Ship Recycling Fundamentals Remain Shaky
As inflation starts to slowly ramp up across the world, the US is gradually heading for a recession as the American economy shrank through Q1, reports cash buyer GMS, and the U.S. Dollar has weakened against some recycling nation currencies.The Baltic Exchange Dry Index reported increases this week as trade starts to shift around the world and global economies hash out fresh trade agreements without the United States…
World’s Largest Battery-Electric Ship Launched
Incat Hull 096 – the world’s largest battery-electric ship – has been officially launched in Tasmania, Australia.Built for South American ferry operator Buquebus, the 130-meter ferry will enter enters service between Buenos Aires and Uruguay, operating entirely on battery-electric power, carrying up to 2,100 passengers and 225 vehicles across the River Plate.The ship is the ninth Incat-built vessel…
Wallenius Wilhelmsen Finalizes Acquisition of Armacup
Wallenius Wilhelmsen has acquired the remaining shares in Armacup, bringing the shareholding percentage from 65 to 100%.Armacup is a New Zealand-headquartered shipping company that has pioneered the Japanese used car trade since the 1980s. Armacup has since then expanded its position in the Asia-Oceania trade, servicing leading and emerging OEMs in Japan, China and South Korea.Wallenius Wilhelmsen says the acquisition will further enhance the synergies between Wallenius Wilhelmsen and Armacup.
NGO in Talks with Malta to Repair Gaza-Bound Aid Ship
An international NGO that intends to deliver humanitarian aid to Gaza by sea said on Sunday it was in talks with Malta's government about allowing the vessel to enter Maltese waters to repair damage caused by a drone attack.The ship "Conscience" run by the Freedom Flotilla Coalition suffered damage to its front section including a loss of power when hit by two drones just outside Maltese territorial waters in the central Mediterranean early on Friday…
What's New in the Reintroduced SHIPS for America Act?
On April 30, Senator Mark Kelly (D-AZ), together with several original co-sponsors, reintroduced the SHIPS for America Act in the U.S. Senate, first introduced in December 2024, divided into two bills. Companion legislation was also introduced in the U.S. House of Representatives by Rep. Trent Kelly (R-MS) and Rep. John Garamendi (D-CA). This is a major, historic effort to revitalize the U.S. merchant marine. The legislation had to be reintroduced to be considered by the new U.S.
Rig Retirements Set to Rise as Utilization Falls to Lowest Level Since 2021
The offshore rig market recovery appears to have taken a pause, with demand tapering off and marketed utilization hitting the lowest levels recorded since recovery began in 2021. A variety of factors have contributed to this – including Saudi Aramco’s suspension of over 30 jackup contracts by up to one year, the entry of newbuild rigs into the market without work to go to, and the deferment of several…
How FLNG Tech Supports Energy Transition
Fast-growing energy demand is driving the need for technical support and guidance in new locations, writes Terrance Roberts, Manager, Global Business Development, ABS.Surging appetite for natural gas is accelerating the development of global and regional supply chains, with established producers seeking new markets and emerging suppliers looking to meet demand from local consumers.Long-tabled export…
