Esvagt Enters South Korea’s Offshore Wind Market
Danish vessel owner Esvagt and South Korea-based shipping company KMC Line have formed strategic partnership to cooperate on offshore wind opportunities in the East Asian country.A new collaboration between Esvagt and KMC Line, formalized through the signing of the letter of intent, is aiming to unlock the considerable potential in South Korean offshore wind industry.Combining the two shipping companies'…
FMC Updates Controlled Carrier List
Hede (HONGKONG) International Shipping Limited has been classified by the US Federal Maritime Commission as a controlled carrier of the Government of the People’s Republic of China and added to the agency’s Controlled Carrier List.The Controlled Carrier List was further revised by removing COSCO Shipping Lines (Europe) GmbH, which has ceased serving the US trades and has cancelled its tariff. Other…
Japan Continues to Lead Shipowner Rankings
VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst…
Woodside and Kogas Agree LNG Supply Deal
Woodside has signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of LNG to Korea.The SPA provides for the supply of approximately 0.5 million tonnes per annum of LNG for a period of 10.5 years on a delivered basis, commencing in 2026 subject to customary conditions precedent.LNG delivered to KOGAS under the SPA will be sourced from uncommitted volumes across Woodside’s global portfolio, including the Scarborough Energy Project which is targeting
Record Year for Wind Farms Raises Hope for EU Goals
A record year for building new wind farms and a rebound in investments in the sector have raised hopes that the EU may achieve its clean energy targets, industry group WindEurope said on Wednesday.In an annual report, WindEurope described 2023 as a year of "significant improvements" in key areas of Europe's wind energy sector, which struggled in 2022 with soaring inflation, interest rates and volatile…
Centerline Logistics Acquires Tugs and Barges from JMB Shipping
Seattle-based maritime transportation provider Centerline Logistics announced it has acquired a fleet of four liquid tank barges and four tugboats from maritime asset holding company JMB Shipping.The deal closed on February 23, and its terms were not disclosed. Prior to the acquisition, JMB Shipping was owned by JMB Capital Partners Lending, an investment firm that bid $115 million in 2021 to purchase…
New Container Shipping Company Launched in Saudi Arabia
A new container shipping line has been launched in Saudi Arabia.The newly formed company, Folk Maritime, will provide feeder vessel and short-sea shipping services in the Middle East and the surrounding region.The Riyadh-headquartered company is led by CEO Poul Hestbaek, who previously served as CEO of Maersk's Hamburg Sud.Other executives include chief commercial officer Saleem Kadernani, chief financial officer Khalid Fawzi and chief human resources officer Abdulrahman Alshangiti.
Preparing for Change, ABS Enhances the Marine Vessels Rules Book
As maritime faces transcendent changes in regards to decarbonization, digitalization and automation, innovators from inside and outside of the industry will be challenged to deliver new applications and technologies with increased speed and frequency. Sitting at the center of the innovation storm are classification societies, and earlier this year the American Bureau of Shipping (ABS) became the first classification society to incorporate goal-based standards throughout major rule sets…
Houthis Say They Can Reassess Red Sea Attacks if Israeli 'Aggression' Stops
Yemen's Houthis said on Tuesday they could only reconsider their missile and drone attacks on international shipping in the Red Seaonce Israel ends its "aggression" in the Gaza Strip.Asked if they would halt the attacks if a ceasefire deal is reached, Houthi spokesman Mohammed Abdulsalam told Reuters the situation would be reassessed if the siege of Gaza ended and humanitarian aid was free to enter."There…
CMA CGM, COSCO, Evergreen and OOCL Extend OCEAN Alliance to 2032
French shipping company CMA CGM and its business partners COSCO Shipping 601919.SS, Evergreen 2603.TW and OOCL said on Tuesday that they had agreed to extend their 'OCEAN Alliance' co-operation deal for another five years beyond 2027, to 2032.The 'OCEAN Alliance' partnership aims to help customers deal with their supply chains by offering up fast transit times and access to a wide range of ports, said CMA CGM.The agreement to extend the partnership was signed in Shanghai on Tuesday."The decision
Gulf Island Sells Excess Property in Houma
