Maritime Industry Top News
Equinor Might Cancel New York Offshore Wind Project Over Trump Stop-Work Order
The developer of a major U.S. offshore wind project warned that it will cancel the Empire Wind facility off the coast of New York if it cannot reach a resolution over a stop-work order issued by the Trump administration in the coming days.Molly Morris, president of the U.S. renewable energy arm of Norway's Equinor, said the company was spending $50 million a week to keep the project afloat."The situation is now unsustainable," Morris said in an interview.(Reuters)
Egypt's Suez Canal Chief Shares Possible Discounts on Transit Fees
Egypt's Suez Canal chief Osama Rabie said they are considering offering discounts ranging from 12% to 15% on transit fees.His statement came after revenue from the strategic canal continued to plunge on the back of attacks on shipping by Yemen's Houthis, who say they are trying to shut off cargo bound for Israel in support of Palestinians in Gaza, but are also chasing ships away from the canal.(Reuters)
Japanese Shipbuilding Cooperation: A Potential U.S. Tariff Bargaining Chip
Japan's Ishiba signals increasing corn imports as part of US trade talksJapanese Prime Minister Shigeru Ishiba on signalled that increasing corn imports from the U.S. would be among options in trade negotiations with Washington, but warned Japan would never sacrifice its agriculture industry to win lower auto tariffs.Japan has made little headway in two rounds of trade talks with the U.S. as it seeks exemptions from U.S.
US Virgin Islands involved in US Ship Registry Proposal, governor says
The U.S. Virgin Islands (USVI) is involved in a proposal that aims to create a US international ship registry domiciled in the U.S. territory, the island's governor said.President Donald Trump's administration is considering the proposal as part of efforts to enlarge the tiny commercial shipping fleet flying the American flag, sources familiar with the matter told Reuters last week.Using the USVI could…
Cavotec Signs $8.99 Million Shore Power Order
Cavotec has signed an order valued at USD$8.99 million (EUR 8.1 million) with a leading global container shipping company to deliver complete shore power systems for newly built container vessels. The order includes cable management reels and weatherproof enclosures, with deliveries scheduled to begin in the second half of 2026.Cavotec’s systems will provide reliable cable management solutions, enabling vessels to connect to shore power while at berth.
Sanctions Buster: Traders Rebrand Venezuelan Oil for China as 'Brazilian' - sources
Traders have rebranded more than $1 billion of Venezuelan oil shipments to China as Brazilian crude over the past year, according to two tanker tracking firms, company documents and four traders, helping buyers to cut logistics costs and circumvent U.S. sanctions.Independent refiners in China are the main buyers of seaborne oil shipments from countries sanctioned by the United States, with offshore Malaysia serving as a key trans-shipment hub for Venezuelan and Iranian crude.Since July 2024…
USGC: Safety Concerns Regarding Fixed Gas Fire Extinguishers on Vessels
The Coast Guard has identified a recurring safety concern involving fixed gas fire extinguishing systems on vessels. In multiple cases, safety pins were left in the service or maintenance position after system servicing by certified technicians, rendering the system incapable of activating during an emergency.Typically, there are two pins on the activation head of most fixed gas fire extinguishing systems.One is a safety pin…
US House Aims to Slash Climate and Clean Energy Funds in Budget Proposal
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Hapag-Lloyd Welcomes China-US Tariff Reprieve
German container shipping firm Hapag-Lloyd on Monday welcomed an agreement between the United States and China to temporarily slash reciprocal tariffs, saying it expected to be buoyed by a resulting increase in bookings from China to the U.S.The United States will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days…
Mexico's Pemex Plans to Export Less Oil as New Refinery Starts Up
The trading arm of Mexico's state company Pemex, PMI, is anticipating a reduction in crude oil exports this year as more will be sent to local refineries, especially the new Olmeca refinery, a company director said on Monday.Once the country's newest refinery is fully operational and able to process 340,000 barrels per day (bpd), it will receive about 100,000 bpd of crude oil, Margarita Perez, the head of PMI, said at an event.This would lift local processing to 1.2 million bpd, she added, leavi
