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.
Divers scoured the wreck of a luxury yacht off Sicily's coast on Tuesday to find six missing people, including British tech entrepreneur Mike Lynch and a Morgan Stanley executive, following an intense storm that sank the vessel on Monday.The British-flagged Bayesian, a 56-metre-long (184-ft) superyacht, was carrying 22 people and anchored off the port of Porticello when it was hit by the fierce
Shipowners in all sectors face the same decision: build new or refurbish older tonnage. In the booming cruise sector the decision is more pressing, particularly as new construction ships can take two to three years to build, perhaps longer today with global shipyard orderbooks packed full.
The Arab Shipbuilding and Repair Yard Company (ASRY) announced that Dr. Ahmed AlAbri has been appointed the new chief executive officer (CEO) of the shipyard, effective August 2024.AlAbri has more than 25 years of experience in the field, having served a variety of executive roles in the regional maritime industry.
Product and chemical tanker shipping company Ardmore Shipping Corporation on Monday announced that its current senior vice president and chief commercial officer Gernot Ruppelt will succeed company founder Anthony Gurnee as CEO.Gurnee will retire on September 16, 2024, at which point Ruppelt will step into the CEO position and current CFO Bart Kelleher will take on the additional role of
Singapore-based Seatrium has secured a series of major contracts for vessel repairs, upgrades and conversions, set for completion by the end of 2025.With an aggregate value of S$350 million ($259 million), the contracts have reinforced Seatrium’s reputation as a one of the market leaders in vessel repairs, upgrades and conversions.
Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly 3.5 million pounds ($4.4 million).Staveley, who owns 10% of the Premier League side with her husband, denied she was liable to Victor Restis for a sum that had snowballed with interest to over 36 million pounds.
France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.
Dr. Kishore Rajvanshy is stepping down after three decades as managing director of Fleet Management Limited (FLEET), currently the world’s largest third-party ship management company.FLEET announced it has begun implementing a phased succession plan as Rajvanshy transitions from his current role, with a global search for a new managing director underway.
Maersk Tankers announced it has acquired U.S. pool operator Penfield Marine, creating a large-scale crude and product tanker company with around 240 vessels under its management.Maersk Tankers’ CEO, Tina Revsbech, said, “Penfield Marine has over the years built a solid position and presence in the industry and is a perfect match to Maersk Tankers.
Norwegian cruise ship MS Maud is being towed to Bremerhafen in Germany after a violent North Sea storm shattered windows on the bridge, causing a power outage late on Thursday, Danish authorities said on Friday.The ship's 266 passengers and 131 crew members were safe, a spokesperson for the Danish Joint Rescue Coordination Centre (DJRC) told Reuters
The Norwegian cruise ship MS Maud suffered a power outage after a rogue wave shattered windows on the bridge while it sailed in the North Sea, causing the vessel to lose its ability to navigate, Danish authorities and the ship's owner said on Thursday.The 266 passengers and 131 crew members were safe, according to the Danish Joint Rescue Coordination Centre."There is no power on the ship.