‘Silver Tsunami’ Drives Surge in Shipping Claims
The Nordic Association of Marine Insurers' 2025 NoMIS report shows ocean hull claim costs are 33% above pre‑pandemic levels, marking a third year of rising losses. An ageing global fleet—dubbed a ‘silver tsunami’—is driving a surge in machinery and fire claims, with machinery claims over $500,000 up 30% and a 50% rise in cost per vessel. In 2024, seven of 18 claims exceeding $10 m were machinery‑related, while fires accounted for the majority of the costliest losses. Inflation and higher new‑building prices are further inflating claim costs.
Diana Turns up Heat on Genco with Shareholder Offensive
Diana Shipping has escalated its bid for Genco Shipping & Trading to a direct shareholder appeal, offering $23.50 per share – a 31% premium to the undisturbed price – backed by $1.433 bn of committed financing. The Greek owner accuses Genco’s...
Wah Kwong Unit Lines up Green Methanol Supply Deal
Wah Kwong’s fuel subsidiary Venture Energy has signed a supply agreement with Shanghai Shenji Energy to import ISCC‑certified green methanol, with first deliveries slated for the first half of 2026. The methanol, derived from municipal waste, crop residues and livestock...
Floatel Seals Equinor Vessel Deal in Brazil
Floatel International has turned a letter of intent into a three‑month contract for its semisubmersible accommodation vessel Floatel Victory at Equinor’s Bacalhau field in Brazil. The work, scheduled to start mid‑2026 after completing the current Karoon campaign, includes options to...
Maersk Executive Caroline Pontoppidan Becomes First Woman to Chair Danish Shipping
Caroline Pontoppidan, Maersk’s executive vice‑president, chief legal officer and head of corporate affairs, has been elected chairwoman of Danish Shipping, becoming the organization’s first female leader. She succeeds Torben Carlsen, who held the post since 2023, and takes over immediately after three...
VLCC Newbuild Bonanza Smashes Two-Decade-Old Annual Record in Just Six Months
VLCC newbuilding orders in the fourth quarter of 2025 and the first quarter of 2026 have already eclipsed the previous record annual total, with an estimated 125 vessels ordered—surpassing the 108 set in 2006. The orderbook‑to‑fleet ratio surged from 10%...
Vafias Makes VLCC Comeback with South Korea Order
Greek shipowner Harry Vafias, through Stealth Maritime, has placed an order for two new VLCCs at South Korea’s Hanwha Ocean, marking his return to the ultra‑large crude carrier segment after roughly 20 years. The 320,000‑dwt vessels are priced at about...
Splash Wrap: Fragile Hormuz Ceasefire Fails to Lift Traffic
A tentative U.S.-Iran cease‑fire has not restored traffic through the Strait of Hormuz, leaving vessel movements at a near‑standstill. Meanwhile, Exmar is set to receive the world’s first ammonia‑powered gas carriers, a 46,000 cu m pair built by Hyundai Heavy Industries. Panama...
Burning Ships, Smoke, and the Limits of Decarbonisation
The article highlights a paradox in maritime emissions accounting: while shipowners painstakingly reconcile fractions of a tonne for EU ETS compliance, large‑scale emissions from conflict‑related ship fires and bombed fuel depots are largely ignored. Recent attacks in the Red Sea,...
Thenamaris Moves Into Ammonia Shipping Segment
Greek shipowner Thenamaris has placed an order for two 90,000 cu m very large ammonia carriers (VLACs) with China’s Jiangnan Shipyard, with deliveries expected in 2029. The vessels will use low‑resistance hulls optimized for old Panamax dimensions and LPG dual‑fuel engines, targeting...
Great Eastern Clears Out Ageing Tankers
Great Eastern Shipping of India is divesting two older MR product tankers—Jag Prakash (48,000 dwt, built 2007) and Jag Panhki (46,000 dwt, built 2003)—as part of a fleet‑renewal drive. The company now operates 40 vessels, totaling about 3.2 million dwt, after adding a 49,420 dwt...
Landlocked Switzerland Pushes for Seat at Europe’s Port Alliance Table
Switzerland is lobbying to join the European Union’s port alliance, a security‑focused network of roughly 200 members and 50 ports. The landlocked nation argues that its tight ties to gateways like Antwerp‑Bruges and the Rhine corridor make it a valuable...
