Peak Re News

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.In April, Enterprise Products Partners' SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could load two supertankers, each of which can carry up to 2 million barrels of oil at a time.But multi-year regulatory delays, a loss of commercial backers and slowing U.S.

Bakker Sliedrecht has implemented energy storage systems (ESS) on board of the two Boskalis diving support vessels - BOKA Atlantis and BOKA Da Vinci.The installation of the ESS reduces the vessels’ fuel consumption and associated carbon dioxide and nitrogen oxide emissions by an average of up to 20%, according to Bakker Sliedrecht.The systems also provide a power supply and energy storage facility while the vessels are docked and contribute to quieter and more efficient operations…

Carnival Corporation has released its 14th annual sustainability report detailing how it achieved several 2030 environmental goals well in advance.The company is producing 10+% less absolute GHG emissions today than in 2011, its peak historical year, despite increasing capacity by roughly 30% since that time. Tracking toward its 2030 goal four years ahead of schedule, the company formally committed to reducing its GHG intensity by at least 20% by 2026 (versus 2019 levels; measured on a lower berth capacity basis).

Crowley Maritime Corporation has owned and operated a lot of vessels since its founding in 1892. But the latest vessel to join its fleet is unlike any other that has come before it.Crowley’s new harbor tug, eWolf, is unique in that it runs 100% powered by batteries, not diesel engines, meaning it produces zero emissions and nearly no noise. Not only is the vessel the first fully electric tug in the Crowley fleet, but it is also the first of its kind in the United States.Faced with stricter regulations and commercial pressure to prioritize environmental…

Construction on a new passenger ferry, designed by Incat Crowther for Western Australian ferry operator Rottnest Fast Ferries, has commenced at Austal Philippines.The new ferry will operate on the popular Perth to Rottnest Island tourism route with the 32-meter aluminum catamaran set to have an operational capacity of up to 400 passengers and five crew seated over three decks. The vessel will also feature extensive cargo and luggage space for passengers, including bicycle storage areas on the main and mid decks.

Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.Brent futures for June delivery were up $1.35, or 1.5%, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08.U.S. West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5%, to $84.98 after touching a peak of $85.46…

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…

2024 marks another year for development of a biennial WRDA bill—Water Resources Development Act, critical legislation for the Nation’s waterways, ports and harbors. WRDA encompasses a range of issues, from environmental regs to energy use to agriculture and, of course, a focus on projects critical for economic growth.Because these are dynamic and timely issues, Congress and the maritime sector like to keep WRDA on a two-year reauthorization timeline. Indeed, the House Transportation & Infrastructure Committee, December and January, held three WRDA information hearings.

"The Columbia River and its tributaries, wetlands, and estuaries are the lifeblood of the Pacific Northwest, providing abundant water, power, recreation, agriculture, transportation and natural resources that have supported livelihoods, cultural and spiritual practices, commerce and economic growth.” - President Biden, Memorandum of September 27, 2023.Those abundant benefits directly impact about 13 million people in the Pacific Northwest. Hydropower extends that plentitude to millions more, powering cities and industry from Idaho to California.

As a speed boat carrying more than a dozen Somali pirates bore down on their position in the western Indian Ocean, the crew of a Bangladeshi-owned bulk carrier sent out a distress signal and called an emergency hotline.No one reached them in time. The pirates clambered aboard the Abdullah, firing warning shots and taking the captain and second officer hostage, Chief Officer Atiq Ullah Khan said in an audio message to the ship's owners."By the grace of Allah no one has been harmed so far," Khan said in the message, recorded before the pirates took the crew's phones.

