South Korea's Hanwha Group has agreed to acquire U.S. shipbuilder Philly Shipyard in a $100 million cash deal, the companies announced on Thursday.Under the deal, which is expected to close in Q4 2024, Hanwha Systems and Hanwha Ocean will purchase purchase of Philly Shipyard, Inc., the sole operating subsidy of Aker-owned Philly Shipyard ASA, based in Oslo.
Libra Group exited the container shipping market this week after selling close to 100 vessels for more than $2 billion over several years to focus on innovation and sustainability as new drivers of growth, the company's executive chairman said.The container market hit rock bottom nearly a decade ago before rebounding to record highs during the COVID pandemic as demand for consumer goods
DEME's new fallpipe vessel—the world's largest—was officially named Yellowstone by Her Royal Highness Princess Astrid, Princess of Belgium, during a ceremony in Zeebrugge on Tuesday.Originally a bulk carrier, the ship was converted at Pax Ocean Shipyards in Singapore for rock placement work in the offshore energy industry.
Dutch marine services firm Boskalis has completed its activities in support of the development of Ocean Winds’ 882 MW Moray West offshore wind farm in Scotland.As part of its multidisciplinary role in the project, Boskalis deployed six vessels to carry out large number of activities off the east coast of Scotland in the Moray Firth.
Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive
Dr. Kishore Rajvanshy is stepping down after three decades as managing director of Fleet Management Limited (FLEET), currently the world’s largest third-party ship management company.FLEET announced it has begun implementing a phased succession plan as Rajvanshy transitions from his current role, with a global search for a new managing director underway.
Belgium-based offshore installation contractor Jan De Nul has signed the export cable contract with Ørsted for its 2.9 GW Hornsea 3 offshore wind farm in the U.K.Jan De Nul will be responsible for the seabed preparation, transport, installation and protection of 350 km of DC export cables connecting the wind farm to the U.K. electricity grid.
Two British Royal Navy mine-hunter vessels were involved in a collision in a port in Bahrain, the Royal Navy said.No one was injured in the accident which occurred in Bahrain Harbor on Friday, it said. An investigation into the incident has been opened.The Royal Navy is working with the U.S.
The Indian Navy said on Thursday it had rescued the crew of a U.S.-owned vessel in the Gulf of Aden after an attack by Yemen's Houthi movement as tensions in the region's sea lanes disrupted global trade.Following the attack on the U.S. Genco Picardy late on Wednesday, the U.S. military said its forces had conducted strikes on 14 Houthi missiles that "presented an imminent threat to merchant
It’s a big deal when a U.S. president visits an American shipyard, and these trips always send a message. When President Obama spoke at HII’s Newport News Shipbuilding in 2013, he warned of the consequences of sequestration. President Trump’s 2020 speech at Fincantieri Marinette Marine touted a $5.
At least 10 people were injured on Monday when an explosion rocked grain silos near the port of Derince in western Turkey, prompting an investigation into its cause, Kocaeli Governor Seddar Yavuz said.An explosion occurred around 2:40 p.m. (1140 GMT) near Turkish Grain Board (TMO) silos, Yavuz said.
Washington Island Ferry Line (WIFL) has been the essential link between the residents, business and visitors of Washington Island and Wisconsin's Door Peninsula for more than eight decades.Picturesque and peaceful Door County isn't named for some intrepid settlers named Door. The name has a more ominous meaning.