SAAM Closes 2023 with Historic Earnings
SAAM reported net income of US$501 million in 2023, representing its best-ever results thanks to the sale of its port and logistics assets to Hapag-Lloyd, which generated a net gain of US$422 million.Sales for the year totaled US$540 million and EBITDA was US$160 million, surpassing the prior year by 17% and 9%, respectively."The sale of our port terminal and inland logistics operations leaves us in a solid position to move forward on the path we have set for ourselves: to lead the consolidation process in the towage industry and grow in air cargo logistics services.
Tobago Oil Spill Spreading to Grenada
An oil spill that has stained Tobago's coastline in the Caribbean is entering into Grenada's waters and could impact neighboring Venezuela, Tobago's Chief Secretary Farley Augustine told Reuters on Thursday.Eight days after Trinidad and Tobago's Coast Guard first spotted the oil from a capsized vessel whose owner and origin have not been confirmed, portions of the stain have moved about 144 km (89 miles) into the Caribbean Sea at a rate of 14 km per hour, Augustine said."It has now entered Grenada's territorial waters…
Exxon, Enbridge Sued by Competitor
Exxon and Canada-based crude pipeline operator Enbridge were sued in Illinois federal court on Tuesday over claims they barred a competitor from building a terminal to ship oil by barge from the Chicago area to refineries in the Midwest and Gulf of Mexico.The antitrust lawsuit from energy infrastructure developer Ducere seeks more than $11 million in damages for work the Illinois company said it already paid for on the project and for lost future profits.Exxon, Enbridge and their…
MARAD’s Title XI Changes: Good News for Offshore Wind?
The U.S. Department of Transportation's Maritime Administration (MARAD) in December issued a final rule updating its financial requirements for the Federal Ship Financing Program, commonly referred to as Title XI. While the move applies to the U.S. maritime industry as a whole, it is seen as especially helpful for players looking to serve the U.S. offshore wind sector.Designed to promote the growth and modernization of the U.S. merchant marine and U.S. shipyards, Title XI provides for a full faith and credit guarantee by the U.S. government. The program essentially aims to encourage U.S.
ICS Proposes Zero Emission Shipping Fund to IMO
The International Chamber of Shipping (ICS) has submitted a detailed proposal to the IMO for a Zero Emission Shipping Fund.In recognition of the urgency to move forward with workable solutions to meet ambitious net zero targets, shipowners globally have agreed to mandatory contributions on ships’ GHG emissions to raise billions of dollars annually, says ICS.The shipping industry’s updated proposal is co-sponsored by Bahamas and Liberia (two of the world’s largest flag State administrations, measured in gross tonnage).
Colebrook Rebrands As CSO Shipbrokers
Chartering, sale and purchase, and market intelligence brokerage Colebrook Offshore has changed its name to CSO Shipbrokers in a strategic rebrand.“We have achieved significant growth over the past two years, more than doubling the size of our team and consistently developing our client base and list of active projects” said Tony Colebrook, Chief Executive Officer of CSO Marine Group.“Colebrook Offshore has served us well up to this point, but with Sam Stout now taking the reins as Managing Director of the Brokerage…
Equinor, BP Cancel Contract to Sell Offshore Wind Power to New York
European energy firms Equinor and BP terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues."This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue development in anticipation of new offtake opportunities," Equinor said in a statement on Wednesday, in an apparent reference…
Institute of Chartered Shipbrokers Welcomes New Senior Officers
The Institute of Chartered Shipbrokers has officially welcomed its new senior officers at a Controlling Council meeting held in Athens, Greece.Taking over from Glenn Murphy as International Chair of the Institute is Luis Bernat. Prior to his election as Chair, Bernat has held the position of Vice Chair since 2021. He brings to the role extensive experience gained over almost 50 years in the industry. This includes, most recently, his role as Chartering Manager for TSL Shipping & Trading.
