Espen Barth Eide, the Norwegian Minister for Environment and Climate, announced the award in a press conference in Oslo this morning. In a related press release from Enova, Barth Eide states: “The world’s energy systems must become emission-free if we are to succeed in reaching the goals we have set ourselves in the Paris Agreement. For shipping, this requires us to adopt new technologies and sustainable zero-emission fuels. The projects that Enova supports make an important contribution to this. Here, the entire breadth is covered from demand, distribution and use ...

ABS awarded approval in principle (AIP) to Samsung Heavy Industries Co., Ltd. (SHI) for its cyber resilience systems design. As technologies have expanded, automation systems have become more complex and integrated, and autonomous functions are being introduced, the probabilities of cyber-related incidents have increased. ABS found that the SHI system meets cyber resilience requirements established in the ABS Rules for Building & Classing Marine Vessels and IACS UR E26 Cyber Resilience of Ships. The design incorporates security zones with well-defined security capabilities, network protection safeguards, and managed access for remotely ...

The cost of chartering a supertanker to load Middle Eastern crude oil for Asia has rebounded from a 19-month low in September, but industry sources expect output supply cuts, led by Saudi Arabia, to cap freight rates for the rest of the year. The world’s benchmark very large crude carrier (VLCC) export route from the Middle East Gulf (MEG) to Japan, known as TD3, rose to W50.46 on Monday in the Worldscale measure of freight rates, LSEG data showed. It fell to W35.60 in September, the lowest since Feb 2022. ...

A safety report from DNV and Lloyd’s List Intelligence finds incidents are rising and looks at the possible safety challenges of decarbonization and digitalization. The focus on establishing strong safety cultures for maritime is needed to navigate the big transformations underway successfully and safely. “With great transformations underway, there is clearly a need to better understand the safety risks of technologies and operational methods being adopted for greater efficiency and lower emissions,” says Kirsten Strømsnes, Head of Section – Maritime Advisory at DNV. “Regulation can help, but maritime needs to ...

Built using RightShip’s unmatched maritime vessel, incident, and company database, PortRISK provides a comprehensive suite of features, including pre-arrival checks and reviews to streamline processes and provide full visibility of vessels’ risk profiles before they arrive in port. This facilitates proactive risk mitigation for operators, but also supports effective resource allocation, berth management, and efficient operational processes. According to RightShip data, in 2022 half of the total maritime incidents it recorded occurred within the boundaries of ports and terminals, with the majority of these taking place when ships were docked. ...

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest in over 9-months on Tuesday, steered by strong gains in capesize rate. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 80 points, or about 5.0%, to 1,694, its highest level since late December. The capesize index added 246 points, or 11.5% to 2,394, its best day since Sept. 7. Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such ...

Ships are faking their locations to engage in illicit activity — and rising numbers appear to be doing so to trade goods that are likely to be worth billions of dollars. So-called “dark vessels” shipping Russian oil in a suspected evasion of the G7′s $60 a barrel price cap, tankers going under-the-radar in Venezuelan waters, and cargo ships allegedly smuggling grain from Ukraine are being uncovered by satellite technology that can identify when vessels report a false location. Large ships have to be fitted with automatic identification systems (AIS) and ...

Asia’s very low sulphur fuel oil (VLSFO) margin fell on Tuesday, trending in line with a recent decline in gasoline cracks. The October crack for 0.5% VLSFO closed lower at a premium of $7.89 a barrel at the Asia close, down for a second straight session. Asia’s gasoline refining margins haven fallen sharply, mirroring weakness in global markets and weighed by fears that high pump prices could dent fuel demand across major markets. This could pressurise the VLSFO market further, with more blending components potentially directed towards the fuel oil ...

Klaveness Combination Carriers (“KCC”) announces MV Ballard, the youngest vessel in the CABU fleet, has completed dry dock and subsequent sea trials with a wave of new energy efficiency measures in place. Among the measures include Silverstream Technologies’ air lubrication system, the Silverstream® System, making MV Ballard the first KCC, and one of the first vessels within the dry bulk/tanker space, to adopt this technology. The Silverstream® System utilizes a series of air release units (ARUs) located along the flat bottom of the vessel. Oil-free compressors generate pressurized air that ...

Singapore A source says that bunker demand has been “rather muted” so far this week in Singapore. VLSFO availability has come under pressure due to product loading delays at oil terminals. Lead times for the grade have gone up from 6-10 days last week to 9-13 days now. Prompt availability of HSFO remains tight in the port, with most suppliers advising lead times of 6-9 days – virtually unchanged from last week. LSMGO, on the other hand, remains readily available, with short lead times of 2-4 days. Singapore’s residual fuel ...

On September 12 2023, Japan Suiso Energy, Ltd. (JSE)*, and three Japanese shipping companies, Kawasaki Kisen Kaisha, Ltd. (“K”LINE), Mitsui O.S.K. Lines, Ltd. (MOL), and Nippon Yusen Kabushiki Kaisha (NYK), have agreed to join JSE Ocean, Ltd. (JSE Ocean), a subsidiary of JSE. JSE remains the majority shareholder with 50.2% of stock, whilst the shipping companies hold 16.6% each. Hydrogen in Japan The expectation for hydrogen as a clean energy is increasing worldwide as we strive to achieve a decarbonized society. Japan’s Basic Hydrogen Strategy, revised by the Japanese government ...

The 2023 edition of The Future of Maritime Safety Report from Inmarsat Maritime, a Viasat business, reveals that the number of distress calls from ships at sea remains high, despite a continuing decline in vessel losses. The new report, which analyses Global Maritime Distress and Safety System information captured by Inmarsat, registered 853 distress calls from January to December 2022 – up from 794 in 2021. With the number of losses of vessels over 100 gross tonnage (GT) falling by 65% in the last decade, the report highlights that figures ...

A cargo vessel set off from a Ukrainian Black Sea port on Tuesday after loading but remained close to the port, an industry source said, without giving any further details. The vessel was the latest to set off from a Ukrainian Black Sea port since Kyiv established a temporary “humanitarian corridor” hugging the coastline following Russia’s decision to quit a deal that had allowed safe Ukrainian exports. Two bulk carriers left the port of Chornomorsk last week via the humanitarian corridor. Deputy Prime Minister Oleksandr Kubrakov said last week that ...

Value Maritime has completed the first in a series of nine installations of its emissions reducing Filtree systems for leading product and chemical tanker company Ardmore Shipping Corporation (“Ardmore” or “the Company). Taking place in China, this was the first time that Value Maritime has installed its system outside of Europe. The Ardmore Seaventure is also the first Ardmore vessel now fully equipped with Value Maritime’s Filtree system. The remaining installations for Ardmore Shipping are scheduled to take place in China over the next nine months. Energy Transition Plan In ...

Transocean Ltd. (NYSE: RIG) announced today that Transocean Aquila Limited (“Transocean Aquila”), a wholly owned indirect subsidiary of Transocean Ltd., commenced a private offering of U.S. $300 million in aggregate principal amount of senior secured notes due 2028 (the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be guaranteed by Transocean Ltd., Transocean Inc., and a wholly-owned indirect subsidiary that initially will own the Deepwater Aquila and will be secured by a lien on the Deepwater Aquila and certain other assets related to the rig. The ...