Thursday, June 01, 2023
Media Kit
Australia bans bulker

“Plethora of Deficiencies” Gets Bulker 90-Day Ban from Australia

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SCS

U.S. Reports Dangerous Run-In With Chinese Fighter Over S. China Sea

Published May 31, 2023 6:30 PM by The Maritime Executive

On Wednesday, the U.S. military reported another close encounter between a Chinese fighter jet and an American surveillance aircraft over the waters of the South China Sea. The run-in is part of a pattern of harassment of U.S. and allied aircraft by Chinese forces, according to the U.S. government.   According to Indo-Pacific Command, a PLA Air Force J-16 fighter made an "unnecessarily aggressive maneuver" during the intercept of a U.S. Air Force RC-135 surveillance plane on May 26. The...

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long-term container freight rates

Xeneta: Long-Term Container Rates Collapsed with More Pain Ahead

Published May 31, 2023 6:08 PM by The Maritime Executive

Contracted long-term ocean freight rates collapse during May marking the ninth consecutive month of declines. The expiration of the 12-month contracts, which traditionally start over each May, contributed in large part to a dramatic decline of 27.5 percent and a further demonstration that the era of high demand, lack of equipment, disrupted supply chains, and congestion is over according to benchmarking and analytics platform Xeneta. “If industry observers were left wondering just how bad it could get for carriers after...

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mobile floating dry dock

Crowley Invests in Mobile Floating Dry Dock for Use with Floating Wind

Published May 31, 2023 5:12 PM by The Maritime Executive

Crowley is investing in a UK-based startup, Tugdock, which is developing what is billed as the world's first road-transportable floating dry dock. The company plan to explore the potential use of the platforms especially to support the developing floating offshore wind applications in California and elsewhere in the U.S. It is the latest development of the U.S. maritime logistics company which has been moving to expand its role in the wind industry. Found in 2017, Tugdock uses a patented marine...

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Inmarsat

Viasat Completes Acquisition of Inmarsat

Published May 31, 2023 4:42 PM by The Maritime Executive

Satcom giant Viasat has completed its acquisition of Inmarsat, the firm announced Wednesday.  In November 2021, Viasat reached a deal to purchase Inmarsat for $7.3 billion in cash, stock and debt, intending to integrate Inmarsat's radio frequency spectrum, satellite fleet and ground-based assets into its global network. Viasat said that the combination will help deliver more bandwidth at high-demand locations, like airports and seaports, along with lower latency. Viasat is best is known for its leading position in the North...

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Offshore

mobile floating dry dock

Crowley Invests in Mobile Floating Dry Dock for Use with Floating Wind

Crowley is investing in a UK-based startup, Tugdock, which is developing what is billed as the world's first road-transportable floating dry dock. The company plan to explore the potential use of the platforms especially to support the developing floating offshore wind applications in California and elsewhere in the U.S. It is the latest development of the U.S. maritime logistics company which has been moving to expand its role in the wind industry. Found in 2017, Tugdock uses a patented marine...

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Shipbuilding

LNG carrier construction

LNG Carrier Shipbuilding Risks Stranded Assets Due to Climate Policies

The rapid growth in LNG shipbuilding responding to the demand for gas transport is raising the likelihood of creating stranded assets writes Climate Analytics, a climate science and policy institute, in a newly released report entitled “High and Dry: The global energy transition's looming impact on the LNG and oil shipbuilding industry.” Partnering with South Korean climate and energy advocacy group Solutions for Our Climate, the report highlights the risk of overshooting LNG shipping capacity which is increased...

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Environment

undersea hydrogen storage

Aberdeen Explores Undersea Hydrogen Storage for Offshore Production

One of the innovation projects being funded by a Scottish government initiative to support the development of hydrogen as an energy source will explore the concept of subsea storage as a means to support large-scale offshore hydrogen production. Port of Aberdeen, in partnership with Subsea7, is leading this as one of the 32 projects that were recently announced as recipients to share £7 million ($8.7 million) in grants for the exploration and/or demonstration projects. The Scottish Government announced the Hydrogen...

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Business

Seaways

Fredriksen Launches War of Words With International Seaways Board

Fresh out of the battle for control of crude tanker giant Euronav, John Fredriksen is launching a new war of words with the board of International Seaways, targeting two directors in particular - and International Seaways is pushing back.  Fredriksen's holding company Seatankers has built up a 16.6 percent stake in International Seaways, and it has pitched the idea of a strategic relationship, pointing to Seatankers' ready access to capital and its success in timing market cycles. In response to...

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