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Shippers Race to Find Alternatives as US Port Strike Looms
U.S. companies that rely on East and Gulf Coast seaports have been importing early, shifting goods to the West Coast, and even putting cargo on pricey flights to hedge against a threatened Oct. 1 strike that could jam supply chains and reignite inflation ahead of the U.S. presidential election."This is just another headache after everything else we've been dealing with," said Kenneth Sanchez, CEO of Chesapeake Specialty Products…
Floating Dock Set to Position Takoradi as Ship Repair Hub
Specialist provider of offshore support services, Interocean Marine Services is supporting a floating dock ship project at the port of Takoradi in Ghana, Africa.Interocean is working in partnership with Prime Meridian Docks Ghana to build and operate the dock, and the project has already secured full financial backing of $137 million.When finished, it will feature a 13,500-tonne lift capacity floating dry dock…
African Maritime Security Takes Center Stage
Fincantieri, Vard Marine (VARD) and Sandock Austral Shipyards forged a partnership to build ships in Africa -- aiming to effectively reshape the African maritime security landscape -- a collaboration centered on the Afrika Offshore Patrol Vessel (VARD 7 055), a 53-meter patrol vessel tailored for the country's operating environment. The deal gives exclusive marketing and manufacturing rights for the VARD 7 055 to Sandock Austral Shipyards across sub-Saharan Africa.Image courtesy VARD
Kohler Energy Rebrands as Rehlko
Kohler Energy, a provider of energy solutions, including power generation, energy storage, and renewable energy technologies, has rebranded under its new corporate name Rehlko.Rehlko will continue operating as an independent enterprise. The company became a stand-alone entity in May 2024 when Platinum Equity completed a transaction with Kohler Company to establish then-Kohler Energy as a stand-alone business.
Drydocks World Orders Region’s Largest Floating Sheerleg Crane
Drydocks World has signed a deal for the largest floating sheerleg crane in the Middle East and Africa.Fabricated by Shanghai Zhenhua Heavy Industries (ZPMC), the new 5,000 tonne crane features a 160-meter-long A-frame and a 600-tonne fly jib that can extend its reach to 180 meters.An automatic ballasting system guarantees stability and includes the integration of a high-capacity ballast water treatment plant.The design…
Greek Court Cuts Prison Sentences in Maritime Cocaine Trafficking Case
A Greek appeals court on Friday reduced the prison sentences of 11 men involved in trafficking 1.2 metric tons of cocaine from the Caribbean into Europe and Africa, in one of the biggest drug busts in Greece's history.Greek police said in 2020 it had dismantled the criminal group after a months-long investigation with assistance from the United States' Drug Enforcement Administration (DEA) and the Albanian and Spanish police.A court in 2021 had handed the defendants…
Global Marine Insurance Market Trending Upwards Since COVID
The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin, Germany, on Monday.The global marine insurance premium base for 2023 was reported as $38.9 billion representing an uplift of 5.9% from the previous year. Development was seen across all lines of business with the offshore energy sector experiencing a 4.6% increase…
Esgian Week 37 Report: New Contracts for Floating Rigs
Esgian provides an update on new contract awards for floating rigs in its Week 37 Rig Analytics Market Roundup.Report SummaryContractsTransocean Ltd. has secured a 365-day contract for the 12,000-ft drillship Deepwater Atlas with bp in the US GOM.Norwegian operator Aker BP has extended the contract for Saipem’s 10,000-ft semisub Scarabeo 8 in Norway.Drilling Activity and DiscoveriesEquinor has found…
Crew Rescued from OSV That Caught Fire Off South Africa
Fifteen crew members have been rescued from an offshore supply vessel (OSV) that went up in flames off the coast of South Africa.The fire reportedly broke out and grew out of control in the messroom aboard the Marshall Islands registered vessel AM Pride on Thursday, in an ocean area approximately 48.5 nautical miles south of Mossel Bay in South Africa's Western Cape province, the South African Maritime…
Containership Under Investigation Over Oil Spill off South Africa
Investigators have placed a Cyprus-registered containership in their crosshairs as the possible source of an oil spill in Algoa Bay off South Africa's East Coast.The spill, which has spread at sea and is impacting the region's wildlife, is believed to have originated from the MSC Apollo, a container vessel anchored in the bay, according to the South African Maritime Safety Authority (SAMSA).MSC Apollo…
Maersk, Hapag-Lloyd Will Expand Alliance Fleet if Red Sea Disruptions Persist
