Search results for: masdar

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  • KSOE wins orders for VLCC trio, LNGC quartet

    3 June 2021
    Vessels

    South Korea’s Hyundai Samho Heavy Industries has won a contract for the construction of three very large crude carriers. According to the company’s parent Korea Shipbuilding & Offshore Engineering (KSOE), the contract is worth KRW 220 billion ($197 million). The shipowner behind the order is an undisclosed European-based shipping company. As disclosed, the ships are slated […]

  • d’Amico Group testing biofuel on LR1 product tankers

    3 June 2021

     d’Amico Group has teamed up with a number of industry majors in a Joint Industry Project (JIP) to test the biofuel blends on board its LR1 product tankers. The tests will involve biofuel (B30), which is derived from advanced second-generation feedstock. They will be undertaken on d’Amico’s vessels, Cielo Bianco and Cielo di Rotterdam, and […]

  • Skou backs $450 carbon tax per ton of fuel

    3 June 2021
    Authorities & Government, Business & Finance, Environment, Outlook & Strategy, Regulation & Policy, Research & Development, Transition

    The world’s largest container shipping company has proposed a carbon tax on ship fuel of at least $450 per ton of fuel as a way for the shipping industry to bridge the gap between fossil fuels and more expensive green fuels. “Fossil fuels cannot keep being cheaper than green fuels. Action is required now. It […]

  • 19 ports ink declaration on disruption, digitalisation and decarbonisation

    24 June 2021
    Collaboration, Environment, Infrastructure, Innovation, Ports & Logistics, Research & Development, Transition

    19 port authorities from Africa, Asia, Europe, Middle East, and the US, have signed a declaration on their collective response to disruption, digitalisation, and decarbonisation. The declaration was signed at the 6th Port Authorities Roundtable (PAR), a virtual event hosted by the Antwerp Port Authority on 22 and 23 June 2021. The theme of this […]

  • Wärtsilä, Global Energy Ventures join forces on propulsion solutions for hydrogen vessel

    24 June 2021
    Collaboration, Environment, Equipment, Innovation, Transition, Vessels

    The technology group Wärtsilä has signed a Memorandum of Understanding (MOU) with Global Energy Ventures (GEV) of Australia to cooperate on the inclusion of Wärtsilä propulsion systems in GEV’s compressed hydrogen (C-H2) ships. The cooperation aims at advancing GEV’s Approval in Principle (AiP) application for its new 430-ton C-H2 vessel. It is also intended to […]

  • TECO 2030 raises more funds for its fuel cell development

    23 June 2021
    Business & Finance, Equipment, Innovation, Transition

    Norwegian engineering and equipment development company TECO 2030 ASA has raised NOK 20 million ($2.3 million) through a private placement of 3.2 million of new shares. The shares were issued at a price of NOK 6.164 per share to three new investors. “We intend to use the net proceeds from the private placement to continue […]

  • CNPC in for three more LNG carriers at Hudong Zhonghua

    21 June 2021
    Business & Finance, Vessels

    China National Petroleum International Corporation (CNPC) has inked a deal on the construction of three LNG carriers with Hudong Zhonghua Shipbuilding (Group), a subsidiary of China State Shipbuilding Corporation. Under the terms of the memorandum on construction, the vessels will boast the fourth-generation “Changxing Series” large-scale 174,000 cubic meter LNG ship design developed by Hudong Zhonghua. The […]

  • Wärtsilä to power HaiSea Marine’s two LNG-fuelled escort tugs

    21 June 2021
    Environment, Equipment, Transition, Vessels

    The technology group Wärtsilä will supply the main engines and LNG fuel gas supply systems for two new LNG-fuelled escort tugs being built for Canada’s HaiSea Marine, a joint venture between the Haisla Nation and Seaspan Marine Transportation. The two vessels will each be powered by Wärtsilä 34DF dual-fuel engines operating with LNG fuel. The engines will […]

