“Between January and August 2024, the number of recycled ships has dropped 42% y/y, the second lowest level in 16 years. The market has seen high freight rates and strong demand, delaying the recycling of older ships. On the supply side, the fleet has continued to grow slowly, limiting fleet renewal,” says Filipe Gouveia, Shipping Analyst at BIMCO. So far this year, only 45 ships have been recycled, adding up to 2.5 million deadweight tonnes (DWT) or 0.2% of the fleet. Recycling declined in all segments, with capesize and supramax experiencing ...

Today, in Berlin at its 150th anniversary conference, the International Union of Marine Insurance (IUMI) made the link between loss prevention and the reality of society meeting its decarbonisation goals. Pascal Dubois, Chair of the IUMI Loss Prevention Committee reiterated the enormous challenge faced by society and highlighted three key requirements to effect change: financial investment, innovation and long-term political will. However, he argued that this would not be enough unless backed by a comprehensive programme of loss prevention. “Climate change continues to impact our daily lives. As a Frenchman living ...

Spot premiums for very low sulphur fuel oil (VLSFO) eased on Wednesday, while the market eyed higher October supplies offered by Southeast Asian refiners. Benchmarks for low sulphur and high sulphur fuel oil (HSFO) have shown signs of easing in recent sessions due to expectations of supply recovery into the fourth quarter. Cash premium for VLSFO dipped below $20 a metric ton to cargo quotes on Wednesday, while cracks for October eased day-on-day to premiums of around $11.30 a barrel, based on LSEG’s data. Regional supplies in Asia are expected ...

The upcoming 16th ministerial conference of UN Trade and Development (UNCTAD) will give new momentum to power the economic transformations urgently needed in a changing world. The 16th quadrennial conference of UN Trade and Development (UNCTAD), or UNCTAD16, is set to take place in late 2025, themed “Shaping the future: Driving sustainable economic transformation for a changing world”. The announcement came from Secretary-General Rebeca Grynspan in her address to a high-level Trade and Development Board meeting in Geneva on 16 September. “UNCTAD16 will be crucial to say with concrete deeds ...

Mitsui O.S.K. Lines, Ltd. has joined the Ammonia STS trial which was led and successfully completed by the Global Centre for Maritime Decarbonisation (GCMD). In the absence of ammonia bunkering infrastructure, STS transfers offer the closest proxy to bunkering operations when it replicates the essential steps involved. With this objective in mind, the trial was conducted with a transfer to simulate bunkering at the Port of Dampier in the Pilbara region of Australia, an ammonia production region. It is also expected to be one of the ammonia bunkering hubs in ...

The PALFINGER MARINE developed Slipway Systems are proven means of launching and recovering boats at sea, eliminating the use of any mechanical connection such as lifting solutions or hooks during operations. This minimizes the need for manual assistance and thus also the risk for potentially critical situations during launch and recovery operations. A Reliable Partner PALFINGER MARINE has been awarded a contract by Singapore’s Defence Science and Technology Agency (DSTA) to supply Slipway Systems for the Republic of Singapore Navy’s (RSN) six Multi-Role Combat Vessels (MRCV). The vessels, which are ...

Stockpiles of oil products at the UAE’s Port of Fujairah dropped 2.5% in the week ended Sept. 16, with all categories showing declines, according to the Fujairah Oil Industry Zone. The total inventory fell to 18.267 million barrels as of Sept. 16, marking the seventh weekly drop in the past nine weeks, according to the FOIZ data published Sept. 18 and compiled by S&P Global Commodity Insights since 2017. Still, stockpiles are still 5.4% higher than they were at the end of 2023. Heavy distillates and residues used for power ...

HD Hyundai Marine Solution, HD Hyundai Engineering & Technology, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), and Hyundai Heavy Industries Power Systems have successfully obtained Approval in Principle (AiP) from DNV for their design of an onboard carbon capture and storage (OCCS) system for retrofits. The retrofit design, which is applicable to a wide range of vessels, showcases the collaborative efforts of the HD Hyundai affiliates. With the global maritime industry increasingly focused on reducing carbon emissions, DNV’s AiP confirms that the OCCS technology is both feasible and prepared ...

