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…
UUV Integration Will Transform Submarine Tactics
For decades, submarines have been the apex predator, roaming the oceans largely unmolested, gathering intelligence, providing a sea-based nuclear deterrent, and conducting clandestine missions with impunity. As such, these versatile and lethal platforms have been highly sought after by navies around the world, and with advancements in underwater propulsion and quieting technologies, it is perhaps more challenging than ever to detect, localize, and track them.
India Tightens Ties to Russian Oil
“During the past three months, India has relied on Russia for 40% of its seaborne crude oil import. Year-to-date, volumes have reached an average of 1.6 million barrels per day (mbpd), an increase of 1000% compared to 2021, before Russia invaded Ukraine,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The increased import of Russian oil has contributed to a higher average sailing distance for crude oil tankers discharging in India.
Record Exports from Australia’s Pilbara Ports
The Pilbara region of Australia has achieved a record 758.3 million tonnes of exports passing through its ports in the 2023-24 financial year.This marks the fifth consecutive year of record-breaking throughput for Pilbara Ports.The Port of Port Hedland contributed significantly to this achievement with a throughput of 573.6 million tonnes.The commodities exported through Pilbara Ports in 2023-24 were…
Nakilat’s H1 Profit Up By 7%
Qatar Gas Transportation Company (Nakilat) and its group subsidiaries announced their financial results for the first half of the year ended 30 June 2024, with a net profit of QAR 829 million ($227 million) for the first half of the year ended 30 June 2024, an increase of 7% on the corresponding period in 2023.In 2024, Nakilat achieved significant milestones in its fleet expansion project. The company signed contracts to build six advanced gas carriers…
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…
Philippines, US, Australia, Canada to Hold Exercises in South China Sea
The Philippines, Canada, United States and Australia kicked off their first joint military exercise on Wednesday in the South China Sea to enhance inter-operability among their forces, the four countries' military said.The two-day exercise, which will involve naval and air force units, is the first among the four countries, and follows the first Philippines-Japan joint exercise in the disputed South China Sea last week.The United States, a treaty ally of the Philippines, has held similar exercis
Coast Guard to Remove Jacob Pike Wreck in Maine
The U.S. Coast Guard is heading up efforts to raise a 1940s era wooden fishing vessel that sank during a winter storm in the New Meadows River in Harpswell, Maine, on January 10, 2024. Officials said the 83-foot vessel Jacob Pike is deemed a pollution threat and noted its owner and responsible party (RP) have not taken appropriate action to mitigate the significant threat of pollution.Coast Guard Sector Northern New England (SNNE) collaborated with Maine DEP…
BRIX Marine Delivers Whale Watching Vessel Quinn Starr
Port Angeles, Wash. shipbuilder BRIX Marine announced it has delivered a new whale watching tour vessel for Alaska Whale Watching, operating out of Auke Bay, Alaska.The 5217-CTC aluminum catamaran Quinn Starr—part of the builder's PaxCat portfolio—is 56 feet long (LOA) with a beam of 17 feet 6 inches. The vessel can accommodate 49 passengers and three crew members, meeting USCG Sub T class requirements.Quinn…
Michigan Awards $5 Million for Maritime Infrastructure Projects
The Michigan Department of Transportation (MDOT) has revealed the winners of the 2024 Michigan Maritime and Port Facility Assistance Grant Program, which will allocate $5 million to maritime projects throughout the state.The five chosen projects aim to enhance Michigan's maritime infrastructure, bolstering the state's economic edge, lowering freight transportation costs, increasing reliability and lessening the environmental effects of freight movement…
Bulk Carrier Grounded Due to Inadequate Clearance Guidance
Inadequate operating company guidance on underkeel clearance led to the April 2023 grounding of a bulk carrier in Lake Huron, the National Transportation Safety Board (NTSB) said Tuesday.The 667-foot-long, self-unloading bulk carrier John J Boland—owned by American Steamship Company and operated by Grand River Navigation under charter—grounded twice as it was completing final loading in Port Dolomite, Michigan on April 21, 2023.
Electric Motor Startup H3X Raises $20 Million
Electric motor startup H3X on Tuesday announced it has raised $20 million through an oversubscribed Series A round led by Infinite Capital, with participation from Hanwha Asset Management, Cubit Capital, Origin Ventures, Industrious Ventures, Venn10 Capital, and follow-on investors that include Lockheed Martin Ventures, Metaplanet, Liquid 2 Ventures and TechNexus.Denver-based H3X manufactures high power density electric motors for aviation, marine, industrial and defense applications.
Austal USA Launches US Navy's Final Independence-variant Littoral Combat Ship
Mobile, Ala. shipbuilder Austal USA has launched the future USS Pierre (LCS 38), the last ship of the U.S. Navy’s Independence-variant Littoral Combat Ship (LCS) program.Following launch, Austal USA’s test and activation team will spend the next several months preparing her for sea trials later this year.Pierre, christened in May, is the Navy’s 19th and final Independence-variant LCS, and will be deployed to the Pacific fleet area of responsibility supporting forward presence…
Greek Coast Guard Makes Million Dollar Cocaine Bust
Greek authorities have confiscated cocaine valued at more than 1 million euros ($1.10 million) that was hidden in a sea container for bananas, the coast guard said.The drugs, seized from a vessel in Piraeus port on Monday, were found with the help of the Homeland Security Investigations unit of the U.S.
Damen Books Tug Order for Lithuanian Naval Force
Dutch shipbuilder Damen has signed a contract with the Lithuanian Defence Resources Agency under the Ministry of National Defence for the acquisition of a new ASD Tug 3010The tug is to be delivered to the Naval Forces within nine months."By acquiring this harbour tug, Lithuania strengthens its position as a maritime nation and provides the necessary operational capabilities to the Navy,” said Laurynas Kasčiūnas…
Vestdavit Davits for Coast Guard Newbuilds
Vestdavit landed its biggest-ever order, a deal to deliver davits for six multi-purpose vessels being built for the Canadian Coast Guard at Seaspan Shipyards in Vancouver. It will initially provide a total of six FF-15000 davit systems - one for each vessel - with options for another 10 units. This follow an order that it won last year with Seaspan to supply RHIB davits for the Polar Icebreaker also under construction for the Canadian Coast Guard.The hydraulically operated FF-15000…
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.
IMO Launches Toolkit to Curb Insider Security Threats
The IMO has launched a new toolkit that will help the global maritime industry respond better to ever-evolving insider threats.Insider threat refers to the risk that arises from a maritime employee carrying out or enabling a security incident, either through a lack of awareness, complacency or maliciousness. For terrorists and organized crime groups who are constantly looking to exploit vulnerabilities in security controls of ports and ships…
Provaris and Norwegian Hydrogen Partner with Uniper for Regional Hydrogen Supply
Provaris Energy and Norwegian Hydrogen have signed an MoU with Uniper Global Commodities aimed at strengthening co-operation in developing hydrogen supply chains from Norway and other potential Nordic sites, to import locations in North-Western Europe.The parties will collaborate in exploring the potential for Uniper to off-take RFNBO1 compliant hydrogen, which will be produced by Norwegian Hydrogen and transported and stored using Provaris’ H2Neo carriers and H2Leo storage barges.In April 2024…
Maritime Charity Commits Long-Term Funding for Seafarers in Ukraine
Maritime charity Stella Maris is committing funding “for as long as it takes” to provide urgent support to the thousands of seafarers in Ukraine and those regularly making the perilous journey to and from its Black Sea ports.Seafarers working on vessels that have to navigate Russian threats through the Black Sea face numerous challenges, not least mental health issues associated with life-threatening risks.And in Ukraine itself…
