Friday, March 06, 2026
Media Kit
tanker

Trump Administration Details $20B Maritime Reinsurance to Get Oil Moving

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Balboa Panama

CK Hutchison Seeks $2B in Damages from Panama as It Takes More Legal Steps

Published Mar 6, 2026 2:53 PM by The Maritime Executive

CK Hutchison and its Panama-based subsidiary, the Panama Ports Company, have taken a series of additional legal steps in the ongoing dispute over the concession to operate terminals in the ports of Balboa and Cristobal. As part of the action, the Panama Ports Company (PPC) clarified that under the already filed international arbitration, it is seeking at least $2 billion in damages, a figure it says Panama has been misrepresenting. Before the Supreme Court decision was published finalizing the ruling...

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Iranian supply ship Bushehr

Sri Lanka Takes Control of Iranian Supply Ship, Evacuates Sailors

Published Mar 6, 2026 12:53 PM by The Maritime Executive

The government of Sri Lanka has decided to take control of the Iranian supply ship IRIS Bushehr, with the president of the country calling it a humanitarian effort after the ship sought refuge in Colombo. They are evacuating the sailors from the ship and will move the Bushehr to a remote port in the northeast of the country. President Anura Kumara Dissanayake of Sri Lanka reported that they had carefully discussed the situation, emphasizing that the country remains neutral in...

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disabled containership Safeen Prestige

Salvage Tug Reported Attacked Near Straits of Hormuz with Crew Feared Dead

Published Mar 6, 2026 11:24 AM by The Maritime Executive

A salvage tug sent to aid one of the vessels that had been attacked in the area around the Straits of Hormuz has apparently been attacked as well. The crewmembers from the tug are feared killed in a missile attack. UK Maritime Trade Operations (UKMTO) said it received a report from a third party of an apparent attack on a tug six nautical miles to the north of Oman. They reported the incident was being investigated. The tug is being...

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IRGC attack boats in an exercise in more peaceful times (Tasnim / IRGC)

Lloyd's Stands Ready to Work With U.S. on Insurance for Hormuz Transits

Published Mar 5, 2026 11:13 PM by The Maritime Executive

War risk insurance remains available for shipping in the Strait of Hormuz and Arabian Gulf, according to Lloyd's of London, despite the decision of some underwriters and reinsurers to back out of the trade. The market is willing to work with the White House on a joint public-private venture to provide cover for shipping in the region, in hopes of kick-starting the energy trade through high-risk waters, Lloyd's Market Association CEO Sheila Cameron told the WSJ. In a message Tuesday,...

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Offshore

Maersk Offshore Wind Turbine Installation Vessel

Seatrium Delivers WTIV to Maersk Offshore Wind

The next-generation wind turbine installation vessel, which became the center of a dispute before it was completed, has been successfully delivered, with both companies now celebrating the possibilities. Seatrium reports it completed the delivery on February 26 after sea trials and final readiness evaluations at the Tuas Boulevard Yard in Singapore, while Maersk Offshore Wind is calling the ship the first in its journey towards growing a future-ready fleet. Maersk Offshore Wind, which is owned by the investment company A.P....

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Shipbuilding

dry dock

Royal Caribbean Group Proposes Ship Repair Yard for Panama's Pacific Coast

Officials from Panama are responding positively to the concept of creating a shipyard on the Pacific coast of the country. Royal Caribbean Group met with the president of Panama, Jose Raul Mulino, and other government executives to outline its proposal, which would see a yard with capabilities to handle large ships in operation by 2031. Royal Caribbean is proposing that the shipyard be established in the Punta Pierdra sector, near the city of Puerto Armuelles, which is located in the...

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Environment

Trawlers

Study: Ocean Warming Puts "Constant Negative Pressure" on Fish Populations

A new meta-study published in Nature Ecology & Evolution suggests that ocean warming has an outsize impact on the total amount of fish in the water, enough to have major implications for global fisheries. The study, led by researchers at Spain's Museo Nacional de Ciencias Naturales, looked at hundreds of thousands of studies of fish populations in the Northern Hemisphere over a period of nearly 30 years, spanning 1993-2021. The vast data set covered more than 1,500 fish species and...

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Business

Genco dry bulk vessel

Diana Raises Offer for Genco and Agrees to Sell 16 Ships to Star Bulk

Diana Shipping is back with a sweetened offer to acquire fellow bulk shipper Genco Shipping & Trading, both increasing the cash dollar amount and announcing it has partnered with Star Bulk Carriers. Under the new plan, the all-cash offer is reported to be a 31 percent premium to the share price from last year, backed by a deep list of major financial institutions, and set to carve up Genco’s fleet with Star Bulk. Highlighting what it said was considered to...

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