Partners representing both labor and management have launched the USA Shipbuilding Coalition to urge Congress to take action to revitalize the critical American shipbuilding industry, including by passing the bipartisan SHIPS for America Act.

This labor-management partnership will work to advance concrete actions to spur investment in and revitalization of America’s shipbuilding capacity, enhance the strength and utilization of domestic supply chains and ensure that the US can build, repair, maintain and man the vessels needed to restore U.S. maritime capabilities.

“Bringing together industry and labor in common purpose to drive American shipbuilding forward demonstrates the significance of this moment,” said USA Shipbuilding Coalition President Michael Wessel. “With bipartisan support in Congress, and backing by the Trump Administration, there is no excuse to continue to let American industry falter at the feet of China’s illegal trade practices. Revitalizing this critical industry is paramount to protecting our national security, creating jobs, and growing our economy. The time to act is now.”

For decades, the United States neglected and failed to invest in commercial shipbuilding, undermining the maritime defense industrial base,…

Iran said on Sunday it would strike the energy and water systems of its Gulf neighbours in retaliation if U.S. President Donald Trump follows through with a threat to hit Iran’s electricity grid in 48 hours, escalating the three-week-old war.

The prospect of tit-for-tat strikes on civilian infrastructure could deepen the regional crisis and further rattle global markets when they reopen on Monday morning.

Air raid sirens sounded across Israel from the early hours of Sunday, warning of incoming missiles from Iran, after scores of people were hurt overnight in two separate attacks in the southern Israeli towns of Arad and Dimona.

The Israeli military said hours later that it was striking Tehran in response.

Trump threatened overnight to “obliterate” Iran’s power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours, barely a day after he talked about “winding down” the war. He made the new threat as U.S. Marines and heavy landing craft are heading to the region.

But while attacks on electricity could hurt Iran, they would be potentially catastrophic for its Gulf neighbours, which consume around five times as much power per capita. Electricity makes their gleaming desert cities habitable, and most of them produce nearly all of…

“Average spot rates are down this week across all main fronthaul trades out of the Far East. From Far East to US West Coast and US East Coast, it is a textbook market development with falling spot rates coinciding with a slight uptick in offered capacity,” said Peter Sand, Xeneta Chief Analyst.

“It is a different story from Far East to North Europe where offered capacity has decreased week-on-week but spot rates continue to fall. This suggests an even weaker market on this trade.

“2026 is expected to be a year defined by overcapacity in container shipping, compounded by a largescale return of services to the Red Sea. Rising tensions between US and Iran could influence this situation, especially if it threatens Houthi militia resuming attacks on merchant ships in the Red Sea

“Even if there is not a full escalation in conflict between US and Iran, the military posturing and rhetoric from political leaders can influence the security situation in the region and see carriers slow down plans to resume Red Sea transits. If so, this would delay a largescale return of container shipping to the Red Sea and ease the overcapacity headache for carriers deeper into 2026.”

Data highlights

Market average spot rates – February 19, 2026:

– Far East to US…

The Executive Management Team at UTC Overseas has announced the opening of its new office in Singapore, advancing the company’s global growth strategy and establishing its presence in the thriving Asia Pacific (APAC) market. The Singapore office will function both as the regional head office for UTC’s APAC expansion and as the local operational branch serving Singapore.

UTC Singapore and the APAC Region will be under the leadership of Sven Hergemoeller, Executive Managing Director, Asia Pacific. Sven is a logistics executive with more than 30 years of industry experience across the Asia-Pacific region. He is known for building and leading high-performance teams, driving strategic growth initiatives, and overseeing complex, large-scale operations.

“I am excited to have this opportunity to lead and build a world-class team of logistics experts to support and grow UTC’s client portfolio in Singapore and throughout the APAC region,” said Sven Hergemoeller. “Developing strategic relationships and long-term partnerships through expert service and technology-led solutions will be a key driver of our daily operational strategy.”

UTC Overseas (Singapore) Pte. Ltd. can be reached at: [email protected] and +65 9671 4616.

…

Oil prices settled higher on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers in Russia, raising the risk of oil supply disruptions.

Brent crude futures gained $1.60, or 2.7%, to settle at $62.07 a barrel, while U.S. West Texas Intermediate crude futures rose $1.49, or 2.6%, to settle at $58.01 a barrel.

The U.S. Coast Guard tried to intercept an oil tanker on Sunday that U.S. officials said is part of Venezuela’s illegal sanctions evasion, the third such operation this month. The pursuit followed U.S. President Donald Trump’s announcement last week of a blockade of oil tankers under sanctions entering and leaving Venezuela.

Market participants see a risk of disruption to Venezuelan oil exports because of the U.S. embargo, having previously downplayed the risk, said UBS analyst Giovanni Staunovo.

Venezuelan crude accounts for 1% of global supply, and most of it is bought by China. Beijing on Monday said the U.S. seizure of another country’s ships is a serious violation of international law, after the U.S. on Saturday intercepted a China-bound oil tanker off the Venezuelan coast.

