South Korean shipbuilder Hyundai Heavy Industries has raised $935 million after pricing its IPO at the top of its indicative range, with much of the proceeds set to fund investments in new technology.It offered 18 million new shares or 20% of shares ou...
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Shipping Industry Proposes Levy to Accelerate Zero Carbon Future
Leading shipping associations have proposed creating a global levy on carbon emissions from ships to help speed up the industry's efforts to go greener.With about 90% of world trade transported by sea, global shipping accounts for nearly 3%…
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Divers to Try to Locate Oil Spill Source in U.S. Gulf of Mexico
A private dive team will try to locate the source of a suspected oil spill spotted in the Bay Marchand area of the Gulf of Mexico on Sunday, after Hurricane Ida wreaked havoc in the region this week, the U.S. Coast Guard said on Saturday.U.S.
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Power Lines Blocking Mississippi River to be Removed Friday
Downed power lines blocking a segment of the Mississippi River since Hurricane Ida made landfdall on Sunday are expected to be removed on Friday afternoon by Entergy Corp, allowing for vessel traffic in the area, the New Orleans Board of Trade…
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Subchapter M: Is it Time to Press Pause?
For many, the path to Subchapter M compliance has been anything but smooth sailing. And while progress has been made through the growing pains, some feel it’s time for the U.S. Coast Guard to pump the brakes.A funny thing happened on the way to complia...
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Sovcomflot, Gazprom Neft Partner Up to Decarbonize Shipping
Russian shipping firm Sovcomflot and oil firm Gazprom Neft have signed an agreement to develop innovative technologies and use low-carbon fuels in maritime transport.The document was signed by Igor Tonkovidov, President and CEO of Sovcomflot…
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Baltic Dry Index Logs First Weekly Dip in Seven
The Baltic Exchange's main dry bulk sea freight index retreated to a two-week low on Friday on lower rates for all vessels, steering it to its first weekly decline in seven.The overall index, which factors in rates for capesize, panamax, supramax and h...
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Insurers Bracing for $1B Hit from Hurricane Ida Damage to Offshore Facilities
Insurers are bracing for a hit of about $1 billion from physical damage to offshore rigs and structures from Hurricane Ida, according to preliminary estimates from U.S. property data and analytics company CoreLogic.The estimate did not include…
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Off the Boil: LNG Tankers Burn More Oil as Gas Prices Soar
Liquefied natural gas (LNG) tankers are burning more dirty fuel oil than normal after the price of their super-chilled cargo soared above that of oil, trade and shipping sources said.LNG tankers often use some of their cargo, stored in liquid form at m...
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Russia Gearing Up for First LNG-fueled Icebreaker as Arctic Shipping Grows
Metals miner Nornickel said it will participate in the design and building of Russia's first dual-fuel liquefied natural gas (LNG) and diesel icebreaker to prepare for more capacity in the environmentally sensitive Arctic region.Russia, which has a fle...
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