Ship Recycling Market Faces Tonnage Shortage
Global ship recycling markets are now being exclusively driven by the relentless and futile shortage of tonnage that is expected to continue until Spring (at the very least), says cash buyer GMS.“The much-anticipated rebound in global recycling volumes that so many in our industry had been waiting (hoping) for before the turn of the year, has unfortunately failed to materialize.”Markets in Turkey and India remain well off the competitive pace…
IMO Finalizes Arctic Pollution Prevention Guideline Drafts
The IMO Pollution Prevention and Response Sub-Committee PPR 11 was held February 19-23, and agreement was reached on guidance for the prevention of pollution in the Arctic marine environment.The guidance will now be presented to the IMO’s Marine Environment Protection Committee (MEPC).Lloyd’s Register reports the following was agreed at PPR 11:• Draft guidance on best practice for goal-based control…
Armada Technologies Wins Hull Lubrication Contract with CoolCo
Armada Technologies has secured a hull lubrication contract with LNG carrier company Cool Company Ltd (CoolCo).Under the partnership, Armada will design, engineer, procure, and provide support for the installation and commissioning of its air lubrication system on a CoolCo vessel scheduled to dry dock in 2024. Once commissioned, CoolCo will conduct sea trials and provide documentation to Armada, following ISO or ITTC guidance…
Xeneta Appoints Chief Product Officer
Fabio Brocca after being appointed Chief Product Officer at ocean and air freight rate benchmarking platform, Xeneta.Brocca was previously Head of Product for Global Transportation Technology at Amazon.“Amazon showed me the importance of working backwards from the customer and how a best-in-class tech company is run.“When you are transforming an industry, you must think long term. What we think is needed today may not be what’s needed tomorrow…
First LNG Carrier Arrives at New German Mukran Terminal
The first vessel carrying LNG for Germany's Baltic Sea terminal of Mukran arrived on Saturday for a test operation as the country steps up its quest to replace Russian pipeline gas.Private company Deutsche ReGas said that Energos Power, a floating storage and regasification unit (FSRU), had moored at the terminal on Ruegen Island, having received approval from local authorities.Germany has intensified its quest to increase LNG capacity for regasification on its shores, as European countries seek
Brazil's Paranagua Port Resumes Operations After Fire
An important export terminal for agricultural commodities at the Paranagua port in southern Brazil resumed operations on Saturday after three of its berths were temporarily halted due to a fire earlier this week.The local port authority said in a statement that operations at Paranagua's Export Corridor were resumed at 1 p.m. local time (1600 GMT), with berths 212 and 213 performing export operations and berth 214 an import operation.Maintenance was being carried out on the affected equipment…
Houthis Target Torm Tanker
Yemen's Houthis targeted MV Torm Thor, a U.S.-flagged, owned, and operated oil tanker, in the Gulf of Aden, the Iran-aligned group's military spokesman Yahya Sarea said on Sunday, as the militants continue to attack shipping lanes in solidarity with Palestinians in Gaza.The group targeted the tanker with "a number of appropriate naval missiles," Sarea added in a televised speech.The U.S. Central Command (CENTCOM) said the USS Mason…
US Imposes Sanctions on Russia's Leading Tanker Group Sovcomflot
The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest. It issued a general license allowing the offloading of crude oil…
Virginia-class Submarine Massachusetts (SSN 798) Launched
HII announced that Virginia-class submarine Massachusetts (SSN 798) was recently launched into the James River at the company’s Newport News Shipbuilding (NNS) division.Shipbuilders transferred the submarine from a construction facility to the floating dry dock, where it was later submerged and moved by tugboats to a submarine pier at the shipyard for final outfitting, testing and crew certification.“Following the christening of this mighty submarine in May…
Three Questions: Matt Tremblay, VP, Global Offshore Markets, ABS
The American Bureau of Shipping dominates the global market in the classification of Floating Production. Offshore Engineer recently sat with Matt Tremblay, ABS’ Vice President of Global Offshore Markets, at American Bureau of Shipping HQ in Houston for his insights on market drivers and technical trends in this dynamic market.Matt, big picture, how do you see the Floating Production market developing in the coming years?At a macro level…
The APAC Offshore Market: Riding the Wave of Success into 2024 and Beyond
2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general…
EU Clears CMA CGM's Acquisition of Bollore Logistics, Subject to Conditions
The EU Commission on Friday said it had cleared the acquisition of the logistics operations of conglomerate Bollore by shipping group CMA CGM, subject to a number of conditions proposed by the companies.The commission, which oversees competition policy in the 27-nation European Union, said that the acquisition had been approved after its investigation found a number of concerns.To address them, the parties agreed to divest all of Bolloré Logistics' activities in Guadeloupe, Martinique, Saint Mar
Red Sea Ship Attacks Not Driving Inflation, Moody's Says
Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive route around Africa.