BLACK SEA KEY TO RUSSIAN ENERGY EXPORTS

Oil prices were also…

Mavrik Marine, Inc. was selected to build high-speed passenger ferries for the Golden Gate Bridge Highway & Transportation District. 

Mavrik will construct catamaran passenger ferries as part of the District’s eight vessel Lima Class Ferry Replacement Program to provide transportation services in San Francisco Bay.

The 50-m aluminum ferries specifications and systems were developed by Aurora Marine Design in San Diego with structural design from One2Three Naval Architects in Australia. 

Construction will begin immediately at Mavrik’s facility in La Conner, WA. Designed to comply with California Air Resource Board (CARB) Tier 4 emission regulations, the vessels will provide fast, efficient, regulatory compliant passenger service across San Francisco Bay. The District completes upwards of 20,000 trip crossings annually, resulting in approximately 2 million passenger trips. The…

LOOKOUT, a pioneer in marine safety, announced that Atlantis Marine Power is the exclusive UK distributor for LOOKOUT, the next-generation AI vision and situational awareness system designed to enhance the human watchkeeper. 

As the UK distributor, Atlantis Marine Power will provide sales, installation, and integration support for LOOKOUT systems via its dealer network, facilitating adoption across commercial, leisure, and defense sectors.

LOOKOUT uses artificial intelligence and sensor fusion, providing real-time detection of vessels, small craft, floating debris, and other potential hazards, including in low visibility or at night. The system delivers immediate warnings to the bridge team when risks are detected. 

Key features include 360-degree scanning for full situational awareness, color night vision for low-light conditions, and docking assistance to support safe and precise maneuvering.

Five U.S. unions are calling on lawmakers to pass legislation that would help secure long-term funding to revive domestic shipbuilding, an effort championed by President Donald Trump and boosted by new port fees on Chinese ships.

The United States on October 14 is slated to begin collecting fees on China-linked vessels that visit the nation’s seaports. While final rules from the U.S. Trade Representative (USTR) are pending, HSBC analysts recently said China’s COSCO Shipping is most exposed with potential port fees of $1.5 billion owed next year.

The bipartisan Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act introduced in April would establish the Maritime Security Trust to reinvest the port fee proceeds into maritime security and infrastructure projects such as shipyard revitalization.

“We urge you to support the SHIPS for America Act and to schedule action,” the United Steelworkers, the International Brotherhood of Electrical Workers and three other unions said in a letter to lawmakers on Tuesday.

U.S. Senators Todd Young, a Republican from Indiana, and Mark Kelly, a Democrat from Arizona, are among the sponsors of the SHIPS Act. It has strong bipartisan support – a rarity in Washington – but…

MV Lochmor, the first of two new vessels for the Little Minch routes, was launched August 23, 2025 at Cemre Marin Endustri shipyard in Yalova, Turkey.

MV Hebrides, the new ferry along with sister vessel, MV Claymore, will provide a two-vessel service to the routes between Uig on Skye, Tarbert (Harris) and Lochmaddy (North Uist). MV Lochmor can accommodate up to 450 passengers and 100 cars, or 14 commercial vehicles, bringing a major boost to capacity and resilience for the communities it will serve.

Transport Scotland provided £115m of funding for the Little Minch ferries project in 2022, with some of the budget allocated to minor port improvements to reflect the design of these vessels. The contract was awarded to Cemre Marin Endustri in February 2023, following a competitive tender process. MV Lochmor is the third of four standardised vessels being built at the Turkish yard for CMAL as part of a significant investment in Scotland’s ferry network.

The launch ceremony was attended by representatives of CMAL and key project stakeholders. The ferry was officially launched by Kay MacLeod, a long serving CalMac employee who works at Tarbert ferry terminal.

Following her launch, MV Lochmor will undergo further outfitting and system installations…

Russia’s only aircraft carrier, the 40-year-old Admiral Kuznetsov, is likely to be sold or scrapped, the chairman of Russia’s state shipbuilding corporation told the Kommersant newspaper in comments published on Friday.

Andrei Kostin’s remarks follow a report in the daily Izvestia newspaper earlier this month, which cited unnamed sources as saying long-running refit and maintenance work on the warship had been suspended.

Launched in 1985 when the Soviet Union still existed, the Admiral Kuznetsov saw action in Russia’s military campaign in Syria in support of then-President Bashar al-Assad, with its planes carrying out airstrikes against rebel forces.

But it has played no role in the war in Ukraine and has been out of service since 2017, undergoing modernisation in the Murmansk area close to where Russia’s Northern Fleet is based.

Efforts to overhaul it have suffered repeated accidents and setbacks.

Asked about its fate on Thursday on the sidelines of a flag-raising ceremony for a new nuclear submarine in northwestern Russia, Kostin made it clear that a final decision had not yet been taken, but suggested that the Admiral Kuznetsov was no longer worth spending money on.

“We believe there is no point in repairing it anymore. It is over 40-years old,…