Video: U.S. and UK Forces Sink an Oliver Hazard Perry-Class Frigate

UMAS: Cost of IMO 2050 Target Could Reach $1.4 Trillion

Published Sep 23, 2022 7:13 PM by The Maritime Executive

The international shipping industry requires a staggering $1.4 trillion in capital expenditure to achieve a 50 percent cut in emissions by 2050, according to a new report by the UK maritime consultancy UMAS. Funding has been identified as one of the major challenges in decarbonizing shipping, and the Climate Action in Shipping report suggests the industry must find ways to raise $1-1.4 trillion in capital in order to meet International Maritime Organization (IMO) 2050 decarbonization goals. The majority of the...

U.S. Carrier Calls in Busan Amidst Heightened Tensions With N. Korea

Published Sep 23, 2022 7:10 PM by The Maritime Executive

The nuclear-powered carrier USS Ronald Reagan is in South Korea for joint military drills amidst rising tensions in the Korean peninsula due to threats from North Korea. The U.S Navy announced that Ronald Reagan and Carrier Strike Group 5 warships USS Chancellorsville and USS Barry docked at a naval base in the southern port city of Busan, the first visit to Busan in nearly five years and the first to South Korea in nearly four years. The visit comes barely...

First Offshore Floating Hydrogen Production Pilot Begins Tests

Published Sep 23, 2022 6:10 PM by The Maritime Executive

The concept of developing hydrogen offshore linked to wind farms is taking a step forward with the first test unit having been dedicated in France. The Sealhyfe platform was installed on a Wavegem wave energy platform and is now preparing for tests alongside a pier in the port of Saint-Nazaire, France before it is moved to a position off the Atlantic coast for the second phase of the tests. The platform was dedicated by Lhyfe, a French company focusing on...

Why Shippers Can Renegotiate Some Long-Term Contracts But Not Others

Published Sep 23, 2022 5:58 PM by The Maritime Executive

After a year of highly profitable freight rates, the container shipping business appears to be normalizing. In the past week, the overall SCFI (Shanghai Containerized Freight Index) spot rate index for shipments out of China declined by 9.7 percent compared to the peak recorded early this year. It is the third week in a row that SCFI index has been falling on major trade routes. The situation is also similar for the other indices, particularly Drewry’s World Container Index (WCI)....

Shipping

Crowley, Berge Bulk and Scorpio Tankers Support Carbon Capture Startup

The challenges of decarbonizing the shipping industry are giving rise to new technologies and companies focusing on elements such as treating emissions and new generations of alternative biofuel and its production. Among the startups drawing strong interest in the shipping community is Carbon Ridge, which is working on modular onboard carbon capture and storage solutions (OCCS) for the maritime industry. Launched a year ago, the company is developing an onboard solution dedicated to the shipping industry which it says will...

Tugs & Salvage

Video: U.S. and UK Forces Sink an Oliver Hazard Perry-Class Frigate

On September 7, U.S. and British forces carried out a dramatic sinking exercise in the North Atlantic, testing guided missiles and guided bombs on a decommissioned frigate. The former USS Boone - an Oliver Hazard Perry-class frigate, renowned for survivability and often chosen for high-profile SINKEX - served as the target for an array of air- and surface-launched munitions in the U.S. Navy, U.S. Air Force, Royal Navy and Royal Air Force inventories. The ex-Boone was struck by Martlet missiles...

Government

Eight Members of Congress Call for Jones Act Waiver for Puerto Rico

Eight Democratic members of Congress have called for a "one-year comprehensive waiver" of the Jones Act for Puerto Rico in the wake of Hurricane Fiona. In an open letter to Secretary of Homeland Security Alejandro Mayorkas, Representatives Nydia Velázquez, Jesús García, Alexandria Ocasio-Cortez, Ritchie Torres, Carolyn Maloney, Juan Vargas, Raúl Grijalva and Adriano Espaillat argued that temporarily suspending Jones Act requirements would help Puerto Ricans meet the challenge of post-storm reconstruction. The waiver, they argued, would give Puerto Rico "more...

