Oil Prices Fall on Hopes of a US-Iran Ceasefire
Oil futures fell more than 2% on Friday, closing out their steepest weekly decline since early April as traders awaited word that the U.S., Israel and Iran had reached agreement on a ceasefire.Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66, or 1.8%. WTI U.S. oil futures Reutersfinished at $87.36 a barrel, down $1.54 or 1.7%."Obviously, the market thinks the ceasefire will be all easy-peasy and is done and dusted…
Master Boat Builders Launches Second of Eight Tugs Built for Maritime Partners
Master Boat Builders, Inc. recently announced the successful launch of Titan, the second of eight tugboats being built for Maritime Partners, LLC. The launch represents another milestone in the companies’ ongoing partnership and reflects sustained demand for high-performance tug capacity across the maritime and energy sectors.Constructed at Master Boat Builders’ shipyard in Coden, Alabama, Titan measures 88 feet in length and is classified as an A1 Escort Tug and Towing Vessel.
ABS Addresses Operational Solutions for Shipping Challenges at Annual Hellenic Committee Meeting
“Shipping has entered a period where complexity is building faster than it can be absorbed," said ABS Chairman and CEO John McDonald at the annual gathering of the ABS Hellenic National Committee. "Costs are rising and decision cycles are shortening. This combination is creating a widening gap between what is technically possible and what is operationally viable at sea. Closing that gap is now central to competitiveness.”McDonald expanded on the organization’s latest announcement…
Chevron Hesitant to Pay Toll on Ships Moving Through Hormuz
U.S. oil and gas major Chevron will not consider paying a toll to move ships through the Strait of Hormuz, CEO Mike Wirth told Bloomberg TV on Friday.Wirth also said several vessels that transit through the Strait of Hormuz have been attacked in recent days.Perhaps not every day, but there have been "multiple incidents," he said.Chevron currently has six vessels under charter - belonging to a third party - in the waterway, Wirth said.
Trump to Make Final Decision Iran Ceasefire, Including Hormuz Opening
U.S. President Donald Trump said on Friday he would soon decide on a proposed deal to extend the ceasefire with Iran, though the two countries still appeared to differ on significant issues that have been central to the conflict.Trump said on Friday morning that he would meet in a secure White House room to make a "final determination" on the proposal, which would extend an early-April truce for another 60 days…
AI-Driven Port Security: Innovations Transforming Maritime Operations
The increasing automation around port and cargo operations sees greater use of remotely tracked and operated sensors and camera systems to deliver operational efficiency, security and greater safety across the huge footprint of any modern port. However, the incessant scaling of container ship operations to Ultra Large Container Vessels (ULCV) and beyond mean that ports must always look to refine their operations…
Jumbo Maritime Orders 2 L-Class Vessels
Dutch maritime design house Vuyk Engineering was selected by heavy lift shipping and offshore transportation contractor Jumbo Maritime for its newly ordered L-Class heavy lift transport vessels (HLTV). The high-end vessels are designed to support offshore transport and lifting operations, integrating substantial cargo capacity with up to 2400 t crane handling capabilities.The new L-Class vessels are developed to transport a broad range of heavy cargoes…
SAAM Takes Full Control of Intertug’s Ops in Colombia and Mexico
SAAM has completed the acquisition of the remaining 30% stake in Intertug's operations in Colombia and Mexico, giving the company full ownership of the subsidiaries.The transaction, valued at $30.5 million, was completed after the required regulatory approvals were obtained and other closing conditions were satisfied.The acquisition follows SAAM's initial purchase of a 70% stake in Intertug in 2021…
Brazil Oil Exports Drop by Half in May on Export Tax, Domestic Demand
Brazil's oil exports are set to drop by half in May from a year earlier as an export tax and stronger domestic demand for fuel have limited shipments, according to government data and industry sources.Brazil imposed the 12% export tax in March, seeking to cushion the impact of higher global oil prices on final consumers by keeping more crude in the country.The measure is seen as limiting Brazilian shipments at a time of record production and despite demand from countries such as China and India.
