Tidewater's 2024 Net Income Jumps
Tidewater has announced that its net income for the 12 months ended December 31, 2024 was $180.7 million, compared to $97.2 million for the previous year.The company’s revenue for the three and 12 months ended December 31, 2024 of $345.1 million and $1,345.8 million respectively, compared with $302.7 million and $1,010.0 million, respectively, for the previous year.Quintin Kneen, Tidewater’s President and Chief Executive Officer, said: “2024 proved to be a successful year by all measures.
Service Fees on Chinese Vessels Could Cost Billions
VesselBot has highlighted the significant financial exposure for major container shipping lines under the Office of the United States Trade Representative (USTR) proposed Section 301 service fees targeting China's maritime sector.USTR is proposing to impose fees and restrictions on international maritime transport services related to Chinese ship operators and Chinese-built ships, as it has found China’s acts…
DOD Officials Visits Eastern Shipbuilding
Eastern Shipbuilding Group (ESG) has welcomed (Acting) Assistant Secretary of the Navy for Research, Development, and Acquisition (ASN RDA) Dr. Brett Seidle, Rear Admiral Tom Anderson, Program Executive Officer for Ships (PEO Ships), and several key Department of Defense (DOD) officials to its shipyard this week.As a leader in America’s maritime industry, ESG remains committed to supporting the nation’s defense initiatives and strengthening the U.S. shipbuilding sector.
Container Ship Over-Supply Looming
Capacity and its deployment dominate the outlook for shippers this year as they digest the impact of tariffs, the potential rebound in Red Sea traffic and the introduction of the new alliance Gemini, according to global consulting firm AlixPartners’ 2025 Container Shipping Outlook Report, “Navigating the Crosscurrents.”The tailwinds from the Suez Canal diversions, industrial action at ports, and a U.S.
Asia's Oil Imports Drop 3%
Asia's crude oil imports are off to a weak start in 2025, as top importer China continues to buy less and new sanctions put the brakes on cargoes from the continent's top supplier Russia.Asia's imports for the first two months of the year are on track to be 26.17 million barrels per day (bpd), down 780,000 bpd from the 26.96 million bpd for the same period last year, according to data compiled by LSEG…
Russian LNG Pair Halts Exports as Sanctions Kick In
Small-scale Russian producers of liquefied natural gas (LNG) located on the shores of the Baltic Sea, Portovaya LNG and Kryogaz-Vysotsk, have suspended LNG supplies, LSEG ship-tracking data showed on Thursday, as U.S. sanctions kick in.Washington last month introduced new sanctions against Russia over the conflict in Ukraine, including against the two plants, with a grace period until February 27.Kryogaz-Vysotsk…
New Oil Export Pact for Venezuela Could be in the Works - sources
The cancellation of a license for Chevron to operate in Venezuela could lead to the negotiation of a fresh agreement between the U.S. producer and state company PDVSA to export crude to destinations other than the United States, sources close to the talks said.U.S. President Donald Trump said on Wednesday he was reversing the license, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.U.S.
Port of Tyne, Artemis Launch Fully Electric Foiling Pilot Boat
The Port of Tyne has purchased the UK’s first fully electric foiling pilot vessel, a significant milestone for the Port and the UK’s maritime sector. The vessel, scheduled to be delivered before the end of the year, will be used to transfer pilots onto the ships, delivering essential goods and cargo to the northeast of England.This investment by the Port of Tyne is aimint to further enhance both the safety and efficiency of the Port’s operations.
"K" Line Secures ‘Zero-Emission Accelerating Ship Finance’
Increasingly, maritime finance is tied to the environmental impact of the asset or project.Under Zero-Emission Accelerating Ship Finance (the Program), which is jointly operated by the Development Bank of Japan Inc. (DBJ) and ClassNK, ClassNK evaluated the LNG-fueled car carrier OCEANUS HIGHWAY (IMO No. 1046049), owned by Kawasaki Kisen Kaisha, Ltd. ("K" LINE). DBJ provided financing to "K" LINE.ClassNK…
Telesat, Intellian Collaborate
Telesat (NASDAQ and TSX: TSAT) and Intellian announced a contract award for Intellian to design and manufacture Ka-band flat panel User Terminals for the Telesat Lightspeed Low Earth Orbit (LEO) constellation.Under this agreement, fully optimized Ka-band LEO flat panels for the Telesat Lightspeed network are being designed and manufactured to deliver high-speed throughput for markets including fixed enterprise applications, wireless backhaul, government, land mobility, and maritime connectivity.
