Baltic Dry Index Drops for Fourth Week
The Baltic Exchange's main sea freight index fell to a fresh six-month low on Friday and posted its fourth consecutive weekly decline as rates slid across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 79 points, or 5.1%, to 1,477 points. It was down 5.3% on the week.The capesize index lost 224 points, or 14.6%, to a six-month low of 1,314 points.
ZIM Invests in Tracking Solutions Company Hoopo
Israeli shipping company ZIM Integrated Shipping Services Ltd. said it has invested in Hoopo Systems Ltd., a provider of tracking solutions for unpowered assets, as the firm sets out to develop a first-of-its-kind tracking solution for dry containers.New York-listed ZIM announced Friday that it invested $5.5 million in Hoopo, alongside both existing and new financial investors as part of a recently completed Series A financing round.Proceeds of this investment are intended toā¦
Uniper Looking to Swap Australian LNG for Atlantic Gas to Supply Europe Quicker
Germany's Uniper is prepared to swap liquefied natural gas (LNG) it gets from Australia's Woodside or U.S. gas, so it can boost supplies in Europe more quickly during the coming winter, it said.The strategy reflects efforts by companies and governments across Europe to seek alternative lines of supply and draw up contingency plans for the winter gas season, fearing Moscow could fully stop supplies of natural gas.
DEME Offshore's Flagship Vessel 'Orion' Installs Fécamp Substation
Belgium-based offshore installation firm DEME Offshore has installed the offshore substation of the Fécamp offshore wind farm, offshore France, using its new flagship vessel 'Orion.'The DP3 installation vessel Orion is equipped with a 5,000-tonne crane, built to handle the next generation of offshore wind farm components.āOrionā has now installed the 1,300-tonne jacket and the 2,200-tonne topside, completing the project on schedule on August 11.Four months ago, DEME also carried out the pre-ins
Shipping Disruption Continues as Rhine Water Levels Drop Again in Germany
Water levels on the river Rhine in Germany have fallen again in dry weather on Friday, with some vessels no longer able to sail, shipping operators and brokers said.Rhine cargo shipping continues, but with vessels sometimes forced to sail three-quarters empty with cargo owners often needing to pay for four vessels to transport their loads instead of one.Economists estimate Rhine disruption could knock half a percentage point off Germany's economic growth this year.
Russian Oil Tanker Bound for Fire-ravaged Cuban Terminal Diverts to Smaller Port
A cargo of Russian oil bound for Cuba's Matanzas terminal has been diverted to a smaller port, following a spectacular fire that destroyed a large portion of the island's main oil terminal, vessel monitoring data showed on Thursday.Lengthy power blackouts have followed the fatal blaze, which killed one firefighter and left 14 others missing. The outages are a sign of how the accident is aggravatingā¦
Oil Leak Contained at Three US Gulf Platforms, Shell Says
Top U.S. Gulf of Mexico oil producer Shell said on Thursday it halted production at three U.S. Gulf of Mexico deepwater platforms after a leak shut two pipelines connecting the platforms, adding it expected pipeline service to resume on Friday.A failure at an onshore pipeline junction in Louisiana leaked about two barrels of oil, said Chett Chiasson, executive director of Greater Lafourche Port Commission.
Sembcorp Marine Cuts Losses as Easing COVID Curbs Aid Project Deliveries
Singapore's Sembcorp Marine Ltd (Sembmarine) said on Friday its half-year loss narrowed 78% from a year earlier, as the oil rig builder finished delayed projects after pandemic curbs were eased while also benefiting from cost management.The company said its overall order visibility has improved on the back of rising oil prices and renewed concerns about energy security amid geopolitical tensions.Sembmarine has been a loss-making business since it posted an annual loss in 2018, in an industry pla
US Coast Guard Selects Builder for Over the Horizon Cutter Boats
The U.S. Coast Guard announced it has selected Inventech Marine Solutions of Bremerton, Wash., to build the next generation of over the horizon (OTH V) cutter boats. The first delivery order for four OTH Vs was placed August 3 with a value of $1.973 million. These four OTH Vs will be used for operational test and evaluation before the program moves to full production. The 10-year contract supportsā¦
Hapag-Lloyd More Than Trebles H1 Net Profit, Sees Economic Uncertainty
German container shipper Hapag-Lloyd on Thursday posted a net profit of 8.7 billion euros ($8.94 billion) for the first half of 2022, more than three times as much as a year earlier, but said war in Ukraine and the coronavirus crisis somewhat clouded its prospects.The company, the world's fifth-biggest container line, upheld forecasts made on July 28 for full year 2022 earnings before interest, tax, depreciation and amortization to range between 18.2 billion and 20.1 billion euros, and for earni
MN100 Application Deadline Extended
Each year, Marine News magazine profiles 100 of the top firms in the North American workboat sector.From passenger vessels to towboats, tugs and barges. From dredging and offshore energy to pilot, patrol, fire and police boats. OEMs, service providers, shipyards, owners/operators and the full gamut of marine-related businesses are eligible. But, only those who apply before August 24, 2022 will be considered for inclusion.Is your company one of the best?
