Latest Shipping News https://www.marineinsight.com/category/shipping-news/ The Maritime Industry Guide Wed, 10 Apr 2024 13:03:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://www.marineinsight.com/wp-content/uploads/2017/11/cropped-favicon-32x32.png Latest Shipping News https://www.marineinsight.com/category/shipping-news/ 32 32 U.S. Coal Exports Witness Sharp Drop After Francis Scott Key Bridge Collapse In Baltimore https://www.marineinsight.com/shipping-news/u-s-coal-exports-witness-sharp-drop-after-francis-scott-key-bridge-collapse-in-baltimore/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-coal-exports-witness-sharp-drop-after-francis-scott-key-bridge-collapse-in-baltimore https://www.marineinsight.com/shipping-news/u-s-coal-exports-witness-sharp-drop-after-francis-scott-key-bridge-collapse-in-baltimore/#respond Wed, 10 Apr 2024 13:03:10 +0000 https://www.marineinsight.com/?p=1840287 US Coal Exports Witness Sharp Drop After Francis Scott Key Bridge Collapse in Baltimore

U.S. Energy Information Administration revised its coal exports forecast for April downward by 33% and decreased its view for May by 20%

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US Coal Exports Witness Sharp Drop After Francis Scott Key Bridge Collapse in Baltimore
Port of Baltimore
Representation Image

On Tuesday, the U.S. Energy Information Administration (abbreviated as EIA) revised its coal exports forecast for April downward by 33% and decreased its view for May by 20% owing to the unexpected collapse of the Francis Scott Key Bridge in Baltimore, followed by the port closure.

The EIA expected U.S. coal exports to increase by approximately 1% in 2024 but now anticipates a 6% decline from the levels observed last year after the bridge collapse.

The U.S. coal shipments declined following the sudden closure of the Port of Baltimore, the nation’s second-largest coal export channel, following a considerable cargo vessel slamming into the bridge on 26 March.

Joe DeCEIA’ss, EIA’s administrator, said there is significant apprehension based on the timeline of the port reopening and how fast the exporters may adjust to exporting through the alternative ports.

While coal has dwindled to almost 15% of the total U.S. power generation as renewable energy, natural gas, and other cleaner energy sources take its place, coal supplies nearly one-third of the electricity in the world.

Reference: Bloomberg

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Ukrainian Forces Strike Russian Naval Missile Carrier In Baltic Sea https://www.marineinsight.com/shipping-news/ukrainian-forces-strike-russian-naval-missile-carrier-in-baltic-sea/?utm_source=rss&utm_medium=rss&utm_campaign=ukrainian-forces-strike-russian-naval-missile-carrier-in-baltic-sea https://www.marineinsight.com/shipping-news/ukrainian-forces-strike-russian-naval-missile-carrier-in-baltic-sea/#respond Wed, 10 Apr 2024 12:58:03 +0000 https://www.marineinsight.com/?p=1840281 Ukrainian Forces Strike Russian Naval Missile Carrier In Baltic Sea

Ukraine's military intelligence has claimed responsibility for the attack on Russia's military naval missile cruiser in the Baltic Sea.

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Ukrainian Forces Strike Russian Naval Missile Carrier In Baltic Sea
Russian Cruiser
Image Credits: Wikipedia

Ukraine’s military intelligence has reportedly claimed responsibility for the attack on Russia’s military naval missile cruiser situated in the Baltic Sea.

According to the source, an official familiar with the operation expressed that it underscores Kyiv’s endeavours to strike at Kremlin forces far away from the front line.

The attack marked the first-ever Ukraine’s military strike on Russia’s territory based in Kaliningrad. The official claimed that Ukraine’s agents conducted the assault.

But, neither Russia’s military nor the Kremlin officials have spoken of the incident.

The source notes that the Russian vessel was docked at a naval base in Baltiysk in Kaliningrad, just over 20 kilometres from the Polish border.

The communication and automation equipment on the ship was totally destroyed, reported Ukrinform.

The Institute for the Study of War (popular as the ISW) notes that Russia’s occupiers are advancing close to the Kreminna area of Luhansk, northwest of Bakhmut, and southwest of Donetsk in the Donetsk area.

Over the past day, there have been 56 combat clashes on the front line.

The enemy launched its attacks most vigorously in the direction of Novopavlivka, with occupiers attempting to breach the troops’ defences 26 times.

Reference: english news, newsukraine

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Bangladesh To Rescue 23 Crew Of Hijacked Ship MV Abdullah This Month From Somali Pirates https://www.marineinsight.com/shipping-news/bangladesh-to-rescue-23-crew-of-hijacked-ship-mv-abdullah-this-month-from-somali-pirates/?utm_source=rss&utm_medium=rss&utm_campaign=bangladesh-to-rescue-23-crew-of-hijacked-ship-mv-abdullah-this-month-from-somali-pirates https://www.marineinsight.com/shipping-news/bangladesh-to-rescue-23-crew-of-hijacked-ship-mv-abdullah-this-month-from-somali-pirates/#respond Wed, 10 Apr 2024 12:52:05 +0000 https://www.marineinsight.com/?p=1840277 Bangladesh To Rescue 23 Crew of Hijacked Ship MV Abdullah This Month From Somali Pirates

The 23 crew members associated with the vessel MV Abdullah that the Somali pirates hijacked could be successfully rescued this month.

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Bangladesh To Rescue 23 Crew of Hijacked Ship MV Abdullah This Month From Somali Pirates
Bulk Carrier
Representation Image

The 23 crew members associated with the Bangladeshi vessel named MV Abdullah that the Somali pirates hijacked could be successfully rescued this month mentioned Khalid Mahmud Chowdhury, the state minister of shipping, on Tuesday.

He added that the primary responsibility is to rescue and hand them over to their loved ones once they return to their homeland.

Efforts in this regard are going on.

The situation is now under control, and the relevant authorities hope they will be able to bring 23 hostages back safely, he stated.

