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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…
Iranian Oil Exports End 2022 at a High, Despite No Nuclear Deal
Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated…
Norway Naval Officer Goes on Trial Over Oil Tanker Collision
A Norwegian naval officer stands trial on Monday accused of negligence that led to the 2018 collision between a warship he commanded and an oil tanker in which the military vessel sank. Building a replacement for the lost Helge Ingstad frigate would cost up to 13 billion crowns ($1.3 billion), the armed forces estimated in a 2019 report. The early-morning crash between the Ingstad and the fully loaded…
Some Ocean Shipping Rates Collapsing, but Real Price Relief is Months Away
Prices in the most volatile segment of ocean shipping are collapsing, but top retailers like Walmart and Home Depot should not expect relief until the spring contract renegotiation season, industry experts said.Spot rates, which cover anywhere from 10% to 40% of ocean container shipments and are considered a key indicator of the industry's health, are in free fall as recession looms and the pandemic-fueled U.S.
Interview: Grant Pecoraro, US Managing Director, Incat Crowther
Grant Pecoraro, is the U.S. managing director for naval architecture and marine engineering company Incat Crowther. The Australia-based firm’s Incat Crowther USA arm has been in business for over 10 years, and the broader Incat Crowther group is approaching 50 years in business. To date, Incat Crowther has delivered more than 650 vessels, with 130 vessels currently on the order books.Please give an overview of Incat Crowther’s U.S. presence as well as its offering to the American market.
How Climate Change is Altering River Shipping
Rivers are critical corridors that connect cities and ecosystems alike. When drought develops, water levels fall, making river navigation harder and more expensive.In 2022, water levels in some of the world’s largest rivers, including the Rhine in Europe and the Yangtze in China, fell to historically low levels. The Mississippi River fell so low in Memphis, Tennessee, in mid-October that barges were unable to float…
US Defense Bill Amends the Jones Act Waiver Process
An obscure measure in the defense policy bill the U.S. Senate passed this week could make it harder for oil and liquefied natural gas transporters to get a waiver allowing them to ship fuel during emergencies, lobbyists and analysts said on Friday.The changes in the $858 billion annual defense spending bill passed late on Thursday came after lawmakers criticized Biden administration officials for September waivers allowing diesel deliveries to Puerto Rico, a U.S.
Why Are Oil Tankers Stuck in Turkish Waters?
Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers that don't carry appropriate insurance letters, adding that insurance checks on ships in its waters were a "routine procedure".The logjam is creating growing unease in oil and tanker markets and comes as the G7 and European Union introduce a price cap on Russian oil.Millions of barrels of oil per day…
Zero-C Offshore: A New UK Firm Aiming to Address ‘Chronic’ FIV Shortage
The global offshore wind industry is staring down a potential shortage of foundation installation vessel capacity. A new UK company led by former offshore drilling executive Jon Oliver Bryce intends to help tackle this challenge as the industry’s first pure-play foundation installation vessel (FIV) firm.The number of planned offshore wind projects globally is growing, spurred by green targets and a shift away from Russian oil and gas.