Bulk Carrier Banned From Australia over Unpaid Wages
The Australian Maritime Safety Authority (AMSA) detained the Liberia‑flagged bulk carrier BBG Wuzhou after discovering that its crew had gone unpaid for nearly seven months, with wages totaling tens of thousands of dollars. The inspection also revealed inadequate food, lack of...
Subsea 7 Adds $1bn-Plus Brazil Project to Backlog
Subsea 7 has secured a contract from Brazil’s state‑owned Petrobras to develop the Sepia 2 field in the pre‑salt Santos Basin, valued at over $1.25 bn. The agreement covers engineering, procurement, fabrication, installation and pre‑commissioning of subsea umbilicals, risers and flowlines for 17...
SLB OneSubsea Lands Gulf of Mexico Subsea Boosting Deal
SLB OneSubsea, a joint venture of SLB, Aker Solutions and Subsea7, secured a contract from Beacon Offshore to supply a high‑pressure, high‑temperature (HPHT) multiphase boosting system for the Shenandoah field in the Gulf of Mexico. The system is engineered to...
Global Orderbook Hits 17-Year High
By the end of Q1 2026 the global shipping orderbook hit a 17‑year high of 191 million compensated gross tonnes, representing 17% of the world fleet. Newbuilding contracting rose 40% YoY to 17.6 million CGT, driven by a tripling of tanker orders and...
Exmar Names World’s First Ammonia-Powered Gas Carriers
Exmar will take delivery of the world’s first ammonia‑powered gas carriers, the 46,000 cu m vessels Antwerpen and Arlon, built by Hyundai Heavy Industries in Ulsan. The dual‑fuel ships can run on ammonia or conventional fuel and feature shaft generators, SCR systems...
HD Hyundai Pioneers ‘Half-Ship’ Construction to Tackle Record Orderbook
HD Hyundai Heavy Industries unveiled a "half‑ship" construction model, splitting a 157,000 dwt Suezmax tanker into bow and stern halves built at separate yards and later joined in Ulsan. The 168‑m bow was fabricated by HSG Sungdong in Tongyeong, towed 120 km,...
Sonangol Doubles Down on LNG with Fresh HD Hyundai Order
Angolan state oil company Sonangol has placed a new order for two 174,000‑cubic‑metre LNG carriers with HD Hyundai Samho, valued at roughly $511 million and slated for delivery by September 2029. The contract follows an earlier $245 million order for a similar...
France Sharpens Penalties in Fresh Push Against Shadow Fleet
France is drafting an amendment to its military planning law that would double penalties for vessels operating without valid flags or refusing authorities. Fines could rise to €300,000 (≈ $327,000) with up to two years in prison, or €700,000 (≈ $763,000) and...
Xiamen Feihongshun Upsizes Boxship Fleet with Newbuild Pair in China
Chinese non‑operating owner Xiamen Feihongshun Shipping has placed orders for two new containerships at domestic yards, expanding its feeder and mid‑size fleet. Jiangsu Zhiyuan Shipbuilding will build a 4,350‑teu vessel—the largest the owner has ever taken on—priced at roughly $42.7 million...
How to Secure the Arctic Frontier
Europe faces a surge in "dark" vessels operating in the Arctic and North Atlantic as sanctions on Russia, Iran and Venezuela drive ships to disable AIS or spoof their identities. A recent US boarding of a Russian‑flagged tanker and heightened...
DeepOcean Brings in Boskalis CSV
DeepOcean has secured a charter for Boskalis' construction support vessel Boka Spearfish through the end of 2026, with extension options. The 2014‑built ship will be outfitted with two work‑class ROVs and supporting systems after a short mobilisation. This addition brings DeepOcean’s...
North Star Fixes PSV to EnQuest
UK offshore vessel owner North Star has secured a charter for its 2013‑built platform supply vessel Grampian Sovereign with EnQuest, a North Sea oil and gas operator. The contract runs for a minimum of one year with options to extend...
