Russian Oil Freight Rates Fall to Lowest Since 2022
Freight rates to ship Russian oil have fallen this month towards parity with those for other global exporters for the first time since 2022 as more tankers were available despite Western sanctions and exports fell, three sources said on Wednesday.Freight rates to ship Russian oil soared to more than $20 million per voyage in 2022 after the West imposed sanctions and a $60 dollar price cap to try to…
Ineffective Bridge Resource Management Contributed to Grounding
Ineffective bridge resource management contributed to the grounding of a bulk carrier in the Port of Bunbury, Western Australia, an ATSB investigation has found.The grounding occurred on April 22, 2023, as the 229-meter long, Isle of Man-registered bulk carrier World Diana was departing Bunbury under the conduct of a harbour pilot, with two tugs assisting.After being moved off its berth, the ship had…
Power Outages Hinder Hurricane Beryl Recovery, Delay Port Restarts
About 1.7 million customers remained without power in Texas on Wednesday morning, two days after Hurricane Beryl made landfall, as progress was slow during the night, hampering efforts to restore critical oil infrastructure.The storm made landfall as a Category 1 hurricane on Monday near the coastal town of Matagorda, about 100 miles (160 km) from Houston, lashing Texas with heavy winds that knocked…
Russian Attack Damages Ukrainian Port
Russia launched 20 drones and five missiles at Ukraine on Wednesday, killing two people in the Black Sea region of Odesa, damaging port infrastructure and hitting an energy facility in the northwest, officials said.A truck driver and security guard were killed in the southern Odesa region during the missile attack, which damaged port warehouses, trucks and a civilian ship, regional governor Oleh Kiper said.
Bad Weather Halts Container Movements Near Cape of Good Hope
Severe weather conditions near the Cape of Good Hope has brought container traffic to a halt this week according to analysis by LSEG Shipping Research.Since Monday, daily transit data and vessel location data via the LSEG Workspace Interactive Map show no containerships passing the Cape of Good Hope – adding to congestion and delays exacerbated by the Red Sea crisis. The Interactive Map layer shows marine weather and waves over 10 meters high.Fabrice Maille…
Saltchuk Completes OSG Acquisition
Seattle-headquartered Saltchuk on Wednesday announced it has completed its acquisition of Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla.Privately-held Saltchuk—previously OSG’s largest shareholder—said it completed a $950 million transaction to purchase all outstanding shares of OSG common stock at $8.50 per share in cash, making OSG a wholly owned subsidiary.
MARAD Awards $8.75 Million to US Small Shipyards
The U.S. Department of Transportation’s Maritime Administration (MARAD) on Wednesday announced $8.75 million in grant awards to 15 small shipyards in 12 states through the Small Shipyard Grant Program. The funds will help shipyards modernize, increase productivity, and expand local job opportunities while competing in the global marketplace.“Small shipyards are integral to the strength of America’s supply chains and the maritime industry” said U.S. Transportation Secretary Pete Buttigieg.
DNV Updates Class Rules for Ships and Offshore Structures
Classification society DNV has published updates to its rules for classification of ships and offshore structures.The new rules—published on July 1 and slated to enter into force on January 1, 2025—support the development and deployment of decarbonization technologies. In addition, new in-operation class notations seek to bring clarity to the responsibilities of class customers for notations that have a mix of design and operational requirements…
US Navy Takes Delivery of Future USS John Basilone
The U.S. Navy announced it has accepted delivery of its latest Flight IIA Arleigh Burke–class guided missile destroyer, the future USS John Basilone (DDG 122), on July 8.Built by General Dynamics Bath Iron Works in Bath, Maine, DDG 122 will serve as a multi-mission surface combatant capable of conducting Anti-Air Warfare, Anti-Submarine Warfare and Anti-Surface Warfare.Prior to delivery, the ship conducted a series of at-sea and pier-side trials to demonstrate readiness.
Ship Traffic to Resume in Turkey's Bosphorus Strait
Ship traffic in Turkey's Bosphorus Strait is set to resume for northbound vessels as of 1440 GMT, after a suspension earlier on Wednesday due to an operation failure during the towing of a vessel, the Tribeca shipping agency said.(Reuters - Reporting by Ezgi Erkoyun, Editing by Huseyin Hayatsever and Andrew Heavens)
Cox Marine 350 V8 Diesel Outboard Achieves EPA Tier III
Cox Marine announced the new 350 V8, a 350hp variant of its V8 diesel outboard architecture has achieved EPA Tier III approval for commercial and recreational applications, clearing way for the British diesel outboard manufacturer to open its order book in anticipation of production commencing in August.The U.S. Environmental Protection Agency (EPA) is tasked with safeguarding human health and the environment.
