Lloyd’s Register, MSC, SDARI, and MAN-ES have teamed up with LISCR to improve the design of an ammonia dual-fuel 8200 TEU container ship. This collaboration aims to ensure safety compliance and develop technical specifications for the ammonia variant of SDARI’s design. The partnership represents a significant move towards sustainable maritime solutions.
A private equity consortium led by STAR Capital successfully acquired V.Group, the world’s top ship management company, with approval from all regulatory bodies. This acquisition will provide V.Group with additional capital for growth strategies. CEO Rene Kofod-Olsen praised the ownership consortium, which includes experienced investors in the shipping sector, and highlighted positive feedback from customers and colleagues.
The surge in insurance costs for vessels passing through the Red Sea since early September is due to heightened risks of attacks by Yemen’s Houthis. This has led to insurers suspending coverage and increasing war risk premiums to as much as two percent of a ship’s value. Challenges for ships seeking coverage in the region are on the rise.
HIF Global, a leading e-fuels company, has secured a substantial investment from Mitsui OSK Lines (MOL) to expand its projects in the US, Australia, Chile, and Uruguay. This partnership marks the third Japanese investment in 2024, establishing a strong value chain for producing, transporting, and refining e-fuels for a more sustainable future.
The US Coast Guard has released crucial footage from ROVs of a sunken submersible made of titanium, providing evidence of its catastrophic implosion during an expedition to the Titanic wreck. The footage shows debris on the seafloor and will play a vital role in the MBI hearing investigating the incident that claimed five lives.
The bulk carrier Sirocco broke loose from its moorings at the Convent Marine Terminal in Louisiana, drifting down the Mississippi River and colliding with an anchored barge. The NTSB investigation revealed that excessive tension on forward mooring lines caused the incident, emphasizing the importance of proper mooring techniques and response plans for ship captains.
A 30-meter long ship crashed into a reef near Greenland’s coast, sinking with thousands of liters of diesel and engine oil. Fortunately, all crew members were safely evacuated, and protective barriers were deployed to contain potential spills. Local police reported the incident, emphasizing the importance of minimizing environmental damage and prioritizing crew safety.
McDermott and BW Offshore have partnered to explore offshore blue ammonia production on an FPSO facility, promoting low-carbon energy and sustainable practices. By combining expertise, they aim to advance low carbon ammonia production, offering environmental benefits and competitive costs. This collaboration signifies a crucial step towards a cleaner energy future and global decarbonization efforts.
Wärtsilä and Chevron Shipping are collaborating to convert six LNG Carriers to spark gas operation, reducing methane slip and lowering greenhouse gas emissions. This innovative project, the first of its kind in the marine industry, aims to optimize combustion and decrease methane emissions intensity for a more sustainable future in maritime transportation.
DNV has granted approval in principle for an 80,000m3 capacity liquefied hydrogen carrier developed by MOL, Woodside, HD KSOE, and Hyundai Glovis. The AiP was issued after completing HAZID and ENVID studies to assess risks and environmental impact. With a target delivery in 2030, the partners aim to bring this sustainable solution to market soon.
The U.S. Justice Department is seeking over $100 million from the owner of a container ship that caused the destruction of the Francis Scott Key Bridge in Baltimore, resulting in six deaths and major disruptions. The department aims to recover expenses and punitive damages for alleged negligence by the Singaporean corporations involved in the incident.
The number of recycled ships has dropped by 42% year-on-year, reaching the second lowest level in 16 years due to high freight rates and strong demand. Fleet renewal has been limited, with only 45 ships recycled so far this year. Despite challenges, ship recycling is expected to rebound as market conditions normalize.
The Federal Government and Lower Saxony partner to save MEYER WERFT with a majority stake acquisition and €400 million investment. They plan to provide guarantees of €1 billion each to stabilize the company amid financial challenges from the pandemic, conflict, and rising prices. Orders worth €11 billion indicate a bright future for the shipyard, securing thousands of jobs. The goal is to return the company to private ownership in the future.
Japan’s NYK and Oono Development Company are collaborating to explore green ship recycling potential in Japan. Emphasizing eco-friendly practices and circular economy support, the partnership aims to commercialize ship recycling. With the rising interest in recycling materials, the focus is on utilizing high-quality steel from ships for construction and other industries.
Hanwha Ocean, a South Korean shipbuilder, is investing $1.3 billion in safety enhancements at its shipyard operations over the next three years. This decision comes after criticism from the government and unions for lax safety protocols. The investment will include a smart system using AI, body cameras for workers, and replacing outdated equipment.
