The Korean shipbuilding industry’s share of global shipbuilding orders plummeted to less than 10 percent in May. This was blamed on a decline in orders for Korean shipbuilders’ main ship types including Liquefied Natural Gas (LNG) carriers. Global ship orders totaled...

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Russia’s leading tanker group Sovcomflot said western sanctions and changing market conditions may cut its revenues this year, a rare admission from a major Russian business of the damage western restrictions against Moscow are having. The U.S. imposed sanctions on...

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The International Maritime Organization (IMO) has outlined its latest progress and plans to decarbonize global shipping by or around 2050, in a submission to the Bonn Climate Conference. The submission was made to the sixtieth session of the Subsidiary Body for...

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A rally in Asia’s High-Sulphur Fuel Oil (HSFO) market, boosted by lower Middle East exports and OPEC+ cuts, is expected to take a breather as Russian exports remain elevated and will ease tight supply, industry sources said. Tighter supply has driven HSFO spot...

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During the first two months of Q2 2024, NORDEN has made four transactions, focusing on expanding the strategic position and enhancing the climate commitment within dry bulk by adding two new modern Capesize vessels (2021) to the owned fleet, while at the same time...

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China’s iron ore imports in May stayed above 100 million metric tons for a third straight month, customs data showed on Friday, thanks to the anticipation of higher demand after a slew of stimulus measures by Beijing to revive the property sector. The world’s largest...

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