Shipping group CMA CGM benefited in the first quarter from a rebound in demand for consumer goods and higher freight rates linked to Red Sea disruption, but expects an influx of new ships to weigh on the market later in the year, it said on Friday.France-based CMA CGM, the world's third-largest container line, reported first-quarter net profit of $785 million
If nothing else, building vessels in the U.S. is a complicated business.In a session on the domestic shipbuilding marketplace, at Marine Money’s late-November 2023 conference held in New Orleans, Ben Bordelon, president and CEO of Bollinger Shipyards (with more than a dozen facilities, in Mississippi and Louisiana)
China has set itself the goal of producing more than half of the world's ships powered by cleaner fuels by 2025, in guidelines published by the industry ministry on Thursday.It did not give any estimates of the number of ships involved. But the guidelines said China would build more vessels powered by lower-carbon fuels such as methanol and liquefied natural gas
The November edition of Marine News magazine highlighted a selection of the most notable American newbuilds delivered of 2023—from a first-of-its-kind green towboat, to the lead vessel in a series of game-changing ships to train U.S. mariners.Empire StateAs the lead vessel in a series of five new training ships being constructed to serve America's state maritime academies
ADNOC Logistics & Services signed contracts worth $4.4 billion to build 23 supertankers for ethane, ammonia and liquefied natural gas, the UAE's state news agency reported on Thursday.ADNOC's CEO Abdulkareem Al Masabi said the company through its AW Shipping joint venture awarded contracts worth $1.
- An expanding Hurricane Milton churned toward Florida's battered Gulf Coast on Tuesday, where more than 1 million people were ordered to evacuate a day before the monster storm is forecast to slam the Tampa Bay area.Milton, which exploded on Monday into one of the most intense Atlantic hurricanes on record, was forecast to make landfall late on Wednesday
U.K.-based Tidal Transit said it has placed orders with Singapore's Penguin Shipyard for two new battery-ready crew transfer vessels (CTV) amid growing demand for green crew transport in the offshore wind sector.The company announced on Tuesday that it has ordered two Incat Crowther-designed WindFlex-27 CTV vessels, each with capacity for 24 passengers.
Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions.A raft of sanctions by the U.S.
Analysts and commentators are quick to point out that fossil fuels will power maritime equipment, and indeed dominate the fueling marketplace, well into the future. However, they will do so alongside new fuels, and new technologies, that will be introduced to the maritime sector in the coming years.
Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets.Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants.
Norway's minority government and two opposition parties have agreed to allow seabed mineral exploration in the Arctic region, they said on Tuesday, in a key step towards full-scale ocean mining.The deal comes as Norway hopes to become the first country to make deep-sea mining happen on a commercial scale and secure critical minerals and jobs despite concerns over the environmental impact and
Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.