Panama Auditor Files Suit to Scrap CK Hutchison-Controlled Port Contract
Panama's comptroller general, Anel Flores, said on Wednesday he had filed suit to the nation's Supreme Court against a contract to operate ports near the Panama Canal, held by a local firm controlled by Hong Kong-based CK Hutchison.Flores said the two suits were to declare the unconstitutionality and to nullify the contract to operate the Balboa and Cristobal ports. The Supreme Court would still need…
KIMM, Natural Resources Canada Sign MoU on Clean Technology Cooperation
The Korea Institute of Machinery and Materials (KIMM), under the National Research Council of Science & Technology (NST), signed a Memorandum of Understanding (MoU) with Natural Resources Canada (NRC) to establish a new platform for international collaboration in sustainable resource technologies and support the strategic expansion of KIMM’s global R&D network.The MoU outlines collaboration in the following areas:Joint research on ammonia recovery and removal technologies…
St. Johns Ship Building Delivers Second Crew Transfer Vessel For Offshore Wind Projects
St. Johns Ship Building, a Florida-based Jones Act facility owned by Americraft Marine, has announced the successful delivery of the Atlantic Endurance, the second of two Chartwell Ambitious-Class Crew Transfer Vessels (CTVs) ordered by Atlantic Wind Transfers. The delivery follows the recent handover of the Atlantic Resolute and brings the total number of CTVs delivered by St. Johns Ship Building within an eighteen-month period to five.
London P&I Club Warns of Incorrect Loading of Flexible Intermediate Bulk Containers
The London P&I Club has renewed calls on ship owners, operators and charterers to address potential risks when loading Flexible Intermediate Bulk Containers (FIBCs) containing dry chemicals. The warning follows a number of incidents reported across the industry including hold fires and cargo damage in bulk carriers and general cargo ships. The issue is particularly common with vessels loading in Chinese ports.Claims resulting from the incorrect storage and handling of FIBCs…
Fincantieri Reports Record €57.7B Shipbuilding Backlog
Fincantieri reported a sharp rise in first-half 2025 results, with growth across all segments and a record order backlog that solidifies its position as one of the world’s leading shipbuilders.Revenues reached €4.58 billion, up 24% from the same period in 2024, while EBITDA surged 45% to €311 million, lifting the margin to 6.8%. The company swung to a net profit of €35 million, compared to a loss of €27 million in the first half of 2024.New orders totaled €14.7 billion…
Oceaneering Upgrades Survey Vessel for Simultaneous Autonomous Missions
U.S.-based subsea services and technology firm Oceaneering has completed a major upgrade of its Ocean Intervention II oceanographic research vessel, equipping it to perform simultaneous autonomous offshore survey missions.The retrofit, carried out in early 2025 on the 25-year-old vessel, has made it capable of launching and recovering both uncrewed surface vehicles (USVs) and autonomous underwater vehicles (AUVs).The vessel…
MOL Names Dual-fuel VLCC Newbuilding Chartered by Equinor
Mitsui O.S.K. Lines (MOL) has held a naming ceremony for the newbuilding very large crude carrier (VLCC) Energia Viking for Equinor, at the Dalian COSCO KHI Ship Engineering shipyard in China.The Energia Viking is the first LNG dual-fuel VLCC delivered by the MOL Group and sailing under a charter contract with Equinor.The vessel is equipped with an LNG fuel tank with a capacity exceeding 10,000m3, enabling long-distance transportation and allowing for flexible transport plans.In addition…
South Korea's Political, Business Leaders Push for U.S. Tariff Deal
Three cabinet-level South Korean officials met U.S. Commerce Secretary Howard Lutnick in Washington for trade talks, Seoul said on Wednesday, as top business leaders were also reported to be flying in to help lobby for a deal on U.S. tariffs.South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week…
Mitsui, MOL Buy Port of Nigg and Energy Firms from Global Energy Group
Global Energy Group (GEG) has reached an agreement on the sale of three of its group companies, including The Port of Nigg, to long term investor, Mitsui & Co. Europe (Mitsui) a subsidiary of Mitsui & Co, together with Mitsui O.S.K. Lines (MOL).The acquisition includes The Port of Nigg, a multi-sector energy port and green freeport, Global Energy (Fabrication), a multi-site fabrication and manufacturing business…
Tsunami Waves Reach Hawaii Following Major Earthquake in Russia’s Far East
A powerful magnitude 8.8 earthquake off Russia's Far Eastern Kamchatka Peninsula triggered tsunami waves of up to 5 metres (16 feet) and sparked evacuation orders in Hawaii and across the Pacific on Wednesday.The shallow earthquake damaged buildings and injured several people in the remote Russian region, while much of Japan's eastern seaboard - devastated by a 9.0 magnitude earthquake and tsunami in 2011 - was ordered to evacuate.In Hawaii…
New App Teaches COLREGs
Columbia Group has launched a mobile and web-based app designed to teach the International Regulations for Preventing Collisions at Sea (COLREGs).The COLREGs Challenge is an educational tool which uses gameplay to turn regulatory learning into an immersive, interactive experience.Targeted at cadets, junior officers, and developed in collaboration with 4Growth.com BV, the app presently includes more than 20 interactive modules covering practical maritime scenarios.
