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Soaring tanker freight rates are taking an increasingly heavy toll on the world’s oil majors, with the latest quarterly results revealing billions of dollars in additional shipping-related liabilities, squeezed refining margins and losses on trading positions. Shell has disclosed a $5.4bn non-cash increase in its shipping lease liabilities during the third quarter, reflecting the extraordinary …
https://splash247.com/oil-majors-count-the-cost-of-runaway-tanker-rates/
https://splash247.com/oil-majors-count-the-cost-of-runaway-tanker-rates/One of the largest coordinated port labour mobilisations in history is underway today, with more than 25 unions staging strikes and demonstrations at 113 ports across 22 countries and territories. The worldwide action, organised under the banner “Dockworkers do not work for war”, has expanded dramatically from a smaller mobilisation involving 20 ports across seven …
https://splash247.com/dockworkers-unite-across-113-ports-in-global-anti-war-protest/
https://splash247.com/dockworkers-unite-across-113-ports-in-global-anti-war-protest/Two significant European consolidation deals this week illustrated the shipping industry’s appetite for greater control over supply chains. Spanish shipping group Boluda agreed to acquire Dutch multimodal operator Samskip, creating a shortsea network spanning 28 countries, 32 vessels and 18 routes. Meanwhile, Contship is returning to the liner business through its acquisition of Italy’s Tarros, …
https://splash247.com/splash-wrap-new-networks-old-faultlines/
https://splash247.com/splash-wrap-new-networks-old-faultlines/“Welcome to a dying industry” is the advice that Rik van Hemmen, as a young professional starting with Martin & Ottaway, received from a group of grizzled veterans at an industry event in New York City. But van Hemmen is the furthest from a conventional thinker…
https://www.marinelink.com/news/welcome-a-dying-industry-544014
https://www.marinelink.com/news/welcome-a-dying-industry-544014India has approved a INR100bn ($1.05bn) programme to massively expand domestic shipping container manufacturing, targeting a tenfold increase in annual capacity as New Delhi seeks to challenge China’s near-monopoly over the industry. The country’s cabinet approved the Container Manufacturing Promotion Scheme yesterday, turning a proposal announced in February’s national budget into a 13-year industrial development …
https://splash247.com/india-greenlights-1bn-drive-to-break-chinas-container-manufacturing-dominance/
https://splash247.com/india-greenlights-1bn-drive-to-break-chinas-container-manufacturing-dominance/Japanese shipping giant Mitsui OSK Lines (MOL) has signed a long-term charter agreement with Deutsche ReGas to supply a FSRU for the Deutsche Ostsee LNG import terminal in Mukran, Germany. Under the agreement, China’s Hudong-Zhonghua Shipbuilding will convert an existing LNG carrier into an FSRU, with the charter scheduled to begin in 2028. Conversion work …
https://splash247.com/mol-secures-fsru-charter-with-deutsche-regas/
https://splash247.com/mol-secures-fsru-charter-with-deutsche-regas/Norwegian offshore engineering group Aker Solutions is preparing for another round of workforce reductions as a sharp decline in activity following the completion of major oil and gas projects threatens hundreds more jobs. Chief financial officer Idar Eikrem told analysts during the company’s third-quarter results presentation that the contractor should expect further staffing adjustments as …
https://splash247.com/aker-solutions-braces-for-more-job-cuts/
https://splash247.com/aker-solutions-braces-for-more-job-cuts/China’s COSCO Shipping Energy Transportation is expanding its gas carrier business with a RMB335m ($50.2m) ethylene carrier newbuilding project at affiliated Dalian COSCO Shipping Heavy Industry. The Shanghai- and Hong Kong-listed shipowner said its board had approved the construction of a 9,000 cu m vessel through Hainan Zhaogang Shipping, a subsidiary controlled by COSCO’s Dalian …
https://splash247.com/cosco-turns-to-in-house-yard-for-gas-carrier-expansion/
https://splash247.com/cosco-turns-to-in-house-yard-for-gas-carrier-expansion/Whatever the IMO decides in December, a broker will price a dry bulk trip the next morning. The vote changes which line of that fixture carries the carbon, and how much. Argyris Zafeiropoulos from Resilience & Compliance Advisory explains. Take a trip reported in the Baltic Exchange’s weekly round-up on 9 October: a 76,000 dwt …
https://splash247.com/the-morning-after-what-decembers-imo-vote-means-for-a-fixture/
https://splash247.com/the-morning-after-what-decembers-imo-vote-means-for-a-fixture/ABB has received Notice to Proceed from Washington State Ferries (WSF), the largest ferry operator in the United States, to supply and integrate the power and propulsion system for third hybrid-electric newbuild ferry. This expands ABB’s involvement…
https://www.marinelink.com/news/abb-powers-third-hybrid-washington-state-544003
https://www.marinelink.com/news/abb-powers-third-hybrid-washington-state-544003