Kongsberg Maritime to Supply Thrusters for Sanmar-Built Tugs
Kongsberg Maritime has secured a contract to supply 17 shipsets of its US range of azimuth thrusters to Türkiye’s Sanmar Shipyards for a range of international tug projects.The US azimuth thrusters will be supplied across a range of power outputs between 1765kW and 2525kW with a bollard pull ranging between 60 and 85 tons.Sanmar Shipyards is a long-standing customer of Kongsberg Maritime and specializes…
RAstar Tug Pair Delivered, Set Sail for Mexico
Cheoy Lee Shipyards recently delivered two RAstar 3200-CL tugs bound for Coatzacoalcos, Mexico. CMM Azteca and CMM Mexico will sail on their own bottom all the way from Hong Kong and begin operations in Mexico as part of Compania Maritima Mexicana SA DE CV’s fleet (an affiliate company of Boluda Towage).These two tugs are the latest deliveries in the RAstar 3200-CL series, which Cheoy Lee has been building since 2013.
War Insurance Costs to Israel Soar
War risk insurance premiums for shipments to Israel are as much as three times higher than a week ago as the war between Israel and Iran entered its fifth day, industry sources said on Tuesday.The cost of a seven-day voyage to Israeli ports was quoted between 0.7% and 1.0% of the value of a ship, versus around 0.2% a week ago, they said.War risk premiums to Israel are still below a peak of over 2% in November 2023 that were quoted after a Hamas attack on Israel killed 1…
Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions
Yinson Production and “K" Line Energy Shipping (UK) (KLES), a London-based subsidiary of Kawasaki Kisen Kaisha ("K" LINE), have entered into an agreement to jointly develop and market solutions for the transportation and injection of liquefied CO2.Under the memorandum of understanding (MoU), Yinson Production and KLES will jointly develop and market a floating storage and injection unit (FSIU) and…
With Sat Signal Jamming, Vessel Near Iran Appears to be in Rural Russia
The Front Tyne oil tanker was sailing through the Gulf between Iran and the United Arab Emirates on Sunday when just past 9:40 a.m. shiptracking data appeared to show the massive vessel in Russia, in fields better known for barley and sugar beets.By 4:15 p.m., the ship's erratic signals indicated it was in southern Iran near the town of Bidkhun, before later placing it back and forth across the Gulf.Mass interference since the start of the conflict between Israel and Iran has affected nearly 1…
Okeanis Eco Tankers Takes $65M Loan to Refinance VLCC
Okeanis Eco Tankers (NYSE: ECO / OSE: OET) has secured a new $65 million term loan facility to finance the repurchase of its VLCC Nissos Kea under a previously announced sale-and-leaseback option. The new financing, led by E.SUN Commercial Bank, extends OET’s strategy of strengthening its capital structure and diversifying its financing sources.The seven-year secured loan carries an interest rate of…
Tanker Vessel Market Flashes Yellow as Middle East Burns
While global energy markets are not yet pricing in worst-case scenarios for the Israel-Iran war, oil tanker rates are providing a good real-time gauge of the escalating risks.Geopolitical risk has spiked following Israel's surprise bombardment of the Islamic Republic last Friday and Iran's retaliatory ballistic missile strikes, leading to a rally in global energy prices, with Brent crude rising 8%…
Zvezda Axes $3.5B Icebreaker Order; Samsung Heavy Calls it "Illegal Termination"
South Korean shipbuilder Samsung Heavy Industries said on Wednesday that two orders from Russia's Zvezda worth a total of 4.85 trillion won ($3.54 billion) for icebreaker ships were cancelled due to "illegal termination by the shipowner".Samsung Heavy said in regulatory filings that in June 2024, Zvezda shipyard unilaterally informed the South Korean company of the contract termination and insisted on the return of advance payments.In July, Samsung filed an arbitration request with the Singapor
UAE Cites "Navigational Error" as Crash Cause Near Strait of Hormuz
The UAE's energy ministry said a collision between two oil tankers near the Strait of Hormuz was likely caused by a navigational misjudgement by one of the vessels.In a statement on Wednesday, it cited preliminary information and did not draw any link with an upsurge in electronic interference during the conflict between Iran and Israel.The Adalynn and Front Eagle oil tankers collided and caught fire on Tuesday 24 nautical miles off the coast of the UAE in the Sea of Oman.
Iran Must Take Control of the Strait of Hormuz, says Former Iranian Minister
Former Iranian Economy Minister Ehsan Khandouzi has said that tankers and LNG cargoes should only transit the Strait of Hormuz with Iranian permission and this policy should be carried out from "tomorrow [Wednesday] for a hundred days."It was not immediately clear whether Khandouzi was echoing a plan under theIranian establishment's consideration or sharing his personal opinion.Tehran has long used the threat of blocking the narrow waterway as a means to ward off Western pressure…
Subsea7 Nets ‘Substantial’ Contract off Norway
Subsea 7 today has secured a ‘substantial’ contract offshore Norway, worth between $150 million and $300 million.Subsea7’s scope includes engineering, procurement, construction and installation (EPCI) of pipeline bundles, spools, protection covers and tie-ins using key vessels from Subsea7’s fleet.Project management and engineering will begin immediately at Subsea7’s offices in Stavanger, Norway and Aberdeen…
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