RIMPAC Naval Exercise Brings Together 'Capable Adaptive Partners' from 28 Nations
The 2022 biennial, multi-national Rim of the Pacific's (RIMPAC) exercise has come to a close.This year’s exercise with the theme of “Capable Adaptive Partners,” featured 26 participating nations and 38 surface ships, three submarines, more than 30 uncrewed systems, approximately 170 aircraft, and more than 25,000 personnel.RIMPAC 2022 featured a wide range of capabilities--projecting the inherent flexibility of maritime forces and helping to promote a free and open Indo-Pacific…
NASSCO Awarded $1.4 Billion to Build US Navy Ships
Shipbuilder General Dynamics NASSCO, a subsidiary of aerospace and defense company General Dynamics (GD), announced on Friday that it received $1.4 billion in U.S. Navy contract modifications for construction of a sixth Expeditionary Sea Base ship (ESB 8) and two additional John Lewis-class fleet oilers (T-AO 211 and 212). This award comes in addition to $600 million already received to procure long-lead time materials for the same ships.
US Announces $172 Million to Improve Ferry Service
The Biden-Harris Administration on Friday announced new funding aimed at improving ferry service across the U.S. The U.S. Department of Transportation’s Federal Highway Administration announced $172.2 million in Fiscal Year 2022 formula funding under the Bipartisan Infrastructure Law improve ferry service and provide more travel options in 35 states and three territories.“Many Americans rely on ferry service as a primary means of travel…
Eni Buys Exmar's Tango FLNG for Use in the Congo
Italian oil major Eni announced it has signed a deal to to buy the Tango FLNG floating liquefaction plant from Belgium-based Exmar for use in the Republic of Congo. Under the agreement, Eni will acquire Exmar's company Export LNG Ltd, which owns the Tango FLNG.Tango FLNG, delivered in 2017, has a storage capacity of 16,100 cubic meters of liquefied natural gas (LNG) and a liquefaction capacity of up to 0.6 million tons per year.The value of the transaction is in a range of $572 and $694 million…
Excelerate, Engro Exploring LNG Regasification in Pakistan
Excelerate Energy said it has signed a memorandum of understanding (MOU) with Engro Eximp FZE, a subsidiary of Engro Corporation, to evaluate the possibility of establishing a regasified liquefied natural gas (LNG) marketing business with maximum participation from Pakistan’s private sector."This collaboration has the potential to increase the private sector’s participation in Pakistan’s LNG sector…
Braemar Names Beckwith HR Director
Braemar, expert advisors in shipping investment, chartering, and risk management, today announced the appointment of John Beckwith as Group Director of Human Resources.The hire of Beckwith strengthens Braemar’s leadership team, enhances and enables Braemar’s ability to grow organically and via Mergers and Acquisitions (M&A), and it represents a further investment in the professional development of…
China's Military Drills Near Taiwan Disrupt Key Shipping Lanes
China's military exercises in the waters around Taiwan have prompted some ships to navigate around the Taiwan Strait and give the island a wide berth, disrupting key trading routes for cargo and commodities sailing around the world, analysts said.Angered by U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan, China on Thursday began four days of military drills around the disputed island…
Ukraine Seeks to Extend Shipping Safe Passage Deal Beyond Grain
Three grain ships left Ukrainian ports on Friday while the first inbound cargo vessel since Russia's invasion was due in Ukraine to load, as Kyiv called for the safe passage deal to be extended to other cargoes such as metals.The July 22 deal marked a rare diplomatic breakthrough as war rages in eastern Ukraine, with Kyiv trying to rebuild its shattered economy after more than five months of conflict."We expect that the security guarantees of our partners from the U.N.
Baltic Dry Index Slips to Six-month Low
The Baltic Exchange's main sea freight index dipped to a near six-month trough on Friday and registered its worst week in more than two months, hit by weakness across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 43 points to 1,560, its lowest since Feb. 8.Neils Rasmussen, chief shipping analyst at BIMCO, attributed recent declines…
Atlas Receives $3.64 Billion Takeover Offer from Poseidon
Asset manager Atlas Corp said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp in an all-cash deal for $3.64 billion.Poseidon, which comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family, and Japanese shipping company Ocean Network Express Pte Ltd, has made an offer to the asset manager for $14.45 cash per common share.The offer represents a 24.9% premium to Atlas' closi
Austal Delivers Second Evolved Cape-class Patrol Boat
Australian shipbuilding group Austal Limited announced its Austal Australia arm has delivered the second of eight Evolved Cape-class Patrol Boats (ECCPB) to the Royal Australian Navy.The vessel, ADV Cape Peron, was officially accepted by the Commonwealth of Australia.Austal Limited Chief Executive Officer, Paddy Gregg said the delivery of the second Evolved Cape-class Patrol Boat highlights the critical importance of the vessel as a capability to the Royal Australian Navy…
Three More Ships with Grain Leave Ukraine Under Landmark Deal
Three ships loaded with grain under a recently concluded deal have left Ukrainian ports, the Turkish Defense Ministry and Reuters witnesses said on Friday.The Joint Coordination Centre in Istanbul, which groups Russian, Ukrainian, Turkish and U.N. personnel, said two ships were setting off from Chornomorsk and one from Odesa.The three vessels carrying a total of about 58,000 tonnes of corn have been…
Rhine Water Level Falls Again in Germany, Raising Freight Costs
Water levels on the Rhine in Germany continue to fall in hot weather, sending shipping costs higher because vessels cannot sail on the river fully loaded, vessel brokers said on Friday.Freight shipping on the river continues but with vessels sometimes forced to sail 75% empty.Low Rhine water will also hit output from two German coal-fired power stations in the coming months.The water level is particularly low at the chokepoint of Kaub near Koblenz.
Maersk to Acquire Logistics Firm Martin Bencher Group
Shipping group A.P.
Supertankers Waiting to Load Murban Crude After Floods Shut Fujairah
At least four supertankers are waiting to load Murban crude off Fujairah in the United Arab Emirates a week after floods shut operations at the oil hub, according…
SBM Orders Seventh Fast4Ward Hull
Dutch FPSO leasing specialist SBM Offshore has ordered its latest Fast4Ward multi-purpose floater hull as it marked a new record level order book at $31.1 billion.
KOTUG To Support Liza FPSOs Off Guyana
KOTUG's subsidiary KOTUG Guyana has been awarded a second contract by ExxonMobil affiliate Esso Exploration and Production Guyana to support operations in Guyana. KOTUG’s latest addition, the 120 tonnes bollard pull strong SD Honour, will join the fleet of dedicated offshore terminal tugs supporting the two floating production, storage and offloading vessels (FPSOs), Liza Destiny and Liza Unity, on the Stabroek Block…
