Long-term ocean freight rates fall again, with almost 50% drop in key pricing benchmark across last three months The beleaguered carrier industry took another major hit in June, with the latest data from Xeneta’s Shipping Index (XSI) showing a decline of 9.4% in global long-term shipping rates. Following on the heels of a 27.5% collapse […]
By Tom Barlow-Brown After heated talks delegates at the the International Maritime Organization (IMO) have finally agreed new goals aimed at tackling GHG emissions in shipping. The new policy was agreed by delegates of the organisations member states, and observer groups, at IMO’s headquarters in London last week on Friday, following two weeks of […]
Japan’s Mitsui O.S.K. Lines (MOL) and energy company Chevron Singapore have signed a memorandum of understanding (MoU) for a strategic alliance aimed at reducing the carbon intensity of marine fuels, as well as other decarbonisation technologies in shipping. The partnership will see joint studies carried out on next-generation fuels in various regions around the world […]
Classification society DNV has awarded Viridis Bulk Carriers an approval in principle (AiP) for an ammonia-fuelled short-sea bulk carrier design. The certificate was presented during the Nor-Shipping trade fair. The bulk carrier design, developed by Kongsberg Maritime, is for 5,000dwt short-sea vessels that offer a 3,000nm range and safety levels equivalent to conventionally fuelled vessels. […]
Amogy, the US-headquartered ammonia power solutions company, has opened operations in Singapore in a move to expand to its maritime and power generation business in Asia. “With our sights set on reducing overall global carbon emissions, we’re thrilled to expand our presence in Asia,” says Seonghoon Woo, CEO and co-founder of Amogy. “Singapore is a […]
Fincantieri has signed a contract with Marc-Henry Cruise Holdings, joint owner/operator of Four Seasons Yachts, for the construction of a second ultra-luxury Four Seasons vessel. This second vessel’s order is worth more than €400 million, and the ship will be delivered in 2026. Fincantieri landed the order for the first 207m-long, 27m-wide, 180-guest ship of […]
PALFINGER MARINE is currently updating their state-of-the-art transportation system for the offshore industry – the Offshore Passenger Transfer System (OPTS). At Nor-Shipping 2023 in June, the company showcased a model of this technology for the first time. The OPTS is a 3D-compensated passenger and cargo transfer system. Designed specifically for marine applications, it compensates on […]
Capt. Dr. Seyedvahid Vakili, research associate, World Maritime University svv@wmu.se Professor Dr. Aykut I. Ölçer, director of research, World Maritime University aio@wmu.se Shipyards are usually placed near to cities and act as an economic driver for their development, while cities provide the necessary resources and infrastructure for shipyards. However, […]
Total losses in global commercial shipping hit a record low in 2022, according to the annual safety and shipping review published by insurance provider Allianz Global Corporate & Specialty (AGCS). Worldwide, 38 ships were lost last year, 35.6% fewer than the 59 vessels lost in 2021. This is the lowest level of loss in 12 […]
The new Isle of Man Steam Packet ferry, the Manxman, has finally been delivered after delays due to gearbox problems. The vessels began the long voyage home from Ulsan, South Korea, to Douglas, Isle of Man in May. The company says that the issues with the new £78 million ferry have been resolved. A gearbox […]
Stena Line, one of Europe’s leading ferry operators, has announced that it is constructing two hybrid propulsion vessels designed to run on methanol for its Belfast-Heysham route. The move is in response to increasing customer demand. Construction of the NewMax vessels will begin shortly with launch on the Irish Sea in 2025. Between them, the […]
South Korea has pledged to expand financial support measures and invest US$135.9 million in technological development for autonomous vessels and eco-friendly ships. According to the Ministry of Trade, the move aims to secure local shipbuilders’ position in the global market. Trade Minister Lee Chang-yang travelled to Ulsan to inspect shipyards and announced financial support plans […]