U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes
The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of limited use against the asymmetric warfare tactics suspected in recent operations, including naval mines.Six tankers have been hit in the past month in two attacks near the Strait of Hormuz…
Offshore wind: One-stop Power Conversion
With the United States and China about to start their respective offshore wind build-ups, grid operators wondering about the efficiency of their turbines or the emissions-areas compliance of their wind-service vessels will be warmed to know there’s someone they can talk to. Yaskawa’s The Switch — a Japanese industrial giant’s European environmental tech business — is offering one-stop wind-energy shopping.
Ship Insurance Costs Soar After Tanker Attacks
Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on Thursday, with the potential for costs to rise further as regional tensions escalate, ship insurers said.The attacks have already stoked concerns about reduced flows of crude oil on one of the world's key shipping routes, pushing up oil prices by as much as 4.5%.Some…
COFCO in Talks to Buy Stake in Russian Port Grain Terminal
Top Chinese grain trader COFCO is in talks about buying a shareholding in a grain export terminal in the Russian port of Novorossiysk as part of its expansion in Europe, sources said on Friday.COFCO is understood to be in talks about buying a shareholding of about 25% in the KSK deep water grain terminal in Novorossiysk, three sources said.Talks are being held with the terminal owner, Russian company Deloports Ltd.
French, Italian Shipbuilders Forge Naval Alliance
France and Italy forged a military shipbuilding alliance on Friday, as state-controlled Naval Group and Fincantieri signed off on a 50-50 joint venture that will bid for Franco-Italian warship projects and sell to the world market.The alliance reflects the two countries' desire to fend off competition in naval shipbuilding from the likes of China, the United States and Russia.It is targeting orders worth up to 5 billion euros ($5.63 billion) over the next decade.
Latest on Tanker Attacks South of the Strait of Hormuz
U.S. President Donald Trump blamed Iran on Friday for attacks on two oil tankers at the entrance to the Gulf despite Tehran's denials, stoking fears of a confrontation in the vital oil shipping route.Here are the latest developments:* U.S. President Donald Trump blames Iran for Thursday's attacks and says any bid to close the Strait of Hormuz would not last long* The U.S. military releases a video…
Maersk Explores Arctic Shipping Route with Russia
Shipping group A.P. Moller-Maersk said on Friday it is in talks with Russia's state-owned icebreaker operator to send more goods via the Arctic, which is becoming more accessible as climate change reduces the sea ice.Russia has made developing the so-called northern sea route (NSR) - which requires new ports and heavy icebreakers to move goods - a priority, with supporters dubbing the route the northern Suez Canal.Last summer…
Boskalis to Salvage Gulf of Oman Tankers
Dutch marine engineer Boskalis said on Friday it had has been appointed to salvage both tankers that were hit in the Gulf of Oman in a suspected attack.Boskalis said the condition of the Front Altair tanker, carrying a cargo of naphtha, was still worrying, although the fire on the ship had been extinguished on Thursday.The methanol-carrying Kokuka Courageous was in a stable condition, Boskalis said.
Big Cash Boost at Boston Port
A new report from the Massachusetts Port Authority (Massport) shows the Port of Boston contributed $8.2 billion in economic activity in 2018, up from $4.6 billion…
SW/TCH Maritime Funds H2 e-Ferry
SW/TCH Maritime has announced its investment to construct and own the ‘Water Go Round’ e-ferry in collaboration with Golden Gate Zero Emission Marine (GGZEM).SW/TCH…
Vattenfall Launches Maiden Green Bond
Swedish energy company Vattenfall has issued a EUR500mln green bond, its first such issuance, with the proceeds earmarked for a number of projects, including renewables.The…
U.S. Pushes for More Offshore Wind Jobs
The National Ocean Industries Association (NOIA) announced the support for the Offshore Wind Jobs and Opportunities Act.NOIA President Randall Luthi submitted a…
Renewable Energy Brings 11 Million Jobs
According to the International Renewable Energy Agency (IRENA) eleven million people were employed in renewable energy worldwide in 2018. This compares with 10.3…
Petrobras Sells TAG, Gets $8.7 bln
Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) has concluded the sale of gas pipeline system Transportadora Associada de Gás S.A. (TAG) to a group…
Greenpeace Activists Removed from Rig
Two Greenpeace activists who were occupying an oil rig have been removed from the structure and arrested.Officers boarded the Transocean rig in the Cromarty Firth…
SPII Holdings Bids for DryShips
Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant…
ReCAAP Reports Seven Piracy Incidents
ReCAAP ISC issued its monthly piracy report, informing of seven incidents of piracy and armed robbery against ships in Asia in May 2019. There was no report of abduction…
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with…
INTERTANKO Says Vessels at Risk in Gulf
The tanker association INTERTANKO condemned unprovoked attack against two tankers on innocent passage in international waters in the Gulf of Oman on Thursday 13…
Hapag-Lloyd Pact for EUR100mln Credit
The transnational German-based transportation company Hapag-Lloyd AG has entered into a new EUR 100 million revolving credit facility, to be made available for…
