The Indian government will offload a stake of about 5% in shipbuilder Cochin Shipyard COCH.NS, an exchange filing showed on Tuesday.The floor price for the sale is 1,540 rupees, an 8% discount to the stock's Tuesday close, the filing showed. At this price, the stake is valued at 20.26 billion rupees ($241.2 million).The base size of the offer will be 2.5%, amounting to about 6.
U.S. dock workers and port operators have reached a tentative deal that will immediately end a three-day strike that has shut down shipping on the U.S. East Coast and Gulf Coast, the International Longshoremen's Association (ILA) union and the United States Maritime Alliance (USMX) said on Thursday.
Long lines of container ships lined up outside major U.S. ports on Thursday as the biggest dockworker strike in nearly half a century entered its third day, preventing unloading and threatening shortages of everything from bananas to auto parts.No negotiations were scheduled between the International Longshoremen's Association and employers, but the port owners
Efren Dominico has been a fisherman in the Bay of Manila in the Philippines for 43 years and survived countless storms, but nothing prepared him for the day when an oil tanker sank off the coast in July and cut him off from his livelihood.The motor tanker Terranova capsized and sank off the tow of Limay, on the western side of Manila Bay, carrying 1.
Washington State Ferries announced it has canceled the sale of two retired vessels after the buyer failed to meet its contractual obligations and left a tugboat crew abandoned in Puget Sound.Sold in August for $100,000 apiece, the decommissioned WSF ferries Elwha and Klahowya had been sold to Nelson Armas, who has gained approval from the U.S.
Shipping giant CMA CGM said on Thursday that brisk international trade and Red Sea disruption supported its main maritime division in the second quarter and should limit any market slowdown later this year as new ship capacity arrives.The world's third-largest container shipping line reported a 6.8% year-on-year increase in volumes in the second quarter.
Ship engine manufacturer Wärtsilä expects to deliver its first ammonia-fueled engine on a new vessel in early 2025, with more widespread sales expected in the 2030s, a company executive told Reuters.Ammonia is among several alternative fuels that shippers are exploring to reduce carbon emissions.
Louis Dreyfus Armateurs (LDA) has unveiled a concept for a first-of-its kind service operations vessel (SOV) that runs on liquid hydrogen.The French-headquartered company said it has been working alongside Norwegian naval architecture firm Salt Ship Design as well as main equipment suppliers, fuel providers, class and flag authorities
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.
The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest.
Greek shipowner Diana Shipping on Wednesday announced it has placed an order for two new methanol dual-fuel Kamsarmax bulk carriers from China's Tsuneishi Group (Zhoushan) Shipbuilding Inc.The 81,200 dwt newbuilds were ordered at a purchase price of $46 million each, Diana said. The vessels are expected to be delivered by the second half of 2027 and the first half of 2028, respectively.
A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.The auction total was the highest of any federal offshore oil and gas lease sale since 2015, according to a Reuters tally.