Splash Wrap: Shipping’s Most Frantic News Cycle of the Year
Iran has unveiled an insurance‑based framework that would formalise its control over the Strait of Hormuz, requiring vessels to file mandatory cargo declarations with a new Iranian maritime authority and negotiating transit fees with Oman. Three VLCCs recently transited the strait, which analysts view as the first clear sign of a coordinated operating protocol. Meanwhile, the U.S. Department of Justice indicted four major container‑manufacturing firms and seven executives for a price‑fixing cartel that doubled container rates during the pandemic. In parallel, WinGD secured its first ethanol‑fuel engine orders for ore carriers, underscoring the sector’s push toward lower‑emission fuels.
Latsis-Linked EuroHoldings Grows Product Tanker Exposure with Second Latsco Purchase
EuroHoldings, the Nasdaq‑listed Greek vessel owner, announced the purchase of the 49,997‑dwt product tanker Hellas Fighter for $39.25 million, with delivery slated for mid‑2026. The deal marks the second MR tanker acquisition from fellow Latsis‑linked shipowner Latsco Shipping, following the November...
Pakistan Relaunches Offshore Oil Hunt After 18-Year Hiatus
Pakistan has reopened its offshore oil and gas frontier after an 18‑year lull, signing 21 new production‑sharing agreements and two earlier awards for a total of 23 deep‑water blocks. The blocks span 54,600 square kilometres across the Indus and Makran...
Kpler Snaps up CITAC in Push for African Energy Market Data
Kpler has acquired African downstream intelligence specialist CITAC, adding over 25 years of on‑the‑ground market coverage to its platform. The deal, price undisclosed, gives Kpler access to CITAC’s network of refiners, traders and distributors across the continent. By integrating CITAC’s...
Philippines Port Capacity Set for Boost with $300m Loan Package
The Asian Infrastructure Investment Bank is providing a $300 million loan to International Container Terminal Services Inc. (ICTSI) to expand and modernize three Philippine container terminals. The Manila International Container Terminal will grow to 3.7 million TEU by 2027, while new facilities...
Intercargo Publishes First STS Transfer Standard for Bulk Carriers
Intercargo, the bulker owners’ association, has issued the first Ship‑to‑Ship Transfer Guidelines specifically for bulk carriers. The standards address planning, risk assessment, manoeuvring, fendering, cargo handling and emergency response, providing practical checklists and clear operational responsibilities. By codifying best practices,...
Equinor Extends PSV Charter with Eidesvik Offshore
Equinor has extended its charter of Eidesvik Offshore’s platform supply vessel Viking Avant through the end of 2026. The vessel, in service with Equinor since its 2004 delivery, will continue under a firm period with no further extension options remaining....
US Seizes Iran-Linked VLCC in Indian Ocean
The United States seized the 302,500‑dwt VLCC Skywave in the Indian Ocean, intercepting more than one million barrels of Iranian crude – the third Iran‑linked tanker taken since Washington launched military action in February. The ship, listed under Comoros and...
Ibaizabal Revives Suezmax Expansion with Hengli Order
Spanish shipowner Ibaizabal Group has re‑entered the suezmax newbuilding market after a decade, signing a deal with China’s Hengli Heavy Industries. The tanker arm, Ibaizabal Tankers, has contracted at least two 158,000 dwt crude carriers for delivery in 2028, with broker...
Hunter Group Faces Mounting VLCC Payment Dispute
Norwegian tanker owner Hunter Group disclosed that its long‑term charterer underpaid the April VLCC hire by about $9.22 million, adding to a similar shortfall in March and bringing the total dispute to roughly $17.84 million, not including interest. The shortfall represents a...
Pelagic and Clear Ocean Open Door to Golden Energy Offshore Deal Options
Golden Energy Offshore Services’ two largest shareholders, Clear Ocean Partners and Pelagic Partners, have launched a strategic review of their stakes in the Oslo‑listed offshore vessel owner. The review may lead to a partial or full disposal of their holdings,...
Iran Unveils Crypto Insurance Regime for Hormuz
Iran announced a new insurance‑based regime called Hormuz Safe to manage transit through the Strait of Hormuz, issuing blockchain‑verified marine policies payable in Bitcoin. The scheme requires vessels to file a mandatory Vessel Information Declaration with the newly created Persian...
