Saturday, December 02, 2023
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abandoned tanker aground in Vietnam

Abandoned Tanker Grounds in Vietnam Drifting 1,000 Miles From Philippines

Published Dec 1, 2023 3:41 PM by The Maritime Executive

  Like the legendary “Flying Dutchman,” a product tanker thought lost in the Philippines two weeks ago washed ashore today, December 1, hundreds of miles away in Vietnam. The Provincial Boarder Guard Command was puzzled by an uncrewed vessel grounding on its coastline. The authorities were investigating reports of a large vessel drifting off the coast of Cu Lao Cham island located offshore from Da Nang on the central Vietnamese coast. The vessel appeared abandoned and was driven onto the rocky...

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fishing boat seized by pirates

EUNAVFOR Provides Details on Abducted Fishing Boat to Somalia for Follow-Up

Published Dec 1, 2023 2:20 PM by The Maritime Executive

  The joint EU-sponsored force responsible for maritime security along the East African coast including Somalia reports that it has tracked and provided details to the Somali police forces for follow-up on the recent security incident. First reported a week ago, the disappearance of a fishing boat raised fears of new piracy activity in the northwestern Indian Ocean off Somalia and came days before the assault on the tanker Central Park, which the U.S. blamed on pirates. Media reports in...

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Russian oil tanker sanctions

US Tightens Noose Imposing More Sanctions for Russian Price Cap Violations

Published Dec 1, 2023 1:16 PM by The Maritime Executive

  For the third time in seven weeks, the U.S. Department of Treasury’s Office of Foreign Asset Control (OFAC) has imposed sanctions targeting the trade in Russian oil. It is reported to be part of a concerted campaign that is beginning to affect the Russian oil trade and causing some shipping companies to reconsider their business transporting Russian oil. “Enforcement of the price cap on Russian oil is a top priority for the United States and our coalition partners,” said...

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Maersk Tankers

Maersk Tankers Looks to Lead Industry with Order for Large Ammonia Tankers

Published Dec 1, 2023 12:05 PM by The Maritime Executive

  After having left ship ownership to become a manager and pool operator, Maersk Tankers along with investment partner Mitsui & Co. looks to lead the tanker sector into ammonia transportation. The company, which is owned by A.P. Moller Holding and has Mitsui as an investor in Maersk Product Tankers, placed the largest tanker order to date in the ammonia sector. Maersk Tankers reported that it has placed an order with Hyundai Samho Heavy Industries in South Korea for large...

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Offshore

offshore wind farm

New Jersey Plans to Restart Offshore Wind in 2024 After “Bump in the Road”

  The Governor of New Jersey is looking to restart his state’s offshore wind programs reiterating that they remain committed to offshore wind as a key component of the state’s renewable energy program. The state said the governor’s action reaffirmed its overall commitment to achieving 100 percent clean energy by 2035 and developing the economy by building the industry and its supporting supply chain. The New Jersey Board of Public Utilities (NJBPU) was directed by the governor to accelerate the...

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Shipbuilding

hydrogen shortsea cargo vessel

CMB.TECH Leads Effort to Build Four Hydrogen-Powered Shortsea Cargo Vessels

  Plans were announced for four hydrogen-powered general cargo vessels as the Saverys continue to push forward on multiple fronts with their efforts to develop what they are calling future-proof shipping. The announcement of the order for the cargo ships follows the news yesterday that they have also expanded their order for hydrogen-powered Commission Service Operation Vessels (CSOV) for the offshore wind sector. Through their company CMB.TECH and in a partnership with Belgian shipowner and operators of shortsea vessels Boeckmans,...

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Environment

Shipping industry CEOs at COP 28

Five CEOs Call for Regulatory Partnership and End to Fossil Fuel Ships

  The CEOs of five of the world’s largest shipping companies took the unusual step of joining together to outline a shared vision to accelerate the decarbonization of the global maritime industry. Timed to the conclusion of the first week of the UN’s COP 28 conference in Dubai, the executives of CMA CGM, Maersk, MSC, Hapag, and Wallenius Wilhelmsen called for cooperation including an alliance with the International Maritime Organization and the definitive regulatory measures needed to create the investment...

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Business

weak outlook for container carriers

2024 Could be “Even More Brutal” for Container Carriers Warns Xeneta

  The handwriting has been on the wall for some time with analysts warning that the container shipping segment was facing a prolonged period of hard times brought on by falling volumes, oversupply, and declining rates. Widely followed indicators such as the Drewry World Container Index have continued to fall and now Xeneta, the freight rate benchmarking and market analytics platform, warns that it sees an “ominous sign for carriers,” as long-term contracted rates continue to slide. “The warning signs...

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