Fortune News

Matt Hart, Manager & Platform Leader, Marine & Stationary Power Systems, Wabtec, offers insights on how the megatrends of decarbonization, energy transition and autonomy all inspire and impact the marine power solutions from Wabtec.Matt, to start us off, can you provide insight on the journey to your present position?I graduated from the University of Notre Dame with an undergraduate in Mechanical Engineering and started with General Electric in the Edison Engineering Development rotational program at the Erie…

The U.S. government said it is spending more than $7 million a year to maintain a superyacht it seized from a sanctioned Russian oligarch, and urged a judge to let it auction the vessel before a dispute over its ownership is resolved.Authorities in Fiji seized the 348-foot (106-meter), $300 million Amadea in May 2022, pursuant to a U.S. warrant alleging it was owned by Suleiman Kerimov, a multibillionaire sanctioned by the U.S. Treasury Department in 2014 and 2018 in response to Russia's activities in Syria and Ukraine.Efforts to auction the yacht are being challenged by Eduard Khudainatov…

Erika Graziuso, Chief Information Officer, Crowley, brings a breadth and depth of non-maritime experience to bear in her quest to drive Crowley’s digital transformation in the name of decarbonization, holistic transportation efficiency and crew attraction and retention.Emulating best practices from industries outside of maritime has been a mantra in boardrooms and conferences for decades, as traditional maritime mindset has, at times, been seen as an impediment to achieving next-level efficiency.Enter Erika Graziuso…

On a windswept island 50 miles north of Seattle sits a U.S. Navy monitoring station. For years, it was kept busy tracking whale movements and measuring rising sea temperatures. Last October, the Navy gave the unit a new name that better reflects its current mission: Theater Undersea Surveillance Command.The renaming of the spy station at the Whidbey Island naval base is a nod to a much larger U.S. military project, according to three people with direct knowledge of the plans:…

Digitalization in the maritime industry continues to grow. Technology is constantly evolving, providing organizations with new ways to transform and manage their operations with adoption of technology creating first-mover advantage and future relevancy, and positivity impacting margins. The offshore services industry has been a major driver in the trend towards utilization of remote inspection and monitoring technology for Inspection, Repair, and Maintenance (IRM) of critical assets and infrastructure.

On Feb. 10 last year, the cable ship CS Dependable appeared off the coast of the island of Diego Garcia, an Indian Ocean atoll that’s home to a discreet U.S. naval base.Over the next month, the ship’s crew covertly laid an underwater fiber-optic cable to the military base, an operation code-named “Big Wave,” according to four people with direct knowledge of the mission, as well as a Reuters analysis of satellite imagery and ship tracking data.The new super-fast internet link to Diego Garcia, which has not previously been reported, will boost U.S. military readiness in the Indian Ocean, a region where China has expanded its naval influence over the last decade.The CS Dependable is owned by SubCom…

The beleaguered carrier industry took another major hit in June, with the latest data from Xeneta’s Shipping Index (XSI) showing a decline of 9.4% in global long-term shipping rates. Following on the heels of a 27.5% collapse in May, and a 10.3% fall in April, contracted rates have now shed 47.2% of their value in the last three months alone, and 51.7% over the course of 2023.Xeneta’s data shows falls in the prices of valid long-term contracts across all key trading corridors…

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…

Reserve, La. based DSC Dredge announced it has appointed Doy Dugan to succeed Kevin Dolan as vice president and chief financial officer.Dugan is a CPA with an MBA and brings to the role more than 30 years of global financial and operational experience working for both public and private companies. Most recently he served as CFO at Diversified Well Logging and prior to that, he held the CFO position at Advanced Drilling Solutions and Spartan Offshore. Dugan began his career at Falcon Drilling Company…

Thirteen Filipino seafarers, the last of 43 abandoned on two livestock carriers, have made it home after more than five months onboard the Yangtze Harmony.The International Transport Workers’ Federation (ITF) intervened after the ship’s owners abandoned the vessel and its crew in October 2022. At that time, the Singapore Sheriff court seized the Yangtze Harmony on behalf of Glander International Bunkering over an unpaid fuel bill. That began a legal process to sell the ship and pay off its debts…

Crowley has appointed Clay Heil as vice president of global government relations, where he will lead the company’s full spectrum of government advocacy across all of the company’s business interests and activities.Based in Washington, D.C., Heil will spearhead Crowley’s engagement with federal, state and local government partners and elected officials on policy and regulatory matters that support the company’s strategic growth. Heil joins Crowley with more than 25 years of legislative and legal experience. In Congress, he worked in the U.S. House of Representatives and the U.S.

The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028 at a CAGR of 1.43%, according to research from Fortune Business Insights.From transportation vessels to workboats to marine construction ships, companies want to grow their business, stay current with new technologies, gain a competitive edge and be good stewards of our environment.Current marine market trends include adoption of alternative fuels, acquiring new construction vessels, retrofitting existing fleet, and determining ideal solutions for procuring these vessels.

