Spot market earnings for VLCCs will average $2,500/day in 2022 on a non-eco, no scrubber basis (US $11,000/day for ECO-designs, without scrubbers), while the peak year for VLCC spot market earnings have been pushed out to 2025, amid substantial supply-side support…
Demand for LNG-fuelled newbuilds is growing across the shipping industry, and with it Danish pump specialist Svanehøj reports it has quadrupled its sales of fuel pump solutions in 2021 and is heading for an all-time high order intake. 2021…
Container shipping giant Maersk on Wednesday agreed to buy Hong Kong-based LF Logistics for $3.6 billion in an all-cash deal, as it seeks to expand beyond its core ocean freight business.The deal is one of the group's largest takeovers to date…
Exxon Mobil Corp outlined a major new investment in Guyana amid government calls for delivering economic benefits to residents from deepwater oil and gas discoveries helping turn the South American nation into an oil powerhouse.A coming onshore…
More than $241 million in discretionary grant funding has been awarded for projects to improve U.S. port facilities, U.S. Department of Transportation Secretary Pete Buttigieg announced on Thursday.The grants, which will go to 25 projects in…
The Nippon Foundation signed a Memorandum of Understanding (MoU) with the offshore technology development consortium DeepStar to establish a joint research and development program focused on decarbonization in offshore oil and gas, with a focus on renewable energy and the environment…
Japan's biggest hydrogen supplier Iwatani Corp and five other firms said on Wednesday they will study the feasibility of building a green liquefied hydrogen supply chain between Japan and Australia that could produce 100 tonnes a day by around 2026…
The maritime industry must significantly increase training and recruitment levels if it is to avoid a serious shortage in the total supply of officers by 2026, a new report from BIMCO and the International Chamber of Shipping warns.Given the growing demand for STCW certified officers…
Canadian firm Westshore Terminals said Thursday it had executed a deal with BHP Canada Inc., a subsidiary of BHP Group, to provide port services to BHP’s proposed Jansen Potash Mine in Saskatchewan. The agreement is subject to approval by the Board of BHP and execution by BHP…
Shipping will be included in Europe’s emissions trading system (ETS) and costs for polluters are set to rise under Brussels’ plans to meet the European Union’s climate targets, the European Commission said on Wednesday.The EU ETS, which forces…
The world fleet is projected to grow by 6.4% over the coming five years, down from 7.4% in previous five years, says shipping organization BIMCO.Global shipyards are under pressure and 2021 is turning out to bring the third lowest level of newbuilding orders in 12 years…
Ship owners could be forced to pay for pollution from their vessels or face bans from European Union ports under draft plans to add shipping emissions to the bloc's carbon market.Shipping does not at present face EU emissions targets, but that…
One of the quirks of Asia's seaborne coal market is that volumes have held up remarkably well, despite the fuel being demonized for its role in climate change and the rising number of countries and companies spurning it.At least, that was the case for the past several years…
Offshore wind installation company Cadeler said Wednesday it had won the largest contract in its history.Cadeler, previously known as Swire Blue Ocean, said that offshore wind turbine maker Siemens Gamesa had awarded Cadeler a contract of valued at around $90 million…
Shipping group Maersk said on Tuesday it was among a group of companies backing a plan to build Europe's largest green ammonia plant in Denmark as part of its ambition to shift to carbon-neutral ship fuel.The project, led by fund management firm Copenhagen Infrastructure Partners (CIP)…
