South Korea accounts for over half of new ship orders globally
Asia continues to completely dominate the shipbuilding market, with South Korea and China in first and second place, respectively.
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Asia continues to completely dominate the shipbuilding market, with South Korea and China in first and second place, respectively.
One of the world’s oldest and still existing media, British maritime publication Lloyd’s List, has been sold to private equity firm Montagu.
Swedish supplier Alfa Laval saw progress in its maritime business in the second quarter, during which the amount of orders increased. Number of cancelled orders is growing in the wake of sanctions against Russia.
South Korean shipyard group Korea Shipbuilding & Offshore Engineering wins an order for three container vessels, placed by an Asian customer.
The number of new ship orders has dived by more than a third in the first half of the year, but one segment has seen tripled orders. Costs of building ships continue to rise, according to an analysis by VesselsValue on behalf of ShippingWatch.
The British insurance sector has launched an initiative that will enable ships with Ukrainian grain cargoes to be insured on their trip through the Black Sea.
Biofuel supplier GoodFuels and dry bulk carrier Spar Shipping have achieved a reduction by at least 75% in both CO2 and sulfur emissions during a trial with sustainable biofuel on dry bulk ship Spar Lynx.
Profitability remains strong by historical standards for now, but Rio and other producers have been warning about the threat of slowing global growth and surging energy prices.
The International Monetary Fund downgrades its growth forecast for 2022, with the risk of a recession next year being particularly prominent.
Former Maersk head Jesper Rosenkrans steps down from the board of directors at bunker organization IBIA after slightly more than a year on board. The bunker organization is not looking for a replacement.
Wärtsilä is developing marine engines powered by green fuels. But the path to shipping’s decarbonization involves more than methanol and ammonia, says the president of the technology company’s marine power division.
Engine manufacturer Wärtsilä advanced on several parameters in Q2, including the number of orders. At the same time, the company has completed its exit from Russia, which affects results for the first half-year.
The US-based oil service outfit closes the second quarter with the highest revenue post in four years, also exceeding analysts’ forecasts.
Finnish engine manufacturer Wärtsilä plans to dial down production at its Italian factory, and this may impact around 450 employees.
Bunker volumes in June fell 8.7% at the world’s largest bunker port, Singapore.
Shipbrokers are met with increasing demands, and for Maersk Broker, this has meant a larger step toward an active advisory role, particularly in relation to the green transformation. According to CEO Anders Hald, it’s about focusing on one’s role going forward, he tells ShippingWatch.
Danish company Zeronorth has signed a three-year deal with feeder carrier Unifeeder about reducing and optimizing fuel consumption and carbon emissions for the carrier’s entire fleet.
With the introduction of green fuels in shipping, the number of different engine types for ships is growing. Reuse of technical solutions will be important for engine developers such as MAN.
The ship engines of the future are being developed and tested at MAN’s Research Centre Copenhagen, a paradise for two-stroke engine aficionados. Oil and gas are still the dominant fuels, but the climate crisis has put alternatives like methanol and ammonia on the agenda. Get a peak into the engine room.
South Korean shipyard group DSME now works in a ”24-hour emergency system” due to growing debts, cancelled orders, and yard workers having blocked a dock for a month.
The war in Ukraine has caused considerable unrest on the bunker market. Volumes have dropped in the year’s first quarter compared to the same period last year. Bunker prices have surged, which is both good and bad for suppliers.
Shipowners in the EU are allowed to carry Russian oil to countries outside the union – but the cargo cannot be insured in the EU, according to a circular from leading marine insurance companies.
Bunker Holding loses prominent board member, who is former partner and executive in private equity firm EQT and who furthermore leaves the board in Uni-Tankers. Two new members join the board.
Skuld is to open a Japanese branch located in Tokyo. To lead the division, Skuld recruits former deputy general manager from Japan P&I Club.
G&O’s acquisition is aimed at strengthening the company’s green profile and making a stronger mark internationally.
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