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International Shipping News

Container ships still renting for $160,000 a day despite import fears

When demand to transport cargo weakens, short-term rental rates decline for the ships that carry that cargo. When freight demand rises, lease rates rise. You can see this now in spot rates for supertankers moving crude oil from the Middle East and large bulkers moving iron ore to China (weak demand, low rates) and for product carriers moving diesel, gasoline and jet fuel (high demand, high spot rates). You can’t see it in container shipping, though. At least, not yet. The container freight market is awash in negative sentiment on ...

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MOL Cooperates in Ocean Transport of Children’s Shoes to Zambia

Mitsui O.S.K. Lines, Ltd. announced that MOL and Ocean Network Express (Japan) Ltd. have cooperated with Sogo & Seibu Co., Ltd. and the Japanese Organization for International Cooperation in Family Planning (JOICFP (Note 1)) in a project to distribute shoes to needy children in Zambia to transport the shoes. MOL and ONE Japan have provided ocean transport service for the shoes. The project started in 2009. Sogo & Seibu, a major Japanese retailer, donates used shoes exchanged by customers to JOICFP, which in turn distributes them to children in Zambia. ...

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Stolt-Nielsen Limited Reports Highest Second Quarter Profit Since 2007

Stolt-Nielsen Limited yesterday reported unaudited results for the second quarter and first half of 2022. The Company reported a second-quarter net profit attributable to shareholders of $58.6 million, with revenue of $689.1 million, compared with a net profit of $52.3 million, with revenue of $606.2 million, in the first quarter. The net profit attributable to shareholders for the first half of 2022 was $110.9 million, with revenue of $1,295.3 million, compared with a net profit attributable to shareholders of $10.3 million, with revenue of $1,007.1 million, in the first half ...

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Avenir LNG Limited reports unaudited financial and operating results for the quarter ended March 31, 2022

Avenir LNG Limited and its subsidiaries, supplies small-scale LNG to off-grid industry, power generation and transport fuel sectors as well as providing infrastructure to support the development of LNG as a marine fuel, today announced its unaudited financial and operating results for the first quarter ended March 31, 2022. Peter Mackey, Chief Executive Officer of Avenir commented: “Avenir is pleased to report operating revenues of $6.7 million and EBITDA of $0.8 million, for Q1 2022. We have begun 2022 in line with our operation plan for the full year and ...

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I-Tech and RISE (Research Institutes of Sweden) to host industry and academia for future marine antifouling coating solutions talks

The developers of the antifouling biotechnology, Selektope®, I-Tech AB and RISE Research Institutes of Sweden AB will host key discussions between marine industry end users, paint companies and academia around antifouling coating technology as the first line of defence against the intensifying issue of marine biofouling. The International Antifouling Conference 2022 will be held on September 13-14 in the iconic Eriksberg shipyard area in Gothenburg, Sweden. The conference is backed by the European Regional Development Fund (ERDF) and funding from the Västra Götalandregionen (Sweden). The principal corporate sponsor for the ...

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INPEX, IHI, MOL Demonstrate Clean Ammonia Supply Chain Linking UAE and Japan

INPEX CORPORATION (INPEX), IHI Corporation (IHI) and Mitsui O.S.K. Lines, Ltd. (MOL) announced they have executed the demonstration of a clean ammonia supply chain linking the United Arab Emirates (UAE) and Japan. The clean ammonia used for the demonstration was supplied by Abu Dhabi National Oil Company (ADNOC). It was produced by Fertiglobe, a joint venture between ADNOC and OCI.N.V. that is a key supplier of ammonia, using natural gas produced in Abu Dhabi. Most of the CO2 emitted from the production of the ammonia was sequestered and injected into ...

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MABUX: Bunker Prices Expected to Be Very Volatile Next Week

Over the Week 26, the world bunker indices did not have a firm trend and showed moderate irregular changes. The 380 HSFO index rose by a symbolic 0.26 USD: from 735.46 USD/MT to 735.72 USD/MT. The VLSFO index, in turn, went up by 6.84 USD: from 1063.02 USD/MT to 1069.86 USD/MT. The MGO index, on the contrary, dropped: minus 28.32 USD (from 1409.27 USD/MT to 1380.95 USD/MT), falling again below 1400 USD. The Global Scrubber Spread (SS) weekly average – the price difference between 380 HSFO and VLSFO – continued ...

