As oil exploration and production goes, so goes the market for Offshore Service Vessels (OSVs) and Platform Supply Vessels (PSVs). Throughout 2025, the prices of oil- which drives exploration and production (E & P), have softened, moving down towards $60/barrel amidst economic uncertainty and a wider than anticipated opening of the taps by major oil producers.
At Gastech 2025, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and HD Hyundai Heavy Industries (HD HHI) received approval in principle (AIP) from ABS for its concept design of a 16,000 TEU container ship with an electric propulsion system.ABS completed design reviews based on class requirements, analyzing the power system including key elements such as power generation
The American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) to Samsung Heavy Industries (SHI) and Conrad Shipyard for the basic design of a 12,000-cubic-metre LNG bunkering articulated tug-barge (ATB) planned for construction in the United States.The approval follows a memorandum of understanding between SHI and Conrad Shipyard to jointly develop and build LNG bunkering ATBs.
The American Bureau of Shipping (ABS), HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and HD Hyundai Heavy Industries (HD HHI) have completed a joint development project for a high-efficiency 16,000-TEU ultra-large container ship equipped with a battery hybrid system.ABS awarded approval in principle (AiP) to HD KSOE and HD HHI for the vessel's electrical analysis and electrical design
The outlook for the offshore support vessel (OSV) business has brightened considerably since the dark days of the previous decade and is possibly in a “Goldilocks moment” — not too weak and not too strong. While strengthening, it has not yet reached the point of significant new vessel ordering. Paradoxically, across maritime markets, observers are often concerned when exuberance gets out of hand.
Officer Lee Tae Young, a first mate from the Republic of Korea, has been awarded the IMO Award for Exceptional Bravery at Sea, in recognition of his heroic actions that saved 12 fellow crew members from the Geum Seong No. 135 when it sunk in November 2024. He was honored during a special ceremony recognizing seafarers held in London on November 24, 2025
The International Propeller Club announced its newly elected officers for 2025–2027. Members elected Costis J. Frangoulis, President of the Propeller Club of Piraeus, Greece, as International President at the Club’s 98th Annual International Convention in Lyon, France—a milestone that also marks the first non-American to hold the presidency in the organization’s 98-year history.
U.S.-based offshore and marine services company Otto Candies has acquired four multi-purpose support vessels (MPSVs) from Harvey Gulf International Marine.The vessels acquired by Otto Candies are the Harvey Blue-Sea, Harvey Sub-Sea, Harvey Deep-Sea, and Harvey Intervention. The value of the transaction was not disclosed.
American Bureau of Shipping (ABS) has granted approval in principle (AiP) for VesselWise, a next-generation autonomous technology for optimizing propulsion to improve fuel efficiency and enhance operational stability.The technology was developed by HD Korea Shipbuilding & Offshore Engineering (HD KSOE), HD Hyundai Heavy Industries (HD HHI) and HD Hyundai Marine Solution (HD HMS) for LNG carriers.
DOF announce several project awards in the North America region, using vessels already in the region, securing more than 300 days of firm vessel utilization for a combined contract value of more than $60m, with options available.Skandi Skansen will be used for a mooring project in Guyana with expected commencement in October 2025 and an expected duration of approximately six weeks with further
ABS has granted Approval in Principle (AIP) to Lemissoler Corporate Management Ltd. for its watertight hatch cover design for bulk carriers.The design improves hatch cover water tightness through an innovative seal arrangement, features an enclosed deck configuration that enhances crew protection from weather, reduces deck maintenance, and increases cargo capacity.
Two merchant vessels near the Italian coast recovered the bodies of two migrants and rescued 32 survivors from a boat trying to cross to Europe from Libya on Easter weekend, rescue charities said, citing the survivors as saying 71 others were lost at sea.The victims were transferred to an Italian coast guard patrol boat and brought to the Italian island of Lampedusa