Marine News

1. UK insurers reveal exposure to Baltimore bridge crash

   Although Hiscox has no direct exposure, it expects the net loss to be moderate, while Lancashire says the impact will be within expectations for this type of event 

2. J. Lauritzen has bought shares in the newly listed Svitzer

   Maersk’s former tugboat company, which went public this week, has gained a major shipping investor as stakeholder.

3. Old rail route revived to alleviate Red Sea supply chain issues

   DP World expects the route to more than halve transit time from China to Turkey in light of the delays triggered by the Red Sea crisis.

4. BW LPG wants to relocate to Singapore

   The gas carrier expects the effective date of the redomiciliation to be in the third quarter of 2024. 

5. Opinion: Dark clouds are gathering on the horizon for the big container lines

   The crisis in the Red Sea is keeping a lid on freight prices, but a wave of incoming newbuilds is cause for concern, writes Lars Jensen.

6. Tidewater more than doubles its bottom line in quiet quarter

   The first quarter is usually a quiet one, writes the offshore shipping company in its report for the first three months of the year.

7. Höegh LNG sends FSRU to Egypt to support energy security

   Höegh LNG’s FSRU, Hoegh Galleon, will be deployed in Egypt for a period of 19-20 months.

8. Maersk's lack of newbuilds creates fresh round of delays for customers

   Chief exec Vincent Clerc says that few new ships explain why the container major’s schedule reliability is now among the industry’s lowest.

9. Oil set for biggest weekly drop since February as war risk fades

   Not least due to signs of reduced geopolitical risk in the Middle East, global oil prices are heading towards the largest weekly decline in months.

10. Iran releases crew of seized MSC ship

    According to Iran’s foreign minister, the release is a humanitarian act and the crew members can now return home.

11. India top refiner resumes trade on Russian Sovcomflot ships

    Oil trading activities between India and Russia have resumed as major Indian refinery on Thursday purchased crude oil shipped by a tanker controlled by Russia’s Sovcomflot.

12. Insurance company to pay USD 350m for bridge collapse in Baltimore

    The compensation is expected to be the first in a long line that awaits the insurance companies involved in the accident.

13. Maersk expects no financial liability from Baltimore bridge collapse

    In March, a ship chartered by Maersk sailed into a bridge that collapsed, leaving a billion-dollar clean-up bill that now has to be settled.

14. Crack in Yildirim-linked tanker causes large oil spill

    The Turkish ship spilled an estimated 25,000-30,000 litres of fuel during a loading operation in North Africa. 

15. Trafigura orders four ammonia carriers

    The ships will be equipped with dual-fuel engines and built at HD Hyundai Mipo in South Korea.