Reversing News

There is no denying that 2023 was a challenging year for the U.S. offshore wind market. Citing macroeconomic factors including high inflation, rising interest rates, and supply chain bottlenecks, Ørsted announced on October 31 that they were ceasing the development of the Ocean Wind 1 and Ocean Wind 2 projects, which were scheduled for construction off the coast of New Jersey. Unfortunately, the troubling news has continued into the new year, with Equinor and BP announcing on…

Exxon and Canada-based crude pipeline operator Enbridge were sued in Illinois federal court on Tuesday over claims they barred a competitor from building a terminal to ship oil by barge from the Chicago area to refineries in the Midwest and Gulf of Mexico.The antitrust lawsuit from energy infrastructure developer Ducere seeks more than $11 million in damages for work the Illinois company said it already paid for on the project and for lost future profits.Exxon, Enbridge and their…

Two British Royal Navy mine-hunter vessels were involved in a collision in a port in Bahrain, the Royal Navy said.No one was injured in the accident which occurred in Bahrain Harbor on Friday, it said. An investigation into the incident has been opened.The Royal Navy is working with the U.S. Navy in the Gulf region in an effort to protect Red Sea shipping from an upsurge in attacks by Houthi forces based in Yemen.The Houthis say they acting in solidarity with the Palestinian group Hamas, which is locked in conflict with Israel in Gaza.

Seattle-based deck machinery company Markey Machine said it has recently secured a contract from Bollinger Mississippi Shipbuilding for winch refurbishment aboard NOAA research vessel Ronald H. Brown. The three Markey oceanographic winches that have been aboard for 27 years will receive varied upgrades.“NOAA is working to maximize the service life of each of its vessels, in part by investing in mid-life repairs,” said Jamie LeCompte, NOAA Ship Ronald H. Brown project manager.

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.

Woodside Energy last week announced it would start seismic testing for its Scarborough gas project off Australia’s west coast, before reversing the decision in the face of a legal challenge from Traditional Owners.Seismic testing is highly controversial in marine environments. Australia’s federal regulator (the National Offshore Petroleum Safety and Environmental Management Authority) is currently examining a proposal for seismic testing in the Otway Basin in Bass Strait, which conservationists say has attracted more than 30…

Any competition requires skill — but when the stakes are high and seas are rough, the right technology can set contenders apart. On the popular National Geographic reality series "Wicked Tuna" and its spinoff, "Wicked Tuna: Outer Banks," commercial fishing crews compete to reel in elusive bluefin tuna. To brave North Atlantic waters off the coast of Gloucester, where the series is set, and bring in fish that are several hundred pounds, it's critical that captains outfit their…

Some U.S. importers who shifted cargo away from West Coast ports to rival gateways over fears that labor contract talks could disrupt shipments have begun bringing some of that volume back, even as those negotiations stretch into their 13th month, company supply chain executives said.But anxiety over labor negotiations only explains part of the market share losses at West Coast container ports, including the nation's busiest at Los Angeles/Long Beach, eight importers said at the…

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a four-session winning streak on Tuesday, pressured by lower rates for capesize and supramax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 53 points, or 3.4%, at 1,507 — its biggest dip in two weeks.The capesize index fell 130 points, or 6.4%, to 1,911.Average daily earnings for capesizes, which typically transport 150…

Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects, including some in the remote iceberg waters far off Canada's Atlantic coast.Surging oil prices are encouraging the investments, along with Europe's mounting energy demand as the Ukraine-Russia war drags on. Offshore production sites are more expensive to build than onshore shale, the last decade's investment darling. But once they are up and running…

Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth.Brent crude LCOc1 futures for September settlement dropped 48 cents, or 0.5%, to $102.72 a barrel at 0205 GMT, down for a fourth day.U.S. West Texas Intermediate (WTI) crude CLc1 futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, also down for a…

Chief Executive Bob Chapek introduced Walt Disney Co's first new cruise ship in a decade on Wednesday, the culmination of the first project the former theme parks executive championed to the company's board of directors.The launch of the 4,000-passenger Disney Wish is a bright spot for Chapek, who became Disney's CEO in February 2020 and secured a three-year contract extension on Tuesday following recent controversies that prompted questions about his tenure.It took more than six years to bring the 144…