In answering a question regarding any contact with the crew members, the minister noted that the Department of Shipping is in touch with them regularly and that they are safe.

He said the target was to bring them back to the country before Eid-ul-Fitr, but they could not fulfil their goal.

However, they are hoping they can be brought back shortly.

Efforts are ongoing to solve the problem via the Foreign Ministry, but Khalid mentioned that the Department of Shipping is also striving.

Reference: ddnews, thefinancialexpress

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Enterprise Products Partners Granted MARAD Port License For Biggest Offshore Oil Export Terminal In U.S. https://www.marineinsight.com/shipping-news/enterprise-products-partners-granted-marad-port-license-for-biggest-offshore-oil-export-terminal-in-u-s/?utm_source=rss&utm_medium=rss&utm_campaign=enterprise-products-partners-granted-marad-port-license-for-biggest-offshore-oil-export-terminal-in-u-s https://www.marineinsight.com/shipping-news/enterprise-products-partners-granted-marad-port-license-for-biggest-offshore-oil-export-terminal-in-u-s/#respond Wed, 10 Apr 2024 12:42:33 +0000 https://www.marineinsight.com/?p=1840273 Enterprise Products Partners Granted MARAD Port License for Biggest Offshore Oil Export Terminal in U.S.

Enterprise Products Partners has made enormous progress in creating the nation's largest offshore oil export terminal.

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Enterprise Products Partners Granted MARAD Port License for Biggest Offshore Oil Export Terminal in U.S.
Sea Port Terminal
Representation Image

Houston’s Enterprise Products Partners L.P. has reportedly made enormous progress in creating the nation’s largest offshore oil export terminal, the Sea Port Oil Terminal (SPOT), on receiving a deepwater port license from the United States Maritime Administration (MARAD).

The license permits Enterprise to proceed with the development of SPOT. Once operational, it is projected to load about two million crude oil barrels daily, making it the U.S.’s largest offshore oil export terminal.

With U.S. crude oil exports at about 4 million BPD, SPOT delivers a safer, more efficient, environmentally friendly, and cost-effective way to provide crude oil to international markets.

The license receipt is the most critical milestone to date in the development and commercialization of SPOT, mentioned A.J. “Jim” Teague, the co-CEO of Enterprise’s general partner.

The licensing procedure involved collaboration with the state, federal, and local authorities, numerous public meetings, and environmental impact studies.

The project also yielded more than 30,000 pages of documentation.

The SPOT offshore platform, planned to be located approximately 30 nm off Brazoria County on the Texas coast, will function 24/7.

It will boast two Single Point Mooring (abbreviated SPM) buoys that can load two supertankers at once, at about 85,000 barrels an hour.

The platform is also expected to offer access to more than 40 distinct crude oil grades, including the Midland WTI, and greatly minimize emissions compared to the current industry practices.

Teague also estimates that SPOT can help reduce crude vapour emissions by 95% and lower greenhouse gases by 65%.

In 2024, after encountering lawsuits from environmental parties, a U.S. appeals court upheld the facility’s approval, stating that the Enterprise Products Partners facility had satisfied the environmental review criteria.

The project’s four-year ecological review, headed by MARAD and the U.S. Coast Guard, involved many federal agencies and obtained approvals from the State of Texas.

MARAD’s record of decision highlighted that the assignment is considered nationally significant owing to its potential benefits to employment, economic growth, and the resilience and security of the U.S. energy infrastructure.

The port will also reduce the ecological impact compared to other means of exporting U.S. crude.

Construction, along with the operation of an offshore export terminal and the installation of a vapour combustion system at the deepwater port, will minimize ship-to-ship crude oil transfers and, at the same time, reduce the emissions from traditional crude oil loading.

It stated that this would help provide a more efficient but less impactful crude oil transport hub in the U.S. offshore waters.

The port will also utilize the best available tech, incorporating features like autonomous shutdown valves, HIPPs, emergency shutdown, fire and gas detection, safety controls, and process control systems to maintain operational safety and security.

Enterprise Products Partners stated last year that it is eyeing a 2027 beginning date for the terminal.

Reference: Enterprise Product

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U.S. Navy Cruiser Seizes 2370 Kilos Of Cocaine From A Semi-Submersible Boat In The Atlantic https://www.marineinsight.com/shipping-news/u-s-navy-cruiser-seizes-2370-kilos-of-cocaine-from-a-semi-submersible-boat-in-the-atlantic/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-navy-cruiser-seizes-2370-kilos-of-cocaine-from-a-semi-submersible-boat-in-the-atlantic https://www.marineinsight.com/shipping-news/u-s-navy-cruiser-seizes-2370-kilos-of-cocaine-from-a-semi-submersible-boat-in-the-atlantic/#respond Wed, 10 Apr 2024 12:35:00 +0000 https://www.marineinsight.com/?p=1840269 U.S Navy Cruiser Seizes 2370 Kilos of Cocaine from a Semi-Submersible Boat in the Atlantic

The USCG Law Enforcement Detachment and the Ticonderoga-class guided-missile cruiser USS Leyte Gulf marked a significant mission milestone.

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U.S Navy Cruiser Seizes 2370 Kilos of Cocaine from a Semi-Submersible Boat in the Atlantic
Semi-Submersible Boat
Image Credits: USNAVSO_4THFLT/Twitter

The U.S. Coast Guard (USCG) Law Enforcement Detachment (LEDET) and the Ticonderoga-class guided-missile cruiser USS Leyte Gulf (C.G. 55) marked a significant mission milestone in March when they deployed to the U.S. Southern Command area of operations.

While patrolling the Atlantic Ocean, the crew spotted and intercepted a self-propelled semi-submersible narcotics smuggling craft.

The interception was made possible with the cooperation of Helicopter Maritime Strike Squadron 50, which gave critical location data to the SPSS.

