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26 Mar 2024

Automakers Reroute Shipments After Baltimore Bridge Collapse

© aerial-drone / Adobe Stock

U.S. automakers General Motors and Ford will reroute affected shipments after a bridge collapse in the U.S. shuttered the Port of Baltimore, but the companies said on Tuesday the impact will be minimal."We expect the situation to have minimal impact to our operations. We are working to re-route any vehicle shipments to other ports," GM said in a statement.The Port of Baltimore is the busiest U.S. port for car shipments, handling at least 750,000 vehicles in 2023, according to data from the Maryland Port Administration.

21 Mar 2024

RightShip Launches New Initiative to Support Adoption of Zero-Harm Maritime Tech

© Kalyakan / Adobe Stock

RightShip, an ESG-focused digital maritime platform, has launched Zero Harm Innovation Partners program aimed at supporting the development and adoption of technologies dedicated to achieving a zero-harm maritime industry.According to RightShip, zero-harm maritime industry can be achieved by enabling enhanced collaboration and connection between shipowners and managers, and innovative technology providers.The program invites technology providers and innovators to showcase products on RightShip’s platform that contribute towards enabling a zero-harm maritime industry.Besides traction…

23 Feb 2024

Red Sea Ship Attacks Not Driving Inflation, Moody's Says

© helivideo / Adobe Stock

Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday.Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive route around Africa. Rerouting takes vessels and crew out of danger from drone and…

22 Feb 2024

Dominion Partners with Stonepeak to Fund Coastal Virginia Offshore Wind

(Photo: Dominion Energy)

U.S.

21 Feb 2024

EST-Floattech Receives €4 Million Investment

Source: EST-Floattech

Developer of maritime battery systems EST-Floattech has received an investment of 4 million euros from Energy Transition Fund Rotterdam and existing shareholders Rotterdam Port Fund, PDENH, Ponooc, and Yard Energy.Energy Transition Fund Rotterdam is investing 3 million euros, the fund's first investment in maritime battery systems. The existing shareholders are jointly investing 1 million euros.The announcement was made by Chantal Zeegers, the Alderman for Climate, Building, and Housing in Rotterdam.

07 Feb 2024

S&P Downgrades Orsted on U.S. Offshore Risks

S&P downgraded Danish wind power giant Orsted to BBB on Wednesday, citing higher leverage on its balance sheet and major U.S. impairments in 2023 due to supply chain delays and higher costs.S&P said Orsted's business risk profile has weakened from last year, but was still satisfactory. It expects the world's biggest offshore wind farm developer would be able to successfully manage the substantial industry risks it faces.The offshore wind industry has been struggling with rising inflation, interest rate hikes and supply chain delays, which have endangered plans by U.S. President Joe Biden and several states to replace fossil fuels with offshore wind to fight climate change.The ratings agency maintained a stable outlook on Orsted…

24 Jan 2024

Infinium and Amogy Ink MOU on Green Ammonia and eFuels Solutions

(Photo: Amogy)

eFuels provider Infinium and Amogy, developer of carbon-free, energy-dense power solutions, have entered into a memorandum of understanding (MOU) to explore opportunities to integrate their technologies and develop commercial applications across the eFuels and green ammonia value chain. Infinium and Amogy are also exploring collaborations with both Mitsubishi Heavy Industries (MHI) Group and SK Innovation for deployment of the integrated solution.To accelerate the decarbonization of heavy industry sectors…

04 Jan 2024

Electric Hybrid Vessel Electramar Delivered to AtoB@C

(Photo: AtoB@C Shipping)

AtoB@C Shipping in mid-December took delivery of Electramar, the first vessel in its series of 12 highly energy-efficient plug-in hybrid vessels. These vessels reduce CO2 emissions by up to 50% compared to the present generation of vessels. Shore power connectivity and a large battery installation provide superior fuel efficiency and the possibility to minimize noise and emissions while in port."We are proud to be at the forefront of green shipping with these innovative vessels that combine high efficiency, flexibility and sustainability.

