A Russian Panama-flagged cargo ship carrying 3,000 tons of corn is sinking in the Sea of Azov after suffering a hull breach near the port of Azov in Russia’s Rostov region, according to local media.

The 46-year-old vessel, Pavlo Grabovskiy, departed from Rostov en route to Samsun in Turkey, when it sustained serious hull damage on February 16, causing it to take on water.

Russia’s ageing merchant fleet, which has struggled to find international supplies and managers in the three years since the full-scale invasion of Ukraine, has suffered a number of casualties in recent months. 

Splash reported on a series of tanker disasters involving ancient Russian tankers around the Kerch Strait in mid-December while in the same month the Russian Ursa Major general cargo ship sank in the Mediterranean between Spain and Algeria. 

One of Turkey’s largest shipowners is decamping to Greece.

Istanbul-based news outlet Türkiye Today is reporting Ciner Shipping is shifting its operations to Athens with staff in Turkey informed today that their current work contracts would be terminated with full legal compensation.

Ciner Shipping owns and operates a fleet of 24 ships made up of 20 bulk carriers and four suezmaxes. Its parent, Ciner Group, is a Turkish family-owned conglomerate that operates in energy and mining, natural soda ash, glass and chemicals, and shipping, having recently sold off its media holdings.

The US Navy has decided to relieve the commanding officer of the USS Truman – the nuclear-powered aircraft carrier that had a collision with a bulk carrier off Egypt last week.

Captain Dave Snowden was relieved Thursday for “loss of confidence in his ability to command”, the navy said.

The accident with the 2003-built supramax Besiktas-M happened nine days ago near Egypt’s Port Said with the bulk carrier suffering damage to its bow, while the American vessel reported hull damage on its right back quarter (pictured). 

The investigation into the collision is still ongoing.

The aircraft carrier has been used as one of the naval assets patrolling the Red Sea over the past year as the Houthis from Yemen targeted merchant shipping. 

Oslo-listed surveyor and seismic data specialist TGS has won another 4D streamer contract acquisition project in the Barents Sea.

The company said in an Oslo Bors filing that the acquisition project will cover the Vår Energi-operated Goliat field.

According to Tgs, the Goliat 4D project is scheduled to start in July and will last approximately 20 days.

“We already have secured one contract in the Barents Sea with a duration of approximately 45 days, and this award is scheduled to be acquired back-to-back. Adding on the recently announced multi-client project, we have built a solid Barents Sea acquisition campaign,” said Kristian Johansen, CEO of TGS.

The first Barents Sea contract was revealed back in January as part of a four-deal announcement. The firm won three projects in the North Sea and one in the Barents Sea. The contract for the Barents Sea campaign is scheduled to commence in late May and last approximately 50 days.

Earlier this month, TGS bagged two more new contracts off Norway, one in the North Sea and one in the Norwegian Sea. The projects are scheduled to be acquired back-to-back and last 80 days, starting in June.

Brazilian offshore driller Constellation Oil Services has announced its intention to list the company’s shares on Euronext Growth Oslo.

The company currently has 1,519,918,308 outstanding shares and has stated that it would not be looking to raise capital as part of the listing.

A portion of Constellation’s shares are already registered in Euronext Securities Oslo through Norwegian Depository Receipts (NDRs).

Recent trades of NDRs imply a market value of the company of approximately NOK 8bn ($720m). Pending final approval from the Oslo Stock Exchange and market conditions, Constellation expects to begin trading on Euronext Growth Oslo on or around March 6, 2025.

“We are excited to list Constellation on Euronext Growth, enhancing share liquidity for our investors. With a strong contract backlog and a cost-efficiency advantage, we anticipate robust cash generation to support debt reduction while preserving financial flexibility,” said Rodrigo Ribeiro, CEO of Constellation.

Clarksons Securities is acting as Euronext Growth advisor to the company in connection with the listing while Advokatfirmaet Thommessen is acting as legal counsel. Advokatfirmaet BAHR is the legal due diligence adviser.

In December 2024, Constellation completed a comprehensive recapitalization, leaving it with only $650m in senior secured notes due 2029 and over $180m in cash, on a pro forma basis.

The company owns and operates a fleet of seven offshore rigs, including six modern ultra-deepwater rigs, with a backlog of approximately $2.1bn with a remaining average duration of 2.8 years as of the fourth quarter of 2024.

Starting in the third quarter of 2025, Constellation will manage and operate Hanwha’s seventh-generation ultra-deepwater drillship Tidal Action. The offshore driller operates 22% of Brazil’s offshore drilling rigs and employs around 1,800 people.

A shipowner will host one of the top spots at next year’s Posidonia show in Greece.

Greek shipping tycoon George Procopiou has acquired the entire share capital of the Astir Palace hotel group from Middle East interests, having bought a 30% stake last October. The portfolio includes four hotels, the centrepiece being the Four Seasons Astir Palace in Vouliagmeni, south of Athens, which tends to host some of the largest gatherings at the biennial Posidonia. 

Procopiou is one of Greece’s largest shipowners with companies including Dynagas and Dynacom. He has also built an international real estate portfolio comprising more than 2,500 properties.

Shipowners have had a long history of buying into hotels. In Japan, Meiji Shipping, Shoei Kisen and Uni-Asia all have hotel interests, as does Sea Consortium’s Tim Hartnoll and Graham Porter from Tiger Group Investments. 

Gianluigi Aponte’s Mediterranean Shipping Co (MSC) has returned to Zhoushan Changhong International Shipyard in China for a new series of LNG dual-fuel megamax containerships.

The Swiss-based liner giant has signed up for four firm 21,700 teu newbuilds with options for up to four additional vessels.

The yard confirmed the order, saying it was its largest newbuilding project to date and in Zhejiang Province.

Soren Toft-led MSC previously ordered 11,500 teu and 10,300 teu 10-ship series at Changhong International in 2023, which was followed by twelve 19,000 teu LNG dual-fuel megamaxes last August.

The world’s largest container carrier has a fleet of about 6.4m teu, commanding around 20% share of the global operated fleet. The company’s massive orderbook now stands at more than 130 ships, which is, following the latest deal, projected to boost the fleet by an additional 2.15m slots in the coming years.

Changhong International has also confirmed the earlier reported order for 11,400 teu LNG dual-fuel boxsips from George Economou’s TMS Group.