Vessel Conversions Gaining Favor in US Offshore Wind
With the creation of a full-fledged U.S. offshore wind industry undoubtedly comes many opportunities for those that own, operate, build and service relevant vessels as developers work toward the nation’s goal of 30 gigawatts (GW) of offshore wind by 2030.But for every opportunity there are at least a handful of challenges, many of which have recently been amplified by supply chain volatility, inflation pressures and other unwelcome factors that have spurred cost increases for…
SFL Acquires Three VLCC Newbuildings
The international ship owning and chartering company Ship Finance International (SFL) announced that it has agreed to acquire three 300,000 dwt crude oil carriers, or VLCCs, currently under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in Korea.The Bermuda-headquartered company said that the net purchase price will be $180 million, or $60 million per vessel and they are expected to be delivered to SFL within the next two months.The vessels were ordered in 2018 by affiliates of the Norwegian listed company Hunter Group, and have all the latest eco-design features, including exhaust gas cleaning systems. After delivery…
White & Case Publish New Marine Industry Report
Global law firm White & Case LLP announced the availability of a new report, "Restructuring & Beyond: The marine industry's routes to safety." The report focuses on survival strategies for those affected by the industry's downturn as well as emerging opportunities for companies, banks and investors. "Market equilibrium remains out of balance, and risks remain for the maritime sector," said Christopher Frampton, Partner and Global Head of the Asset Finance Practice of White & Case. "We have seen some contraction in the bank market. This, together with continued demand for capital, presents opportunities for alternate sources of finance.
