Hearing Scheduled to Examine US Coast Guard Shipbuilding Delays
The U.S. House Homeland Security Subcommittee on Transportation and Maritime Security will hold a hearing to discuss delays in the U.S. Coast Guard’s (USCG) shipbuilding and acquisitions programs.The hearing, announced by the subcommittee's chairman, Rep. Carlos Gimenez (R-Fla.) on Wednesday, will take place on May 7. It will examine the USCG's shipbuilding and acquisitions process, the state of efforts…
Norwegian's Q1 Revenue Miss Overshadows Raised Outlook
Shares of Norwegian Cruise Line Holdings fell more than 12% after the operator's downbeat first-quarter revenue overshadowed a raise in annual profit forecast on Wednesday.Expectations for cruise operators have generally become high after strong booking trends and demand drove up their results and shares last year.Shares of Norwegian and its rival Carnival have seen their growth temper from those highs…
Cruise Operator Viking Makes Strong NYSE Debut
Shares of Viking Holdings rose 9% in their debut on the New York Stock Exchange on Wednesday, giving the travel and cruising company a valuation of $11 billion.Viking opened at $26.15 compared with its initial public offering (IPO) price of $24 in a stellar debut, amid a rebound in stock market listings and at a time when cruise stocks have delivered outsized returns.Founded in 1997, Viking provides destination-focused itineraries including a shore excursion at every port and an onboard and onsh
US Issues Hundreds of Sanctions Targeting Russia, Takes Aim at Chinese Companies
The United States on Wednesday issued hundreds of fresh sanctions targeting Russia over the war in Ukraine in action that took aim at Moscow's circumvention of Western measures, including through China.The U.S. Treasury Department imposed sanctions on nearly 200 targets and the State Department designated more than 80 in one of the most wide-ranging actions against Chinese companies so far in Washington's sanctions aimed at Russia.The U.S.
Improved Rates for Larger Vessels Lifts Baltic Dry Index
The Baltic Exchange's dry bulk sea freight index edged up on Wednesday, buoyed by an uptick in capesize and panamax vessel rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, ticked up to 1,683.The capesize index gained 16 points, or 0.8% to 2,116.
Shaping a Safer and Sustainable Future for Shipping
Sunil Krishnakumar, Senior Technical Manager at the International Chamber of Shipping, provides his key insights on the newly released Engine Room Procedures Guide, Second Edition, by ICS.The shipping industry has embarked on a transformative journey, actively working towards a sustainable future and a safer environment. With a strong commitment to reducing greenhouse gas emissions, the industry is…
Scandlines Announces Executive Management Changes
Ferry operator Scandlines announced changes to its executive management team, hiring Eric Gregoire and Mikael Koch Jensen to join the company as CEO and CFO respectively.Gregoire will start in July 2024 and comes from a position as CEO of Goodpack Pte Ltd. in Singapore. He has previously held positions at several international companies such as General Electric and DuPont.“Scandlines is strongly positioned…
US Navy Expands Shipyard Talent Pipeline in Southern California
The U.S. Navy's Submarine Industrial Base (SIB) program launched the Southern California Talent Pipeline Program in Newport Beach, Calif., April 26. The program will engage hundreds of shipbuilding and ship sustainment suppliers across the region to create maritime-focused manufacturing pipelines that revitalize the defense workforce by addressing critical skill gaps."The strength of the talent pipeline is as vital as any capability of a submarine…
Panama Canal Snarls Blamed on El Nino, Water Management Issues
The El Nino climate phenomenon, not climate change, drove lower rainfall last year that reduced the Panama Canal's water levels and contributed to shipping restrictions that disrupted global trade, a study released on Wednesday found.Prioritizing water for human consumption rather than for the canal also played a role in shipping restrictions, according to the study by research consortium World Weather Attribution.Panama experienced its third-driest year on record in 2023…
US LNG Exports Fall for Fourth Straight Month
U.S. exports of liquefied natural gas (LNG) fell for a fourth consecutive month to 6.19 million metric tons in April from 7.61 million in March on production outages, preliminary data from financial firm LSEG showed on Wednesday.Recurring mechanical problems have hit Freeport LNG, the second largest U.S. plant by capacity. Last month, the Quintana, Texas, terminal exported five cargoes for a total of 330…
New Union Deal Aims to Boost US Navy Shipbuilding Workforce
