Maritime Industry Top News
Trump's Tariff Increase Would Dramatically Raise Shipping Costs, Experts Say
U.S. presidential contender Donald Trump's plan to hike tariffs on imports if he is elected back to the White House in November would send cargo rates soaring and accelerate inflation, just like it did during his 2017-21 term, shipping and retail experts said.Trump, who is running against Democratic Vice President Kamala Harris in the Nov. 5 election, has floated second-term plans for blanket tariffs of 10% to 20% on virtually all imports as well as tariffs of 60% or more on goods from China…
USACE Opens Channel for Commercial Navigation at Monongahela River Locks and Dam 3
The U.S. Army Corps of Engineers Pittsburgh District opened a 100-foot-wide navigation channel for commercial vessels through the center of the dam at Monongahela River Locks and Dam 3 near Elizabeth, Pa. The first commercial navigation vessel passed through the channel on Thursday, September 5.“Opening the navigation channel ahead of schedule was a significant achievement,” said Col. Nicholas Melin…
Russia Strikes Civilian Grain Vessel in Black Sea, Ukraine Says
Ukraine accused Russia on Thursday of using strategic bombers to hit a civilian grain vessel with a missile in the Black Sea in NATO member Romania's maritime economic zone, in what it described as a "brazen attack" on freedom of navigation.President Volodymyr Zelenskiy said the vessel carrying Ukrainian grain to Egypt had been hit by a Russian missile just after it exited Ukrainian territorial waters…
Risky Salvage of Houthi-hit Tanker Sounion to Restart This Week
Experts will this week resume a risky operation to salvage the Sounion tanker which was attacked by Yemen's Houthis in the Red Sea last month and still holds about one million barrels of crude oil, maritime sources said on Thursday.The towing of the Greek-registered vessel - which was struck, lost power and caught fire on Aug. 21 - was paused after it was deemed unsafe by the companies initially involved in the project.Officials have said the towing operation will be particularly delicate…
Maritime Robotics Lands $12M Investment to Power International Growth
Maritime Robotics, a provider of uncrewed surface vessels (USVs) and autonomous navigation systems in the maritime industry, has closed a $12 million capital raise, which will be used to accelerate business growth and international expansion.The funding round was co-led by the Nordic cleantech fund NRP Zero and the Norwegian state-owned fund Nysnø Climate Investment, with significant participation from Umoe and Holta Invest.As the market for maritime autonomous vessels continues to grow rapidly…
US Navy Sets November Date for USS Nantucket Commissioning
The U.S. Navy has set November 16, 2024, as the date of commissioning of future USS Nantucket (LCS 27), a Freedom-variant littoral combat ship.The commissioning will take place at Charlestown Navy Yard in Boston, Massachusetts.The naming of LCS 27 honors the rich heritage of the people of Nantucket and the maritime legacy that the island represents.As the sponsor of LCS 27, Polly Spencer, the wife of the 76th Secretary of the Navy…
Valmet Books Methanol Retrofit Order for Two CMA CGM’s Container Ships
Finland-based Valmet has been selected CSSC Qingdao Beihai Shipbuilding in China to deliver automation solutions for methanol fuel conversion projects aboard two CMA 9300SHI container ships.The vessels will be upgraded at CSSC Qingdao Beihai Shipbuilding in China for the French operator CMA CGM.The delivery includes applying a methanol control system and a methanol safety system.The order, whose value has not been disclosed…
DNV, Brinav Team Up for Autonomous Shipping Technologies
Classification society DNV and Navigation Brilliance (Brinav) have signed a memorandum of understanding (MoU) to collaborate in fast-tracking the development and approval of autonomous and remote-controlled shipping technologies.The signing of the MoU signifies a wider collaboration effort between DNV and Brinav and a strategic step towards realizing the potential of the autonomous technology for maritime industry.Brinav…
Ten Start-Ups Jump into Decarbonization Innovation
Dutch maritime start-up accelerator PortXL has presented its 2024 cohort and connected them to partners and mentors.The Matchmaking Monday event took place at the RDM, the Rotterdam space for innovative companies, technology education, high-quality test facilities and field labs.For the partners and PortXL’s team this was the conclusion of months of gathering industry questions and problems, and finding and evaluating start-ups and scale-ups to match these challenges.
New Formula Biodegradable Hydraulic Fluid Promises High Performance
Chevron has introduced Clarity Bio EliteSyn AW. The new formula, biodegradable hydraulic fluid is suited to marine, construction and other environmentally sensitive applications.Chevron says that with a Total Oxidation Stability Test (TOST) life of over 10,000 hours, it outperforms existing products in the market.The zinc-free fluid has a high level of renewable carbon of ≥90% and meets or exceeds the biodegradation, toxicity and bioaccumulation limits of government regulations.