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Braemar launches digital platform to offset vessel and cargo emissions

Braemar, expert advisors in shipping investment, chartering, and risk management, today announces the launch of Braemar Offset, a digital platform that enables its clients to reduce their carbon footprint in a measurable, effective and efficient way. Science-based emission reductions are now a baseline expectation for maritime companies, and carbon offsetting – a decarbonising activity to compensate for unavoidable emissions elsewhere, which is one of the tools that shipping will utilise to achieve net zero. Braemar Offset provides a diverse and regularly replenished portfolio of offset projects to ensure certainty of ...

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ABB to power Japan’s first electric tugboat for efficient and sustainable operations

The electric tugboat Taiga is the result of a collaboration between Tokyo Kisen Co., Ltd. and e5 Lab Inc., a Japanese consortium with the purpose of planning and developing fully electric vessels. Constructed at the Kanagawa Dockyard Co., Ltd. at Kobe, the tug is due for delivery by end of December 2022, becoming the first vessel of its kind to operate in Japanese waters. It is equipped with ABB’s Onboard DC Grid™, complete with a high battery capacity. Designed to enable zero-emission operations in harborside environments, the tug delivers superior ...

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Headway Carbon Capture and Storage System (CCS) has been approved by DNV Classification Society

Recently, the carbon capture and storage system (CCS) independently developed by Headway Technology Group (Qingdao) Co., Ltd. obtained the Approval of Principle (AIP) certificate officially issued by the DNV Classification Society, and this made Headway one of the few companies in this field in the world with this recognition. Headway CCS system stands out with many advantages such as small size, low power consumption, convenient operation, etc. Headway has a number of patents and software copyrights, which enable the providing of energy-saving and efficient solutions for ships, in order to ...

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KR representative elected Chair of IACS Hull Panel

Korean Register (KR) is pleased to announce that Mr. CHO Hyungmin, Principal Surveyor of Ship & Offshore Technology Team, has been elected the next Chair of the IACS Hull Panel. His appointment was announced at the 85th International Association of Classification Societies (IACS) Council Meeting in London, UK and underlines KR’s growing technical skills in the area of hull structures. His three-year tenure starts on 1 January 2023. The Hull Panel is one of IACS core technical working groups and oversees the development of rules, regulations and guidance related to ...

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Rovco Signs Subsea Contract for Hollandse Kust (noord) Offshore Wind Farm

Rovco, a leading provider of offshore subsea and hydrographic survey projects, has signed a contract with Van Oord to perform subsea investigation works on Dutch offshore wind farm Hollandse Kust Noord. The company has been contracted to carry out an unexploded ordnance (UXO) investigation and identification campaign, as well as survey work across nominated locations on the wind farm with the removal of any potential debris objects at the site which may impede foundation and cable installation works. The project will utilise the DPII vessels Glomar Wave and VOS Star ...

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How two clever protection devices supercharge: The Switch DC-Hub solutions

The EDCB and EBL are now standard building blocks in our marine drive offering, enabling our DC-Hubs to perform at the highest standards of efficiency and reliability. “With microsecond range response, both devices provide maximum system protection and ride-through capability,” says Head of Product Line High Power Converters, Teemu Heikkilä. Protection on the inside The EDCB is integrated within inverter modules inside the DC-Hub, increasing redundancy within the hub by detecting, cutting and disconnecting any critical fault in 10 microseconds. That is much faster than the millisecond range response of ...

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Ocean Yield: Delivery of newbuilding Suezmax tanker with 10-year charter

Ocean Yield AS is pleased to announce that it has taken delivery of the newbuilding Suezmax tanker Nordic Hunter from Samsung Heavy Industries’ shipyard in South Korea. The vessel commenced a 10-year bareboat charter to Nordic American Tankers Limited (“NAT”) upon delivery. NAT is a crude tanker company listed on the New York Stock Exchange with a fleet of 21 Suezmax tankers. Source: Ocean Yield

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Kongsberg Maritime wins stabiliser contract for two new ferries

Kongsberg Maritime’s Dunfermline facility has announced a contract to supply Aquarius 50 Retractable Fin Stabilisers for two new ferries to be built by the Cemre Shipyard in Turkey for Scotland’s Caledonian Maritime Assets Limited (CMAL). The KONGSBERG Aquarius retractable fin stabilisers, due for delivery in 2023, are designed for high performance roll damping whilst offering low weight and high reliability coupled with low maintenance. The PLC based control system provides robust, reliable technology with simple operating interfaces and extremely comprehensive maintenance and diagnostic information through touch screens. The controls will ...

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