A new union deal aims to help bolster the workforce of the U.S. Navy shipbuilding and repair industrial base, which has struggled alongside many other sectors to attract and retain the volume of employees needed to achieve efficient operations.The International Brotherhood of Boilermakers (IBB) and the Bartlett Maritime Corporation (BMC) have signed an agreement as part of ongoing efforts to mobilize…
China's Next-generation Aircraft Carrier Starts Sea Trials
China on Wednesday launched sea trials for the Fujian, its third and most advanced aircraft carrier, state media reported.The start of tests by the Chinese navy came nearly two years after the aircraft carrier was first unveiled in June 2022.The Fujian, entirely designed and built domestically, is larger and more advanced than the Shandong, commissioned in late 2019, and the Liaoning, which China bought…
Port Constraints for Canada's Trans Mountain Pipeline May Crimp Oil Exports
Logistical constraints at the Port of Vancouver mean waterborne oil exports from the highly anticipated Trans Mountain pipeline expansion due to start up on Wednesday may only be around half what the Canadian government-owned corporation has forecast, traders and shipping sources said.The C$34 billion ($24.82 billion) project to nearly triple the flow of crude from Alberta to Canada's Pacific Coast to 890…
Dennis Tetzlaff Appointed COO Fleet at Stena Line
Dennis Tetzlaff has been appointed Stena Line’s new Chief Operating Officer Fleet.Tetzlaff enters his new role with a wealth of experience, having worked in various professions within the shipping and cruise industry over the past two decades. Most recently, he comes from TUI Cruises, where he served as the Vice President Fleet Operations & Newbuild.Tetzlaff has a degree in nautical science and maritime transport from the University of Applied Sciences in Emden/Leer…
Brazil’s Import of Russian Clean Petroleum Products Jumps 135%
Since the European Union sanctioned Russian oil exports in 2022, crude oil and dirty and clean petroleum products (CPP) have found new buyers. “India and China have taken most of the crude oil and dirty products while Turkey and Brazil have emerged as the main buyers of CPP. Year-to-date, Brazil’s import of Russian CPP has increased by 135% year-on-year,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Historically…
Carbon Clean Starts CCS Module Construction for FlagshipONE
Carbon Clean has achieved a fabrication milestone on Ørsted’s FlagshipONE project, Europe’s largest commercial-scale e-methanol facility under construction. The first equipment has been mounted on the structural steel of the first module, marking the start of the module assembly process.Once operational, Carbon Clean’s technology will be capable of capturing 70,000 tonnes of biogenic CO2 per year for Ørsted’s facility in Örnsköldsvik…
INTERCARGO Publishes First ESG Review
The evolving environmental, social and governance (ESG) agenda is a roadmap for thriving amidst challenges and securing sustainable success, says The International Association of Dry Cargo Shipowners (INTERCARGO) on publishing its first ESG Review.Kostas Gkonis, INTERCARGO Secretary General advised that a forward-looking attitude is certainly required when addressing key aspects shaping the future of maritime operations and the dry bulk shipping sector more particularly.
Corvus Energy to Supply ESS for First Net Zero Subsea Construction Vessel
Corvus Energy has been selected by HAF Power Solutions (HPS) to supply Energy Storage Systems (ESS) for the Energy Subsea Construction Vessel (ESCV) to be built for shipowner REM Offshore.The new ESCV is of ST-245 design and will be the first vessel to perform heavy construction work in both offshore wind and the subsea market with net zero emissions. The vessel will be equipped with dual-fuel methanol engines and a 1.7MW battery system.
Pilot Error Caused Tanker to Strike Naval Pier in South Carolina
A pilot maneuvering a vessel too close to a bank, before a turn on the Cooper River led to the collapse of a 300-foot section of pier at Joint Base Charleston’s Naval Weapons Station in South Carolina, the National Transportation Safety Board (NTSB) said Tuesday.The 600-foot-long tanker Bow Triumph—owned by Goldex Fortune Ltd. and operated by Odfjell Management AS— struck Naval Weapons Station Pier B while transiting the Joint Base Charleston Channel on Sept.
Houthis Attack Four Ships in Indian Ocean, Red Sea
Yemen's Houthis said on Tuesday they targeted the MSC Orion container ship in a drone attack in the Indian Ocean as part of their ongoing campaign against international shipping in solidarity with Palestinians against Israel's military actions in Gaza.MSC Orion was sailing between the ports in Sines, Portugal and Salalah, Oman, according to LSEG data.Reuters found conflicting information about the registered owner of the MSC Orion.