India state-run shipper to buy local vessels in $2 bn deal
State-owned Shipping Corp. of India, the country’s largest shipping line, is working on a plan to purchase 26 India-made ships for 198.2 billion rupees ($2.3 billion) as part of a government initiative to boost the domestic shipbuilding industry, according to people familiar with the matter.
The ships will have cumulative internal volume of 1.18 million gross tonnes, and delivery will be staggered over several years as they are completed, said the people, who weren’t authorized to speak publicly.
It comes amid a wave of orders from other buyers in India’s petroleum and natural gas, steel and fertilizer sectors, who along with SCI plan to procure a grand total of 207 ships valued at nearly 1.5 trillion rupees, the people said. This plan is part of an existing initiative to purchase 112 crude carriers through 2040, as the world’s third-biggest importer of oil seeks to build out its tonnage, Bloomberg News reported earlier.
The deal will significantly bolster SCI’s fleet, which currently consists of 55 ships including tankers, bulk carriers, liners and offshore supply ships.
China merchants leasing sells 2.0 modern ultramax bulk carriers
China Merchants Bank Financial Leasing (CMB FL) is taking advantage of rising ultramax bulk carrier values to sell two vessels as charter contracts are coming to an end.
The Chinese leasing company is selling a pair of modern 61,000-dwt bulk carriers via the Guangzhou Shipping Exchange (GSE).
Master jailed in Turkey for 30 years in drug case
Turkey has released a Croatian bulker captain jailed for 30 years over drug smuggling.
Marko Bekavac was arrested in 2023 with chief officer Ali Albokhari when cocaine was found on the 34,399-dwt bulker Phoenician-M (ex-Clipper Palma, built 2010).
The Croatian government said in a statement: “Following coordinated actions by the government and the competent authorities, Captain Marko Bekavac arrived in Croatia [on Friday] from Turkey, where he has been detained since October 6, 2023, on charges he has denied from the beginning.”
Minister of justice, administration and digital transformation Damir Habijan said he was immensely satisfied with the release, calling it an “extremely challenging case”.
“We have been working on this for several months, and I can confirm that Bekavac has arrived in Croatia, that is the most important thing, and he will be with his family soon,” the minister added.
Fire-hit tanker crew rescued
A Costamare container ship has rescued all 20 crew members from a tanker hit by fire off Vietnam.
A blaze broke out in the engine room of the tanker on Friday morning, about 104 nautical miles (193 km) south of Con Dao Island.
One seafarer suffered burns in the incident on the 7,600-dwt GT Unity (built 2008), Vietnam News reported.
The crew members were safely evacuated aboard the Costamare’s 4,250-teu Androusa (built 2010) and were later put ashore.
The container vessel had alerted rescue authorities to the fire and was quickly asked to assist the smaller ship.
A Vietnamese patrol vessel, KN 210, operating in southern waters also picked up the distress call and arrived in the afternoon, two hours after the Androusa.
The patrol ship used water cannons to contain the flames.
Tanker market pointing up ahead of major Trump-Putin meeting
By the time Donald Trump meets Vladimir Putin in Alaska on Friday, Russian oil exports might have hit multi-month highs.
The US and Russian presidents will discuss the war in Ukraine, which Trump has been keen to end since taking office in January, and the meeting could have wide-ranging impacts on the tanker market, depending on the outcome.
But on Friday, Russia is forecast to export 11.4m barrels, according to Kpler data, the highest since mid-April, and on Saturday 12.5m barrels — the most at any point in the past five years.
Orsted turns to shareholders
Shares in Orsted plunged to a record low on Monday as the wind farm developer asked shareholders for $9.4 billion to help fund a U.S. project, after potential partners were put off by U.S. President Donald Trump’s hostility to wind power.
The 60 billion crowns ($9.4 billion) rights issue is worth around half of the Danish company’s market value as of Friday’s close.
Struggling in recent years with soaring inflation and logistical problems that sent costs soaring, the offshore wind industry faced a further setback when Trump suspended licensing on his first day back in office in January.
“Orsted and our industry are in an extraordinary situation with the adverse market development in the U.S. on top of the past years’ macroeconomic and supply chain challenges,” said CEO Rasmus Errboe.
Trump campaigned on a promise to end the offshore wind industry, saying it is too expensive and hurts whales and birds.
Russia keeps crude exports flowing ahead
Russia’s oil shipments nudged down for a third week, but remain comfortably within the range seen so far this year. Threats of additional tariffs are having little immediate impact on flows ahead of a Friday meeting between US President Donald Trump and his Russian counterpart Vladimir Putin.
Four-week average crude shipments fell for a third week in the latest data, while seven-day flows rebounded. Seaborne cargoes averaged 3.11 million barrels a day in the four weeks to Aug. 10, down by about 3 percent from a revised 3.21 million barrels a day for the period to Aug. 3, tanker-tracking data compiled by Bloomberg show.
Australian-govt accepts strategic defense shipbuilding deal with Austal
The Australian Government has approved a Strategic Shipbuilding Agreement (SSA) with Austal Limited that establishes the company’s new subsidiary, Austal Defence Shipbuilding Australia, as the Commonwealth’s strategic shipbuilder for Tier 2 surface combatants at Henderson, Western Australia.
This agreement follows the Heads of Agreement announced in November 2023 and will see Austal Defence Australia become the prime contractor for the LAND8710 programs, which include 18 Landing Craft Medium vessels and 8 Landing Craft Heavy vessels.