Island Offshore orders second hybrid ocean energy construction vessel
Fincantieri’s Norwegian subsidiary, Vard, has won a new contract from Island Offshore for the design and construction of a second hybrid-powered ocean energy construction vessel (OECV). In May, Island Offshore and Vard signed a contract for one firm OECVs, to be named Island Evolution, with an option for two sister vessels. This new contract confirms […]
Kotug wins work on Eni’s Congo LNG project
Offshore towage specialist Kotug International has been awarded a contract by Italian energy firm Eni to deliver critical marine services for the Congo LNG project. The project, situated off the Republic of Congo, includes the Tango FLNG and the Excalibur FSU, with a second FLNG currently under construction. The project’s first phase involves the nearshore […]
Prosafe inks flotel contract with Ithaca Energy in the UK North Sea
Offshore accommodation vessel specialist Prosafe has firmed up a deal to support Ithaca Energy’s work in the UK North Sea. The Oslo-listed owner and operator of six accommodation units and one tender support vessel received a letter of intent from Ithaca Energy for the charter of the Safe Caledonia back in July. According to the […]
Rohlig SUUS launches new intra-Europe routes
Rohlig SUUS Logistics has launched two new direct groupage routes from Brno to Sofia and Bucharest, enhancing its network in Southeast Europe. These new lines, part of the operator’s extensive European network and logistics hubs in Central and Eastern Europe, can also support supply chains for businesses in Northern and Western Europe. Previously, the company […]
zero44 introduces FuelEU Maritime software for optimized compliance strategies
On 1 January 2025, the European Union will implement its second major regulation for decarbonizing shipping: FuelEU Maritime. This regulation aims to promote the use and production of sustainable fuels. Companies that exceed the permitted greenhouse gas intensities for their vessels will face increasing penalties in the coming years. None of the traditional fossil fuels […]
Renewed containership ordering rush snatches slots
The remarkable resurgence in containership ordering at yards in East Asia over the summer has pushed delivery dates for most other ship types towards the end of the decade. June, July and August have seen near record levels of containerships contracted, principally in China. June was the second highest ever, according to Peter Sand, chief […]
Bad month for methanol
It’s not been a great month for methanol in the future fuel race. To give it an Olympics flavour, the favourite has stumbled over a hurdle or two. Danish utility Ørsted abandoned its pioneering e-methanol project under construction in northern Sweden, blaming poor market growth and difficulty in securing long-term off-take contracts. Ørsted assumed full […]
August 2024 Review
The Houthi campaign against merchant shipping in the Red Sea and the Gulf of Aden showed no sign of abating, with the militant group celebrating some big hits, most notably the laden Sounion, a suezmax attacked multiple times last Wednesday, which now risks becoming the worst tanker spill of the 21st century. The ship, owned […]
Take the tanker long view
The VLCC freight market slipped to an average of $29,800 a day for the first three weeks of August, adding to a three-month downturn from a peak of $48,000 a day average in May. The average for August over 2015-2023 is only $8,500 a day, so rates this month are nothing to be ashamed of, […]
Have a break, have a capesize
Bulk carrier freight markets in August continued their five-month flatline with the Baltic Dry Index averaging 1,688 points so far after a four-month streak of 1,731; 1,895; 1,922 and 1,925. A finely balanced market is largely failing to respond to macro influences such as China’s repeated attempts to apply economic defibrillators to its myocardially infarcted […]