After locating the SPSS, members of the LEDET dispatched a rigid-hull inflatable boat (RHIB) to intercept it. Following the interception, the LEDET detained the individuals aboard the SPSS and seized a significant amount of cocaine, approximately 2,370 kilograms.

The USS Leyte Gulf then performed a sinking exercise on the SPSS, essentially neutralizing it as a smuggling vessel.

Lt. Commander Travis Lee, Leyte Gulf’s senior aviator, described the operation as a spectacular achievement, comparing the job of locating the SPSS to “finding a needle in a haystack.”

This victory was a crucial milestone in Lt. Commander Lee’s seven-year career, as he had never before been able to discover and acquire such an asset.

This interception of the SPSS is only the latest in a string of successful operations carried out by USS Leyte Gulf during its deployment.

Semi-submersible craft
Image Credits: USNAVSO_4THFLT/Twitter

In February, while patrolling the Caribbean Sea, the ship stopped three vessels using coordinated air and surface operations involving U.S. and partner nation troops.

Large amounts of cocaine were seized when the LEDET boarded and took control of each vessel during these interdictions.

On February 6, 520 kilograms of cocaine worth $12.8 million were discovered. Another 600 kilograms of cocaine, worth an estimated $15.25 million, were recovered on February 15.

Ultimately, on February 28, the crew found an extra 600 kg of cocaine worth $15 million.

Commanding Officer Capt. Nathan Diaz emphasized the Leyte Gulf team’s readiness to carry out these interdictions, citing the successful capture of over $42 million in illicit substances as proof of the interoperability of partner nations, the Coast Guard, and the entire team.

Lt. j.g. Jayden Hodgson, an officer of the deck and public affairs officer on board the ship, described the experience of supervising one of the interdiction operations as exciting.

Hodgson praised Leyte Gulf’s involvement in blocking illegal drug importation and pledged to continue such measures.

USS Leyte Gulf is currently assigned in the USSOUTHCOM AOR, where it supports bilateral and multinational maritime operations with regional allies, conducts Theater Security Cooperation (TSC) port visits, and assists JIATF-South in combating illicit drug trafficking.

LEDETs, specialized forces of the United States Coast Guard, play an essential role in enforcing maritime laws and treaties.

US Naval Forces Southern Command/U.S. 4th Fleet actions support joint and integrated military operations in the Caribbean, Central America, and South America to enhance regional security and promote peace, stability, and prosperity.

Reference: usff.navy.mil

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Titan Clean Fuels & STX Group Conduct Largest Ship-To-Ship Delivery Of LBM To Hapag-Lloyd’s Container Ship https://www.marineinsight.com/shipping-news/titan-clean-fuels-stx-group-conduct-largest-ship-to-ship-delivery-of-lbm-to-hapag-lloyds-container-ship/?utm_source=rss&utm_medium=rss&utm_campaign=titan-clean-fuels-stx-group-conduct-largest-ship-to-ship-delivery-of-lbm-to-hapag-lloyds-container-ship https://www.marineinsight.com/shipping-news/titan-clean-fuels-stx-group-conduct-largest-ship-to-ship-delivery-of-lbm-to-hapag-lloyds-container-ship/#respond Wed, 10 Apr 2024 12:23:13 +0000 https://www.marineinsight.com/?p=1840262 Titan Clean Fuels & STX Group Conduct largest ship-to-ship delivery of LBM to Hapag-Lloyd’s container ship

Hapag-Lloyd has adopted liquefied biomethane (LBM) as a sustainable fuel source through a pioneering ship-to-ship bunkering operation.

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Titan Clean Fuels & STX Group Conduct largest ship-to-ship delivery of LBM to Hapag-Lloyd’s container ship
Ship
Image Credits: Titan Clean Fuels

Hapag-Lloyd, a well-known container vessel operator, has adopted liquefied biomethane (LBM) as a sustainable fuel source through a pioneering ship-to-ship bunkering operation.

This transaction, facilitated by the collaborative efforts of STX Group and Titan Clean Fuels, is the largest known bunkering operation to date. It involved the transfer of LBM totalling 2,200 metric tons to a container vessel owned by Hapag-Lloyd at the port of Rotterdam.

The successful completion of this operation demonstrates the practicality and scalability of bunkering massive amounts of LBM, marking an important milestone in the marine industry’s transition to cleaner fuels.

However, it also highlights the continuous need for additional infrastructure and regulatory framework improvements to promote the broader adoption of LBM as an appropriate substitute for traditional fuels.

Jan Christensen, Fuel Purchasing Senior Director at Hapag-Lloyd, highlighted the importance of this initiative in the company’s overall objective of reaching net-zero emissions by 2045.

This strategic step demonstrates Hapag-Lloyd’s commitment to gradually decarbonizing its operations and aligning with sustainability goals.

Caspar Gooren, Director of Renewable Fuels at Titan Clean Fuels, praised the joint effort involved in successfully delivering LBM to Hapag-Lloyd’s container vessel.

Gooren emphasized the importance of renewable e-methane and LBM as feasible, sustainable, and affordable approaches to net-zero shipping emissions.

Sead Keric, Managing Partner of Renewable Gas at STX Group, praised Hapag-Lloyd’s pioneering endeavour, underlining the revolutionary potential of liquefied biomethane to reduce carbon emissions in the transportation sector.

Keric reaffirmed the STX Group’s commitment to driving environmental sustainability and delivering long-term value through beneficial projects.

LBM, also known as bio-LNG, is a well-known sustainable bunker fuel with the potential for net-zero emissions depending on the feedstock used in manufacturing.

Biomethane is commercially available in several regions, including Asia, Europe, and North America. It is made using renewable biomass feedstocks like industrial and agricultural waste channels, which reduces competition with the production of food.

LBM can be delivered as physical molecules or using “Mass Balanced” methods, in which biomethane gets injected into the gas network and transported to liquefaction plants and LNG terminals using existing infrastructure.

