Rising costs - News

Nearly 50 fuel-saving ducts devices have been procured by Oldendorff Carriers over 50 years. They have also started many other initiatives to reduce fuel consumption and emissions, which users can see in the other news stories. The purpose of the fuel-saving devices is not only to reduce fuel consumption but also to reduce the Greenhouse Gas emissions (GHG). In the early 1980’s, OLDENDORFF CARRIERS was the first dry bulk shipping company to invest in Wake Equalising Ducts (WED), when they...

The Maritime Skills Commission launches the Skills for Green Jobs Position Paper. The Maritime Skills Commission (MSC) was established to ensure that the maritime sector has a pipeline of talented people to serve all parts of the sector covering shipping, ports, leisure marine, engineering, science, and professional services. The Commission is chaired by Professor Graham Baldwin, Vice-Chancellor at the University of Central Lancashire, and was established in 2020 by the Department for Transport...

thyssenkrupp Marine Systems held the first Hydrogen Day at the shipyard in Kiel. The occasion was the topping-out ceremony for the hall in which fuel cell production will be located in the near future. thyssenkrupp Marine Systems has invited various players from the world of hydrogen to the H2 Forum to get to know their visions, present the technologies and innovative projects together with the project partners, and discuss the opportunities of hydrogen in the industry. Hydrogen economy centre...

Air Products’ Eric Guter, Global Vice President – Hydrogen for Mobility, will take part in a panel discussion titled ‘Hydrogen at the Ports’ that will begin at approximately 9:40 a.m. PT on Tuesday, June 21 at the VerdeXchange VX2022 Marketmakers’ Conference at the Omni Los Angeles Hotel in Los Angeles, California. Guter will be part of a four-person panel discussing the potential use of clean hydrogen in port operations to fuel ships, trucks, forklifts, and other...

As owners of powered vessels look to maximise fuel efficiency, in light of the rising cost of fuel, New Zealand based foul-release coatings company - Propspeed reports that use of its Propspeed coatings could improve hourly fuel usage and increase boat speed. Matt Forbes, the Sales Director – EMEA at Propspeed, explains “Research has shown that propellers with as little as 16.6 micrometres of roughness can result in a 5% efficiency loss. Although fouling might not look significant -...

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has acquired Approval in Principle (AIP) from the French classification society Bureau Veritas (BV) for a spherical cargo tank system for liquefied CO2 (LCO2) carriers. A presentation ceremony was held on June 7 at the Metropolitan Expo exhibition centre in Athens, Greece, venue for the international shipping exhibition Posidonia 2022. LCO2 carriers LCO2 carriers transport liquefied CO...

Pacific International Lines (PIL) is pleased to announce the resumption of its service to Port Louis, Mauritius. The call to Port Louis will be added to its weekly Mozambique Feeder Service (MZS). The enhanced MZS service will commence with Kota Nanhai, departing Singapore around 14 Jul 2022 and arriving at Port Louis around 25 Jul 2022. With the promising prospects of the Mauritius economy, more PIL customers are requiring shipping services to the country. With this resumption, PIL will also b...

May saw the highest ever monthly increase in long-term contracted ocean freight rates, as the cost of locking in container shipments soared by 30.1%. The unprecedented hike, revealed in the latest Xeneta Shipping Index (XSI®) Public Indices for the contract market, means that long-term rates are now 150.6% up year-on-year. In 2022 alone, costs have climbed by 55%. “This is a staggering development,” comments Xeneta CEO Patrik Berglund. “Just last month we were looking at a...

MTU Yuchai Power Company Ltd, a joint venture between Rolls-Royce plc and Guangxi Yuchai Machinery Group Co Ltd, recently celebrated a major milestone as the 1,000th MTU Series 4000 engine rolled off the production line at the factory in Yulin. Internationalisation Qiwei Wu, President of Guangxi Yuchai Machinery Group, said, “Six years ago, Rolls-Royce decided to cooperate with Yuchai and located the joint venture company at Yuchai’s headquarters, which further underlined Yuchai&...

