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Annual Report News

27 Feb 2024

Record Year for Wind Farms Raises Hope for EU Goals

Source: WindEurope

A record year for building new wind farms and a rebound in investments in the sector have raised hopes that the EU may achieve its clean energy targets, industry group WindEurope said on Wednesday.In an annual report, WindEurope described 2023 as a year of "significant improvements" in key areas of Europe's wind energy sector, which struggled in 2022 with soaring inflation, interest rates and volatile energy markets after Russia invaded Ukraine.Investments in European offshore wind last year jumped to 30 billion euros, up from the scant 0.4 billion euros that were invested in 2022.

26 Feb 2024

Svitzer Reports 2023 Revenue Growth of 6%

Source: Svitzer

Towage and marine services company Svitzer has published its 2023 annual report, showing that total revenue grew 6% to DKK 5,786 million driven by, among other things, a record number of harbour towage tug jobs of more than 150,000.Adjusted for foreign exchange impact, total revenue grew 9.5%. Operating profit (EBITDA) was up 4% to DKK 1,690 million, corresponding to an EBITDA margin of 29.2%. In the past five years, total revenue has on average grown by almost 6% annually with an average EBITDA margin of 30%.

21 Feb 2024

ARC Keeps the Cargo Rolling

Flags on M/V ARC Defender.
Image courtesy ARC

With a fleet of nine U.S.-flag RoRo ships, American Roll-On Roll-Off Carrier Group (ARC), is the U.S.’ premier commercial RoRo carrier of U.S. government and military cargo. As the world becomes an increasingly contentious place, Eric P. Ebeling, President & CEO, ARC, discusses the vast capabilities of the ARC fleet and logistics network, as well as the challenges and opportunities ahead for U.S.-flag ships in the international trade.By the numbers’ is a simplistic means to gauge the size and shape of any shipping company…

19 Jan 2024

Japanese Shipyards to Help Keep US Warships Ready to Fight in Asia

© Adrian / Adobe Stock

The United States and Japan are looking to make a deal for Japanese shipyards to regularly overhaul and maintain U.S. Navy warships so they can stay in Asian waters ready for any potential conflict, U.S. Ambassador to Japan Rahm Emanuel said on Friday."China watches what ships are coming in and out. It is not like this is a secret, they know what's happening. So therefore, they take an evaluation of your deterrence," Emanuel told reporters at the Yokosuka naval base near Tokyo.Unchallenged in Asian waters for decades, the U.S.

13 Dec 2023

Why the Indian Ocean Could be China's Achilles' Heel in a Taiwan War

© Igor / Adobe Stock

Every day, nearly 60 fully loaded very large crude-oil carriers sail between the Persian Gulf and Chinese ports, carrying about half of the oil that powers the world's second-largest economy.As the vessels enter the South China Sea, they ply waters increasingly controlled by China's growing military, from the missile batteries and airfields at its bases on disputed islands to its stealthy Type 055 destroyers.But when crossing the Indian Ocean, joined by others headed to China from Africa and Brazil…

18 Jul 2023

MAIB Concerned Pilot Ladder Incidents are Under-Reported

© Matvejs / Adobe Stock

The UK Marine Accident Investigation Branch (MAIB) has released its 2022 annual report which includes details of its investigation into pilot ladder safety.The MAIB canvassed 105 UK Competent Harbour Authorities, and this revealed that almost 700 marine pilots conducted over 96,000 transfers underway using a pilot ladder, during which there were over 400 incidents or accidents.Just over half of these were reported to the MAIB, the most serious of which resulted in the pilot suffering…

11 Sep 2023

Northern Lights CCS: Trailblazing the Path to Europe’s Net Zero Emissions

Image © Equinor

In the global quest for achieving net zero emissions and slowing down global warming, carbon capture and storage (CCUS) technology has emerged as an important solution. Among the notable projects being developed in the field is the Northern Lights offshore carbon capture and storage project in Norway, a country with long experience with offshore CO2 storage.The transition to a sustainable energy future requires innovative solutions that go beyond simply halting fossil fuel projects.

