A.P. Moller-Maersk, the world’s largest container shipping company, warned on Friday that trade tensions and an economic slowdown are slowing growth in global freight. Maersk, which is seen as an indicator of global trade patterns, cut its forecast for global growth in container traffic this year due to the trade dispute between the United States and China. “The recent escalation of the trade war induced by an increase in tariff rates and threats of implementing additional tariffs could take global container trade growth to the lower end of the 1-3% ...

The car show Top Gear was notorious for its disdain of environmentally friendly cars, so viewers were stunned in 2008 when the hosts confidently predicted that hydrogen fuel cells would power the cars of the future. But today these cars remain rare. What went wrong? “Going to hydrogen fuel cell automobiles was not as easy as they thought,” explains Fredrik Östman, Wärtsilä’s General Manager of Ecosystem Innovation. “There have been improvements in capacity and efficiency, but the capital outlay and operating expenses for hydrogen fuel cells remain high. However, the ...

The composite index decreased 3.9% this week likewise, 3.1% down as compared with same period of 2018. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1494/40ft container, which is $27 higher than the five-year average of $1467/40ft container. Drewry’s composite World Container Index (WCI) decreased 3.9% or $54 to reach $1,310.07 per 40ft container. Freight rates on Shanghai-Genoa fell $104 to reach $1,412 per 40ft box. Rates from Shanghai to Los Angeles dropped $84 to stand at $1,335 per feu. Freight rates on Shanghai-Rotterdam ...

MISC is pleased to announce its financial results for the financial period ended 31 March 2019. Financial Highlights: – Group revenue for the quarter ended 31 March 2019 was higher than the corresponding quarter ended 31 March 2018. – Group profit before tax for the quarter ended 31 March 2019 was higher than the corresponding quarter ended 31 March 2018. MISC’s President/Group Chief Executive Officer, Mr. Yee Yang Chien said “Global energy volatility would linger for yet a while and we have been taking the necessary steps to continuously shape ...

Eco Marine Power (EMP) is pleased to announce its Aquarius MAS + Solar solution has been installed on the large general cargo ship MV Panamana. This installation was carried out by the ship’s crew with remote support provided by Zeaborn Ship Management (Singapore) Pte. Ltd. and EMP from Japan. Over the next few weeks the solar power equipment will be integrated with EMP’s Aquarius Management & Automation System (MAS) and then put into service. MV Panamana is a 54, 694 metric tonne (MT) open hatch general cargo/container carrier with 2 ...

The Paris Memorandum of Understanding on Port State Control (Paris MoU) held its 52nd Committee meeting in St. Petersburg, the Russian Federation, from 13-17 May 2019, chaired by Mr. Brian Hogan. The meeting was opened by Mr. Yuri Kostin, Director of Department on State Policy on Maritime and River Transport, Ministry of Transport of the Russian Federation. The Committee reviewed the work of the Paris MoU of the last year, also taking into account the declaration of the 3rd Joint Ministerial Conference, and took decisions for the period ahead. The ...

S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, announced that it will begin publishing daily price assessments for IMO-compliant Marine Fuel 0.5% bunkers on delivered and ex-wharf basis at key ports globally from July 1, 2019. Platts launched Marine Fuel 0.5% cargo and barge assessments globally on January 2, 2019. The new Marine Fuel 0.5% bunker assessments will conform to S&P Global Platts’ methodology for high- sulfur bunker fuel, as set out in a proposal announced on March 26, 2018. ...

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced that in accordance with previously noted financing plans, it has secured a new $450 million revolving credit facility for sixteen shuttle tankers. The facility will be used to refinance the existing revolving credit facility dated September 8, 2017, currently fully drawn with outstanding amount of $445 million, and for general corporate purposes. The facility is funded by commercial banks and bears interest at LIBOR + 250 basis points with a five-year tenor and a profile of 8.4 years. Source: ...

Ship Finance International Limited (NYSE: SFL) (the “Company”) today announces that it has successfully placed NOK 700 million NIBOR + 4.60% senior unsecured bonds due June 2024. An application will be made for the bonds to be listed on the Oslo Stock Exchange. The net proceeds from the bond issuance will be used for general corporate purposes. DNB Markets, Nordea, SEB, Arctic Securities and Danske Bank acted as Joint Lead Managers for the issuance. Source: Ship Finance International

Dutch firm Heerema Marine Contractors and Singapore’s Sembcorp Marine, showed off the world’s largest crane vessel that can be used for the setup and decommissioning of offshore oil and gas facilities. The semi-submersible vessel, which cost Heerema about $1.5 billion, is equipped with two cranes that can reach a height of 220 metres, taller than the top of Singapore’s iconic boat-shaped Marina Bay Sands hotel. The cranes have a combined lifting capacity of 20,000 tonnes, another industry record. The Sleipnir, named after Norse God Odin’s eight-legged stallion, was built by ...

Two more liquefied natural gas (LNG) tankers are due to arrive at Gate terminal in the Netherlands next week, Refinitiv Eikon data shows. The SK Resolute tanker is due to arrive on May 27 and the Pskov tanker will arrive on May 31. This adds to three LNG tankers which have already been declared for Gate, one of which is currently docked. Source: Reuters

Offshore drilling contractor Seadrill is considering selling non-core assets, including its 15.7% stake in oil service firm Archer , to reduce its liabilities, the firm’s outgoing chief financial officer said. Seadrill, controlled by Norwegian billionaire John Fredriksen, emerged from U.S. Chapter 11 bankruptcy proceedings last year, and is betting on the offshore oil market’s recovery to repay its remaining debts and liabilities. “Reducing leverage remains our priority,” Mark Morris told a telephone conference. The company repurchased in April $311 million out of $880 million in 12% Senior Secured Notes due ...

Iran’s oil storage on land and at sea is on the rise as U.S. sanctions on exports bite and Tehran battles to keep its ageing fields operational and crude flowing, according to data and industry sources. Washington announced in May the end of sanctions waivers for foreign countries importing Iranian oil, hitting Tehran’s biggest source of income. With creaking infrastructure and an ageing fleet of ships due to increasing isolation from much of the world, Iran will need to park unsold stocks of oil until it can find buyers. It ...

Svitzer, the leading global towage operator, announced that it has begun landmark sea trials of a new ‘industry-first’ remotely operated line catching technology prototype. The new innovative mechanism is being trialled on the vessel Svitzer Trym, in the company’s Scandinavian fleet, and could significantly improve safety standards and reduce risks for crews during the process of connecting with other vessels, one of the most critical elements of towage operations. Connecting heaving lines at sea is one of the most critical parts of day-to-day towage operations, and one which presents significant ...

Farstad Shipping Pte. Ltd., a wholly owned subsidiary of Solstad Offshore ASA, has sold the PSV Lady Melinda (built 2003, 5.454 BHP). Delivery of the vessel to the new owner took place today Thursday May 23rd, 2019. The sale of the vessels will result in an immaterial accounting effect for 2Q 2019. Source: Solstad Offshore