Danish tanker company TORM has entered into agreements to acquire a total of seven 2011-2013 built LR1 vessels. The company will spend $233 million on the acquisition. According to TORM, all the vessels are built at renowned Korean and Chinese shipyards. The tankers are expected to be delivered no l
Port services provider S5 Agency World has entered into a contract with Deutsche ReGas to act as terminal agent at the new Deutsche Ostsee LNG terminal at Lubmin Port. The floating storage and regasification unit (FSRU) serving as the terminal was officially launched on 14 January, with the inaugura
Finnish shipbuilder Helsinki Shipyard has floated out a hybrid diesel-electric expedition ship SH Diana being built for Swan Hellenic. SH Diana’s fitting out is already underway, as the vessel readies for its maiden cruise, leaving Palermo in Italy for Lisbon in Portugal on 15 April. Diana will then
Ubuntu Harmony, a recently launched LNG dual-fueled Capesize+ bulk carrier, has been loaded with its first cargo of iron ore, according to UK-based mining company Anglo American, which charters the vessels from Taiwanese bulk carrier company U-Ming Marine. The 190,000 dwt vessel loaded its first car
Setting up a fully automated line for the joint production of ship parts by the Northern Netherlands maritime sector for the benefit of Northern shipyards is technically, financially, and organizationally feasible, a study shows. The feasibility study, ‘Shared Facility micro panel line for the North
A group of eight marine insurers has released the first Annual Disclosure Report for Poseidon Principles for Marine Insurance, disclosing the climate alignment of their hull and machinery portfolios. The report surveys the portfolios of the framework’s signatories in what has been described as a ‘la
Turkey’s floating power plant company Karpower International (Karpowership) has signed a memorandum of understanding (MoU) with state-owned trader JSC Energy Company of Ukraine (ECU) to enhance electricity supply cooperation and accelerate the use of floating power stations to alleviate the nation’s
Norwegian container tonnage provider MPC Container Ships has signed an offtake agreement with German e-fuels supplier INERATEC for synthetic marine diesel oil (MDO) made from biogenic CO2 and renewable hydrogen. According to MPC Container Ships, this is the industry’s first agreement for the supply
Japanese heavyweights ITOCHU Corporation, Mitsubishi Heavy Industries, INPEX Corporation and Taisei Corporation have joined hands to conduct a joint feasibility study on a large-scale and wide-area carbon capture and storage (CCS) value chain project. Under the Memorandum of Understanding (MoU), the
Container shipping giants MSC Mediterranean Shipping Company (MSC) and Maersk A/S, an entity under A.P. Moller – Maersk, have agreed to terminate the 2M alliance, effective in January 2025. 2M is a container shipping line vessel sharing agreement (VSA) signed by the duo in 2015 with the aim of ensur
Geneva-based container shipping major MSC has reportedly returned to yards with a mammoth order comprising ten LNG-fuelled boxships. Shipbrokers say that the order involves Neopanamax vessels (11,400 TEU) and that the company is paying around $120 million per vessel. Chinese shipbuilder Zhoushan Cha
Dutch ship design company AURELIA, has joined forces with naval architecture designer NEPA SHIPPING, and ALOFT SYSTEMS, experts in sails and weather routing, on a green retrofitting project involving a 205,000 dwt bulk carrier. The project set out to demonstrate how a combination of innovative solut
Singapore-based Pacific International Lines (PIL) has partnered with Lloyd’s Register’s fleet optimisation experts, i4 Insight, to help it reduce emissions and maximise fleet performance with a four-year fleet-wide agreement. PIL recently opened a ‘Centre for Maritime Efficiency (CME) which is power
Avance Rigel, Avance Gas’ third newbuild very large gas carrier (VLGC), has completed gas trials outside Daewoo Shipbuilding & Marine Engineering (DSME) yard in South Korea. The trials took place in January 2023 prior to the vessel’s delivery which is scheduled for early February 2023. The Avance Ri
