Asyad Shipping Enters Kamsarmax Space with $73m Bulker Buy
Oman’s state‑backed Asyad Shipping announced a $72.7 million deal to acquire two 2023‑built 85,000 dwt kamsarmax bulkers, with delivery expected in Q4 2026. The purchase expands the company’s dry‑bulk fleet to 16 vessels and roughly 3 million dwt, marking its first foray into the kamsarmax segment. The move follows a recent capesize acquisition and aligns with Asyad’s broader $2.7 bn fleet‑expansion program funded by a $333 m IPO. CEO Ibrahim Al‑Nadhairi said the expansion aims to meet rising global bulk demand.
JHI Steamship Deepens Tanker Push with VLCC Newbuild
Greek shipowner JHI Steamship has placed an order for a 320,000‑dwt VLCC newbuild at South Korea’s Hanwha Ocean, with delivery expected in 2029. The order expands JHI’s ongoing fleet build‑out, which already includes three Aframax/LR2 vessels and two Suezmax tankers...
Ammonia Gains Momentum Across East Asia
The maritime sector’s push for zero‑carbon fuels accelerated this week with two landmark developments in East Asia. ClassNK issued the world’s first Approval in Principle for an ammonia‑powered Panamax bulk carrier, featuring an IMO Type B independent fuel tank on deck—a...
Why the Ship Recycling Debate Needs a Reality Check
The ship recycling sector faces a looming wave of roughly 15,000 vessels slated for dismantling by 2032, prompting a shift from debating standards to recognizing existing compliant capacity. India now houses the world’s largest certified non‑beaching yards, many audited by...
Iran Seizes Two Boxships After Fresh Attacks in Strait of Hormuz
Iran’s Islamic Revolutionary Guard Corps fired on three container ships in the Strait of Hormuz and seized two, the MSC Francesca (11,668 teu) and the Epaminondas (6,673 teu). The attacks were justified by Tehran as violations of navigation permits and AIS non‑compliance....
Vietnam Ocean Shipping Expands Product Tanker Fleet with South Korea Newbuilds
Vietnam Ocean Shipping (VOSCO) is expanding its product tanker fleet by ordering two new 50,000‑dwt MR tankers from South Korea’s K Shipbuilding. The contracts, valued at roughly $52 million each, are part of a broader $400 million fleet renewal program announced in...
Tanker Stocks Face Covid-Style Reckoning
Tanker equities have surged 38%‑70% year‑to‑date, echoing the 2020 pandemic boom, but share prices have stalled despite record spot earnings. Evercore ISI’s Jonathan Chappell downgraded DHT, Frontline and Nordic American, warning that the current “perfect storm” of high winter demand,...
Gunfire and Gridlock Choke Hormuz
A Liberia‑flagged container ship was hit by IRGC gunfire 15 nautical miles northeast of Oman despite having permission to transit the Strait of Hormuz. The United States has extended a land cease‑fire with Iran but kept a maritime blockade, boarding...
Nicaragua and Equatorial Guinea Emerge as Latest Homes for Sprawling Shadow Fleet
Nicaragua and Equatorial Guinea have been identified by maritime AI firm Windward as new flag registries absorbing shadow‑fleet tonnage. The International Maritime Organization (IMO) reported 550 falsely flagged vessels in Q1, up from 470 the previous quarter, including 367 tankers....
JP Morgan Tipped for $500m VLCC Move at DSIC
JP Morgan is linked to a new VLCC order worth about $500 million at China’s Dalian Shipbuilding Industry Co. The bank‑backed platform has signed for two 307,000‑dwt vessels at roughly $123 million each, with options for two more, slated for delivery in...
AI Watchkeeper Put Through Paces in Mediterranean Trial
Lloyd’s Register completed a five‑day live trial of Orca AI’s computer‑vision platform on a feeder containership sailing 828 nautical miles through the busy Mediterranean. The AI system logged 739 targets, achieving 94% precision and 98.6% recall while operating with zero...
Akkon Set to Become Turkey’s Largest Liner
Turkish carrier Akkon Lines is set to become Turkey’s largest container operator after adding the 3,316‑TEU vessel Ou Sheng. Founded in 2018, the Istanbul‑based firm now runs 34 ships with 50,515 TEU, placing it 35th globally and within 500 TEU of market leader...
Genco Swaps Ageing Supramaxes for Modern Capesize
Genco Shipping & Trading is swapping two 2005‑built supramaxes for a new 182,000 dwt capesize slated for delivery in June 2026. The older vessels fetched $21.2 million combined, while the capesize costs $65 million and will operate in the spot market. Genco expects...
Shishi Dingsheng Steps Into LR2 Tanker Segment with Newbuild Order
Shishi Dingsheng Shipping, a Chinese dry‑bulk specialist, has placed its first order for large product tankers, contracting two 114,000‑dwt LR2 newbuilds from Taizhou Kouan Shipbuilding. The vessels are scheduled for delivery in March and June 2029, marking the company’s entry...