ICAP Rolls Out Dry FFA Desk
ICAP has launched a global dry forward freight agreement (FFA) desk spanning London, Copenhagen, Dubai and Singapore, providing 24‑hour coverage of the main freight trading hubs. The desk will handle capesize, panamax, supramax and handysize routes as well as time‑charter...
Trump Floats US Toll on Hormuz
President Donald Trump suggested the United States could levy tolls on vessels transiting the Strait of Hormuz, a waterway that moves about 20 % of global oil and LNG. The proposal would require a U.S. military presence despite the strait lying...
Black Sea Oil Hubs in Crosshairs After Drone Strikes
Ukraine intensified drone attacks on Russian oil export hubs in the Black Sea, striking the Caspian Pipeline Consortium (CPC) terminal near Novorossiysk. The strikes damaged a single point mooring, loading infrastructure, four storage tanks, and six of seven berths at...
Spain and the Dark Fleet
Spain remains one of the EU’s most exposed nations to the “ghost fleet,” with stateless oil tankers regularly transiting its waters near the Strait of Gibraltar and the Canary Islands. Recent incidents involving vessels like Chariot Tide, Deyna and Paz—often...
India Secures Its First Ammonia Dual-Fuel Bulk Carrier Order
India’s Swan Defence and Heavy Industries (SDHI) has secured its inaugural order for ammonia dual‑fuel vessels, signing a contract to construct four 92,500 dwt bulk carriers for Energy ONE Limited. The ships, 229.5 m long and 37 m wide, will feature South Korean‑designed...
Peter Döhle Extends Boxship Run with Chengxi Contract
German shipowner Peter Döhle Schiffahrts has placed an order for two 3,100‑TEU feeder vessels at China’s Chengxi Shipyard, each priced around $48 million with delivery slated for 2029. The contract extends a series of recent boxship orders in China, including four...
Carlova Expands Tankers Newbuild Slate
Carlova Maritime is expanding its tanker fleet by ordering a second 300,000‑dwt VLCC from South Korea’s Hanwha Ocean, slated for delivery in Q3 2029, and securing an early‑construction slot for a 114,000‑dwt Aframax at China’s Hengli Heavy Industries for Q2 2028. The...
Novatek Creates Shipbuilding Arm
Novatek, Russia's largest independent gas producer, has launched a shipbuilding subsidiary, Severny Inzhiniring, to build and maintain ice‑class LNG carriers and condensate tankers. The move aims to circumvent Western sanctions that have cut off access to Asian yards like Hanwha...
Floating Ports of the Future
Michael Priv, founder of Blue Vector Ocean Alliance, proposes modular floating ports as a sustainable alternative to traditional, dredge‑dependent terminals. These anchorless platforms use ballast tanks, thrusters and renewable energy to maintain precise positioning while avoiding seabed impact. Integrated eco‑restorative...
Israel Strikes Iran’s South Pars Gas Complex Again
Israel launched a second airstrike on Iran's South Pars gas field and its adjacent petrochemical complex, targeting the Asaluyeh refinery and the Mahshahr plant. The attacks knocked out facilities that produce roughly 50% of Iran's petrochemicals and account for about...
‘Open the F***in’ Strait’: Trump
President Donald Trump posted a profanity‑filled warning on Truth Social demanding Iran reopen the Strait of Hormuz, signaling heightened U.S. pressure amid the US‑Israel‑Iran conflict. The weekend saw fresh attacks on Gulf ports, including a fire at the UAE’s Khorfakkan...
COSCO Targets Dozen LNG Dual-Fuel Boxships in $2bn Move
China’s state‑run shipping giant COSCO is in advanced talks to order up to 12 LNG dual‑fuel container ships from Hudong‑Zhonghua Shipbuilding, a deal valued between $2 bn and $2.3 bn. The vessels, sized at 14,000 teu neo‑panamax, would cost roughly $170‑190 million each and...
Ship Repair Yard Opens in Djibouti
Djibouti inaugurated the Djibouti Ship Repair Yard (DSRY), developed with Damen Shipyards and financed by Invest International of the Netherlands. The facility features a 217‑meter long, 43‑meter wide floating dock, making it the largest ship repair yard in the Red...
What Containerisation Taught Us About the Future of Maritime Education
Matt Gilbert, CEO of Yuni, argues that maritime education’s next revolution is not a new curriculum but a new perspective inspired by containerisation. He notes that traditional training relies on course completion and certificates, which are compliance‑focused and fail to...
