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Norway's Equinor is confident of finding an investor for its planned Empire Wind 1 offshore wind farm in New York after a new power off-take agreement improved the project's economics, the company said on Thursday.New York State authorities in February awarded the project a new conditional power purchase contract, replacing a previous deal that was no longer competitive due to rising construction costs, higher interest rates and supply chain snags.Equinor was glad to have received the new contract, which significantly changed the economics of the project, CFO Torgrim Reitan told analysts durin

The Detroit/Wayne County Port Authority on Monday revealed details of a program to slash carbon emissions to net zero by 2040 in an effort to improve air quality and the health of residents.Working with technical experts from sustainability consultancy Tunley Environmental, and thanks to funding from the State of Michigan, it established that operations across the port region were responsible for 27,869 metric tons of carbon dioxide equivalent, and that urgent action was needed.“The maritime industry is responsible for 3% of global emissions, and it’s growing.

This week, various holidays concluded across the globe just as Indian sub-continent ship recycling markets started to perk up amidst fundamentals that have independently enjoyed varying degrees of volatility and resurgence over recent weeks, reports cash buyer GMS.“Steel plate prices in Bangladesh and Pakistan remained flatlined at respectively firm levels - the effects of which has only helped these markets grab their share of high-priced fixtures since the start the of the year - all while the ever-volatile Indian plate price that fell last week…

Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East and the United Nations must do more to protect supply chains, the industry said in a letter released on Friday.Tensions have soared across the Middle East since the start of Israel's campaign in Gaza in October, with Israel or its ally the United States clashing repeatedly with Iranian-aligned groups in Lebanon, Syria, Iraq and Yemen.In a letter sent on Thursday to U.N. Secretary-General Antonio Guterres…

The Sustainable Ship and Offshore Recycling Program (SSORP) has announced the successful completion of its 500th free safety awareness session at ship recycling yards across the Indian subcontinent.The milestone underscores SSORP's firm commitment to elevating safety standards and promoting sustainable practices within the ship recycling industry.Over 20 unique topics have been addressed in these sessions, spanning crucial areas such as emergency response, environmental hazards…

Italian defense group Leonardo is close to finalizing a deal to sell its submarine unit Whitehead Alenia Sistemi Subacquei (WASS) to shipbuilder Fincantieri, Leonardo's chief executive said on Monday."We are talking days, not months," Leonardo CEO Roberto Cingolani told reporters in the port city of Genoa, in remarks confirmed by a spokesperson.The deal, expected to be worth between 200 million and 300 million euros ($213 million-$320 million), would be part of Fincantieri's broader strategy to grow through acquisitions and focus more on the fast-growing defence sector and strengthen its posit

Howden has started offering war risk cargo insurance to cover vessels sailing through the Red Sea against drone and missile attacks as geopolitical tensions escalate in the region, the UK-based insurance broker told Reuters on Tuesday.The cost of insuring a seven-day Red Sea voyage has risen by hundreds of thousands of dollars since Yemen's Iran-aligned Houthis began attacking shipping in the area in November in a show of solidarity with Palestinians in Gaza.Howden said the new…

For Lee Mi-kyung, whose son was one of the 250 children who died in South Korea's Sewol ferry disaster 10 years ago, coping with the grief and anger has been incredibly hard. She works through her pain on stage."I will no longer hide in darkness, nor be defeated by sorrow, nor cry in despair," Lee, 58, declares in a play in which seven mothers of children who died in the tragedy portray their journey of mourning.The play is one of five that Lee and other mothers have performed over the past eight years…

U.S. National Transportation Safety Board chair Jennifer Homendy said at a Senate hearing Wednesday that investigators had conducted interviews with key cargo ship personnel in the investigation of the March 26 Baltimore bridge collapse.The Dali cargo ship crashed into the Francis Scott Key Bridge on March 26, sending it crashing into the harbor and killing six people. Work to clear the wreckage and restore traffic through the Mid-Atlantic state's shipping channel is ongoing.Homendy said investigators remained on site and had interviewed the pilots…

Yemen's Houthis said on Wednesday they targeted four vessels, including what they described as a U.S. warship, with drones and naval missiles in the Gulf of Aden, part of their stated campaign of solidarity with Palestinians in Gaza.The Iran-aligned group attacked "MSC Darwin ship, MSC GINA, MV Yorktown" along with the U.S. destroyer, the group's military spokesman Yahya Sarea said in a televised speech.The U.S. military said on Tuesday that it had destroyed an inbound anti-ship…

The U.S. Coast Guard has rejected comments by a Chinese diplomat that its recent boardings of Chinese fishing boats in the Pacific Islands alongside local police are illegal, saying the joint patrols are at the behest of Pacific nations to protect coastal fisheries.Reuters reported last month that six Chinese fishing boats were found to be violating Vanuatu's fisheries law after being inspected by local police who were on board the first U.S. Coast Guard boat to patrol the waters of the Pacific Islands nation.China's Ambassador to New Zealand Wang Xiaolong…

