The biggest and most powerful LNG-fueled engine ever built has been approved for use on board the first vessel in a series nine 23,000 TEU containerships owned by French shipping giant CMA CGM. The X92DF engine, developed by WinGD, is the most powerful two-stroke dual fuel engine ever built, delivering a whopping 63,840 kW of power. The engine is fitted on board CMA CGM’s … [Read more...]
Chevron Planning to Cut Up to 15% of Workforce
By Kevin Crowley and Rachel Adams-Heard (Bloomberg) --Chevron Corp. is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors following the Covid-19 pandemic. The company aims to reduce costs to ride out the worst crude-price crash in a generation. Among other big oil companies, BP Plc is reducing senior … [Read more...]
Golden Ray Removal Claim Likely to Exceed $400 Million
The removal of the overturned Golden Ray in St. Simons Sound, Georgia is likely to top $400 million, according to the insurer handling the claim. The price tag easily puts the wreck removal as one of the biggest salvage jobs in U.S. history. In its annual review, P&I club North P&I said the gross claim figure for the Golden Ray is expected to be in excess of … [Read more...]
UN Agencies Make Urgent Plea for Crew Changes and ‘Key Worker’ Designation for Seafarers
The heads of the maritime, labor and aviation agencies at the United Nations have issued a plea for urgent action on crew changes and for "key worker" designation so that ship and airplane crews can be relieved and repatriated safely during the COVID-19 pandemic. In a joint statement, the International Civil Aviation Organization (ICAO), International Maritime Organization … [Read more...]
Cyprus’ Maritime Cluster Prospers Under New Shipping Deputy Ministry
On the eastern edge of the Mediterranean Sea near the major shipping routes connecting Europe, Asia, and Africa lies the island country of Cyprus, a small but important island in the world of maritime. Cyprus’ maritime industry contributes so significantly to the economy that, in March of 2018, the government established the Cyprus Shipping Deputy Ministry (SDM) to increase … [Read more...]