Mitsui O.S.K. Lines (MOL) has entered into a time charter contract for two dual-fuel very large gas carriers (VLGCs) with Chartering and Shipping Services (CSSA), a subsidiary of TotalEnergies. The agreement was facilitated through MOL's subsidiary, MOL Energia.The vessels will be constructed by Hyundai Samho Heavy Industries in South Korea, with delivery scheduled for 2026. These advanced VLGCs will measure 230 meters in length and 32.25 meters in width, boasting a cargo tank capacity of 88,000 cubic meters. Designed to operate on both liquefied petroleum gas (LPG) and conventional heavy oil, the dual-fuel technology significantly enhances environmental performance. When fueled by LPG, the vessels are expected to reduce carbon dioxide (CO2) emissions by approximately 20%, and sulfur oxides (SOx), particulate matter (PM), and other pollutants by about 90%, compared to traditional heavy oil.Additionally, the ships are equipped to transport ammonia, a next-generation clean energy source that emits no CO2 during combustion. This capability positions MOL to meet the anticipated rise in demand for ammonia as a sustainable energy solution.        

Athens-based Sea Pioneer Shipping, has finalized an order for two additional MR product tankers from South Korea's K Shipbuilding. This follows the initial order of two vessels placed in November last year. According to shipbuilding industry sources, Sea Pioneer Shipping exercised its options for the two 50,000 dwt (deadweight tonnage) tankers, each valued at $45 million. The first pair of tankers is slated for delivery in 2025, with the newly ordered duo expected to join the fleet between 2026 and 2027. These newbuilds will be conventionally fueled and designed to be scrubber-ready, aligning with current industry standards for emission control. Sea Pioneer Shipping continues to expand its fleet, which currently includes 12 vessels, consisting of seven bulk carriers and six tankers. In addition to the recent orders from K Shipbuilding, the company has three kamsarmax bulk carriers under construction at Japan’s Oshima Shipbuilding.This strategic expansion underscores Sea Pioneer Shipping’s commitment to enhancing its operational capabilities and market presence in the maritime shipping industry. The addition of these advanced MR product tankers will further bolster its capacity to meet the evolving demands of global shipping and trade.    

Silversea, under the Royal Caribbean Group, has recently acquired its latest addition, Silver Ray, marking the second ship in its esteemed Nova Class, sourced from the renowned shipbuilder Meyer Werft in Germany. Boasting a gross tonnage of 54,700 and a capacity to accommodate 728 passengers, Silver Ray stands as a pinnacle of energy efficiency and luxury in the realm of expedition cruise ships, alongside its sibling, Silver Nova. Distinguishing features of Silversea's Nova Class encompass an innovative asymmetrical design and an expansive 4,000 square meters of exterior glass.  After traversing approximately 40 kilometers along the River Ems from Meyer Werft's shipyard in Papenburg in late April, Silver Ray concluded its rigorous technical and nautical sea trials in the North Sea on May 8. Scheduled to embark on its maiden voyage from Lisbon come June 15, Silver Ray is poised to grace the Mediterranean waters for its inaugural season before embarking on a transatlantic journey to the Americas, slated for December 2024. This milestone underscores Silversea's commitment to delivering unparalleled luxury and cutting-edge design within the cruising industry.    

Japanese shipping company NS United Kaiun Kaisha has finalized an agreement with Nihon Shipyard, a joint venture between Imabari Shipbuilding and Japan Marine United, for the construction of a methanol dual-fuel newcastlemax bulk carrier. This Tokyo-based bulker giant disclosed that the 209,000 dwt vessel will represent a next-generation environmentally friendly addition to its fleet, primarily intended for transporting raw materials both domestically in Japan and internationally.  The 300-meter-long bulker is meticulously designed to comply with the EEDI Phase 3 requirements and is slated for deployment into service in 2027 or thereafter. This decision aligns with the company's overarching mid-term investment strategy and its commitment to achieving net-zero greenhouse gas emissions by 2050. With a fleet encompassing over 200 ships, NS United Group has earmarked approximately $1.4 billion for fleet rejuvenation by 2030, with a substantial portion of around $290 million designated for environmental initiatives, including engine conversions. Notably, a significant portion of this investment, totaling around $1 billion, is allocated for vessels powered by alternative fuels like methanol. NS United has actively engaged in various biofuel trials and is part of a collaborative effort, alongside MAN Energy Solutions, K Line, Itochu, and Nihon Shipyard, to develop 200,000 dwt ammonia-fueled bulk carriers.        

The general cargo vessel HAV STREYM experienced an engine failure while navigating approximately 29 nautical miles east of Peterhead, United Kingdom, on May 12, 2024. Following the incident, the vessel was subsequently towed to safety by a tug and brought to Aberdeen Harbour. The occurrence underscores the unpredictable nature of maritime operations and the swift response required to mitigate potential risks to both the vessel and its crew.  