  • Ever Given owners put new compensation offer on the table

    21 June 2021
    Authorities & Government, Business & Finance, Vessels

    The owners of the Ever Given containership, which has been detained in Egypt since April, have submitted a new compensation proposal to the Suez Canal Authority (SCA) to settle damages caused by the ship’s infamous March grounding. The 20,000 TEU, Panama-flagged, boxship is owned by Japanese company Shoei Kisen Kaisha and was chartered by Taiwanese […]

  • Damen fits batteries on its all-electric tug

    18 June 2021
    Environment, Infrastructure, Ports & Logistics, Transition, Vessels

    Damen Shipyards Group has reached a major milestone in the construction of its first fully-electric Reversed Stern Drive tug, having installed the tug’s batteries. Damen Song Cam Shipyard in Vietnam is constructing the RSD-E Tug 2513, named Sparky, for New Zealand’s Ports of Auckland. Damen is building the vessel in support of New Zealand’s Ports […]

  • Eimskip agrees to pay $12 million to settle collusion case

    18 June 2021
    Authorities & Government, Business & Finance, Regulation & Policy, Rules & Regulation

    Eimskip and the Icelandic Competition Authority have reached a settlement over a collusion case investigation linked to the Dutch company Samskip. The competition case has been under investigation for the past years, where the main period of investigation was 2008 to 2013. The Icelandic shipping company said that with the settlement, it is acknowledged that there was […]

  • MOL eyes deployment of net-zero emission ships in the 2020s

    18 June 2021
    Environment, Market Outlooks, Outlook & Strategy, Rules & Regulation, Transition, Vessels, Vision

    Japanese shipping heavyweight Mitsui O.S.K. Lines (MOL) aims to deploy net-zero emissions ocean-going vessels in the 2020s in line with its environmental vision of achieving net-zero GHG emissions by 2050. Under its revised vision, released earlier today, the company has set sights on reducing GHG emissions intensity by approximately 45% by 2035 when compared to […]

  • X-Press Pearl’s wreck to be removed after South Westerly Monsoon season

    17 June 2021
    Environment, Safety, Vessels

    The removal of the X-Press Pearl’s wreck from the seabed off Colombo, Sri Lanka, will start once the South Westerly Monsoon season ends, according to the operator of the ill-fated vessel. The period in question covers the month of June until September. “Due to the exposed nature of the anchorage to the prevailing South Westerly Monsoon, it […]

  • TS Lines books 7,000 TEU boxship quartet at SWS

    7 July 2021
    Business & Finance, Vessels

    Taiwanese shipping line TS Lines has placed an order for the construction of four 7,000 TEU containerships with Shanghai Waigaoqiao Shipbuilding. The 7,000 TEU containerships, independently designed by Shanghai Merchant Ship Design & Research Institute (SDARI), will feature environmental design concepts resulting in high efficiency and energy saving. They will be 272.5 meters long, 42.8 meters […]

  • Report: Dead turtles, dolphins washing ashore amid impact from X-Press Pearl’s sinking

    6 July 2021
    Authorities & Government, Environment, Vessels

    Dozens of sea turtles and dolphins are washing ashore in Sri Lanka as a result of suspected poisoning by toxins released from X-Press Pearl’s cargo. It is estimated that these toxins claimed the lives of 176 turtles, 20 dolphins, and four whales, Sri Lanka’s deputy solicitor general, Madawa Tennakoon, said during a court hearing in […]

  • BIMCO: 277 boxships changed hands in H1 2021

    2 July 2021
    Business & Finance, Market Outlooks, Vessels

    During the first half of 2021, a total 277 container ships have changed hands, a 103.7% jump from 136 ships bought and sold in the same period of 2020, data from Vessels Value shows. The jump testifies to a red-hot container market that has fueled demand for tonnage, not only in the charter market, but […]