Monjasa Adds Two Tankers for West Africa Operations
Oil and shipping group Monjasa on Wednesday announced it has added two secondhand tankers to its owned fleet, in a move that targets growth in West Africa’s offshore industry.The vessels are the 17,200 DWT Monjasa Rover (formerly Fure Nord) and 7,858 DWT Monjasa Hunter (formerly Annelise Theresa), the latter of which joins as a unique fleet addition targeting length-restricted offshore oil and gas vessels in West Africa…
Royal IHC Partners with Nam Trieu for Hopper Dredge Build
Dutch shipbuilder Royal IHC announced it has signed an agreement with the Vietnamese shipyard Nam Trieu for the construction of a 2,300 m³ trailing suction hopper dredger.This project, commissioned by De Boer - Dutch Dredging, marks the beginning of what is expected to be a long term collaboration in Asia, according to Royal IHC."The collaboration with Nam Trieu is the concretization of our two-pillar strategy," says CEO Derk te Bokkel. "We build both in the Netherlands and in the Far East.
Home-Grown: S. Korea's First OCCS put to the Test
KR announced the successful installation of an onboard carbon capture system (OCCS) with purely domestic technology, and it will soon undergo internal verification testing.The project began in April 2023 as a collaborative effort with HMM, Samsung Heavy Industries (SHI) and PANASIA. As a result of this collaboration, the system was installed on the 2,200 teu container ship, HMM Mongla. KR conducted…
New 250kW Hydrogen Fuel Cell Prepped for Maritime
Sydrogen Energy Pte. Ltd. (Sydrogen), a Singapore-based fuel cell components and systems company, announced its entry into the maritime market with a 250 kW fuel cell power module. Developed in a collaboration signed with Shanghai Hydrogen Propulsion Technology Co., Ltd. (SHPT), this system aims to accelerate the adoption of hydrogen technology in the shipping industry, supporting Singapore's maritime decarbonization goals."Through a slew of initiatives both on shore…
WinGD Completes Type Approval Test on Compact Two-Stroke Engine
WinGD reports it has successfully completed type approval and factory acceptance testing for its X52-S2.0 engine, bringing a new option to shipowners in need of compact, medium-bore two-stroke engines. The tests at Yuchai Marine Power Co (YCMP) confirmed the engine’s performance and compliance.The X S series succeeds the RT flex50 and RT flex58 engines and is available in 52cm and 62cm bore sizes, with confirmed orders already for diesel…
MOL Delivers Second Wind Sail-Equipped Bulk Carrier
Mitsui O.S.K. Lines (MOL) has completed the construction of bulk carrier Green Winds, equipped with the Wind Challenger hard sail wind power propulsion system.The construction of the 63,896 DWT Ultramax bulk carrier was completed at Oshima Shipbuilding.MOL Group’s company MOL Drybulk will operate this new vessel.This is the second of a total of nine MOL Group vessels that have been or will be equipped…
MPA and NYK Partner on Sustainability and Digitalization
The Maritime and Port Authority of Singapore (MPA) and Nippon Yusen Kabushiki Kaisha (NYK) have signed a memorandum of understanding (MoU) to deepen their partnership and accelerate maritime decarbonization, digitalization, and human resource development efforts.The MoU was signed by Teo Eng Dih, Chief Executive, MPA, and Takaya Soga, President and Group Chief Executive, NYK, on July 2.The partnership will include promoting the safe use of maritime fuels such as biofuels…
The Nautical Institute Welcomes New President
The Nautical Institute has welcomed Captain Trevor Bailey MNM FNI as its new President. He takes over the presidency from Captain André LeGoubin MNM MA FNI. The election took place at the Institute’s recent AGM held in Manila, Philippines.As President, Captain Bailey will be representing the interests of the members of The Nautical Institute, a non-governmental organization with consultative status at the IMO.As a seagoing and serving Master…
Container Segment Set to be Hardest Hit by FuelEU Penalties
Vessels in the passenger/cruise, container, RoPax, bulker and tanker segments will have significant cost exposure from the FuelEU Maritime regulation due to be implemented from January 1 next year, despite a relatively modest initial target of a 2% cut in GHG intensity, according to OceanScore.The Hamburg-based maritime technology firm’s data analytics team has calculated that shipping will rack up total FuelEU penalties of €1.345 billion in 2025 through analysis of the 13…
