IMO and Korea Agree to Boost SMART-C Program
The IMO and the Republic of Korea have signed a suite of agreements to formally establish and boost the IMO-Republic of Korea Sustainable Maritime Transport Cooperation (SMART-C) program.The goal of the KRW 25.5 billion (approximately $20 million) SMART-C program is to promote sustainable maritime transport systems and a sustainable marine environment by building knowledge and developing technical…
bp's Search for New CEO to Extend into Next Year
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…
Russia's Novorossiisk Resumes Oil Loadings
Russia's Novorossiisk port resumed oil loadings after a severe storm on Thursday, two sources familiar with the port's operations told Reuters.The loadings started as the weather conditions improved after the storm had suspended exports since last week, one of the sources said.The nearby Caspian Pipeline Consortium (CPC) terminal, a main export route for Kazakhstan's crude oil, said on Thursday it had also resumed oil loadings.(Reuters - Reporting by Reuters; Editing by Kirsten Donovan)
Baltic Dry Bulk Index Doubles in November
The Baltic Exchange's dry bulk sea freight index .BADI gained for the sixth consecutive session on Thursday, more than doubling in November to hit an one-and-a-half year peak helped by mounting supply of tonnage and cargo demand.The overall index .BADI, which factors in rates for capesize, panamax, supramax shipping vessels, was up 241 points or 8.9% at 2,937.
New York Launches Offshore Wind Solicitation
New York released a new offshore wind solicitation on Thursday to keep the state on track to meet its renewable energy goals and support a nascent industry that has faced financial trouble in recent months.Offshore wind is expected to play a major role in New York's plan to reduce carbon emissions by getting 70% of the state's electricity from renewable sources by 2030. It is also a pillar of President Joe Biden's plan to decarbonize the U.S.
US Ferry Services to Receive New Funds Through Bipartisan Infrastructure Law
The U.S. Department of Transportation’s Federal Transit Administration (FTA) on Thursday announced grants totaling $220.2 million from President Biden’s Bipartisan Infrastructure Law to modernize the nation’s ferry systems. The program focuses in part on expanding ferry service in rural communities, helping communities acquire modern ferry boats (including electric boats that reduce carbon pollution)…
Dredge Construction Booming in Competitive US Market
A dredge building boom that has been underway in the United States for several years is still going strong as the market remains highly completive for solid project workloads in both the public and private sectors.According The Mike Hooks Report, an analysis of the FY22 U.S. federal dredging market compiled in September 2023 by Michael Gerhardt, senior director of government affairs at Mike Hooks, LLC, 52 Jones Act dredging companies were awarded federal dredging contracts in FY2022.
Bureau Veritas Unveils Rules for Hydrogen-fueled Ships
Bureau Veritas (BV) has launched its first classification Rules for hydrogen-fueled ships (NR678) to support the safe development of hydrogen propulsion in the maritime sector.The rules outline technical requirements for the safe bunkering, storage, preparation, distribution, and use of hydrogen as fuel for power generation on board. Monitoring and control systems are also covered, addressing specific safety challenges relating to the transport and use of hydrogen on ships…
FINLAND: ‘A Birthplace for Icebreakers’
Finnish companies have designed about 80 percent of the world’s icebreakers, and about 60 percent of them have been built by Finnish shipyards.Finland is home to a strong and vibrant maritime cluster, with a mix of large, medium and small shipyards, as well as a deep pool of marine engineering expertise and a broad network of vessel equipment suppliers.As one of the world’s northernmost countries,…
Back to the Drawing Board: Max Planck’s Maxim
The physicist Max Planck (actually born as Marx Planck) is best known for the development of his universal constant that defines physics at the most basic level. It is an important number, and today it even defines the kilogram and therefore most engineering units. Regardless, in my daily life I have little use for it.Max Planks is less known for his Principle, which, to me, is much more useful and I encounter it almost on a daily basis.
Xeneta Data Points to "Brutal" 2024 for Ocean Freight Carriers
Latest data from Xeneta suggests 2024 could be even more brutal than expected for carriers in the ocean freight shipping market, as the Xeneta Shipping Index (XSI), which tracks real-time developments in global long-term contracted rates, today stands at 158.5 points, which is 62.3% lower than November 2022.“The XSI is an average of all long term contracts on the market – so in essence the global index…
Ørsted Secures Korean Offshore Wind License
Ørsted has secured approval for a 1.6 GW Electricity Business License from the Ministry of Trade, Industry and Energy of the Republic of Korea.The license grants Ørsted exclusive development rights for a gigawatt-scale offshore wind project 70 kilometers off the coast of Incheon City, Korea. The project has the potential to support Incheon City’s net-zero target with a capacity to provide renewable…
Bay-Houston Towing Orders New Tugs from Sterling Shipyard
Bay-Houston Towing has inked a deal with Port Neches, Texas shipbuilder Sterling Shipyard to build multiple new tugs to serve the Texas Gulf Coast region.The new vessels will be Robert Allan Ltd. designed RAstar 3200-W ASD ship handling and escort tugs for berthing/unberthing large ships and providing escort and emergency response in exposed coastal areas with demanding sea states.“The addition of…
Partners Collaborate on Ammonia Bunker Vessel Technology
Azane Fuel Solutions and ammonia-to-power provider Amogy have signed an MoU to explore the feasibility of using Amogy’s technology on board an Azane bunker vessel concept.The collaboration will explore the technical and commercial feasibility of the bunker vessel and also of an Azane ammonia fuel feeder solution integrated into the Amogy power system.Azane is a Norway based company developing the world’s first ammonia bunkering terminal.
Boeckmans to Build Four Hydrogen-Powered General Cargo Vessels
CMB.TECH and Antwerp-based shipowner Boeckmans have announced plans to build four hydrogen-powered 5,000dwt general cargo vessels.The first vessel is expected to be delivered in the second half of 2025. The vessels will be built at the Dung Quat shipyard in Vietnam and will be deployed on major sea routes, including northern Europe, the Mediterranean, North Africa and West Africa.The general cargo vessel…
HamiltonJet Launches HJ215 Waterjet
New Zealand-based HamiltonJet has launched its HJ215 waterjet, an ideal propulsion solution for a wide range of boats, says the company.It is compact and lightweight and it is built for greater efficiency at high speeds, making it an excellent waterjet for thrill-seeking tourist crafts, search and rescue vessels and other marine sectors.The new factory-made TURBO II impeller option offers superior performance where acceleration and high thrust in aerated water are important.
SAR Officer Caleb Halle Receives 2023 IMO Bravery Award
The 2023 IMO Award for Exceptional Bravery at Sea has been presented to Caleb Halle, Aviation Survival Technician Second Class (AST2) of the United States Coast Guard (USCG). He was recognized for the outstanding courage, endurance and determination he showed during the rescue of the seven-strong crew of the tugboat Legacy in January 2023.AST2 Halle, based at the Coast Guard Air Station Atlantic City, received the award at the annual IMO Awards Ceremony in London.
Equinor Names California Floating Wind Project
Equinor has announced the name of its floating offshore wind project off the coast of California, Atlas Wind. The lease area, which lies 60 miles from Morro Bay, has the capacity to provide over 2GW of reliable, renewable power, enough to power 1.7 million California homes once complete.California is poised to become a growing force in the US energy transition with a nation-leading target of 25GW of offshore wind energy by 2045.
Equinor Sells Nigerian Business to Chappal Energies
Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including the unitised 20.21% stake in the Agbami oil field, operated by Chevron.Equinor has been present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deep-water field, Agbami. Since production started in 2008…
Gazelle Wind Power Appoints U.S. Wind Finance Pioneer as CFO
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…
