Great Lakes Iron Ore Trade Down 2.5 Percent in 2024
Shipments of iron ore on the Great Lakes totaled 4.6 million tons in December, a decrease of 4.5 percent compared to a year ago. Shipments were just slightly above the 5-year average for the month.The year-end total for the iron ore trade stands at 49.8 million tons, a decrease of 2.5 percent compared to 2023.Compared to the trade’s 5-year average, 2024 iron ore loadings were up 3.8 percent.© Lake…
Somalia Ends Port Deals, Security Cooperation with UAE
Somalia's government said on Monday it is annulling all agreements with the United Arab Emirates, including port deals and defence and security cooperation, accusing the UAE of undermining its national sovereignty."This decision is based on credible reports and compelling evidence concerning hostile actions undermining national sovereignty, territorial unity, and the political independence of the country…
Supertankers Picking Up Venezuelan Oil for China Turn Around
Two China-flagged supertankers that were sailing to Venezuela to pick up debt-paying crude cargoes amid the U.S. oil embargo on the OPEC country have made u-turn and are now heading back to Asia, LSEG shipping data showed on Monday.Following the U.S. announcement last week of a $2 billion deal to export up to 50 million barrels of Venezuelan oil stuck in storage, U.S. president Donald Trump said China would not be deprived of Venezuela's crude.But the Asian country…
US Judge Rules Orsted Can Resume Work on Offshore Project
A federal judge on Monday cleared Danish offshore wind developer Orsted to resume work on its nearly finished Revolution Wind project, which U.S. President Donald Trump's administration halted along with four other projects last month.The ruling by U.S. District Judge Royce Lamberth is a legal setback for Trump, who has sought to block expansion of offshore wind in federal waters.
Russian Drones Hit Two Foreign Vessels Near Chornomorsk Port
Russian drones struck two foreign-flagged vessels on Monday, Ukraine's Deputy Prime Minister Oleksiy Kuleba said, the second such attack in four days on Black Sea shipping as the war nears the end of its fourth year.Kuleba said the vessels were sailing under the flags of Panama and San Marino, and that one person had been injured.The Panamanian ship was en route to pick up vegetable oil and the San Marino-flagged vessel had just been loaded with corn…
ASENAV, SAAM to Build Tugboat in Chile
In a strategic step to consolidate the country's industrial and export capacity, the ASENAV shipyard and multinational towage services company SAAM signed their first shipbuilding contract.The agreement outlines the manufacturing of a tugboat in Valdivia, designed under the strictest international standards. Construction is expected to take approximately 15 months, with the vessel scheduled to join SAAM's fleet in Canada during the first half of 2027.The vessel…
Spanish Police Seize 10 Tons of Cocaine in Salt Cargo
Spanish police have made their largest-ever cocaine seizure on the high seas, intercepting a vessel carrying almost 10 metric tons of the drug concealed in a shipment of salt en route from Brazil to Europe, police said on Monday.The operation led to the arrest of 13 people on board. The vessel, which ended up running out of fuel, had to be towed to port by coastguards in Santa Cruz de Tenerife, Canary Islands…
Companies Scramble to Assemble Operations for Venezuelan Crude Exports to US
Oil companies aiming to participate in new exports of Venezuelan crude to the U.S. following the ouster of President Nicolas Maduro are in hasty discussions to find tankers and put together operations to transfer the crude safely from vessels and dilapidated Venezuelan ports, four sources familiar with the operations said.Trading houses and oil companies, including Chevron, Vitol and Trafigura, are competing for U.S.
