Prices in the most volatile segment of ocean shipping are collapsing, but top retailers like Walmart and Home Depot should not expect relief until the spring contract renegotiation season, industry experts said.Spot rates, which cover anywhere…
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ABS and HD Hyundai to Continue Work on Autonomous Projects
ABS and HD Hyundai signed a memorandum of understanding (MoU) to continue working together on marine autonomy projects. Building on shared efforts to expand the development of autonomous navigation technology into critical vessel machinery and safety s...
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Ingalls Awarded Advanced Planning Contract for Zumwalt-Class Ships
HII announced its Ingalls Shipbuilding division was awarded a $10.5 million contract for the modernization period planning of Zumwalt-class guided missile destroyers, USS Zumwalt (DDG 1000) and USS Michael Monsoor (DDG 1001).Zumwalt-class destroyers…
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Fairbanks Morse Defense Launches Its First High-speed Engine
Fairbanks Morse Defense (FMD) is expanding its naval defense capabilities by offering the nForcer FM 175D engine, the defense contractor's first engine designed for high-speed applications. With more power density than competing high-speed engines in t...
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Baltic Dry Index Snaps Six-session Losing Streak
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended a six-session losing streak on Monday, as an uptick in capesize rates outweighed losses in panamax and supramax segments.The overall index, whic...
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UNI-TANKERS’ Fleet Transition to Marlink’s Hybrid Network Complete
Maritime satellite communications company Marlink has completed the migration of UNI-TANKERS’ owned fleet to its global hybrid network solution.The Danish shipping company UNI-TANKERS selected Marlink as an expert partner to support its digital transfo...
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Middle East Ship Repair Yards Remain Center Stage
In the 45 years since the Arab Shipbuilding & Repair Yard (ASRY) opened on reclaimed land in Bahrain, the Middle East has become one of the world’s ship repair hotspots. A broad range of shipyards now service both regional and global markets.Regional y...
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Traffic in Suez Canal Normal After Ship Breakdown Dealt With
Shipping traffic in the Suez Canal was proceeding normally on Monday after tugs towed a cargo vessel that broke down during its passage through the waterway, the Canal Authority said.The breakdown was expected to cause only minor delays, with…
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China’s COVID Woes Are Pressuring Supply Chains
Declining world supply chain pressures are being challenged by new disruptions in China tied to the coronavirus pandemic, the New York Federal Reserve reported on Friday.The regional Fed bank's December Global Supply Chain Pressure Index ticked down to...
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$3 Billion Forecast to be Invested in New Anchor Handlers to Meet Floating Wind Demand
Floating wind is an emerging technology. Currently being tested in small scale demonstration and pilot projects, global floating wind commissioned capacity at the end of 2022 was less than 200 megawatts (MW). By 2030, close to 11 gigawatts (GW)…
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