Malaysia-based offshore support vessel (OSV) provider Nam Cheong has sold two vessels for $36.7 million, including its first newbuild sale in more than a decade.

The transactions include a newly built multi-purpose support vessel (MPSV) and a 120-tonne anchor handling tug supply (AHTS) vessel, which was 16 years old and divested following the completion of its charter contract in the first quarter of 2026.

Both vessels were delivered in the second quarter of 2026 to a vessel operator in Indonesia and a government-linked operator in Egypt.

The company said proceeds from the sales will be primarily reinvested into its shipbuilding operations or used to support fleet expansion, depending on market conditions.

The divestments form part of Nam Cheong’s fleet optimization strategy, aimed at recycling capital by selling older vessels while maintaining flexibility to supply newbuilds.

“Our strong OSV shipbuilding heritage and established global clientele base allow us to identify and capitalize on market opportunities for vessel monetization. This enables the Group to capture earnings upsides through the sale of both newbuilds and existing ageing vessels.

“With an ageing global OSV fleet, the Group continues to see increasing demand for newbuilds….

U.S. President Donald Trump went into the Iran war convinced that America’s vast oil wealth would insulate the country from the kind of energy shock now battering much of the world. Four weeks into the conflict, that shield is looking fragile.

Trump’s wager has only partly paid off. U.S. oil prices have risen less sharply than those elsewhere since U.S.-Israeli air strikes against Iran on February 28 ignited a regional war that rapidly engulfed the Middle East’s energy infrastructure, blocking the Strait of Hormuz and cutting off roughly a fifth of global oil and gas flows.

Brent crude LCOc1, the global benchmark, has surged about 55% since late February to around $110 a barrel, while U.S. West Texas Intermediate CLc1 has climbed 50% to around $99. The divergence between the two benchmarks recently hit its highest in a decade, excluding a brief spike during the COVID-19 pandemic.

This gap reflects a structural shift in energy markets. The U.S. is now the world’s largest producer of oil and gas and exports more energy than it imports, thanks to the shale boom of the past 15 years. While U.S. refiners still import crude to optimise operations – including some Middle Eastern grades that accounted for roughly 4% of consumption last year –…

“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…

HII’s Ingalls Shipbuilding division has successfully completed builder’s sea trials for USS Zumwalt (DDG 1000).

The Ingalls and Navy team conducted a comprehensive series of at-sea tests following an extensive modernization availability as the Navy’s first Conventional Prompt Strike (CPS) platform.

USS Zumwalt, the lead ship of the Zumwalt-class destroyers, arrived at the Pascagoula shipyard in August 2023 for modernization. Shortly after arrival, the ship was moved onto land where the Ingalls team completed major technology upgrades. This included integrating the Conventional Prompt Strike (CPS) weapon system and replacing the original twin 155mm Advanced Gun Systems with new missile tubes. In December 2024, USS Zumwalt was undocked and underwent further preparations for operational readiness.

Additionally, USS Lyndon B. Johnson (DDG 1002) is also undergoing CPS weapon system integration at Ingalls and USS Michael Monsoor (DDG 1001) is scheduled to receive the CPS system during a future availability.

Zumwalt-class destroyers feature a state-of-the-art electric propulsion system, wave-piercing tumblehome hull, stealth design and is equipped with the most advanced warfighting technology and weaponry. These ships will be capable of performing a…

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…

Researchers from Australia’s University of Queensland have made a microscopic “ocean” on a silicon chip to miniaturise the study of wave dynamics.

The device, made at UQ’s School of Mathematics and Physics, uses a layer of superfluid helium only a few millionths of a millimetre thick on a chip smaller than a grain of rice.

Dr Christopher Baker said it was the world’s smallest wave tank, with the quantum properties of superfluid helium allowing it to flow without resistance, unlike classical fluids such as water, which become immobilised by viscosity at such small scales.

“The study of how fluids move has fascinated scientists for centuries because hydrodynamics governs everything from ocean waves and the swirl of hurricanes to the flow of blood and air through our bodies,” Dr Baker said.

However, a lot of the physics behind waves and turbulence has been a mystery.

“Using laser light to both drive and measure the waves in our system, we have observed a range of striking phenomena. We saw waves that leant backward instead of forwards, shock fronts, and solitary waves known as solitons which travelled as depressions rather than peaks. This exotic behaviour has been predicted in theory but never seen before.”

Professor Warwick Bowen said…

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…

Lehmann Marine, a leading provider of maritime battery systems, has introduced its latest product development, AQUBE, at the Electric & Hybrid Marine Expo in Amsterdam. 

AQUBE combines the compact and flexible design of Lehmann Marine‘s CUBE with advanced water-cooling technology derived from the proven COBRA battery system. This combination resulted in the high-power energy storage solution AQUBE, which features safe lithium-iron-phosphate (LFP) cell chemistry with a continuous 2C charge/discharge capability.

Enhanced safety is a key advantage of LFP cells. Compared to traditional nickel-manganese-cobalt (NMC) batteries, LFP batteries are significantly safer. Even in extreme situations where thermal runaway could occur, LFP batteries are not prone to fires. In such cases, only gas is released and vented outside. This makes LFP battery systems a sustainable and safe choice for the maritime industry.

The AQUBE battery system has a modular and flexible design. The compact system concept allows for the easy adaptation of batteries to meet the individual needs of various vessels with limited space. This flexibility, along with easy maintenance provided by small and readily accessible battery modules, offers customers efficiency and…