Business Network News

The U.S. may soon remove sanctions from Iranian oil that is stranded on tankers to help lift global supplies and reduce prices, U.S. Treasury Secretary Scott Bessent said on Thursday."In the coming days, we may unsanction the Iranian oil that's on the water. It's about 140 million barrels," Bessent told Fox Business Network's "Mornings with Maria" program."So, depending on how you count it, that's 10 days to two weeks of supply," he added.Bessent said the addition of sanctioned Iranian oil into global supplies would help keep oil prices down for the next 10 to 14 days.

Satcom Global has announced the launch of Aura Citadel, an on-vessel IT management and security solution providing simplicity, protection and control across the maritime IT environment.Vessels with Aura Citadel on board benefit from the combination of a simplified on-vessel business network improving order and resiliency, robust cyber security features and fast comprehensive disaster recovery. The new IT solution from Satcom Global empowers IT administrators to control the on…

Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of U.S. President Donald Trump's…

The U.S. and China agreed on Thursday to pause tit-for-tat fees on each other's ships that became a major irritant in the broader trade war between the world's two largest economies and pushed up ocean freight costs.The move provides a 12-month reprieve on an estimated $3.2 billion annually in fees for large Chinese-built vessels sailing to U.S. ports and was among the trade deals reached in South Korea by U.S. President Donald Trump and Chinese President Xi Jinping.Early this year…

Hong Kong headquartered ocean carrier Orient Overseas Container Line Ltd. (OOCL) said it is running its ships biofuel as a means to reduce emissions from its operations.The company, which has been using biofuel on some of its vessels since 2023, said it has partnered with customers IKEA and Kyocera for the most recent trial voyage, which commenced in early August. The fuel used on the voyage is a B24 biofuel blend, with ISCC certified Used Cooking Oil Methyl Ester as a component in the VLSFO.By substituting fossil fuels with biofuels…

An offshore wind industry is growing in the U.S. with an aim to meet the Biden Administration’s goal of 30 gigawatts (GW) of offshore wind by 2030, and eventually 110 GW by 2050.But as is the case for any new industry that is building up, there are going to be bumps along the way. The U.S. offshore wind industry is currently grappling with rising costs amid unprecedented supply chain issues and inflation, among other issues.One of the main challenges unique to offshore wind is a shortage of vessels.

Much has been written about potential bottlenecks in store for various parts of the U.S. offshore wind industry, from vessels to monopiles. A new report published by the Business Network for Offshore Wind (BNOW) outlines the need for significant investment in and development of port infrastructure to support the industry in its goal of 30 gigawatts (GW) of offshore wind power by 2030 and 110 GW by 2050.The good news is that more than 35 new offshore wind port projects have gone into development or began commercial operations in the U.S.

In addition to wind, offshore wind demands human energy, individuals with knowledge and skills first to build and then operate and maintain the dozens of projects required to meet President Biden’s 2030 goal of 30 GW of offshore generation. In an October 2022 National Renewable Energy Laboratory report – “U.S. Offshore Wind Workforce Assessment” – the authors estimate that it will require, on average, between 15,000 and 58,000 employees annually, depending on domestic content scenarios, to build out a huge new wind machine.Mariners and mariner training are integral to offshore wind.

2022 closed with significant developments to advance offshore wind (OSW) and the necessary, related work required at U.S. ports – on the east and west coasts and the Great Lakes. Some of these developments included:Funding – MARAD’s Port Improvement Development Project (PIDP) grants provided over $100 million for wind at four ports.Corporate leadership – Marine giants Foss and Crowley stepped up to lead development projects in California and Massachusetts.New industry focus – The American Association of Port Authorities (AAPA) started a program called POWERS – “Port Opportunities With Energy…

California on Wednesday set ambitious new targets for offshore wind development, saying turbines along its storied coastline would power some 25 million homes by 2050.In a unanimous vote, the five-member California Energy Commission (CEC) adopted a goal of 3,000 to 5,000 megawatts (MW) of offshore wind by 2030 and 25,000 MW by 2045, the agency said in a statement.California has among the most aggressive climate change goals in the country, but its foray into offshore wind has lagged that of East Coast states like New York…

Marine insurer North P&I Club announced it has joined the Maritime Anti-Corruption Network (MACN), a global business network that aims to tackle corruption and enable fair trade in shipping.As an MACN member, North joins more than 165 global companies in working toward the elimination of all forms of maritime corruption. The Network’s activities include raising awareness of the issue; implementing the MACN Anti-Corruption Principles and establishing best practices; collaborating with governments…

If awards were given for dominating the sustainable energy spotlight, offshore wind (OSW) would surely be in line for top honors.Consider:Big money: BOEM’s February sale of New York Bight offshore wind development rights drew a record $4.37 billion in developers’ bids. Not only is that real money, but just as critically, “This week’s offshore wind sale makes one thing clear: The enthusiasm for the clean energy economy is undeniable and it’s here to stay,” exclaimed Interior Secretary Deb Haaland.Off Broadway: In January…

Royal Wagenborg renewed and extended Castor Marine’s Global Ku VSAT connection for multiple years.Since 1898 the Dutch family-owned shipping company has been crossing the oceans, evolving to a fleet operator with about 200 vessels. Besides the extension of 52 Global Ku VSAT contracts, Castor Marine will equip an additional 15 Wagenborg vessels, currently on 4G, with VSAT. For more than eight years the company has provided VSAT, Iridium, Inmarsat FBB, and IT services to the Wagenborg fleet.

