Baltic Index sags again, dragged down by capesize, supramax rates
The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for a third consecutive session on Thursday, hurt…
Philippines, China seek common ground on South China Sea
The Philippines and China agreed to seek common ground and find ways to cooperate despite their disagreements in the South China Sea, their foreign ministries said on Thursday, as heated rows persist over vessels deployed around disputed features.The two countries on Thursday held a 10th round of talks under a bilateral consultation mechanism set up to address issues in the South China Sea, where disputes have been frequent and tense…
IMO Outlines 2025 Priorities
Secretary-General Arsenio Dominguez has highlighted several areas high on the agenda of the International Maritime Organization (IMO), as it embarks on a busy work schedule for 2025.Speaking at a news conference on 14 January 2025, Mr. Dominguez said that IMO’s 176 Member States continue to work together to find solutions to global challenges impacting the maritime sector.Dark fleetHe addressed rising…
Burger to build Passenger Vessel for Wendella Sightseeing
Burger Boat Company has announced that is has been awarded a contract to construct an 89-foot passenger vessel for Wendella Sightseeing Co. Inc.This state-of-the-art passenger vessel will be built with Burger’s renowned craftsmanship and precision engineering, delivering the highest standards of safety, performance, and comfort. The 89-foot vessel is designed to enhance Wendella's commitment to providing exceptional experiences on Chicago’s iconic waterways…
Dozens of Migrants Feared Drowned, NGO says
As many as 50 migrants attempting to reach Spain by boat from West Africa may have drowned, migrant rights group Walking Borders said on Thursday.Moroccan authorities…
Fincantieri Marinette Marine wins Harbor Assistance Grant
Fincantieri Marinette Marine (FMM) will receive $3 million from the State of Wisconsin to improve marine infrastructure along the Menominee River where the company builds surface combatant ships for the U.S. Navy.Governor Tony Evers and the Wisconsin Department of Transportation announced today that five in-state projects will receive more than $10 million in Harbor Assistance Program grants. These grants are intended to strengthen supply chain reliability…
Bardex Strengthens EMEA Team, Welcomes Finch as Director of Business Development
With the addition of Ian Finch to its Sales team, Bardex re-establishes a European base committed to growing and supporting clients and projects across Europe, the Middle East, and Africa.Bardex, a global provider of products and engineering solutions for marine-based heavy lifting, transfer, and restraint, is thrilled to welcome Ian Finch as its Director of Business Development for the EMEA region.
BP to slash over 5% of workforce
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.Auchincloss…
Product Tanker Vessel Deliveries to Soar 256%
According to current delivery schedules, product tanker newbuild deliveries are set to reach 12m deadweight tonnes (DWT) in 2025. Deliveries will therefore jump 256% compared to the 3.4m DWT delivered in 2024. At the same time, deliveries will reach a 16-year high and the second highest on record,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The increase in deliveries follows an increase in contracting of new ships during 2023 and 2024.
New Microsatellite Boosts Norwegian Maritime Monitoring
Canada’s Space Flight Laboratory (SFL) has launched Norway’s NorSat-4 maritime monitoring microsatellite.The seventh spacecraft developed for the Norwegian Space Agency (NOSA) by SFL, NorSat-4 carries a fifth-generation Automatic Identification System (AIS) ship tracking receiver and a first-of-its-kind low-light imaging camera.Built on SFL’s 35-kg DEFIANT microsatellite bus, NorSat-4 launched from…
China’s Response Key to Russian Sanctions Impact
"This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.Oil prices jumped in the wake of the new measures aimed at preventing Russia from shipping crude using a so-called "dark fleet" of tankers.It does seem strange an industry which has been arguing since Russia's 2022 invasion of Ukraine that sanctions are largely ineffective…
Taiwan will Use Navy to Protect Sea Cables
Taiwan will dispatch its navy if needed to help the coast guard respond to any suspicious activity near undersea communication cables, Defence Minister Wellington Koo said on Thursday, after a Chinese-linked ship was suspected of damaging one.Taiwan, which China views as its own territory, said a ship owned by a Hong Kong company but registered both in Cameroon and Tanzania damaged a cable to the north of the island earlier this month, although it says it has not been able to verify the ship's i
Indian Ocean Becoming Power Play Hotspot
International power rivalry is playing out in the Indian Ocean region, India's Defence Minister Rajnath Singh said on Wednesday, adding that a strong naval presence in the key trade route was his country's biggest priority.While Singh did not name any country, analysts say that China, which commands the world's largest naval force with more than 370 ships, has been a security concern for India since…
US Importers Rush to Beat Trump Tariffs
U.S. imports from China finished the year strong after some companies stockpiled shipments of apparel, toys, furniture and electronics ahead of President-elect Donald Trump's plan to impose new tariffs that could revive a trade war between the world's economic superpowers.Trump, who has threatened to slap tariffs of 10% to 60% on goods from China, takes office on Jan. 20. During his first term, Trump mainly targeted Chinese parts and components.
What Keeps Business Leaders Awake at Night?
Cyber, business interruption and natural catastrophes are the risks of most concern for businesses globally according to the Allianz Risk Barometer 2025 - as voted for by a record 3,778 risk management experts from 106 countries and territories.Cyber incidents (38% of responses, a record 7% points ahead) consolidates its position as the most important risk.The risk impact of new technologies and developments…
Ship-to-Ship Transfer System Boosts Safety
The Protected Transfer System (PTX) jointly developed by Safe STS and Gall Thomson represents a significant advancement in the safe handling of crude oil transfer at sea which has already been successfully integrated into hundreds of offshore ship-to-ship (STS) operations and mandated by a growing number of jurisdictions and oil majors.STS operations have the potential for spills and physical risk to personnel during transfer as well as damage to the transfer equipment itself.
Singapore Achieved Record Growth in 2024
Singapore’s annual vessel arrival tonnage, total tonnage of ships under the Singapore flag, container throughput, total bunker sales and sales of alternative bunker fuels, reached new highs in 2024. Cargo throughput handled at the port of Singapore also increased in 2024.The annual vessel arrival tonnage in the port of Singapore grew by 0.6%, reaching a new record of 3.11 billion gross tonnage (GT), up from 3.09 billion GT in 2023.
Colonial Pipeline's gasoline line likely shut until Friday
Colonial Pipeline's main U.S. gasoline artery is expected to be shut through Friday as the company continues to search for the source of a suspected leak in Paulding County, Georgia, the company said in a statement on Wednesday.Line 1, one of two mainlines on the more than 5,500-mile Colonial system, was shut on Monday night after Colonial received reports of a gasoline release and began investigating.
Amogy Raises $56 Million for Ammonia Power Solutions
Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, announced that it raised $56 million in venture financing, bringing total raised since inception to more than $270 million.The round was co-led by existing investor Aramco Ventures and new investor SV Investment. Additional new investors participating in the round include Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities…
Baltic Index dragged lower across all sectors
The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, inched lower for a second consecutive session on Wednesday, dragged down by weaker rates across all vessels.The index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, was down 17 points at 1,063 points.The capesize index fell 23 points to 1,581 points. Average daily earnings for capesize vessels…
