Baltic Index Down as Capesize Rates Dip
The Baltic Exchange's main sea freight index fell for a fourth straight session on Thursday as demand for capesize vessels remained muted amid a week-long break in China. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down six points, or 0.55 percent, at 1,089 points. The capesize index shed 58 points, or 3.37 percent, to 1,663 points.
Op/Ed: AIWA - A National Asset Worth Funding
What does the future hold for infrastructure investment on the Atlantic Intracoastal Waterway in 2018? The Atlantic Intracoastal Waterway Association (AIWA) is a nonprofit, membership organization for one of the nation’s longest water infrastructure projects stretching over 1,100 miles: the Atlantic Intracoastal Waterway (AIWW). We are grateful to serve as the one unified Voice of the Waterway and below is our outlook for 2018.
Four Rescued from Sinking Vessel Off Martha's Vineyard
A U.S. Coast Guard aircrew rescued four people from a sinking fishing boat Wednesday, about 18 miles south of Martha's Vineyard, Mass. The captain of the vessel Sea Star radioed watchstanders at Coast Guard Sector Southeastern New England at about 6:20 p.m., reporting their vessel was taking on water, listing heavily, and they were donning their immersion suits. Diverting from a training flight, aircrews from an MH-60 Jayhawk helicopter and HC-144 Ocean Sentry arrived on scene.
Coast Guard Offloads 14,000 Pounds of Cocaine in Port Everglades
The crew of the Coast Guard Cutter Hamilton is scheduled to offload approximately 7 tons of cocaine Tuesday in Port Everglades worth an estimated $190 million wholesale seized in international waters in the Eastern Pacific Ocean. The drugs were interdicted off the coasts of Mexico, Central and South America by multiple U.S. Coast Guard cutters. The cutter Hamilton was responsible for two cases, seizing an estimated 1,931 kilograms of cocaine.
LR Appoints Butcher as Managing Director
Lloyd’s Register (LR) has announced the appointment of Paul Butcher as Managing Director, LR Management Systems & Inspection Services. Based in Birmingham, U.K.…
Royal IHC Completes Two-year Dredger Overhaul
The self-propelled cutter suction dredger (CSD) Huta 14 has resumed operations for Saudi Arabian owner Huta Marine following two-years of renovation work performed by Royal IHC. The overhaul, which involved replacing Huta 14’s three large diesel engines, as well as integrating an electrical installation for the underwater pump engine and drive, was completed by IHC Middle East based in Dubai with support from IHC’s Asset Upgrade Services department in The Netherlands.
ClassNK: New PrimeShip-HULL (HCSR) Software
ClassNK released the latest version of its design support software PrimeShip-HULL (HCSR) Ver.5.0.0, developed in response to the IACS Common Structural Rules for Bulk Carriers and Oil Tankers (CSR BC & OT). The new version incorporates the latest rule amendments to CSR BC & OT (Rule Change Notice 1 to CSR 01 JAN 2017 version) including amendments based on feedback from the industry. In addition to the incorporation of the latest rule amendments…
Hedge Funds Hook Shipping Stocks Grappling for Recovery
Emerging recovery for segments of global shipping industry; Nordic American Tanker and Dryships Inc among popular stocks. Shipping stocks may still be in the doldrums in the view of many investors…
Huntington Ingalls Industries Q4 Revenue up 3.9%
U.S. military shipbuilder Huntington Ingalls Industries reported fourth quarter 2017 revenues of $2 billion, up 3.9 percent from the fourth quarter of 2016. Operating income in the quarter was $227 million and operating margin was 11.4 percent, compared to $268 million and 13.9 percent, respectively, in the fourth quarter of 2016. Diluted earnings per share in the quarter was $1.41, compared to $4.20 in the same period of 2016.
P&I Clubs Strong But Pricing Under Pressure
Balance sheets of clubs operating in the marine protection and indemnity (P&I) sector are generally strong, bolstered by several years of positive earnings but underwriting…
Global Seaborne LPG Volumes Grow: Epic Gas
Global seaborne LPG volumes saw continued growth in 2017 reaching 91.9 million tonnes, 4.3% higher than the 88.1 million tonnes shipped in 2016, says Epic Gas. Epic…
Scorpio Tankers Reports 4Q Loss
Monaco-based tanker owner Scorpio Tankers has reported a widened net loss for the fourth quarter of 2017, reaching USD 41.5 million, when compared to the same quarter…
Depressed Outlook in Chemical Shipping Market: Drewry
Chemical shipping freight rates will weaken through 2018 due to the depressed outlook on overtonnaged long haul routes, according to the latest edition of the Chemical Forecaster…
TEN Gets Charter Extension for Seven Panamaxes
Greece-based Tsakos Energy Navigation (TEN) has announced the charter extension for seven panamax tankers, for an average of 24 months, to a state oil concern. The…
Safe Bulkers 4Q Net Revenues Up by 34%
Safe Bulkers reported fourth-quarter of 2017 revenues of $2.9 million $42.4 million increased by 34% from $31.7 million during the same period in 2016. Net loss…
UN Environment Visits IMO
​When it comes to ocean protection and delivering on the Sustainable Development Goals, International Maritime Organization (IMO) and UN Environment share a great deal of common ground.
Port of Los Angeles Moves 808,728 TEUs in January
Last month was the second busiest in the Port's history. The Port of Los Angeles handled 808,728 Twenty-Foot Equivalent Units (TEUs) in January 2018, the second…
Blount Boats Signs Ferry Contract
Anyone plying the Great South Bay between the shores of Long Island and Fire Island know that the fleet of Fire Island Ferries is a ubiquitous site, shuttling people, pets and supplies from the mainland to the barrier island oasis just five miles away. The scene is a familiar one, too, for Rhode Island boat builder Blount Boats, which has built quite a few of these ferries, and announced today the contact with Fire Island Ferries to build a new 85-ft.
New Condition & Performance Monitoring Application for Maritime
Arundo Analytics, a software company enabling advanced analytics in heavy industry, announced yesterday the Arundo Condition & Performance Monitoring application (CPM) for industrial equipment. Arundo CPM is a configurable machine learning application built and delivered via the Arundo Enterprise platform. Arundo’s CPM software greatly enhances the ability of marine vessel owners, operators, and equipment vendors to increase revenue…
Luxury Cruise Ships & The French Connection
Edie Rodriguez, the Americas Brand Chairman for PONANT Yacht Cruises and Expeditions, has spent a life and built a career centered on travel, cruise and branding in a most luxurious manner. She was a natural to discuss the booming luxury expedition sector, the next big frontier in the global cruise industry. It is natural, in the U.S., to pronounce PONANT as “po nant,” but the French have a different style and the company name is pronounced “po non…
