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.
On April 30, Senator Mark Kelly (D-AZ), together with several original co-sponsors, reintroduced the SHIPS for America Act in the U.S. Senate, first introduced in December 2024, divided into two bills. Companion legislation was also introduced in the U.S. House of Representatives by Rep. Trent Kelly (R-MS) and Rep. John Garamendi (D-CA). This is a major, historic effort to revitalize the U.S.
Operating one of the world’s largest marine fleets of any kind, it is Svitzer’s local footprint that speaks volumes for its diverse and far-flung workforce and assets. Strengthened by a multi-national team, providing value in more than three dozen countries, Svitzer stands out every day.
The bipartisan, bicameral bill will fuel U.S. economy, strengthen national security by responding to China’s threat over the oceans. Currently, the number of U.S.-flagged vessels in international commerce is 80; China has 5,500.Today, Senator Mark Kelly (D-AZ), Senator Todd Young (R-IN), Representative John Garamendi (D-CA-8)
MISC and China Offshore Engineering & Technology Company have received the Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for their design of an ammonia floating production storage and offloading (FPSO) vessel.This innovative floater solution adapts proven onshore production technology for offshore operations
Five U.S. unions are calling on lawmakers to pass legislation that would help secure long-term funding to revive domestic shipbuilding, an effort championed by President Donald Trump and boosted by new port fees on Chinese ships.The United States on October 14 is slated to begin collecting fees on China-linked vessels that visit the nation's seaports. While final rules from the U.S.
On July 31, 2025, President Trump signed an Executive Order (“E.O.”) modifying reciprocal tariffs that became effective on August 7, 2025. Some aspects of the impact are well understood such as increased tariff burden on importers ranging from 10% to over 40%. Still, other aspects of the practical effect and its knock-on effects for shipping are relatively novel.
Mitsui O.S.K. Lines (MOL), HD Korea Shipbuilding & Offshore Engineering (HD KSOE), and HD Hyundai Heavy Industries (HHI) have secured an Approval in Principle (AiP) from Lloyd's Register for Floating Ammonia Cracker Unit (FACU), jointly developed by the group for onshore hydrogen supply.
Hanwha Group has announced a $5 billion infrastructure plan for Hanwha Philly Shipyard as part of South Korea’s commitment to supporting growth of the U.S. shipbuilding industry through a $150 billion investment fund.The $5 billion program will be dedicated to the installation of two additional docks, and three quays to increase capacity.
Domestic U.S. shipping interests are closely monitoring a United States Trade Representative (“USTR”) proposal for import and export trades involving Chinese vessels. There is an ongoing Section 301 investigation prompted by domestic industry concerns about China’s industrial ambitions in sectors that are critical to U.S. economic and national security.
President Donald Trump's administration is considering a proposal to create an international shipping registry in the U.S. Virgin Islands as part of efforts to enlarge the tiny commercial shipping fleet flying the American flag, according to four sources familiar with the matter.Increasing the number of U.S.
American Fan working with Ingalls Shipbuilding and other shipbuilders to provide ventilation fans for ten Flight III destroyersFairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), has been awarded multiple purchase orders for its Ohio-based business unit, American Fan