VERMILLION FLEET LIMITED

Eastern Shipbuilding Group received the Notice to Proceed from Washington State Ferries (WSF) to build two with an option for an additional 160-vehicle hybrid-electric ferries for the State of Washington. This milestone follows the first competitive bid for ferry construction in more than 25 years for the nation’s largest ferry system.“This is an exciting milestone in bringing new hybrid-electric ferries to our fleet,” said David Sowers, Washington State Ferries’ Electrification Program Administrator.

China’s share of the tanker orderbook rose from 32.4% in 2022, to 62.6% in 2023 and then 71.2% in 2024. Its share of the container ship orderbook has shown a similar growth trajectory. The nation has ranked first in the world for new orders since 2012. Labor costs are about half of what they are in Korea and Japan, and China is the world’s cheapest steel manufacturer.Niels Rasmussen, Chief Shipping Analyst at BIMCO, says that during the past five years Chinese shipyards have built 50% of the ship capacity delivered, and Chinese shipyards now hold 66% of the ship capacity in the orderbook.

Seatrium Limited signed a Letter of Intent (LOI) with Karpowership, a global energy company and the owner, operator, and builder of the world’s largest Powership (floating power plant) fleet.Under the LOI, Seatrium will carry out the integration of four New Generation Powerships, with an option for two additional units. Karpowership will deliver the hulls and key equipment for the four Powerships to Seatrium Singapore, where integration works will begin in the first quarter of 2027. Seatrium’s scope of work includes mechanical and electrical, equipment integration, mechanical completion, and pre-commissioning.

Colonna’s Shipyard is a fifth-generation, family-owned medium-sized shipbuilder, led by Randall Crutchfield, Chairman & CEO, today. Founded in 1875 by 26-year-old ship carpenter Charles J. Colonna with a $2,000 loan from his brother, he founded a company that has not only withstood the test of time, but today stands ready as a multi-faceted ‘blue collar industrial complex’ to help in the effort to effectively rebuild the U.S. shipbuilding base, and more specifically to help rebuild the U.S. Navy and U.S. government-owned fleet of ships. In an industry where tradition meets transformation, Colonna’s Shipyard stands out.

The U.S. on Tuesday rejected the "Net-Zero Framework" proposal by the IMO, which is aimed at reducing global greenhouse gas emissions from the international shipping sector, and threatened measures against countries that support it.The announcement, made in a joint statement by Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright and Transportation Secretary Sean Duffy, comes ahead of a vote at the United Nations' shipping agency to adopt the net-zero proposal in October.It also comes as the Trump administration uses tariffs as a tool to influence the behavior of leaders of other nations, including China, India and Brazil, and as the U.S.