Baltic Index Slips to 9-Month Low
The Baltic Exchange's main sea freight index fell to its lowest level since early April last year on Tuesday, weighed down by weaker demand for vessels across all segments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 40 points, or 5.5%, to 689 - its lowest since April 3, 2019.The capesize index declined 98 points, or 16.5%, to 495.The capesize index registered its 28th straight session of losses, and is at its lowest level in
Coal Carrier Sunshine Pride Delivered
Today, Sunshine Pride, an NYK-operated coal carrier for Joban Joint Power Co. Ltd., was delivered by Japanese builder Tsuneishi Shipbuilding Co.
Norwegian OSV Player Enters Tanker Game
Standard Drilling, an offshore driller turned offshore support vessel owner, has now decided to make another shift in its game.The company, which in 2013 sold off its offshore drilling rigs, only to return as offshore vessel owner in 2016, on Tuesday said it would enter the tanker market by acquiring a 33.3% ownership in a newly built VLCC.Delivery from the yard, Daewoo Shipbuilding & Marine Engineering Co in Korea, is expected later this week.
Malaysia in Shanghai LNG Supply Pact
Malaysian state-run giant Petroliam Nasional (Petronas) subsidiary Petronas LNG (PLL) has signed a 12-year liquefied natural gas (LNG) supply deal with China’s Shenergy Group.
Hydroniq’s Coolers for Nexans
Norwegian shipyard Ulstein Verft has contracted the compatriot supplier of marine coolers for all types of vessels, Hydroniq Coolers, to deliver the seawater cooling…
MSC Cruises Orders 2 LNG-Powered Cruise Ships
Geneva-based global cruise line MSC Cruises has signed a contract with the French shipbuilder Chantiers de l’Atlantique to build the third and fourth liquefied natural…
GMT Invests in Argo Travel Group
Global Marine Travel, a Florida-based travel management company to the maritime industry, has partnered with the Greek travel firm Argo Travel Group to enhance its travel offering…
DMA Sells an Inspection Ship
The Danish Maritime Authority, a government agency of Denmark that regulates maritime affairs, has sold the inspection vessel JENS SØRENSEN to the Norwegian shipping…
Vattenfall, TuuliWatti to Balance Finnish Wind
European energy company Vattenfall has signed a five-year energy services agreement with the largest Finnish wind power producer TuuliWatti that includes the latter’s…
Fincantieri Wins $111Mn ITER Contract
Italian shipbuilding company has been awarded an order worth almost 100 million euros (about 111 million U.S. dollars) to provide high-profile equipment as part…
Brasco, APM Terminal Pact for Offshore Support
Brasco, a part of the Brazil's provider of integrated port and maritime logistics and supply chain solutions Wilson Sons Group company, has partnered with APM Terminals…
Rotterdam Port Explores Option of Geothermal
Research into the geothermal port of Rotterdam is entering the next phase, according to the Port of Rotterdam Authority.Shell Geothermal BV and the Port of Rotterdam…
Verdane Invests in Danelec Marine
Northern European growth equity investor Verdane Capital has taken a majority stake in the Denmark-based maritime hardware and software company Danelec Marine.Under the agreement…
Oil, Gas Players Optimistic on Profits
Companies in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency…
Digitalization Key for Port Operators to Survive and Thrive
As the demand for goods continues to rise, the need to move a higher number of containers quicker and more efficiently is also increasing with this. As a result, port operators are proactively seeking new ways to boost productivity, all while reducing costs to meet this demand.The emergence of the Industrial Internet of Things (IIoT) is a significant factor in convincing ports to adopt new technologies…
Training Tips for Ships: Stop Lecturing Me!
Does your training still employ traditional “classroom style” lectures where an expert conveys their knowledge to your trainees? If so, your training is an example of a diminishing trend; there is an industry-wide move away from lectures. The 2019 Maritime Training Insights Database (MarTID) report showed that while operators intend to increase their use of almost every type of training surveyed (simulation…
Guyana's First-Ever Oil Cargo Sets Sail for the U.S
A vessel carrying about 1 million barrels crude oil from Guyana set sail on Monday for the United States, according to vessel tracking service TankerTrackers.com, ushering the tiny South American nation into ranks of the world's oil exporters.The first cargo of Liza crude departed from the floating platform Liza Destiny off Guyana, operated by U.S. companies Exxon Mobil, Hess Corp, and China's CNOOC . (Reporting by Marianna Parraga; editing by Diane Craft)
It’s Time to Upgrade to a Marine Evacuation System
As domestic traffic from coast-to-coast continues to worsen, ferry operators are seeing a steady growth in passenger demand. As passenger demand grows, so does the demand for efficiency and hybrid technology to be incorporated into fleets. But what innovations support a fleet’s number one priority – safety? Will efficiency and the latest green technologies support these critically important vessels in an emergency situation?
Baltic Index Hits Nine-Month Low
The Baltic Exchange's main sea freight index fell to its lowest level since April last year on Monday, dragged by falling rates across the capesize and panamax segments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 25 points, or 3.3%, to 729.The capesize index dropped 119 points, or 16.7%, to 593 - its lowest since April 23.The index registered its 27th straight session of losses…
IMO's 2050 Decarbonization Target Has $1 Trillion Pricetag
At least $1 trillion of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050, a study published on Monday showed.The global shipping fleet, which accounts for 2.2% of the world's CO2 emissions, is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.U.N. shipping agency…
