Economy

Innovation is on the horizon in the maritime industry. The American Bureau of Shipping (ABS) has announced plans to open a state-of-the-art electrification center that promises to revolutionize the way shipowners, shipyards, and stakeholders operate across the Asia Pacific and globally. Charting a Course for Maritime Electrification The ABS Electrification Center aims to spearhead a […]

The Catastrophe at Sea As the sun’s rays warmed the early summer of 2022 on June 15, a catastrophe occurred beneath the acreage of the earth’s deepest basin. This is a story of how the towing vessel Karen Koby and the crane barge Ambition experienced an unforeseen tragedy, leading to their untimely capsizing and sinking

The Advent of New Energy Alternatives  Just a few years ago, the dominant energy source for the shipping industry was residual fuel oil, modified slightly over the years by adjusting its viscosity and sulfur content. Today, however, an array of alternative fuels is surfacing. The International Maritime Organization (IMO)’s mandate—to reduce the shipping industry’s greenhouse

In response to a volatile global oil market, Saudi Arabia has taken a proactive step by prolonging its period of voluntary crude output reductions until the end of the year. The intent behind this decision is to foster stability within the market. The nation’s crude production is set to remain at approximately 9 million barrels

Navigating Troubled Waters Amid severe drought conditions, the Panama Canal— an artery instrumental to global shipping and trade— is grappling with persistently low water levels with no immediate respite in sight. Earlier this year, the Panama Canal Authority, grappling with the aftermath of a relentless drought, levied restrictions on daily vessel transit and maximum draft.

Norway-based maritime company, ADS Maritime, renowned for its significant shipping investments since its inception in 2018, has broadened its horizons in the maritime industry. The firm, steered to the top by Terje Bodin Larsen, surges forward by acquiring a stake in the behemoth bulker owner, Golden Ocean. This benchmark move saw ADS acquiring about 130,000

Progressing through the intense battleground of corporate bidding, Hapag-Lloyd, an esteemed name in shipping, has found itself left out of the running for the South Korean flagship carrier, HMM. A pool of sources within South Korea circulates the news that the homegrown creditors—Korea Development Bank (KDB) and Korea Ocean Business Co (KOBC)— have penned their

In recent times, northern Europe’s seaports have been wrestling with a plunge in throughput, driven by a weakening European economy and the Ukrainian crisis that continuously disrupts the supply chain and logistic networks. The most recent to join the list is Hamburg, the third largest port in Europe, which recorded a significant 11.7 percent dip

In the energetic arena of oil markets, the pendulum of traders’ sentiments swung back and forth last Thursday. They teetered between apprehensive speculation on future demand and reassuring information that contrarily suggested that demand was satisfactory. This cycle of uncertainty yielded a slight upward nudge in commodity prices though heightened expectations linger for more tumult

As the new week unfolds, bunker fuel prices have demonstrated an impressive resurgence. Monday saw a boost in prices across most ports, with the global average VLSFO prices indicative of a strong revival. The figures peak at the highest level in nearly a week, definitively validating the upward trend.  G20-VLSFO Index: A Mirror of Progress