Heilongjiang Lighthouse International Logistics Co., Ltd.

The former Siem Offshore reformulated as Sea1 Offshore after the departure of founder and former chairman Kristian Siem reports it is seeing positive signs in the offshore market and preparing for renewed growth. The company renamed itself and downsized selling nine vessels to Siem in May 2024.

Sea1 Offshore reports it is set for growth based on the market opportunities. It reported on November 4 that it has ordered two new next-generation Offshore Energy Support Vessels from the Chinese shipyard Cosco Shipping. The company said the investment is a consequence of its growth strategy and will help to strengthen the company's position as a leading supplier of services to the energy sector offshore worldwide.

"Chartering contracts and rates are on the rise in the offshore sector, and we expect good earning potential for players who can provide modern and well-equipped ships to the market," says Bernt Omdal, CEO of Sea1.

Omdal sees many positive signs for the offshore industry in the coming years. He confirms that Sea1 is in dialogue with Cosco Shipping about an option of delivering more ships. Sea1 management says it believes in continued high activity in the traditional offshore oil and gas sector.

The newbuild vessels will be approximately 394 feet (120 meters) long, with a cargo deck of 1,400 square meters. Each ship will feature a 250-tonne deck crane and provide accommodations for up to 120 personnel. Both vessels will be equipped with an ROV hangar and a moonpool.

Based on designs from Norway’s Skipsteknisk, Sea1 highlights the ships will be versatile to meet emerging market opportunities. They are designed and will be equipped for a wide range of operations, which includes the renewable energy market. The company expects increased demand for vessels that can serve offshore wind farms.

Sea1 highlights that it is committed to cutting emissions in its fleet. Based on the advanced ST-245 design, the new vessels will be equipped with modern technology to reduce emissions and maximize operational efficiency. They will also be methanol-ready, and the generators will be able to operate on 100 percent biofuel.

When the two newbuilds are delivered in 2027, Sea1 reports it will own a fleet of 19 modern offshore vessels. The company will be ending in April 2025 the management agreement for the nine vessels sold this year, but highlights it was able to use that to lower its debt position. It also signed management agreements for six AHTS vessels owned by the Viking Supply Ships as it works to continue to reposition the company for growth.

On 28 October, Yemen’s Houthi group announced their involvement in targeting three vessels in the Red Sea and the Arabian Sea, according to Reuters, as part of their efforts to impose a naval blockade against Israel.

Houthi military spokesperson, Yahya Sarea, stated in a televised address that the attacks targeted ships attempting to reach Israeli ports.

According to LSEG data, all three vessels were registered in Liberia.

The 2006-built bulk carrier Motaro was last observed off the western coast of Yemen in the Red Sea, navigating from Egypt’s Suez Canal towards Shanghai.

The 2004-built container ship SC Montreal was reportedly targeted in the Arabian Sea during its journey from Seychelles’ Port Victoria to Salalah, Oman.

The 2005-built container ship Maersk Kowloon was located in the western Indian Ocean, also en route from Salalah.

Maersk’s spokesperson, however, said that Maersk Kowloon was not attacked, refuting Houthis’ claims.

Earlier that day, British maritime security firm Ambrey reported two explosions near a merchant ship approximately 14 nautical miles southwest of Yemen’s Al Dhubab.

This followed earlier announcements from the U.K. Maritime Trade Operations regarding three explosions 25 nautical miles south of Yemen’s port of Mokha.

The UKMTO confirmed the vessel and its crew were unharmed and continued their journey to the next port of call.

The Houthis have declared they will persist with these actions until Israel ceases its operations in Gaza and Lebanon. These developments pose substantial risks to commercial shipping in a vital corridor for international trade.

The Office of Environment and Innovation at the United States Maritime Administration (MARAD) has chosen ABS to establish and oversee the US Center for Maritime Innovation (Center) through a five-year cooperative agreement.

The Center is designed to facilitate the implementation of clean energy technologies on US vessels, supported by extensive research and development programs as well as training initiatives.

ABS Chairman and CEO Christopher Wiernicki remarked that this Center will serve as a crucial national asset.