Boskalis Commissions BOKA Ocean Cable-Laying Vessel
After a major conversion, Dutch marine services firm Boskalis has commissioned the BOKA Ocean vessel.The vessel was acquired in 2023 as a pipe-laying vessel and was subsequently converted into a broadly deployable cable-laying vessel.After BOKA Ocean completed its sea trials in the North Sea, the vessel is ‘more than ready’ to start on her maiden project in the German part of the North Sea, Boskalis said.The BOKA Ocean has been reunited in the Boskalis fleet with her two sister vessels.In fact…
QatarEnergy Pays Homage to Rex Tillerson by Giving His Name to New LNG Carrier
QatarEnergy has named the first LNG carrier to be delivered as part of its new LNG fleet expansion program as Rex Tillerson, in recognition of the former Chairman and CEO of ExxonMobil, who also served as the 69th United States Secretary of State.During his 10-year term as Chairman and CEO of ExxonMobil, Tillerson oversaw the consolidation of relations with the State of Qatar and its energy sector…
Hanwha Ocean Secures $258M Order for Two VLCCs
South Korean shipbuilder Hanwha Ocean has received an order to construct two very large crude carriers (VLCCs) for a shipping company in Oceania.The order for VLCCs, worth $257.8 million (342 billion won), is the first such order for Hanwha Ocean in the last three years. This is also the highest price for the vessels in 16 years, since the 2008 global financial crisis, the company said.The ships will be built at the Geoje plant and delivered to the shipowner in the first and second half of 2026…
ZIM Names Trio of LNG Containerships
The naming ceremonies of three new vessels joining ZIM’s fleet were held in Korea and China this week for ZIM Integrated Shipping Services, continuing ZIM’s widescale fleet renovation.The naming ceremony of Zim Mount Elbrus and Zim Mount Vinson, the final additions to the series of ten 15,000 TEUs advanced LNG vessels, took place at the SHI Geoje shipyard in Korea. These vessels, showcasing state-of-the-art LNG technology, were named in a traditional manner by their respective godmothers, Mrs.
Singapore Picks 11 Proposals to Advance Electric Harbor Craft Designs
The Maritime and Port Authority of Singapore (MPA) has shortlisted 11 proposals, submitted by seven companies and consortia, to advance designs and promote adoption of full electric harbor craft (e-HC) in Singapore.The announcement follows call for the expressions of interest (EOI), launched by MPA) in 2023, which yielded 55 proposals from 32 international and local companies and consortia.The results…
DESMI’s Aquaculture Treatment Systems Validated by DNV
DESMI has secured third-party validation for the effectiveness of its aquaculture UV treatment systems from DNV.This development moves beyond the traditional certification provided by the Norwegian Veterinarian Institute (NVI) which verifies UV doses of at least 25 mJ/cm2. With many aquaculture operations requiring higher UV doses, typically ranging from 70 to 200 mJ/cm2, DESMI says its validation from DNV provides a much-needed layer of credibility and assurance.Historically…
Floating Production – A Growing Segment in Transition
The specialized deepwater oil & gas and floating offshore wind segments will share many of the same stakeholders and supply chains, competing for increasingly scarce resources.To receive a full version of Inteletus analysis, click hereThe established floating production segment is forecast to experience continued growth through this decade, driving demand for, among other things, moorings, subsea systems…
