Maritime Industry Top News
Stena Bulk Debuts InfinityMAX Electric Vessel Design Concept
As shipping companies face mounting societal and regulatory pressure to decarbonize, innovative alternative designs are expected to become the norm rather than the exception. Stena Bulk unveiled the InfinityMAX hybrid bulk carrier concept, intended to push the boundaries for zero carbon, multi-modal vessel design. It is electric and modular, designed to enable sustainable, zero carbon, efficient and…
USA: Senator Cruz Puts Hold On Biden's CIA Pick over Nord Stream 2 Pipeline
Republican Senator Ted Cruz put a hold late on Friday on President Joe Biden's pick to lead the Central Intelligence Agency to pressure the administration to put tough sanctions on Russia's Nord Stream 2 natural gas pipeline project.The Senate Intelligence Committee last week backed William Burns, a former ambassador to Russia, by a unanimous vote. Burns has been confirmed by the Senate for five previous…
Brent Tops $70 after Houthi Attack on Saudi Oil Export Hub
Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security.The Saudi energy ministry said there were no casualties or loss of property from the attacks. The defense ministry said it intercepted an armed drone coming from the sea prior to hitting its target at an oil storage yard at Ras Tanura…
AG&P Gets OK to Develop the Philippines LNG Import Terminal in Batangas Bay
- Atlantic Gulf & Pacific Company (AG&P) said on Monday its Philippines subsidiary has received the green light to develop a liquefied natural gas (LNG) import and regasification terminal in Batangas Bay, south of Manila.The firm, part owned by Osaka Gas and the Japan Bank for International Cooperation, said the Philippines' energy department has issued it a notice to proceed to develop the terminal…
Damen Launches Financial Services Division
As of April 1, 2021, Damen Shipyards Group will start a specialized Financial Services division to support clients in the financing of new ships by means of both operational and financial lease constructions.In itself it is not new that Damen assists its clients in attracting financing for new ships. This has been happening for 30 years, the company said. “However, the demand for lease solutions is increasing,” explained Jan Willem van Helden, managing director of Damen Financial Services.
Handysize 38kt Time Charter Average FFA is 'Perfect Timing'
Forward freight agreement (FFA) trades for a basket of 38,000-dwt handysize time charter rates will help operators take longer-term cover with less risk, says shipbroker Simpson Spence Young.Following an ever-strengthening charter market, SGX have confirmed a launch date for the new offering as April 19, 2021, with EEX aiming for early May pending regulatory approval. Both exchanges are keen to promote…
Life Raft from Missing Fishing Vessel Found off Scotland
A life raft has been recovered from the fishing vessel Nicola Faith, which went missing with three aboard off the coast of Colwyn Bay, Wales on January 27.The raft was found off the coast of Kirkcudbrightshire, Scotland by HM Coastguard and has been positively identified by the Marine Accident Investigation Branch (MAIB) as being from the Nicola Faith. The next of kin have been informed of this development.The…
Plimsoll Marine Takes Delivery of Pushboat Rock Solid
Bayou La Batre, Ala. shipbuilder Master Marine, Inc. (MMI) has delivered the 67’ x 28’ pushboat Rock Solid to Plimsoll Marine. The Rock Solid is the third of four vessels that MMI is scheduled to deliver to the Lower Mississippi River push boat operator.“The delivery of the Rock Solid marks another milestone in our effort to build and maintain our industry’s most modern and capable fleet of push boats,” said Angus R. Cooper III, President, Cooper/T. Smith.
Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S. West Texas Intermediate (WTI) crude rose $1.87…
Trelleborg Acquires Composite Hose Supplier Gutteling Group
Trelleborg has, through its Trelleborg Industrial Solutions business area, signed an agreement and finalized the acquisition of the Dutch company Gutteling Group BV. The company develops and sells composite hoses to the chemical industry and is the market leader in hoses for liquefied natural gas (LNG) ship-to-ship transfer. The acquisition complements Trelleborg’s industrial hose, and specifically, composite hose, offering.
