Recent discussions on tariffs have largely overlooked the potential implementation of the Office of the United States Trade Representative (USTR)’s port fees on Chinese-built vessels. This fee, which could reach up to $3.5 million per port call…
Read more
Greek Shippers Return to Russian Oil Market as Prices Slip Below G7 Cap
Greek shipowners are returning to Russia's Urals oil market as the price slides below the Western price cap of $60 per barrel, allowing them to provide transport and insurance services while complying with sanctions, three trading sources said.The…
Read more
Korea Development Bank to Sell Shares in Hanwha Ocean
South Korea's state-run Korea Development Bank plans to sell its shares in Hanwha Ocean, Maeil Business Newspaper reported on Monday.KDB plans to split its 19.5% shares in the shipbuilder into multiple block sales, after a bookbuilding from Monday…
Read more
Main Iron Works Delivers 10th Vessel for Ingram Marine Group
Benny Cenac Jr.’s Houma based Main Iron Works Company has completed the 10th boat newbuild for Ingram Marine Group. This partnership with Main Iron Works and Ingram began in 2021 and included the construction of 10 new towboats to be completed by the e...
Read more
Veson Nautical: Three Impacts of the IMO’s New Fuel Intensity Target on S&P Activity
The International Maritime Organization (IMO) recently hosted the 83rd meeting with the Marine Environmental Protection Committee (MEPC 83), resulting in a new fuel intensity target, which is set to come into force no later than March 2027.This…
Read more
US Plans Alaska LNG Summit, Hoping Japan and South Korea Will Support the Project
U.S. President Donald Trump's energy security council plans to host a summit in Alaska in early June, when it hopes Japan and South Korea will announce commitments to the Alaska LNG project, a source familiar with the matter said on Thursday.Trump…
Read more
Vehicle Carriers Seek Relief from USTR Port Fees
Operators of hulking car carriers are seeking relief from the U.S. Trade Representative's surprise plan to levy port fees on all foreign-built ships in that segment, including 20 vessels that guarantee transport for the U.S. military during a war or na...
Read more
Wartsila CEO: Tariffs to Affect Battery Storage Business, Avoiding Marine Division
Finland's Wartsila said U.S. tariffs were impacting its battery storage business while rising trade tensions could push back clients' investment decisions, after its quarterly operating earnings missed market expectations on Friday.Shares of Wartsila…
Read more
ScottishPower’s Monopile Installation Sets Foundation for Record-Breaking Offshore Windfarm
The offshore construction program for ScottishPower’s biggest-ever renewables project is officially underway with the installation of the first foundation for the green energy company’s USD$5.3 billion (£4 billion) East Anglia THREE offshore windfarm.S...
Read more
16th-Century Iron Salvaged From Swedish Shipwreck Offers Clues to Trade History
Swedish archaeologists are studying a rare discovery from a 16th-century shipwreck near Stockholm, hoping it will shed light on the history of trade and industry in the Baltic region and Sweden during that era.In May 2024, a barrel containing…
Read more