At a recent seminar in London organized by the International Underwriting Association of London (IUA) and the Association of Average Adjusters (AAA), participants heard how ignoring or not fully understanding the concept of General Average (GA) when concluding charter-party contracts for offshore services could cause problems in the event of an incident or accident.
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
Hanwha Ocean on Wednesday announced it has secured a contract that makes it the first Korean shipbuilder to provide maintenance, repair, and overhaul (MRO) services for the U.S. Navy.The 40,000-ton U.S. Navy dry cargo and ammunition ship USNS Wally Schirra is undergoing maintenance and inspection at Hanwha Ocean’s Geoje shipyard
A Singapore-registered containership allided with an iconic training tall ship at berth in Australia's Port of Fremantle on Friday, causing damage to both vessels.The 332-meter box ship Maersk Shekou was proceeding into the harbor under pilotage, assisted by four tugs when it struck the STS Leeuwin II, which was at berth.
Singapore-based Seatrium has secured a series of major contracts for vessel repairs, upgrades and conversions, set for completion by the end of 2025.With an aggregate value of S$350 million ($259 million), the contracts have reinforced Seatrium’s reputation as a one of the market leaders in vessel repairs, upgrades and conversions.
The UK-owned Rubymar, attacked by Houthi militants last month, has sunk in the Red Sea, Yemen's internationally recognized government said on Saturday, warning of an "environmental catastrophe" from the ship's cargo of fertilizer.The vessel is the first lost since the Houthis began targeting commercial shipping in November, forcing shipping firms to divert vessels on to the longer
South Korean shipbuilder Hanwha Ocean has received an order to construct two very large crude carriers (VLCCs) for a shipping company in Oceania.The order for VLCCs, worth $257.8 million (342 billion won), is the first such order for Hanwha Ocean in the last three years. This is also the highest price for the vessels in 16 years, since the 2008 global financial crisis, the company said.
Hanwha Ocean has secured an order worth approximately $250 million for two very large ammonia carriers (VLACs) for a shipowner in the Oceania region.Each VLAC will be able to transport 93,000 cubic meters (cbm) of ammonia, and will be equipped with eco-friendly technology, the South Korean shipbuilder said.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has launched the masterplan for THE RIG – a world-first adventure tourism destination to be built on an offshore platform in the Arabian Gulf.The vision for THE RIG project is to redefine the sea sports and leisure experience while celebrating the legacy of Saudi Arabia's rich oil and gas heritage.
Offshore drilling contractor Stena Drilling has taken delivery of its 7th generation Stena Evolution ultra-deepwater drillship from Samsung Heavy Industries.After a decade in the making, Stena Evolution drillship has finally been completed and is ready for its first job.The technologically advanced drillship is capable of operating at water depths of up to 12,000ft (around 3
Oslo-headquartered dry bulk shipping company Golden Ocean Group announced its board has appointed Lars-Christian Svensen as CEO, effective January 1, 2024.Svensen had been serving as interim CEO following the resignation of the company's previous CEO, Ulrik Andersen, in June 2023.Svensen joined Golden Ocean as chief commercial officer in December 2020 and was previously senior vice president in
Hanwha Ocean has secured an order worth approximately $500 million to construct four very large ammonia carriers (VLACs) for Greek shipping company Naftomar Shipping and Trading Co. Ltd. Inc (Naftomar). Each VLAC will be able to transport 93,000 cubic meters (cbm) of ammonia, a carbon-free fuel, making them the largest vessel of their class in the world, Hanwha Ocean.