Combi Carrier Koryu Set for Rotor Sail Install
BHP has partnered with Pan Pacific Copper (PPC), a member of JX Nippon Mining & Metals group, and Norsepower, provider of auxiliary wind propulsion systems, to reduce greenhouse gas (GHG) emissions from maritime transportation between BHPās mines in Chile and PPCās smelters in Japan. The parties are conducting a technical assessment and plan a retrofit installation of wind-assisted propulsion system onboard the M/V Koryuā¦
Diana Shipping Buys Sea Trade's Bulker Fleet for $330 Million
Greek shipowner Diana Shipping on Thursday announced it has acquired the bulk carrier fleet of U.S.-based Sea Trade Holdings in a $330 million cash and shares deal.The nine ultramax vesselsā¦
Dales Marine Announces Hiring Push
Scottish ship repair, fabrication and engineering service provider Dales Marine Services on Thursday announced plans to grow its workforce to support its expansion.Mark Massie, HR Manager at Dales Marine, said, "We are pleased to be in a position to market new positions to Dales Marine Services. Attracting candidates for these positions will be invaluable as the company expands."The vacancies are located at its dry dock facilities in Aberdeen, Leith and Greenock.
Germany's RWE Widens Global Search for LNG Supplies
RWE is holding talks with a larger number of suppliers of liquefied natural gas (LNG), not just Qatar and North America, CEO Markus Krebber said, as Germany's largest power producer continues its efforts to replace Russian gas volumes.RWE earlier this year said it was in discussions with potential LNG suppliers in the United States and Qatar, as Germany tries to diversify away from Russia, its largestā¦
UN Expects 'Big Uptick' in Ships Wanting to Export Ukraine Grain
The United Nations expects a "big uptick" in ships wanting to export Ukraine grain through the Black Sea after transit procedures were agreed and a goal of 2-5 million tonnes a month is "achievable," a senior U.N. official said on Wednesday.Russia, Ukraine, Turkey and the United Nations agreed transit procedures on Monday for a deal struck in July to resume Ukraine Black Sea grain and fertilizer exports.
Global Container Fleet Growth to Outpace Demand - Hapag-Lloyd CEO
Global growth in container fleets through new orders and building activity will outstrip shipping demand from next year and ease current market tightness, the chief executive of Hapag-Lloyd said in an analyst call on Thursday.āOver the upcoming 24 months, we clearly see that supply growth will outpace demand growth,ā said CEO Rolf Habben Jansen after presenting figures for the first half of 2022.Presentation slides he referred to predicted demand growth at 3% next year over 2022 and fleet growth
First Ukraine Grain Deal Ship Docks in Turkey After Lebanese Buyer Refused Delivery
The first grain ship to depart from Ukraine under a U.N.-brokered deal docked in Turkey on Thursday after 11 days at sea, Refinitiv data showed, and the ship's agent in Turkey said it would continue to Egypt after unloading part of its cargo.The Razoni set sail from Ukraine's Odesa port on Aug. 1 under a deal brokered by the United Nations and Turkey between Russia and Ukraine.
Osprey Group Names Massey Head of Heavy Lift Division
UK-based Osprey Group has appointed Simon Massey as the new Managing Director of its Heavy Lift division. Massey comes to the business with more than 35 yearsā industry experience gained from a range of companies, most recently Sarens UK, Weldex and DeMag, where he earned a reputation and respect from clients and competitors, Osprey said.āThis is something Iāve been building up to ā leading a team of people who want to find new ways we can use heavy lift equipmentā¦
Fuel Oil Stored in Ships Near Singapore to Rise on More Russian Supplies
The number of tankers used for storing fuel oil along the Singapore Strait has risen since the Ukraine war broke out and could rise further as more of Russia's supplies hit by sanctions head to Asia, industry sources and analysts said.A rise in floating storage supply along the strategic waterway is an indicator that more supplies are available to Asia, which will help ease tight markets. But, at the same timeā¦
