Ocean Yield AS: Investment in LNG carriers on long-term charters

Ocean Yield AS is pleased to announce that it has agreed to co-invest alongside Nippon Yusen Kabushiki Kaisha (“NYK Line”) in four newbuilding LNG carriers, to be constructed in Korea for deliveries in 2028 and 2029. Both parties will have an ownership interest of around 50% in the vessels.

Upon delivery, each vessel will commence long-term time charters to an investment grade-rated major energy company. The transaction is estimated to add around USD 600 million to Ocean Yield’s EBITDA backlog. The charterer may exercise extension options to extend the charter duration. The charterer is also granted options that may increase the size of the investment to eight vessels.

Chief Executive Officer Andreas Røde said in a comment: «We are pleased to expand the partnership with NYK Line through this landmark transaction. Ocean Yield has over the last few years strategically entered the LNG segment, a sector that fits our investment mandate well with its infrastructure-like characteristics and long-term charters to strong counterparties.

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Somtrans christens LNG bunker barge as alternative fuel demand grows

Bunker barge United LNG I has been officially christened in the port of Antwerp. It marks an important moment for shipping company Somtrans, main shipbuilding contractor RensenDriessen and outfitting partners TeamCo Shipyard and Gas & Heat. The vessel will enter service in early 2026, reinforcing the growing role of LNG bunkering in the Belgian and Dutch seaports.

The vessel is an estuary-class LNG bunker barge designed for both inland waterways and coastal service up to Zeebrugge. Measuring 135 by 21.46 metres, the barge carries eight cylindrical Type C cargo tanks of 1,000 cubic metres each, engineered to store LNG at –165 degrees Celsius. These cylindrical cryogenic tanks are central to the design and represent a significant technical step.

The hull was built in China and transported to the Netherlands. LNG tanks supplied by Gas & Heat in Italy were then installed in Rotterdam, before the vessel moved to TeamCo Shipyard for final outfitting. Shipbuilder RensenDriessen acted as the main contractor, coordinating every phase from hull construction to delivery, with TeamCo overseeing tank integration, engineering and yard execution.

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Fisherfolk urge govt to scrap notification on wetland privatisation

KOLKATA: A recent notification issued by the Department of Land & Land Reforms permitting private individuals, entrepreneurs and other government institutions to take part in competitive bidding for government-owned waterbodies has triggered a sharp debate over modernisation versus the protection of traditional livelihoods and ecological balance.

Fishermen’s cooperative societies and environmental groups have strongly opposed the move, warning that it could jeopardise the livelihoods of more than 17 lakh registered members belonging to over 800 cooperatives across the state. Four fishermen’s cooperative societies have already written to the government, demanding the immediate withdrawal of the notification.

The changes stem from amendments to the West Bengal Land and Land Reforms Manual, 1991, notified on September 18. Under the revised provisions, government-owned waterbodies will now be allotted through a tender or auction process. While the notification says fishermen’s cooperative societies, fish production groups and self-help groups will be given price preferences and concessions on the earnest money deposit, traditional fisherfolk fear these safeguards may not be enough.

They argue that the new system could favour financially stronger bidders who may lack experience in sustainable fish production, potentially pushing out communities that have depended on these waterbodies for generations. Environmentalists, too, have raised concerns, warning that opening wetlands to private players could lead to encroachment and poor waterbody management.

In their representations to the government, fishermen’s cooperatives have stressed that they are the natural custodians of inland waterbodies and have long followed sustainable fishing practices. They contend that the notification undermines their role and threatens both livelihoods and ecological stability.

The cooperatives have also pointed out that the move runs counter to existing laws and policies aimed at protecting backward classes and safeguarding fundamental rights guaranteed under the Constitution. They have urged the department to revoke the notification, citing its potentially damaging impact on traditional fishing communities and the environment alike.

Key amendments and concerns at a glance

1. Government-owned waterbodies to be settled through tender or auction.
2. Eligible participants include fishermen’s cooperative societies, fish production groups, self-help groups, individuals, entrepreneurs and fisheries department undertakings.
3. Fishermen’s cooperatives, fish production groups and self-help groups to receive price preferences and concessions on earnest money deposits.
4. Traditional fisherfolk fear displacement by financially stronger bidders with limited expertise in sustainable fisheries.
5. Environmentalists warn of possible wetland encroachment and long-term damage to waterbody management.
   
