Maersk's Profits Boosted by Red Sea Disruption
Shipping group Maersk raised its full-year earnings and market demand forecasts on Thursday, partly due to disruptions to Red Sea trading routes, but also said prospects for the fourth quarter were uncertain.The Danish group, seen as a barometer of world trade, said it now expected global container market volumes to increase 4-6% this year, up from its previous forecast of growth at the upper end of a 2.5-4% range.It added…
US Navy Shipbuilder Huntington Ingalls Beats Q2 Estimates
Huntington Ingalls Industries on Thursday reported better-than-expected second-quarter results, as heightened global tensions drove up demand for aircraft carriers, amphibious assault ships and submarines.The Virginia-based company reported a profit of $4.38 per share for the quarter ended June 30, ahead of analysts' estimates of $3.62. Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions.Huntington Ingalls, the largest U.S.
Silverstream Opens Operations Center in the UK
Maritime air lubrication company Silverstream Technologies has opened its new Global Operations Center in Southampton, U.K., in an effort to enhance its operational capabilities and support the existing fleet. The new hub, which accommodates more than 40 employees, is also equipped for further R&D on Silverstream’s Control and Monitoring System (CMS) solutions.Founded in 2010, Silverstream completed its first installation in 2014 and today has 80 systems installed on board ships.
Kevin King Takes Over as TT Club CEO
Transport and logistics insurer TT Club announced Thursday that Kevin King has stepped into the role as CEO, succeeding Charles Fenton effective August 1.Originally based in the U.S., King has long held positions within Thomas Miller managed businesses, and transferred to London in 2015 to lead the Europe, Middle East and Africa region at TT. More recently he served as the insurer’s Chief Operating Officer and acted as deputy CEO to over the last year.Fenton said…
GTT Books Tank Design Orders for CMA CGM’s 12 LNG Container Ships
French engineering firm GTT has received two orders from its Korean partner HD Korea Shipbuilding & Offshore Engineering (HD KSOE) to design the cryogenic fuel tanks for 12 new LNG-fueled container vessels on behalf of CMA CGM.Under these new orders, HD Hyundai Heavy Industries (HHI) and HD Hyundai Samho (HSHI) will each build six container ships.Each ship will offer a capacity of 15,500 TEU and integrate LNG tanks with a total volume of 12…
Ocean Safety Launching Addition to Jon Buoy Range at SMM 2024
Ocean Safety will be launching an addition to its man overboard Jon Buoy range - the Jon Buoy Recovery Module MK 6 Valise - at SMM 2024 in September.Suited to bulkhead stowage, the Jon Buoy Recovery Module MK 6 Valise is a full man overboard (MOB) solution enabling deployment of a device that can locate, support and recover a MOB.The valise version allows the Jon Buoy Recovery Module to be fitted to…
Xeneta: Ocean Container Shipping Market Reaches Tipping Point
The ocean container shipping market reached a tipping point in July, with long term rates on major fronthaul trades showing signs of life just as spiraling short term rates begin to soften.The Xeneta Global XSI®, which covers all valid long term contracts in the market, edged up 2.5% in July to stand at 151.5 points.More notably, the underlying XSI® sub-index for Far East Exports – which includes the…
OceanScore Opens Singapore Office
OceanScore has opened a new office in Singapore that will enable it to better serve regional clients as the company sees rising Asian demand for its digital solutions geared towards efficient regulatory compliance with the EU ETS and FuelEU Maritime.The new locale in the Lion City marks the latest expansion by the Hamburg-based maritime technology firm, which also has offices in Poland and Madeira…
WSC Readies Green Balance Mechanism Proposal for IMO
Following positive response and encouraging conversations with IMO member nations and other stakeholders, the World Shipping Council (WSC) has further developed the Green Balance Mechanism, a regulatory measure designed to ensure that shipping meets its net-zero goal by 2050 in an efficient, just and equitable way.A detailed proposal, including design updates and regulatory text for the Green Balance Mechanism…
Electric Tug HaiSea Wamis Arrives at Kitimat Home Base
The all-electric tugboat HaiSea Wamis is the first of HaiSea Marine’s five new eco-friendly tugs to travel from North Vancouver to the company's base of operations in Kitimat.A team of eight Haisla members piloted the HaiSea Wamis home, marking a milestone for HaiSea Marine, a partnership primarily owned by the Haisla Nation and Seaspan ULC. This occasion was a family affair for the Ross family, spanning three generations: Ed Ross…
Rand Logistics Acquires Andrie
