OPEC+ Oil Production Rises in October, Nearing Pre-Iran War Rates
OPEC+ crude oil production jumped in October, led by a sharp increase in output from Saudi Arabia despite continued disruption to shipments through the Strait of Hormuz caused by the Iran war.The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, pumped 41.23 million barrels per day in October, OPEC said in a monthly report on Wednesday, up about 2.04 million bpd from September.The figures…
COSCO SHIPPING Development Orders 16 VLCCs
Shanghai-based COSCO SHIPPING Development said on Wednesday it had ordered 16 very large crude carriers (VLCCs) worth 13.43 billion yuan ($2.01 billion) from China State Shipbuilding Group.A VLCC is a class of massive oil tanker with a deadweight tonnage (DWT) typically ranging from 200,000 metric tons to 320,000 metric tons.Here are more details:COSCO said its unit Oriental Fleet International entered into contracts with affiliates of China State Shipbuilding Group for 16 307,000 DWT-class VLCC
Iran Forbids Nuclear Material to Exit the Country, Oil Prices Rise 1%
Oil prices rose about 1% on Wednesday after dropping to two-month lows in the previous session, after Iran's security chief said Tehran would not allow any enriched nuclear material to leave the country.Washington has said nuclear matters must be part of any initial negotiations with Tehran aimed at ending the US-Israeli war on Iran.Brent futures were up $1.22, or 1.3%, at $92.71 a barrel by 1412 GMT.
Hopes for Peace Continue Despite Ongoing Maritime Security Threats in the Middle East
In the Strait of Hormuz, tankers are still ablaze, oil spills are washing ashore and drones and missiles strike infrastructure across the region, despite expectations of a de-escalation reflected in falling oil prices.The United Kingdom Maritime Trade Operations agency reported on Wednesday another incident involving a tanker in the Strait of Hormuz, while Iran said an oil tanker caught fire after…
Ximbal Tugboat to Join SAAM Towage Fleet in Mexico
The new tug Ximbal is currently en route to Mexico. This vessel will join the SAAM Towage fleet to support port operations in Lázaro Cárdenas, one of the main commercial ports in the Pacific.Built by Sanmar Shipyards, the vessel aims to strengthen response capacity, safety and energy efficiency in maritime maneuvers at the Mexican port.Its name, is the Mayan word for traveling and moving forward.Technical…
Blue Carbon Launches Autonomous oPod Mini
The fully autonomous oPod mini created by Blue Carbon launched yesterday in Brisbane.Experts from aquaculture and wild-caught fishing industries, along with ports and water authorities and investment groups, attended the dockside launch at Manly.The compact solar-powered module is tough-case-enclosed to handle all sea conditions. It is fully internet-linked and requires no shore power or mobile coverage.
Volare Shipping Acquires VLCC Newbuild for $210m
Volare Shipping Ltd. acquired a modern, high-specification newbuild tanker, entering an agreement to acquire a scrubber-fitted eco VLCC from an affiliate of Trafigura Maritime Logistics (“TML”)…
Tanker Operator Furetank Nabs International Award
Swedish tanker operator Furetank has been named a regional winner of the EY Entrepreneur Of The Year 2026 awards, receiving the Best International Growth distinction for combining fleet expansion, technological innovation and environmental performance.The award recognizes Furetank's long-term investment strategy, which has helped position the company as a leader in developing more environmentally efficient product tankers while maintaining profitable growth.Lars Höglund…
Balaena, Kongsberg Team Up to Bring Arctic Hunter USV to Royal Navy
British shipbuilding group Balaena and Norway's Kongsberg Maritime have signed a memorandum of understanding (MoU) to advance the Arctic Hunter uncrewed surface vessel (USV), a proposed solution for the Royal Navy's emerging Type 92 anti-submarine warfare requirement.The agreement, signed at Kongsberg Maritime's offices in Norway on November 11, builds on an existing relationship between the companies…
Physical AI in Shipbuilding: Fincantieri Partners with Poste Italiane, TIM
New industrial AI initiative targets shipyard automation, robotics and preservation of technical expertise across Fincantieri's global shipbuilding operations.Italian shipbuilding group Fincantieri has announced a strategic partnership with Poste Italiane and telecommunications company TIM to establish Italy's first integrated national Physical AI ecosystem, designed to accelerate the application of artificial intelligence…
Smart Port Challenge Draws Record 586 Proposals, Names 2026 Winners
AI-powered voyage optimization, autonomous port operations and maritime safety technologies headline the competition's 10th anniversary.Singapore's Maritime and Port Authority (MPA) and the National University of Singapore's NUSX announced the winners of the 2026 PIER71 Smart Port Challenge (SPC), marking the competition's 10th anniversary with a record 586 proposals from 281 startups across 39 countries.The competition…
Finance Framework Opens Door to Ship Retrofit Investment
FEET becomes first fund to adopt updated Singapore-Asia Taxonomy, linking financing for vessel efficiency technologies to independently verified fuel and emissions savings.Singapore has taken another step toward accelerating maritime decarbonization, with the Fund for Energy Efficiency Technologies (FEET) becoming the first investment fund to adopt the revised Singapore-Asia Taxonomy for Sustainable Finance (SAT)…
U.S. Container Imports Hit Record High as China Trade Surges, Port Delays Mount
October 2026 container imports reached an all-time high of 2.67 million TEUs, according to Descartes, as China-origin cargo rebounded, East and Gulf Coast ports gained ground, and global shipping faced continued uncertainty over trade policy, maritime security and critical shipping routes.U.S. container imports surged to an all-time monthly record in October 2026, reaching 2,674,808 twenty-foot equivalent units (TEUs)…
Volare Shipping to Acquire Trafigura-Affiliated VLCC for $210M
Volare Shipping has agreed to acquire a scrubber-fitted eco very large crude carrier (VLCC) newbuild from an affiliate of Trafigura Maritime Logistics (TML), its indirect majority shareholder, for $210 million.The vessel, M.T. VENI VIDI VICI, is undergoing sea trials at Hengli shipyard in China and is scheduled for delivery on November 20, 2026.The company plans to finance the acquisition through existing cash and long-term lease financing…
Cadeler Lines Up Major UK Offshore Wind Installation Campaign
Cadeler has signed an exclusivity agreement with an undisclosed client for the installation of wind turbines and foundations at a large-scale offshore wind farm in the UK, with the campaign expected to begin around 2030.The planned foundation installation campaign will use vessels from Cadeler's A-Class and O-Class fleets, while a P-Class vessel is expected to carry out wind turbine installation.The agreement covers both installation scopes…
