The summer lull that took over the newbuilding market is not over yet, as prices for new ships are forecast to continue to soften, according to London-based shipbroker Gibson. The dowturn has stricken the tanker product orderbook the strongest, as explained by Gibson, with Tsakos Energy’s order for
Wärtsilä is planning to launch its new Low Loss Hybrid (LLH) innovation at the ONS 2014 exhibition being held in Stavanger, Norway from August 25 to 28. The Wärtsilä LLH utilises different power sources in combination with energy storage devices to operate the prime movers closest to their optimum p
Strike at Ningbo Port Turns Violent A massive strike by as many as 10,000 truck drivers at Ningbo’s Beilun Container Port erupted into violence on August 20, as protestors clashed with riot police and smashed the windshields…Read more Engine-Room Fire Disables Tanker, Kills One Crewman U.S. Coast Gu
Singapore Exchange Mainboard-listed Aztech Group Ltd. has acquired the leasehold interest of a shipyard, now known as AZ Marine Offshore Services Pte. Ltd. Occupying a site area of approximately 251,500 square feet and water frontage of approximately 2,475 feet long, the shipyard consists of a part
The American Maritime Partnership (AMP), the voice of the domestic American maritime industry, issued a statement regarding a recent Reuters article on the Jones Act that raised several issues regarding its effect on oil exports. According to Reuters, “crude producers and refiners are exploring ways
Singapore-based gas carrier owner Epic Gas has expanded its fleet of 25 ships reported in January 2014 to 36 ships as of August 20, 2014, according to the company’s unaudited financial and operating results for the second quarter ended June 30, 2014. 11 newbuildings on order There are eleven more ne
The half-light of the pre-dawn in Portsmouth and the painstaking operation to move a giant segment of HMS Prince of Wales on to a waiting barge. Comprised of cabins and machinery space, Lower Block 02 forms the distinctive forward hull section of the second Queen Elizabeth Class aircraft carrier and
US defence contractor Lockheed Martin has received a contract through the National Center for Manufacturing Sciences (NCMS) for the U.S. Navy to evaluate and test two FORTIS exoskeletons. This marks the first procurement of Lockheed Martin’s exoskeletons for industrial use. Terms of the contract wer
The freight market, which performed so well in Q1, has certainly not delivered in the past 4 months. BDI has dropped from 1,621 on 20 March to hit 747 on July 29. Panamax ships have not been above USD 10,000 per day since February20, and below USD 5,000 per day for most of June and […]
Avance Gas Holding Ltd has been informed that there has been another fire incident involving cargo tank no. 3 on board hull 1074 under construction at Jiangnan Changxing Heavy Industry shipyard in China. No casualties or injuries have been reported, and the cause of the fire and its impact is curren
Building for stock has proven fruitful for Malaysia-based Nam Cheong Limited as the company cashes in approximately USD 90 million via sale of one Platform Support Vessel, one Accommodation Work Vessel, and two Anchor Handling Towing Supply Vessels. Leong Seng Keat, Nam Cheong’s Chief Executive Offi
Scorpio Tankers Inc. announced today that it has reached an agreement with an unrelated third party to purchase an MR product tanker that is currently under construction at SPP Shipbuilding Co., Ltd. of South Korea. The purchase price of the vessel is $37.1 million with delivery expected in Septembe
Hong Kong-listed Honghua Group has disclosed that its wholly owned subsidiary Honghua Offshore Oil & Gas Equipment (Honghua Offshore) entered into an agreement with South Korean UDIN Engineering to build six oil tankers valued in excess of USD 200 million. This is the first tanker order for Honghua
Danish owner Nordana has ordered eight multi-purpose (MPP) heavy lift vessels from Taizhou Sanfu Ship Engineering. Designed by Shanghai Merchant Ship Design and Research Institute (SDARI), the vessels are expected to start joining Nordana’s fleet as of April 2015 through the second quarter of 2016.