Capital Product Partners Move Forward with $3.1B Acquisition of 11 LNG Carriers
New York-listed shipowner Capital Product Partners L.P. (CPLP) has closed the umbrella agreement from November 2023, moving forward with the $3.1 billion acquisition of 11 newbuild LNG carrier vessels.CPLP entered into umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, providing for the acquisition of 11 newbuild liquefied LNG carriers.Upon the closing of the umbrella agreement on Thursday, CPLP entered into 11 share purchase agreements to acquire 100% of the equity interests in each vessel-owning company.Each Vessel will have a capacity of 174…
Norwegian Parliament Strikes Deal to Advance Seabed Mining
Norway's minority government and two opposition parties have agreed to allow seabed mineral exploration in the Arctic region, they said on Tuesday, in a key step towards full-scale ocean mining.The deal comes as Norway hopes to become the first country to make deep-sea mining happen on a commercial scale and secure critical minerals and jobs despite concerns over the environmental impact and international calls for a moratorium.The amended version of the government's proposal, which parliament will formally debate on Jan.
Digitalization: Maritime Charts its Course
Maritime players plotting pathways to data collaboration with digital projects in line with new BV-backed research study.Digital technologies are increasingly being leveraged by shipping players to facilitate data collaboration among different actors in areas like ship design, vessel performance and port calls as a new Thetius research study backed by Bureau Veritas (BV) shows this will be vital to drive decarbonization, an OrbitMI-hosted panel heard at the recent Shipping Insight event in the US.“Data-powered…
Glosten, Siemens Energy Select Key Equipment Vendors for World's First Hydrogen-hybrid Research Vessel
Naval architecture and marine engineering firm Glosten and Siemens Energy have selected Ballard Power Systems and Chart Industries as primary equipment vendors for their design of what will be the first hydrogen-hybrid research vessel in the world. The vessel, nominally known as the CCRV, is currently in the design phase and will be owned and operated by UC San Diego’s Scripps Institution of Oceanography (Scripps). Ballard Power Systems will provide the fuel cells which will help power the vessel…
Will the Effort to Reach Zero Emissions Go Nuclear?
On December 8, 1953 President Dwight D. Eisenhower addressed the 470th Plenary Meeting of the United Nations General Assembly. The speech he delivered is often recognized as his effort to introduce “Atoms for Peace”, a program to move nuclear fission and technology away from weapons development and into clean energy.As a result of that effort and program, the NS Savannah was built and delivered as the first nuclear-powered merchant ship. She was built in the late 1950s at a cost of $46.9 million and launched on July 21, 1959.
US Reviews of Gas-export Permits Slow Under Biden Administration
U.S. Department of Energy reviews for liquefied natural gas (LNG) export permits have lengthened under President Joe Biden's administration to 11 months or more, from seven weeks, according to government data.The delay could mean nearly completed LNG projects may not being able to supply big European buyers because of a lack of the permit. Increasing LNG exports is opposed by some U.S. industries who fear it could raise domestic prices, while environmental groups have raised concerns about continued expansion of a fossil fuel industry.Big swaths of U.S.
U.S. BOEM Completes Environmental Review of Coastal Virginia Offshore Wind Project
The U.S. Bureau of Ocean Energy Management (BOEM) said Monday it had completed its environmental review of the proposed Coastal Virginia Offshore Wind (CVOW) commercial project.“The completion of our environmental review marks another step towards a clean energy future—one that benefits communities and co-exists with other ocean users,” said BOEM Director Elizabeth Klein. “The best available science and knowledge shared by Tribes, other government agencies, local communities, ocean users…
US Offshore Wind Projects Seek Looser Subsidy Rules in Fight for Survival
A fleet of U.S. offshore wind projects central to President Joe Biden's climate change agenda may not move forward unless his administration eases requirements for subsidies in the year-old Inflation Reduction Act, according to project developers.Norway's Equinor, France's Engie, Portugal's EDP Renewables, and trade groups representing other developers pursuing U.S. offshore wind projects told Reuters they are pressing officials to rewrite the requirements, and warning of lost jobs and investments otherwise."The components needed for our projects to progress simply do not exist in the U.S.
