“On this World Maritime Day, International Marine & Energy recognises the impact our industry has on the globe, with the sector being responsible for around 90 percent of all world trade. Looking a little closer to home, we see the progress of our region, with Dubai ranked among the top five global maritime centres on the 2023 International Shipping Centre Development (ISCD) Index for the fourth consecutive year. Today, our industry proudly celebrates the 50th anniversary of the International Convention for the Prevention of Pollution from Ships (MARPOL). This year’s ...

Crowley and ABS, a leading provider in maritime classification and advisory services, have entered an agreement to jointly explore how to advance the use of augmented and virtual reality technologies for vessels and other marine environments. The ABS partnership agreement builds on Crowley’s new service network using augmented reality on select vessels. Crew wear goggle technology to provide real-time visuals of ship equipment to remote technicians to collaborate on solutions. The technology, developed by Kognitiv Spark, allows mariners and shoreside crew to more quickly complete maintenance, updates and upgrades on ...

Leclanché SA (SIX: LCN) has won another ferry electrification project having been selected by Norwegian system integrator Brunvoll Mar-El AS to support the retrofit of a conventionally powered Norwegian ferry into a zero emission vessel. The all-electric MF Rygerbuen passenger and vehicle ferry is owned and operated by Rødne Trafikk AS, Norway’s largest family-owned high speed boat company. Upon completion, the vessel will serve the ports of Stavanger and Vassøy – a 3.5 kilometer distance and a sub-30 minute voyage. Stavanger is a city in southwestern Norway known as the ...

Container lines have begun shifting to more sustainable marine fuels with support from eco-conscious customers, but robust emissions regulations on global shipping are needed for sector-wide decarbonization, World Shipping Council CEO John Butler told S&P Global Commodity Insights. Among all maritime transportation sectors, box shipping is the largest consumer of bunker fuels, the biggest source of greenhouse gas emissions as well as the top investor in vessels powered by alternatively fuels, according to data from S&P Global and other industry sources. Butler, whose organization represents liner operators, suggested container carriers ...

With all the attention on U.S. consumers and inventory levels, Europe’s importance to shipping lines can get lost in the shuffle. The Asia-Europe trade is pivotal to container shipping operators — and this trade is now under severe pressure. Judah Levine, head of research at Freightos (NASDAQ: CRGO), said in a market report Tuesday that trans-Pacific spot rates remain well above 2019 levels “but carriers are not having the same success in the Asia-Europe lanes.” The Freightos Baltic Daily Index (FBX) now puts China-North Europe spot rates below $1,000 per ...

ABS and Asiatic Lloyd Maritime LLP, member of the AL Group, have signed a joint development project (JDP) to study the feasibility of converting the fuel system of an ultramax bulk carrier, from conventional diesel to methanol. The study is focused on a series of up to eight ABS Classed ultramax bulk carriers ordered for construction in the New Hantong Shipyard, China, for AL Group. “Converting vessel propulsion systems to take advantage of the decarbonization potential afforded by methanol is going to be an important part of the industry’s green ...

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to an 11-month high on Wednesday, driven by robust capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 58 points, or about 3.4%, to 1,752, its highest level since Oct. 25. The capesize index rose for the fourth straight session, by 182 points, or 7.6% to 2,576. Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and ...

The Review of Maritime Transport 2023 urges swift action and system-wide collaboration to decarbonize maritime transport amid growing carbon emissions and regulatory uncertainty. UNCTAD has called for a “just and equitable transition” to a decarbonized shipping industry in its Review of Maritime Transport 2023 launched ahead of World Maritime Day (28 September). The agency highlights the pressing need for cleaner fuels, digital solutions and an equitable transition to combat continued carbon emissions and regulatory uncertainty in the shipping industry. The shipping industry accounts for over 80% of the world’s trade ...

Throughout the last week of September, freight rates maintaining the strength observed in previous days. It appears that the third quarter will conclude with higher freight rates than those witnessed in the preceding two months. Notable increases were seen on a monthly basis in the freight market for large vessel sizes, particularly in the Capesize West Australia to China route and the Panamax Far East RV. There was also a robust sentiment in the Supramax category for the Continent-USG route, while the Handysize segment saw positive developments in the Continent-Brazil ...

Never has the theme of this year’s World Maritime Day – ‘New technologies for greener shipping’ – been so in tune with the focus of the ship owning community, says INTERCARGO. The future is uncertain. But one certainty we do have is that reducing emissions is, and will continue to be, the single most important global issue we face. In 2022, more than at any other time, we need to ensure that the messages coming out of World Maritime Day extend beyond the boundaries of the shipping industry, and that ...

Asia’s fuel oil market strengthened on Wednesday with firmer bids for spot cargoes and wider backwardation timespreads. The 380-cst high sulphur fuel oil (HSFO) cash premium rose to $6 a metric ton, while the 380-cst HSFO Oct/Nov timespread widened by $3.25 day-on-day to $12 a ton at the Asia close. The tight availability of fungible and merchantable fuel in the market may provide support to the term structure should Russian fuel oil volumes contract, analysts from LSEG Oil Research said in a report this week. The lower Russian fuel oil ...

Northwest Europe HSFO availability is said to be normal in Rotterdam and the rest of the ARA, a source says. Availability of the high-sulphur grade has improved now, but securing stems on very prompt dates (0-2 days) can still be difficult, a trader says. Lead times of 5-7 days are recommended for grade to ensure full coverage from suppliers, a source says. VLSFO has been in ample supply in the ARA hub, two sources say. Unlike HSFO, the low-sulphur grade is much easier to secure for prompt delivery dates. Rotterdam’s ...

AYRO, the designer and manufacturer of the revolutionary OceanWings® wingsail solution for cargo ships and yachts, announced today the close of a 19.2 million € ($21 m) Series B round, led by Blue Ocean, managed by SWEN Capital Partners, which brings the total funding for the leader in Wind Powered Decarbonation solutions for the maritime sector to over 30 million €. Existing investors Ocean Zero and Bpifrance, through its Ecotechnology 2 fund, as part of France 2030 initiatives, participated in the round, alongside new investors AmInvest, Colam Impact, Normandie Participations, ...

Mitsui O.S.K. Lines, Ltd. announced the publication of its integrated “MOL Report 2023.” This report is intended to help shareholders, investors, and other stakeholders understand and accept the Group’s new mission of “Taking the leap to becoming a global social infrastructure company” and the corporate value it seeks to create, as set forth in its new corporate management plan, BLUE ACTION 2035. While the Company’s objective is to reform its portfolio to generate stable profits even when shipping markets are sluggish, the Company has also taken on the challenge of ...

Protecting the ocean’s biodiversity and reducing the threat of invasive aquatic species was at the core of discussions during the 3rd Regional Task Force meeting on BioFouling Management held Surabaya, Indonesia (20-23 September). Over 40% of international trade passes through Southeast Asia. This exposes the region’s marine ecosystems to invasive species attached to shipping hulls and other equipment. The taskforce adopted the regional strategy on biofouling management which sets out a clear action plan which includes promoting research and development and technology exchange in the region, the establishment of national ...