Maersk and Hapag-Lloyd could add more container vessels to an alliance announced earlier this year if shipping disruptions in the Red Sea continue, the companies said on Tuesday.Attacks in the Red Sea by Iran-aligned Houthi militants have since late last year forced shipping companies to reroute traffic away from the Suez Canal and instead sail around Africa, a longer journey that ties up more capacity.Maersk and Hapag-Lloyd in January said they had agreed on a new collaboration, starting in Feb
Esgian Week 36 Report: New Contracts Awarded in India, Guyana and West Africa
Esgian provides an update on new contract awards for Greatship, Transocean, Noble and Stena Drilling in its Week 36 Rig Analytics Market Roundup.Report SummaryContractsGreatship has secured a contract with Cairn for its 350-ft Greatdrill Chetna jackup drilling rig in India. The contract is firm for six months at a dayrate of approximately $90,000, starting in late November or early December 2024.Transocean has secured a binding letter of award from Reliance Industries for its 6th generation 12…
US Gulf Coast-bound Fuel Oil Cargoes Hit Five-year Low
Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened, analysts said.Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such as gasoline and diesel using secondary units.But loadings of those products to the Gulf Coast, America's largest refining hub…
Where Are the Hurricanes? Quiet Atlantic Bucks Forecast for 'Super' Season
Forecasters earlier this year predicted that hurricane activity in the Atlantic Ocean could be supercharged in 2024. But the tropics have been abnormally quiet in recent weeks, often the busiest ones of the year.The Atlantic hurricane season, which officially spans June 1 to Nov. 30, started on a strong note. In early July, Hurricane Beryl became the earliest observed Category 5 storm, the strongest rating…
Maersk Warns of Escalating Disruption as Red Sea Attacks Persist
The negative impact on maritime shipping and global supply chains from attacks in the Red Sea continues to intensify as traffic is rerouted away from the Suez Canal, Danish shipping company A.P. Moller-Maersk said on Thursday.Attacks in the Red Sea by Iran-aligned Houthi militants have disrupted a route vital to east-west trade, with prolonged rerouting of shipments, pushing freight rates higher and…
Norden Completes Norlat Shipping Acquisition
Danish shipping company Norden said on Tuesday that it has closed its acquisition of Nordic dry bulk operator Norlat Shipping.The deal was announced in July but remained subject to regulatory approvals. Financial terms were not disclosed. “We are delighted to have received the green light for the acquisition last week and with the closing of the acquisition today we look forward to welcoming the Norlat Shipping team and customers,” said Norden CEO Jan Rindbo.
Esgian Week 35 Report: Petronas Plans Return to Mexico
Esgian provides an update on plans for Petronas to return to the deep waters off Mexico in its Week 35 Rig Analytics Market Roundup.Report SummaryContractsMalaysia's Velesto said Monday it has secured a Letter of Award for its 350-ft jackup Naga 3 from Vietnam-based Thang Long Joint Operating Company (TLJOC).Dolphin Drilling’s Letter of Intent (LoI) with an undisclosed operator in the UK for its 1…
Muted Tanker Fleet Growth Boosts 2024 Market Outlook
Niels Rasmussen, BIMCO’s Chief Shipping Analyst, predicts a stronger 2024 than 2023 for crude and product tankers.This is despite weaker cargo volumes during the first half of the year.The BIMCO Tanker Shipping Market Overview & Outlook August 2024 states that muted fleet and supply growth in both markets during 2024 is a key enabler for the relatively significant strengthening of the supply/demand…
Grimaldi Takes Delivery of Fifth Energy-Efficient Con-Ro
The Grimaldi Group took delivery of the fifth G5-class multipurpose con-ro from Hyundai Mipo Dockyard.Named Great Casablanca, this vessel will operate between Northern Europe and West Africa, like all six sister ships in the series.With length of 250 metres, beam of 38 metres and deadweight of 45,684 tonnes, the design of the G5 vessels has a completely customized internal configuration enabling them to transport 4…
Oceaneering Reports Multiple UK North Sea Contract Wins
Oceaneering International, Inc. announced that its UK subsidiary, Oceaneering International Services Limited, has secured multiple contracts for decommissioning, inspection, subsea preparation, and installation support services in the U.K. sector of the North Sea. The contracts were awarded by multiple operators in the region and, when combined, total an estimated 65 days with options to extend the contract durations.
Maritime Piracy
Houthi Rockets Wreak Havoc on Middle East Container Shipping
Narco-Submarines: The Hidden Depths of Drug Trafficking
Drug Smuggling on Ships and Submarines: An Escalating Threat
Maersk revises profit forecast upwards due to robust demand and disruptions in the Red Sea.
Global Shipping Carriers Are Feeling the Impact of the War in Ukraine and the Middle East
Maritime Piracy in the Horn of Africa:
Houthis Declare All-Out War on Israeli Shipping, Vowing to Strike Beyond Red Sea
Injustice at Sea: Greek Court Drops Charges in Deadly Migrant Shipwreck
