VLGC owner and operator BW LPG has signed a memorandum of agreement to sell two vessels to the BW LPG India joint venture.

The two vessels in question, the BW Pampero and BW Chinook, were acquired in the recent Avance Gas transaction and will be sold for approximately $75m per vessel to ensure further expansion and fleet renewal in the Indian market. The delivery of the two 2015-built vessels is expected in the third quarter of 2025.

BW LPG India currently owns and operates India’s largest fleet of very large gas carriers, comprising seven ships, after the recently announced sale of the BW Cedar. Its fleet is also the youngest and accounts for import of approximately 20% of LPG into India.

The company was established as a joint venture in 2017 between BW LPG Limited and Global United Shipping and is headquartered in Chennai. In 2021, Maas Capital Shipping acquired a minority stake of 42% in BW LPG India, with BW LPG currently holding 52% of the shares.

“We see tremendous potential in the country and are proud to participate in the continued growth of the Indian LPG market,” said Kristian Sørensen, CEO of BW LPG.

The world’s first global bunker tracking tool has been launched in Rotterdam. Spotbarge’s Bunker Insights offers real-time bunker tracking and detailed analytics of every vessel bunker operation in major global hubs.

Spotbarge monitors and logs essential bunker data, including loading location, fuel type, bunker quantities, and more.

Currently, Bunker Insights is operational in key strategic regions: Amsterdam-Rotterdam-Antwerp (ARA), the Mediterranean, Singapore, Panama, and Fujairah. Other major hubs will follow in Q2. 

Sebastiaan Kosman, Spotbarge’s CEO, worked for Shell Trading for 10 years, prior to founding this new bunkering platform.

“By delivering real-time, transparent data to key hubs like ARA, Singapore, and Fujairah, we’re empowering stakeholders to not only optimise their fuel strategies but also drive greater sustainability and efficiency in an era of unprecedented change,” Kosman told Splash.

The Panama Maritime Authority (PMA) has officially deregistered 107 Panamanian-flagged vessels listed under international sanctions, with an additional 18 currently undergoing the deregistration process.

This action is in accordance with Executive Decree No. 512 of October 18, 2024, which grants the PMA the authority to unilaterally cancel the registration of vessels, as well as registered individuals and shipowners, that appear on international sanctions lists.

The deregistered vessels had been identified for compliance concerns or were listed on sanctions list issued by OFAC, the European Union, and the United Kingdom.

The number of vessels hit by sanctions surpassed 1,000 by the end of last year with data from S&P Global Market Intelligence showing that more 800 of these ships do not have confirmed insurance. Moreover, the average age of sanctioned ships – 21 years – is some eight years older than the global average, adding to growing concern that the sprawling so-called shadow fleet could lead to multiple costly environmental catastrophes. 

The chief executive officer of Flex LNG, Øystein Kalleklev, has resigned from his position to pursue other opportunities.

Flex LNG said that its board of directors accepted Kalleklev’s resignation from the CEO role after a stint of seven and a half years.

Kalleklev joined Flex LNG in October 2017 and was appointed CEO in August 2018. He previously served as the CFO of Knutsen NYK Offshore Tankers since 2013 and chairman of the general partner of the MLP KNOT Offshore Partners from 2015 to 2017.

He was also the CFO of industrial investment company Umoe Group, managing director of Umoe Invest, partner of investment bank Clarksons Platou and business consultant at Accenture.

“During the last seven and a half years, we have built from scratch a first-class LNG shipping company which is uniquely positioned with a substantial contract backlog and a fortress balance sheet. However, after a long stint as CEO, I do feel it’s about time for me to move on and pursue other opportunities,” said Øystein Kalleklev, outgoing CEO of Flex LNG.

The John Fredriksen-backed company appointed its chief commercial officer Marius Foss as the interim CEO. Kalleklev will remain in an advisory capacity until the end of the third quarter to ensure a smooth transition period.

“I am very glad that the Board has decided to appoint Marius Foss as interim CEO. Marius has been instrumental in the development and implementation of Flex LNG’s commercial strategy since he joined the Company in 2018, so with him at the helm, Flex LNG is in very safe and capable hands,” he added.

Of the 50 largest container shipping lines in the world in the year 2000, only 24 are still in existence, according to new research from Denmark’s Sea-Intelligence. 