FLNG Capacity to Jump
Floating liquefied natural gas (FLNG) terminals are gaining momentum on the global LNG market, with capacity expected to triple by 2030 according to research from Rystad Energy.Once hindered by technical and operational challenges, FLNG projects are now achieving utilization rates comparable to onshore terminals. With LNG demand rising alongside the growing viability of smaller gas fields, FLNG is emerging as a faster…
Pilot Overcompensating for Crosscurrents Led to Bridge Contact
Anticipating a strong cross-current that never materialized, an experienced tow pilot deviated from the sailing line on the Mississippi River and struck components of the Fort Madison Bridge near Fort Madison, Iowa, the National Transportation Safety Board has concluded.The towing vessel Joe B. Wyatt was pushing 13 loaded hopper barges and two empty tank barges downriver on May 9, 2024, when the tow…
Ground Resonance Led to Helicopter Accident on Bulk Carrier
An Australian Transport Safety Bureau (ATSB) investigation report concludes that a shipboard helicopter accident was likely due to ground resonance and emphasises the importance of proper pilot coordination in responding to abnormal situations.The incident occurred on February 25, 2025. An Agusta A109E helicopter with two pilots on board – a pilot flying in‑command‑under‑supervision (ICUS) and a pilot supervising – was taking off from a bulk carrier about 200km north‑east of Mackay…
CMA CGM Interested In Taking Over Some of CK Hutchison's Ports Terminals
French shipping giant CMA CGM said on Tuesday it is interested in taking over some of CK Hutchison's ports after the Hong Kong conglomerate's exclusive talks ended with a consortium led by BlackRock this week.CK Hutchison agreed in March to sell the majority of its $22.8 billion global ports business to the consortium also including Italian billionaire Gianluigi Aponte's family-run shipping company MSC…
Vessel Owners Seek to End Contracts With Russian-Backed Nayara Energy
The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner.Nayara, majority-owned by Russian entities including oil major Rosneft, runs India's third-biggest refinery and exports refined products and also supplies them domestically.Fresh…
Xeneta Warns Freight Rates May Continue to Plummet Despite New Trade Deals
Latest data from Xeneta, an ocean and air freight intelligence platform, shows average spot rates from China to the US West Coast are down 59% since June 1, 2025, at USD 2 268 per FEU (40ft container). Rates have also plummeted into the US East Coast, down 43% to USD 3 796 per FEU in the same period.Average spot rates from North Europe to US East Coast are USD 2 000 per FEU, down a gentler 5% since June 1…
Icebreaker Construction: Seaspan, Bollinger, Rauma and Aker Arctic Team to Build USCG Icebreakers
In a major move to accelerate the U.S. Coast Guard’s icebreaking fleet expansion, Bollinger Shipyards, Rauma Shipyards, Seaspan Shipyards, and Aker Arctic announced a partnership to deliver next-generation Arctic Security Cutters (ASCs) under the Coast Guard’s multibillion-dollar icebreaker program.The collaboration combines U.S., Canadian, and Finnish shipbuilding expertise to meet the Coast Guard’s urgent Arctic mission requirements.
SFL Missions Inc. Awarded Contract for Nanosatellite Development for Norwegian Maritime Monitoring System
The Norwegian Space Agency (NOSA) has awarded a contract to SFL Missions Inc. to develop the AISSat-4 maritime ship tracking microsatellite for launch in less than one year. AISSat-4 is needed to expand operational capacity in Norway’s maritime situational awareness network.AISSat-4 is being developed on SFL’s SPARTAN 6U nanosatellite platform and will carry a single payload—a miniaturized Automatic Identification System (AIS) receiver built by Kongsberg Seatex of Trondheim, Norway.
Royal Caribbean Raises Annual Profit Forecast, Hoping for Steady Demand
Royal Caribbean raised its annual profit forecast on Tuesday, banking on resilient demand for its luxury destinations, even as the cruise operator faces pressure from higher fuel costs.The company forecast current-quarter profit below estimates, sending its shares down about 7% in early trading. The stock has gained about 53% this year.Escalating Israel-Iran tensions as well as a recently announced trade deal between the U.S.
