Wiremind Cargo approaches sustainability from two angles: providing intelligent solutions that help its airline customers to best manage their capacity and processes, and auditing its own processes with an aim to reduce negative impact. “Sustainability is all about ensuring that what we do to meet our current needs, does not negatively affect the ability of future generations to meet theirs,” Nathanaël de Tarade, Chief Executive Officer of Wiremind Cargo, states. “Whether we are acting as a business, as individuals, or within society in general, we all share that responsibility.” At ...

Shipbuilder and designer Ulstein is looking to take its revolutionary Thorium powered vessel concept from the drawing board to the deep blue sea. Is this the solution that industry, and society, have been searching for to enable a truly sustainable maritime future? Everything about the launch of ULSTEIN THOR was unexpected. The vessel concept, a 149m 3R (Replenishment, Research and Rescue) design with a Thorium Molten Salt Reactor (MSR), took the industry, and wider society, by surprise. Its unveiling at Seatrade, Miami in late April unleashed a wave of global ...

On July 1, NYK held its annual fleet safety management meeting with domestic and overseas shipowners and ship-management companies. At this year’s meeting, which was conducted online, safety activities, including accident case studies to foster and improve safety awareness, were shared. The meeting was conducted in two parts, one in Japanese and one in English on the same day. 309 people from 92 companies in Japan and overseas participated. This annual fleet safety management meeting is part of NYK’s Remember Naka-no-Se safety campaign. Based on the lessons learned from the ...

Leading research and forecasting consultancy Maritime Strategies International has appointed Jianjun ‘JJ’ Wang as Regional Director, Asia, to continue building the consultancy’s brand to the regions shipowners, offshore players and shipyards. A well-known figure in Asia-Pacific maritime and financial circles, JJ will be responsible for managing MSI’s activities in the Asia Pacific region from its Singapore base. This includes regular contact with MSI clients, guiding regional strategy, building brand awareness and marketing MSI’s services in the region. In addition, JJ will contribute to MSI’s monthly and quarterly range of research ...

The American Bureau of Shipping (ABS) has issued a class notation ‘SUSTAIN-1’ to the DP3 Subsea Operations Vessels ‘Southern Star’ which is owned by Tasik Toba Subsea AS and managed by Thome Offshore. SUSTAIN-1 is an ABS environmental sustainability notation for vessels performing beyond the standard Marpol and other IMO requirements as laid out in the ABS Guide for Sustainability Notations. The SUSTAIN-1 notation demonstrates the vessel’s alignment with key elements of the Environmental, Social and Governance (ESG) requirements outlined in the United Nations’ Sustainable Development Goals (SDGs). Awarding of ...

Fugro has signed a contract with Kooiman Engineering and Van Oossanen Naval Architects for the naval design of Blue Prism™, Fugro’s next generation of uncrewed surface vessels (USVs). Specifically engineered for operations in both coastal and offshore environments, the Blue Prism™ will combine an ultra-low carbon footprint with high quality data collection, weather resilience and endurance characteristics. Available to clients in 2023, Fugro’s Blue Prism™ will acquire bathymetry and sub-bottom data of the highest accuracy using hull mounted sensors, whilst also having the ability to tow multiple geophysical sensors. Capable ...

PhillipCapital Research has taken a liking to Uni-Asia Group, which expanded into ship and property investments in 2010, thanks to record earnings from surging charter rates. Analysts from PhillipCapital have initiated coverage on Uni-Asia with a “buy” recommendation and target price of $1.26, pegged to 3x price-to-earnings ratio (P/E) for FY2022. This would give the stock a 21.15% upside from its $1.04 closing. “We believe the tight supply of dry bulkers will keep freight rates elevated for longer. Orders for dry bulkers are at a record low, as a percentage ...

Hong Kong remains resilient as a world shipping center buoyed by the strong support of companies and capital from the mainland, even though global trade continues to be shadowed by logistic snags, inflation and the epidemic, Gary Lau, chairman of the Hong Kong Association of Freight Forwarding and Logistics, told the Global Times. In an interview ahead of the 25th anniversary of Hong Kong’s return to the motherland, Lau said that while the political events in recent years have caused many doubts about Hong Kong, confidence in the city’s future ...

Turkish customs authorities have detained a Russian cargo ship carrying grain which Ukraine says is stolen, Ukraine’s ambassador to Turkey said on Sunday. Ukraine had previously asked Turkey to detain the Russian-flagged Zhibek Zholy cargo ship, according to an official and documents viewed by Reuters. Reuters reporters saw the Zhibek Zholy ship anchored about 1 km from shore and outside of the Karasu port on Sunday, with no obvious signs of movement aboard or by other vessels nearby. “We have full co-operation. The ship is currently standing at the entrance ...

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued firm downward movement on July 01: 380 HSFO – USD/MT – 721.83 (-1.37) VLSFO – USD/MT – 1 061.07 (-7.09) MGO – USD/MT – 1 330.71 (-25.47) MABUX Market/Digital Bunker Index (MDI) (comparison of market bunker prices vs. digital bunker price benchmark MABUX) on July 01 showed irregular fluctuations. 380 HSFO fuel remained undervalued in three of the four ports selected: in Rotterdam – minus $ 85 (versus ...

KNOT Offshore Partners LP announced that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has acquired KNOT Shuttle Tankers 35 AS, the company that owns the shuttle tanker, Synnøve Knutsen, from Knutsen NYK Offshore Tankers AS (“KNOT” “Sponsor”) (the “Acquisition”). The purchase price of the Acquisition, which has been financed on a non-dilutive basis using borrowings under a new and separate sale and leaseback agreement with respect to the Torill Knutsen, is $119 million, less $87.7 million of outstanding indebtedness. The Synnøve Knutsen, a 153,000-deadweight ton DP2 Suezmax class shuttle ...

Stolt-Nielsen posted its 2Q (March-May) report this morning with the Tanker’s segment occupying the scene, finally. With little increase in bunker costs despite a large oil price growth, margins improved more than significantly, and the EBIT figure beat our estimates by 36% (even more for Tankers alone). Although the inflation, war and rising interest rates create a small headwind for the company, the peak of the good cycle is still to be reached, therefore, our estimates should be increased following yet another super strong report. Numbers last seen 15 years ...

Container freight market participants are looking with unease toward peak import season and beyond as booking inquiries for US imports remain under pressure amid rising inflation and weak economic outlook. Trans-Pacific volumes and booking inquiries have edged down further in the final weeks of the second quarter as shipowners report lower vessel utilization out of Asian loading gateways. One shipowner source noted that “spot market space is ample out of China.” In-kind freight on the North Asia-North America run has been under pressure during Q2 as pockets of vessel space ...

Capesize A mild week for the Capesize sector saw rates trundling sideways with small pockets of encouragement. However, there was nothing to initiate a push out of the recent trading range as the 5TC softened 130 week-on-week to settle at $19,745. A brief lift midweek gave some suggestion that a strengthening of sentiment in the Atlantic was imminent. But by Friday this spark looks to have been snuffed out as the Transatlantic C8 settled down slightly at $26,167. Market views on the Atlantic situation have been mixed as some stronger ...

Tightness in products still trumps talks of recession Last month we wrote about the fears of recession versus the tightness in product markets and that tightness in products was definitely ‘winning’. Another month on and it’s oil products that are again driving VLSFO prices even higher! Recession is often mentioned, with obvious higher energy and food costs, central banks hiking interest rates and economic forecasts being downgraded, but the lack of supply and low levels of stocks for key oil products has the overwhelming focus for most oil industry players ...