The capacity operated by these surviving carriers has grown dramatically.  Overall, they have grown their collective capacity from 2.5m teu in 2000 to 26.7m teu in 2025, 983% capacity growth over 25 years, equalling 10% growth on average, every single year for 25 years. 

“Clearly, this is a market which has undergone extreme consolidation. But it has also been a 25-year journey, where the incumbents have clearly been better at adapting and growing in the market than the newcomers,” Sea-Intelligence noted. 

This week the global liner fleet will likely cross the 32m teu mark, according to data from Alphaliner. The container fleet has grown very fast this century. The 30m teu landmark was hit in June last year with a teu tsunami cascading out of yards in Asia delivering a record volume of newbuildings. 

It took the industry around 50 years to reach the 5m teu mark in 2001. By contrast, the leap from 20m teu to 30m teu was achieved in just seven years. 

COSCO Shipping Specialized Carriers is expanding its fleet of semi-submersible heavylift vessels with another newbuilding.

The unit of COSCO Shipping Group has returned to Guangzhou Shipyard International for a 70,000 dwt unit as part of its plan to strengthen its position in the semisub offshore transportation market segment.

The newbuild, costing about $142m, has been ordered through its Hong Kong-based wholly-owned subsidiary COSCO Shipping Investment Development. The estimated delivery from the yard, which had previously delivered a series of similar vessels to COSCO, was not disclosed.

COSCO Shipping Specialized Carriers has more than 150 ships of various types, including about 20 heavylift semisubs. In 2023, the company formed a joint venture with Guangzhou Salvage that manages a fleet of 18 semisubs together with Cosco Shipping Heavy Transport, including two of the largest vessels in this segment.

China’s Jiangsu Qinfeng Shipbuilding has secured orders from Jiangsu Lvhang Logistics for up to six containerships.

The deal, with an undisclosed value covers one firm and five optional 1,138 teu newbuilds, with the first vessel expected for delivery by November 2026.

No further details have been divulged, except that the boxships have been designed to run on LNG.

The yard, established in 2007, won orders for 16 methanol-powered bulkers from Wuhan Innovation Jianghai Transportation last September. The 15,000 dwt and 19,600 dwt newbuilds are touted as the first Chinese coastal ships to run solely on the low-carbon fuel.

Taiwanese shipping line Yang Ming Marine Transport has struck a deal with Japanese owner Shoei Kisen for three 8,000 teu methanol dual-fuel-ready containership newbuilds.

The world’s 10th and Taiwan’s second-largest liner operator is buying the trio currently under construction at Imabari Shipbuilding, with delivery set in 2028 and 2029.

The transaction is valued between $339m and $360m, Yang Ming said in a stock exchange filing.

The move follows late last year’s announcement that the company would bring in up to 13 newbuildings between 8,000 teu and 15,000 teu to replace its over-20-year-old 5,500 teu to 6,500 teu series.

“The acquisition of the three 8,000 teu vessels, currently under construction, marks the first phase of the plan. The remaining portion will be carried out in accordance with internal procurement procedures to ensure mid- to long-term fleet stability and maintain service quality,” the company said.

Prior to the latest deal, Yang Ming was listed with nearly 100 ships on the water, 59 of which are owned, and five 15,500 teu newbuilds delivering in 2026. The company has been gradually expanding its fleet with modern secondhand neo-panamax tonnage but had not signed for newbuildings since May 2023.

Marine seismic specialist SeaBird Exploration and Singapore’s tender drilling rig specialist Energy Drilling have signed a final transaction agreement which will see the two companies merge in a share-for-share deal.

The move follows a letter of intent in February aimed at creating a diversified offshore oil and gas services player.

SeaBird has two seismic vessels in its fleet, while the Pioneer Logistics-backed Energy Drilling counts six tender rig assets in Southeast Asia.

Once the transaction is completed, the company will change its name to SED Energy Holdings and be listed on the stock exchange. Shareholders of Energy Drilling will own about 89% of the new company.

“This transaction combines two complementary businesses, creating a company with strong market positions and a clear focus on cash generation and distributions. We look forward to the future as Energy Holdings, leveraging our combined strengths for long-term value creation,” said Alf Thorkildsen, chairman of Energy Drilling.