BOEM Announces Three Final Wind Energy Areas Offshore Delaware, Maryland, and Virginia
The U.S. Bureau of Ocean Energy Management (BOEM) on Monday announced three final Wind Energy Areas (WEAs) offshore Delaware, Maryland, and Virginia.These areas, BOEM said, were developed following extensive engagement and feedback from states, Tribes, local residents, ocean users, federal government partners, and other members of the public.If fully developed, the final WEAs could support between four and eight gigawatts of energy production. The Biden administration has a goal of deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030.The three WEAs total approximately 356…
Greening the U.S. Federal Fleet
The international shipping industry as a whole is responsible for 2% to 3% of global greenhouse gas emissions, and if nothing changes, those will increase by 250% by 2050, according to the International Maritime Organization (IMO). Sobering numbers like these have made reducing emissions across the sector a focus for governments, shipbuilders, environmentalists, vessel owners and technology suppliers alike.The United States federal ship fleet, excluding combat ships, consists of various types of vessels utilized for civilian purposes. This fleet of vessels makes the U.S.
KOTUG to Operate Dual-fuel Methanol Tugs on Canada’s West Coast
In 2021, Trans Mountain, on behalf of shippers for the Trans Mountain Expansion Project (TMEP), awarded KOTUG Canada Inc. a long-term contract to provide escort towage services for tankers that load crude oil at Trans Mountain’s Westridge Marine Terminal.Trans Mountain operates Canada’s only oil pipeline servicing the West Coast of Canada providing tidewater access to foreign markets for Canada’s petroleum resources.Under the agreement, KOTUG Canada, which is a partnership between KOTUG International B.V.
Furetank Names Jonatan Höglund Deputy CEO
Swedish shipping company Furetank said its board of directors has appointed Jonatan Höglund to be the company’s new deputy CEO, marking a milestone of a new generation Höglund moving into top management of the family-owned company.The position has been vacant since Per-Anders Höglund retired in 2021.Jonatan Höglund has a bachelor's degree in marine engineering and is a certificated superintendent. He brings many years of experience as Furetank’s newbuilding inspector, overseeing the development and construction of the VINGA vessel series…
BOEM Completes Environmental Analysis of New Jersey Offshore Wind Project
The U.S. Bureau of Ocean Energy Management (BOEM) said Monday it had completed its environmental analysis of the proposed Ocean Wind 1 wind project offshore New Jersey, which could power up to a half million households.As part of the Ocean Wind 1 project, Orsted's Ocean Wind LLC proposes to build up to 98 wind turbine generators (WTGs) and up to three offshore substations within its lease area. At its closest point, the Ocean Wind 1 project will be at least 13 nautical miles southeast of Atlantic City, New Jersey.
Skarv Gets Enova Funding for Three Ammonia-fueled Ships
The Norwegian government is providing financial support for the construction of three cargo ships that will run emissions-free along the Norwegian coast.Enova, a Norwegian government enterprise promoting the use of clean energy, said it is providing NOK 130 million to Skarv Shipping Solutions AS for the acquisition of three cargo ships that will run on batteries, ammonia engines, rotor sails and energy-saving hull design. The vessels will potentially have a 90% reduction in emissions compared to similar traditional ships."Enova supports those who go ahead.
'Hydrogen Hubs' to the Fore
The path to decarbonization is defined by partnership and fueled by government funding. This month we examine the players, partnerships, and evolution of Hydrogen Hubs in the Gulf of Mexico.The Green Shipping Challenge, organized by the United States and Norway at COP 27 held in late 2022, brought about dozens of announcements on maritime decarbonization. Among these was a joint statement from the Blue Sky Maritime Coalition (BSMC) – a consortium of North American shipowners and…