Marine News

1. Report: Green transition will create millions of jobs in shipping

   The majority of jobs are likely to be distributed in the Global South, where conditions are optimal for green fuel production, according to the Global Maritime Forum. 

2. Teekay Tankers expects strong market to continue

   The tanker operator declines at the beginning of the year, but high demand and longer voyages create a healthy foundation for product tankers, according to the CEO.

3. Software firm: Less than half of carriers are ready for carbon quotas

   Software company Zero44 estimates that only 30% of shipping companies operating in EU waters are fully prepared for the European quota requirements for shipping.

4. Tech company wants to squeeze insurance companies' war premiums

   With investors like Hafnia, start-up Vanguard has secured backing for more growth. Technology to protect ships from attacks in war zones will be used to drive down insurance premiums.

5. Scorpio lands biggest profit in five quarters and pays off debt

   The product tanker carrier has significantly reduced its debt due to ship sales and earnings from a booming tanker market.

6. ICS head Guy Platten to step down next year

   He will be leaving the role he has held since 2018. Recruitment for his succesor will begin over the summer.

7. EU awards large sum to green hydrogen fuel plant

   CIP has secured financial backing for a hydrogen plant in Europe, which the company describes as a cornerstone in the production of green energy for shipping and other sectors.

8. D'Amico's earnings rise on geopolitical upheavals

   The Italian tanker carrier reports higher freight rates and a stronger bottom line in a market where limited fleet growth still creates good prospects.

9. Maersk is only paperwork away from being completely free of Russia

   The Russian subsidiaries Maersk Solutions LLC and Maersk LLC will now be liquidated, Maersk tells ShippingWatch.

10. Shipping companies still bet on green ammonia despite critical study

    According to researchers, ammonia emits nitrous oxide and is toxic for seafarers to handle. But carriers are already preparing to add ammonia to their tanks. 

11. Oil extends two-day climb on renewed optimism for US rate cuts

    Global oil prices advance for the third consecutive day as new US labor market data increase the likelihood of rate cuts later in the year.

12. FBI to investigate whether old maritime law was violated in Baltimore

    Both Dali’s owner, operator and Maersk, which chartered the ship, deny liability for the accident, which resulted in six deaths and extensive material damage.

13. Clarksons has had "positive start to the year"

    Chairman Laurence Hollingworth paints a rosy picture for shareholders at the annual general meeting held on May 9

14. P&O Ferries chief exec bags large bonus after mass layoffs

    The chief exec states that he ”reflected” before accepting a bonus of GBP 183,000. But that he ”ultimately decided to accept it”.

15. Ardmore earned less in early 2024

    The Irish product tanker company saw a decline in revenue and net profit compared to the same quarter last year.