1. NORDEN reports best result in company history with net profit of USD 744 million
“NORDEN achieved the best ever financial result by capturing value in volatile markets, continuously adapting to market developments and quickly capitalising on the most attractive opportunities. NORDEN proposes a final dividend of DKK 30 per share, and will initiate a new share buy-back programme of USD 50 million. For 2023, we expect another strong result, having already locked in high value for the year and being well positioned to capture on the opportunities that arise in our two markets.” https://cyprusshippingnews.com/2023/02/13/norden-reports-best-result-in-company-history-with-net-profit-of-usd-744-million/
2. It’s time to future-proof your ships against the changing landscape
Can shipowners and operators retrofit their way through today’s maritime challenges, or will only new construction do? The decision to build or not to build is a conundrum that many shipowners in today’s market are struggling with. New construction is one option, whereas retrofitting the existing fleet is another. https://cyprusshippingnews.com/2023/02/13/its-time-to-future-proof-your-ships-against-the-changing-landscape/
3. NYK Group offers support to victims of earthquake in Southeastern Turkey
The NYK Group would like to offer its sincerest condolences to all those who have been displaced or have lost friends or family members as a result of the earthquake that struck southeastern Turkey on February 6. In response, we will be donating 10 million yen to the Turkish Red Crescent to help the victims and towns recover. https://cyprusshippingnews.com/2023/02/13/nyk-group-offers-support-to-victims-of-earthquake-in-southeastern-turkey/
4. Disaster relief for victims of earthquake in Turkey and Syria by “K” LINE
Kawasaki Kisen Kaisha, Ltd. (“K” LINE) has announced that it has decided to make a donation of 3 million yen through Japanese Red Cross Society in consideration of damages caused by the earthquake that hit Turkey and Syria on February 6, 2023. “K” LINE would express its most sincere sympathy to all those affected by the earthquake and pray for the soonest recovery of the damaged area. https://cyprusshippingnews.com/2023/02/13/disaster-relief-for-victims-of-earthquake-in-turkey-and-syria-by-k-line/
5. MOL provide Aid to victims of earthquake in Turkey and Syria
Mitsui O.S.K. Lines, has decided to donate 5 million yen to the Japanese Red Cross Society and 38,000 US dollars to the Turkish Disaster and Emergency Management Authority to provide emergency assistance to the victims of the earthquake that struck southern Turkey on February 6. https://cyprusshippingnews.com/2023/02/13/mol-provide-aid-to-victims-of-earthquake-in-turkey-and-syria/
6. COSCO forms the China Electric Ship Innovation Alliance
China’s largest shipping entity, COSCO, has formed the China Electric Ship Innovation Alliance. Top national authorities and more than 80 companies have joined the alliance, helping cement the country’s position as one of the world’s leaders when it comes to the electrification of shipping. https://splash247.com/cosco-forms-the-china-electric-ship-innovation-alliance/
7. US Department of Energy to fund studies into increasing cost efficiency of wind power generation
The US Department of Energy (DOE) last week announced a $30m funding opportunity to advance the cost-effective domestic manufacturing of materials, including lightweight composites, that allow wind turbines to produce power more efficiently. https://splash247.com/us-department-of-energy-to-fund-studies-into-increasing-cost-efficiency-of-wind-power-generation/
8. First Segment of Houston Ship Channel Expansion Project Completed
Port officials in Houston are announcing the completion of the first segment of the $1 billion Houston Ship Channel expansion project.
The project, officially known as “Project 11”, will widen and deepen the Houston Ship Channel, one of the nation’s busiest waterways, to accommodate bigger ships. https://gcaptain.com/first-segment-of-houston-ship-channel-expansion-project-completed/
9. Containerships Collide on Vietnam’s Long Tau River
Two containerships sustained significant damaged after colliding on the Long Tau River near Ho Chin Minh City in Vietnam over the weekend. The collision reportedly took place Saturday as the Singapore-flagged Wan Hai 288 and Bahamas-flagged Resurgence were passing each other. https://gcaptain.com/containerships-collide-on-vietnams-long-tau-river/
10. Sanctions Effect Begins: Crude Tankers Forced Onto Longer Voyages
Tanker investors have been getting cold feet this winter. Spot rates are down sharply from November and stocks are off earlier highs. Yet the bullish tanker thesis — war-induced trade inefficiencies, post-COVID reopening, new vessel capacity that’s about to fall off a cliff — hasn’t changed. After spot rates “began to ease from highs that were completely unsustainable” came “the predictable selloff in the equities,” said Evercore ISI analyst Jon Chappell in a research note on Friday. https://www.shippingtribune.com/news/shipping/Sanctions+Effect+Begins%3A+Crude+Tankers+Forced+Onto+Longer+Voyages