Mass balancing provides a realistic solution for delivering clean marine fuel on a large scale, meeting the volume requirements of the shipping sector while complying with regulatory norms and sustainable practices.

Reference: Titan Clean Fuels

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Star Bulk’s Merger With Eagle Bulk Creates The Largest US-listed Dry Bulk Shipping Company https://www.marineinsight.com/shipping-news/star-bulks-merger-with-eagle-bulk-creates-the-largest-us-listed-dry-bulk-shipping-company/?utm_source=rss&utm_medium=rss&utm_campaign=star-bulks-merger-with-eagle-bulk-creates-the-largest-us-listed-dry-bulk-shipping-company https://www.marineinsight.com/shipping-news/star-bulks-merger-with-eagle-bulk-creates-the-largest-us-listed-dry-bulk-shipping-company/#respond Wed, 10 Apr 2024 12:07:21 +0000 https://www.marineinsight.com/?p=1840259 Star Bulk’s Merger with Eagle Bulk Creates the largest US-listed dry bulk shipping company

Star Bulk Carriers has successfully merged with Eagle Bulk Shipping, strengthening its position as the worldwide leader in dry bulk shipping.

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Star Bulk’s Merger with Eagle Bulk Creates the largest US-listed dry bulk shipping company
Star Bulk Vessel
Image Credits: Star Bulk/LinkedIn

In a historic move within the dry bulk shipping industry, Star Bulk Carriers, a global shipping company, has successfully merged with Eagle Bulk Shipping, strengthening its position as the worldwide leader in dry bulk shipping.

Star Bulk and Eagle Bulk officially merged on April 9, 2024, in an all-stock deal.

According to the merger agreement, each Eagle shareholder got 2.6211 shares of Star Bulk common stock for every share of Eagle common stock owned.

As a result, Eagle’s common stock has ceased trading and been delisted from the New York Stock Exchange. The newly merged firm, Star Bulk Carriers, will be in Athens and led by Petros Pappas, Star Bulk’s CEO.

This strategic merger is a significant milestone for both companies, ushering in a new era of unparalleled scale, increased financial stability, and distinct technical and commercial capabilities to drive business growth, improve customer service, and deliver long-term value to shareholders.

Star Bulk has an excellent fleet consisting of 163 owned vessels with a combined capacity of 15.6 million deadweight tons (dwt) as of the merger’s completion date.

This diversified fleet comprises Capesize, Kamsarmax, Newcastlemax, Panamax, Post Panamax, Supramax, and Ultramax vessels with carrying capacities ranging from 53,489 dwt to 209,537 dwt.

Necessary appointments have also been made to bolster the combined company’s management team.

Gary Weston, a former Director at Eagle Bulk Shipping, has joined Star Bulk’s Board of Directors. Bo Westergaard, who formerly served as Eagle’s Chief Commercial Officer, has joined Star Bulk’s new executive team.

Costa Tsoutsoplides, Eagle Bulk Shipping’s previous Chief Strategy Officer, has been hired as interim Senior Advisor to ensure smooth corporate integration.

Cravath, Swaine & Moore LLP provided legal guidance for Star Bulk, highlighting the careful steps taken to assure regulatory compliance and legal soundness throughout the merger process.

The merger of Star Bulk Carriers Corp. and Eagle Bulk Shipping Inc. marks a substantial consolidation in the dry bulk shipping sector, establishing the combined organization as an industry leader positioned for long-term growth and value creation in the global maritime landscape.

Reference: Star Bulk

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U.S. Sends Thousands Of Machine Guns, Rocket Launchers & Ammunition Seized From Iran To Ukraine https://www.marineinsight.com/shipping-news/u-s-sends-thousands-of-machine-guns-rocket-launchers-ammunition-seized-from-iran-to-ukraine/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-sends-thousands-of-machine-guns-rocket-launchers-ammunition-seized-from-iran-to-ukraine https://www.marineinsight.com/shipping-news/u-s-sends-thousands-of-machine-guns-rocket-launchers-ammunition-seized-from-iran-to-ukraine/#respond Wed, 10 Apr 2024 11:55:01 +0000 https://www.marineinsight.com/?p=1840255 U.S Sends Thousands of Machine Guns, Rocket Launchers & Ammunition Seized from Iran to Ukraine

U.S. transferred over 5,000 AK-47s, machine guns, RPG-7s, sniper rifles, and more than 500,000 rounds of ammunition (7.62 mm) to Ukraine.

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U.S Sends Thousands of Machine Guns, Rocket Launchers & Ammunition Seized from Iran to Ukraine
Weapons
Image Credits: U.S. Central Command/Twitter

The United States government transferred over 5,000 AK-47s, machine guns, RPG-7s, sniper rifles, and more than 500,000 rounds of ammunition (7.62 mm) to the Ukrainian Forces on April 4, 2024.

The transfer of this weaponry is intended to assist Ukraine in defending itself against the assaults from Russia. U.S. Central Command and partner naval forces captured the guns and ammunition from four separate stateless vessels between May 22, 2021 and February 15, 2023.

The munitions were intended for transfer from Iran’s Islamic Revolutionary Guard Corps (IRGC) to the Yemeni Houthis, which was a violation of United Nations Security Council Resolution 2216.

The Department of Justice filed civil forfeiture claims against the IRGC, and on December 1, 2023, the United States government became the owner of these munitions.

U.S. Central Command claims the transfer includes enough supplies to arm a single Ukrainian brigade with small rifles.

The support comes from the U.S. as Ukrainian forces are struggling to maintain supplies of weaponry and ammunition in their war with Russia.

A Ukrainian brigade usually consists of 3500 to 4000 soldiers, though the precise number is still being determined.

The Republican House Speaker, Mike Johnson, has prevented more U.S. weapons from entering Ukraine by refusing to call a vote, despite efforts by the Biden Administration to offer extra support, including $60 Billion in security funding.

