2024 and the jib will be delivered to the Norfolk Naval Shipyard in Virginia. The US Navy has the option for 2 additional portal jib cranes over the next 2 years, putting the potential total value of the agreement at around the previously estimated $330 million.The 175-ton heavy-lift portal crane will be built in Wisconsin and installed at Norfolk, the Navy's largest shipyard on the country’s east coast. The newest crane is similar to previous orders: customized design with unique features that allow the crane to operate on straight or curved tracks.

DFDS was selected as the preferred bidder to take on the 15-year contract to provide ferry life-line freight service and passenger services to Jersey of the Channel Islands from March 28, 2025. “We are thrilled to have been selected as preferred bidder tender for the ferry service to Jersey. This opportunity allows us to bring our commitment to safety, reliability, and exceptional customer service to both residents and visitors of Jersey. We understand that a reliable ferry service is vital for Jersey, for the economy, and for providing essential supplies and access to medical services, and we look forward to serving the local communities on Jersey for many years to come,” says Filip Hermann, VP BU Channel & Baltics.

Thecla Bodewes Shipyards  signing of a shipbuilding contract with Navigare Shipping, a family-owned shipping company from the Faroe Islands four new vessels, the start of a fleet renewal process for Navigare Shipping. This is the first newbuild series order for the shipowner.The GADUS 5600, designed by Thecla Bodewes Shipyards, is designed and built to revolutionize cargo transportation and embodies efficiency, sustainability, and versatility, sporting a diesel-electric propulsion system to deliver performance and fuel efficiency.

New MPV brings increased versatility to workboat sector.Damen Shipyards Group and Herman Sr. have signed a letter of intent (LOI) for the construction of a new Multi-Purpose Vessel (MPV) 4916. The LOI was signed during the Offshore Energy exhibition in Amsterdam on 26 November by Jeroen van Woerkum on behalf of Damen and Chris and Erwin van Dodewaard of behalf of Herman Sr.Next level versatilityThe MPV 4916 will be the first in a series of vessels combining the qualities of the…

Estonian State Fleet announced a call for tender for the design and construction of a new, battery-powered electric ferry to serve the main islands in Estonia. "I’m proud to see Estonia leading the way in adopting environmentally sustainable technologies in the maritime sector to achieve this," said Estonian Minister of Infrastructure, Vladimir Svet. "The new ferry will be similar in size and capacity to the existing vessels but will be significantly more economical and environmentally sustainable."The new ferry will primarily be powered by green electricity…

Silverback Marine has been awarded a multimillion-dollar DoD contract for its new OX series truckable tractor tug.Designed in collaboration with Elliot Bay Design Group of Seattle, Silverback Marine partnered with Darley Defense to secure the contract. Thespecific department of the DoD will remain anonymous until the first vessel is delivered, scheduled for late 2025.For illustrative purposes, Silverback Marine received permission from industry friends including Tradewinds Towing…

BlastOne International announced that it has been chosen by Irving Shipbuilding Inc. (ISI) to construct a cutting-edge three bay paint hall as part of the River-class Destroyer (RCD) Infrastructure Project.This initiative is essential for enhancing ISI’s facilities to support the production of RCD vessels in support of Canada's National Shipbuilding Strategy.Under this project, BlastOne will be responsible for designing and building the new paint and blast facility at the Halifax Shipyard.