Maritime Industry News Highlights: February 7–10, 2025
February 10, 2025 Maritime Safety News
Shipbuilding and Deliveries
- Fincantieri Delivers LNG-Powered Cruise Ship to TUI Cruises: Fincantieri has handed over the first of two low-carbon cruise ships to TUI Cruises. The vessel is powered by liquefied natural gas (LNG), marking a significant step toward sustainable cruising.
Market Trends
- South Korea Leads in January Shipbuilding Orders: South Korean shipyards secured orders totaling 900,000 compensated gross tons (CGT) for 13 ships in January, accounting for 62% of global orders. This surge is attributed to contracts for LNG dual-fuel container ships.
- Decline in Ship Recycling Prices Anticipated: The ship recycling market is experiencing downward pressure on prices due to ongoing tariffs and counter-tariffs. Industry experts predict a continued decline in the first half of 2025.
Environmental Initiatives
- Canadian and European Ports Collaborate on Energy Transition: Canada’s Halifax Port Authority has announced an investment of up to $17 million, including $15 million dedicated to developing the Halifax-Hamburg green shipping corridor, aiming to enhance sustainable maritime practices.
Regulatory and Political Developments
- Trump Administration Plans 25% Tariffs on Steel and Aluminum Imports: The U.S. government has announced intentions to impose a 25% tariff on all steel and aluminum imports, including those from Mexico and Canada, potentially impacting shipbuilding and repair costs.
Security and Incidents
- Tanker Explosion at Russian Port of Ust-Luga: A tanker suffered an engine room explosion at the Russian port of Ust-Luga. Investigations are ongoing to determine the cause and assess the impact on port operations.
