Overcapacity and low demand growth set the tone in the 2010s -BIMCO
Over the past decade, the developing world economy has allowed for strong growth in shipping activities, with the demand for transport never having been higher. However, the benefits of this growth have been limited due to the industry jeopardizing the good times by ordering too many ships.In the 2010s, the supple of ships has largely outgrown demand, putting freight rates under pressure persistently and causing challenging conditions for the dry bulk market.
NEXT GEN Shock Mitigation Solutions Workshop Rescheduled
The NEXT GEN Shock Mitigation Solutions Workshop has been rescheduled to October 6, 2020. The program and format will remain the same and the majority of attendees have confirmed their availability for the new date at the Grand Harbour hotel, Southampton UK.Workshop Lead, John Haynes said, “Whilst we are living in challenging times, we believe it is still important to make plans for the future. Our focus is on viable innovation and using people’s time effectively.
Weeks Marine Orders New Dredger at Eastern
Dredging contractor Weeks Marine has ordered a new trailer suction hopper dredger from Eastern Shipbuilding Group, to be delivered in the first quarter of 2023.The new dredge, RB Weeks, to be constructed at Eastern's Allanton shipyard in Panama City, Fla. will be a sister ship to the Eastern-built twin screw TSHD Magdalen placed into service in 2018. The RB Weeks is named after the co-founder of the company and the husband of Magdalen Weeks.The shipbuilding order…
Saudi Arabia May Re-route Tankers if US Bans Crude Imports
Saudi Arabia is exploring re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the kingdom, shipping and trade sources say.Some 40 million barrels of Saudi oil are on their way to the United States and due to arrive in the coming weeks, piling more pressure on markets already struggling to absorb a glut of stocks, according to shipping data and sources.U.S.
US Sends Aid to Greenland in Bid to Counter China, Russia in Arctic
The United States announced a $12.1 million economic aid package for Greenland on Thursday aimed at strengthening mutual ties and boost a renewed U.S. push for a greater military presence in the Arctic.The move to improve ties with Greenland drew criticism from Denmark, which less than a year ago rebuffed U.S. President Donald Trump’s offer to buy the vast Arctic island as “absurd.”Greenland, which on Thursday welcomed the money, is becoming increasingly important for the U.S.
New Model Aims to Help Businesses Get Back to Work After COVID-19
A new model aims to help commercial and public organizations resume operations safely as restrictions around the COVID-19 pandemic begin to ease.Building on guidance from the Centers for Disease Control and Prevention (CDC) and the Occupational Safety and Health Administration (OSHA), ABS Consulting said its Restart Risk Model offers a way for organizations to systematically evaluate the risk of disease transmission to their sites…
Report Examines Maritime Digitalization in Japan
A new study, ‘A quiet revolution - the maritime innovation ecosystem in Japan’, explores the commitments to Internet of Things (IoT)-based ship and crew management already made by corporate Japan, then goes on to offer unique insights into the country’s emerging start-up culture.The report, sponsored by Inmarsat is the first in a series of in-depth profiles into maritime technology and start-ups in specific countries.
