Konecranes, Cargotec Drop Merger Plans
Finnish engineering groups Konecranes and Cargotec decided on March 29 to cancel their planned merger after the United Kingdom Competition and Markets Authority (CMA) blocked the transaction, citing competition issues.The British watchdog decided to block the potential 4.5 billion euro ($5.0 billion) deal earlier on March 29.The merger, which would combine engineering group Konecranes and cargo handling machinery maker Cargotec…
Maritime Antitrust Immunity in Crosshairs
While those in the Beltway continue to struggle to offer solutions to U.S. supply chain capacity issues, it seems apparent that policymakers have at least found their scapegoat for these issues in the form of the maritime industry. A specific talking point during the State of Union Address, a White House-endorsed agreement between the Federal Maritime Commission (FMC) and Department of Justice (DOJ)…
Baltic Dry Index Slides to Lowest in Over Five Weeks
The Baltic Exchange's dry bulk sea freight index hit its lowest in over five weeks on Thursday, dragged down by declining rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 67 points, or 3.2%, to 2,061 points.The capesize index fell 73 points, or 4.9%, to 1,417 points, touching its lowest in seven weeks.Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal,
US Offshore Wind: Figuring Out the Business
If awards were given for dominating the sustainable energy spotlight, offshore wind (OSW) would surely be in line for top honors.Consider:Big money: BOEM’s February sale of New York Bight offshore wind development rights drew a record $4.37 billion in developers’ bids. Not only is that real money, but just as critically, “This week’s offshore wind sale makes one thing clear: The enthusiasm for the clean energy economy is undeniable and it’s here to stay…
Sleepy Captain Piloted Tow that Struck a Lock Gate -NTSB
A captain assuming a watch immediately after waking led to a tow striking a lock gate in the Gulf Intracoastal Waterway, the National Transportation Safety Board (NTSB) said in its Marine Investigation Report released Tuesday.On March 22, 2021, the towing vessel Ava Claire was transiting westbound pushing two fully loaded tank barges in the Gulf Intracoastal Waterway near Intracoastal City, La. After entering the Leland Bowman Lock…
Great Lakes Towing Acquires Sarter Marine Towing
Sarter Marine Towing Company Inc. announced it has agreed upon definitive terms for the sale of Sarter to The Great Lakes Towing Company.Under the deal, The Great…
Solstad Offshore Sells Six Offshore Vessels. Completes Fleet Trimming Program
Norwegian offshore vessel owner Solstad Offshore has sold six more vessels, wrapping up its fleet 'right-sizing' plan announced in 2020.As previously reported, back in 2020, Solstad Offshore said that, as part of its restructuring agreement, it would "right-size" its fleet to make it more competitive, with a plan to divest 37 vessels "over a period of time," and has been gradually offloading the unneeded tonnage ever since.In a statement on Thursday…
Maju 510 Tug: Singapore's First Autonomous Vessel Project Complete
Singapore's Keppel Offshore & Marine said Thursday it had completed work on the Maju 510 tug, its first autonomous vessel project."Capable of autonomous vessel navigation as well as collision detection and avoidance (CDCA), the Maju 510 tug, owned and operated by Keppel Smit Towage, is the first vessel in the world to receive the Autonomous Notation from ABS classification society," Keppel O&M said.According to Keppel O&M…
Oil Tanker Players Euronav, Frontline Plan $4.2B All-stock Merger
Belgian oil tanker group Euronav and smaller Oslo-listed rival Frontline plan to merge in an all-stock transaction valued at $4.2 billion that they said would cut costs and help in their low-carbon transition.Euronav shareholders will own 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in…
MOL Completes Ammonia/Liquefied CO2 Carrier Concept Study
Mitsui O.S.K. Lines, Ltd. (MOL) announced it recently completed a concept study on an ammonia/liquefied CO2 carrier intended to flexibly meet future demand for transport of liquefied CO2 and ammonia transport. The Japanese shipping company said it worked with the Mitsubishi Heavy Industry (MHI) Group's Mitsubishi Shipbuilding Co., Ltd. on this research.According to MOL, its liquefied CO2 carrier (LCO2…
Mackinac Island Ferry Goes Adrift After Steering Loss
Passengers were removed from a Mackinac Island ferry that suffered mechanical issues and went adrift in the Straits of Mackinac on Tuesday.The Star Line winter service ferry Huron had 144 passengers and four crewmembers on board when it lost steering at about 6 p.m. while on its way from Mackinac Island to St. Ignace, Mich., the U.S. Coast Guard said.Unable to deploy its anchor due to a possible mechanical or weather-related issue, the 1950s-built vessel drifted slowly in open water toward St.
