Singapore's Cyan Renewables, which operates vessels for offshore wind farms, said on Thursday it will buy its Australian peer MMA Offshore for A$1.1 billion ($725.67 million), marking the largest take-private deal in this space in the Asia Pacific region.MMA shareholders will receive A$2.
Shares of Viking Holdings rose 9% in their debut on the New York Stock Exchange on Wednesday, giving the travel and cruising company a valuation of $11 billion.Viking opened at $26.15 compared with its initial public offering (IPO) price of $24 in a stellar debut, amid a rebound in stock market listings and at a time when cruise stocks have delivered outsized returns.
Germany's IG Metall union on Tuesday said it had preliminary talks with Carlyle on the investment firm taking a majority stake in Thyssenkrupp Marine Systems and agreed to push for an agreement as quickly as possible.In a newsletter seen by Reuters, the union however insisted that a stake sale to private equity investors could only happen if the state stepped in as well to secure the
As Senator Roger Wicker of Mississippi once said, “Growth in commercial shipbuilding facilitates growth in the battle fleet.” Sen. Wicker shrewdly recognizes that America’s manufacturing capacity and national security are deeply intertwined. A robust commercial shipbuilding and repair industry is a critical cornerstone of this capacity.
Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive
Philly Shipyard on Friday held a keel laying ceremony for the fifth and final vessel in a series of new purpose built, state-of-the-art training ships for America’s state maritime academies.The U.S. Department of Transportation’s Maritime Administration (MARAD) new vessel program – known as National Security Multi-Mission Vessels (NSMVs) – was designed to provide world-class training for
War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers.
A merchant ship sailing off Somalia has been hijacked by unknown raiders, Spain's defence ministry said on Tuesday, fuelling fears pirates are returning to the Gulf of Aden and Red Sea waters already plagued by a surge in attacks on shipping.A Spanish warship rushed to check on the Maltese-flagged vessel Ruen on Friday after reports it had been hijacked.
Oil prices were little changed on Tuesday as investors eyed the impact on oil supply after attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Brent crude futures rose 6 cents to $78.01 a barrel at 0726 GMT. The front-month U.S.
Tanzania on Sunday signed agreements with Dubai state-owned ports operator DP World to operate part of the Dar es Salaam port for 30 years, a deal that has previously been opposed by Tanzania opposition and rights groups.Plasduce Mbossa, director general of state-owned Tanzania Ports Authority (TPA) which currently manages the port
The shipping industry lacks clarity on future clean fuels and regulatory systems which is holding back companies from replacing ageing vessels amid pressure to decarbonise faster, U.N. agency UNCTAD said on Wednesday.Shipping, which transports over 80% of world trade and accounts for nearly 3% of the world's carbon dioxide emissions
The maritime industry is exploring whether nuclear fuel can be used to power commercial ships as advancements in technology open up such options, industry officials said. Nevertheless, any possible nuclear fuel solutions for ships are at least 10 years away, they added.Shipping accounts for nearly 3% of global CO2 emissions and the industry is under pressure from investors and environmentalists