Latest news with #shipowners
Bloomberg
23-06-2025
- Business
- Bloomberg
Tanker Rates Soar to Highest Since 2023 After US Bombs Iran
Tanker rates extended gains as tensions in the Middle East ratchet higher, with shipowners demanding bigger fees to call at ports in the Persian Gulf after the US launched strikes on Iran over the weekend. The benchmark rate for a supertanker carrying 2 million barrels of crude from the Middle East to China climbed 12%, reaching the equivalent of about $76,000 a day, the highest since March 2023, according to data from the Baltic Exchange in London.
Zawya
17-06-2025
- Business
- Zawya
QatarEnergy LNG remains at 'forefront' of rising global vessel capacities: IGU
QatarEnergy LNG remains at the 'forefront' of rising vessel capacities (globally), ordering 24 new 271,000 cm (QC-max) vessels from China for delivery between 2028 and 2031, according to the International Gas Union (IGU). Globally, some 337 LNG vessels were under construction as of end-2024, IGU said in its '2025 LNG World Report'. Of the 64 newbuilds delivered in 2024, all have a capacity of between 174,000 and 200,000 cm. Vessels of this size remain within the upper limit of the Panama Canal's capacity following its expansion in 2016. They also benefit from economies of scale, particularly as additional LNG capacity is developed in the US Gulf Coast (USGC) for long-haul delivery to Asia, IGU noted. Moving forward, 200,000 cm vessels, or larger, could find favour due to their economies of scale for long-haul voyages, especially for long-term charters, if some flexibility is maintained (Panama Canal, terminal compatibility, etc). The current orderbook for such ships comprises 37 vessels, each with a capacity of either 200,000 cm or 271,000 cm, scheduled for delivery between 2025 and 2031. The global LNG orderbook had 337 newbuild vessels under construction at the end of 2024, equivalent to 45.4% of the current active fleet, with deliveries stretching into 2031. This illustrates shipowners' expectations that LNG trade will continue to grow in line with scheduled increases in liquefaction capacity, particularly from the US and Qatar, and fleet renewal demand from oncoming retirements of older, more inefficient vessels. An expected 97 carriers are scheduled to be delivered in 2025. The orderbook includes 21 icebreaker-class vessels for the Arctic LNG 2 project in Russia. These vessels are highly innovative and require high capital expenditure (CAPEX) which grant them the capability to traverse the Arctic region. Due to the Russia-Ukraine conflict, these vessels have faced a risk of delayed deliveries or cancellations due to international sanctions on Russia that have complicated equipment delivery and payments. IGU also noted the current global LNG fleet is relatively young, considering the oldest operational LNG carrier was constructed in 1977. As of end-2024, some 84.9% of the fleet is under 20 years of age, consistent with the rapid growth of liquefaction capacity since the turn of the century. Additionally, newer vessels are larger and more efficient, with superior project economics and emissions performance over their operational lifetime. In total, some 7,065 LNG trade voyages were undertaken in 2024, a 0.9% increase from the 7,004 seen in 2023, IGU said. This is in line with minimal growth in LNG production. While Asia remains the dominant demand centre with 4,609 trade voyages, European trade voyages declined by 13% to 1,929 in 2024 due to weak market fundamentals through most of 2024, with Europe importing just over 100mn tonnes. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Washington Post
29-05-2025
- Business
- Washington Post
Goods delivered by nuclear power? UN agency chief meets Greek shipowners to discuss the idea
ATHENS, Greece — The head of the International Atomic Energy Agency, Rafael Mariano Grossi, met with Greek shipowners on Thursday to discuss the potential use of nuclear power in future global goods transportation. The United Nations agency recently launched an initiative to develop a regulatory and safety framework for deploying nuclear reactors on commercial maritime vessels. Its aim is to reduce global emissions, improve efficiency in the shipping industry, and ultimately help lower food prices.
