The Singapore fuel oil market has rallied this week as inventories have dropped at the same time that some supplies in the region do not meet the standards for use as shipping fuel, further reducing the amount of supply available, five trade sources said.Cash premiums for 380-centistoke fuel oil, which is primarily sold for ship fuel, known as bunker fuel, have soared this week to the highest since May 2017. The premium of the prompt-month swap for the fuel over the second-month swap has jumped to the highest since October, underscoring a surge in demand for prompt supply.
Danish shipping giant A.P. Moller-Maersk will be the first in the world to trial artificial intelligence (AI) powered perception and situational awareness technology on a containership.Under a deal signed with Boston-based Sea Machines Robotics, Maersk will install computer vision, Light Detection and Ranging (LiDAR) and perception software aboard one of its new-build Winter Palace ice-class containerships.Sea Machines said its solution uses AI to improve at-sea situational awareness, object identification and tracking capabilities
Each year the August edition of Marine News magazine, the leading voice in the North American workboat market, features the very best 100 leaders and innovators, including workboat owners and operators, builders, OEMs and repairers, and product and service providers.This year's MN100 edition application portal is live and open. Participation is free, but to be considered you must apply at http://mn100.maritimemagazine.com/. The deadline is July 5.Contact Joe Keefe with questions at: keefe@marinelink.com.
A cargo ship collided with a dock on the Parana River in Argentina's grains hub of Rosario on Wednesday, causing a slowdown of activity at terminal 6 in the port of General San Martín and raising soymeal prices."The southern pier of terminal 6 is operational, with difficulties on the barge docks due to the blockage caused by the ship that generated the accident," said Guillermo Wade, manager of Argentina's Chamber of Port and Maritime Activity."The north dock of terminal 6 suffered some serious damage. One operator working in the area suffered a minor blow, but nothing serious," Wade said.
Singapore-based Keppel Corp said on Wednesday its offshore rig-building unit is on track to deliver in May what the shipbuilder said will be the first tugboat in southeast Asia that can run on liquefied natural gas (LNG). The vessel will be one of seven dual-fuel vessels the company is building, and will be able to run on LNG and diesel, a spokesman for Keppel said, without disclosing how much the ship cost to build. A second dual-fuel LNG tug is due to be delivered by June or July, he said.
TUI Cruises’ new 315 m flagship was delivered today from Finnish shipbuilder Meyer Turku.The fifth Mein Schiff cruise ship to be built by Meyer Turku for German owner TUI Cruises, the new Mein Schiff 1 is based on a new design created as an evolution from the existing Mein Schiff series.The builder’s architecture and engineering team, working together with TUI Cruises and its architects, used the previously delivered Mein Schiff 3 and Mein Schiff 4 as a starting point when beginning to work on the Mein Schiff 1 design in 2015.
Belgian tanker operator Euronav's average spot rates for its very large crude carriers (VLCCs) fell 53.8 percent to $18,725 per day in the first quarter, as challenging conditions continued in the freight market, the company said on Wednesday. Tanker companies have been suffering from a glut of excess capacity which has weighed on rates, while OPEC oil production cuts have added to the pressure. "The rebalancing of the tanker market requires further affirmative action in reducing primarily older tonnage, restraint from contracting and a supportive oil price structure
London's Baltic Exchange is developing a container shipping index with Hong Kong-headquartered group Freightos in another sign that the centuries-old business is moving into new markets. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates, including ones used by the multi-billion dollar freight derivatives market. The Baltic and its partner on the initiative Freightos, a digital container platform which also has a global database of freight rates
View from the foremast to the bow of container vessel Cap San Antonio entering the port of Le Havre, France.Herbert Boettcher took this photo for Hamburg Süd when he traveled on the container ship Cap San Antonio from Europe to South America and back to Hamburg. Boettcher started with his worldwide long time project Seamotion in 2004.Boettcher is a German professional photographer working worldwide for shipping companies to create photos of merchant ships with his unique visual language.
Singapore on Wednesday announced a $1.1 billion plan to expand and modernize its port, the world's second-biggest, but which is in fierce competition with several Chinese harbors including Shanghai, Shenzhen and Guangzhou.The Maritime and Port Authority of Singapore (MPA) said it has awarded a project worth S$1.46 billion ($1.10 billion) for the second phase of its Tuas Terminal port development to a joint venture of firms, including Korea's Hyundai Engineering and Construction.
Singaporean rig builder Sembcorp Marine Ltd said on Wednesday first-quarter profit fell 86 percent, and signaled a subdued outlook for orders and business volumes.Sembcorp Marine said profit came in at S$5.3 million ($4 million) for the three-month period ended March, compared with S$37 million in the same period a year ago.The year-ago profit was boosted by an one-off gain from the disposal of Sembcorp Marine's stake in Cosco Shipyard Co.
Norwegian offshore oil services firm Subsea 7 is open to potentially sweetening its $2 billion offer for McDermott if the U.S. company would work with it to identify additional benefits of a deal, Subsea said on Wednesday. The Norwegian firm's comments come a week before McDermott's shareholders vote on a planned combination with Chicago Bridge and Iron (CB&I), which McDermott's board has recommended its investors to support while rejected Subsea's proposal "Subsea 7 is open to considering amending its proposal if it can discover additional value through discussions with the McDermott