Ten Injured in ONGC Offshore Platform Fire
India’s state‑run Oil and Natural Gas Corporation (ONGC) confirmed a fire on its SHP offshore platform at the Mumbai High field, located about 160 km off the Mumbai coast. The blaze was extinguished quickly, and normal production resumed shortly after. Ten...
Splash Wrap: Hormuz Bells Are Ringing
Iran’s parliament approved a formal toll and access regime for the Strait of Hormuz, signalling a new revenue stream and heightened navigation controls amid the ongoing US‑Israeli conflict. Satellite images confirmed severe damage to Russia’s key Baltic energy‑export ports after...
Lila Global’s VLCC Bet Pays Off with 55% Asset Value Surge in Months
Lila Global’s ship‑owning arm has turned a distressed VLCC purchase into a rapid profit, buying the 299,000‑dwt Cosgrand Lake for roughly $35 million and re‑branding it Lila Jamnagar. Within a few months the vessel’s valuation jumped to $54.38 million, a 55 % increase, according...
Zhonggu Logistics Backs Wuhan Qingshan Restart with 10-Ship Order
China's Zhonggu Logistics has placed an order for ten 1,800‑TEU feeder containerships with Wuhan Qingshan Shipyard, committing up to $392 million. Deliveries are scheduled for 2028‑2029, marking the yard’s return to new‑building after a 2018 pause. The contract adds to Zhonggu’s...
BlackRock Takes 5% Stake in Samsung Heavy in Vote of Confidence for Shipbuilding Supercycle
BlackRock has acquired a 5.01% stake in Samsung Heavy Industries, marking its first direct exposure to the shipbuilding sector. Samsung Heavy has booked $3.1 billion in new orders this year, representing 22% of its $13.9 billion annual target. The order book remains...
Somalia Registers Its First Vessel Under the National Flag in over Three Decades
Somalia has registered its first vessel under the national flag since 1991, the Guney, after a memorandum with Somali Ship Register Limited. The Ministry of Ports and Maritime Transport completed all legal and regulatory procedures, marking the first Somali‑flagged departure...
Ventura Offshore Secures Brazil Rig Extensions with Petrobras
Ventura Offshore announced contract extensions for two of its offshore rigs operating in Brazil. The 2009‑built SSV Victoria will receive a 1,455‑day extension starting January 2027, adding roughly $466 million to the company’s backlog. The drillship Atlantic Zonda secured a 365‑day extension...
Scorpio Tankers Bets on Nuclear-Powered Ships
Scorpio Tankers has partnered with US‑based Ampera, committing $10 million to develop micronuclear energy systems for maritime use. The collaboration will initially target floating nuclear power barges before expanding to full‑scale commercial vessels. Scorpio will supply engineering, regulatory expertise, and access...
Transocean Secures $1bn Backlog Boost
Transocean announced a roughly $1 bn increase to its order backlog after winning a new harsh‑environment semisub contract in Norway and securing extensions for two ultra‑deepwater drillships in Brazil. The Barents rig will operate under a 1,095‑day, $450,000‑per‑day agreement starting mid‑2027,...
Ciner Adds Six Ultramaxes in Fresh $204m China Order
Turkey’s Ciner Group has placed a fresh order for six 64,000‑dwt ultramax bulk carriers at China’s New Dayang Shipbuilding, valued at roughly $34 million each for a total of about $204 million. Deliveries are slated between the fourth quarter of 2028 and...
The Invisible Oil Fuelling Myanmar’s Genocide
The Andaman Sea has turned into a hidden corridor where traffickers deliberately switch off AIS transponders, creating ghost ships that move Rohingya refugees and sanctioned Jet A‑1 fuel. Refugees are packed into cramped fish holds, forced to endure dangerous voyages without...
JP Morgan Interests Circle New VLGC Pair at Samsung Yard
JP Morgan’s shipping arm, via its Bermuda affiliate Global Meridian Holdings, is linked to a new contract for two very large gas carriers (VLGCs) at Samsung Heavy Industries. The $226 million order, for vessels capable of carrying LPG and ammonia, is...
