Damen to Serve as Partner for Construction of LST 100 Vessels for the Australian Army
On Friday, 20 February, Austal Defence Australia and Damen Shipyards Group signed a contract supporting the local construction of Landing Ship Transport (LST) 100 vessels for the Australian Defence Force. Under the agreement, Damen will provide the design and associated licences, enabling Austal to build the vessels at its Henderson shipyard in Western Australia.The signing ceremony took place at the…
Fincantieri Secures Viking Order for Two Expedition Vessels
Fincantieri announces the acquisition of an order from Viking for the construction of two expedition vessels. In addition, the two companies also signed an agreement for an option for two ocean ships, marking a new milestone in the collaboration between the two companies. The value of these agreements, subject to financing and other typical terms and conditions, is considered very important[1].The two expedition vessels…
Russian Oil Exports Curtailed By Drone Attacks, Weather
Russia has been unable to capitalize on this week's surge in global crude prices, as days of Ukrainian drone attacks and harsh winter storms have sharply curtailed its capacity to export oil, industry sources said.Russia's Sheskharis oil terminal in Novorossiysk port suspended oil loadings on Monday after a Ukrainian drone attack left a fuel terminal ablaze and damaged dozens of buildings, Russian and Ukrainian officials and three trade sources said.Crude oil benchmarks rose about 8% on Tuesday…
London Marine Insurance Market Widens Risk Zone in Middle East
London's marine insurance market has widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates, according to an advisory issued on Tuesday.Guidance from the Joint War Committee, which comprises syndicate members from the Lloyd's Market Association and representatives from the London insurance company market, is watched closely and influences underwriters' considerations over insurance premiums.The JWC added waters around Bahrain…
Global Energy Prices Jump as Middle East Crisis Interrupts Shipping, Oil Production
Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel, the highest since July 2024, taking gains since Friday to more than 15%.
Greece Calls for Protection of Shipping, Seafarers Amidst Escalating Iran Conflict
Greece's shipping minister on Tuesday called for the protection of global shipping and seafarers, amid an "alarming" situation that has left dozens of ships stranded in the Strait of Hormuz and the wider area due to the widening Iran conflict.Traffic through the Strait of Hormuz was closed for a fourth day on Tuesday, choking off a key artery accounting for about 20% of global oil and gas supply.
Belgium Imposes 10m Euro Bail on Seized Ethera Tanker
Belgium has imposed a 10 million euro ($11.61 million) bail on Russian oil tanker Ethera, which it seized on Sunday, the government said on Tuesday.The North Sea ministry said the tanker was part of a Russian shadow fleet sailing with a false flag and false documents."Forty-five violations were identified. These mainly involved false certificates, stemming from the discovery that the ship was sailing under a false Guinean flag…
US Considers Policy to Support Oil Tanker Insurance Amidst Middle East Conflict
President Donald Trump will review a set of policy options on Tuesday aimed at controlling energy prices during the escalating Middle East conflict, including a proposal for the U.S. government to help oil tankers in the region obtain insurance, two sources said.Global crude prices have spiked since Israeli and U.S. forces began striking Iran over the weekend, leading to fighting that has interrupted…
Iraq Cuts Oil Output With Possible Further Reductions
Iraq has cut oil production by nearly 1.5 million barrels a day and those cuts could widen to more than 3 million bpd within days as the country runs out of storage and cannot export crude due to the Iran crisis, two Iraqi oil officials told Reuters on Tuesday.As of Tuesday, Iraq has cut production from the Rumaila oil field by 700,000 bpd, from the West Qurna 2 field by 460,000 bpd and from the Maysan field by 325,000 bpd, the officials, who did not wish to be named, said.That output cut could
DRIFT Energy, Enapter to Develop Marinized Electrolyzer Technology for Offshore Hydrogen
DRIFT Energy, a leader in ocean-based renewable energy, has signed a collaboration agreement with Enapter to adapt the design of their Anion Exchange Membrane (AEM) electrolyzer technology for deployment at sea. The agreement was formalized during a visit by DRIFT’s CEO, Ben Medland, to Enapter’s production facility in Pisa, Italy, this week.The partnership will accelerate development of the energy storage element of DRIFT’s technology ecosystem…
Ferguson Marine Secures Award to Build Four Vessels
The Scottish Government has announced its intention to award Ferguson Marine the contracts to build four vessels. This decision provides a guaranteed five-year pipeline of work.The package of vessels as part of the proposed award includes the design and build of a new class of Marine Protection Vessel (MPV) and Marine Research Vessel (MRV) for Marine Scotland to replace MPV ‘Minna’ and MRV ‘Scotia,' originally built by Ferguson Marine and currently nearing the end of their service lives.