Castoldi has launched the new Turbodrive 600 H.C.T. waterjet geared for large vessels.The largest in the Castoldi range to date, the new waterjet is equipped, like the other models of the range, with an integrated gearbox (certified for heavy duty ratings), with hydraulic clutch, that with its numerous gear ratios allows a match with any engine on the market.“Our aim is to supply to the customer with not only the waterjet but a complete package that incorporates the propulsion with integrated gearbox and clutch…

Guyana is in "no rush" to draft a new production sharing agreement (PSA) for offshore oil development, its Natural Resources minister told Reuters, reversing a year-long drive to devise new rules for future output.The government of South America's newest crude oil producer said in 2021 it was planning a new agreement to revamp terms and boost royalties for future oil and gas projects. The proposed document was expected to improve terms for Guyana of a 2016 contract with Exxon Mobil and its partners for the prolific Stabroek block.But the tiny nation…

An upgrade by Kongsberg Maritime of the waterjets on a catamaran ferry operated by the family-run firm of AG EMS brings a new level of efficiency and environmental consideration to a route traversed by the company for 143 years.Claus Hirsch, the fleet manager with AG EMS, is a likable and personable individual. His easy demeanor suggests that he is contented with his lot in life, and no one would blame him for that. The company he works for is a family-run concern with a benevolent…

Long-term contracted ocean freight rates fell 3.6% in January, according to the latest Xeneta Shipping Index (XSI) Public Indices, the second consecutive monthly rates decline following 14 straight months of increases. Despite the recent stumble, contracted rates stand 98.1% up year-on-year.“The logistics chain remains stressed,” said Patrik Berglund, CEO of Oslo-based Xeneta, “with demand outstripping supply, port congestion, a lack of equipment and the ongoing pandemic impacting across key global trades.

The Nippon Foundation, Mitsubishi Shipbuilding, and Shin Nihonkai Ferry Co., Ltd. have informed they've completed a demonstration test of what the companies say is the world’s first fully autonomous ship navigation systems on a large car ferry, conducted on the Iyonada Sea from Shinmoji, Kitakyushu City, on January 17.The demonstration was part of MEGURI 2040, a project promoting the development of fully autonomous vessels supported by The Nippon Foundation. "This test demonstrated the world’s first fully autonomous navigation system…

New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.Drivers of demand and freight ratesTo say that the summer has not been kind to the crude oil shipping industry would be an understatement. Average earnings have dropped below $10,000 per day since June for all crude oil tankers, with many trades offering negative earnings; freight rates are not high enough to cover voyage expenses, let alone operating and financing costs.

A captain claims victory at the end of a popular high-stakes fishing competition thanks to help from a new electronic boat control system.When the Summer to Fall bluefin tuna season ends in Gloucester, Mass., it’s only just beginning in North Carolina’s Outer Banks. It’s in these rough waters that commercial fishermen compete on the TV show, “Wicked Tuna: Outer Banks.” A spin-off of the original “Wicked Tuna,” this series has run on National Geographic since 2014 and recently completed its seventh season on air in September 2020.Fishing for bluefin tuna comes with unique challenges.

Kongsberg Maritime launched a pair of waterjet control systems based on its new JCS (Jet Control System) common technology platform: JCS Compact and JCS Extended. JCS Compact is a tailored, closed-loop control system solution designed to manage the steering, reversing bucket and optional interceptor functions on small- to medium-sized waterjets. It can be used with either one or two control stations and a single waterjet propulsion unit or, for full redundancy and operational safety in the event of unforeseen issues…

The Biden administration said on Wednesday it would restart permitting for the first major U.S. offshore wind farm, reversing a Trump administration decision that canceled the process late last year.The U.S. Bureau of Ocean Energy Management (BOEM) said in a statement it would resume environmental review of the Vineyard Wind project as part of the administration's broad plan to speed renewable energy development on federal lands and waters."BOEM is committed to conducting a robust and timely review of the proposed project…

Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S. refiners are mostly recovered from the cold snap that slammed Texas in February.Brent crude settled at $64.41 a barrel, gaining $3.62, or 6%, after tumbling 5.9% the previous day.

The U.S. trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals.Manufacturers lack the capacity to satisfy the surge in demand because of resource constraints and bottlenecks in the supply chain. Inventories are very lean. Demand is being driven by a rapidly improving public health situation and massive government aid to households…