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…
AiP Granted for Ship-to-Ship Ammonia Bunkering Boom
A bunkering boom jointly developed by NYK and TB Global Technologies (TBG) for the ship-to-ship supply of fuel ammonia received Approval in Principle (AiP) from Nippon Kaiji Kyokai (ClassNK).NYK says the development will significantly enhance the safety of supplying ships with ammonia, which is highly toxic, by employing TBG's technology to ensure the liquid does not leak.The most distinctive feature…
Fire on Staten Island Ferry Caused by Design Flaw, Lack of Training
A 2022 fire aboard the Staten Island Ferry Sandy Ground was caused by a combination of engine design flaws and insufficient training for engineering crewmembers, the National Transportation Safety Board (NTSB) revealed on Tuesday.The incident occurred on December 22, 2022, as the ferry, carrying 884 passengers, was navigating New York Harbor between Staten Island and Manhattan. The fire ignited in the engine room, resulting in $12.7 million in damages.
Inside the USN's Maritime Expeditionary Security Force
The Navy’s Maritime Expeditionary Security Force (MESF) operates ashore, at sea and in the waters of harbors, rivers, bays and across the littorals to conduct maritime security operations across all phases of military operations by providing port and harbor security and high-value asset security inland, on coastal waterways, and ashore.According to Lt. Cmdr. Kara Handley, Navy Expeditionary Combat Command spokesperson…
Panama Canal to Increase Transit Slots as Droughts Ease
The Panama Canal expects to increase the number of daily transit slots for vessels to 36 from the current 34 beginning in September, the canal's deputy administrator said, as rains allow authorities to ease drought-imposed restrictions.Panama experienced its third-driest year on record in 2023, lowering the canal's water level and forcingits authority to limit the number of vessels using the waterway that connects the Atlantic and Pacific Oceans.At times…
US Navy Takes Delivery of USS Nantucket
The U.S. Navy on Monday accepted delivery of the future USS Nantucket (LCS 27) from the Fincantieri Marinette Marine shipyard in Marinette, Wis.Delivery of the latest Freedom-variant Littoral Combat Ship (LCS) follows the successful completion of Acceptance Trials in December 2023. Nantucket will commission later this year, and will be homeported in Mayport, Fla.“The future USS Nantucket serves as…
Kongsberg Maritime Wins Contract for 11th Tärntank Wind-assisted Tanker
Kongsberg Maritime announced it has been awarded a further contract from Danish operator Tärntank to design and equip its 11th hybrid chemical tanker, which will be wind-assisted. This latest order brings the total of vessels ordered by Tärntank to 11, with the latest five featuring wind-assist technology.The new 15,000 dwt vessels are equipped with a range of Kongsberg Maritime technologies aimed at energy conservation and emission reduction.