NOAA, Northrop Grumman to Release Sonar Images of the USS Monitor Shipwreck Site
NOAA and Northrop Grumman will release the first-ever high definition sonar images of the USS Monitor shipwreck site during a media briefing on Saturday, March 7. The briefing will include presentations from members of the research team. Reporters will also have the opportunity to tour the Batten Conservation Complex, the primary conservation facility for artifacts recovered from the Monitor, including the revolving gun turret, Dahlgren guns, and steam engine.
RS Aqua Announces Strategic Partnership with US -based Seasats to Bring Autonomous Surface Vehicles to UK and Ireland Defence Market
RS Aqua announced a new strategic partnership with Seasats, a San Diego-based unmanned surface vehicle (USV) developer, to introduce their range of security platforms to the United Kingdom (UK) and Ireland defense market.Seasats is known for its high endurance, modular, and user-friendly USVs designed to deliver maritime domain awareness through autonomous operations. Through this partnership, RS Aqua…
Anschütz Delivers SYNAPSIS Integrated Navigation System for First Newbuild Tanker
Anschütz has successfully delivered and commissioned its SYNAPSIS Integrated Navigation System (INS) on the first newbuild tanker constructed for German Tanker Shipping GmbH & Co.KG at Xiamen Shipbuilding Industry Co., Ltd (XSI).TMS Seadevil, handed over in January, is the lead vessel in a program of six modern 41,000 dwt oil and chemical tankers for global deployment and demanding commercial operations.
Marlink Rolls Out Fleet-Wide Multi-LEO Hybrid Connectivity Service
Marlink has introduced Sealink Multi-LEO, a hybrid connectivity service providing a single, fully managed data allowance across the Starlink and Eutelsat OneWeb low Earth orbit satellite networks, with additional LEO networks to be added in the future.The service integrates high-throughput, low-latency LEO connectivity into one commercial and operational framework, offering shipowners and operators a single monthly subscription covering multiple satellite solutions.
OEG Adds Fulmar CTV to Growing Offshore Wind Fleet
OEG has expanded its offshore wind vessel fleet with the delivery of Fulmar, a new multi-purpose crew transfer vessel (CTV), following successful sea trials.The vessel will operate in U.K. waters and has secured its first charter in Scotland, supporting offshore construction work at the Inch Cape Offshore Wind Farm. The project was awarded to OEG earlier last year and is supported by the company’s…
Supertanker Costs Hit All-Time High as Iran Threatens Strait of Hormuz Closure
Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources on Tuesday, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz.Shipping through the Strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near halt after vessels in the area were hit as Iran retaliated against U.S.
Qatar LNG Halt Forces Asia to Seek Alternative Supplies
India began rationing natural gas on Tuesday while countries around Asia looked to the spot market to replace supplies, activated emergency plans and prepared to step up production, as the conflict in the Middle East curtailed shipping and halted Qatari output.Government officials and company executives in Japan, Taiwan, Bangladesh and Pakistan said they did not expect an immediate impact as some cargoes due this month had already arrived…
Fujairah Bunker Prices Surge as Demand Shifts Elsewhere
Ship refuelling at Fujairah, a major bunkering center in the United Arab Emirates, has slowed after the U.S.-Iran conflict disrupted fuel shipments in the region, spurring a jump in prices and potentially shifting demand to other ports including Singapore.Transit through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas…
China Looks Best Placed to Weather Iran Energy Shock
China is the world's largest energy importer and would therefore appear vulnerable to the surge in crude oil and natural gas prices from the conflict between Israel and the United States against Iran.But the opposite is most likely the case, with China's vast stockpile of crude a cushion against price spikes, meaning that any energy-led inflation in the rest of the world will not hit China.It is also possible that China's refiners could reap windfall profits in the event of a prolonged disruptio
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