Crowley, the longest-serving U.S. supply chain company with a nearly 70-year history in Puerto Rico inaugurated its state-of-the-art LNG Loading Terminal in the southern town of Peñuelas. Sustainable energy solutions The liquefied natural gas facility marks a major milestone and supports the island’s economy with full-service, sustainable energy solutions to industrial and commercial operators in Puerto Rico, Central America, and the Caribbean. The inaugural event hosted by C...

In 2021, Wrist further consolidated its position and increased operating profit as the supplier of marine provisions, stores, and spare parts logistics to the ship and offshore industry not least through a strategic transition and substantial investments in the development of customised digital solutions. Increasing business and revenue  Wrist succeeded in increasing business volume and revenue, improving the underlying operating profit. Several major, global customer frame agreements we...

Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries (MHI) Group, and Nippon Yusen Kabushiki Kaisha (NYK Line) have been granted Approval in Principle (AiP)(Note) from the Japanese classification society ClassNK for the joint development of CO2 transport technology for liquefied CO2 (LCO2) carriers. LCO2 carriers transport liquefied CO2 at low temperature and high pressure, which is contained in the cargo tank system. Compliance with regulations Since the design of cargo c...

Harland & Wolff is a multisite fabrication company, operating in the maritime and offshore industry through five markets: commercial, cruise and ferry, defence, energy and renewables. Its Belfast yard is one of Europe’s largest heavy engineering facilities, with deep water access, two of Europe’s largest drydocks, ample quayside and vast fabrication halls. As a result of the acquisition of Harland & Wolff (Appledore) in August 2020, the company has been able to capitali...

MAN Energy Solutions’ Two-Stroke Business has announced that it has surpassed 2,000 orders for IMO MARPOL Annex VI NOX Tier III-compliant technologies for its portfolio of MAN B&W two-stroke engines. The new milestone occurs just over a year after the company announced the passing of the 1,000 milestones in January 2021. Prioritise environmental considerations Bjarne Foldager – Senior Vice President and Head of Two-Stroke Business – MAN Energy Solutions, said: “Thi...

A group of former students from the Danish Seaman’s School reunited after 50 years. Many began their careers onboard Maersk vessels – these are their personal recollections of their first experiences at sea. Meet Johnny Ibsen, retired Captain at Maersk. After having spent most of his career with Maersk, Johnny Ibsen retired as a captain in 2018. He lives on the Danish island Funen with his wife and still frequently goes to sea – now paddling his kayak or with his teammates fro...

April 2022 saw the third consecutive monthly climb in long-term contracted ocean freight rates, with shipping costs rocketing by 11.1% globally to stand 109.9% up year-on-year. The data, revealed in the latest Xeneta Shipping Index (XSI) Public Indices for the contract market, demonstrates how supply chain demand, successful carrier strategies and continued COVID-19 disruption in China are coalescing to ‘pile on the pain’ for shippers worldwide. Xeneta Shipping Index (XSI) Xeneta&...

Sustainability is an issue for everyone, no matter if the user is an individual or a business. OceanWise recognise the interdependence between growth and the environment and believes that without a healthy and sustainable environment they will not be able to drive a healthy economy. They have started taking steps to improve sustainability and reduce the impact on the environment.

Classification Society ClassNK has issued an Approval in Principle (AiP) for the design of an ammonia-ready LNG-fuelled Panamax bulk carrier developed by the Planning and Design Centre for Greener Ships (GSC). Ammonia is expected to be used as ship fuel for decarbonisation since it does not emit CO2 when burned. Meanwhile, taking adequate safety measures is impartial due to its characteristics of being toxic to humans and corrosive against materials, and ClassNK has worked on the development of...

As part of its efforts to continually provide new and improved service offerings to customers, Pacific International Lines (PIL) is pleased to launch a new weekly express service connecting Singapore and Surabaya, Indonesia. This new service serves to expand and develop PIL’s presence in Indonesia, further strengthening its intra-Asia trade services. With this dedicated service, PIL continues to drive its global connectivity through the key Asian gateway of Singapore to PIL’s extens...

The creator of the world’s first liquid hydrogen bunkering facility for fuelling zero-emission ships, Unitrove, has won a UK Government grant to develop a unit ready for rapid deployment to ports around the world. Steven Lua, the Chief Executive Officer (CEO) - Unitrove Innovation, part of the Unitrove Group (Unitrove), said the £30,000 Transport Research and Innovation Grant (TRIG), awarded by the Department for Transport, in partnership with Connected Places Catapult, would be use...