   

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VLGC market in 2025: A rollercoaster ride with more dips than peaks

 The VLGC market in 2025 remained highly volatile, with occasional rate spikes overshadowed by weak fundamentals. Vessel oversupply and fragile demand, along with factors such as US loading disruptions, fluctuating arbitrage, and tariff uncertainties, weakened TC rates by 22% YoY in 2025. Rates revived in 3Q25 on the back of robust supply and strong Asian demand, yet volatility persisted amid trade policy risks, weak petchem margins, and USTR-driven vessel repositioning, reinforcing the overall downward trend.

Muted start to 2025: Weather-driven trade disruptions and onset of trade uncertainties

Disruptions to US loadings: The first quarter showcased high volatility for VLGCs as the market endured a series of disruptions and uncertainties. In January 2025, adverse weather conditions (a cold snap followed by fog), pilotage delays and terminal congestion significantly impacted US vessel loadings and the LPG market.

Several terminals reported delayed loadings and restricted berthing availability. Over a dozen VLGC loadings were postponed, and some vessels faced delays of up to 5–7 days. The delays led to a spike in the Baltic Houston-Chiba LPG Index by 15-20%, constraining spot chartering activity. Meanwhile, a surge in US LPG prices due to higher domestic demand shut the US–Asia arbitrage, compelling Asian buyers to shift to the Middle East for prompt cargos.

However, the commissioning of new export capacity in mid-2025, notably Energy Transfer’s Nederland terminal, combined with a milder hurricane season, a key factor typically disrupting US LPG flows between July and October, helped sustain US LPG export flows through 2H25, maintaining 6% YoY growth in 2025.

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Baltic Index Extends Losses On Weaker Rates Across All Segments

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, extended losses on Monday, weighed down by weaker rates across all vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for its third straight session, losing 33 points, or 1.2%, to 2,694 points.

The capesize index lost 70 points, or about 1.4%, to 5,013 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $580 to $41,571.

Iron ore futures slipped on Monday, as sagging demand in top consumer China, along with increasing equipment maintenance and the lack of new stimulus measures from the country’s top decision-making body, weighed on sentiment.

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Thordon Bearings Wins 2025 Motorship Award For T-Boss Sterntubeless Ship Design

Thordon Bearings has won the 2025 Motorship Award for T-BOSS, the ship design which replaces a traditional sterntube with a space that allows inspection and maintenance of a seawater-lubricated bearing and seal arrangement from inside the ship.

The award, presented at the Motorship Propulsion & Future Fuels Conference in Hamburg, Germany, on the 25th of November, recognizes innovative partnerships that result in low-emissions maritime solutions. T-BOSS – the Thordon – Blue Ocean Stern Space – was developed by a consortium of maritime partners consisting of ABS, Thordon Bearings, Wärtsilä Shaft Line Solutions, CSSC-SDARI (Shanghai Merchant Ship Design & Research Institute), and the National Technical University of Athens.

The innovative solution replaces the conventional sterntube and cooling tank with a dry chamber housing a single seawater-lubricated, non-metallic Thordon COMPAC bearing. In addition to minimizing shipbuilding costs with the removal of the sterntube and oil sealing system, the design significantly reduces operating expenditure.

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Oslo port incentivising green ships

As global emissions standards tighten, ports and maritime authorities are rolling out new schemes to reward vessels that operate more efficiently and sustainably.

Oslo Port – Rewarding Emission Reductions

Starting in 2026, the Port of Oslo will introduce financial incentives for cleaner shipping. Vessels which operate emission-free in and out of the Steilene area will receive a 100% discount on quay fees, while cargo vessels that connect to established shore power facilities will qualify for a 20% discount. At the same time, the former 20% discount for scheduled-route traffic will be discontinued, shifting the scheme toward rewarding genuine emissions reductions.

Environmental discounts are calculated using two established methods:

Environmental Port Index (EPI) – specifically for cruise ships. The EPI measures a vessel’s environmental performance while in port, fuel consumption and use of shore power. It is managed by EPI AS (developed with DNV and Norwegian ports). Cruise ship owners should register their vessels and report technical data to the EPI portal, which in turn will allow the Port of Oslo to issue discounts based on the ship’s EPI score.

Environmental Ship Index (ESI) – used for all ship types. Administered by the International Association of Ports and Harbors (IAPH), ESI evaluates ships’ overall emissions performance and increasingly considers at-berth emissions. Ship-owners voluntarily register their vessels and provide verified emissions data, and higher ESI scores make ships eligible for larger environmental discounts at Oslo.

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