Gulf Island Fabrication, a steel fabricator and service provider to the industrial and energy sectors, announced on Tuesday it has completed the sale of excess property that was part of the company’s facilities located in Houma, La.Gulf Island said the sale to an undisclosed buyer generated net cash proceeds of approximately $8.5 million.“A key aspect of our strategic transformation has been to improve…
GTT Books Samsung Heavy Industries Order for 15 LNG Carriers Tank Designs
French engineering company GTT has received an order from Samsung Heavy Industries for tank designs of 15 new LNG carriers.GTT will design the tanks of these 15 vessels, which will each offer a capacity of 174,000 m3.The tanks will be fitted with the Mark III Flex membrane containment system developed by GTT.The delivery of the vessels is scheduled between the fourth quarter of 2026 and the fourth quarter of 2028.The South Korean shipyard placed an order on behalf of a leading LNG player…
GAO: Coast Guard Should Address Workforce Recruitment and Retention Challenges
The Coast Guard has struggled for years to recruit and retain a sufficient workforce. The U.S. Government Accountability Office (GAO), the non-partisan, fact-based arm of the Congress, has published multiple reports related to the Coast Guard’s workforce including recruitment and retention challenges. Three of these reports published in 2022 and 2023 have resulted in 17 GAO recommendations to address these issues, but as of today, 16 remain open and need to be addressed.
Congo’s First LNG Cargo to Set Sail in Coming Days
The first LNG cargo from Eni's Congo LNG project is currently being loaded and will sail to Piombino’s regasification terminal in Italy in the coming days.With the first cargo, the Republic of the Congo enters the group of LNG exporting countries, opening up opportunities for economic growth while contributing to global energy balance.The Congo LNG project, sanctioned in December 2022, came on stream after just one year…
NYK Receives ClassNK Certification for Offshore Wind CTV Training
NYK has secured certification from ClassNK for Japan’s first training program for crew members of offshore wind industry crew transfer vessels (CTVs).The training is scheduled to be conducted at the Akita School of Wind and Sea training center in Oga City, Akita Prefecture, from April - offering three programs in total.The certification from Class NK is for simulator-based training for operating CTVs…
Red Sea Ship Attacks Hit Regional Economies
“During the first seven weeks of 2024, cargo volumes to and from ports in the Gulf of Aden and Red Sea declined 21% y/y. The number of ships arriving in these ports significantly declined as merchant shipping increasingly avoided transiting through the region due to concerns over attacks on ships by the Houthis,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Since November 2023, Houthi forces have attacked ships in the Red Sea and Gulf of Aden.
Constucution Starts on 10 Incat Crowther Ferries for Majestic Fleet
Singapore’s Majestic Fast Ferry Pte Ltd has commissioned Incat Crowther to design a new second generation 39-m passenger ferry as the basis of its future fleet. Incat Crowther’s range with PT Cahaya Samudra covers four vessels lengths; 29-, 32-, 39- and 42-m.
Damen, Portuguese Navy Co-Develop Multi-Purpose Support Ship (MPSS)
Damen Shipyards Group has unveiled a new ship design based on modern defense and security requirements. The Multi-Purpose Support Ship (MPSS) has been co-developed with the Portuguese Navy, the vessel’s launching customer. It is a solution for the increasing use of drone technology in combat and surveillance. In addition to its primary function, the MPSS is designed to fulfil a wide range of additional tasks…
Wallenius Wilhelmsen Orders Four More Dual-Fuel Carrier Vessels
Wallenius Wilhelmsen, the world’s largest RoRo vessel operator, has declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels. The 9,300 CEU methanol dual fuel vessels can utilize alternative fuel sources, such as methanol, upon delivery.They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and…
New Fuel Supply System Set to Ease Ammonia Adoption by Shipping Industry
Wärtsilä Gas Solutions, part of technology group Wärtsilä, has introduced a new ammonia fuel supply system (AFSS) for ships able to operate with ammonia fuel.The system is available for both liquid and gaseous fuel, enabling the use of ammonia as a marine fuel, according to Wärtsilä.In line with shipping’s transition to decarbonized fuels, ammonia is widely seen as one of the most promising new fuel candidates.