Zvezda Axes $3.5B Icebreaker Order; Samsung Heavy Calls it "Illegal Termination"
South Korean shipbuilder Samsung Heavy Industries said on Wednesday that two orders from Russia's Zvezda worth a total of 4.85 trillion won ($3.54 billion) for icebreaker ships were cancelled due to "illegal termination by the shipowner".Samsung Heavy said in regulatory filings that in June 2024, Zvezda shipyard unilaterally informed the South Korean company of the contract termination and insisted on the return of advance payments.In July, Samsung filed an arbitration request with the Singapor
UAE Cites "Navigational Error" as Crash Cause Near Strait of Hormuz
The UAE's energy ministry said a collision between two oil tankers near the Strait of Hormuz was likely caused by a navigational misjudgement by one of the vessels.In a statement on Wednesday, it cited preliminary information and did not draw any link with an upsurge in electronic interference during the conflict between Iran and Israel.The Adalynn and Front Eagle oil tankers collided and caught fire on Tuesday 24 nautical miles off the coast of the UAE in the Sea of Oman.
Iran Must Take Control of the Strait of Hormuz, says Former Iranian Minister
Former Iranian Economy Minister Ehsan Khandouzi has said that tankers and LNG cargoes should only transit the Strait of Hormuz with Iranian permission and this policy should be carried out from "tomorrow [Wednesday] for a hundred days."It was not immediately clear whether Khandouzi was echoing a plan under theIranian establishment's consideration or sharing his personal opinion.Tehran has long used the threat of blocking the narrow waterway as a means to ward off Western pressure…
Subsea7 Nets ‘Substantial’ Contract off Norway
Subsea 7 today has secured a ‘substantial’ contract offshore Norway, worth between $150 million and $300 million.Subsea7’s scope includes engineering, procurement, construction and installation (EPCI) of pipeline bundles, spools, protection covers and tie-ins using key vessels from Subsea7’s fleet.Project management and engineering will begin immediately at Subsea7’s offices in Stavanger, Norway and Aberdeen…
Canada Trials S-100 on St. Lawrence River
The Canadian Hydrographic Service (CHS), under Fisheries and Oceans Canada, is taking a leading role in validating new digital hydrographic standards, with the Minister of Fisheries, Joanne Thompson, launching S-100 sea trials on the St. Lawrence River.The S-100 data model is a new global standard created by the International Hydrographic Organization (IHO), which offers a new way of visualizing the marine environment using layered…
EU Plans Phase Out of Russian Oil and Gas Imports
The EU Commission has put forward a proposal to gradually stop the import of Russian gas and oil into the EU by the end of 2027. This will help the EU become more energy independent, improve the security of the energy supply and boost the Union's energy independence and competitiveness.The proposal follows the REPowerEU roadmap, the EU’s strategy to completely remove Russian oil, gas and nuclear energy imports from EU markets.
Acteon’s Rocksteady Tension Tool Selected by InnovateUK
Acteon’s Rocksteady Tension Tool (RSTT) has been selected by InnovateUK iX, a UK program designed to fast-track knowledge transfer and accelerate innovation. The RSTT is a reusable in-line winch and connection system designed to enable mid-line hookup of mooring lines at final tension to optimize the hook-up and disconnection processes between mooring systems and floating offshore wind turbines.The…
IMO Calls for Action After UN Ocean Conference
The Secretary-General of the International Maritime Organization (IMO), Arsenio Dominguez has applauded the important commitments made at the United Nations Ocean Conference (9-13 June) in Nice, France, while urging countries to deliver on these promises as soon as possible.Dominguez said: “Commitments are a necessary first step, but they are not the finish line. We must now move beyond the statements and turn those words into real, measurable action.
Maturing Dry Bulk Fleet Ill-Equipped for Future
The global dry bulk fleet is facing a sharp contraction in younger, more efficient tonnage, with the supply of vessels under 15 years of age projected to fall by 22% by 2028, according to new analysis shared by Oliver Kirkham, Senior Valuation Analyst at Veson Nautical, a global leader in maritime freight and fleet management solutions.Speaking at the 2025 Marine Money Week in New York, Kirkham told…
American Cruise Lines Opens 2025 New England Season, Launches New Cruise Ship
American Cruise Lines announced their biggest season of New England cruises—featuring nine itineraries and five small ships, including the newest cruise ship in the country, American Patriot.American Patriot is the flagship in the company’s new Patriot Class series. The 130-passenger ship passed Sea Trials and will embark on its first cruise this week, sailing June 21 roundtrip from Boston. Guests will enjoy one of the Line’s premiere New England itineraries…
Briggs Marine Signs $244m Contract With UK Ministry of Defence
Briggs Marine, a leading provider of marine services, has been awarded a contract with the UK Ministry of Defense (MoD) to supply and maintain Authority Moorings, Markers, and Targets over the next eight years with a forecast revenue of USD$244 million (£182 million).The successful bid is the largest defense contract to be awarded to the Fife-based company to date and forms part of the MoD’s ‘next generation of marine services’ program.
