South Korea’s defense and energy conglomerate Hanwha Group is reportedly looking to acquire a controlling share in compatriot marine engine maker STX Heavy Industries. Hanwha has set sights on buying a 47.81 percent share in the company from a local equity firm Pinetree Partners worth an estimated K
Russian President Vladimir Putin signed an Executive Order on Tuesday, December 27, banning the sale of oil and oil products to foreign companies and individuals abiding by the price cap imposed by the Westrn nations. To remind, at the beginning of December, the Group of Seven (G7) nations and Austr
Ocean Network Express (ONE) has signed definitive agreements to acquire a 51% stake in each of TraPac and Yusen Terminals, currently held by Mitsui O.S.K. Lines, and Nippon Yusen Kabushiki Kaisha respectively. TraPac is a container terminal operator and vessel stevedore that provides container termi
The Port of Tianjin, the largest port in Northern China, has marked another milestone in its strategy to convert the port into a smart and green energy hub. Namely, three wind turbines intended for clean power generation were connected to the port’s power grid marking the completion of phase II of t
This year saw an ordering spree for LNG carriers amid spiking demand for LNG driven primarily by the ongoing geopolitical turbulence in Europe as the EU battles to break away from dependence on Russian gas instigated by Russia’s war in Ukraine. A total of 162 new orders have been placed so far this
CSSC Huangpu Wenchong, a subsidiary of the China State Shipbuilding Corporation, has launched the second multi-purpose gas carrier being built for compatriot LPG carrier owner Tianjin Southwest Maritime (TSM). The 9,500 cbm vessel (hull number H5509) is the second ship from the series currently unde
South Korean Hyundai Heavy Industries Group has changed its name to HD Hyundai, the company said in a regulatory filing. According to Korean media reports, the name change coincides with the 50th anniversary held in Seongnam, Gyeonggi Province, which served as the stage for the company to declare it
Chinese shipbuilding conglomerate China State Shipbuilding Corporation (CSSC) is rounding off 2022 with the delivery of 209 ships, the equivalent of 14 million dwt. CSSC said that this year it secured the largest portion of new shipbuilding orders in the world, despite the challenges caused by the p
South Korean shipbuilder Samsung Heavy Industries announced that it has successfully demonstrated its own Boil-off gas Recovery System (BReS), and received a Statement of Fact from the ABS classification society. BReS is a system that recovers boil-off gas that is naturally evaporated in the fuel ta
Scottish state-backed ferry owner Caledonian Maritime Assets Ltd (CMAL) has selected Cemre Marin Endustri A.S shipyard in Turkey as the preferred bidder for the construction of two new ferries. The two new vessels are intended to support the communities at Uig, Lochmaddy and Tarbert (Harris). “This
One of the world’s largest shipbuilders Hyundai Heavy Industries Group has validated the performance of a 1.5MW class LNG/hydrogen hybrid engine (HiMSEN) developed by proprietary technology. The company marked a major milestone last week with the completion of the performance verification of the hyb
A criminal investigation is underway regarding a bomb threat on board a containership identified as MSC Lorena, the Dutch police confirmed. The vessel was diverted from the Port of Antwerp following a threatening phone call saying that a bomb would explode if the ship docked in the port, according t
Singapore-based tanker owner and operator Hafnia will soon add four new dual-fuel LR2 product tankers to its fleet, two of which are due for delivery at the beginning of 2023. The vessels are currently under construction and the first of them, HAFNIA LANGUEDOC, will be delivered in January 2023, wit
Denmark-based shipowner Nordic Shipholding is moving forward with a voluntary liquidation process. The company informed earlier today that following an extraordinary general meeting held on December 23, the board of directors passed a proposal to liquidate the company by voluntary solvent liquidatio
