Category: Offshore

London-listed Taylor Maritime has confirmed the sale of ten more vessels, bringing in gross proceeds of $176.3m.

The Ed Buttery-led bulker owner said that three of the sales have closed, with the other seven expected to wrap up before year-end.

Taylor Maritime also completed nine previously disclosed vessel sales, which raised $137.3m in gross proceeds. The company has used this, alongside some cash on hand, to fully repay its outstanding bank debt as of July 2025.

Since the beginning of 2023, Taylor Maritime has offloaded 49 vessels, including 22 this year, at an average discount of 3.1% compared to fair market value.

Following the latest transactions, the company’s owned fleet will be trimmed down to eight Japanese-built dry bulkers. Taylor Maritime also maintains one vessel under a joint venture and charters in another six.

Buttery said the vessel sales and debt payoff were both aimed at shielding shareholder value during a softening market.

“We have demonstrated our ability to sell vessels profitably, at prices close to or at NAV,” Buttery said, adding: “We believe there is potential for further downside in asset values from current levels given forecasts of an acceleration of fleet growth in the near-term and the backdrop of a slowing global economy… In all, our sales since January 2023 have preserved an estimated $82m of value for our shareholders.”

Despite caution over the near-term market outlook, Buttery said the company is well-positioned to act on opportunities and maintain dividends, now that it has a stronger balance sheet and ample liquidity.

A growing humanitarian crisis is gripping the maritime industry, with new data from the International Transport Workers’ Federation (ITF) revealing a sharp rise in cases of seafarer abandonment worldwide.

As of mid-2025, over 2,280 seafarers have been left stranded aboard 222 vessels, with unpaid wages totaling $13.1 million. This marks a staggering 30% increase compared to the same period in 2024 — previously the worst year on record.

The crisis is hitting some regions particularly hard. The Arab world accounts for 37% of all abandonment cases this year, the highest share globally. Europe follows with 34%, with most cases occurring in Turkey, a country that has yet to ratify the Maritime Labour Convention. Asia Pacific trails behind with a significantly lower share.

“This is a pattern of abuse that must be confronted,” said Steve Trowsdale, ITF’s inspectorate coordinator. “The Gulf region, especially the UAE, has become a hotspot for seafarer abandonment. It’s time for authorities to crack down on rogue shipowners.”

Under international law, seafarer abandonment includes situations where crew members are left unpaid for two or more months, denied food or medical care, or stranded without repatriation support.

A large number of these cases involve vessels flagged under so-called Flags of Convenience (FOCs) — registries that allow owners to operate under jurisdictions with weak regulations. St. Kitts & Nevis and Tanzania each account for 26 abandoned vessels, while Comoros has 18. In total, nearly 75% of abandoned ships this year fly FOC flags.

“These flag states offer owners secrecy and impunity, often at the direct cost of seafarers’ rights,” the ITF said in a statement.

Trowsdale added, “The flags of convenience system is parasitic. It shields owners while seafarers are left on rusting ships with no support. And when countries profit from these abuses, they become complicit.”

The ITF is urging international regulators, port states, and the International Maritime Organization (IMO) to step up enforcement, ensure accountability, and protect the welfare of seafarers. According to the federation, systemic failures in enforcement, inadequate vessel insurance, and shipowner negligence are the primary factors fueling the growing abandonment crisis.

“If we fail to act, we risk losing the very workforce that keeps global trade moving,” Trowsdale warned.

Israel’s Red Sea gateway, the Port of Eilat, is set to cease operations this Sunday following a financial standoff with local authorities and a sharp downturn in maritime activity. The Eilat municipality has frozen the port’s bank accounts over unpaid municipal taxes, accelerating its path toward shutdown, according to a report by Globes, a leading Israeli business outlet.

Once vital for vehicle imports and strategic military logistics, the port has seen a dramatic decline in traffic amid the ongoing Gaza conflict and persistent threats to regional shipping posed by Yemen’s Houthi rebels.

A letter from Israel’s National Emergency Authority confirmed that the shutdown will affect all services, including tug operations and logistical support for both the Israeli Navy and the Europe Asia Pipeline Company (EAPC). Exports of potash from ICL’s Dead Sea Works will also be suspended.

So far this year, only six ships have called at Eilat, with revenues plunging to unsustainable levels.

Despite earlier government support—including deferred port fees and state-backed loan guarantees—the port’s private operators, the Nakash brothers, are now under pressure to resolve outstanding debts. The Ministry of Transport has called an emergency meeting in an attempt to rescue what remains a strategically important, yet embattled, maritime asset.

Chinese bulk carrier operator Fujian Guohang Ocean Shipping has confirmed an expansion of its kamsarmax series at Wuhu Shipyard, exercising options for two more vessels and raising its total order at the yard to 10 ships.

The Beijing Stock Exchange-listed firm originally signed a contract in 2023 for up to 10 methanol-ready bulk carriers. That agreement included four firm orders with deliveries scheduled for 2025 and 2026, and six optional units. Four of those options were activated in 2024 at an estimated cost of $37 million each.

Now, the latest order for two additional 89,000 DWT kamsarmaxes brings the full option package into play. These final ships will be outfitted with methanol dual-fuel engines and are priced at approximately $43.3 million each, reflecting the upgraded fuel capability and changing market conditions. Deliveries are expected in 2027.

Beyond the Wuhu series, Fujian Guohang is pursuing fleet growth through additional ultramax and panamax vessels under construction at Jiangsu Haitong Offshore Engineering Equipment. The company’s current active fleet includes more than 10 bulkers, spanning from handysize to kamsarmax categories.

This strategic move reinforces Fujian Guohang’s commitment to modernizing its fleet with eco-friendly, future-fuel-ready tonnage, aligning with global decarbonization goals in the shipping industry.

Ireland, July 2025 – Dutch geodata specialist Fugro has signed a seven-year framework agreement with EirGrid, Ireland’s national electricity transmission operator, to support the ambitious “Powering Up Offshore – South Coast” initiative.

This strategic project aims to establish offshore substations and undersea cable routes that will link upcoming wind farms off Ireland’s southern coastline directly to the national grid.

Survey Scope & Technology

Under the agreement, Fugro will deliver a comprehensive suite of services, including:

• Desktop assessments
• Geophysical and geotechnical surveys
• Environmental impact evaluations

Field operations are scheduled to commence in July 2025, starting with geophysical and environmental studies. Data will be streamed and managed through Fugro’s cloud-based VirGeo platform, enabling real-time access and collaboration.

Complex Terrain, Specialized Tools

The surveyed region spans a range of challenging environments—from onshore and intertidal zones to nearshore and deep offshore areas. Fugro will deploy specialized vessels such as the Fugro Seeker and Kommander Iona, along with jack-up barges for shallow water work.

In addition, Fugro is partnering with local Irish suppliers for services including metocean monitoring and aerial drone surveys, reinforcing its commitment to local collaboration.

Driving Ireland’s Green Energy Vision

This initiative plays a critical role in meeting Ireland’s Climate Action Plan, which targets generating 80% of electricity from renewables by 2030—including at least 5 GW of offshore wind capacity