Although news teams might have moved on to other locations and different crises, for those Turks and Syrians who have been caught up in the recent earthquakes the situation continues to be critical. This is especially true for seafarers whose families live in the affected region. Güven Kale, Chief Clinical Officer at Mental Health Support Solutions (MHSS), has seen first hand the difficulties these seafarers are facing. “Many seafarers were unable to reach their families and loved ones for days after news of the earthquakes first broke and didn’t know ...

Mitsui O.S.K. Lines, Ltd. announced the establishment of the “MOL Group Three Basic Principles of Corporate Governance” (Basic Principles) that indicate the MOL group’s stance on corporate governance and matters that it considers universally important as a guideline for its actions, for all stakeholders, including shareholders, investors, employees, and customers. Article 1 (Framework and Operation) Based on the MOL Group Corporate Mission, the MOL Group Vision, and the MOL Group Values, Code of conducts (MOL CHARTS), we, the MOL Group, grow globally by enhancing corporate governance and leveraging the collective ...

MSC has reinforced its continuous investment in Africa with the introduction of the AGL brand. Standing for “Africa Global Logistics”, AGL is the new name for the business formerly known as Bolloré Africa Logistics, or BAL. Having developed its expertise over more than a century and with more than 21,000 employees working in 49 countries, AGL is a reference multimodal logistics operator and is now part of the Cargo Division of MSC Group. AGL will continue to operate as an independent entity with the full support of family-owned MSC Group’s ...

In close coordination with the UfM EU (DG MARE) and Jordan Co-Presidency, on March 28, 2023, the Union for the Mediterranean (UfM) and the World Ocean Council (WOC) signed a Memorandum of Understanding (MoU) at UfM Headquarters in Barcelona in the framework of the 2021 UfM Ministerial Declaration on Sustainable Blue Economy and Roadmap for its implementation, and of the WestMED Initiative, supported by the UfM and by the European Commission. Based on the experience with sea basin and macro-regional strategies, WestMED was further adopted by the European Commission and ...

The Kuwaiti Oil Tankers Company has approved its 2023-2024 plan which includes 71 tenders comprising construction, maintenance and services, a newspaper has said. The Company, a subsidiary of the state-owned Kuwait Petroleum Corporation, will issue the tenders gradually during its fiscal year that still start on April 1, the Arabic language daily Alanba said, citing official sources. A key tender is for the construction of ‘green buildings’ for the Company and the conversion of its headquarters premises into a ‘green building’ the report said. The other tenders cover services for ...

Global satellite communications provider, Satcom Global has today announced that Arklow Shipping has signed a new fleetwide, long-term agreement for AuraNow VSAT, and committed its new build vessels to install the groundbreaking solution offering unlimited data with truly flexible bandwidth. From their new state of the art headquarters in Arklow, the Irish ship owner and charterer has signed significant contract extensions and new agreements with their long-standing satellite communications provider, Satcom Global. The innovative maritime satellite communications solution AuraNow VSAT, offers industry leading flexibility with unlimited bandwidth changes, and no ...

Russia and India are looking at expanding the use of the Northern Sea shipping route that passes through the Artic and which could include the building of processing facilities, Russia’s Interfax agency reported on Wednesday. Alexei Chekunkov, Russia’s minister for the development of the Far East and the Arctic, is visiting India and a key issue in his talks with Indian officials was the “reliable and safe” transportation of goods through the Northern Sea Route using Russian and Indian ports, Interfax reported. “It was especially noted that the cost of ...

Technology group Wärtsilä continues to strengthen its established position as a major supplier to the LNG carrier vessel sector. Following an earlier newbuild programme in June 2022 for four new vessels, the company has now been awarded the contract to supply reliquefaction systems for a further eight ships. These eight vessels will be owned by various leading global shipping companies. The orders by Hudong Zhonghua Shipyard were booked into Wärtsilä’s order intake in Q1 2023. The selection of Wärtsilä solutions reflects the industry’s focus on efficiency and reduced environmental impact ...

NYK agreed to obtain all the shares of Mitsubishi Ore Transport Co., Ltd. (MOT) from Mitsubishi Corp. (MC), Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine & Nichido), and Mitsubishi Heavy Industries, Ltd. (MHI), making MOT its wholly-owned subsidiary. MOT is a joint company of NYK, which owns a 40.28% stake, MC, Tokio Marine & Nichido, and MHI, mainly operating vessel management and ship-owning businesses with 17 ships consisting of bulkers, pure car and truck carriers, and wood-chip carriers. Moreover, MOT has high-quality vessel management know-how and rich ...

Ocean Harvesting is collaborating with experts in model-based predictive control to implement recent research and increase the performance of InfinityWEC in the upcoming scale 1:3 sea trials. Use of predictive control strategies in a point-absorbing wave energy converter (WEC) greatly increases the annual energy production (AEP) compared to non-predictive reactive control. OHT has shown up to 30% improvement with model predictive control (MPC) in simulations, and similar results have been shown by other WEC developers and in academic research. InfinityWEC is unique in its capability to host and benefit from ...

The Baltic Exchange’s main sea freight index edged up on Wednesday on higher rates for capesize and panamax vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 5 points to 1,407. The capesize index was up 16 points, or about 1%, to 1,662. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes for commodities such as iron ore and coal, increased $133 to $13,788. Dalian iron ore futures extended gains to a third straight session on prospects ...

Last year was one of contrasts for shipping market participants as different sectors were impacted upon in different ways in the wake of boiling geopolitical tensions and the sector’s ongoing efforts to decarbonize. ‘Humankind has a knack for self-inflicting wounds, still there is nothing that we cannot fix with science, technology, common sense, goodwill and determination’ BRS notes, in their Annual Review of Shipping and Shipbuilding Markets released yesterday. The BRS Annual Review takes stock of where shipping markets now, and the paths which they are on across the short ...

The ongoing shift in refined products trade patterns is likely to strengthen the demand for products in 2023, maintaining attractive vessel earnings. Europe’s efforts to displace Russian refined products are proving to be positive for the product tanker market since replacement barrels are coming from distant markets such as the Middle East, US and Asia. Russia, on the other hand, is on the lookout for newer destinations for its refined products since the EU sanctions have come into effect from 5 February 2023. Although it will be difficult for Russia ...

Wartsila is seeing a potential role for ethanol in the shipping industry’s multi-fuel future, with shipowners struggling to find suitable future fuels to reduce greenhouse gas emissions from their operations, according to a company official. Mikael Wideskog, Wartsila’s director for sustainable fuels and decarbonization, said the marine technology firm is in talks with shipping companies and fuel producers about how to introduce the fuel to the bunker mix. He declined to name them. “Ethanol is a good fuel…It still contains carbon, but it can be a carbon-neutral fuel,” Wideskog told ...

Container shipping rates are not back to normal quite yet. Trans-Pacific rates have returned to pre-COVID levels, but pricing in trans-Atlantic markets has not. Spot container rates from Europe to the U.S. — while falling — are still more than twice pre-pandemic rates. U.S. imports from Europe remain strong, with building materials supporting volumes. Drewry and FBX spot assessments The Drewry World Container Index (WCI) spot-rate assessment for Rotterdam, Netherlands, to New York was $5,061 per forty-foot equivalent unit in the week ending Thursday. That’s down 32% from last year’s ...