A $75-million superyacht linked to a sanctioned Russian steel billionaire was auctioned on Tuesday in Gibraltar, court sources said, in what is understood to be the first sale of its kind since Russia invaded Ukraine in February.The Axioma was granted entry into Gibraltarian waters and then impounded by the authorities in March after U.S. bank JP Morgan said its alleged owner Dmitry Pumpyansky had reneged on the terms of a $20 million loan.The 72.5-metre vessel is being auctioned by the Gibraltar Admiralty Court. It was listed for one day, with closed bids to be sent electronically by midday on Tuesday, a court spokesman said.Nigel Hollyer…

Following the Worldwide Ferry Safety Association’s (WFSA) Professional Program (held virtually on May 18, 2022), Awards were presented to finalist teams in the WFSA’s Ferry Design Competition, now in its ninth year.Dr. Roberta Weisbrod, WFSA’s Executive Director, said the specifications for the design ferry were crafted to be ever more challenging from year to year, but that this year’s objective creating a safe and affordable ferry for transiting India’s Brahmaputra River, “that…

Fiji court ruled on Tuesday that the United States can seize a Russian-owned superyacht, 21 days after it arrived and was impounded by police, as the United States and its allies press Russia over its invasion of Ukraine.U.S. authorities assert that the luxury vessel, the Amadea, is ultimately owned by Russian oligarch Suleiman Kerimov, who has been sanctioned by the United States and the European Union.The U.S. Justice Department's Taskforce KleptoCapture has focused on seizing yachts and other luxury assets to put the finances of Russian oligarchs under strain in a bid to pressure Russian President Vladimir Putin over the war in Ukraine.

Norwegian offshore shipping company Havila Shipping has agreed to sell platform supply vessels Havila Aurora and Havila Fortune for an undisclosed sum.Havila Aurora was delivered on Thursday to the buyer, which Havila did not identify. Havila Fortune is scheduled to be delivered within the next month. "The sale of the vessels is according to the present restructuring agreement," Havila Shipping said.According to Havila Shipping, the buyer has committed not to operate the vessels within the offshore sector.

Arnold W. Donald, president and CEO of Carnival Corporation & PLC, has been selected as the recipient of Seafarers’ House International Golden Compass Award for 2022. The award is given each year to those who have achieved distinction in the maritime world, those whose vocation or avocation has been the sea, or those who have ministered to or otherwise assisted seafarers.Donald grew up in the Ninth Ward in New Orleans with 27 foster brothers and sister. His parents’ generosity made a significant impact on his life.

PTL Marine announces the hiring of Mohamed Tounkara as Environmental Health & Safety (EHS) Manager - West Coast and Donnie Lowe as Operations Manager - Seattle. With decades of combined experience, both Tounkara and Lowe possess an extensive skillset from past roles ranging from Fortune 100 companies to Main Street entrepreneurial businesses. PTL Marine continues its flurry of recent hiring as it shores up operations in major West Coast ports including Seattle, Portland, San Francisco, and Los Angeles.

Three Solstad Offshore platform supply vessels (PSV) have secured new contracts with energy company ConocoPhillips Skandinavia, the Norwegian offshore vessels owner announced on Thursday.Normand Server, Normand Supporter and Normand Fortune, each on charter with ConocoPhillips Scandinavia since 2018, have been extended to continue support activities on the Norwegian Continental Shelf.The new contracts will start in direct continuation of current firm periods, and keep the vessels fully utilized to Q1/Q2 2027.The three vessels were built from 2011 through 2013 at Norwegian yards (Normand Fortune at Kleven and Normand Supporter and Normand Server at Vard Langsten) and range from 85.6 to 94.2 meters in length. Each is fitted with battery-hybrid systems in addition to shore power.

Tongues are wagging in the offshore sector, as one of the longest-running rumors in the market has finally come true. U.S. offshore vessel owner Tidewater Marine has acquired Singapore's Swire Pacific Offshore for USD 190 million, the company’s biggest powerplay since its acquisition of GulfMark Offshore back in 2018.But why SPO, and why now? In this article, VesselsValue's Head of Offshore, Rob Day, seeks to answer these questions and provide commentary on why this long-time…

The wreckage of polar explorer Ernest Shackleton’s ship Endurance, which was crushed by Antarctic ice and sank some 10,000 feet (3,000 m) to the ocean floor more than a century ago, has been found, a team searching for it said on Wednesday.The three-masted sailing ship was lost in November 1915 during Shackleton’s failed attempt to make the first land crossing of Antarctica.Previous attempts to locate the 144-foot-long wooden wreck, whose location was logged by its captain Frank Worsley…

Maine Maritime Academy’s Board of Trustees announced that Jerald S. “Jerry” Paul has been named as the college’s 15th President. Paul, current President of Capitol Access and a 1989 graduate of the institution, will take office this spring.Paul will succeed President William J. Brennan, who steps down from the position at the end of April following 12 years of transformative leadership at MMA. “I am gratified that the Board has selected such a fine individual to lead this wonderful college when I step down next spring,” says President Brennan.

DNV will acquire industrial cyber security specialist Applied Risk, aiming to build the world’s largest industrial cyber security practice.Cyber threats to the maritime community is a large and growing problem, with the maritime industry experiencing a 400% increase in attempted attacks between February and June 2020, according to Naval Dome. As proven by well-publicized examples in recent years, recovery can cost hundreds of millions of dollars and can effectively shutter global operations for extended periods.In January 2021…