The U.S. Navy sees its future fleet comprised of more than 350 manned ships and about 150 unmanned ships hoping technology means lower operating costs as it prepares to counter a growing Chinese fleet, according to a Navy report released Tuesday.The plan for the 2040s and beyond underscored "the need to address long-term competition with China and sustain military advantage against Russia".
Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several nations including the United States sanctioned
The U.S.' largest military shipbuilder Huntington Ingalls Industries said Friday its Chief Operating Officer Chris Kastner would become HII president and chief executive officer, consistent with the company’s succession plan. The HII board also elected president and CEO Mike Petters to become executive vice-chairman of the board for a transition period.
Austal USA has been investing mightily, more than $600 million to expand its repair and services business for both commercial and military customers; and in the opening of a state-of-the-art steel panel line in Mobile to complement its established aluminum shipbuilding operations. Rusty Murdaugh, President, Austal USA
Oil and gas major ExxonMobil on Wednesday announced two new oil discoveries offshore Guyana, at Fangtooth and Lau Lau wells, adding to previous recoverable resource estimate of 10 billion oil-equivalent barrels.The Fangtooth-1 well, drilled with the Stena DrillMAX drillship, encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs.
Shipowner Costamare Inc. announced it has ordered eight newbuild containerships and acquired seven secondhand bulk carriers.The Monaco-headquartered company said Thursday it signed contracts with an unspecified Asian shipyard for two 13,000 TEU capacity newbuilds and exercised options under a previous agreement for two more of the same capacity plus four additional 15,000 TEU capacity vessels.
Jeffersonville, Ind.-based barging company American Commercial Barge Line (ACBL) said it has been cleared of any fault related to the 2008 Mel Oliver collision and resulting oil spill on the Mississippi River.The announcement comes after more than 13 years of legal proceedings and is the result of a settlement agreement reached on November 18, 2021, with the U.S.
A first of its kind cleaner burning methanol-fueled towboat is set to hit the water in 2023 as the maritime industry continues to develop and implement new technologies for cleaner vessel operations.The Hydrogen One is being developed by owner Maritime Partners in cooperation with naval architecture firm Elliott Bay Design Group and hardware suppliers e1 Marine and ABB.
British and French officials traded blame on Wednesday after 27 migrants died when their dinghy deflated as they made a perilous crossing of the English Channel.The accident was the worst disaster on record involving migrants in the narrow seaway separating the two countries.The Channel is one of the world's busiest shipping lanes and currents are strong.
The Biden administration's auction of oil drilling rights in the U.S. Gulf of Mexico generated more than $190 million in high bids, bringing in more money for taxpayers than any government offshore lease sale since early 2019.The Department of Interior auction came days after the U.S.
The world's largest shipping firm A.P. Moller-Maersk has suspended five employees as part of an investigation into an alleged sexual assault on one of its ships run by a U.S. subsidiary, and said it was working closely with American authorities."We do everything we can to ensure that all of our workplace environments, including vessels
Heading into the seasonally strongest part of the year, dry bulk owners have already enjoyed a very profitable year with the temporary factors helping the market stay strong expected to continue providing support into 2022, says shipping organization BIMCO.Demand drivers and freight ratesThe dry bulk shipping industry continues to enjoy a bumper year