Marshall Islands Registry Promotes Management Team
International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Republic of the Marshall Islands (RMI) Maritime and Corporate Registries, announced the promotion of Simon Bonnett and Theo Xenakoudis.Bonnett, who has served as Senior Vice President, Technical since 2018 was promoted to Chief Maritime Officer, and Xenakoudis, the organization’s Director…
Alabama Shipyard Names Wagner CEO
Mobile, Ala. repair yard Alabama Shipyard, LLC announced it has appointed Greg Wagner as its new chief executive officer (CEO).Wagner is joining the Alabama Shipyard team from the position of CEO at Navarro Capital Partners LLC., an oil and gas industry marine and subsea construction support services provider.Wagner is a graduate from the State University of New York Maritime College and has held various management and executive positions in marine operations…
Grays Harbor Maintenance Dredging Planned
The U.S. Army Corps of Engineers, Seattle District said it plans to conduct Grays Harbor maintenance dredging in the Outer Harbor beginning April 12.The USACE hopper dredge Yaquina is expected to start dredging in the outer harbor of Grays Harbor around April 12 and will dredge approximately 17 days.Another USACE hopper dredge Essayons is expected to start dredging in the outer harbor April 21 and will dredge approximately 23 days.
Dredging Commences in Port of Alaska
The U.S. Army Corps of Engineers, Alaska District announced dredging in the Port of Alaska commenced on April 1.Seasonal dredging of the waterway aims to address heavy shoaling at the fuel docks and Terminal 3, the Corps said.Since the 1960s, the district has operated a dredge at the Port of Alaska to keep Cook Inlet safe for navigation by clearing built-up sediments on the seafloor that prevent large ships from coming through.This year’s vessel…
Carnival Reports Record Week of Cruise Bookings
The world's biggest cruise operator Carnival Corp on Tuesday reported its busiest booking week in history as leisure travel continues to rebound from a long pandemic-led hiatus.The news sent shares of Carnival up nearly 4% in afternoon trading. The stock traded up more than 8% earlier in the session on the New York Stock Exchange. The news also earlier lifted rivals Royal Caribbean Group and Norwegian…
GTT and Deltamarin's LNG-fueled Car Carrier Earns AIP from DNV
An innovative liquefied natural gas (LNG)-fueled pure car and truck carrier (PCTC) design developed by French engineering frim GTT and Finnish ship designer Deltamarin has received approval in principle (AIP) from Norwegian classification society DNV.GTT and Deltamarin have been cooperating on the development of a new dual-fuel PCTC design, able to carry 8000 CEU2. This design introduces a new generation of PCTCs…
SCHOTTEL Acquires Majority Stake in elkon
German propulsion company SCHOTTEL said it has acquired a majority stake in Turkish marine electrical system integration specialist elkon as vessel hybridization and electrification gain traction amid industry efforts toward decarbonization and improved energy efficiency.The contract for the purchase of the majority stake in elkon by the holding company SCHOTTEL Industries GmbH was signed in Istanbul…
How Much Oil Does the European Union Import from Russia?
The European Commission has proposed new sanctions against Russia over its invasion of Ukraine, including a ban on buying Russian coal and on Russian ships entering EU ports. Yet the EU faces an uphill slog to wean itself of energy imports from its Eastern neighbor.Following is a summary of key facts about the EU's use of Russian oil:How much Russian oil does the EU import?Europe is the destination for nearly half of Russia's crude and petroleum product exports…
Tanker Crew Member Medevaced off Sabine Pass
An ailing crew member was medevaced from a tanker vessel off Sabine Pass, Texas, on Tuesday, the U.S. Coast Guard said.Coast Guard Sector Houston-Galveston command…
