Maritime Industry Top News
Baltic Index Sees Worst Day on Record as Vessel Demand Wanes
The Baltic Exchange's dry bulk sea freight index on Tuesday posted its worst decline on record, pressured by waning rates across vessel segments due to weak demand from China amid surging COVID-19 cases.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, lost 265 points, or 17.5%, to 1,250, its biggest daily percentage drop since 1984.The capesize index dropped 626 points…
Stolt Tankers’ Schroeder Named Director at ITOPF
Stolt Tankers’ Managing Director, Maren Schroeder has joined the board of ITOPF Limited, a not-for-profit organization specializing in preparedness for and response to accidental marine spills.“I am pleased to be able to contribute to this very important area in my new role as director at ITOPF,” said Schroeder, who will fulfil her ITOPF duties alongside her role at Stolt Tankers. “Sharing insights…
WESI, LeeWay Bring Hydrogen Fuel Solutions to Atlantic Canada
Engineering firm Waterford Energy Services Inc. (WESI) and vessel owner/operator LeeWay Marine are collaborating to bring hydrogen fuel supply to Atlantic Canada for marine applications.The two Canadian companies said early front-end engineering and design (E-FEED) has commenced for a Phase 1 Pilot. The collaboration has identified strategic locations for the provision of shore-based hydrogen fuel supplies. In addition, vessels of opportunity have been surveyed for fuel conversion feasibility.
Risking Death at Sea, Rohingya Muslims Seek Safety in Indonesia
Crying with relief after a traumatic 40-day voyage to Indonesia in a leaky boat, Rohingya Muslim Fatimah bin Ismail held a mobile phone with shaky hands as she made a video call to relatives. The 19-year-old was among 174 surviving Rohingya in the overloaded wooden fishing boat when it washed up on the shores of Indonesia's Aceh province this week. Around 200 had been on board, fleeing poverty and persecution, when it set off across the Indian Ocean from Bangladesh on Nov. 21.
First Full LNG Cargo Arrives to Uniper's Wilhelmshaven LNG Terminal
Today, Uniper brought Germany’s first full cargo of liquefied natural gas (LNG) to the new LNG terminal, operated by Uniper, in Wilhelmshaven.The LNG ship Maria Energy, owned by Tsakos Energy Navigation was loaded in Calcasieu Pass, USA, at the liquefaction facility of the LNG supplier Venture Global Calcasieu Pass, LLC, on December 19, 2022.The Uniper LNG terminal in Wilhelmshaven was opened on December 17, 2022.
Volstad Orders NES Battery Pack for Subsea Construction Vessel
Norway's Volstad Maritime has contracted HAV Group subsidiary Norwegian Electric Systems (NES) to deliver the battery package and associated control system for battery charging to one of its subsea construction vessels.Bergen-based NES will provide the equipment to the Deep Cygnus in connection with a forthcoming vessel upgrade to battery power notation before the vessel enters a new charter contract in early 2024.During the past six months…
Ship Recycling: Happy New Cheer
As we close out another year, sub-continent markets remain suspended at their weakest point for some time now. Pricing remains firm (given the historical price average has been around $350/LDT or so), but sentiments and conditions on the ground across all locations remain somewhat precarious.While Bangladesh has been the main proponent of such concern – given the ongoing financial crisis that has resulted…
GTT Ceases Its Activities in Russia
French engineering group Gaztransport & Technigaz (GTT) said on Monday it was stopping its activities in Russia after analyzing the latest European sanction packages which include a ban on engineering services with Russian firms.The group said its contract with Russian shipbuilding company Zvezda for 15 ice-breaking liquefied natural gas (LNG) carriers would be suspended as of Jan.
Maersk Completes Acquisition of Logistics Firm Martin Bencher
Danish shipping giant A.P. Moller - Maersk (Maersk) announced it has completed its $61 million acquisition of Danish project logistics company Martin Bencher Group.“With the addition of Martin Bencher, we are strengthening our ability to offer project logistics services to our global clients while providing a more comprehensive offering to a wide array of industries. As such, Martin Bencher really is an excellent fit to Maersk and our integrator strategy…
US Lease Sale off Alaska Coast Draws One Bid
The U.S. government on Friday received just a single bid, from Hilcorp Alaska, for oil and gas drilling rights off the coast of Alaska the first federal auction in the region in more than five years.The offer of nearly 1 million acres in the Cook Inlet was among the concessions to the oil and gas sector included in President Joe Biden's signature climate change law, the Inflation Reduction Act (IRA).Under the law, the Interior Department is required to hold the sale by Dec. 31.