Seapeak Grows LNG Orderbook with $756m Samsung Heavy Trio
Seapeak announced three new 174,000 cu m dual‑fuel LNG carriers from Samsung Heavy Industries, valued at roughly $756 million. The vessels, slated for delivery in early 2029, are already tied to 10‑year charters with a five‑year extension option from an unnamed energy firm....
Diana’s Hostile Push Hits Fresh Wall at Genco
Genco Shipping & Trading’s board has once again turned down Diana Shipping’s hostile tender offer of $23.50 per share, marking the second rejection within two months. Genco argues the bid undervalues the company, citing analyst estimates that place its net...
Coal Is No Longer a Dirty Word but an Energy Security Asset
The latest Geneva Dry coal session revealed that escalating tensions in the Hormuz Strait have revived seaborne coal demand, potentially adding 55‑65 million tonnes of cargo. Shipowners reported that roughly 40% of their fleets are now engaged in coal trades, with...
Splash Wrap: Iran Tightens Its Control of Hormuz
Iran’s Islamic Revolutionary Guard Corps intensified its grip on the Hormuz Strait, making the waterway more hazardous and effectively closed to commercial traffic. At the same time, U.S. prosecutors charged Singapore‑based ship manager Synergy Marine over the 2024 Francis Scott...
20-Year-Old LNG Vessels Become Hot Property
Seven 20‑year‑old LNG carriers built in 2005‑06 are changing owners as the Strait of Hormuz disruption tightens global LNG supply. Chinese‑linked Rising Universe Shipping bought the 145,000‑cu‑m Methane Rita Andrea for roughly $30 million, renamed Grand Reach, and placed it under...
Hayfin Lines up LNG Carrier Newbuilds in South Korea
London‑based Hayfin Capital Management has placed an order for two 174,000‑cbm LNG carriers with South Korea’s HD Hyundai Heavy Industries, with deliveries slated for the end of March 2029. The contract, valued at KRW 743.9 bn (approximately $497 million), translates to about $248.5 million per...
Maritime Security Enters the Marvel Universe in Singapore
The Singapore Police Force is piloting jetpacks and weaponised drones to boost maritime security capabilities. The jet‑propelled system would let officers fly directly onto suspect vessels, bypassing traditional ladders or fast‑boat approaches. Armed drones are being tested to enable remote...
Pan Ocean Expands Crude Tanker Push with Four VLCC Newbuilds
South Korean shipowner Pan Ocean announced a KRW 783.4 billion ($525 million) order for four new very large crude carriers (VLCCs). The investment, roughly $131 million per vessel, pushes the company further into the crude tanker market, a shift from its traditional dry‑bulk focus...
Splash Singapore Assembles Maritime Power Players
Splash Singapore, the newest senior‑level shipping summit organized by the Geneva Dry team, will convene on September 24 at the Fairmont Hotel. Anglo‑Eastern Univan Group CEO Bjorn Hojgaard will open the Big Issues panel alongside CEOs from Swire Shipping, Erasmus...
Fleet Management Stalwart Unveils New Singapore Operation
Singapore‑based Nura Shipco Management officially began operations in 2026 under former Fleet Management executive Aga Nagarajan. The venture, created with Nura International Shipping, positions itself as a quality‑focused ship‑management platform emphasizing compliance, crew welfare and sustainable growth. This month the firm...
Teekay Tankers Snaps up Korean Resale Suezmaxes
Teekay Tankers has agreed to purchase two Korean‑built suezmax resale newbuildings for roughly $190 million, with delivery slated for 2027. The deal expands the company’s mid‑size crude carrier fleet and is part of a broader renewal program that has seen five...
CMA CGM to Invest $820m in Kenya’s Port of Mombasa
French shipping giant CMA CGM announced a $820 million investment to modernise and expand two terminals at Kenya’s Port of Mombasa. The upgrade, under a cooperation framework with the Kenyan government, will increase cargo‑handling capacity and strengthen regional trade corridors linking landlocked...
Panama Canal Slot Auctions Hit Record $4m
Auction fees for priority Panama Canal transits surged to a record $4 million per vessel, far outpacing the $135‑$140 k premiums that prevailed before the Middle East crisis intensified. Average auction premiums now sit between $385 k and $425 k, reflecting urgent demand from...
