The White House on Wednesday lauded improvements in clogged U.S. supply chains, with more goods moving than ever before, but said more work was needed to ensure fair competition in a global shipping sector dominated by three alliances of ocean carriers.In a new blog, the White House National Economic Council said the Federal Maritime Commission (FMC), an independent agency
President Joe Biden intends to nominate Ann Phillips to serve as Administrator of the U.S. Maritime Administration (MARAD) at the Department of Transportation (DOT), the White House announced Thursday. The position has been vacant since Mark Buzby resigned from the role in the wake of the insurrection at the U.S. Capitol in January.If confirmed, Phillips, a retired U.S.
More than 80% of oil production in the Gulf of Mexico remains shut in after Hurricane Ida, a U.S. regulator said on Monday, more than a week after the storm made landfall and hit critical infrastructure in the region.Energy companies have been struggling to resume production after Ida damaged platforms and caused onshore power outages. About 1.
The U.S. Coast Guard on Monday said it was probing nearly 350 reports of oil spills in and along the U.S. Gulf Coast in the wake of Hurricane Ida.Hurricane Ida's 150 mile per hour (240 kph) winds wreaked havoc on offshore oil production platforms and onshore oil and gas processing plants.
The crippling ransomware attack against the Colonial oil pipeline in the U.S. in May 2021 should be a wake up call for the maritime industry. As a critical part of the global supply chain, the shipping industry could become an attractive target for cyber criminals and politically motivated attacks.
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current market for seaborne transportation of crude oil is weak and has caused freight rates to drop to multi-year lows. Despite this, crude oil tanker shipowners are not seizing the opportunity to reduce capacity and send less efficient units to the demolition
The world's biggest container shipping company, A.P. Moller-Maersk, on Monday lifted its full-year earnings outlook after reporting strong preliminary quarterly results as chaotic conditions in the global supply chain pushed freight rates higher.In the wake of the coronavirus pandemic
Egypt's Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year (July-June), up from $5.72 bln in the previous year, the Suez Canal Authority said on Sunday.The Authority also said the canal's revenues in the first six months of this year increased to about $3 billion compared with $2.
The United States is working with Norway, Denmark and other countries to develop zero-emissions fuel options for ships as part of a push to de-carbonize the industry, officials involved said.With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO2 emissions.In April, U.S.
New legislation introduced in the wake of the fatal Seacor Power tragedy would require commercial vessel owners to provide timely notifications to crew members’ families throughout search and rescue operations.The Vessel Response Plan Improvement Act was introduced by Sen. John Kennedy (R-La.) after the 234-foot lift boat capsized in the Gulf of Mexico with 19 crewmembers on board last month.
Offshore drilling rig contractor Seadrill has filed for bankruptcy protection at a court in the U.S. state of Texas, it said on Wednesday, the second time in four years the company has entered into so-called Chapter 11 restructuring.The Oslo-listed group controlled by Norwegian-born billionaire John Fredriksen returned to court along with several subsidiaries after failing to win consent from
An innovative, zero-emissions workboat featuring hydrofoils and a fully electric propulsion system is scheduled to hit the water before the end of the year.The 11-meter vessel, announced by Artemis Technologies COO, Prof. Mark Gillan, during a presentation to the Workboat Association’s Technical Workgroup on Tuesday