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South China Morning Post
08-05-2025
- Business
- South China Morning Post
Sustainable Ship Financing and the Social Aspect of ESG
[The content of this article has been produced by our advertising partner.] Advertisement As a major international maritime centre, Hong Kong is home to some of the world's leading shipowners, operators and managers. As such they are often owners of capital assets worth many millions of US dollars, and employers of hundreds or even thousands of seafarers and onshore staff. Mindful of the impact their policies and actions may have on individuals, society and the global environment, they are embracing ESG to demonstrate social commitment and contributing positively to society. A duty of care to employees at sea Working and living onboard a ship presents challenges rarely found in land-based occupations. Not least the requirement to work onboard for many months at a time without a break. Achieving a work life balance therefore can be difficult. The onus is therefore on the shipowner or ship manager to ensure the welfare of its ocean going staff. The minimum requirements for seafarers' employment are governed by the International Labour Organization's Maritime Labour Convention 2006. The Convention determines conditions of employment, accommodation, recreational facilities, food and catering, health protection, medical care, welfare and social security protection. Advertisement In a working environment that demands experience, crew retention is an important factor.
Zawya
06-05-2025
- Business
- Zawya
Global trade complexity drives innovation in maritime solutions
As maritime transportation continues to be a key propeller of global trade, it has an indispensable position in the global economy. Over the years, the industry has entered into a new era defined by rapid integration of advanced technologies and digitalisation. These changes are evidently reshaping maritime operations, especially in the area of navigation, communication and automation. These technologies are not only offering unprecedented levels of efficiency, but also are becoming a necessary factor for the industry players' survival in a highly competitive and regulated environment. According to the World Trade Organization (WTO), global trade is expected to continue expanding in 2025 and 2026, with merchandise trade volume gradually increasing in line with global GDP growth. Trade in commercial services is projected to grow at an even faster pace. The Middle East is also anticipated to see a rise in export volumes. This increasing trade volume underscores the need for advanced maritime solutions capable of handling greater complexity and ensuring efficient vessel management, safety, and environmental compliance. The growing complexity of environmental regulations, such as the IMO's Global Sulphur Cap which began in 2020, have forced shipowners to use cleaner and efficient technologies to reduce emissions. Amidst this, advanced navigation and communication systems aid industry players with precise and real-time data that enables them to navigate the tough routes with great safety and accuracy. For instance, GPS, which was launched between 1978 and 1985 with 11 satellites, now has about 24 satellites that orbit the Earth and send radio signals from space, further signifying the increasing demand for advanced navigation systems. In the current scenario, sailors are well-trained to handle modern navigation equipment, as vessels are equipped with advanced systems that provide accurate voyage data. For example, the gyrocompass provides a reliable directional source by accurately referencing the Earth's axis of rotation. As against the magnetic compass, it determines direction without being affected by external magnetic fields. Another key tool is Marine radars, which detect obstacles along the ship's path to prevent collisions. These radars, using microwave propagation, gather data beyond the human eye's reach, ensuring adherence to the International Regulations for Preventing Collisions at Sea (COLREGs) of 1972. Marine radars rely on S-band and X-band systems, which detect targets from long distances, including islands, icebergs and other floating objects, providing essential information to avoid collisions. It uses rotating antennas to scan the surroundings of the vessel. Complementing radar systems, the magnetic compass, which operates with the Earth's magnetic field, serves as the primary direction indicator on the bridge panel. Similarly, the Automatic Radar Plotting Aid (ARPA) is a key feature of modern radar systems that continuously monitor the ship's surroundings by detecting targets including ships, boats and stationary objects. It collects and provides data on their speed and course, helping prevent collisions. The automatic tracking system displays target information in both graphical and numerical formats, further enhancing safety during navigation. Additionally, the echo sounder, a navigation instrument used for nearly a century, measures the depth of water beneath a ship using sound wave transmission. Meanwhile, the Electronic Chart Display and Information System (ECDIS) simplifies locating a ship's position on navigational charts, offering greater accuracy. Modern vessels use marine digital voyage and route planners to avoid harsh weather and other obstacles, calculating the safest and cheapest routes. These advanced tools ensure safer and more efficient maritime operations, pushing operators to adopt these technologies to ensure their competitiveness, compliance and safety. As the trade evolves, the future of maritime industry and its operators depends on its ability to adapt to these changes and leverage the opportunities it offers. * Philip Cherian is CEO of Maritronics, Centena Group's Maritime division Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