The United States continues its efforts to support Ukraine and fight Ukraine’s disruptive actions in the region. The transfer of ammunition from stolen Iranian military equipment is one aspect of that effort.

Iran’s representative to the U.N. refused to comment on the seized weaponry, stating that they cannot comment on weapons and armaments that have never belonged to them.

Along with this most recent shipment of weapons, the U.S. gave the Ukrainian armed forces more than a million rounds of ammunition that had been taken from Iran in October.

The U.S. Navy captured thousands of Iranian weapons and over a million rounds of ammunition from ships that Iran was using to arm the Houthis during the previous year.

The seizures, which are often carried out in collaboration with local partner forces, target small, unregistered vessels that have previously been used to transport weaponry to the Houthis in Yemen.

Reference: Reuters, CNN

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Marine Insight Partners With FrontM For The Biggest Virtual Event Of The Maritime Industry https://www.marineinsight.com/shipping-news/marine-insight-partners-with-frontm-for-the-biggest-virtual-event-of-the-maritime-industry/?utm_source=rss&utm_medium=rss&utm_campaign=marine-insight-partners-with-frontm-for-the-biggest-virtual-event-of-the-maritime-industry https://www.marineinsight.com/shipping-news/marine-insight-partners-with-frontm-for-the-biggest-virtual-event-of-the-maritime-industry/#respond Wed, 10 Apr 2024 10:59:39 +0000 https://www.marineinsight.com/?p=1840236 marine insight summit

Marine Insight, in partnership with FrontM, is excited to announce the Marine Insight Summit 2024: The Future of Seafaring and Shipping.

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marine insight summit

marine insight summit 2024 maritime

The Future of Seafaring and Shipping at the Marine Insight Summit 2024 – May 7th and 8th, 2024

Marine Insight, in partnership with FrontM, is excited to announce the Marine Insight Summit 2024: The Future of Seafaring and Shipping. This virtual summit is set to be an unprecedented event in the maritime industry, offering a unique opportunity to explore the future of seafaring and shipping from the comfort of your home.

Register For FREE (Limited Seats) 

A Virtual Event Like No Other

For the first time on such a grand scale, the Marine Insight Summit 2024 will bring together the brightest minds, industry leaders, and expert speakers on a virtual platform. Spanning two days, May 7th and 8th, 2024, this event promises to be the biggest of its kind, showcasing the latest trends, technologies, and strategies shaping the future of the maritime industry.

Why Attend?

Virtual Yet Vibrant: Experience a real-event environment where you can visit booths, conference halls, lounges, and more, all designed to facilitate learning, networking, and engagement in a dynamic virtual setting.
Accessibility: Join from anywhere in the world without the need to travel, ensuring you have front-row access to industry innovations from the comfort of your home or office.
Networking: Virtually connect with peers, industry leaders, and innovators, fostering relationships that go beyond the digital realm.
Insightful Sessions: With six meticulously curated sessions covering a range of critical topics, attendees will gain insights into digital transformation, the future workforce, sustainability, regulatory compliance, and much more.
Free Registration: In our commitment to making this groundbreaking knowledge accessible to all, registration for the summit is completely free.

An Unmissable Event

The Marine Insight Summit 2024 is more than just a virtual conference; it’s a collaborative platform where the best in the industry come together to share knowledge, discuss challenges, and shape the future of seafaring and shipping. Whether you’re a maritime professional, enthusiast, or student, this summit is where you’ll want to anchor your attention.

Introducing the Maritime Young Innovators Challenge

This year, we’re excited to announce a special addition to the Marine Insight Summit 2024: the Maritime Young Innovators Challenge. This competition is an invitation for maritime students worldwide, offering them a unique platform to showcase their innovative solutions, creative problem-solving skills, and deep passion for the maritime sector.

Participants in the Maritime Young Innovators Challenge will have the extraordinary opportunity to present their projects to a panel of industry leaders, gaining invaluable exposure, feedback, and the chance to make a real impact in the maritime world. This is more than a competition; it’s a showcase for the next generation of maritime innovators.

Register for Young Innovators Challenge 

Why Attend: For Maritime Professionals and Companies

Maritime Professionals:

Career Advancement: Stay at the forefront of industry trends and technologies. Attending the summit provides maritime professionals with the knowledge and insights needed to navigate the future of the sector, ensuring they remain valuable and competitive in the global job market.

Networking Opportunities: Connect with peers, industry leaders, and potential employers from around the world. The virtual platform’s interactive features enable real-time engagement, offering professionals the chance to build relationships, share ideas, and collaborate on future projects.

Maritime Companies:

Industry Insights: Gain a competitive edge by understanding emerging trends, regulatory changes, and technological advancements. The summit’s sessions offer in-depth analyses and discussions, providing companies with the strategic knowledge to make informed business decisions.

Brand Visibility: Enhance your company’s profile among a global audience of maritime professionals and potential partners. Sponsorship opportunities and virtual booths offer a unique platform for companies to showcase their innovations, services, and commitment to the maritime industry’s future.

Be Part of Shaping the Future

Don’t miss this opportunity to contribute to the conversation on the future of the maritime industry. Reserve your spot today and be part of a landmark event that will set the course for the future of seafaring and shipping.

Join Us

Date: May 7th and 8th, 2024
Location: Your Preferred Digital Device
Registration: Free

Reserve Your Spot Now: Marine Insight Summit 2024 Registration => Click here to register

For more information and to register, please visit the event page here. Join us as we set sail into the future of the maritime industry at the Marine Insight Summit 2024. Your journey into the next era of seafaring and shipping starts here.

