South Korean President Yoon Suk Yeol spoke with Donald Trump on Thursday and congratulated him on winning the U.S. presidency on the "Make America Great Again" slogan as officials in Seoul worked to prepare for "significant" economic changes.Yoon and Trump held a 12-minute phone call and discussed the close security and economic ties of their two countries across all areas
The prices for newbuild vessels have risen to their highest level in 16 years, according to latest figures from shipping association BIMCO.“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2020 they are up 53%.
ABS chairman and CEO, Christopher J. Wiernicki, said he sees a universal, global carbon tax on shipping on the horizon, as alternative blue fuels made with carbon capture emerge as a growing part of the maritime industry's ongoing energy transition.“We need to recognize that there is an intermediate step in the energy transition
Norwegian offshore vessel owner Solstad Offshore has secured a contact with Subsea7 for its subsea construction support vessel (CSV) Normand Subsea.The duration of the contract is two-year firm and three yearly options, with the start on January 1, 2026.On contract with Sbusea7 since 2009, Normand Subsea is a 113-meter-long vessel, built in 2009, featuring VS 471 design.
SAAM (SM SAAM) reported net income from continuing operations of $59.2 million for 2024, EBITDA of $188 million (+17% vs. 2023) and revenue of $578 million (+7%). During the year it also completed the process of integrating the assets acquired from Starnav in Brazil and Pertraly in Ecuador.
Vessels in the northern Gulf have received multiple VHF radio challenges, including demands to alter course, the United Kingdom Maritime Trade Operations said on Friday, adding they could be part of an Iranian military exercise.The UKMTO, which monitors marine security in the region
2024 LSFO exports 18.33 mln tons, -1.6% vs 20232024 fuel oil imports +7.4% at record 24.1 mln tonsFuel oil imports to trend down in 2025 on new tariffs, tax policy China's exports of low-sulfur marine fuels dipped 1.6% in 2024 from the previous year, data from the General Administration of Customs showed.
Lane Richards has worked in the maritime industry for 22 years. He began his career in the trades prior to a successful transition to project management and various sales management roles.After a short but successful stint at Nichols Brothers Boat Builders, Richards transitioned to head up the commercial sales effort at Puglia Engineering’s Fairhaven Shipyard prior to returning to Nichols
QatarEnergy has inaugurated the Rex Tillerson vessel, marking the delivery of the first LNG vessel under its historic shipbuilding program.Rex Tillerson vessel was named after the former Chairman and CEO of ExxonMobil as a tribute to his life-long accomplishments in the energy sector.The traditional naming ceremony was held at the Hudong-Zhonghua Shipyard in the Chinese city of Shanghai.
Norwegian offshore vessel owner Solstad Offshore has secured contract extensions with Subsea7 for two of its subsea construction support vessels (CSVs) – Normand Subsea and Normand Energy.Subsea7 has exercised the 2025 optional charter period for the Normand Subsea.The contract is now firm until December 31, 2025, with no further options thereafter.
Capacity reduction on the Panama Canal have hurt dry bulk market, with dry bulk carrier transits down significantly (down 74% in the Q1 '24 vs. '23, with sailing distances up 31% and cargo volume down 25% year on year, according to BIMCO shipping analyst Filipe Gouveia.Low water levels in lake Gatun have caused restrictions in the number of transits through the Panama Canal at a maximum draft
“Due to the COVID-19 pandemic, the global container market grew only 1.5% from 171.0 million TEU in 2019 to 173.5 million TEU in 2023. Without the pandemic, that figure would have been 24.6 million higher, landing at 198.1 million in 2023,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.