The owner and operator of the cargo ship that struck Baltimore's Francis Scott Key Bridge in March, killing six people, have agreed to pay $102 million to the federal government, the U.S. Justice Department said on Thursday.The department in September filed a civil claim seeking $103 million from two Singaporean companies, Grace Ocean Private Limited and Synergy Marine Private Limited.
International shipping company Hapag-Lloyd raised its full-year earnings guidance on Thursday citing stronger-than-expected demand and higher freight rates.Despite increased expenses from the diversion of vessels around the Cape of Good Hope, Hapag-Lloyd says it now expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2024 of between $4.
Private equity firm Carlyle has dropped out of a bidding process for the warship division of stricken conglomerate Thyssenkrupp, the German company said on Tuesday.Carlyle's withdrawal as a suitor for Thyssenkrupp Marine Systems (TKMS) is a major blow to Thyssenkrupp's restructuring, which also includes plans for a 50:50 steel joint venture with Czech billionaire Daniel Kretinsky.
Investment holding company Ocean Wilsons has agreed to sell its 56.47% stake in Brazilian unit Wilson Sons to shipping services provider SAS for 4.35 billion reais ($764.9 million), it said on Monday.London-listed Ocean Wilsons, which is the controlling shareholder of shipping firm Wilson Sons, said in a statement it was a "compelling time" for the sale
Ships carrying Russian liquefied natural gas (LNG) to Asia are returning to the longer routes around Africa's Cape of Good Hope rather than those along the Arctic shore as the winter season begins, LSEG data showed on Thursday.Russia's new Arctic LNG 2 project also lacks enough ice-class gas carriers to continue navigation along the Northern Sea Route, although some such tankers still sail it.
Greek shipowners have spent an unprecedented $18 billion on newbuild gas vessels since 2021 as companies diversify their portfolios away from traditional tanker, bulker and container asset classes according to new research by Veson Nautical's data intelligence arm VesselsValue.Approximately $13.
Port and logistics firm DP World is going ahead with a 1 billion pound ($1.3 billion) investment in its London Gateway port, Britain's government said on Sunday after reports last week that the company had paused the project in protest.In what had been an embarrassment for the government before a major investor conference
The United States expanded sanctions against Iran's petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said.The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran's economy with the aim of denying the government funds to support its nuclear and missile programs.
A series of Russian missile strikes on Ukrainian Black Sea port infrastructure and commercial vessels has led to a jump in insurance costs and forced some shipowners to cancel bookings, insurance sources and a broker said on Thursday.Russian ballistic missiles attacked the port infrastructure of Ukraine's southern Odesa region on Wednesday, becoming the third such attack in the past four days.
Brazilian port terminal group Amport said on Thursday that grains transport through the Tapajos waterway has come to a halt as a severe drought hit northern Brazil and lowered the river's water levels.Tapajos, which links Brazil's central and north regions, is a key corridor to transport grains from agricultural heartlands in states, including Mato Grosso, Brazil's top soy producer
With new rules on Cyber Security coming down from the U.S. Coast Guard, Angeliki Zisimatou, Director Cybersecurity, ABS, is uniquely positioned to discuss maritime cyber security in the round, with insights on what she’s seen and heard from the draft rules, with advise on what it could mean for vessel owners.
New standards for bunkering methanol and ammonia will be developed by 2024 and 2025 respectively, the Maritime and Port Authority of Singapore (MPA) said on Wednesday.The world's largest vessel refueling hub is preparing for higher uptake of alternative bunker fuels, which shippers are considering using to help lower carbon emissions.