Contact:
Marine Insight Summit 2024 Organizing Committee
Email: info@marineinsight.com
Website: www.marineinsight.com

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Norwegian Cruise Line Places Largest Order Of 8 New Ships In Historic Move To Meet Growing Demand https://www.marineinsight.com/shipping-news/norwegian-cruise-line-places-largest-order-of-8-new-ships-in-historic-move-to-meet-growing-demand/?utm_source=rss&utm_medium=rss&utm_campaign=norwegian-cruise-line-places-largest-order-of-8-new-ships-in-historic-move-to-meet-growing-demand https://www.marineinsight.com/shipping-news/norwegian-cruise-line-places-largest-order-of-8-new-ships-in-historic-move-to-meet-growing-demand/#respond Tue, 09 Apr 2024 13:01:37 +0000 https://www.marineinsight.com/?p=1840159 Norwegian Cruise Line Places Largest Order Of 8 New Ships In Historic Move To Meet Growing Demand

Norwegian Cruise Line Holdings has reportedly placed its most significant vessel order in the firm's history to meet the increasing demand.

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Norwegian Cruise Line Places Largest Order Of 8 New Ships In Historic Move To Meet Growing Demand
Norwegian Cruise Ship
Image Credits: Norwegian Cruise Line/Facebook

Norwegian Cruise Line Holdings has reportedly placed its most significant vessel order in the firm’s history to meet the increasing demand for cruise travel, according to a report by the cruise operator on Monday.

The firm will be ordering eight new vessels across three brands, scheduled for delivery from 2026 to 2036, and executives have notified Reuters without providing a price for the vessels. Norwegian Cruise Line announced the closing of stock trading.

Its shares closed at $19.39, up from 2.65%. Norwegian CEO Harry Sommer informed Reuters that the cruise industry embodies 1.5% to 2% of the all-around vacation market, so there is enough room for growth.

Sommer added that this is the most extensive look at the future that the firm has ever done.

It demonstrates the firm’s optimism regarding the future of the industry. Sommer mentioned that these new ship orders will not increase capital expenditure provisions or the firm’s net leverage.

Due to inflation, the cruise operator declared that the new vessels were relatively more expensive than the previous ones.

According to an SEC filing, the company took about $1.5 billion in euro-denominated term loans to partly finance the purchase of four new vessels.

Norwegian mentioned that the new vessels will enable the firm to grow its passenger capacity by 6% yearly through 2028 and 4% annually through 2036.

Sommer also said the firm could develop and deliver these outsized returns on dividend-free cash flow while not impacting leverage in the near future.

By the end of last year, the company had a total net debt of $13.7 billion. Italian shipmaker Fincantieri said it would build four ships and signed a letter of intent to construct the remaining four.

Furthermore, Norway plans to invest about $150 million in the construction of a pier on a private island in the Bahamas, which is set to be finished by late 2025.

The firm declared that the pier will permit it to carry about 50% more guests to the region yearly.

Reference: Yahoo

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Unified Command Repairs Gulf Of Mexico Pipeline After Mysterious Oil Spill Off Louisiana https://www.marineinsight.com/shipping-news/unified-command-repairs-gulf-of-mexico-pipeline-after-mysterious-oil-spill-off-louisiana/?utm_source=rss&utm_medium=rss&utm_campaign=unified-command-repairs-gulf-of-mexico-pipeline-after-mysterious-oil-spill-off-louisiana https://www.marineinsight.com/shipping-news/unified-command-repairs-gulf-of-mexico-pipeline-after-mysterious-oil-spill-off-louisiana/#respond Tue, 09 Apr 2024 12:54:05 +0000 https://www.marineinsight.com/?p=1840146 Unified Command Repairs Gulf of Mexico Pipeline After Mysterious Oil Spill Off Louisiana

A Unified Command has completed an integrity test on the Main Pass Oil Gathering (MPOG) firm’s pipeline system southeast of New Orleans.

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Unified Command Repairs Gulf of Mexico Pipeline After Mysterious Oil Spill Off Louisiana
Oil Spill Recovery
Representation Image

A Unified Command has completed an integrity test on the Main Pass Oil Gathering (MPOG) firm’s pipeline system southeast of New Orleans. The location was Plaquemines Parish.

The procedure was done in response to an oil release detected on 16 November last year.

The integrity test indicated a failed subsea connector on the MPOG line that could not maintain the pressure. It is yet undetermined if this connector was linked with the November oil release, and other potential sources are also being examined.

The precise quantity of the oil discharge is also unknown.

However, the initial projections indicate that around 1.1 million gallons of crude oil could’ve been released from the 67-mile pipeline that was subsequently closed by the MPOG.

Working with the Unified Command, the MPOG developed and enforced a plan to remove and replace the spool piece — the part of the pipeline that included the failed connector.

The operation prioritized both safety and environmental protection.

The spool piece was replaced on 21 February. Following the replacement, the MPOG conducted another integrity test on most of the pipeline.

It was pressurized in phases utilizing an inert gas to ensure the system maintained containment.

The test ended on Friday, disclosing that no additional pipeline segments need further assessments.

The Unified Command and the Pipeline and Hazardous Materials Safety Administration monitored the operations closely. Considerable safety measures included multi-spectral imaging cameras, divers, spill response vessels, and remotely operated vehicles.

No significant oil discharges could be observed during the procedures.

The National Transportation Safety Board (NTSB) is leading the investigation into the source of the 16 November oil release.

Reference: newstimecache

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Hyundai’s Ship Repair Firm Seeks South Korea’s Largest IPO Since 2022 https://www.marineinsight.com/shipping-news/hyundais-ship-repair-firm-seeks-south-koreas-largest-ipo-since-2022/?utm_source=rss&utm_medium=rss&utm_campaign=hyundais-ship-repair-firm-seeks-south-koreas-largest-ipo-since-2022 https://www.marineinsight.com/shipping-news/hyundais-ship-repair-firm-seeks-south-koreas-largest-ipo-since-2022/#respond Tue, 09 Apr 2024 12:45:08 +0000 https://www.marineinsight.com/?p=1840142 Hyundai’s Ship Repair Firm Seeks South Korea’s Largest IPO Since 2022

A firm that repairs and manages vessels kicked off what is poised to be the most extensive initial public offering in South Korea.