Infrastructure Improvements Set to Boost Efficiency at Lock and Dam 25
The list of projects on the United States’ inland waterways infrastructure to-do list is seemingly never-ending as the U.S. Army Corps of Engineers (USACE) continuously works to maintain, repair and, when possible, upgrade aging locks and dams throughout America’s vast network of navigable rivers.But there’s been progress toward modernizing the system, especially in recent years amid steadily rising annual appropriations that fund the Corps’ Civil Works mission…
US Inland Waterways: Looking for Rainmakers
As 2022 moves into its final months, low water levels and drought form the basis of the news impacting inland waterways operators and barge companies. In the first week of October, numerous barges were reported grounded in the Mississippi River, particularly south of Baton Rouge. This has consequences: barge rates jumped 218% in St. Louis, compared to 2021.Low water was so severe that on October 7…
Australian Mining Magnate Calls for Ban on Seabed Mining
Fortescue Metals executive chairman Andrew Forrest on Tuesday said his charitable foundation is in favor of a pause on seabed mining, the first time a prominent mining executive has spoken out against the nascent industry.Forrest said the Minderoo Foundation, which he and his wife Nicola fund with the dividends they get from Fortescue, will back a pause until there's sufficient evidence that damage…
Israel Fast-tracks Lebanese Maritime Deal but Lawmaker Review Looms
Top Israeli ministers on Wednesday endorsed a U.S.-brokered deal to delineate a maritime border with Lebanon, paving the way for a potentially fractious two-week parliamentary review before it goes into force.Prime Minister Yair Lapid's security cabinet said the deal should be "urgently" green-lit, according to a statement following the meeting.If finalized, the agreement - hailed on Tuesday by all…
Allseas' Vessel Trio Goes Hybrid with Kongsberg Maritime Help
Allseas is fitting its pipelay vessels Solitaire and Audacia, as well as the multi-purpose vessel Fortitude, with hybrid power technology from Kongsberg Maritime.The…
Petrobras Orders 10th FPSO for Búzios Field
Brazilian oil and gas company Petrobras has ordered a floating, production, storage, and offloading (FPSO) vessel from Singapore's Sembcorp Marine Rigs & Floaters.The FPSO, named P-82, will be deployed at the giant Búzios oil field, in the Santos Basin pre-salt area, offshore Brazil.Worth US$3.05 billion (S$4.25 billion) the P-82 is the largest contract secured by Sembcorp Marine from PetrobrasThe P-82 will have the capacity to produce up to 225 thousand barrels of oil per day…
More U.S. LNG Heads to Europe Despite Output Constraints
U.S. producers of liquefied natural gas (LNG) boosted exports to Europe in September even as a plant outage kept overall shipments below the average for the first eight months of 2022, Refinitiv Eikon data showed on Monday.A June fire at the United States' second-largest exporter Freeport LNG has the country's output below its full processing capacity even as demand and prices for the superchilled…
PTT, AET Pen MoU to Build Zero-emission Aframaxes
Thai national energy company PTT and tanker operator AET have signed a Memorandum of Understanding (MOU) for the development and construction of two zero-emission Aframaxes to be powered by green ammonia.Jointly, PTT and AET working to encourage the use of green ammonia as a main propulsion fuel. AET will select a suitable shipyard and the two zero-emission dual-fuel tankers are to be delivered to PTT for long-term charters in Q4 2025 and Q1 2026 respectively.Disathat Panyarachun…
Iran Preparing to Send Fuel Ships to Lebanon
Iran is ready to send ships loaded with fuel to Lebanon within one or two weeks to help run the country's power plants, the Iranian embassy in Beirut told Al-Manar TV as a Lebanese delegation was in Tehran to discuss energy cooperation.A Lebanese energy ministry spokesperson said they were unaware whether a fuel import deal had been struck but said "any gift from anywhere is welcome".Iran had previously…
Hydrogen One: Innovative Towboat Set to Shake Things Up in the US
Rarely does a vessel come along with the potential to radically change the way an industry operates, but one such vessel is set to hit the water in 2023.This new vessel, a towboat named Hydrogen One, is being developed by Louisiana-based Maritime Partners, the largest lessor of marine equipment in the U.S. It will be the first of its kind globally to run on emissions-reducing methanol-to-hydrogen generator…
NTSB Calls for Action on Safety Following Conception Dive Boat Tragedy
The National Transportation Safety Board (NTSB) says more progress is needed on the safety recommendations it issued in the wake of the Conception dive boat tragedy.The Conception was anchored in Platts Harbor, off Santa Cruz Island, Calif., when it caught fire in the early morning of Sept. 2, 2019. The vessel burned to the waterline and sank less than 100 feet from shore. The 34 people asleep below…