President Joe Biden will order U.S. transportation agencies in coming days to address competition in rail and sea shipping in an effort to lower the costs of shipping goods for companies, a source familiar with the plan told Reuters on Thursday. Biden’s executive order, aimed at the Federal Maritime Commission and the Surface Transportation Board, …
Biden to Take Aim at Rail, Sea Shipping Competition -Source Read More »
Ten years ago, the shipping industry (and most other industries for that matter) participants came to the realisation that it was going to be affected greatly by data, data capturing, data analytics and subsequently data driven decision making. However, as is many times the case with large disrupting events, the details on how it would …
Incorporating data driven decision making in Dry Bulk Shipping Read More »
Chalk up yet another record for ocean shipping. More vessels traded hands in the first half of this year than in any other six-month stretch — yet another industry signal that’s flashing green. It’s not just container ships. An exceptionally high number of tankers and bulkers were sold as well. Values of ship assets have …
Ship values are soaring amid secondhand sales ‘frenzy’ Read More »
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Thursday as capesize vessel rates firmed. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 40 points, or 1.2%, to 3,281. “Looking ahead, we believe the global economic recovery and infrastructure …
Penfield Marine, a leading commercial tanker operator, and Macquarie Group’s Commodities and Global Markets division (Macquarie), announce the execution of Penfield’s first carbon-neutral voyage in a collaboration that will enable Penfield Marine to offer environmentally differentiated freight products to its customers. The structure achieves carbon-neutral freight by retiring high-quality carbon offsets sufficient to cover the …
In a sign of the times, the London Maritime Arbitrators Association (LMAA) has revised its terms of procedure to now include the recognition of virtual and semi-virtual hearings. Welcoming the move, Andrew Lee, Head of the firm’s Singapore office, said: “This is timely recognition of the way the business world has adapted to the Covid-19 …
Hill Dickinson welcomes update of arbitration procedures Read More »
Foreign shipowners and their creditors often ask whether ship arrests are possible or whether maritime liens are enforceable in the Republic of Korea (“Korea”). Due to the nature of the maritime shipping business, both privately-owned and chartered vessels inevitably enter foreign ports around the world, including that of Korea. When debtor-owned vessels are provisionally seized …
A cargo vessel collided with a dredger in the waters of the South Harbor Anchorage area in Manila, the Philippines, in the early morning hours of 8 July 2021. The ships in question are the Marshall Islands-flagged bulk carrier MV Palawan Pearl and Cyprus-flagged utility vessel BKM 104, the Philippine Coast Guard (PCG) said. Photo: …
Cargo ship spills oil after collision with dredger off Manila Read More »
Norwegian shipowner GC Rieber Shipping has agreed to sell shares in Shearwater Geoservices Holding reducing its ownership from 17% to 8.5%. Gross proceeds from the sale will be $50.5 million. The sold shares had book value of $41.6 million per 31 March, GC Rieber informed. Following the transaction, which is expected to be completed shortly, the company will not hold rights in the shareholder agreement and the remaining shares will be booked as …
South Korean Hyundai Motor Company has signed a Memorandum of Understanding (MOU) with marine service provider Hyundai Global Service and classification society Korean Register (KR) to develop and commercialize hydrogen fuel cell systems on marine vessels. As informed, the partners will commercialize a small-sized model vessel in the second half of 2022 and larger systems …
Hyundai Motor launches project for fuel cell-propelled ships Read More »