SCHOTTEL to Equip Tug With RudderPropellers
SCHOTTEL is to equip a new OX series tractor tug from U.S.-based aluminum workboat builder Silverback Marine with two SCHOTTEL RudderPropellers type SRP 100. Designed in collaboration with Seattle headquartered Elliott Bay Design Group, the truckable tug will have a bollard pull of almost seven tons and ensure excellent maneuverability with an extremely compact size of just 7.9 meters (26’-0”) in length and 4.4 meters (14’- 6”) in width. The vessel, being built for the U.S.
Oil tanker Near Iran Experiences Signal Jamming
The Front Tyne oil tanker was sailing through the Gulf between Iran and the United Arab Emirates on Sunday when just past 9:40 a.m. shiptracking data appeared to show the massive vessel in Russia, in fields better known for barley and sugar beets.By 4:15 p.m., the ship's erratic signals indicated it was in southern Iran near the town of Bidkhun, before later placing it back and forth across the Gulf.Mass interference since the start of the conflict between Israel and Iran has affected nearly 1…
LALIZAS Expands Authorized Service Stations in Canada
Marking a key development in the Canadian Marine Industry, LALIZAS—known for marine safety equipment—announced an expansion in Canada, adding service stations in the East and West of Canada.The manufacturer’s commitment to supporting safety at sea has taken a significant step forward with the inclusion of two authorized service stations: Dera Maritime and Viking Fire Protection.Trusted by local businesses across Canada…
Mitsui OSK: Shipping in the Gulf Continues, Closely Monitoring Situation
Japan's second-largest shipping company, Mitsui O.S.K. Lines (MOL), is operating as usual in the Gulf while closely monitoring the situation in the region, CEO Takeshi Hashimoto said on Tuesday."We are operating so many containers, car carriers and chemical tankers so that it is very, very difficult for us to reduce or stop with the service," Hashimoto told Reuters on the sidelines of the Energy Asia…
Performance Shipping Contracts with Mercuria for Newbuild Tanker
Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a long-term time charter contract with Mercuria Energy Trading S.A. for its fourth newbuilding, the previously announced LR1 tanker scheduled for delivery in early 2027.The vessel will be chartered to Mercuria for a firm period of four years, through early 2031, at a daily gross charter rate of US$23,750.
Equinor Announces Shifts in Leadership
Danske Commodities CEO Helle Ostergaard Kristiansen will step down to become head of the gas and power unit of parent group Equinor, the trading house said on Tuesday.Danske Commodities' Chief Financial Officer Jakob Sorensen, who joined the company 20 years ago as a power trader, will take over as new CEO as of September 1, it said in a statement.Kristiansen replaces Helge Haugane who in April was named head of a new Equinor business area formed by the group's power assets.Danske Commodities, w
Tighter Emissions Regulations, Slower Economy to Soften Marine Fuel Demand
Stricter environmental regulations and slower global economic growth will soften marine fuel demand in the coming years, the International Energy Agency said in its annual report on Tuesday.Marine fuel sales jumped last year due to Red Sea disruptions that made shipping companies take longer routes.But demand for those fuels, also called bunkers, could flatline at around 5 million barrels per day (bpd) in 2024-2030…
Marine Fuel Sales at Fujairah Port Hit Three-Month Low
Marine fuel sales at the United Arab Emirates' Fujairah port hit a three-month low in May, data showed, while market sources said they are monitoring the situation in June as conflict flares between Israel and Iran, heightening regional tensions. Bunker sales, excluding lubricants, totalled 614,296 cubic metres (about 608,000 metric tons) at the Middle Eastern bunker hub in May, based on Fujairah Oil Industry Zone (FOIZ) data published by S&P Global Commodity Insights.
The Switch to Deliver DC-Hub, Electric PM Propulsion Machine Package to Bergen Tankers
Bergen Tankers and Equinor have signed a long-term charter agreement for two oil/chemical tanker newbuilds with an electric propulsion system, which aim to set a new standard for low emissions at the Norwegian Coast.The Norway-based companies selected Berg Propulsion as the system integrator for these DNV ice-classed tankers. The newbuild 6,500 dwt stainless steel tankers will be built by Zhoushan…