Metal Shark Building Launch for Pascagoula Pilots
Shipbuilder Metal Shark said it is building a welded aluminum 55’ x 17’ pilot boat for the Pascagoula Bar Pilots Association in Mississippi, scheduled for delivery later this year.Designed in-house, the new 55 Defiant Pilot being built for Pascagoula Pilots incorporates the“faceted hull” design initially developed by Metal Shark for the U.S. Navy 40 PB program, and features an enhanced version of Metal Shark’s “pillarless glass” in a two-tiered…
Insights: Contracts are Overrated in Maritime
My company has been around since 1875, and today we actually still do things that were being done in 1875. We still get calls from underwriters to attend on disasters all over the place, and we are still asked to provide values on ships on a moment’s notice.Moreover, some of the companies that ask us to attend to those issues, in some form or another, also have been around since 1875.That results in a very smooth operational routine…
Container Shipping Capacity Down 11% in April -eeSea
A total of 302 of 2,693 containership sailings, or 11%, have been canceled in May on all the main line trades, according to the latest data from maritime intelligence company eeSea, revealing the extent of the impact of COVID-19 on global shipping.In the first six months of 2020, a total of 1,675 sailings have been canceled, or 11%; which comes out at 13% for 2M, 17% for Ocean Alliance and 17% for THE Alliance…
Russian Firms to Build World's Most Powerful Nuclear Icebreaker
Two Russian companies signed a deal on Thursday to build the world's most powerful nuclear icebreaker to help boost trade on a northern sea route crucial to forging closer links with Asia.Atomflot, a subsidiary of Russian nuclear group Rosatom, and the Zvezda shipyard, owned by a consortium led by oil giant Rosneft, said they would work together to build the Lider (Leader) icebreaker.President Vladimir…
Wärtsilä Designs New Cruise Ships for Amundsen Expeditions
Wärtsilä said it has developed a customized design for up to six new luxury expedition cruise vessels for owner and operator Amundsen Expeditions, targeted primarily at the Chinese market.Wärtsilä, which booked the design order in the third quarter of 2019, said its in-house ship design team worked in close cooperation with Amundsen Expeditions to develop the concept. Each vessel will be capable of…
Oil in Floating Storage More Than Doubles in a Month
The volume of key oil products held in floating storage around the globe has more than doubled in the past month to about 68 million barrels, according to data from oil analytics firm Vortexa.The figure, which includes gasoline, diesel and jet fuel as of April 22, compares with around 30 million barrels in the previous month, Vortexa said.With available space on land storage tanks scarce, traders around the world have been rushing to book tankers of different sizes to store oil products as lockd
Australian Exports Jumped 29% in March
Australia's goods exports rose sharply in March as the resource-rich country shipped more iron ore to China and more gold to Hong Kong and the UK, preliminary data on Thursday showed.The Australian Bureau of Statistics said exports of goods jumped 29% in original terms in March to A$36.1 billion ($22.79 billion), following declines in January and February.Exports of non-rural goods rose A$4.8 billion…
DP World Says Unclear When Global Trade Will Recover
The timing of a trade recovery from the economic crisis caused by the new coronavirus pandemic is uncertain, global ports operator DP World warned on Thursday.The Dubai state-controlled company just last month said it was seeing demand bounce back as Chinese factories restarted, though the global spread of the virus has since drastically worsened, forcing many industries to a near halt."The timing of any recovery is uncertain with trade expected to pick up as and when global economic activity no
Antwerp Port Trials Wristbands for Coronavirus Social Distancing
Workers in the port of Antwerp will next month begin testing wristbands developed by a Belgian technology company that could help guarantee the social distancing required during the COVID-19 pandemic.Rombit, also Antwerp-based, already supplies wearables resembling a sports watch that can warn workers if vehicles are approaching, provide an alert if someone falls into the water or control who uses…
Jaap de Lange Named MD at AEGIR-Marine
Jaap de Lange was appointed Managing Director of AEGIR-Marine, a stern seal and propulsion services company. He started his career in the Royal Dutch Navy, and was in consulting for 23 years in a variety of roles. Since 2009 he worked for Damen Shipyards in several senior leadership positions.“We are convinced that Jaap de Lange is the right man for the job in the present phase of our companies,” said Ruud Muis, owner of AEGIR-Marine.
Iran Says It Will Destroy US Warships if Threatened
Iran will destroy U.S. warships if its security is threatened in the Gulf, the head of Iran's elite Revolutionary Guards told state TV on Thursday, a day after U.S. President Donald Trump warned Tehran over "harassment" of U.S. vessels."I have ordered our naval forces to destroy any American terrorist force in the Persian Gulf that threatens security of Iran's military or non-military ships," Major General Hossein Salami said.
Malaysia Calls for Peaceful End to South China Sea Standoff
Malaysia called on Thursday for disputes over the South China Sea to be resolved by peaceful means, amid a standoff between Chinese and Malaysian vessels that a U.S. think tank said had been going on for months.U.S. and Australian warships arrived in the South China Sea this week near an area where a Chinese government survey vessel, the Haiyang Dizhi 8, has been operating close to a drillship under contract to Malaysian state oil company Petronas…
Subsea 7 Scores 'Substantial' Offshore Wind Deal in Dutch North Sea
Offshore installation contractor Subsea 7 has won a "substantial" contract for work on the first subsidy-free offshore wind farm in the Netherlands.The company has been tasked by Vatenfall to transport and install wind turbine monopile foundations and inner array grid cables for the Hollandse Kust Zuid 1-4 offshore wind farm project.Subsea 7 said the contract award was substantial, meaning its value is between $150 million and $300 million.Under the contract…
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