When the maritime history books are written, 2020 will be viewed as a year of pivots, re-invention and new paradigms. By February 2020, concerns about marine fuel’s sulfur content quickly shifted to near-term disruptions induced by the COVID-19 pandemic. By mid-year, with demand recovering
Russia's Zvezda Shipbuilding Complex has started building the first in a series of 15 icebreaking liquefied natural gas (LNG) carriers ordered for year-round gas transport along the Northern Sea Route from the Arctic LNG 2 project in Russia's high north. They will be the first such vessels constructed domestically.
The inland waterway system, flowing through the United States heartland, is a microcosm of all that has been happening in 2020: trade tensions, infrastructure issues, shifting trends in fuel consumption and the pandemic that has gripped us since the winter months. Shortly after the initial coronavirus outbreak here in the U.S.
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has signed shipbuilding contracts with Russia's Sovcomflot and Japan's Mitsui O.S.K. Lines for the construction of six icebreaking Arc7 liquefied natural gas (LNG) carriers based on a newly developed design.The new ships will be the second generation of vessels engineered to transport LNG from the Russian Arctic
When Søren Andersen took the helm at StormGeo in September 2019, it was the self-confessed “dream job” for the 23-year shipping industry veteran. Andersen came with leadership experience from the likes of A.P. Møller – Maersk, APL, and Rickmers, among others, bringing to StormGeo inside experience on how ship owners can modernize practices and procedures to quantifiably cut emissions and fuel
Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).
Russian gas giant Novatek has informed that its Arctic LNG 2 joint venture has entered into long-term charter agreements for 14 Arc7 ice-class LNG tankers.The Arctic LNG 2 partners have signed the charter agreements will SMART LNG, a joint venture established in September 2019 between NOVATEK and PAO Sovcomflot.
When will the first fully digitized, autonomous and environmentally friendly ship be ready to sail? The answer is uncertain but the Danish Maritime Authority’s ShippingLab project aims to have most of the technical and managerial challenges solved in as little as two years from now. Tom Mulligan reports.
Russian shipping company PAO Sovcomflot (SCF Group) on Friday took delivery of SCF Timmerman, a new 174,000-cubic-meter-capacity liquefied natural gas (LNG) carrier. The ship embarked on its maiden commercial voyage the same day, and is operated under a long-term time charter agreement with Shell, which will provide SCF with an additional $165 million of contract backlog.
Private equity firm WL Ross & Co. said it has agreed to sell its approximately 39.1% equity interest in ship owner-operator Navigator Holdings to maritime and offshore company BW Group at a price of $9 per share."Navigator Holdings has been an industry leader since we made the initial investment.
Sovcomflot, a Russian oil and gas shipping company, has taken delivery of SCF Barents, a new 174,000-cbm LNG carrier.The vessel was delivered Monday and has already started its maiden voyage under a long-term time charter agreement with Shell.According to Sovcomflot, the LNG carrier was named after Willem Barents, a prominent Dutch navigator and explorer.
Russian energy shipping company Sovcomflot reported a net profit for the first half of 2020 of $226,4 million, a 148.8 percent increase to last year's first-half income of $91 million. The first half 2020 revenue was $951,3 million, up from $794,1 million in the first half of 2019.