Fincantier Holds Steel Cutting For Crystal Grace Cruise Ship
The first steel cutting ceremony for Crystal Grace, the new ship for the cruise line Crystal, took place at Fincantieri’s shipyard in Marghera. Delivery of the vessel is scheduled for spring 2028 and will be followed by two sister ships.Attending the ceremony were Cristina Levis, CEO Abercrombie & Kent Travel Group (AKTG) for Crystal, Luigi Matarazzo, General Manager Merchant Ships Division of Fincantieri and Marco Lunardi…
Ofiniti Acquires Teqplay to Expand Maritime Fuel Operations Platform
Ofiniti has acquired maritime intelligence company Teqplay, expanding its maritime fuel operations platform with vessel tracking, port-call analytics and operational intelligence capabilities.The acquisition broadens Ofiniti's offering beyond scheduling, operational coordination and digital documentation into real-time operational intelligence, providing customers with a combined view of vessel movements and fuel delivery operations.Ofiniti said its platform processed more than 25…
Vard Lands Record $800M Order for Deep-Sea Research Vessel
Norwegian shipbuilder Vard has signed a contract with research organization Inkfish for the design and construction of a deep-sea research vessel based on the VARD 9 42 design, in a deal valued at nearly $810 million (€700 million).The company said the contract is the largest order ever secured by Vard for a single vessel and the largest order of its kind for a Norwegian shipyard.The vessel, known as RV11000 during the project phase, will be 162 meters long with a beam of 28 meters.
Vuyk Engineering to Design Jumbo’s New L-Class Heavy-Lift Ships
Dutch maritime design firm Vuyk Engineering has been selected by heavy-lift shipping and offshore transportation contractor Jumbo Maritime to design its newly ordered L-Class heavy-lift transport vessels.The two vessels are designed to support offshore transport and lifting operations, combining cargo transportation capabilities with lifting capacities of up to 2,400 tonnes.The L-Class vessels are intended to transport a range of heavy cargoes…
DEME to Install Japan’s First 15MW Offshore Wind Turbines
DEME, through its Japanese joint venture Japan Offshore Marine (JOM), has secured a contract for the Oga–Katagami–Akita Offshore Wind Project, covering engineering work and vessel charter services for the offshore installation of 21 wind turbines.The contract forms part of an agreement between Oga Katagami Akita Offshore Green Energy and Penta-Ocean Construction.JOM will install 21 Vestas V236-15 MW turbines…
Bechtel Secures EPC Contract for Sabine Pass LNG Expansion
Cheniere Energy Partners has signed a lump-sum turnkey engineering, procurement and construction (EPC) contract with Bechtel Energy for the first phase of the Sabine Pass LNG Expansion Project in Louisiana and issued a limited notice to proceed allowing early engineering and procurement work to begin.The agreement covers Phase 1 of the expansion project, including Train 7, a boil-off gas re-liquefaction…
Mitsui Eyes New LNG Investments to Power Data Center Growth
Japanese trading house Mitsui is looking to invest in LNG projects across the Middle East, the U.S.
Oil Prices Fall Amid Signs of US-Iran Ceasefire Extension Deal
Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had reached a potential deal to extend a ceasefire.Brent crude futures for July LCOc1 fell 1.32% or $1.24 to $92.47 a barrel at 0656 GMT. U.S. oil futures CLc1 fell $1.38, or 1.55%, to $87.52 a barrel.Brent has plunged 10.5% this week - the steepest fall since the week that ended on April 6…
Million-Dollar Award Offered for Methanol First
Methanol has been in the news this week with the announcement by Jumbo of a contract with Dajin Heavy Industry for the construction of two methanol-ready heavy lift vessels and with Sanmar’s announcement that the world's first dual fuel methanol escort and rescue tug has officially been granted full class certification by ABS.Additionally, the container ship Eco Levant, operated by X-Press Feeders…
Lack of Familiarity with New Control System Led to Grounding
The New Zealand Transport Accident Investigation Commission (TAIC) has released its report into the grounding of the passenger and freight ferry, Aratere, in Titoki Bay, Picton, on June 21, 2024.The KiwiRail’s Interislander ferry grounded after an unintended turn towards the shoreline while on autopilot. Shortly after departure from Picton, the ship’s pilot engaged the autopilot and pressed the ‘execute’ button expecting the steering system to make a programmed three-degree right turn.
Zinus Secures Charging Tower Contract in Australia
Zinus has been awarded its first-ever contract in Australia by UGL Transport with the end customer being Transport for NSW for a charging tower installation at the iconic Barangaroo Wharf in Sydney.Under the contract, Zinus will deliver its fully autonomous DC Charging Tower, the ZPP800. The ZPP800 is designed to provide reliable, efficient, and future-ready charging infrastructure, supporting the…