Carnival Corp Leans on Tech to Boost Vessel Efficiency, Cut Emissions
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the world's largest cruise company, is advancing greater fuel efficiency for propulsion through hull designs and new hardware and technology, along with underwater drone inspection and cleaning trials.This work is done through complementary strategies focused on maximizing hydrodynamic performance and enhancing ongoing hull maintenance, which reduces a ship’s underwater drag.
Proposed China Vessel Fees Come with Supply Chain Risks
Analysts caution that a new proposal to impose fees on China-built container ships entering the U.S. could trigger unintended consequences, including port congestion, rising freight costs, and shifts in global trade flows.The Trump administration has announced a plan to charge a $1 million fee every time a vessel operated by a Chinese carrier docks at a U.S. port. Additionally, the Federal Notice outlines potential extra charges for any China-built ships…
Ammonia-Fueled Bunkering Vessel gets ClassNK AIP
ClassNK issued an Approval in Principle (AiP) for an ammonia-fuelled bunkering vessel, a vessel is jointly developed by Nippon Yusen Kabushiki Kaisha (NYK Line) and LMG Marin AS (a member of the Seatrium Group).As ammonia as fuel is expected to be used in shipping to help shipowners meet tough new emission reduction targets, bunkering vessels that supply fuel to ships and related equipment will play an essential role in the supply chain.
Germany Moves Toward Energy Independence but Falls Short of Climate Target
For the first time, DNV has applied its independent Energy Transition Outlook model— incorporating the latest technology trends and policy developments— to Germany.The inaugural German Energy Transition Outlook (ETO) report finds that Germany is on track to electrify nearly half of its electricity demand by midcentury. Yet, it will fall short of its 2045 climate neutrality target.One of the main advantages for Germany is that its energy mix by supply will shift dramatically.
Jan De Nul to Install XXL Monopiles at 1.1GW Scottish Offshore Wind Farm
Belgian offshore installation contractor Jan De Nul has secured a contract for the installation of monopiles for 72 offshore wind turbines that will make up the 1.1 GW Inch Cape offshore wind farm in Scotland.Inch Cape offshore wind farm, being developed by ESB and Red Rock Renewables as equal joint owners, recently reached financial close and is now progressing into construction.In that regard, Jan…
Marine Masters Secures Wellhead Platforms Installation Job Off India
Dutch offshore contractor Marine Masters has secured work on an offshore installation project for the greenfield Bhasker A & B platforms, designed and constructed by Indian energy company SunPetro.The project, managed by main installation contractor ACE Pipeline and directly overseen by Consolidated Support Services PTE LTD (CSS), involves the development of two wellhead platforms featuring jackets…
MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO
MODEC has entered into a Front End Engineering and Design (FEED) contract with Samsung E&A for the installation of carbon capture technology on a floating, production, storage and offloading (FPSO) vessel.The offshore carbon capture project envisages the installation of a carbon capture module on a MODEC FPSO vessel as a pilot, and it will be a first-of-a-kind deployment of Carbon Clean’s CycloneCC…
GEOS Scoops $21M in Vessel Contracts with ‘Tier 1 International Majors’
Norwegian vessel owner and operator Golden Energy Offshore Services (GEOS) has signed new vessel contracts and extended the previous ones, securing $21 million, as well as additional $21.7 million for the option period.GEOS concluded a firm contract for the Energy Duchess Multi-Purpose Support Vessel (MPSV) which will run until September 1, 2025, with one six-month option.Also, the company secured a contract extension for the Energy Passion Platform Supply Vessel (PSV) until March 1…
CMB.TECH Reports Profit Drop
Belgian oil tanker group CMB Tech said on Thursday its profit sunk 76% in the fourth quarter amidst slow tanker and dry bulk markets, although it still beat market expectations aided by the disposal of some older vessels.The group, formed after Euronav's takeover of Compagnie Maritime Belge last year, reported a net gain of $0.48 per share for the final quarter of 2024, compared to $2.01 a year earlier.
Misinterpretation of Aids to Navigation Contributed to Vessel Grounding
Following the grounding of one of its pilot transfer launches in Port Phillip Heads, Australia, a Port of Melbourne pilotage services provider has developed additional operational guidance on the use of launch equipment and crew resources.On the evening of October 5, 2023, the pilot launch Corsair was returning through the entrance of Port Phillip after collecting a pilot from an outbound container ship…