Taiwanese shipping company TS Lines is reportedly in talks with Shanghai Waigaoqiao Shipbuilding (SWS) regarding a letter of intent for the construction of two 14,000 TEU (twenty-foot equivalent unit) ships and two 8,000 TEU vessels. The potential order includes options for an additional two vessels of each type. Market analysts suggest that the proposed prices for these vessels stand at $145 million per unit for the larger ships and $89 million for the 8,000 TEU ones. TS Lines has a history of ordering vessels from SWS, indicating a continued partnership between the two entities. Established in 2001, TS Lines currently ranks as the world's 21st largest liner, boasting a fleet capacity of 107,602 slots. This potential order underscores the company's commitment to fleet expansion and modernization in line with industry trends and demands.    

On May 10, Inner Mongolia Junzheng Energy & Chemical Group Co., Ltd. (Junzheng) made public an announcement regarding its investment in the construction of chemical tankers by its wholly-owned subsidiary. The declaration revealed that on the aforementioned date, SC International FZE and JZ Logistics Holding (Overseas), subsidiaries of Junzheng Group, finalized contracts with Wuchang Shipbuilding Industry Group Co., Ltd (“WS”), an affiliate of China Shipbuilding Industry Corporation. These contracts entail the construction of 25,900 DWT chemical tankers, totaling five vessels. One of these agreements between SC International FZE and WS encompasses a ship construction option, allowing for the reservation of orders for up to five identical chemical tankers. Junzheng Group holds the discretion to exercise this option based on actual circumstances. The collective cost of the aforementioned tankers, inclusive of taxes, is not to exceed RMB 3.2 billion. Delivery of these new vessels is anticipated to occur sequentially over a span of 2-4 years, ranging from 2026 to 2028, with classification by the American Bureau of Shipping (ABS) under the Hong Kong flag. Junzheng Group emphasizes that this investment will enhance its fleet structure, expand fleet size, bolster its standing, and fortify its capacity for sustainable development in liquid chemical shipping services. Moreover, it anticipates an augmentation of competitiveness in the international market, aligning seamlessly with its strategic developmental blueprint.    

Japan’s Itochu Corp has recently entered into a contract with Chinese shipbuilder New Dayang for the acquisition of two ultramax bulk carriers. The exact value of the deal has not been disclosed by the shipbuilding arm of state-run machinery manufacturer Sumec Group, but it marks the second agreement with a Japanese entity this year. Located in Jiangsu, the yard has seen a total of five ultramax vessels booked by Japanese owners since the beginning of the year. Notably, Kasuga Kaiun has secured three units of 64,100 deadweight tonnage (dwt) each for delivery in 2026, with an approximate price of $34 million per vessel. However, specific delivery dates for Itochu’s duo remain undisclosed. In further developments within the ultramax sector, Cairo-based United Marine Egypt has been associated with the procurement of two ultramax vessels from New Dayang, slated for delivery in 2027. Confirmation of this order is pending from the yard's side.  

In a significant development within the global LNG shipping industry, Nakilat, the Qatari gas shipping giant, has recently entered into a substantial long-term agreement. The agreement entails the chartering and operation of nine QC-Max class LNG vessels, marking a strategic move in alignment with QatarEnergy's ambitious expansion program for its fleet of LNG carriers. Each of these nine vessels boasts an impressive capacity of 271,000 cubic meters, rendering them the largest-ever units ordered in the sector. Notably, Nakilat will assume full ownership and operational responsibilities for these vessels, which are slated for chartering to affiliates of QatarEnergy.  The vessels are slated for construction at the esteemed Hudong-Zhonghua shipyards in China and form an integral part of QatarEnergy's overarching initiative to bolster LNG production capacity from the North Field. This landmark agreement follows closely on the heels of QatarEnergy's prior arrangement with Nakilat, involving the ownership and operation of 25 conventional-size LNG vessels over a 15-year period. With these recent agreements in place, Nakilat now secures a total of 34 LNG vessels under its purview.  

In the early hours, the cargo ship BREMEN ran aground at Silloth. Measuring 89.88 meters and flying the flag of Cyprus, the BREMEN departed from Klaipeda, Lithuania, on May 2, reaching Silloth around 12:10 a.m. today, May 8. Operated by the Baltic Shipping Company, efforts are underway to address the situation and minimize potential risks resulting from the grounding. This event recalls a previous incident in February, where a tanker encountered a similar fate at the Port of Silloth, leading to a spillage of molasses.The circumstances surrounding the grounding of the Bremen are currently under investigation, with authorities diligently ensuring the safety of both the vessel and the surrounding environment.    