Bauxite Storm Brewing for Capesizes
The seaborne bauxite market, long driven by Guinea’s rapid export growth, faces a possible 2026 export cap of 150 million tonnes that could free up about 46 capesize vessels and depress freight rates. At the same time, the Hormuz crisis has...
Economou Tied to VLGC Newbuild Slots in South Korea
Greek shipowner TMS Cardiff Gas, controlled by George Economou, has placed an order for two dual‑fuel very large gas carriers (VLGCs) with Hyundai Heavy Industries in South Korea. The 90,000‑cubic‑metre vessels are valued at KRW 335.4 billion (about $242 million) and are scheduled...
Knutsen Stacks LNG Orderbook Higher with Hanwha Ocean Deal
Knutsen Group has secured a KRW 363.2 bn ($250.3 million) contract for a new LNG carrier from South Korean shipbuilder Hanwha Ocean, adding to its already sizable new‑building programme. The Norwegian owner now operates 37 LNG vessels and has 13 more under construction,...
Former Lauritzen Boss to Lead Board of Danbulk
Martin Egvang, former CEO of Lauritzen Bulkers and Integrity Bulk, has been appointed chairman of the board for the newly formed Danish dry‑bulk carrier Danbulk. The board also includes vice‑chairman Kim Larsen, board member Martin Kristensen, and CEO Thomas Nielsen. Danbulk highlighted Egvang’s extensive shipping experience...
One LNG Transit, Zero Breakthrough in Hormuz Crisis
President Donald Trump rejected Iran’s reply to a U.S. peace proposal, keeping tensions high in the Persian Gulf. The U.S. Navy disabled two empty Iranian tankers, while Iran’s IRGC warned of reprisals and seized a Chinese‑owned vessel. A U.S.-owned bulk...
Carbon Costs, Fuel Choices and Uncertainty Shape Geneva Dry Debate
The Geneva Dry conference’s Decarbonisation panel highlighted that the bulk‑shipping sector has moved from debating net‑zero feasibility to tackling commercial implementation. Participants stressed quick‑win projects, fuel flexibility and digital optimisation as the most viable paths amid thin margins and rising...
Vroon Cashes Out of Livestock Shipping Business
Dutch shipowner Vroon has completed the sale of its Livestock Express unit to Australian agribusiness group Heytesbury, transferring ownership of all 11 livestock carriers and related operations. The divestiture ends a 60‑year chapter for Vroon in the livestock transport market,...
Japanese-Built Ultramax Values Jump
Japanese‑built ultramax vessels are experiencing a sharp price surge, highlighted by the recent sale of the 64,000 dwt Dominator for $38 million—a 17% increase over its $32.5 million price seven months earlier. The market is also seeing strong demand for 15‑20‑year‑old panamax and...
Awilco LNG Changes Course with CEO Exit and Board Revamp
Awilco LNG announced the immediate resignation of long‑time chief executive Jon Skule Storheill, ending a 15‑year tenure that began with the company’s 2011 IPO. The board has appointed CFO Per Heiberg as interim CEO while it prepares a broader leadership...
The Seafarer Shortage Is Not What Shipping Thinks It Is
The article argues that the perceived global seafarer shortage is a mischaracterization; the real challenge lies in training, supporting, and protecting the existing workforce. While competition for senior officers is intense, many experienced sailors struggle to find safe, reputable jobs...
Splash Wrap: Trump’s Hormuz Escort Mission Lasted Less than a Netflix Free Trial
The Trump administration launched Project Freedom on Monday to escort stranded vessels out of the Strait of Hormuz, but the mission was abandoned the next day as regional security deteriorated and Iranian forces struck ships while imposing new navigation guidelines....
Small Inefficiencies Still Costing Dry Bulk Millions: Geneva Dry
At Geneva Dry 2026, industry leaders highlighted that despite tracking 1.3 million port calls and amassing vast real‑time data, dry‑bulk shipping still suffers from planning gaps and margin leakage. Speakers pointed to unreliable connectivity, fragmented data standards, and low trust in...