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Hyundai’s Ship Repair Firm Seeks South Korea’s Largest IPO Since 2022
Ship Repair
Representation Image

A firm that repairs and manages vessels kicked off what is poised to be the most extensive initial public offering in South Korea in two years, with analysts referring to solid revenue growth as a fundamental attraction.

HD Hyundai Marine Solution Co. and holder KKR & Co. are seeking to raise as much as 742 billion won via a share sale. Following the IPO, the company’s market capitalization is anticipated to hit up to 3.7 trillion won.

The listing will be the largest in the country since the battery giant LG Energy Solution Ltd. in 2022.

Choi Gwang-Shik, a Daol Investment & Securities Co. analyst, declared that the firm will likely see “sharp growth” in profit each year as shipping companies seek to adapt fleets and become more ecologically friendly. Choi started coverage on the stock with a buy rating and a price target that is almost 73% above the top end of the range.

Cargo lines are also racing to overhaul vessels to meet demands from the major customers and lessen emissions, paving the way for regular orders for the firm.

Hyundai Marine can also profit from its association with HD Hyundai Heavy Industries Co., the largest shipbuilder in the world, from which it spun off in 2016.

Hyundai Marine offers parts supply, technical support, and warranty services throughout a ship’s life cycle. It will use the 370 billion won received from the share of the proceeds to create more warehouses worldwide to store its components for retrofit tasks. It kicked off the bookbuilding exercise on Monday and will continue until 22 April.

The firm expects to list on 9 May. KKR is expected to retain a 24.2% stake in the company following this listing.

The shareholder will be able to sell more shares in six months. While the prospects remained powerful, few IPO funds consider Hyundai Marine’s market value of almost 4 trillion won excessive.

Comparisons drawn in the firm’s prospectus to global companies like Alfa Laval AB or Kongsberg Gruppen ASA may be inappropriate since Hyundai Marine Solution is the after-service specialist subsidiary of HD Hyundai, explained Sanghyun Park, an analyst associated with Clepsydra Capital.

The firms listed as comparable peers in the IPO prospectus underwent analysis in terms of their finance and business, a representative of Hyundai Marine declared in response to the queries from Bloomberg.

They were selected based on sales higher than $1 billion during the latest FY and had a steady cash flow through the provision of repairs and retrofitting aid, among others, the company said. But not all are convinced.

Arun George, an analyst associated with Global Equity Research Ltd., believes the valuation method is flawed and plans to give this IPO a pass.

Reference: Bloomberg

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Singapore Launches First Pilot Trial For Electric Harbour Craft Charging Point https://www.marineinsight.com/shipping-news/singapore-launches-first-pilot-trial-for-electric-harbour-craft-charging-point/?utm_source=rss&utm_medium=rss&utm_campaign=singapore-launches-first-pilot-trial-for-electric-harbour-craft-charging-point https://www.marineinsight.com/shipping-news/singapore-launches-first-pilot-trial-for-electric-harbour-craft-charging-point/#respond Tue, 09 Apr 2024 12:37:40 +0000 https://www.marineinsight.com/?p=1840138 Singapore Launches First Pilot Trial for Electric Harbour Craft Charging Point

The MPA unveiled the first-ever pilot trial for an electric harbour craft's charging point based at Marina South Pier.

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Singapore Launches First Pilot Trial for Electric Harbour Craft Charging Point
Charging Point
Image Credits: MPA/Twitter

The Maritime and Port Authority of Singapore (abbreviated as the MPA) unveiled the first-ever pilot trial for an electric harbour craft’s charging point based at Marina South Pier on 8 April, offering the maritime industry decarbonization choices.

This came less than two weeks after a local start-up dubbed Pyxis launched X Tron, the first 100% electric vessel that transports crew members to vessels in Singapore’s waters from mainland Singapore.

The charging point was awarded to an alliance between Pyxis Maritime, Pyxis Energy, and SP Mobility. It follows the earlier call for proposals for developing and operating electric harbour craft charging points at different locations following a two-year pilot procedure.

The MPA reported that data insights received from the charging point will be utilized to create a master plan for a national electric harbour craft charging infrastructure, an implementation strategy, and national standards for the charging infrastructure.

Pyxis’ fleet of electric harbour craft operating at the Marina South Pier will be the base offtake to secure optimization of the charging infrastructure and enable extensive data to be collected, the authority summed up.

The 150-kilowatt charger at the Marina South Pier will charge up an electric harbour craft with a battery capacity of about 500kwh in approximately three hours and facilitate an operating range of approximately 50 nm, or roughly 90km.

Users of this charger will have to scan a QR code through the SP app and complete the payment through the app, similar to what users of electric vehicles do, MPA explained.

The authority also added that it is in touch with Enterprise Singapore, other industry stakeholders, and the academia to develop a technical reference for a battery swap system and electric harbour craft charging, with the draft prepared for public consultation by mid-April.

By 2030, new harbour craft must be electric, be able to employ cleaner biofuels or be fully compatible with net-zero fuels like hydrogen.

This is part of a harbour and pleasure craft endeavour to attain net-zero emissions by 2050, which aligns with the national climate initiative.

First Pilot Trial
Image Credits: MPA/Twitter

ELECTRIC HARBOUR CRAFT In addition to prematurely satisfying Singapore’s 2030 and 2050 targets, electric harbour craft are predicted to save total ownership costs compared to conventional vessels, the CEO of Pyxis, Tommy Phun, said.

Dean Cher, SP Group’s head of mobility and sustainable energy solutions, referred to the first public marine charging point located at Marina South Pier and said that it is a small but crucial step in delivering the maritime industry decarbonization options and that could show the way to broader electric harbour craft adoption in Singapore — on the association between Pyxis Energy, SP Mobility, and Pyxis Maritime, Captain M Segar, MPA’s assistant chief executive of operations, said that such a public-private alliance is critical to encouraging broader adoption of electric harbour craft in Singapore.

