The offshore supply vessel industry has weathered a tumultuous decade characterized by a prolonged trough that tested the resilience of vessel owners. However, the tides have turned, and the industry is now experiencing a strong and much-awaited revival…
Long-term ocean freight rates slid once again in August, marking the 12th consecutive month of declines for beleaguered carriers.According to the latest real-time data from the Xeneta Shipping Index (XSI®), contracted rates fell 7.8% in August…
Global rice exports could fall by at least 4% in 2023 because of India’s restrictions on exports and El Niño’s impact on supply, says Filipe Gouveia, Shipping Analyst at BIMCO.“Replacing India’s rice exports is challenging, as India accounts for almost 40% of the world’s export of rice…
Australian livestock exporter Wellard has released its annual report and financial year 2023 financial results noting changes in trade patterns.Wellard’s financial results in FY2023 were significantly impacted by continued depressed live cattle…
Global LNG import capacity is set to expand by 16%, or 23 billion cubic feet per day (Bcf/d), by the end of 2024 compared with 2022, reports the US Energy Information Administration (EIA).Estimates based on trade press and data by the International…
Kinder Morgan KMI.N on Wednesday said its Port Manatee, Port Sutton and Tampaplex terminals in Florida sustained minimal damage due to Hurricane Idalia, and that it was also planning to shut its Charleston area terminals later in the day.The U…
Rusty Murdaugh has resigned as president of Austal USA effective August 30, 2023, the Mobile, Ala. based shipbuilder announced.Murdaugh was named president in September 2021 after serving as acting president since February 2021. During his tenure…
At least 30 commercial ships dropped anchor on Wednesday around Gabon's waters after military officers said they had seized power in the Central African country, according to data and maritime sources.Military officers in oil-producing Gabon said they had put President Ali Bongo under house arrest…
The maritime industry is often criticized as being slow to adopt new technologies. While ship building is an age-old industry, it is also varied: fishing, commercial, inland, marine construction, energy, passenger, recreation, defense, and the list goes on…
By now we have all heard about ChatGPT, an example of a “Large Language Model” technology which is remarkable in its ability to generate human-like responses to questions we ask of it. But is ChatGPT primarily a novelty, or can it provide real value in terms of its ability to create content…
Australia’s Port of Melbourne has appointed Leigh Petschel as Chief Financial Officer (CFO) effective November 13, 2023.Petschel will join the Port from Monash University, where he has been CFO and Vice President since mid 2021. Prior to Monash…
COSCO SHIPPING Ports has announced its interim results for the six months ended 30 June 2023, highlighting that total throughput increased by 2.2% YoY to 64,572,872 TEU and equity throughput increased by 1.3% YoY to 20,751,365 TEU.Revenue decreased by 2…
The World Maritime University (WMU) has released a pre-study report entitled Synchromodality as a Prospective Digitalization Scheme for Freight Logistics.The study explores the potential of digital technologies and synchromodality to transform…
Container handling solutions provider Hyster Company has developed and shipped a hydrogen fuel cell ReachStacker for a pilot at the Port of Valencia in Spain.The Hyster ReachStacker is a zero-emission solution that uses a Nuvera Fuel Cell Engine to convert hydrogen into electricity…
A whale carcass was discovered on Tuesday in Belgium's Port of Antwerp.Responders are working to remove the 7- to 10-meter long whale from the water after it was found near DP World's container terminal. The port said whale deaths in the area are rare…