22 Dec 2023

Capital Product Partners Move Forward with $3.1B Acquisition of 11 LNG Carriers

(Credit: Capital Gas)

New York-listed shipowner Capital Product Partners L.P. (CPLP) has closed the umbrella agreement from November 2023, moving forward with the $3.1 billion acquisition of 11 newbuild LNG carrier vessels.CPLP entered into umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, providing for the acquisition of 11 newbuild liquefied LNG carriers.Upon the closing of the umbrella agreement on Thursday, CPLP entered into 11 share purchase agreements to acquire 100% of the equity interests in each vessel-owning company.Each Vessel will have a capacity of 174…

20 Dec 2023

Top 10 Things to Watch in Offshore Wind in '24

Copyright Infi Studio/AdobeStock

Despite short-term obstacles driven by high inflation and interest rates coupled with supply chain issues, we maintain that the foundations supporting long-term offshore wind activity remain solid. As we prepare for the new year, let us look at 10 factors that will shape the offshore wind sector in 2024.1. A Continuously Dynamic Energy TrilemmaThe dynamic relationship of the three key drivers of affordable energy, energy security and energy transition was clearly evident in 2023 as energy affordability and security were generally more prominent themes than the transition.

14 Dec 2023

EnFAIT Horizon 2020: Tidal Turbine Costs Cut 40%

Deployment of the fifth and sixth turbine at the Shetland Tidal Array (credit: Nova Innovation).

A European project, led by one of Scotland’s leading tidal developers, has demonstrated that the cost of tidal energy could potentially be reduced by as much as 40 percent, and has produced findings that could redefine the boundaries on what can be achieved by tidal power globally. The $22m EnFAIT (Enabling Future Arrays in Tidal) Horizon 2020 project, brought together  seven partners including Scottish tidal developer Nova Innovation, who manage the world’s first offshore tidal array - the Shetland Tidal Array…

07 Dec 2023

Japan's Kansai Joins Floating Offshore Wind Project in Norway

Image courtesy Source Galileo and Odfjell Oceanwind

Galileo and Odfjell Oceanwind are collaborating with Vår Energi on a floating offshore wind project at the Goliat platform outside Hammerfest in Norway. The partnership has been strengthened with The Kansai Electric Power Company Inc., a Japanese utility company, joining the team.The offshore wind park will be connected to the Goliat platform using the existing power cable to shore. The purpose of the project is to demonstrate floating offshore wind technology in Norway, as well…

05 Dec 2023

Governments Take Action to Keep Offshore Wind Projects on Track

© Chirapriya / Adobe Stock

Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets.Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants.But some countries' wind power capacity targets started to look unrealistic this year after developers cancelled projects in the U.S.

04 Dec 2023

Maersk Tankers, Mitsui Order Up to 10 Very Large Ammonia Carriers

(Photo: Maersk Tankers)

Maersk Tankers confirmed an order for up to 10 very large ammonia carriers (VLAC) has been placed with Hyundai Samho Heavy Industries in Korea. Mitsui & Co., Ltd. will join as a co-investor in the first four vessels. The vessels will be operated by Maersk Tankers.The 93,000 cbm newbuilds will be among the largest ammonia carriers in operation, capable of carrying a full cargo of ammonia. The first four firm VLACs are due to be delivered from late 2026 onwards, and the contract…

30 Nov 2023

bp's Search for New CEO to Extend into Next Year

Murray Auchincloss (Source: bp)

bp's search for a new chief executive is set to extend into the first quarter of 2024, three sources told Reuters, while the board's probe into whether previous CEO Bernard Looney breached the code of conduct in his undisclosed personal relationships with staff drags on.The oil company has been in turmoil since Looney's resignation in September, company sources told Reuters, and the share price has underperformed rival Shell since then amid investor uncertainty over bp's future strategy.bp's shares have dropped 9% since Looney's departure, while Shell's have gained 2% over the same period.

29 Nov 2023

Gazelle Wind Power Appoints U.S. Wind Finance Pioneer as CFO

Source: Gazelle Wind Power

Floating platform developer Gazelle Wind Power has appointed clean energy finance industry expert Álvaro Ortega as Chief Financial Officer (CFO).Ortega is the former Vice President of Finance at Avangrid Inc., a publicly traded company on the NY Stock Exchange and the U.S. subsidiary of global energy leader Iberdrola.“Finding someone with a track record like Álvaro’s is rare. Due to his financial expertise and passion for renewable energy, his joining the team is a home run for Gazelle as we enter an exciting phase in our company’s development,” said Gazelle CEO and Founder Jon Salazar.

