Singapore's Keppel Completes $3.34B Sale of Offshore Unit to Sembmarine
Singapore's Keppel Corp said on Tuesday that Sembcorp Marine (Sembmarine) has completed a S$4.50 billion ($3.34 billion) buyout of its offshore & marine unit after receiving the necessary shareholder approvals. ($1 = 1.3484 Singapore dollars) (Reuters - Reporting by Jaskiran Singh in Bengaluru; Editing by Savio D'Souza)Sembcorp Marine to Buy Keppel Offshore & Marine for $3.2B, Scraps Merger Plan
World Trade Boom Keeps De-globalization at Bay
Globalization may have peaked, but the resilience of world trade in the face of mounting headwinds means a reversal of the past three decades is not inevitable.Since the COVID-19 pandemic and Russia's invasion of Ukraine shattered global supply chains, debate has raged over how integrated the global economy will be in the future compared with the previous 30 to 40 years.'Globalization' is an amorphous subject.
Maersk Connector Cable Layer to Stay with Seaway 7 Until 2025-end
Maersk Supply Service's cable-laying vessel Maersk Connector has secured a contract to continue operations on behalf of Seaway 7 until December 31, 2025.The extension follows a successful first year of working on Seaway 7’s projects in both Taiwan and the United Kingdom, the shipowner said.The vessel first started cable-laying provision for Seaway 7 in October 2021, initially working in the North Sea at the Seagreen Offshore Wind Farm project.
India Bans Oil Tankers, Bulk Carriers Older than 25 Years
India has withdrawn trading licenses for oil tankers and bulk carriers that are more than 25 years old, its shipping regulator said, as the world's third-largest greenhouse gas emitter looks to cut emissions and reduce the average age of its fleet. The order also bans acquisition of such vessels that are more than two decades old. Under current guidelines, vessels that are less than 25 years old can be acquired without any technical clearance.
Yinson Bags $5.3B Deal for its First FPSO Project in Angola
Malaysian company Yinson has secured a firm contract to provide and maintain an FPSO for Azule Energy, a BP-Eni joint venture, in Angola.The contract, awarded by Eni Angola, is for the provision of the FPSO for the Agogo Integrated West Hub Development Project in Angola (“FPSO Agogo”).According to Yinson, the contract is worth about $5.3 billion in total and has a firm period of 15 years from the date of the final FPSO's acceptance.
Belships Acquires Three New Bulk Carries
Norway-based Belships announced it has entered into agreements for the acquisition of three new Ultramax bulk carriers. The 64,000 dwt vessels are currently being…
YSA Design Forms New Sustainability Division
YSA Design, an architect and design studio for cruise ship interiors, announced it has formed a division to improve sustainability across its internal operations and cruise projects.The Norway-based firm said it has appointed Fabiana Vale Dornelas and Trond Sigurdsen as Head of Sustainability & Implementation and Head of Sustainability & Technology, respectively, to lead the division. “The creation…
Hornbeck Buys Six OSVs from Edison Chouest
Covington, La.-based offshore vessel owner Hornbeck Offshore Services has reached a deal to acquire six offshore supply vessels (OSV) from an affiliate of its peer Edison Chouest Offshore.Hornbeck announced Monday it entered into a definitive vessel purchase agreement with Edison Chouest's Nautical Solutions to buy the "high-spec new generation" OSVs for an undisclosed cash price. Each of the vessels are U.S.-flagged…
Italy Urges 'Stop' to Migrant Boats as Shipwreck Death Toll Hits 63
Rescuers recovered four more bodies on Monday, a day after a wooden sailboat carrying migrants to Europe smashed onto rocks in stormy weather off southern Italy, bringing the death toll to 63, including at least 14 children.Rescuers said most of the migrants came from Afghanistan, as well as from Iran, Somalia, Syria and elsewhere. Pakistan's foreign ministry said 20 Pakistani citizens were on the boat…
Ukraine to Set up $500 Million Insurance Fund for Cargo Ships
Ukraine will offer compensation for possible damages to civilian vessels entering its ports, Deputy Prime Minister Oleksandr Kubrakov said on Friday, as Kyiv tries to boost exports that are vital for its war-hit economy.Ukraine is a major producer and exporter of agricultural products, metals and chemical goods but has faced blockades of Black Sea ports since Russia's invasion a year ago and only food…
Chevron Aims to Shrink the Carbon Footprint of Its LNG Fleet
Chevron's shipping arm has set out to reduce the carbon intensity of its liquefied natural gas (LNG) fleet operations.The U.S.-based supermajor said Chevron Shipping Company has entered into an agreement with Singapore's Sembcorp Marine Repairs & Upgrades to install new technologies aboard its vessels, such as a reliquefication system, hull air lubrication and a new gas compressor, that are together expected to reduce cargo boil-off…
US Retailers' Ocean Shipping Price Woes Ending as New Delays Threaten
Collapsing ocean shipping rates are not all good news for U.S. retailers, who paid as much as $20,000 to move a container of goods during the worst pandemic disruptions, as they now are bracing for delays due to plummeting demand.Carriers like MSC and Maersk are trying to prop up prices by cancelling voyages and that could spark a new round of cargo delays as containers get bumped from one ship to the next, experts said ahead of a major U.S.