A promising area off Colombia's coast where Brazil state-run Petrobras is drilling this year could justify a large project to supply natural gas to the Andean country and for exports, Petrobras' head of exploration and production said on Wednesday.As oil production in Brazil's prolific presalt region is set to plateau in coming years, Petrobras is expanding its horizons to new frontiers including the Equatorial Margin, Colombia and Africa.At Colombia's Tayrona block, Petrobras…

India will bring in and prosecute 35 Somali pirates its navy captured on a hijacked ship off Somalia, a navy official said, in a departure from its recent practice of rescuing vessels and crew but leaving the disarmed pirates at sea.The captured pirates are due to arrive in India on Saturday and will be handed over to the law enforcement agencies, the official said. He declined to be identified as he was not authorised to speak to the media.The exact charges against the pirates were not immediately clear…

Somali police and international navies were preparing on Monday to attack a commercial ship that was hijacked by pirates last week, the Puntland region's police force said, two days after Indian commandos rescued another cargo vessel held by pirates.The MV Abdullah was hijacked off the coast of Somalia last week, the latest of more than 20 attacks since November by Somali pirates who had laid dormant for nearly a decade.On Saturday, the Indian navy rescued another cargo vessel, the Maltese-flagged MV Ruen, which had been seized in December, freeing its 17 crew members and arresting 35 pirates.

Norwegian shipbuilder and ship designer Ulstein has developed a new subsea vessel - ULSTEIN SX232 – designed to service the offshore wind market for floating and fixed installations as well as offshore oil and gas industry.Designed for walk-to-work operations in the offshore energy market, the ULSTEIN SX232 features an optimizes hull based on the ULSTEIN TWIN X-STERN design.The vessel is equipped with smart power and propulsion system developed to minimize energy consumption during DP operations and an integrated energy recovery system utilizing all the waste heat in the machinery systems…

Rescue teams searched waters in central Indonesia on Wednesday for 24 fishermen missing since their boat sank at the weekend, with hopes kept alive by the discovery a day ago of 11 survivors who had been floating at sea for three days.The boat with 37 crew went down on Saturday near Selayar Island off South Sulawesi province, according to the search and rescue agency, with 11 survivors in life jackets spotted by fishermen only on Tuesday. Two other crew were found dead."We just received the report of the boat sinking from those who survived on Tuesday…

Contracting activity for for crude tanker newbuilding has risen sharply to start 2024, driven by a steep rise in orders for very large crude carriers (VLCC), according to shipping organization BIMCO.In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y. Notably, the 19 VLCCs ordered in January and February is more than was ordered for the entirety of 2023.Freight rates for crude tankers spiked at the start of the war in Ukraine, and they have largely stayed strong since, said Filipe Gouveia, shipping analyst at BIMCO.

U.S. importers are playing the waiting game with new container shipping contracts, gambling the rate spike from Red Sea vessel attacks will fade and put them in a stronger negotiating position, shipping industry analysts said.Iran-aligned Houthi missile and drone attacks on commercial ships in the Red Sea have forced most container carriers to reroute vessels around Africa and sent spot rates soaring.That price shock is a "gift" that carriers will be giving back when the assaults stop…

2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general…

The Baltic Exchange's dry bulk sea freight index rose for a third straight session on Tuesday to hit a one-month peak, as rates climbed across larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 13 points, or 0.8%, at 1,585 points, its highest since Jan. 10.The capesize index also scaled a one-month high. It added 23 points, or 0.9%, at 2,476 points.Average daily earnings for capesize vessels, which typically transport 150…

ABB has secured an order from Norwegian shipyard Ulstein Verft to supply an advanced power and propulsion system for a new cable-laying vessel (CLV) being built for Nexans.Upon delivery in 2026, the vessel will join Nexans Skagerrak and sister ship Nexans Aurora – also equipped with ABB technology – as the third and most advanced CLV in the Nexans fleet.An integrated system comprising main power generation and distribution, energy storage, and electric propulsion will allow the new CLV to execute its cable laying…

Spiraling ocean freight rates from the Far East to the United States, caused by the Red Sea crisis, may have peaked, with some relief on the horizon emerging for the shippers, according to the latest analysis from Xeneta, and ocean and air freight rate benchmarking and market analytics platform.The latest data released by Xeneta indicates a peak may have been reached after spot rates from the Far East into the US declined slightly since the last round of General Rate Increases (GRIs) were implemented at the start of February.Into the US East Coast…

Whether it is from international organizations or state government agencies, there is growing pressure on ferry operators to meet stringent goals to reduce the environmental toll from their operations.The California Air Resource Board’s Commercial Harbor Craft Regulation issued the most stringent of these policies, which requires all short-run ferries to achieve zero emission by January 1, 2026. But it’s not just California that wants this industry to clean up its act. The United…