Maritime Industry Top News
Hornblower Group Names Mike Flaskey CEO
Marine transportation and experiences company Hornblower Group announced it has appointed Mike Flaskey as its new chief executive officer.Flaskey will lead Hornblower through its next phase following the company's recent emergence from Chapter 11 bankruptcy under new ownership. He succeeds outgoing CEO Kevin Rabbitt."We are thrilled to welcome Mike as Hornblower’s new CEO," said Jonathan Waggoner, Co-Head of the North American Operating Team at Strategic Value Partners…
India Summons Sri Lanka Envoy Over Deadly Ship Collision
India summoned the Sri Lankan envoy on Thursday to protest following a collision between one of its fishing boats and a Sri Lankan naval vessel that killed a fisherman, with a second missing, authorities said.The collision took place 5 nautical miles north of Katchatheevu, an island at the focus of contention between the neighbours, although India ceded it to Sri Lanka 50 years ago. Indian fishermen…
OCIMF Appoints BP's Klaoudatos as New Chair
The Oil Companies International Marine Forum (OCIMF) has appointed bp’s Senior Vice President Shipping Lambros Klaoudatos as its new Chair. Lambros takes over the position from Nick Potter, who has been involved with OCIMF at board level since 2014 and has been the organization’s Chair since 2022.Lambros has almost 30-years of industry experience across technical, commercial, project management and leadership roles both at sea and onshore.
Japan Seeks Extradition of Anti-whaling Activist Apprehended in Denmark
Japan is seeking the extradition of a U.S.-Canadian anti-whaling activist, who has been held in custody in Greenland since July 21, Danish and Japanese authorities said on Thursday.Denmark has previously said Japan was seeking Paul Watson - founder of the Sea Shepherd activist group and the Captain Paul Watson Foundation - on charges of breaking into a Japanese vessel in the Antarctic Ocean in 2010…
Renovations Commence at NOAA's Research Vessel Pier in Charleston
NOAA held a groundbreaking ceremony to signal the start of renovations at its pier facility in North Charleston, S.C.The project, expected to wrap up in 2026, includes the demolition of the site's existing pier and construction of a new one for NOAA's ships homeported in Charleston, the Ronald H. Brown and Nancy Foster. The new pier will feature shoreside power for the vessels, as well as a warehouse…
Maersk's Profits Boosted by Red Sea Disruption
Shipping group Maersk raised its full-year earnings and market demand forecasts on Thursday, partly due to disruptions to Red Sea trading routes, but also said prospects for the fourth quarter were uncertain.The Danish group, seen as a barometer of world trade, said it now expected global container market volumes to increase 4-6% this year, up from its previous forecast of growth at the upper end of a 2.5-4% range.It added…
US Navy Shipbuilder Huntington Ingalls Beats Q2 Estimates
Huntington Ingalls Industries on Thursday reported better-than-expected second-quarter results, as heightened global tensions drove up demand for aircraft carriers, amphibious assault ships and submarines.The Virginia-based company reported a profit of $4.38 per share for the quarter ended June 30, ahead of analysts' estimates of $3.62. Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions.Huntington Ingalls, the largest U.S.
Kevin King Takes Over as TT Club CEO
Transport and logistics insurer TT Club announced Thursday that Kevin King has stepped into the role as CEO, succeeding Charles Fenton effective August 1.Originally based in the U.S., King has long held positions within Thomas Miller managed businesses, and transferred to London in 2015 to lead the Europe, Middle East and Africa region at TT. More recently he served as the insurer’s Chief Operating Officer and acted as deputy CEO to over the last year.Fenton said…
GTT Books Tank Design Orders for CMA CGM’s 12 LNG Container Ships
French engineering firm GTT has received two orders from its Korean partner HD Korea Shipbuilding & Offshore Engineering (HD KSOE) to design the cryogenic fuel tanks for 12 new LNG-fueled container vessels on behalf of CMA CGM.Under these new orders, HD Hyundai Heavy Industries (HHI) and HD Hyundai Samho (HSHI) will each build six container ships.Each ship will offer a capacity of 15,500 TEU and integrate LNG tanks with a total volume of 12…
Ocean Safety Launching Addition to Jon Buoy Range at SMM 2024
Ocean Safety will be launching an addition to its man overboard Jon Buoy range - the Jon Buoy Recovery Module MK 6 Valise - at SMM 2024 in September.Suited to bulkhead stowage, the Jon Buoy Recovery Module MK 6 Valise is a full man overboard (MOB) solution enabling deployment of a device that can locate, support and recover a MOB.The valise version allows the Jon Buoy Recovery Module to be fitted to…
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…