KR Upgrades Its Emissions Reporting System
Korean Register said recent upgrades to its greenhouse gas (GHG) Emission Authentic Reporting system (KR GEARs) will enable maritime stakeholders to more easily ensure compliance with GHG regulations in a shorter period.Launched by KR in 2019 to help shipping companies and operators to manage their fleets' GHG emissions data and remain compliant with tightening GHG regulations, KR GEARs has been updated to include a new real-time carbon intensity indicator (CII) monitor…
DMB Takes Over the Anschütz Group
Anschütz, a brand with more than a century history (since 1905), has a new owner and is part of DMB Dr. Dieter Murmann Beteiligungsgesellschaft mbH, meaning that Raytheon Anschütz GmbH is to be renamed Anschütz GmbH once the entry in the commercial register has been made.DMB takes over the entire Anschütz Group with its headquarters in Kiel and international subsidiaries in Panama City, Portsmouth (United Kingdom), Rio de Janeiro, Shanghai and Singapore.
DNV, Partners Launch JIP to Assess Offshore Wind Installation Emissions
The maritime classification society DNV has, with its partners, launched a joint industry program to establish a monitoring and reporting framework for assessing greenhouse gas (GHG) emissions in the offshore wind installation sector. The partners of the JIP called EMRED, comprise energy companies, ScottishPower Renewables, RWE, Vattenfall, and Orsted, and installation and operation companies, Jan De Nul Group, DEME, Ziton, Cadeler, Van Oord, Fred.
SSY Appoints Adland as Global Head of Research
Independent shipbroker Simpson Spence Young (SSY) on Monday announced it has appointed Roar Adland (Ph.D, FICS) to the role of global head of research, effective May 2023. Internationally recognized with over 20 years of professional experience, Adland has built an impressive reputation as one of the most pre-eminent shipping experts in the world today, gaining a Ph.D from the Massachusetts Institute…
Uncrewed Ships Set to Bring Diversity Boost
The maritime industry’s movement toward remote vessel operations will not only build a more diverse workforce, it will benefit from it, argues marine robotics company Ocean Infinity.Greater workforce diversity, whether it be considered along lines of ethnicity, gender identity, sexuality, age, socioeconomic status, neurotype, physical ability or any other parameter, has shifted over the course of the last decade from a ‘nice to have’ to a fundamental value.
Brazil's FTS Group Wins Auction for Paranagua Port Terminal
FTS Group won an auction on Friday to operate a terminal at the port of Paranagua, one of the main ports in Brazil for grains and sugar, amid an uptick in shipping activity in the country.The group will have to invest at least 338.2 million reais ($64.91 million) in expansion works at the port's terminal called PAR50, which deals with transport and storage of bulk liquids, said Portos do Parana, which…
Bangladesh Powers Ship Recycling Market
It is the Bangladeshi market that has been impressing everybody of late (and for yet another week) with a lot of pent-up demand being realized and even news of some choice purchases at decent numbers on units that have managed to receive L/C approvals.Indeed, we have once again seen levels over $600/LDT in Bangladesh for the first time since the same time last year, and competing markets are increasingly…
What is 'Hybrid-ready'?
There are vessels on order today—including crew transfer vessels (CTV) being built in the U.S. (American Offshore Services at Blount Boats and for WINDEA CTV at St. Johns Ship Building and Gulf Craft, for example)—that are described as “hybrid-ready”. Of course, a vessel is either hybrid or it isn’t. So what does hybrid-ready mean?When asked about the hybrid-ready CTVs that Blount Boats is building…
