Russia’s seaborne oil exports rose to a seven-month high in May as OPEC+ producers boosted output and falling prices for the country’s flagship Urals grade opened new legal trading opportunities under Western sanctions. Russian crude shipments averaged 3.68 million...

Read More

Lloyd’s Register (LR), HD Hyundai Mipo Dockyard Co., Ltd (HMD) and PanOcean have signed a Joint Development Project (JDP) agreement for a new design of Ultramax bulk carrier. The JDP was formally presented during Nor-Shipping 2025, held at NOVA Spektrum in Lillestrøm,...

Read More

ABS issued approval in principle (AIP) to Pherousa Shipping for its ammonia cracking technology onboard ships, featuring proton exchange membrane fuel cells and fuel gas supply system (FGSS) for fully electric propulsion. The emissions-free propulsion system is...

Read More

In October, the International Maritime Organization is set to adopt a legally binding framework to reduce greenhouse gas (GHG) emissions from ships over 5,000 GT, pending entry into force in 2027. Including a new fuel standard and a global pricing mechanism for...

Read More

The impending enforcement of the Hong Kong Convention is bringing some turbulence in the ship recycling market, as compliance is a key factor. In its latest report, Best Oasis, a leading cash buyer of ships said that “as the Hong Kong Convention enforcement...

Read More

New orders declined sharply in the first few months of 2025, reaching historically low levels, as shipowners avoid long-term investment decisions. The subdued ordering activity will persist until at least October 2025, with only a gradual recovery anticipated...

Read More