BIMCO Sees Strong Crude Tanker Market, Flags Recycling Risk
Low ship recycling activity could undermine tanker market strength in the coming years, BIMCO said in its February 2026 Tanker Shipping Market Overview & Outlook, even as crude tanker earnings are expected to remain firm in the near term.“We expect continued strong market conditions for crude tankers in 2026 and 2027 despite some weakening in 2027. On the other hand, we forecast that the product tanker market will weaken during both years as fleet and supply growth accelerates…
German Shipowner Buys Two Multi-Purpose Vessels
Germany’s Ernst Russ has acquired two multi-purpose vessels, MV Ronnie and MV Charlie, as part of its long-term fleet strategy to expand exposure to the project cargo segment and strengthen predictable earnings.The Hamburg-based shipowner said both vessels have been fixed on seven-year charters to dship Carriers, a globally operating European company specialized in project cargo, providing long-term employment and improved cash flow visibility.The vessels…
Fincantieri, Navantia to Form JV for European Patrol Corvette Program
Italy’s Fincantieri and Spain’s Navantia have signed a memorandum of understanding to jointly coordinate and execute the European Patrol Corvette (EPC) program, strengthening industrial cooperation under one of Europe’s most ambitious defense initiatives.The two shipbuilders plan to create a joint venture to manage and execute the program. The vehicle will be open to participation from other project partners…
Eidesvik Offshore’s PSV to Stay a Little Longer with Aker BP
Norwegian oil and gas company Aker BP has extended a contract for Eidesvik Offshore’s platform supply vessel (PSV) Viking Prince.The firm period for the PSV has been extended with approximately two months, and will run to end of April 2026. No additional details about the contract were disclosed.Viking Prince is a 2012-built platform supply vessel (PSV), with a deck area of around 1 050 m2.The 89.6 meters-long…
DP World Acquires Container Ship to Strengthen Red Sea-India Service
DP World has acquired a 5,000+ TEU container vessel, DP World Chennai, integrating it into its Red Sea Gulf–India service to strengthen trade links between India and the Middle East.The vessel has been deployed on the route with its maiden call at Jebel Ali, lifting DP Wordl Shipping Solutions’ owned capacity to over 6 million TEU and aimed at enhancing schedule reliability across key regional markets."The…
Boskalis, TKF Ink Baltic Offshore Wind Cable Installation Deal
Dutch offshore services provider Boskalis, in consortium with TKF Subsea Solutions, has signed a contract with OWP Gennaker, as developed by Skyborn Renewables, for the supply and installation of inter-array cables for the Gennaker offshore wind farm in the German Baltic Sea.The contract for around 140 kilometers of 66 kilovolt inter-array cables has been classified by Boskalis as sizable, carrying a value between $58 million and $177 million (€50 million and €150 million).Under the agreement…
CMB Tech Profit Boosted by Freight Boom, High Ship Values
CMB Tech reported fourth-quarter core earnings above market expectations on Thursday as robust tanker and dry-bulk markets allowed the Belgian shipping group to lock in charter contracts and sell older ships at high prices.The tanker group said market conditions remain supportive into early 2026, though a potential crude supply surplus later in the year could pressure oil prices and curb transport demand if producers cut output.Earnings before interest…
Everllence and Vale Sign Ethanol Cooperation Agreement
Everllence and Vale – one of the world’s leading producers of iron ore, copper and nickel, and one of the largest logistics operators in Brazil – have signed a cooperation agreement regarding the development of ethanol as a marine fuel.Under the terms of the agreement, the companies will develop an advanced ethanol-powered engine – based on the Everllence B&W ME-LGI (-Liquid Gas Injection) platform…
Petrobras Awards Acteon Mooring Services Contract
Intermoor, Acteon’s Moorings and Anchors business been awarded a new contract by Petrobras for the provision of stack-up mooring system services in Brazil.This work will support light-workover interventions and abandonment operations on installed subsea Christmas trees across both anchored and dynamically positioned mobile offshore drilling units (MODUs) and well intervention vessels (WIVs). The assets…
Watch: Salvors Refloat Grounded Barge in San Juan Harbor
The barge Defiant was refloated from the Castillo San Felipe del Morro shoreline in San Juan Harbor, Wednesday at approximately 2:22 a.m., just before high tide.Salvage crews and tugboat operators prepositioned three tugboats and completed all the preparations, including the pressurization of all cargo tanks, voids and compartments in the barge. The tugboat, Lobo Grande, successfully pulled the barge…
Hong Kong Shipowners Welcome Budget Provisions