At a time when the world has become more aware than ever before about the vital importance of the world’s ocean shipping fleet, which carried supplies, merchandise and much needed personal protective equipment during the COVID-19 pandemic, an increased risk from a different threat, cyberattacks, presents a set of new challenges. According to Israeli cybersecurity specialist Naval Dome, since February 2020, there has been a 400% increase in attempted hacks on the maritime realm…

U.S.-based Great Lakes Dredge & Dock is developing a first-of-its-kind vessel to support America's burgeoning offshore wind industry.The nation's largest dredging services provider announced Thursday it is working with Ulstein Design and Solutions B.V. to design and develop the first U.S.-flagged Jones Act compliant, inclined fallpipe vessel for subsea rock installation. The specialized vessel would be built at a U.S. Gulf Coast shipyard and could be operational as early as the first quarter of 2024, GLDD said.

Throughout the world, offshore wind is on a growth trajectory. With green energy mandates from states in New England and the mid-Atlantic, the U.S. is joining the fray. Consultants Wood MacKenzie, in its U.S. Offshore Wind Outlook 2020-2029, suggested that as much as 25 gigawatts (GW) of capacity could be deployed in the U.S. by 2030 (though estimates range from 14 GW to as much as 34 GW), accounting for a hefty portion of incremental capacity coming online.Shipyards in New England have already seen the tip of the offshore wind iceberg…

What will COVID-19 mean for the offshore wind industry? An industry not yet spinning on its own.Epitomized by the roller coaster ride that defined the stock market over the last few weeks, unpredictability has emerged as one of the few certainties of the coronavirus disease 2019 (COVID-19) crisis. Every industry has seen the effects of the pandemic, from hospitality, to travel, and even to the renewable energy sector. Indeed, even though the US offshore wind industry is not yet fully established…

Two decades into the 21st century, we’re seeing a growing and pernicious threat to global information security: ransomware. Even non-technical folk have loosely heard of it, but the broader implications haven’t yet penetrated the public consciousness. In different industries, that general lack of awareness could be a big problem—and the maritime sector is a good example.Ransomware hits at the confluence of two critical trends in modern technology: the ever-increasing integration of IT systems into daily life, and the interconnectedness of those IT systems.

Wind and solar energy companies on Thursday called on Congress to pass tax incentives that would help the sector avoid project delays and keep financing flowing amid a pandemic that has choked off supply chains and slowed construction.In a letter to House and Senate leadership, seven clean energy trade groups asked lawmakers to extend deadlines that would allow their projects to qualify for generous wind and solar federal tax credits despite delays caused by the spread of the coronavirus across the globe.The American Wind Energy Association…

While it is generally agreed that the nascent offshore wind energy market in the U.S. will be a newbuild market, there is a repair and conversion possibility for some stacked OSVs.Though estimates on the pace of the offshore wind energy market in the U.S. vary widely, the direction is clear: offshore wind will be a huge marketplace for construction and support vessels to be deployed in U.S. waters over the next decade. The starting point for estimated vessel demand is the raft of projects along the U.S. East Coast, and to a lesser extent, in the Pacific waters, now in the pipeline.

Niels Aalund was elected President of the International Propeller Club at their 93rd International Convention and Conference. The prominent maritime industry stakeholder will serve a two-year term, commencing from October 17th. Aalund, a well-known maritime subject matter expert and executive, also serves as an Officer and as Senior Vice President of the West Gulf Maritime Association (WGMA). WGMA communicates and coordinates with various governmental entities throughout the West Gulf…

Niels Aalund was elected at the 93rd International Convention and Conference in New Orleans on October 17th.New Orleans, LA: Prominent maritime industry stakeholder Niels Aalund has been elected President of the International Propeller Club. Mr. Aalund will serve a two-year term, commencing from October 17th. Aalund, a well-known maritime subject matter expert and executive, currently serves as an Officer and as Senior Vice-President of the West Gulf Maritime Association (WGMA).

The provider of software-as-a-service based shipping and logistics solutions, CargoSmart has announced the official execution of the Global Shipping Business Network (GSBN) Services Agreement with shipping majors.According to a statement from the shipment management software company, CMA CGM, COSCO Shipping, COSCO Shipping Ports (CSP), Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group have signed up with it.As per the agreement, each signatory commits to provide resources to support preparatory work required to establish the GSBN, a not-for-profit joint venture to accelerate the digital transformation of the shipping industry.The preparatory work includes obtaining all necessary regulatory…