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TANKERS: Teekay says rising crude production to buoy Q4 dirty tanker markets

Teekay Tankers expects a sustained dirty tanker freight recovery in the fourth quarter and quarters ahead, as economic revival should buoy crude demand, in turn prompting increased crude production and ton-mile demand, company officials said Aug. 5. The anticipated recovery is hoped to be a U-turn from the second quarter, which marked the lowest dirty …

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Drewry: World Container Index Now 370% Higher Than Last Year

Drewry’s composite World Container index increased marginally by 0.4% or $41 to $9,371.30 per 40ft container. Our detailed assessment for Thursday, 5 August 2021 • The composite index increased 0.4% or $41 this week, and also, remains 370% higher than a year ago. • The average composite index of the WCI, assessed by Drewry for …

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Global Ship Lease Reports Results for the Second Quarter of 2021

Global Ship Lease, Inc., an owner of containerships, announced its unaudited results for the three and six month periods ended June 30, 2021. Second Quarter 2021 and Year To Date Highlights – Reported operating revenue of $82.9 million for the second quarter 2021. Operating revenue for the six months ended June 30, 2021, was $155.9 …

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A.P. Moller – Maersk reports record earnings and continued growth momentum in logistics in Q2

In the second quarter of 2021, A.P. Moller – Maersk continued to deliver strong growth and profitability, with record-breaking performance marking the 12th quarter of successive year-on-year earnings progress. Revenue grew 58 pct. to USD 14.2bn in Q2 and EBIT increased almost five times to USD 4.1bn. The net result came in at USD 3.7bn …

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Higher Dry Bulk Volumes Expected to Continue says Algoma Central Corporation

Algoma Central Corporation, a leading provider of marine transportation services, Friday announced its results for the three and six months ended June 30, 2021. (All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.) Second quarter 2021 business highlights include: The Domestic Dry-Bulk segment …

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Overseas Shipholding Group Reports Second Quarter 2021 Results

Overseas Shipholding Group, Inc., a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter 2021. Shipping revenues for the second quarter 2021 were $88.4 million, an increase of $7.1 million from the first quarter 2021. Compared to the second quarter …

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President and CEO Rob Smith to leave Konecranes

Konecranes President and CEO Rob Smith has decided to leave the company. He will leave Konecranes on 31 December 2021. The company’s CFO, Teo Ottola, who also serves as Deputy CEO, will be acting as the interim CEO from 1 January 2022 until the completion of the planned merger between Konecranes and Cargotec Corporation, which …

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In focus: The energy transition in high summer

Although we are in the midst of the summer holidays and mails are returned with out-of-office messages, some moves were made on the offshore energy chess board. Moves that show that the strategy of the game is changing towards a more sustainable future. In this weekly update recent developments from the offshore energy industry that …

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CorPower Ocean joins talks on Portugal’s ambitious marine renewables plan

Swedish wave energy developer CorPower Ocean has joined an elite panel of marine energy experts in Viana do Castelo, northern Portugal, to discuss the region’s ambitious plan to become an epicentre for offshore renewables. Illustration/CorPower Ocean’s C3 device (Courtesy of CorPower Ocean/Photo by Colin Keldie) The Alto Minho region is positioning itself to receive a …

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Shell brings ten tankers to Signal Maritime’s MR pool

Shell Tankers (Singapore) has signed a partnership agreement with ship management company Signal Maritime placing ten Medium Range (MR) product tankers into the company’s MR pool. The company was an early adopter of the Signal Ocean platform in product tankers and the duo said they expect digital technology to help improve commercial results through the …

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