Libra Group exited the container shipping market this week after selling close to 100 vessels for more than $2 billion over several years to focus on innovation and sustainability as new drivers of growth, the company's executive chairman said.The container market hit rock bottom nearly a decade ago before rebounding to record highs during the COVID pandemic as demand for consumer goods
Crowley Maritime Corporation has owned and operated a lot of vessels since its founding in 1892. But the latest vessel to join its fleet is unlike any other that has come before it.Crowley’s new harbor tug, eWolf, is unique in that it runs 100% powered by batteries, not diesel engines, meaning it produces zero emissions and nearly no noise.
Defense company Babcock Intern has been grated validation from the Science Based Targets initiative (SBTi) for its science-based near and long-term emissions reduction targets aligned with reaching net-zero no later than 2050.In 2021, Babcock launched its Plan Zero 40 decarbonization strategy, which commits to the delivery of a 2030 science-based target in line with a 1.
The Golden Gate Yacht Club (GGYC) represented by BMW Oracle Racing and the Société Nautique de Genève (SNG), the Americas Cup defending champion, represented by Team Alinghi were entwined in a 2.5-year legal battle over multiple court cases, including hearings in the New York Supreme Court and the Appellate Division of the New York Supreme Court, prior to the 33rd edition of the race
The Crown Estate, which manages the seabed around England, Wales and Northern Ireland, has set out further details of a new leasing round for three commercial-scale floating wind projects in the Celtic Sea off the coast of South Wales and South West England. The projects have the potential to deliver enough clean, renewable energy for more than four million homes.
“At the start of October, the capesize order book was at 20 million DWT, a mere 5% of the capesize fleet. The contracting of newbuild capesize ships has gradually decreased since its peak in 2013 and only 5 million DWT were contracted so far in 2023, down 4% y/y. Low freight rates paired with a young fleet are keeping the order book small,” says Filipe Gouveia, Shipping Analyst at BIMCO.
In the first quarter of 2024, global iron ore shipments rose 3.8% y/y on expectation of strong Chinese steel production which, however, failed to materialise. Iron ore supply has grown faster than Chinese demand which could lead to weaker shipments ahead, says Filipe Gouveia, Shipping Analyst at BIMCO.
A 300-acre property along the Mississippi River in Herculaneum, Missouri recently received Port District zoning making way for redevelopment as an intermodal transportation hub and industrial park.Located on the shipping lanes of the Mississippi River, the site has been utilized since the 1700s as a port.
The UK Offshore Wind and Carbon Capture and Storage (CCS) Colocation Forum, set up to provide strategic coordination of colocation research and activity on the nation’s seabed, has commissioned two research projects. The projects are designed to inform the best approach to test and demonstrate the colocation of offshore wind and CCS activities in the future.
Independent finance and capital structuring partner RCP Finance has successfully secured a $15 million credit facility from a leading Asian lender for The Hawks Pvt Ltd., a distributor of high-quality fuel in the Maldives.The Hawks caters to a range of local businesses including resort hotels, super yachts and navy vessels, with a total portfolio of more than 452 clients.
UK-based company Tugdock has signed a Memorandum of Understanding with Salamander floating offshore wind farm to collaborate on innovation for floating offshore wind energy in Scotland.Tugdock, based in Cornwall, UK, has patented marine buoyancy technology that enables heavy marine structures to be built or assembled and loaded-out in ports with water depth or space restrictions.
The Nautical Institute (NI) has announced Rei Misa as the winner of its 2023 Lüddeke Prize.The Lüddeke awards were made possible by a generous legacy endowment from the estate of Captain Christof Lüddeke. The prize recognises an exceptional maritime student – many previous winners have gone on to become leading practitioners in their field with some becoming President of The Nautical Institute.