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Reopening the Channel: A Look-back at the Key Bridge Accident Response
“The enormity of this disaster is hard to imagine without seeing it in person…It may sound dramatic but given the wreckage field created by the collapsed bridge, the environment divers are working in, and the dangers posed to them, is like cleaning the site of 9/11 with blinders on.” - Rick Benoit, Emergency Management specialist at the U.S. Army Corps of Engineers (USACE) North Atlantic Division (NAD), from USACE news report.Col. Estee Pinchasin is commander of the U.S.
Divers Recover Body of Last Missing Person from Sunken Yacht
Italian divers have retrieved the body of British tech magnate Mike Lynch's18-year-old daughter, Hannah, who was the last person still unaccounted for after the family's luxury yacht sank this week off Sicily.Seven people, including Lynch himself, died when the 56-metre-long (184-foot) sail boat, the Bayesian, capsized during a fierce, pre-dawn storm on Monday off Porticello, near Palermo. Fifteen people survived…
OMV Gas Discovery Could Extend Life of Aasta Hansteen Hub
OMV (Norge) has successfully completed drilling of a deepwater exploration well in the Norwegian Sea with preliminary estimated total recoverable gas volumes of between 30 and 140 million barrels of oil equivalent (mn boe).The deepwater wildcat well 6605/6-1 S is located 300km west of the Norwegian mainland at a water depth of 1,064 meters. The gas discovery, in the Haydn/Monn exploration prospects of PL 1194…
Vessel Loaded with Fuel Sinks at Russian Port After Ukrainian Attack
A ferry loaded with fuel tanks sank in the Russian port of Kavkaz in southern Krasnodar region on Thursday after a Ukrainian attack, local authorities said.The ferry carrying 30 fuel tanks, as confirmed by Fyodor Babenkov, district head of the town of Temryuk which includes the port, sustained significant damage as a result of the attack, which caused a fire.Seventeen crew members were rescued from the ferry, the Krasnodar region governor said on his Telegram channel.
Sources Say Germany to Take a Big Stake in Meyer Werft
The German government plans to take a temporary majority stake in Meyer Werft, one of the world's top cruise ship builders, as part of measures to support the company, sources familiar with the matter told Reuters on Thursday.German Chancellor Olaf Scholz is said to visit shipbuilder Meyer Werft today, raising union hopes for government support for the company which is battling to fill a 2.7 billion euro ($3 billion) hole in its finances.Meyer Werft…
Shipbuilder Meyer Werft Expecting 'Good News' from German Chancellor Visit
German Chancellor Olaf Scholz will visit Meyer Werft on Thursday, the luxury shipbuilder said, raising hopes that it could secure support from the government as it seeks to fill a 2.7 billion euro ($3.00 billion) hole in its finances."We expect the chancellor to bring good news with him," Thomas Gelder of the IG Metall union told Reuters."It's a very positive sign for the workforce and the region, and also a sign of appreciation that Mr Scholz is coming," he added.The state premier and the econo
And the Winner is ... Singapore ... (again)
Singapore announced top maritime centre for 11th consecutive yearThe Baltic Exchange, in collaboration with Xinhua News Agency, announced the release of the 2024 Xinhua-Baltic International Shipping Center Development Index (ISCDI) Report. Now in its 11th year, the report ranks the world’s leading shipping centers.For the 11th consecutive year, Singapore was recognized as the world’s leading shipping center, achieving a score of 96.23 out of 100.
Mike Lynch and Morgan Stanley Chief focus of Divers' Search after Vessel Lost
Divers scoured the wreck of a luxury yacht off Sicily's coast on Tuesday to find six missing people, including British tech entrepreneur Mike Lynch and a Morgan Stanley executive, following an intense storm that sank the vessel on Monday.The British-flagged Bayesian, a 56-metre-long (184-ft) superyacht, was carrying 22 people and anchored off the port of Porticello when it was hit by the fierce, pre…
Ship Recycling Markets on Forced Holiday
Freight sectors are performing unseasonably and unrelentingly well amidst all the unfolding crises that are still choking global ship recycling nations out of life-sustaining tonnage, reports cash buyer GMS.This includes potential attacks against Israel and brewing news of President Putin possibly being removed due to Ukraine’s successful invasion of “Mother Russia.”“Consequently, we continue to see…
Subsea7 Scoops Gulf of Mexico Contract
Subsea7 today announced the award of a sizeable contract in the US Gulf of Mexico worth between $50 million and $150 million.The scope of work includes engineering, procurement, construction, and offshore installation of a water injection flowline, hull piping and associated subsea infrastructure.Project management and engineering work will start immediately at Subsea7’s office in Houston, Texas, and…
Marine News' Naval Architecture Roundtable
Marine News spoke to leaders at three North American naval architecture and marine engineering firms about some of the latest trends impacting their business today. Morgan Fanberg, CEO, Glosten; Robert Ekse, President, Elliott Bay Design Group; and Wade Carson, CEO, Vard Marine, weigh in on topics ranging from digitalization and decarbonization to the naval architect talent pool.How are advances in digitalization and AI impacting the naval architecture business today?