Sweden Urges EU Ban on Supporting Russian Oil, Gas-Shipping Fleet
The European Union should ban companies from providing any support to Moscow's oil and gas-shipping fleet, introduce sanctions against Russian fertilisers and stop luxury goods exports to Russia, Sweden's foreign minister said on Monday.The 27-nation bloc is currently preparing its 20th sanctions package aimed at punishing Russia for its war in Ukraine. Previous sanctions have focused heavily on hobbling its oil and gas sector…
Oil Prices Dip as Investors Consider Iran Supply Concerns, Venezuelan Exports
Oil prices fell slightly on Monday after Iran said it had total control following the biggest anti-government demonstrations in years, easing some concerns over supply, while investors also weighed efforts to resume oil exports from Venezuela.Brent crude futures lost 28 cents, or 0.44%, to $63.06 a barrel by 1402 GMT while U.S. West Texas Intermediate crude was at $58.78 a barrel, down 34 cents, or…
Sweden to Spend $440m on Unmanned Military Drone Systems
Sweden will spend 4 billion crowns ($437 million) on unmanned drone systems to be delivered over the next two years, the country's Defence Minister Pal Jonson said on Monday.The NATO member will buy unmanned systems including long-range attack drones, electronic warfare systems and surveillance drones as well as marine surveillance and minesweeping drones."No one knows what the next war will look like but one thing is clear…
US Judge Considers Orsted's Request Against Trump Offshore Wind Pause
A U.S. judge on Monday will consider a request from Danish energy company Orsted for an injunction against the Trump administration's decision to halt its $5 billion Revolution Wind project off the coast of Rhode Island.The company's lawsuit is one of several filed by offshore wind companies and states seeking to reverse the Interior Department's December 22 suspension of five offshore wind leases…
Delfin LNG Project Moves Closer to FID as SHI Gets Extension
Delfin Midstream has extended a letter of award with Samsung Heavy Industries (SHI) and placed orders for critical liquefaction equipment, as the company moves toward a final investment decision on the first floating LNG vessel for its Delfin LNG project.The U.S.-based developer said the extension of the letter of award with SHI follows early engagement work carried out in recent weeks and comes as the remaining workstreams required to reach FID are nearing completion.
Joint Project Aims to Enhance Maritime Battery Safety
ABS and Siemens Energy have signed a joint development project (JDP) to advance the understanding of thermal runaway in lithium-ion batteries through modeling and simulation, supporting safer and more reliable energy storage systems for the marine and offshore industries.The JDP brings together ABS’s technical expertise in classification, verification, and standards development with leadership from Siemens Energy in digital simulation and industrial technology innovation.
Wasaline Posts Solid 2025
Finnish–Swedish ferry operator Wasaline reported a strong performance in 2025, delivering passenger growth, higher revenues and a major reduction in emissions, despite a more challenging freight market.Passenger volumes rose by 2.6% to 259,769, even though the company’s ROPAX vessel Aurora Botnia was out of service during the final week of December for scheduled dry-docking. Freight volumes declined slightly year-on-year…
Wind-Assisted LNG Carrier Concept Gets BV AiP
Dalian Shipbuilding Industry Co., Ltd. (DSIC) unveiled a new generation of decarbonization-focused vessel designs, including a wind-assisted 175,000-cu.-m. LNG carrier that…
Ribcraft Unveils the PRO 480 Electric
Ribcraft unveiled the PRO 480 powered by the RAD 40 electric outboard, a UK-built demonstrator that strengthens Ribcraft’s next-generation electric RHIB portfolio for professional, commercial, and government operators. Built on the trademarked Ribcraft Deep-V Hull, the Ribcraft PRO 480 has long served as a benchmark in compact professional RHIB capability, agile, resilient, configurable, and repeatedly proven across defence, SAR, and high-demand commercial operations.
Payment Fraud on the Rise, ITIC Warns
P&I correspondents are being urged to strengthen their payment verification procedures after a fraudster intercepted email communications during a sensitive crew claim and diverted a US$200,000 settlement, according to International Transport Intermediaries Club (ITIC).In a case cited in ITIC’s most recent Claims Review, a P&I correspondent was managing a sensitive crew-claim settlement when a third…
LNG-Fueled Container Ships Prop Up Alternative Fuel Orders in 2025, DNV Finds
LNG-fueled container ships helped sustain the share of alternative fuels in the global shipbuilding orderbook in 2025, even as overall newbuilding activity slowed sharply following a record year, according to data from classification society DNV.Annual figures from DNV’s Alternative Fuels Insight platform show that while total newbuild orders fell to 2,403 vessels in 2025 from 4,405 a year earlier…
Vantris Energy Sells Heavy-Lift Vessel Interest to Larsen & Toubro
Vantris Energy, formerly known as Sapura Energy, has divested its 40% equity stake in L&T-Sapura Shipping to joint-venture partner Larsen & Toubro for total consideration of about $30.5 million, as part of a broader portfolio optimization strategy.The transaction includes equity consideration as well as the full repayment of an outstanding shareholder loan and accrued interest owed to Vantris Energy.
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