Bulk Carrier Caught Dumping Garbage in Great Barrier Reef
A shipping company and chief officer have been convicted in Australia for dumping garbage near the Great Barrier Reef, the world's largest coral reef system.Following…
Another Vessel Joining Nord Stream 2 Pipeline Construction
The consortium behind the Nord Stream 2 undersea gas pipeline said on Thursday a second Russian pipe-laying vessel is undergoing sea trials ahead of joining the project, as it presses on with construction despite growing political pressure.The vessel, the Akademik Cherskiy, left the German port of Wismar on Thursday with the intention of later joining the project in Danish waters, the consortium told Reuters.The United States has criticized the plan to build the pipeline from Russia to Germany…
Eastern Pacific Shipping to Operate Methanol- and Ammonia-powered Vessels
Singapore-headquartered shipping company Eastern Pacific Shipping (EPS) said on Friday that it signed a memorandum of understanding (MOU) with OCI N.V. (OCI) and…
St. Johns to Construct Unique Tankship for IMF
Palatka, Fla. based St. Johns Ship Building is constructing a self-propelled, 10,000 gallon, USCG Inspected, double-hull tankship for Intracoastal Marine Fuel (IMF) of Jupiter, Fla. Designed by JMS Naval Architects, the 53- by 18-foot tankship design is unique for its compact size and diesel outboard propulsion.The innovative design is the smallest vessel to receive U.S. Coast Guard plan approval as a Subchapter D tankship.IMF will use the vessel to deliver marine diesel to mega-yachts…
China Pledges to Build 'Polar Silk Road' Over 2021-2025
China will construct a “Polar Silk Road” and actively participate in the development of Arctic and Antarctic regions, it said in its new 2021-2025 “five-year plan” published on Friday.The plan said China would “participate in pragmatic cooperation in the North Pole” and “raise its ability to participate in the protection and utilization of the South Pole”.China has been eyeing lucrative mineral resources as well as potential new shipping routes in Arctic regions…
Bulk Carrier Reports Attempted Attack off the Philippines
A Bangladeshi flagged bulk carrier was approached by suspected attackers off the coast of the Philippines on Wednesday.The ReCAAP ISC said it received information from the Philippine Coast Guard about the incident involving Akij Pearl off Sibutu Island, Tawi-Tawi, Philippines.While the bulk carrier was underway, an unidentified speed boat with three perpetrators on board attempted to board the ship at about 10:45 a.m. local time on Wednesday.
Valaris Set to Emerge from Bankruptcy as Reorganization Plan Approved
Offshore drilling company Valaris, the world's largest by fleet size, has received approval from the United States Bankruptcy Court for the Southern District of…
IMO-led Meeting Addresses Dumping at Sea
Preventing pollution from dumping of wastes at sea relies on global frameworks, regional conventions and protocols and national regulations, the UN's shipping agency, the International Maritime Organization (IMO) said. To be effective, these need to be aligned and implemented effectively. This was the subject of a March 2 meeting organized by IMO's Office of the London Protocol and Ocean Affairs (OLCP&OA) and UNEP/MAP.The meeting was attended by Barcelona Convention Contracting Parties…
Kari Wilkinson Named President of Ingalls Shipbuilding
America's largest military shipbuilder Huntington Ingalls Industries (HII) announced Friday that its board of directors has elected Kari Wilkinson to serve as executive vice president of HII and president of HII’s Ingalls Shipbuilding division, effective April 1. She will succeed Brian Cuccias, who announced that he will retire April 1.Kari Wilkinson, who will report to HII executive vice president and COO Chris Kastner…
LNG Shipping Market Primed for Growth
Liquefied natural gas (LNG) ships are set to receive an earnings boost from restocking demand after colder conditions drove a scramble for supplies and record high freight rates, a top LNG tanker player said.A cold snap in Europe and Asia in January and in North America last month increased heating demand, prompting prices to jump in several markets, while inventories fell."You need to replenish stocks because of the cold northern hemisphere winter in both Asia and in Europe.