Study: ChatGPT Poses Fake News Threat but not Existential Threat to Humanity
ChatGPT and other large language models (LLMs) cannot learn independently or acquire new skills, meaning they pose no existential threat to humanity, according to new research from the University of Bath in the UK and the Technical University of Darmstadt in Germany.The study, published as part of the proceedings of the 62nd Annual Meeting of the Association for Computational Linguistics, reveals that LLMs have a superficial ability to follow instructions and excel at proficiency in language…
Esgian Week 32 Report: Second Round of Saudi Jackup Suspensions
Esgian provides an update on the second round of jackup suspensions in Saudi Arabia in its Week 32 Rig Analytics Market Roundup.Report SummaryContractsArabian Drilling has confirmed that Saudi Aramco has initiated discussions with the drilling contractor over the suspension of an additional leased offshore rig, following an initial round of contract suspensions that began earlier this year. Arabian…
Iran Shipping Oil to New Destinations as Tehran Pushes Exports
Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, the latest sign of Tehran pushing to sustain output at close to its highest in five years.Oil sales are Iran's major revenue source and the country has been looking for ways to sidestep U.S. sanctions on its crude exports that former president Donald Trump re-imposed in 2018 over Tehran's nuclear program.Iran…
VIDEO: Explosion Rocks Yang Ming Containership YM Mobility in Chinese Port
Taiwanese shipping firm Yang Ming Marine Transport Corp said one of its cargo ships caught fire on Friday at China's Ningbo-Zhoushan Port, one of the world's busiest.Earlier, Chinese state media said an explosion was reported at the port and shockwaves were felt a kilometer away.Yang Ming Marine Transport said a fire occurred on board the YM Mobility while it was operating in the port. No casualties or injuries were reported after the blast at around 1:40 p.m.
Offshore Wind: Inside the Financial Web
Early 2024 saw a group of financial deals that have implications, in a broad sense, for how offshore wind projects may be financed. While offshore wind projects might be thought of as being in the ‘utility finance’ basket, they are ultimately high-risk deals that might better suit the portfolios of ‘infrastructure investment’ which, in recent years, has taken a shift towards tolerating more uncertainty when it comes to cash flows.A 2022 article from consultants McKinsey…
Italy Appoints Commissioner to Tackle Spread of Blue Crab
Italy on Tuesday appointed a special commissioner to tackle the spread of the blue crab, an aggressive species that is preying on local clams and threatening a lucrative part of national food production.Originally from the western Atlantic, blue crabs have proliferated in several locations around the Italian coast, particularly in the Po river delta in the north, where attempts to curb numbers with…
Ardmore Shipping Makes Leadership Changes
Ardmore Shipping has announced a series of leadership changes and updates to its commercial organization following news of the upcoming retirement of Founder and CEO, Anthony Gurnee, and the appointment of Gernot Ruppelt and Bart Kelleher to CEO and President roles respectively.Effective September 16, 2024, Robert Gaina will join the Ardmore Senior Management Team (SMT) as Senior Vice President, Commercial, succeeding the current CCO, Gernot Ruppelt upon his advancement to CEO.
Geopolitical Fighting Negatively Impacts Ship Recycling
As Russia's war continues to rage in Ukraine and tensions hit a fever pitch in the Middle East, zooming out of the ship recycling markets, GMS sees geopolitical events taking centerstage across all shipping sectors (trading and recycling) for yet another week, with no end in sight. The mysterious bombing assassination of one of the founding members of Hezbollah in the heart of the Iranian capital city of Tehran early in the week sent shockwaves across the Arab world…
Maersk's Profits Boosted by Red Sea Disruption
Shipping group Maersk raised its full-year earnings and market demand forecasts on Thursday, partly due to disruptions to Red Sea trading routes, but also said prospects for the fourth quarter were uncertain.The Danish group, seen as a barometer of world trade, said it now expected global container market volumes to increase 4-6% this year, up from its previous forecast of growth at the upper end of a 2.5-4% range.It added…
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