Terna, IPTO Sign Two Billion Euro Deal on Italy-Greece Power Connection
Italian power grid operator Terna and its Greek counterpart IPTO signed on Monday a deal worth nearly 2 billion euros ($2.2 billion) on a new undersea electricity interconnector between Italy and Greece.The deal was announced after Italian Prime Minister Giorgia Meloni hosted a summit with her Greek counterpart Kyriakos Mitsotakis at Rome's 17th-century Villa Doria Pamphili, also involving ministers…
Fairbanks Morse Defense Announces New CEO
Fairbanks Morse Defense (FMD) is proud to announce Steve Pykett as he takes the helm as Chief Executive Officer. This transition marks a new chapter as the company continues to build on its legacy and drive forward into new opportunities for growth and innovation.Steve succeeds George Whittier, whose five-year tenure as CEO has left an indelible mark on FMD. Under George's guidance, the company experienced significant growth…
Fincantieri: Strong Growth in Q1 2025
Fincantieri has shared its interim financial results for the first quarter of 2025, showcasing growth across all business segments and achieving its best ever quarter in terms of new orders.Key highlights from the report include:Below are the key highlights from the report:Revenues totalled €2,376 million, up 35% compared to Q1 2024 (€1,767 million).EBITDA: €154 million, a 54% increase from Q1 2024 (€100 million)…
Ferguson Marine Welcomes New CEO
Ferguson Marine (Port Glasgow) Ltd has officially welcomed Graeme Thomson, who began his tenure as CEO at the beginning of May. Thomson, who started his career as an electrician by trade and got into shipbuilding as an apprentice, has extensive construction and shipbuilding experience. He joined Ferguson Marine from Babcock where he was Program Director, overseeing the delivery of Type 31 Royal Navy…
Bardex Technical Sales Engineer Selected for 2025 OTC Class of Emerging Leaders
Bardex Corp. is pleased to announce that the Offshore Technology Conference has awarded Daniel Toerner a spot in its 2025 Emerging Leaders class. Each year, the OTC recognizes up-and-coming professionals whose work in the energy industry demonstrates the kind of talent and commitment that puts them on a course toward being future leaders in the offshore energy sector. Each recipient of the award, who has been in the industry for fewer than 10 years…
Techcross to Showcase New Ballast Water Management Solutions at BARI-SHIP 2025
Techcross, a leader in ballast water management systems (BWMS), will make its first official appearance of the year at BARI-SHIP 2025, May 22-24, held in Imabari, Japan. At this event, Techcross will unveil the results of its ongoing R&D efforts, aiming to evolve from an equipment supplier into a total solution provider.At the center of the Techcross exhibit will be the Smart Platform, a system that utilizes satellite communication to collect and analyze real-time log data from installed BWMS.
Saildrone Names Former Vice Admiral as its New President
Maritime defense and oceanographic survey company Saildrone has appointed Vice Admiral John Mustin as its President, who will focus on growing the defense business.In his role, Mustin will work alongside Richard Jenkins, Saildrone founder and CEO.Mustin joins Saildrone following a distinguished 34-year career in the U.S. Navy. He most recently served as the 15th Chief of Navy Reserve and Commander…
US Firm Debuts 20K Intervention Solution at Gulf of America Deepwater Field
Texas-based subsea oil and gas equipment supplier Trendsetter Engineering has marked the first deployment of its Trident 20,000 psi (20K) intervention system at Beacon Offshore’s Shenandoah project in the Gulf of America.The Trident 20K intervention system was deployed from Transocean’s Deepwater Atlas drillship for a two-well flowback operation at the deepwater Shenandoah project.Trendsetter wet-hopped the Trident 20K system between wells…
ESVAGT, KMC Line to Launch Offshore Wind JV in South Korea
Danish vessel owner ESVAGT and South Korean shipping firm KMC Line have signed an agreement to establish a new joint venture KESTO, dedicated to the growing South Korean offshore wind market.Through a joint venture partnership with KMC Line, ESVAGT will deploy its expertise in the growing South Korean offshore wind market, where current plans include as much as 18.3 GW offshore wind to be established by 2030.
OpEd:Turning the Tide: How Trade Talks with China Could Revitalize the U.S. Maritime Industry — If Washington Gets It Right
As trade negotiations between the United States and China inch closer to resolution, stakeholders across multiple industries are holding their breath. For many, the focus is on tariffs…