German Parliament Greenlights Rescue Plan for Shipbuilder Meyer Werft
Germany's lower house of parliament and the state parliament of Lower Saxony have approved the rescue of Meyer Werft, one of the world's biggest cruise ship builders, members of the budget committee told Reuters on Wednesday.Although the shipbuilder's order books are full, it has an almost 2.8 billion euro ($3.1 billion) financing gap due to the delayed effects of a demand dip during the COVID-19 pandemic.The German government and that of the state of Lower Saxony…
Marine Fuels Supplier Peninsula Splits Off Shipping Operations
Marine fuels supplier Peninsula has spun off its shipping operation into a separate entity named Hercules Tanker Management (HTM), a Peninsula press release said on Wednesday, seeking to expand in the tanker freight sector.Hercules will take over Peninsula's vessel assets and operate as an independent ship owner, trading its vessels in tanker freight markets as well as continuing to service privately owned Peninsula's cargo and supply operations."Now…
$54 Million Worth of Cocaine Seized in the Caribbean Sea
The U.S. Coast Guard worked alongside international partners to seize tens of millions of dollars worth of cocaine from drug smugglers in the Caribbean Sea.The Coast Guard said its cutter Diligence offloaded more than 4,125 pounds of cocaine, worth an assessed street value of approximately $54 million, in Port Everglades, Fla. on Monday.The illegal narcotics were seized in international waters during three separate interdictions, involving U.K. Royal Navy ship HMS Trent (P 244), U.S.
Offshore Driller Seadrill Has Its Sights Set on Asset Acquisitions, M&A
Offshore drilling contractor Seadrill is looking to buy more assets or create a larger player by merging with peers, the company's CEO said on Wednesday.Norwegian-born billionaire John Fredriksen lost the control of the company, once the world's largest driller by market cap, to its creditors over two debt restructurings since 2014.Now a much leaner and smaller company, New York-listed Seadrill itself is looking to buy distressed assets or players with "distressed balance sheets"…
Key Louisiana Energy Port Operations Halted as Hurricane Francine Approaches
The U.S Coast Guard on Wednesday suspended operations at the offshore energy services hub Port Fourchon, Louisiana, as hurricane Francine bore down on the coast, according to a shipping advisory.The temporary closure of Port Fourchon, home to marine and equipment suppliers to offshore oil producers, follows the suspension of marine traffic at the deepwater Louisiana Offshore Oil Port (LOOP), and the commercial ports of New Orleans…
UK Hits at Russia's 'Shadow Fleet' with Fresh Vessel Sanctions
Britain has slapped sanctions on 10 further ships in Russia's so-called "shadow fleet" of vessels which it says use illicit practices to avoid Western restrictions on Russian oil.Russia rejects Western pressure to limit its oil exports, and in the past year there has been a growth in the number of tankers transporting cargoes that are not regulated or insured by conventional Western providers."Today’s sanctions further undermine Russia’s ability to trade in oil via its shadow fleet," British for
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
Italian Court Ends Detention for MSF Migrant Rescue Ship
The international aid group Medecins Sans Frontieres (Doctors Without Borders - MSF) on Wednesday obtained the release of its migrant rescue ship, which had been grounded two weeks ago by Italy's right-wing government.MSF's Geo Barents vessel was handed a 60-day detention order, the longest on record, for allegedly failing to properly coordinate with Italian and Libyan authorities as it picked up migrants off Libya on Aug.
Canadian and Norwegian Coast Guards Ink New Partnership Agreement
Canada and Norway have signed a deal to expand cooperation between the two allied nations' coast guards, in a move to boost marine safety and environmental protection in high latitudes.The Canadian Coast Guard this week announced it has signed a Letter of Intent (LOI) with the Norwegian Coast Guard "formalizing joint efforts in data analysis, education and training, decarbonization, and Arctic scientific research…
The ‘Boat Nerds’ Ringleader – Morgan Fanberg, CEO, Glosten
When he joined Glosten more than 26 years ago as an intern, little did Morgan Fanberg know that one day he’d be at the helm leading one of the largest privately owned naval architecture firm in the United States. But this USMMA-grad was well outfitted for the task, and in this Maritime Matters: The Marinelink Podcast, Fanberg’s passion for the maritime industry and his company is clear as he candidly discusses the challenges he…