GPS Group, the storage and logistics provider, and Rietlanden Terminals, are pleased to announce that they have successfully completed a transfer of NOx (Nitrogen Oxides) disposition rights. Sustainable energy products The transfer, now confirmed through a permit that has become irrevocable, transfers such rights from Rietlanden Terminals to GPS Amsterdam and thereby supports GPS’s expansions including the recently completed rail project and bio ethanol storage, which are supportive of t...

ClassNK has issued an Approval in Principle (AiP) for the design of a floating offshore hydrogen production plant developed by the Japan Offshore Design & Engineering Platform Technology & Engineering Research Association (J-DeEP).The amount of power generated by offshore wind turbines is likely affected by weather conditions, and surplus electricity may be generated when supply exceeds demand on land. Production plant The floating offshore hydrogen production plant developed by J-...

Norwegian Cruise Line Holdings Ltd., a global cruise company which operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, and Huna Totem Corporation, one of the most successful Native village corporations in Alaska, jointly announced the signing of a Memorandum of Agreement to develop berthing and upland facilities in Whittier, Alaska. The privately funded development project will consist of a marine vessel docking facility able to berth vessels from the Comp...

In the presence of the Egyptian Prime Minister, a Memorandum of Understanding (MoU) was signed in a joint bid to further accelerate the supply of green fuels and the global transformation to net-zero shipping. This partnership follows six fuel sourcing partnerships announced earlier this month, and with it, Maersk joins forces with the General Authority for Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (E...

The Maritime Skills Commission (MSC), established by Maritime UK and the Department for Transport in 2020, is launching its Future Ports Workforce Research Report. The report came as a recommendation from the MSC’s Labour Market Intelligence Scoping Report in October 2020. The modern port is a significantly different place from the port of history. It is increasingly shaped by forces such as the globalisation of supply chains, automation, and digitisation. It is also shaped by external...

ArkEdge Space Inc. has completed a new round of financing through SPARX Innovation for Future Corporation and Pavilion Capital PTE as new shareholders, raising JPY 635 million (approx. USD 5.2 million) and joining existing shareholders Incubate Fund and Mitsui Sumitomo Insurance Capital Co. Added to an initial round in January 2022, led by Incubate Fund and including Real Tech Fund and Mitsui Sumitomo Insurance Capital Co., the total amount raised in Series A is JPY 2.3 billion (approx. USD 18....

Rising COVID-19 cases in China, large-scale fuel stock-outs in Sri Lanka, and developments in Europe, among other global supply chain disruptions, have had an increasing impact on shipping volumes in Quarter 1 of 2022 and have exacerbated port congestion across the world. Demand remains incredibly strong, which continues to put increased pressure on the global supply chains, as capacity is still tied up outside ports in the US, Europe and Asia. Despite the disruptions witnessed across various r...

The initiative will bring together start-ups focused on solving climate and business challenges with a range of investors eager to fund the transition to a sustainable ocean economy. The event, which is open to all, takes place in Nor-Shipping’s dedicated Blue Economy Exhibition Hall in Lillestrøm from 10.00 to 15.00. Katapult Ocean has gathered a range of venture capitalists, angel investors, debt providers, corporate backers and established industry names to create an arena where...

Classification Society ClassNK has granted its Innovation Endorsement for Products & Solutions to Marlink’s CyberGuard Threat Detection, the service for detecting cyber security threats and help shipowners protect against attacks on IT and OT networks. In July 2020, to promote the spread and development of innovative technologies, the Society launched Innovation Endorsement as a swift certification service in cooperation with technological front runners to establish appropriate evalua...

Neste Corporation’s Board of Directors has appointed Matti Lehmus (born 1974) as President and CEO as of 1 May 2022. He succeeds Peter Vanacker, who will hold the position until 30 April 2022. Matti Lehmus holds a M. Sc. in chemical engineering and an eMBA. He joined Neste in 1998 and has held several key leadership positions during his career in both the oil products business and renewables. He has been a member of the Neste Executive Committee since 2009 and currently serves as Exe...