NIB to Co-Finance Norled’s Vessels and Infrastructure in Norway
Nordic Investment Bank (NIB) has signed a seven-year loan to co-finance ferry operator Norled AS’ investments in zero and low carbon vessels and related land-based infrastructure in Norway during 2024-2030.The InvestEU program supports the loan under NIBs Framework Operation Green Mobility and Transport approved by the Investment Committee.This NOK 500 million (EUR 43.4 million) loan will help Norled finance the extension of its low-carbon fleet. This is NIB’s first InvestEU loan in Norway.Norway is electrifying its transport network at a rapid pace…
Gram Car Carriers Refinances Viking Adventure
Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.
US Offshore Wind: Down but Not Out
“The winds of change are blowing wild and free.” – Bob DylanIn the U.S. offshore wind industry, developments over recent months have placed an exclamation point on the word “wild”. Yes, the wind still blows “free”, but mounting challenges have proven that harnessing its power offshore is anything but. In fact, far from it, as rising materials costs, high interest rates, labor shortages and supply chain delays, among other issues, have delivered heavy blows to the commercial viability of several projects.
Ukraine Expands Ship War Insurance with Marsh & Lloyd's to Iron Ore, Steel
Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, following Russia's invasion of Ukraine two years ago."Expanding insurance to cover ships carrying all non-military cargo is extremely important for Ukraine…
Swedbank Adopts Poseidon Principles
Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…
The Mission to Seafarers Names Rouch Secretary General
Maritime welfare charity The Mission to Seafarers announced Dr. Peter Rouch has been named as its next secretary general, succeeding Revd. Canon Andrew Wright, who will retire from the role in September this year, after almost 12 years of leading the organization. Rouch has been appointed to the role by the board of The Mission to Seafarers. He will join the Mission on July 1, enabling a period of handover between himself and Wright.Tom Boardley, chairman of The Mission to Seafarers, said, "We are delighted that Peter is joining the Mission and look forward to welcoming him in July.
American Queen Voyages Up for Sale as Hornblower Gets New Majority Owner
A global alternative investment firm Strategic Value Partners has entered into agreement with Hornblower Group to acquire the majority ownership of the company in exchange for significant equity investment. As part of the agreement, Crestview Partners retained minority ownership in the business, and the decision was made to sell or wind down the company’s overnight cruises unit American Queen Voyages.Aside from significant minority stake in the business, Crestview will become the sole owner of Journey Beyond…
ABB to Power First South American Built Hybrid-electric Polar Expedition Cruise Ship
ABB has been selected by the Astilleros y Servicios Navales S.A. (ASENAV) shipyard based in Chile to provide a power and propulsion system for Antarctica21’s newbuild boutique expedition ship Magellan Discoverer. Due for delivery in 2026, the vessel is the first hybrid-electric polar cruise ship featuring Azipod propulsion to be built in the Americas. Accommodating up to 96 passengers and 67 crew members, the vessel will be operating in the Antarctic Peninsula, South Georgia and…
Edison Chouest Withdraws Title XI Application
An affiliate of Edison Chouest Offshore has withdrawn its application for financing under the U.S. Maritime Administration's (MARAD) Title XI program.Title XI is a government loan program with the Federal Financing Bank as the lender. It is intended to promote the growth and modernization of the United States' merchant fleet and shipyards by offering repayment terms and interest rates that are generally better than those available from the commercial lending market.ECO Edison…
Coast Guard R&D Center Receives Auxiliary Integration Award
The Coast Guard Research and Development Center (RDC), under the command of Capt. Michael Chien, has won the Commodore Viggo C. Bertelsen Jr. and Vice Admiral John P. Currier Auxiliary Integration Award in the category of Applied Innovation. The award was presented by Commander Steven Koch, who leads the Auxiliary (AUX) in New England, at a command all hands. The Auxiliary is the 25,000-member volunteer organization supporting the Coast Guard across 11 missions.Regional Auxiliary Commodore Michael West noted…
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.
Euronav Concludes Billion-Dollar Acquisition of CMB.TECH
Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.It was first announced in December 2023, and also entails Euronav’s proposal change its corporate name to CMB.TECH following completion of the transaction and the offer.
