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Maritime News

Staying Grounded About Electrification

Staying Grounded About Electrification

41 minutes ago
As a marine engineer focused on vessel design, I’ve watched the narrative on battery-electric and battery-hybrid vessels evolve from skepticism, to curiosity, to genuine acceptance in just a few short years. The passenger transportation sector, in particular, has been quick to embrace the concept of vessel electrification as a means of improving economics and reducing emissions. This makes sense as many ferry operations are excellent candidates for battery and hybrid-electric power due to their proximity to urban electrical grids, point-to-point operations and sensitivity to public perception.
Teekay LNG Rebrands as Seapeak

Teekay LNG Rebrands as Seapeak

an hour ago
Shipping company Teekay LNG has rebranded as Seapeak following the completion of its acquisition by U.S.-based investment firm Stonepeak.One of the world’s largest independent owners and operators of liquefied natural gas (LNG) carriers, Teekay LNG announced in October that it entered into a merger agreement that would see Stonepeak acquire all issued and outstanding common units representing limited partner units in Teekay LNG, and its common un it holders voted to approve the deal in December. All common units will convert into the right to receive $17.00 per common unit in cash, subject to deductions of applicable withholding tax.
Eagle Bulk CEO Gary Vogel Named CMA Cimmodore

Eagle Bulk CEO Gary Vogel Named CMA Cimmodore

an hour ago
Gary Vogel, chief executive officer of Eagle Bulk Shipping Inc., has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2022.The 2022 Commodore Award, given each year to a person in the international maritime industry who has contributed to the growth and development of the industry, will be presented on March 31, at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and expo, in Stamford, Conn..Vogel has served as CEO and director of Eagle Bulk Shipping Inc. (NASDAQ: EGLE) since September, 2015.
Baltic Dry Index Extends Losing Streak to Tenth Day

Baltic Dry Index Extends Losing Streak to Tenth Day

an hour ago
The Baltic Exchange's dry bulk sea freight index fell for a tenth straight session on Thursday, touching its lowest level in about a year, on waning demand across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 96 points, or 6.1%, to 1,474, its lowest since February 2021.The capesize index dropped 195 points, or 15.9%, to 1,031, its lowest since Feb. 12 last year."Big ships are still suffering from the typical January dip after a very brutal start to the year," shipbroker Fearnleys said in a weekly note, referring to the capesize segment.
Xeneta: Intra-Asian Spot Rates Contribute to Rising Manufacturing Costs in The Region

Xeneta: Intra-Asian Spot Rates Contribute to Rising Manufacturing Costs in The Region

2 hours ago
Among most global trades, intra-Asian rates have seen considerable increases in recent years, though the costs on the world’s busiest container trade have not risen as quickly as in other places, Xeneta, and ocean and air freight rate benchmarking and market analytics platform said Thursday.According to Xeneta, in the first half of January, spot rates from the main Chinese ports to the main Japanese and South Korean ports have risen back above USD 1 800 per FEU. This comes after spot rates on this trade had been mostly flat in 2021 at USD 1 400 (up from an average of USD 640 in 2020).