Laskaridis Adds Fourth Suezmax at DH Shipbuilding
Greek shipowner Lavinia Tankers, part of the Laskaridis Shipping group, exercised an option with South Korea’s DH Shipbuilding for a fourth 157,000‑dwt Suezmax crude tanker, slated for delivery in July 2029. The contract follows earlier orders for two Suezmax units...
Yangzijiang Shipbuilding Adds Repair and Conversion Arm
Yangzijiang Shipbuilding announced the creation of Jiangsu Yangzi Hongda Shipbuilding and Repair, a $100 million, wholly‑owned subsidiary focused on ship repair, retrofit and green conversions. The new unit, located in Nantong's Tongzhou Bay Demonstration Zone, adds a green‑focused capability to the...
Hormuz Crisis Intensifies
The Strait of Hormuz experienced a rapid series of openings, closures, vessel attacks and a U.S. naval boarding over three days, heightening concerns among commercial shippers. Iran briefly announced the strait was open, then reversed the decision within 24 hours...
Strait Standoff Reshapes Fertiliser Trade and Crop Economics
Eight weeks of Middle‑East fighting have blocked roughly 24% of the world’s bulk fertiliser supply behind the Strait of Hormuz, stranding about 834,000 tonnes of urea. Shipping through the strait fell over 95%, driving nitrogen prices up nearly 40% in...
Aygaz Triples VLGC Bet with Fresh South Korea Orders
Turkey’s Aygaz is expanding its deep‑sea LPG shipping portfolio by signing a contract with HD Hyundai Heavy Industries for two additional very large gas carriers (VLGCs) of roughly 90,000 cu m each. The order brings the company’s VLGC new‑build count to three,...
Himalaya Shipping Scores Fresh Premium Index-Linked Charter
Oslo‑listed Himalaya Shipping has booked a fresh 12‑to‑14‑month charter for its 210,000‑dwt newcastlemax LNG dual‑fuel bulker Mount Emai, commencing in the first half of May after redelivery. The agreement is index‑linked, with earnings set above the Baltic 5TC benchmark and...
CMA CGM Doubles Down on Vietnam with Terminal Upgrade
CMA CGM is expanding its 25% stake in Gemalink’s Cai Mep terminal in southern Vietnam. The upgrade will lift capacity from 1.7 million TEU to roughly 3 million TEU, adding a 450‑metre quay extension, a larger container yard and five new ship‑to‑shore cranes. Completion...
Performance Shipping Secures Repsol Charters for Suezmax Newbuilds
Performance Shipping, a Nasdaq‑listed Greek tanker owner, has secured long‑term charters for its two suezmax newbuilds with Repsol Trading. The 158,000‑dwt vessels being built in Shanghai will earn $35,000 per day on a seven‑year contract and $36,850 per day on...
US Widens Hormuz Blockade Net as Dark Fleet Hunted Across Pacific
The U.S. Central Command has broadened its blockade of Iranian shipping, now applying to all Iranian‑flagged vessels, OFAC‑sanctioned ships, and any craft suspected of moving contraband, regardless of location. The order expands the net to the Pacific, targeting dark‑fleet tankers...
Mark O’Neil Leaves Columbia
Mark O’Neil has departed Columbia Shipmanagement and the Columbia Group after a nine‑year tenure as president and CEO. Owner Heinrich Schoeller announced the exit effective immediately, without providing a reason. COO Andreas Hadjipetrou has been elevated to interim CEO to...
Yangzijiang Maritime Places Major VLCC Bet with Eight-Ship Order
Yangzijiang Maritime Development, a Singapore‑listed shipowner, placed an order for eight new 319,000‑dwt VLCCs at a Chinese shipyard, with deliveries slated for 2028‑2030. The vessels will incorporate fuel‑optimised hulls, electronically controlled engines and other energy‑saving devices to meet or exceed...
Splash Wrap: Next Generation MSC
Mediterranean Shipping Company (MSC) became the first container carrier to operate 1,000 vessels after the delivery of the 11,480‑teu MSC Migsan from Zhoushan Changhong shipyard in China. Founder Gianluigi Aponte, 85, handed the business to his son Diego and daughter Alexa,...
Seaspan Breaks Into MPP Segment with Four Newbuilds
Seaspan, the world’s largest container‑ship leasing firm, has placed its first dry‑bulk order, contracting China’s New Dayang Shipbuilding to build four 65,200‑dwt open‑hatch multipurpose vessels. The ships, equipped with gantry cranes and box‑shaped cargo holds, are slated for delivery in...
Pacific Basin Drops Methanol Dual-Fuel Orders in Newbuild Rethink
Pacific Basin Shipping has scrapped four 64,000‑dwt dual‑fuel ultramax newbuild orders and replaced them with four conventional vessels costing $156.8 million, slated for delivery between 2028 and mid‑2029. The company retained an option for two methanol dual‑fuel ultramaxes worth $91 million, with...
