Frontline Sells Its Five Oldest VLCCs
Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million…
FMC to Hold Hearing on Red Sea Shipping Conditions
The United States' Federal Maritime Commission (FMC) will examine how conditions in the Red Sea and Gulf of Aden regions are impacting commercial shipping and global supply chains, during an informal public hearing on February 7.The hearing will allow stakeholders in the supply chain to communicate with the Commission how operations have been disrupted by attacks on commercial shipping emanating from Yemen…
Manson Awarded Floating Dry Dock Mooring Facility Contract at Naval Base San Diego
Seattle based Manson Construction Co. announced it has been selected as the contractor for the P-508 Floating Dry Dock Mooring Facility project.Awarded by Naval Facilities Command Southwest (NAVFAC SW), this $106.9 million project at Naval Base San Diego (NBSD) includes a new ramp pier, retrofitting the mooring wharf, and support facilities for Southwest Regional Maintenance Center (SWRMC) to directly support the operations and maintenance of a new floating dry dock.
China Media Warns Against Taking China's Indian Ocean Research as Threats
Chinese state media warned on Friday that a report by a prominent U.S. think tank on the military uses of Chinese scientific research across the Indian Ocean gave "ammunition" to countries bent on concocting threats from China.The report this week by the Washington-based Center for Strategic and International Studies (CSIS) "comes at a time when some countries need to manufacture a 'China threat' narrative in the Indian Ocean region and provides them with ammunition"…
APM Terminals to Develop Container Terminal at Plaquemines Port
Plaquemines Port Harbor and Terminal District announced it signed a letter of intent (LOI) with APM Terminals (APMT) to build a container terminal on the West Bank of Plaquemines Parish, La.Plaquemines Port will lease the land to APM under a 30-year agreement with extension options. APMT, one of the largest terminal operators in the world and is a subsidiary of shipping giant A.P. Moller-Maersk, estimates the initial investment in terminal infrastructure will be approximately $500 million…
Saipem Barred from Public Contracts in Brazil for 2 Years
The Brazilian administrative authority has suspended Italy's Saipem and its subsidiary Saipem do Brasil from contracting with the country's public administration for two years, the engineering and construction group said on Friday.The decision stems from the final ruling in the administrative proceedings initiated against the companies in relation to alleged irregularities in the award of a gas pipeline contract in 2011.The sanction has no impact on ongoing projects in Brazil, Saipem said, addin
Baltic Dry Index Marks Worst Week Since 2008
The Baltic Exchange's dry bulk sea freight index slid on Friday as its worst week since 2008 came to an end with rates across vessel segments languishing at multi-month lows.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 94 points, or 6.1%, to 1,460, its lowest level since Nov. 2. It shed more than 30% for its biggest weekly decline since 2008.The capesize index dropped by 252 points…
Glosten to Design Research Vessel for SARDI
Glosten announced it has been selected to develop the concept design of a coastal research vessel for the South Australian Research and Development Institute (SARDI).The naval architecture and marine engineering firm said it has been working closely with SARDI to refine the vessel’s capabilities and is beginning to develop a design that best fits their operational requirements: a 30-37-meter monohull with extended range…
Stena Bulk Halts Tanker Transits in Red Sea
Tanker company Stena Bulk halted transits in the Red Sea early on Friday Central European Time, its CEO Erik Hannel told Reuters.It is the latest tanker operator to cease traversing the key shipping corridor following an advisory from the Combined Maritime Forces to stay clear of the region after the launch of U.S. and British air strikes on Houthi forces in Yemen.(Reuter - Reporting by Natalie Grover; editing by Mark Heinrich)
Houthis Mistakenly Target Tanker Carrying Russian Oil
Houthi militants mistakenly targeted a tanker carrying Russian oil in a missile attack on Friday off Yemen, British maritime security firm Ambrey said.The United Kingdom Maritime Trade Operations (UKMTO) organisation said it had received a report of a missile being fired 90 nautical miles southeast of Yemen's port city of Aden."The master reported a missile landing in the water 400-500 metres away…
Container Rates Soar on Concerns of Prolonged Red Sea Disruption
Container shipping rates for key global routes have soared this week, with U.S. and UK air strikes on Yemen stirring concerns of a prolonged disruption to global trade in Red Sea, one of the world's busiest routes, industry officials said on Friday.U.S. and British warplanes, ships and submarines launched dozens of strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping…
Penguin Delivers CTV Pair to Northern Offshore Services
Northern Offshore Services (N-O-S) announced it has taken delivery of two new crew transfer vessels (CTV) from Penguin Shipyard in Singapore.The R-Class sister vessels, Runner and Responder, were officially handed over in 2023 and are now ready for operation in Europe, N-O-S said.The the R-Class was created by N-O-S' in-house R&D department, featuring a "future proofed" automation system, N-O-S Green Technology solutions…
As Missiles Soar, Freight Rates Soar, too
Missile strikes by the US and UK against Houthi militia in Yemen has brought heightened tensions across the region with disruption to ocean freight shipping set to deteriorate further.At approximately 2.30am (Sanaa/Red Sea time) today, Friday, the US and UK military carried out air strikes on targets in Yemen in response to Houthi militia attacks on merchant ships in the Red Sea, which have totalled 27 since November 19.“We want to see safe…
First of Four CMAL Ferry MV Isle to Launch Mid-March
Caledonian Maritime Assets Limited (CMAL) announced the launch of MV Isle of Islay on March 16, 2024 at the Cemre Marin Endustri shipyard in Yalova, Turkey.It is the first of four ferries being built at the yard, and marks a major milestone in CMAL’s commitment to delivering new ferries to serve the Scottish islands. The hull is now structurally complete, all blocks for the vessel have been erected and surveyed.The ferry, which will serve Islay and Jura, is set to be delivered in October 2024.
Salvage Tug Koyo Maru Built for Nippon Salvage
Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company christened and launched a salvage tug being built for Nippon Salvage Co., Ltd. The ceremony took place at the Enoura Plant of MHI's Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture. The vessel, named Koyo Maru, is scheduled for handover to Nippon Salvage in June 2024 following completion of outfitting work and sea trials.Koyo Maru measures 80.6 x 15.5 m with gross tonnage of approximately 3,000.
USNS Cody Delivered to US Navy
Austal USA formally handed over USNS Cody (EPF 14) to the U.S. Navy as representatives from both parties signed official delivery documentation onboard the ship. Austal USA and the Navy’s Expeditionary Fast Transport (EPF) program team successfully completed acceptance trials on the EPF 14 in the Gulf of Mexico in December signifying that the ship was ready for delivery to the Navy. These trials involved…
Maersk Hopeful Naval Presence Will Allow Red Sea Transits to Return
Maersk hopes international interventions and a larger naval presence in the Red Sea will eventually lead to maritime commerce to resume through the strait, it said on Friday, following U.S-British strikes overnight against Houthi military targets in Yemen."We hope that these interventions and a larger naval presence will eventually lead to a lowered threat environment allowing maritime commerce to transit through the Red Sea and once again return to using the Suez Canal as a gateway," Maersk sai
UK and US Launch Land and Sea Strikes on Houthi Military Targets
U.S. and British strikes against Houthi military targets in Yemen were a limited act of self defense and London does not immediately plan any further missions, its junior defense minister said on Friday.The two countries launched strikes from the air and sea against Houthi military targets in Yemen in response to the movement's attacks on ships in the Red Sea since the Israel-Hamas war in Gaza began…