17 Oct 2023

Rolls-Royce to Cut Up to 2,500 Jobs

© thomathzac23 / Adobe Stock

Rolls-Royce (RR.L) said on Tuesday it would cut up to 2,500 jobs as its new chief executive seeks to build a more efficient business, the latest boss to attempt to revamp one of Britain's most prestigious engineering companies.Over the last decade, Rolls-Royce, whose engines and systems are used on the Airbus A350 and Boeing 787 as well as ships, submarines and in power generation, has been through several restructurings, axing more than 13,000 jobs.Tufan Erginbilgic, who took over in January, is the latest CEO to try to tackle the company's inefficiencies.

16 Oct 2023

Massachusetts Offshore Wind Farm Dodges Lawsuits over Environmental, Fishing Concerns

Credit: Avangrid

A U.S. judge has rejected challenges to federal environmental permits and construction approvals for a $4 billion offshore wind farm near Massachusetts, which commercial fishing groups have claimed will harm whales and impair their businesses.U.S. District Judge Indira Talwani in Boston last Thursday tossed the final two federal district court lawsuits directly challenging the Vineyard Wind project roughly 15 miles south of Martha’s Vineyard, which would be the first commercial…

05 Oct 2023

Japanese Shipping Giant Buys Into Norwegian Floating Wind Firm

Credit: Odfjell OceanWind

Japanese shipping giant Mitsui O.S.K. Lines, Ltd. (MOL) has, following a recent private placement, become a shareholder in Odfjell Oceanwind, a Norwegian floating wind technology developer."The transaction generates significant capital which will be used to further strengthening Odfjell Oceanwind’s position as a global leader and frontrunner in floating offshore wind technologies. Odfjell Technology Ltd. combined with the Odfjell family’s direct investment will remain the largest shareholder in the company…

26 Sep 2023

Value Maritime Installs First Filtree System for Ardmore Shipping

(Photo: Value Maritime)

Value Maritime announced it has completed the first in a series of nine installations of its emissions reducing Filtree systems for product and chemical tanker company Ardmore Shipping Corporation.Taking place in China, this was the first time that Value Maritime has installed its system outside of Europe. The Ardmore Seaventure is also the first Ardmore vessel now fully equipped with Value Maritime’s Filtree system. The remaining installations for Ardmore Shipping are scheduled…

05 Sep 2023

How Serious a Problem is the Cost Issue in U.S. Offshore Wind?

Credit: mark_gusev/AdobeStock

Much has been written recently about the challenges facing U.S. offshore wind projects, resulting in requests to terminate or renegotiate contracts to sell power to states. Examples of these challenges can be found from Massachusetts to Virginia. Coming on top of last week’s somewhat disappointing events of the Gulf of Mexico lease auction, speculation has mounted around the longer-term prospects for U.S. wind. But how serious is this problem, and what does it mean to the longer-term goals of the federal administration to deploy 30 GW of offshore wind by 203 and 110 GW by 2050?Below…

30 Aug 2023

OceanScore Launches EU ETS Solution

Ships calling at ports in the EU will be liable for the cost of their emissions from 2024 onwards Photo: zhaojiankangphoto/123RF

Maritime data company OceanScore has launched an integrated solution that enables ship operators to manage emissions liabilities and trade carbon allowances under the impending EU ETS regime for shipping.Shipping companies, as the designated Document of Compliance holder (DoC holder) under the EU ETS regime, will be required to surrender to the authorities EUAs based on their annual emissions, starting at 40% of emissions in 2024 and rising to 70% and 100% of emissions in 2025 and 2026…

28 Aug 2023

First US Gulf Offshore Wind Auction to Fuel Green Hydrogen Push

© Ian Dyball / Adobe Stock

The U.S. Gulf Coast region, the nation's primary offshore source of oil and gas, has cheap electricity and lacks state mandates for renewable energy procurement, making it an unlikely place to expand one of the most expensive forms of clean energy.That is why players in the nascent U.S. offshore wind industry are looking beyond the grid when the Biden administration holds the first-ever offshore wind auction in the Gulf of Mexico on Tuesday, eyeing the sale instead as a way to…