14 Jun 2023

Sea Cargo Charter Calls on IMO to Deliver More Ambitious Targets

Source: Sea Cargo Charter

The Sea Cargo Charter, a global framework for assessing and disclosing the climate alignment of chartering activities, has released its annual report covering 2022, highlighting the disclosure of emissions data and calling for action from the IMO.The 33 signatories covered by the report account for more than 17% of total bulk cargo transported by sea over the year. Their average reporting rate increased since last year to 90%.“While achieving full decarbonisation by 2050 may seem far off…

07 Jun 2023

IMCA Concerned After Vessel Inspection Analysis

Mark Ford (Source: IMCA)

New in-depth analysis from the International Marine Contractors Association (IMCA)’s industry vessel inspection programmes, eCMID and eMISW, reveals ongoing concerns around technical inspections, the controlled entry into confined spaces, cyber security, as well as defects to life-saving appliances.IMCA eCMID System Annual Report 2022/23 analysed the 1,539 reports on vessel inspections undertaken and uploaded to the eCMID database between April 2022 and April 2023, finding common themes of concern.Of the 761 eCMID inspections…

15 May 2023

Noise Mitigation: Bubble Curtain to Be Deployed During Construction of U.S. Largest Offshore Wind Project

Bubble Curtain noise mitigation system ©Vineyard Wind

U.S. offshore wind farm developer Vineyard Wind will deploy and test a secondary bubble curtain noise mitigation system during foundation installation at the Vineyard Wind offshore wind farm, the first commercial-scale wind farm installation project in the U.S.For this, the company is investing in ThayerMahan, a firm that specializes in seabed surveys, acoustic mitigation and monitoring, and other maritime-related services, with facilities in Connecticut and Massachusetts. The $5 million in funding comes from Vineyard Wind's Industry Accelerator Fund…

05 May 2023

China's Aircraft Carriers Play 'theatrical' Role But Pose Little Threat Yet

©PictMotion/AdobeStock

When China sailed one of its two active aircraft carriers, the Shandong, east of Taiwan last month as part of military drills surrounding the island, it was showcasing a capability that it has yet to master and could take years to perfect.As Beijing modernizes its military, its formidable missile forces and other naval vessels, such as cutting-edge cruisers, are posing a concern for the U.S. and its allies. But it could be more than a decade before China can mount a credible carrier threat far from its shores…

25 Apr 2023

US Coast Guard: Latvia Records Highest Detention Ratio in 2022

© Alexander / Adobe Stock

The US Coast Guard’s Office of Commercial Vessel Compliance has released its U.S. Port State Control Annual Report for 2022, with Latvia noted as having the highest detention ratio, ahead of Bolivia.The report lists highest risk flag administrations based on their 2020-2022 detention ratio as: Latvia (57.14%), Bolivia (31.25%), Togo (7.69%), Curacao (4.88%), Italy (3.39%), Turkey (2.90%) and Saint Vincent and the Grenadines (2.30%).Medium risk flag administrations were Cyprus…

18 Apr 2023

Ince to Seek Sale After Creditor Bows Out

Photo © Robert Lamb (cc-by-sa/2.0)

Legal and professional services firm Ince Group Plc plans to enter administration and pursue a sale of the company, it said on April 12, amid cash concerns and repeated delays in reporting its financial results.Ince's directors applied to London's High Court on April 12 to appoint administrators under UK insolvency law in relation to the company and four subsidiaries, court filings show.Trading in Ince on London's Alternative Investment Market was suspended from Jan.

11 Apr 2023

Tanker Attacked by Pirates off Ivory Coast

© Lucia / Adobe Stock

The Singapore-flagged chemical tanker Success 9 has been attacked by pirates. Praesidium International reports the attack occurred on April 10 300NM south of Abidjan, Ivory Coast, in the Gulf of Guinea.The number of people that boarded the vessel is unknown, AIS transmission has been lost, and the incident is on-going. Praesidium notes that the vessel regularly travels in the region and was likely involved in bunkering operations.Fuel theft is suspected as a motive for this and other attacks mounted in the region. The Liberian-flagged tanker Monjasa Reformer was attacked in March 2023.

28 Mar 2023

Rederiaktiebolaget Eckerö Sells M/S Birka Stockholm Ship for €38M

Rederiaktiebolaget Eckerö, a Finnish shipping company providing passenger and cargo ferry services, has agreed to sell the M/S Birka Stockholm cruise ship to Rederi AB Gotland. The sale price is around 38 million euros.Delivery of the vessel to Rederi AB Gotland is expected to occur in April 2023.The ship sale will cause a write-down amounting to around 12 million euros in Rederiaktiebolaget Eckerö's Annual Report for 2022, which will be published on April 12, 2023. "This write-down deviates from the Q4 quarterly report that was published on February 28, 2023," Rederiaktiebolaget Eckerö explained.Built in 2004 by Aker Finnyards in Rauma, Finland, the Birka Stockholm is 177 meters long, 28 meters wide, and can accommodate 1800.

