UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter.
Shipboard fire a constant threat: Bonhomme Richard tragedy an enduring lesson in fire prevention, responseJuly 12, 2020 was a lazy Sunday morning at Naval Base San Diego. USS Bonhomme Richard (LHD 6), which had been commissioned only two years earlier, had recently made the base its new homeport and was docked as it underwent a maintenance availability.
UK-based marine electrical engineering company MJR Power and Automation on Tuesday announced the successful harbor trials of its platform-mounted automated offshore power and charging system.The offshore power and charging system is designed to convert energy delivered directly from the offshore wind farm
The Global Center for Maritime Decarbonization (GCMD) has completed trials on two supply chains of biofuel blends for vessel bunkering, the center said on Tuesday.The maritime industry has been trying to source for green fuels to reduce carbon emissions ahead of the International Maritime Organization's 2030 and 2050 decarbonization targets.
Seven people were rescued from a tug that went adrift off the U.S. East Coast.A crew member aboard the tug Legacy notified watchstanders at Coast Guard Sector Maryland-National Capital Region at about 3:30 a.m. Saturday that while towing a 290-foot barge from New Jersey, to Guyana, a 1
The U.S. Interior Department on Tuesday named Elizabeth Klein, a lawyer who worked in the Obama and Clinton administrations, to head the bureau that oversees offshore oil, gas and wind development.Klein will take over for the current head of the Bureau of Ocean Energy Management, Amanda Lefton, who has resigned from the post effective Jan. 19.
Britain has selected a Harland & Wolff-led consortium to build three Royal Navy support ships under a 1.6 billion pound ($1.9 billion) contract that will create 1,200 jobs in UK shipyards, including in Belfast where final assembly will take place.The consortium, which comprises ship designer BMT, Harland & Wolff and Navantia UK
A U.S. Navy sailor was found not guilty on Friday of starting a fire that destroyed the amphibious assault ship Bonhomme Richard in San Diego in 2020.Seaman Recruit Ryan Mays was acquitted of charges of arson and the willful hazarding of a ship, Commander Sean Robertson, a spokesman for the U.S. 3rd Fleet, said in a statement.
Britain will acquire two specialist ships to protect underwater infrastructure such as cables and pipelines, defence minister Ben Wallace said on Sunday, following leaks in the Nord Stream gas pipelines from Russia to Europe.European countries say the Nord Stream pipelines were damaged by "sabotage" but have stopped short of blaming Moscow.
Staff at Britain's largest container port, Felixstowe, have voted in favor of strike action in a dispute over pay, the Unite union said on Thursday, warning of huge disruption across the supply chain.The dockworkers join a growing wave of employees, in a range of sectors from rail to telecoms
More than 100 passengers, the vast majority of them school children, were rescued from a passenger vessel that caught fire on Tuesday in Norfolk, Va.The fire aboard the Spirit of Norfolk was reported around noon, while the vessel was on a cruise in the Elizabeth River, near Naval Station Norfolk.
British Prime Minister Boris Johnson said on Wednesday he believed that P&O Ferries had broken the law by sacking 800 staff with immediate effect via video message and that the government would take legal action.P&O, which is owned by Dubai ports firm DP World, said last week it had lost 100 million pounds ($131 million) in the last year and that without changes its business was not sustainable.