Zodiac Targets Ammonia Shipping with Hanwha Deal
London‑based Zodiac Maritime, controlled by Eyal Ofer, has placed an order for three very large ammonia carriers (VLACs) with South Korean builder Hanwha Ocean, with options for two additional ships. The contract, valued at roughly $575 million overall and $345 million for...
Crew Welfare Data Map Launched
The Sustainable Shipping Initiative (SSI), backed by the Lloyd’s Register Foundation, has published the first industry‑wide mapping of crew welfare, wellbeing and safety data. The study shows that while data exists, it is fragmented, siloed and inconsistently applied across owners,...
Decisions by Many, Responsibility by One
The article argues that modern shipping separates authority from accountability, leaving ship masters bearing the brunt of failures despite widespread information sharing. It cites incidents of structural damage and cargo spoilage where daily reports were copied to owners, charterers, and...
Maersk Supply Services Brand Disappears in Brazil as Navvik Launches
The former Maersk Supply Service Brazil has been sold to a consortium of ASM Texas Corp and FV Star One and rebranded as Navvik. The new entity inherits a fleet of seven offshore support vessels and will continue existing contracts...
BW Offshore Secures Firmer Timeline for UK North Sea FPSO
BW Offshore has renegotiated the contract for its UK North Sea FPSO, BW Catcher, replacing the previous extension clauses with a fixed term that runs to December 31, 2030, plus or minus six months. The amendment, effective retroactively from February 1, 2026, adds roughly $490 million...
Genco Steps up Fight Against Diana Takeover Push
Genco Shipping & Trading has intensified its defence against Diana Shipping’s hostile takeover by filing proxy materials that urge shareholders to re‑elect its six directors and reject Diana’s board slate. The New York‑listed dry‑bulk owner argues Diana’s $23.50‑per‑share offer, a...
Middle East Conflict Airspace Crisis Hits Crew Change Budgets
Airspace instability caused by the Middle East conflict is sharply raising crew‑change travel costs for the shipping industry. ATPI reports average airfare hikes of 110% on Asia‑Europe routes, with peak spikes up to 218%, while direct flight options have dwindled....
Sinopec Books LNG Bunker Newbuild
China’s Sinopec Clean Energy has placed an order for a 12,000 cu m LNG bunkering vessel with Nantong CIMC Sinopacific Offshore & Engineering (CIMC SOE). The contract, valued at roughly RMB 565 million (about $83 million), was awarded through Sinopec’s 2026 LNG bunkering vessel tender. The...
Excelerate Reroutes Newbuild FSRU to Jordan Amid Iraq Delays
Excelerate Energy has secured a nine‑month interim charter for its new‑build FSRU Excelerate Acadia with Jordan’s National Electric Power Company, slated to start mid‑2026 at the Aqaba LNG terminal. The charter is expected to add roughly $20 million of adjusted EBITDA...
VLCC Asset Prices Defy Gravity as Five-Year-Old Tonnage Trades Above Newbuild Contracts
The Hormuz Strait closure has upended conventional tanker pricing, with five‑year‑old VLCCs now commanding $9 million more than a brand‑new vessel from a Korean shipyard. Resale premiums are even steeper, reaching $45.5 million—21 % to 35 % above new‑build prices—for buyers seeking immediate availability....
Trust, Gut and a Telex Mentality that Refuses to Die: Geneva Dry’s Broking Debate
The opening day panel at Geneva Dry questioned the future role of brokers amid AI, instant data, and algorithmic trading. Participants agreed that while technology accelerates information flow, the core function of brokers—providing trust, transparency, and human judgment—remains unchanged. Complexity...
Burmester & Vogel: ‘I Want to Build the Bloomberg of Shipping’
Burmeister & Vogel CEO Evangelos Efstathiou unveiled a patent‑pending AI engine that ingests every type of shipping document to automate laytime and demurrage calculations, turning raw data into instant market intelligence. He warned that many shipowners misunderstand AI’s capabilities, urging...
Taiwanese Bulker Banned From Australia over Unpaid Crew Wages
The Australian Maritime Safety Authority (AMSA) has banned the Liberia‑flagged bulk carrier FPMC B Forever from entering Australian ports after a port‑state control inspection uncovered crew underpayment and illegal charges for potable water. The vessel, owned by Formosa Plastics Marine Corporation, is...