Seatrium is Back in the Black
Seatrium Limited returned to profitability in the half year ended 2024, the first time since its formation in 2023.Seatrium recorded a revenue of S$4.0 billion for 1H2024, a notable 39% growth from S$2.9 billion for 1H2023, mainly due to progressive revenue recognition from newbuild projects and increased repairs and upgrades activities.The Group’s underlying performance also improved. Seatrium’s underlying EBITDA was S$390 million for 1H2024…
BIMCO: Strong Bulk Market May Cool as 2025 Nears
The BIMCO Dry Bulk Shipping Market Overview & Outlook July 2024 by Niels Rasmussen, BIMCO’s Chief Shipping Analyst, anticipates that the supply/demand balance will strengthen in 2024 but weaken in 2025.Supply is estimated to grow by 3-4% in 2024 and 1.5-2.5% in 2025, while demand is projected to grow by 4.5-5.5% in 2024 and weaken by 1-2% in 2025.Freight rates are expected to stay strong during the rest of 2024, but demand could ease amid high inventories among importers.
Snow & Company Delivers Hybrid Research Vessel Resilience to PNNL
Seattle shipbuilder Snow & Company announced it has delivered the newly built plug-in hybrid research vessel Resilience for the Pacific Northwest National Laboratory.The first and only hybrid vessel in the Department of Energy's (DOE) fleet, the 50-foot aluminum catamaran was designed by Incat Crowther with propulsion integration provided by Pacific Power. Hybrid propulsion is accomplished by joining twin Volvo Penta marine engines, and two Danfoss motor-generators.
Eying US Growth, Echandia to Produce Marine Batteries in Washington State
Sweden-based marine batteries manufacturer Echandia announced it will open a production facility in Washington State in response to quickly-growing demand for maritime electrification products in the United States.Designed and certified for maritime use, Echandia's lithium-ion based battery systems are currently in use aboard tugs and ferries as commercial vessel owners and operators increasingly turn to hybrid and full electric vessels to reduce emissions.“The U.S.
Crowley and SEACOR Launch Fairwater Joint Venture
U.S. maritime companies Crowley and SEACOR Holdings on Thursday announced the formal launch of their joint venture Fairwater Holdings LLC, an independent U.S. company integrating the firms’ petroleum and chemical transportation vessels, capabilities and personnel.Active in all major Jones Act coastwise tank vessel trades, Fairwater supports the transportation of petroleum products, chemical and specialty parcels, as well as Alaskan crude oil.
Old Hickory Lock Drained for Maintenance; More Than 50 Cracks Found
The Old Hickory Lock on the Cumberland River is scheduled to reopen to commercial marine navigational the coming days after being drained for inspection and maintenance.Workers with the U.S. Army Corps of Engineers Nashville District recently closed and dewatered the 70-year-old lock to examine the condition of its components under the river's surface.Joe Adawag, civil engineer technician with the Nashville District Navigation Branch Lock Section…
Senate Confirms Graham as Next USACE Chief
The U.S. Senate on Wednesday confirmed Major General William H. “Butch” Graham Jr. as the 56th chief of engineers and commanding general of the U.S. Army Corps of Engineers. Graham is currently serving as the deputy chief of engineers and deputy commanding general for civil works and emergency operations. His long Army career includes leadership positions supporting both civil works and military construction.He will succeed Lt. Gen. Scott A.
Rayha to Succeed Graney as President of General Dynamics Electric Boat
Mark Rayha has been selected to become the next president of Electric Boat, the submarine builder's parent company General Dynamics announced on Thursday.Rayha, who serves as the yard's current senior vice president and chief operating officer, will succeed Kevin Graney, who will retire at the end of this year. Rayha's appointment becomes effective December 1.Rayha joined General Dynamics in 1989 at Land Systems. He became CFO of General Dynamics Mission Systems in 2015.
Hornblower Group Names Mike Flaskey CEO
Marine transportation and experiences company Hornblower Group announced it has appointed Mike Flaskey as its new chief executive officer.Flaskey will lead Hornblower through its next phase following the company's recent emergence from Chapter 11 bankruptcy under new ownership. He succeeds outgoing CEO Kevin Rabbitt."We are thrilled to welcome Mike as Hornblower’s new CEO," said Jonathan Waggoner, Co-Head of the North American Operating Team at Strategic Value Partners…
India Summons Sri Lanka Envoy Over Deadly Ship Collision
India summoned the Sri Lankan envoy on Thursday to protest following a collision between one of its fishing boats and a Sri Lankan naval vessel that killed a fisherman, with a second missing, authorities said.The collision took place 5 nautical miles north of Katchatheevu, an island at the focus of contention between the neighbours, although India ceded it to Sri Lanka 50 years ago. Indian fishermen…
OCIMF Appoints BP's Klaoudatos as New Chair
The Oil Companies International Marine Forum (OCIMF) has appointed bp’s Senior Vice President Shipping Lambros Klaoudatos as its new Chair. Lambros takes over the position from Nick Potter, who has been involved with OCIMF at board level since 2014 and has been the organization’s Chair since 2022.Lambros has almost 30-years of industry experience across technical, commercial, project management and leadership roles both at sea and onshore.
Japan Seeks Extradition of Anti-whaling Activist Apprehended in Denmark
Japan is seeking the extradition of a U.S.-Canadian anti-whaling activist, who has been held in custody in Greenland since July 21, Danish and Japanese authorities said on Thursday.Denmark has previously said Japan was seeking Paul Watson - founder of the Sea Shepherd activist group and the Captain Paul Watson Foundation - on charges of breaking into a Japanese vessel in the Antarctic Ocean in 2010…
Renovations Commence at NOAA's Research Vessel Pier in Charleston
NOAA held a groundbreaking ceremony to signal the start of renovations at its pier facility in North Charleston, S.C.The project, expected to wrap up in 2026, includes the demolition of the site's existing pier and construction of a new one for NOAA's ships homeported in Charleston, the Ronald H. Brown and Nancy Foster. The new pier will feature shoreside power for the vessels, as well as a warehouse…
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…
