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US-listed Excelerate Energy has acquired the 2010-built LNG carrier Methane Patricia Camila, earmarking the ship for the company’s first conversion into a floating storage and regasification unit. Excelerate disclosed the purchase in its second-quarter update without naming the seller or price. A Tokyo Stock Exchange filing from Japan’s Meiji Shipping Group shows the ship changing …
https://splash247.com/excelerate-picks-up-lng-carrier-for-first-fsru-conversion/
https://splash247.com/excelerate-picks-up-lng-carrier-for-first-fsru-conversion/The Transportation Institute (TI), representing U.S.-flag American shipping companies, joined farmers, millers, longshoremen, merchant mariners, the U.S. Department of Agriculture, and the World Food Programme (WFP) at the Port of New Orleans…
https://www.marinelink.com/news/food-peace-program-begins-wheat-shipment-541856
https://www.marinelink.com/news/food-peace-program-begins-wheat-shipment-541856Nigeria is targeting $30bn to $50bn in new upstream investment over the next five years, with 22 major offshore projects expected to move forward between 2026 and 2030. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) chief executive Oritsemeyiwa Eyesan said the projects would help lift crude output, create jobs, and strengthen energy security. She added …
https://splash247.com/nigeria-targets-up-to-50bn-for-upstream-expansion/
https://splash247.com/nigeria-targets-up-to-50bn-for-upstream-expansion/Offshore drilling giant Transocean has secured two extensions and one new contract for three of its rigs. According to information provided in the company’s fleet status report, an unnamed operator awarded a two-well contract extension to the 2016-built drillship Deepwater Conqueror in the US Gulf of Mexico. The rig has been working for the operator …
https://splash247.com/transocean-secures-new-gulf-of-mexico-and-africa-rig-work/
https://splash247.com/transocean-secures-new-gulf-of-mexico-and-africa-rig-work/Offshore driller Valaris has secured a batch of new contracts and extensions for its rig fleet, lifting its backlog to $4.6bn. Its 2015-built Valaris DS-18 drillship won a letter of award from an unnamed client for a two-well exploration program. The program is expected to commence in the fourth quarter of 2026 and last up …
https://splash247.com/valaris-lands-new-contracts-as-backlog-reaches-4-6bn/
https://splash247.com/valaris-lands-new-contracts-as-backlog-reaches-4-6bn/Limited demolition supply and intense buyer competition have created one of the strongest ship recycling markets in years. Hitesh Vyas from Wirana Shipping reports. Shipowners are currently benefiting from one of the strongest recycling markets seen in recent years. Demand from cash buyers and recycling yards remains high, yet the supply of end-of-life vessels is …
https://splash247.com/shipowners-shouldnt-assume-todays-strong-recycling-market-will-last/
https://splash247.com/shipowners-shouldnt-assume-todays-strong-recycling-market-will-last/Former seafarer Sean Dalton has been nominated as the next president of the International Union of Marine Insurance, putting the Munich Re executive in line to lead the 152-year-old association. Dalton is the sole nominee and is expected to be elected by the IUMI Council on September 23 during the organisation’s annual conference in Rotterdam. …
https://splash247.com/sean-dalton-lined-up-to-become-iumi-president/
https://splash247.com/sean-dalton-lined-up-to-become-iumi-president/Greek owner Centrofin has been linked to an order for six LR2 tankers at China’s Titan Wind Energy, handing the merchant shipbuilding newcomer a contract worth as much as $480m. Shenzhen-listed Titan Wind said an offshore engineering subsidiary had signed for six firm 114,000 dwt product and crude tankers with a unit of an unnamed …
https://splash247.com/centrofin-tied-to-six-ship-titan-wind-tanker-order/
https://splash247.com/centrofin-tied-to-six-ship-titan-wind-tanker-order/Machine learning is improving freight-rate forecasting, but shipping’s volatility remains beyond the reach of any model. A review of 28 studies published between 2012 and 2024 found growing use of vessel supply, commodity demand, bunker prices and economic indicators to predict markets. Yet it also concluded that geopolitical shocks, regulation and sudden supply disruptions cannot …
https://splash247.com/shippings-ai-forecasters-run-into-the-limits-of-history/
https://splash247.com/shippings-ai-forecasters-run-into-the-limits-of-history/The Panama Canal is imposing two further draft reductions at its neopanamax locks as falling water levels and a strengthening El Niño revive memories of the disruption seen in 2023 and 2024. From August 26, the maximum authorised draft will fall to 48 feet (14.63 m), before being reduced again to 47.5 feet (14.48 m) …
https://splash247.com/panama-tightens-canal-draft-limits-again/
https://splash247.com/panama-tightens-canal-draft-limits-again/