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COSCO is facing a potential civil penalty of up to $16.7m in the US after taking more than seven months to pay a comparatively small reparations award ordered by the Federal Maritime Commission (FMC). The FMC has issued an order to show cause asking the Chinese carrier to explain why it should not be penalised …
https://splash247.com/fmc-threatens-cosco-with-16-7m-penalty-over-delayed-payment/
https://splash247.com/fmc-threatens-cosco-with-16-7m-penalty-over-delayed-payment/New South Korean shipmanager IOB has started operations with four ice-class LNG carriers and is already targeting a move into full icebreaking Arc7 tonnage. The Busan-based company says it currently has four Arc4 LNG carriers under management, with plans to add three to six Arc7 vessels in 2027, followed by additional Arc7 newbuilding management from …
https://splash247.com/busan-shipmanager-launches-arctic-lng-fleet-push/
https://splash247.com/busan-shipmanager-launches-arctic-lng-fleet-push/Twelve seafarers have been injured after the Panama-flagged tanker On Peace was struck by a projectile while transiting the Strait of Hormuz yesterday, the latest casualty in what has become the most intense spell of attacks on commercial shipping since the US-Iran war began in February. The vessel, owned by Dubai-based Onex, was carrying 19 …
https://splash247.com/twelve-injured-in-latest-hormuz-attack/
https://splash247.com/twelve-injured-in-latest-hormuz-attack/The Aframax Rio was ablaze off Sochi on Tuesday after being struck by unmanned surface vessels, adding another tanker casualty to a rapidly worsening Black Sea security picture. Russia’s transport ministry said the Liberia-flagged aframax was attacked off the Russian resort city, triggering a major fire and an oil spill. All 23 crew, all Indian …
https://splash247.com/aframax-rio-blaze-underscores-widening-black-sea-threat/
https://splash247.com/aframax-rio-blaze-underscores-widening-black-sea-threat/Sumitomo Corporation Global Metals Co., Ltd. (SCGM) and TFI Marine Limited have formed a partnership to introduce innovation into mooring solutions for floating offshore wind and offshore energy projects. The partnership enables and accelerates…
https://www.marinelink.com/news/sumitomo-tfi-marine-introduce-mooring-543507
https://www.marinelink.com/news/sumitomo-tfi-marine-introduce-mooring-543507Oil prices climbed on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen's Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude.Brent futures LCOc1 rose 81 cents…
https://www.marinelink.com/news/oil-climbs-us-storm-threat-saudi-attack-543509
https://www.marinelink.com/news/oil-climbs-us-storm-threat-saudi-attack-543509New York-listed containership owner Global Ship Lease (GSL) has exercised options for another two newbuildings, taking the George Youroukos-led company’s orderbook to 17 ships. The two midsize, ultra-high-reefer, wide-beam vessels are priced at about $163m in total and are scheduled for delivery in the fourth quarter of 2029. Unlike the first 15 ships in GSL’s …
https://splash247.com/global-ship-lease-takes-newbuild-orderbook-to-17/
https://splash247.com/global-ship-lease-takes-newbuild-orderbook-to-17/The cost of fuelling ships has risen by roughly three-quarters since the US-Iran war erupted on February 28. In Singapore, the world’s largest bunkering hub, VLSFO was assessed by ENGINE at $509 per tonne on February 27, the final trading day before the war began, while high-sulphur fuel oil stood at $432 per tonne. By …
https://splash247.com/bunker-prices-jump-by-three-quarters-since-iran-war-began/
https://splash247.com/bunker-prices-jump-by-three-quarters-since-iran-war-began/After four decades at sea and ashore, Bing Hou has reached a simple conclusion about shipmanagement: too much of what keeps vessels safe still depends on paper, spreadsheets and what individual seafarers happen to remember. The 56-year-old master mariner, founder of ShipGod AI, spends 25 years with China Yangtze Shipping, rising from deck cadet to …
https://splash247.com/shipgod-ai-why-every-vessel-needs-its-own-digital-memory/
https://splash247.com/shipgod-ai-why-every-vessel-needs-its-own-digital-memory/Rather than forecasting from today, backcasting starts with possible futures and works backwards — an approach gaining traction as shipping’s long-term bets become harder to call. Splash’s Europe Editor Bojan Lepic explains. Shipping has never been short on forecasts. Fleet growth, trade demand, freight rates, fuel choices, and asset values are all projected years ahead, …
https://splash247.com/shipping-rewinds-the-future/
https://splash247.com/shipping-rewinds-the-future/