ABS will partner with MARAD to initiate and manage the Center, focusing on the research, development, evaluation, demonstration, and implementation of cutting-edge maritime technologies and methodologies.

The Center’s objectives include:

Developing infrastructure to support clean energy deployment;

Identifying research needs for new maritime technologies pertinent to the US maritime sector;

Undertaking research, development, testing, and evaluation of technologies, and advising on the best marine technologies available;

Evaluating and tracking US advancements in marine technology;

Helping navigate complex regulatory landscapes and documenting industry best practices;

Collaborating with academic and private training organizations to craft strategies for the US maritime industry across various fleets, including inland, deep water, and coastal.

Over the next six months, ABS and MARAD will collaborate to operationalize the Center, establish working groups and essential functions, and set research agendas and projects.

This phase will involve extensive interaction with stakeholders in the maritime industry, according to the US Congress.

Marine terminal companies holding operating concessions at India’s major landlord ports now have an opportunity to better compete with private ports, an industry domain being increasingly dominated by the Adani Group.

The government has released revised draft policy guidelines allowing old terminals with operations on a build-operate-transfer (BOT) basis, who had been victims of a flawed pricing mechanism, to migrate from regulated service rates to a market-driven tariff regime.

“In the past, tariffs were regulated due to limited competitive landscape but the evolving market and competitive landscape necessitates deregulation,” the Indian Shipping Ministry said in its provisional document.

The ministry further noted: “The original objective of introducing the tariff regulations in 2005, inter alia, included safeguarding interest of users, while ensuring fair returns to the port and encouraging competition and efficiency.”

It went on to add: “The long-term objective outlined in the tariff guideline 2005 was competitive pricing. The market and the competitive landscape in the Indian port sector has since witnessed a significant shift.”

The Tariff Authority for Major Ports (TAMP) had been tasked with determining and approving tariff rates at public-private-partnership (PPP) terminal projects.

Royalty amounts mandated to be shared with landlord ports or the government had been the chief bone of contention or pain point, as competition intensified.

The PSA terminal at Tuticorin Port has borne the brunt of such lopsided contracts, with little relief from years of litigation.

On the other hand, private minor ports have the autonomy to fix their tariffs, gaining significant competitive advantages over BOT terminals. Here, Adani Ports has made steady inroads into the Indian container market, with its flagship Mundra Port the busiest in the country.

“The non-major ports presently account for about 45% of the traffic, and there is no parity in the tariff regulation mechanism between the major ports and the minor/non-major ports,” the ministry explained in its document.

“Thus, need was felt to address the disparity in differing regulations and tariff guidelines subsisting at major ports, in order to provide uniform user experience and ensuring level playing field for PPP operators by allowing them to play a greater role in determination of tariffs and better respond to competitive market forces.”

Amid tariff complications, port investments from other global leaders, particularly APMT, haven’t been that promising in recent years, with the exception of DP World, which recently won a new terminal concession at Kandla.

India has massive port plans in the offing, requiring a more consistent and pro-industry policy framework to propel private investment interest. A greenfield project, costing about US$ 10 billion, near Nhava Sheva, is the most notable one.

India has 12 major or government ports and more than 200 minor or non-major ports across its vast coastline of some 4,600 miles.

China's international trade in goods and services rose 4 percent year-on-year to about 4.18 trillion yuan through August 2024, official data released by the State Administration of Foreign Exchange Control of the People's Republic of China showed on Friday.

In dollar terms, the country's total exports and imports in international trade in goods and services amounted to $322.4 billion. The country's total exports and imports of international trade in goods and services amounted to US$322.4 billion and US$263.5 billion. The country's exports and imports totaled US$322.4 billion and US$263.5 billion, respectively, recording a surplus of US$58.9 billion. THE SURPLUS AMOUNTED TO US$58.9 BILLION.

Among them, China's merchandise exports totaled about 2.07 trillion yuan in August, while imports totaled nearly 1.5 trillion yuan. The surplus at the same time reached 572.4 billion yuan.

Last month, China exported 230.8 billion yuan worth of services and imported 383 billion yuan worth of services. The passive balance amounted to 152.2 billion yuan.