The commander of Iran's Revolutionary Guard's navy said on Tuesday Israel's presence in the United Arab Emirates was viewed as a threat by Tehran and it could close the Strait of Hormuz if deemed necessary.Iran has threatened to retaliate for suspected Israeli airstrikes on its consulate in Syria's capital on April 1 that killed seven Revolutionary Guards officers including two senior commanders - stoking tensions between the arch enemies already heightened by the Israel-Hamas war in Gaza."We do not get hit without striking back…

The International Transport Intermediaries Club (ITIC) has highlighted the importance of robust vessel design reviews and related insurance coverage throughout the construction process following a recent dispute between a naval architect, a shipowner and a shipyard regarding a vessel’s operational performance post-delivery.The vessel, a 24-metre catamaran servicing the offshore oil and gas industry, faced considerable operational limitations. This was attributed to unexpected vibration issues in the vessel's rudders…

The U.S. Transportation Department on Friday said it reached an agreement with Baltimore County to revise an $8.26 million grant agreement to enable Tradepoint Atlantic (TPA) to accommodate more cargo.Repurposing the funds will allow a boost in cargo to Sparrows Point at the Port of Baltimore, which is outside the area affected by last week’s collapse of Baltimore’s Francis Scott Key Bridge and continues to move cargo.The changes will enable Baltimore County and TPA to speed paving at least 10 acres that will be used for an additional cargo laydown area by the end of April…

GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, has obtained two new approvals in principle (AIP) from the classification societies ABS and Lloyd's Register for cargo transfer operations between very large ethane carriers (VLEC) equipped with the Mark III technology developed by GTT.These approvals confirm the relevance of GTT's containment systems on board VLECs, with tanks of up to 105,000 m3, as a safe and cost-effective solution for the transfer of liquefied ethane…

Cuban state-run media said at the weekend that 90,000 metric tons of Russian oil had arrived in the cash and fuel-short country to help alleviate power outages and gasoline shortages.In 2022, Russia resumed some oil shipments to the Communist-run Caribbean island after they ceased with the collapse of the Soviet Union.However, according to shipping data no Russian oil left the country for Cuba last year even as Russian media reported in June an agreement was reached between the two governments to supply 1.64 million metric tons of oil and derivatives annually.Jorge Piñón…

Britannia, the insurer of container ship the Dali, is working with the vessel's owner and U.S. authorities on the investigation into the collapse of Baltimore's Francis Scott Key Bridge, the insurer said on Thursday.The bridge collapsed on Tuesday after the Dali suffered a power outage and struck a pylon, causing huge disruption in the port."We are working closely with the vessel's owner and manager and the relevant U.S. authorities as part of the investigation into the casualty…

Asia's imports of crude oil are expected to rise to the highest in 10 months as heavyweights China and India lifted arrivals from Russia, but impending maintenance schedules and rising prices mean such levels may not be sustained.The world's top importing region is forecast to see arrivals of 27.48 million barrels per day (bpd) in March, up from 26.70 million bpd in February and January's 27.18 million bpd, according to data compiled by LSEG Oil Research.The bulk of oil arriving in March was arranged before the current increase in prices…

Tanker company Euronav will exit Belgium's blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime Belge (CMB), bourse operator Euronext said on Tuesday.CMB, owned by the Saverys family, and affiliates together hold 88.61% of the outstanding shares in Euronav, which exceeds the maximum allowed for the index."The Bel 20 rulebook prescribes that should the acquiring party own more than 85% of the shares, the company being acquired will exit the index," Euronext said.Belgium's Euronav announced in October that

Compliance, performance, profitability, sustainability; take the biggest ‘pain points’ for almost any shipping company and watch NAVTOR’s digital ecosystem work wonders. Here Tor Svanes, Founder and CEO, explains how NAVTOR has grown to lead the smart shipping world, why the recent merger with Voyager Worldwide was so critical, and how he hopes to help steer the industry towards brighter, simpler, and more intelligent horizons.“The morning of the announcement I got a text from the boss of one of our biggest competitors…

Several Russian warships have passed the Bab al-Mandab Strait into the Red Sea, the Russian navy's Pacific Fleet said on Thursday, amid attacks by Yemen's Houthis on merchant shipping.The Zvezda TV channel, owned by the defense ministry, quoted the fleet as saying the Russian cruiser Varyag and the frigate Marshal Shaposhnikov were taking part in the voyage.(Reuters - Reporting by Guy Faulconbridge; editing by Mark Heinrich

Pakistani security forces on Wednesday repulsed a gun and bomb attack by militants on a complex outside the strategic port of Gwadar, which killed all eight militants and two soldiers, officials said.China has invested heavily in the mineral-rich southwestern province of Balochistan, including developing Gwadar, despite a decades-long separatist insurgency.Armed with guns and bombs, the militants stormed the complex just outside the port that houses offices of government departments…

Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly 3.5 million pounds ($4.4 million).Staveley, who owns 10% of the Premier League side with her husband, denied she was liable to Victor Restis for a sum that had snowballed with interest to over 36 million pounds.The total bill had included around 31 million pounds in interest, accruing at 505,000 pounds per day. Restis' lawyers…