Rand Logistics, a dry bulk shipping group operating on the Great Lakes, announced on Wednesday that it has reached a deal to acquire Andrie from Auxo Investment Partners, marking the company's expansion into liquid bulk shipping. Financial terms were not disclosed.Andrie, based in Muskegon, Mich., transports specialty liquid products such as asphalt, cement, refined oil products and calcium chloride…
Norwegian Cruise Line Boosts Profit Forecast Again Amid Soaring Demand
Norwegian Cruise Line Holdings on Wednesday raised its annual profit forecast for a third time this year, riding on sustained demand for luxury voyages and higher ticket prices.With people continuing to splurge on experiences and services over discretionary goods, operators have seen record booking rates for affordable cruise vacations, giving them enough opportunity to increase ticket prices."We are…
Shipbuilder Fincantieri Reports Rise in H1 Earnings
Italian shipbuilder Fincantieri reported a 16% jump in first-half earnings to 214 million euros ($231.31 million) and a six-fold increase in its order book to 7.6 billion euros, mainly driven by the cruise and defense sectors.Revenues remained stable at 3.68 billion euros, as shipbuilding revenue, amounting to 69% of the total, decreased due to changes made to the production schedule for some ships.($1 = 0.9252 euros)(Reuters - Reporting by Philippe Leroy, Editing by Louise Heavens)
Baltic Dry Index Slides to Three-month Low
The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, slipped to its lowest level in three months on Tuesday, weighed down by lower rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 35 points, or 2%, to 1,762, hitting its lowest level since May 1.The capesize index fell 83 points, or 3.2%, to 2,499, declining for a eighth consecutive session.Average daily earning
Bay Shipbuilding Delivers US' Largest LNG Bunker Barge to Crowley
Crowley on Wednesday announced it has taken delivery of the liquefied natural gas (LNG) bunker barge Progress, the largest U.S. Jones Act-compliant vessel of its kind, after construction was completed at Fincantieri Bay Shipbuilding in Sturgeon Bay, Wis.The Progress will expand access to cleaner energy for ship operators at the Port of Savannah, Georgia, upon final commissioning there this month. Shell NA LNG…
Russia Flexes Naval Muscle with Massive Drill Involving 300 Ships, 20,000 Sailors
Russia's navy began planned exercises involving most of its fleet in the Arctic and Pacific oceans as well and the Baltic and Caspian seas, the defense ministry said on Tuesday.Russia is considered by most military analysts to have the world's third most powerful navy after those of the United States and China, and Russia has a significant ballistic-missile nuclear submarine fleet.The Russian drills…
Amogy Holds Renaming Ceremony for Ammonia-fueled Tug NH3 Kraken
Amogy held a renaming ceremony for NH3 Kraken, a 57-year-old tug the company is converting to run on its cleaner-burning ammonia-to-power technology.The 105-foot-long tug, which is undergoing conversion work at Feeney Shipyard in Kingston, N.Y., is scheduled to make its maiden voyage on a tributary of the Hudson River later this summer. The vessel is the first globally fitted with the innovative, carbon-free power system…
Concordia Damen Books River Cruise Ship Order from Swiss Operator
Concordia Damen has secured a contract with an undisclosed Swiss luxury river cruise operator to deliver its River Cruise 135 vessel.The new ship will have hybrid propulsion for reduced fuel consumption and lower emissions, high insulation, laser-controlled ventilation, and environmentally friendly materials are used for the outfitting, to name but a few features. “We are excited to partner with this leading Swiss operator to deliver our innovative River Cruise 135.
Fincantieri, Leonardo JV Secure $1.6B Deal with Italian Navy for Two Frigates
Orizzonte Sistemi Navali (OSN), a joint venture owned by Fincantieri (51%) and Leonardo (49%), has secured a $1.6 billion contract to deliver two new FREMM EVO frigates for the Italian Navy.As part of the multi-year FREMM program aimed at the renewal of the Italian Navy's fleet through the construction of next-generation frigates, OSN signed a contract with OCCAR (Organisation Conjointe de Coopération en matière d'Armement) for the construction of two new FREMM frigates of the EVOLUTION version…
German Cruise Operator Picks ABB's DC Tech for Improved Safety and Efficiency
Germany-based cruise operator Phoenix Reisen has retrofitted its 205-meter, 835-passenger capacity ship MS Amera with ABB’s DC technology to improve the vessel’s efficiency and lower its emissions during port calls.The vessel is now equipped with ABB’s Onboard DC Grid power system platform and shore connection.Following commissioning and sea trials, Amera has become the first cruise ship retrofitted…