The offshore rig market recovery appears to have taken a pause, with demand tapering off and marketed utilization hitting the lowest levels recorded since recovery began in 2021. A variety of factors have contributed to this – including Saudi Aramco’s suspension of over 30 jackup contracts by up to one year, the entry of newbuild rigs into the market without work to go to
Shares in South Korean shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean rose more than 15% and 16%, respectively, today, after two U.S. senators debuted a bill to allow the U.S. Navy to build naval vessels in a shipyard located in a U.S. allied country.Senators Mike Lee (R-UT) and John Curtis (R-UT) have introduced two new bills aimed at enhancing the readiness and capabilities of the
“At the end of 2024, the container ship order book was 8.3m TEU, a new record compared with the previous high of 7.8m TEU in early 2023,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As 4.4m TEU were contracted during 2024, the second highest ever, the order book grew despite deliveries hitting a new record high of 2.9m TEU.
Dry bulk contracting falls 70% below average amid low rates.“Over the past three months, dry bulk newbuilding contracting has been 70% below the yearly average. Declining freight rates in recent months, a cloudy outlook and high newbuilding prices contributed to the slowdown, and contracting in 2024 will likely fall short of 2023 levels,” says Filipe Gouveia, Shipping Analyst at BIMCO.
HII announced today that it has entered into a definitive agreement to acquire substantially all of the assets of W International SC, LLC and Vivid Empire SC, LLC (collectively “W International”), a South Carolina-based complex metal fabricator specializing in the manufacture of shipbuilding structures, modules and assemblies.
A German warship operating as part of the United Nations' UNIFIL peacekeeping mission shot down a drone off the coast of Lebanon on Thursday, the German defense ministry told Reuters, as unease builds over the safety of the U.N. troops in the country.UNIFIL positions have come under fire in Lebanon since Israel launched a ground operation against Hezbollah militants on Oct.
The Greek-registered oil tanker MV Sounion, which was hit by Houthi militants in the Red Sea last month, has been successfully towed to a safe area without any oil spill, the EU's naval mission in the Red Sea Aspides said on Monday.(Reuters - Reporting by Renee Maltezou; Editing by Hugh
Yemen's Houthi group has agreed to allow tugboats and rescue ships to reach a damaged crude oil tanker in the Red Sea, Iran's mission to the United Nations said on Wednesday, after the Iran-aligned militants attacked the Greek-flagged vessel last week.The Sounion tanker is carrying 150,000 tonnes, or 1 million barrels, of crude oil and poses an environmental hazard, shipping officials said.
Yemen's Iran-aligned Houthi group has agreed to a temporary truce to allow tugboats and rescue ships to reach the damaged Greek-flagged crude oil tanker Sounion in the Red Sea, Iran's mission to the United Nations in New York said on Wednesday."Several countries have reached out to ask Ansarullah (the Houthis)
The European Union's mission in the Red Sea, known as Aspides, said on Wednesday there was no oil spill in the area of the MV Sounion tanker that was targeted recently off Yemen's coast.Aspides added that the Greek-flagged oil tanker was still anchored and not drifting.The Pentagon said on Tuesday the tanker was still on fire in the Red Sea and appeared to be leaking oil.
The Greek-flagged ship Sounion has been on fire since Aug. 23 after an attack by Yemen's Houthis with no obvious signs of an oil spill, EU Red Sea naval mission Aspides said in a post on X on Monday.The EU mission published photos dated Sunday showing fire and smoke coming out of the vessel's main deck.
Hungary has detained the captain of a Swiss-based cruise ship involved in a collision with a small motor boat on the Danube River late on Saturday that killed two people, with five others still missing, police said on Monday.The accident was reported on Saturday night after a 35-year-old man was found with a bleeding head wound near a main road by the river near Veroce