The Hong Kong Shipowners Association (HKSOA) has welcomed the many new initiatives in the 2026-27 budget promulgated by the Financial Secretary.Many of the association’s recommendations have been accepted by the government:• provision of tax concession for eligible commodity traders;• introduction of a new incentive scheme for green fuel-powered vessels registered in Hong Kong;• enhancement of the ship registration regime with a dual registration system…
Tanker Carrying Fuel Likely Bound for Cuba Stops
A Hong Kong-flagged tanker carrying fuel likely bound for Cuba has halted navigation in the Atlantic Ocean, ship tracking data showed on Wednesday, a blow for the oil-thirsty Caribbean nation.The tanker Sea Horse loaded through a ship-to-ship transfer in the Mediterranean before departing towards the Caribbean Sea, according to monitoring service TankerTrackers.com. The vessel had been expected to arrive in Cuban waters later this week…
Cuba Kills Four on Florida-Based Speedboat that Opened Fire
Cuban forces killed four people and wounded six others aboard a Florida-based speedboat that entered Cuban waters on Wednesday and opened fire on a Cuban patrol, the Cuban government said at a time of heightened tensions with the United States.The wounded were evacuated and receiving medical attention, while the Cuban patrol commander was also wounded, Cuba's Interior Ministry said in a statement,…
EWM Welding Technology Sold in North America Through ESAB, Linde Collaboration
To offer U.S. fabricators access to advanced welding processes that improve performance and profitability, ESAB has collaborated with distributor Linde Gas & Equipment to sell welding technology from German manufacturer EWM in North America. Linde will feature EWM’s Titan XQ 500 puls, Titan XQ 400 puls and Phoenix XQ 505 puls multiprocess/pulsing welding systems at CONEXPO-CON/AGG 2026 in booth S63335…
OceanTools Celebrates Recent Project Successes
OceanTools is celebrating two projects that highlight their engineering expertise and versatility. From designing subsea pressure housings for a well-known space technology company to creating solutions for the world’s deepest oceans, their housings deliver reliability and resilience in the most extreme environments.A major U.S. space technology company approached OceanTools with detailed specifications, and they designed and built a highly intricate pressure vessel to meet their requirements.
Babcock Celebrates Milestones in Type 31 Defense Program
Babcock International Group has achieved two milestones in the delivery of the Royal Navy’s Type 31, Inspiration Class program, as the Steel Cut for HMS Bulldog and the Rollout of HMS Active took place at their Rosyth facility in Scotland.The ceremonial Steel Cut for HMS Bulldog marked the official start of build on the fourth of five Inspiration-class frigates, while the rollout of HMS Active saw the emergence of the second frigate from the purpose-built ship assembly hall…
Croatia Looking into Legality of Importing Russian Oil for Druzhba Pipeline
Croatia is assessing whether it can lawfully import seaborne Russian crude oil to supply to Hungary and Slovakia after the Druzhba pipeline supplying them via Ukraine was damaged, the European Commission said on Wednesday.Supply via Druzhba to Hungary and Slovakia, the only EU countries still importing Russian oil, was halted on January 27 due to damage which Kyiv blamed on a Russian drone strike."Croatia has communicated that it is assessing the situation…
Sonangol Looks to Secure $4.8b Loan From China for Sea Port Refinery
Angola's state oil company Sonangol is talking to Chinese financial institutions to secure a $4.8 billion loan to partly finance the construction of a new refinery in the Atlantic sea port of Lobito, it said on Wednesday.The financing, if completed, will mark the first borrowing by the Southern African oil producer from China since 2017, when it opted to reduce its exposure to resource-backed loans.The…
Hungary Accuses Ukraine of Plans to Disrupt National Energy System
Hungary's Prime Minister Viktor Orban accused Ukraineon Wednesday of planning to disrupt the Hungarian energy system, and dispatched troops to safeguard infrastructure, escalating a dispute that has undermined Europe's pro-Ukraine consensus.Hungary and Slovakia, whose leaders are outliers in the EU for maintaining relations with Moscow, blame Kyiv for an outage on the Druzhba oil pipelinethat supplies…
Saudi Arabia Increases Oil Product, Exports In Case of US Attack on Iran
Saudi Arabia is increasing its oil production and exports as part of a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East, two sources familiar with the plan said on Wednesday.The Saudi government media office did not immediately respond to a request for comment on the plan.U.S. President Donald Trump has said he is considering a strike on Iran to pressure its leaders to agree a deal to curb Tehran's nuclear programme.
