Wednesday, November 06, 2024
Media Kit
Hapag-Lloyd's stock fell 10 percent after news of Trump's electoral victory (file image)

Trump's Win Boosts Energy Stocks, But Offshore Wind, Ocean Freight Tumble

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Atina

Video: Salvors Raise Wreck of Burned Superyacht off Sardinia

Published Nov 6, 2024 3:29 PM by The Maritime Executive

  The sunken superyacht Atina has been raised from the bottom off Sardinia and will be removed for scrapping, according to Italy's coast guard.  On August 10, the 154-foot superyacht Atina caught fire off the coast of Olbia, a luxury destination on the northeastern shores of Sardinia. All 16 passengers and crew abandoned ship safely and made it to shore. Local media reported that the passengers were Turkish nationals, and may have included the vessel's suspected owner, Turkish delivery-company founder...

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Sovcomflot tanker

To Enforce Sanctions on Russian Energy, U.S. Needs the Global South

Published Nov 6, 2024 1:51 PM by The Strategist

  As Western policymakers seek to implement financial and trade sanctions on Russia, one thing is clear: engaging with the Global South is essential. Without fostering dialogue and building trust through consistent engagement, sanctions become less effective. As things stand, many Global South countries are just not complying. The reasons for non-compliance are complex. They include longstanding historic relationships, maintaining strategic autonomy, domestic challenges from the Covid-19 pandemic and climate change, and economic disruption from the Russia-Ukraine war. These priorities...

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A sealift ship offloads trucks with aid cargoes at a receiving barge off Gaza, May 2024 (USN)

U.S. Soldier Injured in Gaza Aid Pier Accident Has Died

Published Nov 5, 2024 11:29 PM by The Maritime Executive

  One of the soldiers who was injured in a mishap on the Gaza emergency sealift operation earlier this year has died of his wounds, the U.S. Army has confirmed.  Sgt. Quandarius Davon Stanley, 23, was one of three soldiers who were injured in an accident on May 23. The other two soldiers received minor injuries and returned to duty after a checkup. Stanley was badly injured, and he was taken to a hospital in Israel for treatment. In June, he...

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RTG cranes delivered to the newly-built port of Chancay, 2024 (China COSCO)

China's Navy Could Use Peru's New Mega-Port

Published Nov 5, 2024 11:08 PM by The Maritime Executive

      COSCO Shipping is about to commence a soft opening of its newly-constructed container terminal in Chancay, 50 miles north of Peru’s capital Lima. Despite attempts to frustrate this by Peru’s government, COSCO is set to be the sole operator. The terminal is more than 90% complete, initially with four operating berths. The port is expected to be formally opened by Chinese President Xi Jinping on 14 November, when he is scheduled to attend the Asia-Pacific Economic Cooperation...

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Offshore

Tropical Storm Rafael approaches Cuba, Nov. 5 (NOAA / RAMBB / CIRA)

Hurricane Forecast Prompts Gulf Offshore Operators to Shut in Production

Forecasts show Tropical Storm Rafael strengthening into a hurricane and taking a course across the Gulf of Mexico, and offshore producers are shutting in platforms and evacuating rigs in advance of high winds and waves.  As of Tuesday night, Rafael was located south of the Cayman Islands, heading northward with wind speeds of about 60 knots. The National Hurricane Center expects it to strengthen into a Category 1 hurricane overnight, bringing dangerous storm surge, high winds and heavy rain to...

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Shipbuilding

A maze of cranes at Rongsheng during the yard's heyday (Jiangsu Rongsheng Heavy Industries)

MSC Mega-Order Revives China's Rongsheng Shipyard, a Long-Defunct Giant

  MB Shipbroking has confirmed long-running rumors that Jiangsu Rongsheng Heavy Industries, a dormant mega-yard near Shanghai, will be revived after a decade of inactivity. A large-scale contract from number-one ocean carrier MSC appears set to bring the shipyard back to life. Boxship construction slots are all but spoken for through next year at the top East Asian shipyards, but MSC has an insatiable appetite for new tonnage. It has the world's largest boxship fleet, as well as the world's largest...

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Environment

floating hydrogen terminal

Plans Launched to Develop Floating Hydrogen Import Terminal in France

  As efforts continue to focus on the transition to new energy, Höegh Evi a leader in floating energy infrastructure announced plans for leveraging the experience with LGN to launch possibly one of Europe’s first hydrogen import terminals. Working with officials developing the new deep-water French Mediterranean port of La Nouvelle, a memorandum of understanding has been signed to study the development of the floating hydrogen import facility. “With its strategic location and well-established marine infrastructure, Port-La Nouvelle is ideally...

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Business

Energos Force docking in Germany to become the fourth FSRU (DET)

Terminal Trouble: Is the EU Building Too Many Regasification Terminals?

  When was the last time you made a great decision in the middle of a panic? In February 2022, Russia invaded Ukraine. Sanctions passed against Russia by European governments included a ban on Russian liquefied natural gas (LNG) imports. Russian pipeline gas, which had cheaply fed 40 percent of European energy demand before the invasion, stopped. The goal was to deprive Russia of foreign exchange so as to hinder its war effort against Kiev. But this also meant that...

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