Global container shipping rates are a widely used gauge of overall consumer sentiment, with high and rising costs indicating strong demand for goods, gadgets, and clothes, while falling rates attest to slowing or falling buyer interest.As the main conduit for global trade in finished and intermediate goods - including an overwhelming majority of the parts and machinery needed to produce other
As digitalization in the maritime sector gains speed, the American Bureau of Shipping (ABS) has launched a new maritime software as a service (SaaS) company called ABS Wavesight, to effectively consolidate all digital products under one roof, offering ship owners a one-stop-shop for it’s A-to-Z digital solutions.
There’s no energy shortage when it comes to projects promoting the viability of alternatively fueled marine vessels (alt-fueled vessels).Consider just a few examples:Crowley Maritime Corp will take delivery in 2023 of an electric tugboat, dubbed eWolf, built by Master Boat Builders in Coden, Ala.
The market for offshore support vessels has been through a rather rough few years since offshore exploration and production activity took a nose-dive in 2015 following the oil price crash the year before.The newbuild order boom that came with the ever-greener pastures imagined in the industry ensured that not only was the supply- and demand balance off by an insurmountable degree in the years
China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked. Three Chinese shipyards - only one of them having experience building large LNG tankers - won nearly 30% of this year's record orders for 163 new gas carriers
NVOCCs are caught in the middle of the Ocean Shipping Reform Act of 2022 requirements for reporting demurrage and detention; FMC needs to pump the brakes and allow the industry to catch upThe Ocean Shipping Reform Act of 2022, passed by Congress without industry input and signed into law on June 16
Decarbonization is the greatest challenge facing the shipping industry today.The effort to reduce emissions and environmental impact extends to all sectors and players and will leave no one in the industry unaffected.The IMO’s effort to decarbonise shipping is a numbers game. The goal, as stipulated in the Initial IMO GHG Strategy
The U.S. Coast Guard announced it has selected Inventech Marine Solutions of Bremerton, Wash., to build the next generation of over the horizon (OTH V) cutter boats. The first delivery order for four OTH Vs was placed August 3 with a value of $1.973 million. These four OTH Vs will be used for operational test and evaluation before the program moves to full production.
Norwegian offshore support vessel operator Eidesvik Offshore posted what it said was the second consecutive quarter with a revenue level not seen since 2016.The company's revenue was NOK 190.4 million, an increase of 9% compared to Q3 2021. EBITDA increased by 12% to NOK 91 million vs NOK 81.5 million. The company’s operating result was NOK 262.9 million, up from NOK 1 million in Q3 2021.
TotalEnergies, signatory of the Sea Cargo Charter in 2020, identified the need for a better monitoring system that also allows to report and optimize GHG emissions for its LNG fleet. Reporting on emissions was a tedious, manual time-consuming process that was prone to error, and left little room for optimization.
In contrast to spot rates on the Far East to North Europe trade which have fallen by more than USD 3,600 per FEU [Forty-Foot-Equivalent-Unit ] since the start of the year, those to the Mediterranean have seen a much smaller decline, falling by just USD 850 per FEU, Xeneta said in a report on Wednesday.
Danish offshore vessel operator Maersk Supply Service has won a call-off contract with Moreld Ross Offshore in Norway for the use of the Maersk Minder AHTS."Already one of the newest, most fuel-efficient, and eco-friendly vessels in our fleet, Maersk Minder is currently at Fitjar Mekaniske Verksted AS where she is being retrofitted with a battery pack in what we believe is the world’s first AHTS