SRTS News

Blockchain technology is being trialled to try and counter the alarming string of boxship fires started by misdeclared goods. Maritime Blockchain Labs (MBL), founded by blockchain technology and governance experts BLOC and the Lloyd’s Register Foundation (LRF), today announced the establishment of a consortium to explore the use of blockchain ... read more

Among the largest listed shipping companies in the world, China’s state-run giant Cosco has been branded the line doing the least to cut its carbon footprint, while Japan’s Nippon Yusen Kaisha (NYK) narrowly beat Denmark’s Maersk as the most proactive player in terms of its green policies, according to a ... read more

Maersk today unveiled the next chapter in its quest to lead liner shipping’s path to online container bookings. With the launch of Maersk Spot, the Danish carrier said it aims to introduce a truly online product that can break the cycle of overbookings and offer a much simpler way to ... read more

A new report from Cleaves Securities suggests that buying a five-year-old capesize now could be one of the best investments in shipping. Capesize one-year time charter rates have risen 16% month-on-month to be quoted at $18,250. This is a result of improving sentiment in the spot market as Brazilian iron ... read more

Efforts by American authorities to create an international naval coalition to assist merchant ships through the Strait of Hormuz continue with the secretary of state George Pompeo meeting heads of state across the Middle East this week. The UK and India have sent naval support to the region, joining an ... read more

Rome-based PB Tankers has filed for court protection in Italy under the bankruptcy law following the action taken by the US Office of Foreign Assets Control to add the company and six tankers to the current sanctions list in relation to trade with Venezuela. The company said it is “shocked ... read more

Cosco Shipping Energy Transportation, the energy shipping unit of Cosco, has approved a proposal to transfer its shares in two shipping subsidiaries into Cosco Shipping Oil Transportation, a joint venture between Cosco and PetroChina. According to the plan, Cosco will transfer 50% equity interest in Huayang Maritime and 50% equity interest ... read more

German shipping mammoth Oldendorff has emerged as the buyer of its second 2010-built post-panamax bulker this year. This week the owner is emerging as the taker for $13.2m of Noble Group’s 93,000 dwt , a ship that has been renamed Caroline Oldendorff. The sale leaves Noble with six post-panamax bulkers ... read more

McDermott International has been awarded a contract by Saudi Aramco for engineering, procurement, construction and installation (EPCI) services at the Marjan and Zuluf fields, offshore Saudi Arabia. The work scope includes EPCI services for the relocation of control rooms at Zuluf GOSP-4, Marjan GOSP 2 and 3. It includes the ... read more

Awilco LNG has announced that the charterer of its 2013-built LNG carrier has decided to cancel the remaining period of the time charter contract due to the prolonged off-hire period required to repair the vessel. The vessel was involved in a collision incident with another vessel off Singapore earlier this ... read more

Naval personnel from around the world are now on site in the Strait of Hormuz assisting tanker traffic to negotiate the waterway where six tankers have been attacked in the last seven weeks. With heightened tensions between the US and Iran around the key oil exporting channel, and the downing ... read more

A huge fire that broke out at America’s largest east coast refinery early on Friday morning is likely to have significant repercussions for the product tanker sector. The pre-dawn explosion and blaze at the Philadelphia Energy Solutions (PES) Refining Complex took 36 hours to extinguish. The refinery is one of ... read more

Sverre Farstad has made a return to the offshore market with new shipowning company Sverre Farstad & Co, sealing a deal with Ulstein to take over the platform supply vessel . The 2016-built vessel has been operating with Golden Energy Offshore, and it now joins the fleet of Sverre Farstad ... read more

Carsten Mortensen is back, hunting product tanker opportunities with a $100m warchest. The former CEO of both BW and Norden has teamed with well known shipping private equity professional Freddie Lee to create Dee4 Capital Partners, which has just closed a $41m capital raising exercise, with another $60m likely to ... read more

Hans Peter Jebsen-led shipping group Kristian Gerhard Jebsen has appointed Geir Bruvik Mjelde as the new CEO of Kristian Gerhard Jebsen Skisrederi, replacing Jan Pedersen, who had been in the position for nearly 40 years. Mjelde, 51, is a shipping veteran in Norway, and had been the CEO of SKS ... read more

Japan’s Mitsui OSK Lines (MOL) has fixed a long-term charter contract with Hong Kong LNG Terminal for the 263,000 cu m MOL  the world’s largest FSRU. The FSRU was delivered from Daewoo Shipbuilding & Marine Engineering two years ago and is currently employed on a mid-term charter for a project ... read more

Maersk Drilling has announced the completion of the sale of 1986-built jackup rig , now named Giant, to the LOTOS Petrobaltic Group. The rig, which has been stacked at Esbjerg since 2016, will be used by the new owners for drilling in the Baltic Sea. Jesper Ridder Olsen, CFO of ... read more

Cosco Shipping Specialized Carriers, the multipurpose shipping unit of Cosco, has placed an order at CSSC’s Guangzhou Shipyard International for the construction of a semi-submersible heavylift ship. Cosco will pay $91.88m for the 50,000 dwt ship, which will expand its semi-submersible heavylift vessel fleet to eight vessels. The ship will ... read more

Singapore’s Sembcorp Marine has been awarded a five-year S$2bn ($1.5bn) subordinated loan from its controlling shareholder, Sembcorp Industries. Sembcorp Industries expects the loan will strengthen Sembcorp Marine’s financial position amidst the current downturn in the global offshore and marine industry. Sembcorp Marine will use the loan to retire approximately S$1.5bn ... read more

There’s been a noticeable drop in maintenance of dry bulk ships and container vessels over the past two years, according to new analysis from Cardiff-based Idwal Marine, a maritime consultancy and data service provider. Nick Owens, CEO of Idwal Marine, tells Maritime CEO today investors must pay greater attention to ... read more