During Week 43, the MABUX global bunker indices showed a sustained upward trend. The 380 HSFO index rose by 10.56 USD: from 527.39 USD/MT last week to 537.95 USD/MT. The VLSFO index increased by 8.41 USD (615.37 USD/MT versus 606.96 USD/MT last week). The MGO index added 8.49 USD (from 761.39 USD/MT last week to 769.88 USD/MT). At the time of writing, the global bunker indices entered again a moderate downward correction. MABUX Global Scrubber Spread (SS) – the price difference between 380 HSFO and VLSFO – continued to decline, ...

Based on preliminary and unaudited figures, Hapag-Lloyd AG achieved a Group EBITDA of approximately USD 3.6 billion (EUR 3.3 billion) and Group EBIT of approximately USD 1.9 billion (EUR 1.8 billion) in the first nine months of 2024. Given the current course of business, characterised by stronger than expected demand and improved freight rates, and despite increased expenses related to the necessary diversion of vessels around the Cape of Good Hope, the Executive Board of Hapag-Lloyd AG is raising its earnings outlook for the financial year 2024. Group EBITDA is ...

The Panama Maritime Authority (PMA) has introduced a legal mechanism enabling the immediate revocation of registration and navigation licenses for vessels in the national merchant fleet that appear on international sanctions lists. Additionally, any other navigation documents issued by the PMA will also be invalidated. On October 18, 2024, Executive Decree No. 512 was published in the Official Gazette, outlining the cancellation of vessels or registered owners listed in the following: Sanctions Lists issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The United Nations ...

A consortium, including technology group Wärtsilä, will develop a new system for the maritime industry which is aimed at improving access to reliable data to enable smarter shipping decisions related to decarbonising fleet operations. The project, name ‘TwinShip’*, is sponsored by the European Union (EU) and will run from 2025 until 2028. The need for decarbonisation is well acknowledged in the maritime industry. However, investment decisions are often delayed due to a lack of accurate cost, performance and emission estimations for new and/or retrofitted ship designs. This is especially relevant ...

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) and Inmarsat Maritime, a Viasat company, are pleased to announce that “K” LINE will conduct a trial of Inmarsat Maritime’s new bonded network service NexusWave on “K” LINE’s fleet. NexusWave ​​seamlessly integrates multiple high-speed networks in real time to enable high-speed, always-on ship-to-shore communications, thereby enhancing digitalization of ship operation and environmental response, as well as the welfare of seafarers. The implementation of these trials will start this month. Launched in May this year, NexusWave is a unique bonded multi-dimensional network, designed to offer ...

The Van Weelde Shipping Group, owners of the dry cargo fleet managed by Orient Shipping Rotterdam (OSR), has signed a Letter of Intent (LOI) to join Ahti Pool, a groundbreaking FuelEU Maritime (FEM) compliance solution. Ahti Pool provides the easiest and most cost-effective way to comply with the FuelEU Maritime regulation. By joining Ahti Pool a ship efficiently shares the compliance burden with other pool members, including over-compliant ships, and collectively benefits from the pool’s economies of scale. Risto Kariranta, CEO of Ahti Climate, commented: “We’re excited to welcome OSR ...

Orient Overseas Container Lines (“OOCL”) entered into charter agreements on 22 October 2024 with Seaspan, to charter six brand new 13,000 TEU container vessels for a maximum aggregate amount of RMB 11.2 billion. The expected delivery of these vessels is from the fourth quarter of 2026 to the first quarter of 2028 and is to be chartered for 15 years from delivery. OOCL has been continuously assessing the global economic situation, operating environment of the shipping industry, the supply and demand for container vessels as well as seeking the appropriate ...

SEA.AI, the global leader in maritime Machine Vision solutions, has been awarded a multi-million-Euro contract which will deploy SEA.AI’s AI-powered vision technology across autonomous vessels, enhancing both their safety and security for their use in the commercial and defense & security sectors. SEA.AI’s machine vision systems detect, classify and track floating objects such as vessels, rafts, floating debris, and even people in the water—providing real-time hazard detection that fills the gap in the coverage of conventional radar and AIS systems. By integrating high-resolution optical sensors and computer vision algorithms, SEA.AI ...

Carbon Ridge, Inc., a leading developer of modular onboard carbon capture & storage solutions for decarbonizing the maritime shipping industry, today announced it has raised $9.5M in funding, bringing the company’s total funding to date to $15.5M. The round was led by Crosscut Ventures and Western Technology Investment (WTI), with participation from existing investors The Grantham Foundation, Berge Bulk, Rusheen Capital Management and Plug and Play Ventures. Katapult Ocean, Incite, Spitzer Industries and Canopy Generations Fund also participated in the round. With this investment, Carbon Ridge will advance the commercial ...

The World Shipping Council (WSC) is pleased to announce the release of the second edition of the WSC Whale Chart, a vital voyage planning tool aimed at helping the global merchant shipping industry protect whale populations. Building on the positive response to the first edition, published in November 2023, this updated version incorporates additional features to assist ship operators in reducing the risk of vessel strikes and mitigating underwater noise pollution, both of which can significantly impact marine life. The WSC Whale Chart offers a comprehensive overview of whale conservation ...

Dalian iron ore futures prices declined on Thursday, as investors weighed mixed production data while a softer global steel market outlook added pressure on prices. The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.26% lower at 755.0 yuan ($106.13) a metric ton. The benchmark November iron ore SZZFX4 on the Singapore Exchange, however, was 1% higher at $99.70 a ton, as of 0710 GMT. Production reports from major miners have shown they have overcome supply disruptions to raise output in recent months, while ...

The International Hydrographic Organization (IHO)-Singapore Innovation and Technology Laboratory (IHO-Singapore Lab) is conducting trials of next generation IHO S-100 standards and dual format Electronic Navigational Charts (ENCs) [1] on a prototype S-100 Electronic Chart Display and Information System (ECDIS) [2] aboard the Italian Navy’s training ship, AMERIGO VESPUCCI. This is also known as the “Dual Fuel” mode within the international hydrographic community, where S-100 ECDIS supports both current S-57 and new S-101 ENC formats. This trial marks the first time that the dual format mode is used for navigation in ...

Pilbara Ports annual Safe Ships Safe Ports Forum has come to a close, following two successful days of keynote speakers, panel discussions and networking opportunities. The forum is one of Australia’s largest maritime conferences and the only forum of its kind in Western Australia. It provides a unique opportunity for industry leaders to collaborate on reducing safety risks and improving efficiency across the maritime sector. Minister for Ports Hon David Michael MLA opened the 2024 Safe Ships Safe Ports Forum in Perth on Monday. Highlights from the forum include presentations ...

ICE Digital Trade, a part of Intercontinental Exchange, Inc. (NYSE: ICE), today announced that GIGA Shipping, the leading Malaysian Roll-on-Roll-off (RoRo) shipping operator, has adopted the ICE CargoDocs Local Law eBL solution to digitize all its Ocean and House Bills of Lading. GIGA Shipping commenced its digitalization journey with ICE Digital Trade as it sought a solution to the major delays caused using paper-based Bills of Lading across its supply chain, with a view to adopting a fully paperless process to accelerate, streamline and centralize documentation processes for itself and ...

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a sale and leaseback agreement with an unaffiliated third party for a previously announced newbuild LR2 Aframax tanker vessel (the “Vessel”). As announced on December 20, 2023, this vessel is one of two newbuilding LNG-ready, scrubber-fitted LR2 product/crude oil tanker vessels of approximately 114,000 dwt expected to be delivered to the Company in the first quarter of 2026. The bareboat financing amount totals approximately ...