CRESCENT TOWING

Despite significantly weaker freight rates, the average price for five-year-old container ships has increased 17% year-on-year and 6% since the beginning of 2025,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The average per TEU price of a basket of seven five-year-old container ships was $9,761/TEU in late August 2024. Since then, the price has risen to $10,758/TEU at the beginning of 2025 and to $11,413/TEU in late August.Feeder ships smaller than 3,000 TEU have seen the highest price increase at an average of 26% year-on-year.

New Wave Media, a leading B2B media company serving the global maritime, offshore energy, subsea and logistics sectors, acquired the Port of the Future Conference & Exhibition, a premier international symposium known for its focus on advancing port infrastructure, technology, and policy.Under the continued leadership of its founder, Kevin Clement, the event will retain its iconic tagline — “2 Days, 50 Ports” — and continue to convene top-tier port and terminal executives from around the world.The 2026 Port of the Future Conference is scheduled to be held March 23-25, 2026, at the Hilton University of Houston.

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has conducted a steel cutting ceremony for a 115,000-ton product tanker at the HD Hyundai Philippines Shipyard in Subic Bay, Philippines.The vessel is the first ship built by HD Hyundai Philippines and is the first in a series of four vessels ordered from an Asian shipping company in December last year.Last May, HD KSOE signed a lease agreement with Cerberus Capital for a portion of the Philippine shipyard site, marking the launch of this second HD KSOE overseas shipyard.

The U.S. Coast Guard’s Facilities Design and Construction Center completed a contract modification with The Whiting-Turner Contracting Company Aug. 25 to remove up to 100 submerged concrete piles under the old Pier November at Base Charleston in North Charleston, South Carolina.  The modification, with a potential value of approximately $14.8 million, includes work that is necessary to complete construction of new, modernized piers to provide support and logistics for up to five major cutters homeported at the base.

Yemen's Houthis said on Monday they launched a missile towards the Israeli-owned tanker Scarlet Ray near Saudi Arabia's Red Sea port city of Yanbu in a rare attack off the Saudi coast.The Liberia-flagged vessel's Singapore-based manager, Eastern Pacific Shipping, owned by Israeli magnate Idan Ofer, said the chemical tanker was undamaged and under the command of its captain."We are aware of security reports alleging that our managed vessel Scarlet Ray was the target of a suspected Houthi attack," Eastern Pacific said in a statement on Monday, adding that all crew members were safe and accounted for.