Maritime News

• ReCAAP database of incidents showed a 15% rise in piracy and armed robbery incidents reported in 2023 to 150 compared to 131 in the previous year.
• Somali piracy, largely dormant for more than a decade has shown a resurgence in the first quarter of this year.

The resurgence of Somalia piracy that has coincided with the Red Sea crisis is a cause for concern among the authorities, reports Seatrade Maritime News.

Speaking at the opening of the ReCAAP Anti-Piracy and Sea...

https://mfame.guru/resurgence-of-somalia-piracy-raise-concern-imo-secretary-general/

• Somali pirates released a hijacked ship, and its crew of 23 after a $5 million ransom was paid.
• The hijacking happened about 600 nautical miles east of Somalia’s capital Mogadishu.

Somali pirates have released a Bangladesh-flagged vessel and its 23-member crew after a ransom was reportedly paid, reports Reuters.

The vessel was carrying coal from Mozambique to the United Arab Emirates (UAE) when it was hijacked off Somalia’s coast about a month ago.

The pirates...

https://mfame.guru/somali-pirates-free-vessel-after-5m-ransom-paid/

MAN Energy Solutions has received an order for 3 × MAN 6L21/31DF-M (Dual Fuel-Methanol) GenSets capable of running on methanol in connection with the construction of a 7,990 dwt IMO Type II chemical bunker tanker, according to the company’s release.

The dual-fuel engines will form part of a diesel-electric propulsion system on board the vessel with electrical motors driving twin fixed-pitch propellers via gearboxes; an onboard battery-storage system will optimise the use of the dual-fuelled...

https://mfame.guru/man-es-bags-1st-propulsion-order-for-methanol-fuelled-genset/

The Board of Directors (the “Board”) of Orient Overseas (International) Limited (the “Company”) has adopted a policy of announcing unaudited operational updates for Orient Overseas Container Line (“OOCL”) every quarter. This announcement sets out the unaudited operational update for OOCL for the first quarter ended 31st March 2024. The comparative figures for the first quarter ended 31st March 2023 are also disclosed in this announcement.

For the first quarter ended 31st March...

https://mfame.guru/quarterly-unaudited-operational-updates-for-orient-overseas-container-line-released/

With marine insurance being an important component of vessel operating costs, we have completed a review of the latest trends in P&I and H&M as part of the assessment for Drewry’s upcoming Ship Operating Costs report.

At the recent renewal on 20 February 2024, the International Group Clubs were seeking an average general increase of P&I 6.5% (FD&D 6.1%), with a range of 5% to 7.5%.  Anecdotally, it seems likely that the clubs did not achieve this level of increase with...

https://mfame.guru/a-sigh-of-relief-for-operators-increasing-insurance-costs-slow-down/

• Global LNG spot charter rates continue to decrease this week, while European LNG prices rose compared to the previous week.
• Spot rates in both the Atlantic and Pacific basins are at their lowest in four years, with various factors such as avoiding the Suez Canal and lower Panama Canal transits affecting rates.

Spot charter rates for global liquefied natural gas (LNG) carriers continued to decrease this week, marking the third consecutive week of decline. According to Spark’s commercial analyst...

https://mfame.guru/spot-lng-shipping-rates-drop-european-prices-climb/