16 Mar 2023

WCI: 20 Years of Success and Still More to Come

© Craig A Walker / Adobe Stock

Waterways Council, Inc. (WCI) recently held its annual Washington, D.C. meetings that included a Capitol Hill fly-in. WCI members from across the country participated in 100 meetings with House and Senate members to advocate for the nation’s inland waterways to ensure its reliability by modernizing its infrastructure.Meeting with stalwart champions of the inland waterways as well as newly sworn in members of the 118th Congress to educate them about the system’s importance demonstrates democracy in action…

01 Feb 2023

'Party is over': Hapag Lloyd CEO Says Freight Rates to Keep Declining

©travelview/AdobeStock

Container freight rates will keep declining in the current realignment of shipping demand and supply, said the chief executive of Germany's liner Hapag Lloyd, the world's number five by transport capacity."The party is over. We are back to a normal shipping business," CEO Rolf Habben Jansen told reporters at a briefing late on Tuesday on the state of the market, in which his company reported sky-high profits for three years running."Now we have to fight for every box again to get our ships full," he said.

30 Jan 2023

Flag States Increase Seafarer Reporting 25% - ICS

Copyright iQoncept/AdobeStock

The annual Shipping Industry Flag State Performance Table, published today from the International Chamber of Shipping (ICS), highlights a 25% increase in flag states reporting on seafarer labor standards compared to last year. Each year flag states must report on labor standards as part of their ILO audit commitments. Some of the labor standards specific to seafarers include repatriation of seafarers, accommodation provision, health protection and medical care. This year 67.6% of flag states reported on their ILO audit commitments…

28 Oct 2022

Transocean Takes Delivery of World's First 8th Generation Drillship

Deepwater Atlas - Credit: Transocean

Singapore-based shipbuilder Sembcorp Marine has delivered the world's first 8th generation drillship, the Deepwater Atlas, to its owner Transocean.The Deepwater Atlas is the first of two ultra-deepwater drillships based on the Sembcorp Marine's Jurong Espadon 3T design. The completed drillship features three-million pound hook-load hoisting capacity and, according to the rigbuilder, sets a new frontier for next generation drillships with its ability to accommodate well control systems for 20,000 psi (pounds per square inch) drilling and completion operations.

31 Oct 2022

VIDEO: One-on-One with Pieter van Oord, CEO, Van Oord

Pieter Van Oord, CEO, Van Oord, graces the cover of the June 2022 edition of Maritime Reporter & Engineering News.

Pieter van Oord is candid in discussing the future growth of his storied company’s activities in offshore wind with specific insights on challenging current jobs, Van Oord’s recent order of a massive and groundbreaking Wind Turbine Installation Vessel, and the company’s future working in the United States.Pieter, to start, can you give a ‘By the Numbers’ look at your company today using the metrics of your choice?Well, 2021 was a disappointing year for us. As we said in our annual report…

20 May 2022

World's First 8th Generation Drillship Named in Singapore

Deepwater Atlas at sea trials (Photo: Transocean)

Deepwater Atlas, the world's first 8th generation drillship, was recently named at a ceremony in Singapore. The news of the naming ceremony, held late in April, was shared by Transocean, a drilling contractor that owns the vessel, via social media this week.The Deepwater Atlas and its sister rig Deepwater Titan will be the first two 8th generation units when they enter service, and, according to Transocean, will be characterized not only by their ability to drill and complete 20…

02 Mar 2022

Wintershall Dea Writes Off $1.1B Nord Stream 2 financing

File Photo: A vessel connecting pipe sections above water at Nord Stream 2 project in 2019 - Nord Stream 2 / Axel Schmidt

German oil and gas firm Wintershall Dea, one of the five co-funders of Nord Stream 2, on Wednesday said it is writing off its 1 billion euros ($1.11 billion) financing in the gas pipeline that was suspended last week.The management board of Wintershall Dea said on Wednesday it would no longer be advancing or implementing further projects in Russia and would be stopping payments to Russia immediately.The company, co-owned by BASF and Russian billionaire Mikhail Fridman's investor group LetterOne, said it would remain involved in the existing Yuzhno Russkoye and Achimov natural gas production pr

17 Dec 2021

Maritime Training Insights – MarTID 2021 Report Available

Find the 2021 MarTID report here: http://scholar.wmu.se/martid/

As trainers in the maritime industry, we benefit from the sharing of information. Understanding what training trends are emerging, how training budgets are growing (or shrinking), what training models are on the rise or decline, and how the world pandemic has affected training operations is all of great important to us. Having a global understanding of these questions and more allows us to improve based on best practice, and to prepare for the future in a way we could not possibly achieve in isolation.It is our belief in this basic truth that incentivized the World Maritime University…

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