Pilot Miscue Caused Barging Collision on the Mississippi River -NTSB
A towing vessel pilot incorrectly recalling the agreed-upon passing arrangement led to tows colliding last year in the Mississippi River, the National Transportation Safety Board (NTSB) said Thursday.According to the Inland Navigation Rules, when two vessels are meeting or crossing, each vessel shall signal its maneuvering intentions by using the vessel’s whistle or VHF radio. About 20 minutes before the 19-barge Big D tow and 42-barge Carol McManus tow met at the bend near Fort Adams…
UK's Cameron to Discuss Houthi Attacks on Shipping on Oman Visit
British Foreign Secretary David Cameron will travel to Oman on Tuesday where he is expected to call for stability over ongoing Houthi attacks in the Red Sea and de-escalating of tensions in the Middle East, the foreign office said on Tuesday.Cameron, on his fourth visit to the Middle East, will travel to Oman to meet his counterpart Badr Albusaidi to discuss how to diminish tensions across the region.The Houthi attacks on international shipping lines in the Red Sea will be a major focus of his discussions…
New York Offshore Wind Power Auction Set for Big Turnout
Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP.The development of the U.S. offshore wind industry took a major blow last year when companies working in several states said they could no longer complete projects profitably because of rocketing construction costs, higher interest rates and supply chain snags. The problems also hit the wind industry in other countries.The development of the industry is key to meeting both U.S. President Joe Biden and U.S.
Panama Canal Appoints Chief Sustainability Officer
The Panama Canal announced that Deputy Administrator Ilya Espino de Marotta will now also serve as the Canal’s first Chief Sustainability Officer (CSO).As CSO, Espino de Marotta will spearhead the development of a comprehensive sustainability strategy focused on decarbonization, adaptation, and transition. Working with the International Finance Corporation (IFC), part of the World Bank Group, the Canal is already in the process of finalizing an inventory of its greenhouse gas (GHG) emissions and aims to complete a climate risk assessment by the end of the year.
What Does Red Sea Disruption Mean for Europe's Economy?
Weeks of attacks by Iranian-backed Houthi militants on vessels in the Red Sea have disrupted shipping in the Suez Canal, the fastest sea route between Asia and Europe, carrying around 15% of global sea trade.For the European economy, already skirting a mild recession as it tries to shake off high inflation, prolonged trade disruption could derail plans by central banks to start cutting interest rates this year.Here are some factors policymakers are considering as they assess the implications of the disruptions.WHAT HAS BEEN THE IMPACT ON THE EUROPEAN ECONOMY SO FAR?In macroeconomic terms…
Baltic Workboats to Build Multipurpose Vessel for Estonia's State Fleet
Baltic Workboats announced it recently signed a contract to design and construct a new multipurpose vessel for scheduled delivery to the Estonian State Fleet in 2026.The new workboat will be deployed for regular buoy tender works, maintenance of waterways, scientific research, pollution monitoring and response and search and rescue missions in Estonian waters.Notably, the vessel will be Estonia’s first 100% alternatively fueled workboat that will use sustainable biomethane as the main fuel.
Houthi Attacks Expose China's Commercial Stakes in Red Sea
China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing's commercial interests along the Suez Canal at risk.The Iran-backed Houthi militia from Yemen that seeks "Death to Israel" is challenging the ability of the world's biggest trading nation to defend billions in strategic investments in Egypt.Since President Abdel-Fattah el-Sisi came to power in 2014, China has stepped up its investment and commercial activities along Egypt's Suez Canal…
APM Terminals to Develop Container Terminal at Plaquemines Port
Plaquemines Port Harbor and Terminal District announced it signed a letter of intent (LOI) with APM Terminals (APMT) to build a container terminal on the West Bank of Plaquemines Parish, La.Plaquemines Port will lease the land to APM under a 30-year agreement with extension options. APMT, one of the largest terminal operators in the world and is a subsidiary of shipping giant A.P. Moller-Maersk, estimates the initial investment in terminal infrastructure will be approximately $500 million…
US Trade Deficit Shrinks on Falling Imports
The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…
Germany Builds up LNG Import Terminals
German utility RWE on Jan. 1 handed over floating liquefied natural gas (LNG) infrastructure at Brunsbuettel on the North Sea to state-owned Deutsche Energy Terminal (DET) as agreed when first imports arrived 10 months ago, it said.DET is now the sole operational manager and markets the capacity of the Brunsbuettel Elbehafen LNG project.Germany's quest to increase LNG capacity for regasification on its shores has intensified as it seeks to end reliance on Russian pipeline gas…
Great Lakes Bags $173.7 Million in New Dredging Contracts
Great Lakes Dredge & Dock Corporation on Thursday announced the receipt of five dredging contracts totaling $173.7 million. The projects are in Texas, New Jersey, Florida and Louisiana.The Sabine-Neches Waterway Channel Improvement Project-Phase 1 (Capital, Texas, $62.8 million) includes dredging for channel deepening along the Sabine-Neches Waterway from Sabine Bank Channel to Sabine Pass Channel. The construction of the Sabine-Neches Waterway will generate widespread economic benefits for Southeast Texas…