Innovative marine engineering consultancy, BAR Technologies, and naval architects, Deltamarin, have announced that they are once again partnering to lead the way in wind propulsion innovation with new build design, Aframax/LRII. The announcement comes off the back of previous collaboration on WindWings which, with saving of approximately 1.5 tonnes of fuel per wing per day, will debut on the Pyxis Ocean soon, fresh from being nominated for the Next Generation Ship Award at Nor-Shipping. Above deck, there have been great strides in design that harnesses the potential of wind propulsion; ...

Global Survival Technology solutions provider Survitec aims to substantially improve onboard ship safety with a new interactive safety management solution. The solution, a Safety Management and Rapid Response Technology Interface (SMARR-TI), uses a graphical monitoring interface to integrate fire detection and fire suppression systems within one system. SMARR-TI, which Survitec developed in cooperation with Turkish shipyard Tersan and Norway’s Havila Voyages, is already in operation on a pair of 15,500gt passenger ships. “SMARR-TI is unique in that it can integrate both fire detection and fire suppression systems within one easy-to-use ...

NAPA, a global provider of maritime software and data services, has announced a partnership with Simwave, a leading maritime training provider, to facilitate access to advanced stability training for seafarers and ship operators, both in person and remotely. This partnership aims to make critical safety training more accessible, convenient, and efficient for crews, increasing the number of seafarers receiving such training. This will strengthen officers’ and crews’ knowledge of stability principles and help ensure the best possible use of NAPA Stability and Loading Computer software on board, improving safety levels ...

U.S. crude oil exports, already running close to a record level hit in March, should get a further boost next month from deep production cuts in Saudi Arabia, analysts said on Monday, noting that this will also further deplete U.S. crude inventories, which have been hovering near historic lows. Saudi Arabia, de facto leader of oil producer group OPEC, said on Sunday it would drop its production by about 10%, or 1 million barrels per day (bpd), to 9 million bpd in July. It said it might sustain the cut ...

Iron ore futures rose on Tuesday to their highest levels in about seven weeks, as hopes grew for more property sector-focused stimulus measures in top steel producer China. Steel benchmarks and other steelmaking ingredients in China also advanced as real estate stocks listed in Hong Kong jumped nearly 8% on hopes that Beijing would soon roll out supportive measures to bolster the embattled property sector. The most-traded September iron ore on China’s Dalian Commodity Exchange ended morning trading 3.1% higher at 780 yuan ($109.71) a tonne, just below the session ...

Top crude exporter Saudi Arabia’s one million barrel per day (bpd) oil output cut is unlikely to underpin a “sustainable price increase” into the high $80s-low $90s with weak fundamentals pointing to lower prices by year-end, Citi analysts said in a note on Tuesday. Brent gained as much as $2.60 on Monday after Saudi Arabia, OPEC’s de facto leader, said its output would drop by 1 million bpd to 9 million bpd in July. However, oil prices came off those gains to edge lower on Tuesday. “We see average quarterly ...

The OPEC+ decision to extend 3.7 million b/d cuts into 2024 will likely lead to higher prices, but the world also needs to weigh Chinese demand, which was the main uncertainty for markets right now, the executive director of the International Energy Agency said June 5. The 23-member OPEC+ alliance, currently trimming its output by 2 million b/d, extended the deal until the end of 2024 following a June 4 meeting. Saudi Arabia also will cut its crude output by an extra 1 million b/d for at least July on ...

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world’s crude, agreed on a new oil output deal on Sunday. Saudi Arabia, the group’s biggest producer, will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group faces flagging oil prices. A surprise announcement by OPEC+ in April to deepen production cuts helped to raise prices by about $9 a barrel to above ...

US refined products inventories likely climbed the week ended June 2 as refiners continued to increase runs, and as gasoline imports climbed. Analysts polled by S&P Global Commodity Insights on average were looking for US gasoline inventories to have climbed 750,000 barrels and US distillate inventories to have climbed 1 million barrels. A 750,000-barrel build would put gasoline stocks at 216.8 million barrels, roughly 9% below the five-year average, according to the most recent US Energy Information Administration data. Gasoline inventories are tight even as refiners have returned from maintenance, ...

The World Bank on Tuesday raised its 2023 global growth forecast as the U.S. and other major economies have proven more resilient than forecast, but said higher interest rates would cause a larger-than-expected drag next year. Real global GDP is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That’s up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%. The development lender cut its 2024 global growth forecast to 2.4% from 2.7% in January, ...

China’s imports are expected to have contracted in May, despite a low base last year as a lockdown in Shanghai brought the country’s biggest port to a standstill, while exports likely fell for the first time in three months, a Reuters poll showed. Inbound shipments to the world’s second-largest economy were projected to have fallen 8.0% year-on-year, following a drop of 7.9% in April, according to the median forecast of 26 economists in the poll finalised on Monday. Exports are expected to have shrank 0.4% from a year earlier against ...

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v New York. The gross charter rate is US$16,000 per day, minus a 5% commission paid to third parties, for a period until minimum October 1, 2024 up to maximum December 7, 2024. The charter is expected to commence on June 11, ...

KNUD E. HANSEN has entered into a partnership agreement with BARRIER MARINE SERVICES (CANADA) LTD to design the heating ventilation and air conditioning (HVAC) system for the Canadian Coast Guard’s new Polar Icebreaker to be built at Seaspan’s Vancouver Shipyard. KNUD E. HANSEN will provide the design and engineering package for the HVAC system through the functional and production design phases of the project and continue to provide support through Long Lead Item (LLI) procurement and vessel construction. BARRIER MARINE SERVICES (CANADA) LTD , a subsidiary of UK-based BARRIER ARCHITECTURAL ...

WaveBL, a market-leading provider of electronic Bills, has successfully raised $26 million in its latest funding round, consolidating its position as a leading player in the digital trade document sector globally. WaveBL employees are celebrating the good news of another successful investment round. Let’s make some waves together! The round was led by NewRoad Capital Partners, an operator-led, demand-driven investment firm focused on innovative and growth-oriented companies in the supply chain and logistics, retail, and marketing technology sectors. Existing investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars ...

Light Structures AS, the world leading supplier of fiber optic condition monitoring systems based on Fiber Bragg Grating technology (FBG) and its Dubai headquartered partner Elcome International LLC have been contracted to provide precision SENSFIBTM Hull Stress Monitoring Systems for 10 Offshore Supply Vessels (OSV) owned by a major Middle Eastern-based offshore support services provider. Due for delivery and installation on all ten OSVs from June to August this year, the SENSFIBTM system has been selected for a retrofit project designed to provide instrumentation that fulfils requirements under the new ...