GE Transportation to Supply Freight Locomotives to Ukraine in USD 1bln Deal
GE Transportation signed a $1 billion framework agreement in Ukraine, marking a major milestone in the country’s efforts to modernize its transportation infrastructure…
Nordic American Tankers Signs TC with Major Oil Firms
In the autumn of 2017, Nordic American Tankers (NAT) advised you of our time charter activities/contracts with oil companies such as Shell, BP, ExxonMobil and other…
France Ratifies Fishing Vessel Safety Treaty
Efforts to increase global fishing vessel safety have received a boost with France becoming the ninth State to ratify International Maritime Organization (IMO)'s Cape Town Agreement.
All Aboard for Hedge Funds as Trade Tide Lifts Shipping
Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows. Around 90 percent of traded goods by volume are transported by sea and global shipping sectors, including dry bulk, are on course for a recovery this year after a near-decade long crisis, ratings agency S&P said in a report last week. The IMF has forecast GDP growth at 3.9 percent for 2018 and 2019 versus 3.7 percent last year…
IMO Rules a Cliffhanger for Oil Storage -Vitol's Chris Bake
Vitol executive committee member Chris Bake says a big question facing oil storage sector is how world handles new International Maritime Organisation rules for cleaner shipping. New IMO rules to slash the use of high sulphur fuel oil in global shipping will come into effect in 2020. "It's going to be more and more difficult to burn that fuel oil with more economies going to natural gas for power," he said. "(Lower sulphur) marine gasoil has to build ahead of 2020.
Chinese Trawlers Travel Farthest and Fish the Most
China has the world’s largest and farthest-ranging fishing operation, outstripping the next 10 biggest combined, according to what researchers say is the most comprehensive and data-intensive study on the subject. Ships from China amassed approximately 17 million hours of fishing in 2016, mostly off the southern coast of their home country, but also as far away as Africa and South America. The next-biggest operation is Taiwan‘s, with 2.2 million hours of fishing.
Tech File: An Inside Look at Ballast Tank Linings
The proper lining of ballast tanks is essential and critical to ship safety. Not too many decades ago, ships traveling the North Atlantic routes were experiencing terrible losses from outright sinking in the turbulent seas. It was eventually discovered that the primary culprit was hull failure from ballast tanks rupturing from the inside out due to simple, plain old-fashioned rusting and galvanic corrosion. The U.S.
US Pushes More Sanctions Targeting N.Korea Maritime Smuggling
"We are ramping up the pressure on the North Korean regime, and we're going to use every tool at our disposal, including working with our allies and through the U.N., to increase the pressure until North Korea reverses course," U.S. Ambassador to the United Nations Nikki Haley said in a statement. The move coincides with the United States imposing its largest package of unilateral sanctions against North Korea on Friday…
Pirates Attack Chemical Tanker off Somalia
Suspected Somali pirates attacked a Singaporean-flagged chemical tanker on Friday but were repelled by guards on board, the European Union's Naval force said, the first such incident in several months. EU Navfor said in a statement the 50,000 metric tonne MT Leopard Sun was sailing from Sohar in Oman to Cape Town, South Africa, when it was attacked by two skiffs 160 nautical miles (295 km) off the coast of Somalia.
USNS Hershel 'Woody' Williams Delivered
The fourth expeditionary sea base vessel, USNS Hershel “Woody” Williams, was delivered to the U.S. Navy’s Military Sealift Command (MSC) on February 22. Shipbuilder General Dynamics NASSCO began constructing the 784-foot-long ship in October 2015, applying lessons learned from ESB 3, USS Lewis B. Puller, throughout the ESB 4 build. The vessel, named after World War II Medal of Honor recipient Hershel “Woody” Williams…
Tug Sinks after Collision off Maine
A tugboat sank after it collided with another vessel about three miles off the coast of Maine. One of the two crewmen aboard the 40-foot tugboat Helen Louise told U.S. Coast Guard watchstanders that their vessel collided with the 80-foot tugboat Capt Mackintire while they had it in tow about three miles south of Kennebunk, Maine, early Thursday. The Capt Mackintire had no crew aboard. A Coast Guard boat crew arrived on scene…
U.S. Sues to Stop Wilhelmsen From Buying Rival Drew Marine
The U.S. Federal Trade Commission said on Friday it would challenge in court the Norwegian company Wilhelmsen Maritime Services' plan to buy smaller U.S. rival Drew Marine Group.
US Targets 28 Vessels in New North Korea Sanctions
The United States targeted North Korea in a new wave of sanctions on Friday directed at one person, 27 companies and 28 vessels, according to a statement on the U.S. Treasury Department's website. The Treasury's Office of Foreign Assets Control announced the new measures, which are designed to disrupt North Korean shipping and trading companies and vessels and to further isolate Pyongyang. (Reporting by Doina Chiacu Editing by Chizu Nomiyama)
Enhancing Historic Lake Michigan Docking Facilities
A federal FASTLANE grant has been approved for S.S. Badger Ports & Harbor project impacting Manitowoc, Wis. and Ludington, Mich. A primer on how things get done. This is a story about two communities on the shores of Lake Michigan and the unique car ferry that connects them. The SS Badger provides a nautical “highway” across one of our nation’s major waterways, carrying passengers, oversized loads and trucks of nearly every kind.
Virtual Aid to Navigation: Here Now, Here to Stay
Vesper Marine designed its Virtual AIS Beacon in 2010 and installed the first solution in 2011. Developed to address the need to make hazards at sea visible when costly physical infrastructure is not appropriate or is impossible to deploy, the Virtual Aid to Navigation technology that Vesper Marine has created is based on the international standardized AIS, which all large ships must use and many yachts…
Baltic Index Records Best Week in 3 Months
The Baltic Exchange's main sea freight index hit its highest in more than three weeks and recorded its biggest weekly gain in about three months as demand improved for dry bulk commodities. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 18 points, or 1.54 percent, to its highest since Jan. 30 at 1,185 points. Baltic index, which tracks rates for ships carrying dry bulk commodities…
Cyprus Accuses Turkey of Blocking Drillship Again
Cyprus accused Turkey on Friday of threatening to use force against a drillship chartered by Italy's Eni, in a standoff over hydrocarbons rights in the eastern Mediterranean.
AP Moller-Maersk Planning Roadshow ahead of Euro Benchmark
A.P. Møller - Mærsk A/S rated Baa2/BBB (on review for possible downgrade/CreditWatch negative) by Moody's/S&P, the integrated transport and logistics company, has mandated Barclays…
Schlumberger, Subsea 7 Mull Oil Services JV
Schlumberger, the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover, in a sector that has already seen consolidation with the 2016 merger of Technip and FMC Technologies.
Flooding Cripples Grain Barge Shipments in U.S. Midwest
Grain barge shipping came to a near standstill in parts of the U.S. Midwest on Thursday as recent heavy rain and melting snow swelled rivers, halted barge loading…