In Singapore, one of the busiest ports in the world, harbourcraft makes about eight trips each day. X Tron, the maiden vessel from the Pyxis One flagship line, pledges to save nearly 120 kg of carbon emissions each hour compared to a similar diesel vessel.

The Pyxis One is one of the 11 electric harbour craft designs the MPA shortlisted.

Besides the Pyxis and SP Mobility alliance, the authority declared on Monday that it awarded a mobile charging notion proposed by Seatrium O&G and a high-power charger by Yinson Electric.

MPA will continue working with both firms to advance their proposals for broader applications in Singapore.

In the meantime, the authority summarized the 11 shortlisted electric harbour craft layouts, which will be enhanced further and progressively marketed to meet industry demand and help reduce firms’ production costs.

Reference: MPA

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Haiti Police Recover Hijacked Cargo Ship After Intense Shoot-out With Gangs https://www.marineinsight.com/shipping-news/haiti-police-recover-hijacked-cargo-ship-after-intense-shoot-out-with-gangs/?utm_source=rss&utm_medium=rss&utm_campaign=haiti-police-recover-hijacked-cargo-ship-after-intense-shoot-out-with-gangs https://www.marineinsight.com/shipping-news/haiti-police-recover-hijacked-cargo-ship-after-intense-shoot-out-with-gangs/#respond Tue, 09 Apr 2024 12:26:32 +0000 https://www.marineinsight.com/?p=1840135 Haiti Police Recover Hijacked Cargo Ship After Intense Shoot-out With Gangs

Haiti National Police have reclaimed control of a hijacked cargo ship loaded with rice after a five-hour continuous shootout with gangs.

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Haiti Police Recover Hijacked Cargo Ship After Intense Shoot-out With Gangs
Cargo ship
Representation Image

The Haiti National Police Agency, in a bold move, have reclaimed control of a hijacked cargo ship loaded with rice after a five-hour continuous shootout with gangs.

The shootout injured two Haiti police officials and killed an unspecified number of gang members, according to the authorities.

The incident was a remarkable victory for the understaffed police force, which has been constantly dealing with rising gang violence since a series of attacks that began on February 29.

The hijackers were members of the two widely recognised gangs, the 5 Seconds and the Taliban gang, according to police reports made public on April 7, 2024.

The gang took over the transport ship Magalie on Thursday, just after it left the port of Varreux.

The gangs kidnapped all of the passengers on board, and they stole about 10,000 bags of rice from the cargo—60,000 sacks that were initially meant for the seaside city of Cap-Haitien in the north.

According to a Facebook post, the National Police also revealed that they had discovered a “significant” stock of firearms and ammunition at Cap-Hatien on Friday.

The sender and recipient of the intercepted arms shipment—which included 26 guns and 999 cartridges—from Miami into the nation are the target of an ongoing search by the authorities.

Prime Minister Ariel Henry announced his retirement once a transitional presidential council is constituted, citing the escalating violence as a significant concern.

Henry, who advocated for the UN-backed deployment of a Kenyan police force during the attacks, is still unable to return to Haiti.

The most recent conflict between law enforcement and gangs is part of increasing violence that includes over 4,000 prisoners being released from prison after prison stormings and targeted attacks on essential government buildings like police stations.

Reference: NBC News, VOA News

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Millions Of Alien-like Creatures Cover U.S West Coast Beaches, Enthralling Beachgoers https://www.marineinsight.com/shipping-news/millions-of-alien-like-creatures-cover-u-s-west-coast-beaches-enthralling-beachgoers/?utm_source=rss&utm_medium=rss&utm_campaign=millions-of-alien-like-creatures-cover-u-s-west-coast-beaches-enthralling-beachgoers https://www.marineinsight.com/shipping-news/millions-of-alien-like-creatures-cover-u-s-west-coast-beaches-enthralling-beachgoers/#respond Tue, 09 Apr 2024 12:18:48 +0000 https://www.marineinsight.com/?p=1840132 Millions Of Alien-like creatures cover U.S West Coast Beaches, Enthralling Beachgoers

Millions of tiny, blue creatures known as "by-the-wind sailors," or Velella velella, are washing up on beaches from Oregon to California.

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Millions Of Alien-like creatures cover U.S West Coast Beaches, Enthralling Beachgoers
Velella velella
Representation Image

According to reports from The Guardian, millions of tiny, blue creatures known as “by-the-wind sailors,” or Velella velella, are washing up on beaches from Oregon to California.

The flood of Velella colonies, which are hydrozoans, shocked and thrilled beachgoers, who have been capturing and sharing the incident on social media.

Despite their tiny size, these creatures are colonies with a sail-like fin that catches the wind, which allows them to travel the vast expanses of the Pacific Ocean.

While their emergence is a regular occurrence occasionally, the large number seen this spring sets it apart.

Velella spend most of their lives wandering in the ocean currents, using their tentacles to gather food.

They are not harmful to humans, but their sting can cause discomfort for zooplankton and fish larvae.

Their bright blue colour serves several functions, including possibly helping them disguise themselves from predatory organisms such as ocean sunfish and providing UV protection.

Researchers are constantly discovering the mysteries of these organisms, such as their life cycles and ecological impact.

They travel extensively over the Pacific gyre, with their numbers undergoing fluctuations determined by food availability.

These cycles result in large-scale beachings, such as the current one.

Despite their captivating appearance and widespread beachings, biologists rarely examine Velella due to the difficulties of studying organisms that dwell on the ocean’s surface.

However, new research has shed light on their relationship to ocean temperatures and the possible impact on marine ecosystems.

Climate change will likely bring more Velella colonies ashore, which could impact fish populations and other marine creatures.

The world’s waters are getting warmer, which means these sea creatures may enthral beachgoers, but their existence also reminds us of the complicated ecosystems in our seas.

Reference: NDTV, TOI

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