  • X-Press Pearl insurer agrees to pay initial compensation claim

    29 June 2021
    Authorities & Government, Environment, Vessels

    Insurers of the feeder containership MV X-Press Pearl, which was hit by a fire before it sank off Colombo Port at the beginning of June, have agreed to pay a part of the initial settlement claim for the damages caused by the incident. Sri Lanka’s Ministry of Justice said that the P&I Club of the […]

  • HMM splashes $1.57 bn on twelve LNG-ready boxships

    29 June 2021
    Business & Finance, Vessels

    South Korean shipping heavyweight HMM has signed newbuilding contracts with compatriot builders Daewoo Shipbuilding & Marine Engineering (DSME) and Hyundai Heavy Industries (HHI) for twelve 13,000 TEU container vessels, worth $ 1.57 billion. Under the agreement, DSME and HHI will build six vessels, respectively, scheduled for delivery in the first half of 2024. All ships will […]

  • In focus: Time to part ways with old habits

    25 June 2021
    Business & Finance, Environment, Innovation, Outlook & Strategy, Project & Tenders, Transition, Vessels

    Old habits die hard. Hence, it may be a lot more difficult for the offshore energy industry and the maritime sector to make peace with the transition they have to undergo and renounce previous business practices. The message was echoed in this week’s protest of Greenpeace environmental activists, who chained themselves in front of the […]

  • DNV: Nuclear power might offer a pathway to reach IMO GHG targets

    16 June 2021
    Environment, Outlook & Strategy, Transition

    A fusion-powered container vessel offers potential for lower transport cost, faster service, and zero emissions to air, DNV said in its Technology Progress Report on key energy systems technologies aimed at meeting global decarbonization targets. One of those technologies includes nuclear power, which, according to DNV, might offer an additional pathway for reaching IMO GHG […]

  • Frontline buys six ECO VLCC newbuilds for $565.8 million

    19 May 2021
    Environment, Transition, Vessels

    Norwegian tanker owner and operator Frontline has entered into an agreement to acquire six ECO-type VLCC newbuildings through resale. The six VLCCs are currently under construction at the Hyundai Heavy Industries shipyard in South Korea. The VLCCs are being bought for $565.8 million, including an estimated $25.7 million in additions and upgrades to the standard […]

  • MUA calls for vaccination of all foreign seafarers calling at Australian ports

    17 May 2021
    Authorities & Government, Human Capital, Safety

    In an effort to reduce the risk of COVID-19 spreading into the community, the New South Wales Ministry of Health plans to vaccinate a small number of foreign seafarers onboard vessels that transport gas between Australian ports. The Maritime Union of Australia welcomed the initiative between NSW Health and NSW Ports, which will cover vessels […]

  • HMM in clover as it posts record operating profit

    17 May 2021
    Business & Finance

    South Korean shipping major HMM reported its highest ever operating profit for the first quarter of 2021 amid higher freight rates and increased container handling volumes. The operating profit was KRW 1019.3 billion with a margin of 42% in Q1 2021 against a loss of KRW 2.0 billion ($ 1.7 million) in Q1 2020. The first-quarter performance […]

  • Rotterdam hosts world’s largest containership

    4 June 2020
    Ports & Logistics, Vessels

    The world’s largest containership, the 23,964 TEU HMM Algeciras, sailed into the Port of Rotterdam on June 3, making its first call at Europe’s largest port. The colossal ship, loaded with 19,621 TEU on board – also a record – was quite a sight as it proceeded to Rotterdam World Gateway (RWG) to unload containers. […]

  • Keeping lubricant development in line with engine design changes is key

    3 June 2020
    Vessels

    Over the past couple of years, the maritime industry has witnessed numerous new engine designs receiving design approvals from classification societies, including those running on LNG, methanol, and most recently ammonia. However, for the switch from high sulphur fuel oil (HSFO) to fuels of the future to run smoothly, ships’ engines have to run smoothly […]