Finland's public transport agency said that an oil tanker suspected of damaging undersea cables in the Baltic Sea was found to have serious deficiencies and will not be allowed to operate until repairs have been made.Baltic Sea nations are on high alert after a string of power cable, telecom link and gas pipeline outages since Russia invaded Ukraine in 2022.
As geopolitical tensions rise globally, and President Trump prepares to reenter the White House later this month, focus turns to the maritime sector and China's growing dominance. So when the U.S. Department of Defense released on the Federal Register on January 7, 2025 a "Notice of Chinese military companies operating in the United States
Abu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has taken delivery of two new Medium Range (MR) tankers, M.T. Saiph and her sister ship from K Shipbuilding Korea.Each vessel is equipped with an Exhaust Gas Cleaning System (EGCS) and engineered to accommodate alternative fuels such as Liquefied Natural Gas (LNG), ammonia, and methanol.
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.
Offshore drilling contractor Seadrill is looking to buy more assets or create a larger player by merging with peers, the company's CEO said on Wednesday.Norwegian-born billionaire John Fredriksen lost the control of the company, once the world's largest driller by market cap, to its creditors over two debt restructurings since 2014.
Austal USA LLC has pled guilty and has agreed to pay $24 million to resolve an investigation by the U.S. Justice Department related to an accounting fraud scheme and efforts to obstruct the Defense Contract Audit Agency (DCAA) during a financial capability audit.The Justice Department’s criminal resolution was coordinated with the U.S. Securities and Exchange Commission (SEC).
U.S. maritime companies Crowley and SEACOR Holdings on Thursday announced the formal launch of their joint venture Fairwater Holdings LLC, an independent U.S. company integrating the firms’ petroleum and chemical transportation vessels, capabilities and personnel.Active in all major Jones Act coastwise tank vessel trades, Fairwater supports the transportation of petroleum products
A global operational alliance between two of the world’s largest container shipping companies will not go into effect next week as planned following a move by the U.S. Federal Maritime Commission to study the potential competitive impacts of the arrangement.The FMC said on Friday it is seeking more information to determine the potential competitive impacts of the proposed Gemini Cooperation
The Iranian Navy frigate Sahand entirely sank in shallow waters on Tuesday in the southern port of Bandar Abbas, Nournews agency said, after it was briefly repositioned following its initial capsizing on Sunday."The Sahand warship, which was rebalanced on the water with great difficulty on Monday, has now sunk after the rope holding the ship broke," said Nournews
Denmark-based A.P. Moller - Maersk has launched a dedicated division to provide installation services to the growing offshore wind industry.Maersk Offshore Wind has been formed as a spin off from Maersk Supply Service (MSS), which was acquired by Norwegian offshore supply vessel company DOF Group in a $1.11 billion in a cash and stock deal.The newly formed company is owned by A.P.
Malaysia-based offshore services firm Sapura Energy has through its joint venture companies secured $1.8 billion worth of contracts with Brazil’s state-owned energy giant Petrobras for the provision of subsea services and six pipe-laying support vessels (PLSVs).Sapura Energy has through the joint ventures owned by Seabras Sapura Holding and Seabras Sapura Participações
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.