Northwest Europe All grades remain in normal availability in Rotterdam and in the wider ARA hub. Most suppliers can offer all grades for prompt delivery dates. Lead times of 3–5 days are generally recommended for all three grades, a trader told ENGINE. The ARA’s independently held fuel oil stocks have averaged 8% lower so far this month than across August, according to Insights Global data. The region has imported 179,000 b/d of fuel oil in September so far, down from 223,000 b/d imported in August, according to data from cargo ...

Enhancing their collaboration on cutting-edge marine and technology projects, ABS and HD Korea Shipbuilding & Offshore Engineering (HD KSOE) signed a memorandum of understanding (MOU) to advance the development and certification of innovative systems for next-generation, zero-carbon ships. Representatives from both companies met at Gastech 2024 for the signing ceremony. Entitled “Cooperation on the Advanced Zero-Carbon Ships,” the MOU focuses on integrating advanced technologies in three main areas: A novel LNG cargo handling system that utilizes full re-liquefaction system to suppress boil-off gas (BOG) for zero-carbon LNG carriers A comprehensive ...

Lloyd’s Register (LR) has awarded Approval in Principle (AiP) to Seaspan Corporation for its innovative dual-fuel ammonia-powered next generation feeder ship design. The 3,100 TEU nominal vessel, measuring 198m in length and developed by TECHNOLOG will burn ammonia in its two-stroke main propulsion engine. The project expands on a previous AiP announced in May, for an LNG-powered vessel design of the same specifications and also designed by TECHNOLOG, that can transition to ammonia during its operational lifecycle. Completion of the AiP process for the ammonia-powered feeder ship design underscores Seaspan’s ...

Wärtsilä Gas Solutions, part of technology group Wärtsilä, will supply the cargo handling and fuel gas supply systems for four new medium-sized gas carrier (MGC) vessels. The ships are being built at the Nantong CIMC Sinopacific Offshore & Engineering (SOE) shipyard in Shanghai for Greek operator Capital Gas Ship Management. The order was booked by Wärtsilä in Q3 2024. Wärtsilä is the market leader in supplying cargo handling and fuel gas supply systems for MGCs, and this order once again strengthens this position. The 40,000 cbm capacity vessels will transport ...

At GASTECH 2024, KR (Korean Register) announced that it has awarded an Approval in Principle (AiP) to Samsung Heavy Industries (SHI) for their “9,300 TEU Ammonia-Fueled Container Ship”. As the global maritime industry intensifies efforts to meet stricter decarbonization targets, ammonia is gaining prominence as a potential zero-carbon fuel. In light of the current trends, recent LNG-fueled container ships have adopted designs that allow the use of ammonia fuel for its sustainable option. Ammonia fuel presents advantages in terms of cost-effectiveness and efficiency compared to other alternative fuels. However, due ...

Some ship managers are finding they are unprepared for the human factors element of the new SIRE (Ship Inspection Report Programme) 2.0 inspection regime, a webinar hosted by Kaiko Systems has heard. Panellists at the ‘SIRE 2.0 is Here: What the New Inspection Regime Means for You’ event also discussed the impact that SIRE 2.0 – which went live on 2nd September – has had on seafarers hearing that some are stressed and overwhelmed as they adapt to the increased workload and new requirements of the new inspection process, such ...

Tankers International, the world’s largest shipping pool for VLCCs, has welcomed Hong Kong-based Wah Kwong as a pool partner, with the Hong Kong Spirit (IMO: 9602289) joining the scrubber pool. The Hong Kong Spirit joined the VLCC pool in September 2024. The vessel was built in 2013, maintaining the pool’s average fleet age of 11.2 years. Wah Kwong is an integrated global vessel owner-operator based in Hong Kong. It manages a modern, efficient fleet spanning bulk carriers, crude tankers, LPG tankers, container ships, and tonnage ranging from 4,000 to 318,000 ...