Advantage Tankers Lines up VLCC Newbuild Brace in China
Geneva‑based Advantage Tankers has placed orders for two 307,000 dwt VLCCs with Dalian Shipbuilding Industry Co in China, marking a shift from its usual South Korean suppliers. The vessels, Advantage Venture and Advantage Voyager, are dual‑fuel‑ready and slated for delivery in...
Transocean Lands Drillship Deal Worth $158m
Switzerland‑based offshore driller Transocean announced it has won a five‑well contract for its Deepwater Asgard drillship in the Eastern Mediterranean. The 390‑day campaign, slated to begin in Q4 2026, is valued at roughly $158 million in backlog, not counting mobilisation fees. The...
Geneva Broker Lightship Reshuffles Top Team
Geneva‑based broker Lightship announced a top‑team reshuffle to fuel the next phase of growth in the dry‑bulk market. Long‑time chief executive Sune Fladberg was promoted to vice chairman, shifting his focus to long‑term strategy and business development. Industry veteran Mark...
Euroseas Locks in 60% Rate Jump for Feeder Vessel
Euroseas has secured a new time charter for its 3,100‑teu feeder vessel EM Kea at $30,000 per day, a roughly 60% increase over the prior $19,000 rate. The contract runs for a minimum of 36 months starting July 14, 2026, with an optional...
Japan Shipbuilding Slots Vanish Amid Order Surge
Japan’s shipyards are effectively booked through 2029, with a three‑and‑a‑half‑year backlog of orders, driven largely by bulk carriers. The Japan Ship Exporters’ Association reports that almost 75% of the pending work is bulk‑carrier construction, leaving virtually no capacity for new...
The End of the Hormuz Bargain
The Strait of Hormuz, through which roughly a quarter of the world’s seaborne oil and large volumes of LNG, fertilizer and key feedstocks travel, is no longer a neutral corridor. Escalating Middle‑East tensions and unilateral toll demands have prompted many...
Wah Kwong Spins Off Dry Bulk Arm with 60-Ship Target
Hong Kong‑based Wah Kwong Maritime Transport has spun off its dry‑bulk operations into a new subsidiary, Wah Kwong Bulk. The unit will combine ship ownership and operation, targeting a fleet of 50‑60 vessels by 2030, including about 30 owned ships...
Wilhelmsen Debuts Vessel Lifecycle Specialist
Wilhelmsen Ship Management has launched Cyclus Marine, a dedicated vessel‑lifecycle specialist that consolidates newbuild supervision, dry‑docking, crew provisioning, retrofits, conversions and recycling under one brand. The company operates from Singapore, Hamburg, Kuala Lumpur and Athens, positioning itself at the heart...
Performance Shipping Offloads Ageing Aframax in $42.6m Deal with Trafigura
Performance Shipping is selling its 2010‑built Aframax P Aliki to Trafigura Maritime Logistics for $42.65 million. The transfer will occur after the vessel’s $30,000‑per‑day charter with Pakistan National Shipping Corporation ends in Q3 2026. Proceeds will repay a $12.8 million Alpha Bank loan...
Dolphin Drilling Lines up $230m Semisub Contract
Dolphin Drilling, the Oslo‑listed offshore contractor, has signed a letter of intent for a $230 million semi‑submersible contract for its Borgland Dolphin rig. The deal would begin in the second half of 2027, following the rig’s current Repsol assignment, and run...
CMA CGM Adds Distribution Muscle with Fattal Acquisition
France’s CMA CGM announced it will acquire 100 % of Lebanon‑based Fattal Group, a distributor operating across eight MENA countries. The deal, slated to close in the third quarter of 2026 pending regulatory clearance, adds a sizable last‑mile and regional distribution platform...
AD Ports Eyes Black Sea Foothold with Constanța Tie-Up
AD Ports Group signed a framework agreement with Romania’s National Company Maritime Ports Administration to explore investments at the Port of Constanța, the Black Sea’s largest hub that handled about 88 million tonnes and 1 million TEU in 2025. The partnership could...
Transocean Locks in $445m Petrobras Drillship Extension
Transocean secured a 1,156‑day extension from Brazil’s Petrobras for its ultra‑deepwater drillship Deepwater Corcovado, adding roughly $445 million to its backlog and keeping the rig operational through November 2030. The agreement includes a short‑term $20 million backlog reduction between April 2026 and September 2027 as...
MSC Hits 1,000 Boxships
Mediterranean Shipping Co (MSC) became the first container carrier to operate 1,000 ships after the delivery of the 11,480‑teu MSC Migsan. The privately held line now runs a 7.3 million‑TEU fleet that is 57% larger than Maersk, the nearest rival, and roughly...
Hormuz Day 46: Blockades and Backchannels
Pakistan’s prime minister announced a second round of US‑Iran talks as the US naval blockade of Iranian ports entered its second day, marking the 46th day of the Hormuz crisis. President Trump confirmed Tehran had reached out for a deal,...
‘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...
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...