Iran Holds Naval Drills in the Gulf
Iran held joint naval, air, and ground exercises in the Gulf on Friday near the strategic Strait of Hormuz waterway, state media reported.The drills involve submarines and drones "practising information-gathering operations against attacking forces, as well as reconnaissance operations,” Admiral Habibollah Sayyari told the official IRNA news agency.The exercises, code named Zolfaghar-1401, were launched overnight Friday in the eastern side of the strait in the Gulf of Oman.Tehran…
Management Shuffle at SunStone Ships
Sunstone Ships reports that its president Ulrik Hegelund, 52, has, for family reasons, decided to move back to Denmark. As of January 1, 2023, Hegelund will take the position as CFO of SunStone Maritime with overall responsibility for the group’s accounting, budgeting, cash flow, reporting, legal, and IT matters.As of January 1, Christian Lund, 40, will take over the position as President of SunStone Ships Inc., Miami.
US Judge Orders Norwegian Cruise Line to Pay $110 Million for Use of Cuba Port
Norwegian Cruise Line must pay $110 million in damages for use of a port that Cuba's government confiscated in 1960, a U.S. judge ruled on Friday, a milestone for Cuban-Americans seeking compensation for Cold-War era asset seizures.The decision by U.S. District Judge Beth Bloom in Miami follows her March ruling that the use of the Havana Cruise Port Terminal constituted trafficking in confiscated property owned by the plaintiff…
Ecuador Insecurity, Drug Crime Hitting Shipping
Insecurity in Ecuador is hurting the Andean country's exports of products like bananas and shrimp, an exporters association said, amid assaults on shipping containers and contamination of shipments with drugs.At least 63 people linked to exports of bananas, shrimp and cacao - the raw material used to make chocolate - were murdered by organized criminal groups in 2022, while another 1,500 have been injured during attacks…
Chevron Sending Two Oil Tankers to Venezuela Under US Approval
U.S. oil company Chevron Corp is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years…
Hafnia to Add Four Dual-fuel LR2 Newbuilds
Hafnia will soon welcome four new dual fuel LR2 product tanker additions to its fleet from China's Guangzhou Shipyard International (GSI).Owned by a joint venture of Hafnia and CSSC Shipping, the vessels will be time chartered out, including two each for TOTAL Energies and Equinor.The newbuilds are currently under construction and the first of the vessels Hafnia Languedoc, will be delivered in January 2023, with Hafnia Loire following in April.
Boluda Towage Starts Ops to Support German FSRU
Boluda Towage has started towing services at the German port of Lubmin for the first installation of a floating LNG storage plant.The Deutsche ReGas LubminLNG import terminal will become the first operational FSRU-based facility in Germany. The floating storage and regasification unit is based inside the port of Lubmin, where an existing gas pipeline allows for a quick connection.In mid-December 2022…
Seapeak Completes Evergas Acquisition
Canadian headquartered shipowner Seapeak on Thursday announced it has completed its previously announced acquisition of Danish shipping company Evergas from France-based Jaccar Holdings.Evergas…
Finnlines’ Second New Superstar RoPax Vessel Launched
Finnlines’ second new Superstar passenger-freight vessel, Finncanopus, was launched on Friday at the China Merchants Jinling Shipyard in Weihai. The new Superstar class ro-pax vessels, along with sister vessel Finnsirius launched in August 2022—both part of Finnlines’ €500-million investment program—will enter service in 2023, serving the Naantali–Långnäs–Kapellskär route between Finland, Åland Islands and Sweden.Both vessels have capacity for 1…
2023 Outlook: The Offshore Service Vessel Market
The market for offshore support vessels has been through a rather rough few years since offshore exploration and production activity took a nose-dive in 2015 following the oil price crash the year before.The newbuild order boom that came with the ever-greener pastures imagined in the industry ensured that not only was the supply- and demand balance off by an insurmountable degree in the years that followed…
