Supply chains around the world could be at serious risk amid expected increases in the cost of ocean freight shipping during 2024.Oslo-based Xeneta has carried out in-depth analysis of the latest ocean freight rates and branded the current market…
Read more
Baltic Dry Index Falls on Muted Demand for Capesize Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a third straight session on Monday, pressured by weaker rates in the capesize segment.The overall index, which factors in rates for capesize,...
Read more
Australia Says ‘Not Necessary’ to Cancel Chinese Firm’s Lease on Darwin Port
Australia said a security review of a 99-year lease held by Chinese company Landbridge on the northern port of Darwin, a key focus of its defense strategy, found it was "not necessary to vary or cancel the lease".In a statement, the prime minister's…
Read more
40GW Potential: U.S. Regulator Seeks Public Input on Gulf of Maine Draft Wind Energy Area
The U.S. Bureau of Ocean Energy Management (BOEM) on Thursday identified a Draft Wind Energy Area (WEA) in the Gulf of Maine, opening a 30-day public review and comment period. The Draft WEA covers approximately 3,519,067 acres offshore Maine…
Read more
Strait of Hormuz: The World’s Most Important Oil Artery
The Israel-Hamas war has raised the spectre of a wider regional conflict which could embroil Iran and other regional factions.Analysts and market observers say the conflict could prompt the United States to tighten sanctions on Iran, which may…
Read more
ABB Flags Q4 Slowdown and China Challenges
ABB flagged a slowdown in revenue growth in the fourth quarter and reported a continued decline in orders in China, sending its shares lower even as the Swiss engineering group posted third-quarter earnings broadly in line with forecasts.The…
Read more
Cavotec Wins €6.65 Million Shore Power Order
Cavotec reports it has signed a contract with one of the world’s largest shipping lines to supply shore power equipment for newbuild containerships.The €6.65 million order is for Cavotec’s PowerFit units, which are complete containerized solutions…...
Read more
Finland Contacts China, Russia Regarding Baltic Sea Pipeline Probe
Finland's foreign ministry said on Friday it had contacted China and Russia via diplomatic channels regarding the investigation of damage to a pipeline and a telecoms cable in the Baltic Sea.Early on Oct. 8, a gas pipeline and a telecoms cable connecti...
Read more
Elenger to Deliver U.S. LNG Cargo to Finland Amidst Balticconnector Pipeline Crisis
Elenger, part of Estonia's Eesti Gaas, said on Friday it will deliver a cargo of liquefied natural gas (LNG) from the United States to Finland's Inkoo terminal in the second half of November.It was also ready for additional deliveries during the winter...
Read more
Harland & Wolff Belfast Bags $74M Canadian FPSO Refurbishment Deal
Harland & Wolff has secured a contract with Canada-based Cenovus Energy for the mid-life upgrade of the SeaRose FPSO vessel. The base contract value is approximately £61 million (~currently around $74 million). The FPSO is expected to arrive…
Read more