On May 7, 2024, the Bulk Carrier ALEXIS, encountered an incident as it navigated through the Istanbul Strait, ultimately running aground near Hydarpasa, Turkey. Following the incident, Turkish authorities swiftly responded by deploying three Coastal Safety tugs along with a rescue boat to the site in order to provide assistance to the vessel. The Turkish authorities are expected to demand salvage security or payment from the property interests involved prior to the departure of the vessel from Turkish waters. This demand could be directed towards the vessel owner to cover both the ship and its cargo, or it may be separately addressed to the Ship and Cargo Interests. Efforts are underway to ensure the safe resolution of the situation and the eventual departure of the vessel from Turkish waters. Further developments regarding this incident are anticipated to unfold as the situation progresses.  

Jiangsu-based New Times Shipbuilding, a prominent privately owned shipyard in China, awaits governmental approval for its new drydock, anticipated to commence operations in Q1 2027. Gibson brokerage reports substantial interest from ship owners vying for berths for suezmax tankers, with bids reaching up to $80 million for these coveted slots. China reaffirmed its shipbuilding dominance, recording a significant surge in newbuilding orders from 52.9 million dwt to 78.8 million dwt in the past year, as per BRS data. This surge propelled China's orderbook from approximately 123 million dwt to around 161 million dwt, elevating its market share from 50.6% to 58.1%.    Following capacity reductions, various Chinese shipyards have initiated efforts to resume operations. Notably, Hengli Heavy Industries Group resumed activities at STX Dalian's former assets in January 2023. Wuhu Shipyard took over Samjin Shipbuilding Industry's facilities in August 2023, while Kouan Shipyard is undergoing restructuring. Additionally, new entrants like Jiangxi New Jiangzhou Shipbuilding Industry and Fujian Guanhai Shipbuilding, under Fujian's Jinshenglan Group, are operating. Quanzhou Shipyard, undergoing bankruptcy in 2019, has been revitalized with local government support.  

In a significant development since January, global liner Evergreen has ordered six 2,400 TEU ships from Huangpu Wenchong for an estimated $53 million each, according to MB Shipbrokers. Deliveries are set to commence in the second half of 2026. Additionally, COSCO is reportedly finalizing an order for dual fuel 11,000 TEU ships at Shanghai Waigaoqiao Shipbuilding. Concerns about the surge in TEU capacity from Asian shipyards have led liner CEOs to curb ordering in recent months. Linerlytica data indicates that the containership fleet capacity currently stands at 29.37 million TEU, expected to surpass 30 million TEU by June due to record newbuild deliveries. Alphaliner's report reveals a record 50 new ships delivered last month, adding a substantial 333,000 TEU in capacity. This surpasses the entire fleet capacity of Pacific International Lines (PIL), the world’s 12th largest liner, highlighting the scale of recent developments in the shipping industry.  

On Wednesday, the 1st of May 2024, residents of the Togo Binongko District in the Wakatobi Regency of Southeast Sulawesi were startled to discover the MV DA HAO, a cargo ship, stranded along their coastline. The vessel, known for its routine voyages between East Nusa Tenggara, Timor Leste, and Papua, encountered a perilous situation when it caught fire while navigating the Banda Sea. Helplessly drifting with the ocean currents, it ultimately ran aground at the lighthouse cape on Binongko Island, Wakatobi, its stern engulfed in flames. Despite thorough searches, no crew members were found onboard. However, a passing ship en route from Singapore to Australia had already rescued the crew, which comprised eight Indonesian citizens and two Chinese nationals, ensuring their safety. Presently, the MV DA HAO remains stranded off the coast of Haka Village, prompting local authorities to undertake measures to address the situation and mitigate potential environmental risks.  

A Turkish product tanker, the K Onset, has been implicated in what authorities describe as the largest oil spill in Ceuta's history. The vessel, weighing 12,900 deadweight tons and built in 2006, leaked between 25,000 and 30,000 liters of fuel oil during a bunkering operation at the Levante dock on Tuesday evening. The spill, attributed to a crack in a fuel tank, prompted immediate emergency measures by the port authority, with anti-pollution booms deployed to contain the spread of oil. The vessel has since been detained at the port for necessary repairs, with the incident likely resulting in fines. Operated by Yildirim Group’s Chemfleet, the K Onset had arrived from Villagarcia, Spain. Despite no port state control detentions since 2011, the vessel has a history of deficiencies, including hull corrosion and engine faults, according to Equasis data. Insurance coverage for the vessel is provided through Steamship Mutual in the UK. Port operations have resumed normally following containment efforts, with ongoing monitoring of environmental impacts.