International Tanker Management Limited, Dubai Branch

Morton S. Bouchard, III, fourth generation leader of family-owned Bouchard Transportation, has been ordered to step down from his role as chief executive officer as the Long Island-based tug and barge operator continues to navigate through bankruptcy and a string of legal challenges.Bouchard, the company's CEO since 1992, was ordered out of his role last week by a bankruptcy judge in Houston, and Matthew Ray of restructuring advisor Portage Point Partners has been appointed as chief restructuring officer of the debtors.Bouchard Transportation filed for Chapter 11 bankruptcy in September after several years of legal and financial difficulties.

It's no longer news that the U.S. is set to become the next big offshore wind market, with an IEA 2019 report forecasting 40 GW of installed offshore wind capacity in the country by 2040, which will require a $100 billion investment.To meet this expected growth, both in the fixed-bottom wind farms and the floating wind farms, the U.S. market will require a large amount of wind farm support vessels of various types, with the current fixed-bottom wind turbine installation fleet non-existent, and the foreign-flagged vessels not an option, for the most part. Development of ports required to support the offshore wind construction will need to pick up, too.

Norwegian-headquartered Salt Ship Design said it has completed its acquisition of Serbian naval architecture firm Albatross Ship Design.Albatross was founded in 2001 as a member of Norway's Vik Sandvik Group, working under name Vik Sandvik Albatross until it was acquired by Finnish technology company Wärtsilä and renamed Wärtsilä Ship Design Serbia in 2009. It became a private independent company with the new name Albatross Ship Design in 2016.Salt Ship Design, which specializes in the design of offshore and fishing vessels, said it has previously worked with Albatross Ship Design on various aspects of many vessel projects.Salt now adds 20 employees through the integration of Albatross.

Wisconsin-based power solutions manufacturer Fairbanks Morse said it has delivered four FM 6L48/60CR engines to shipbuilder General Dynamics NASSCO in San Diego for the newbuild USS John L. Canley (ESB 6). The ship is the sixth in the U.S. Navy’s Military Sealift Command Expeditionary Transfer Dock (ESD)/Expeditionary Sea Base (ESB) program and is designed to serve as a mobile sea base that provides access to critical infrastructure for the deployment of forces and supplies.The four FM 6L48/60CR engines are rated at 6,480 kW and will deliver a total of 25,920 kW of installed power.

The Baltic Exchange's main sea freight index gained on Tuesday, snapping a four-session run of losses, helped by stronger rates in the capesize and panamax vessel segments.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was up 22 points, or 1.3%, to 1,673.The capesize index, rose 57 points, or 4%, to 1,465, breaking a losing streak of eight sessions.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, added $473 to $12,152.Benchmark iron ore futures on the Dalian Commodity Exchange closed 1.5% higher on Tuesday at 1,155 yuan per tonne.