Piracy

Africa Somalia end of high risk designation for shipping

Indian Ocean High Risk Designation to be Withdrawn at End of 2022

Further reflecting the progress that has been made in reducing the danger of piracy off the east coast of Africa and into the Indian Ocean, the shipping industry plans to formally end the “High Risk Area,” designation as of the first of the year. While a level of risk remains, they highlight that there have been no boardings in nearly four years with the last reports coming in 2019 of pirates being scared away by EU forces after menacing a...

Cruise Ships

Hurtigruten hybrid upgrades coastal shipping

Hurtigruten Norway’s First Upgraded Hybrid Ship Returns to Service

Hurtigruten Norway has placed in service its first environmentally-upgraded battery-hybrid powered ship, the 11,200 gross ton Richard With. It is the first vessel of the company’s Coastal Express service operating from Bergen north along the Norwegian coast to be upgraded in advance of Norway’s increasing environmental regulations. Hurtigruten reports it will be investing nearly €100 million (US$100 million) towards green upgrades that will be implemented by early 2024. "With MS Richard With back in operations as a fully-upgraded ship, guests...

Ports

Review Finds Missteps in Failed Auckland Terminal Automation Project

The port of Auckland has come under criticism for multiple failures that resulted in the termination of an automation project for the Fergusson container terminal, costing the port approximately $36 million in investment write-offs. An independent review of the project identified multiple shortcomings, including an insufficient business case for the project, exclusion of senior management in vendor selection and software procurement, and lack of governance and accountability. The review of the governance process of the project, carried out by independent...

Shipping

Crowley, Berge Bulk and Scorpio Tankers Support Carbon Capture Startup

Tugs & Salvage

Video: U.S. and UK Forces Sink an Oliver Hazard Perry-Class Frigate

Government

Eight Members of Congress Call for Jones Act Waiver for Puerto Rico

Piracy

Indian Ocean High Risk Designation to be Withdrawn at End of 2022

Cruise Ships

Hurtigruten Norway’s First Upgraded Hybrid Ship Returns to Service

Ports

Review Finds Missteps in Failed Auckland Terminal Automation Project

Offshore

Marco Polo Targets Offshore Wind Market with Newbuild CSOV

Singapore’s Marco Polo Marine wants to capitalize on the fast expanding Asia-Pacific offshore wind energy market after unveiling plans to build, own and operate a new commissioning service operation vessel (CSOV). The company announced that construction of the $60 million vessel is expected to be completed in the first quarter of 2024 and will be financed through existing resources and borrowings from financial institutions. The vessel will be the first CSOV to be designed in Asia. The decision to invest...

Shipbuilding

Indian Shipyard Exec Arrested in $2.8B Bank Fraud Case

The former head of Indian shipbuilder ABG Shipyard has been arrested on charges of engaging in a record-setting bank fraud scam. Rishi Agarwal, the former chairman and managing director of ABG, stands accused of borrowing $2.8 billion for corporate purposes, then disbursing the money to affiliated companies for personal gain. An audit performed by Ernst & Young found evidence of a long-running fraudulent scheme from 2012-17 involving "diversion of funds, misappropriation and criminal breach of trust." It is the largest...

Environment

UMAS: Cost of IMO 2050 Target Could Reach $1.4 Trillion

Business

Why Shippers Can Renegotiate Some Long-Term Contracts But Not Others

Maritime Industry Conferences and Events

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Video: U.S. and UK Forces Sink an Oliver Hazard Perry-Class Frigate

UMAS: Cost of IMO 2050 Target Could Reach $1.4 Trillion

U.S. Carrier Calls in Busan Amidst Heightened Tensions With N. Korea

First Offshore Floating Hydrogen Production Pilot Begins Tests

Why Shippers Can Renegotiate Some Long-Term Contracts But Not Others

Crowley, Berge Bulk and Scorpio Tankers Support Carbon Capture Startup

Video: U.S. and UK Forces Sink an Oliver Hazard Perry-Class Frigate

Eight Members of Congress Call for Jones Act Waiver for Puerto Rico

Indian Ocean High Risk Designation to be Withdrawn at End of 2022

Hurtigruten Norway’s First Upgraded Hybrid Ship Returns to Service

Review Finds Missteps in Failed Auckland Terminal Automation Project

Shift Leads with Safety to Deliver Clean Energy Storage Solutions

White Glacier Arctic Survival Suit First to Exceed Testing Standards

Evening Out Unpredictable Legal Costs

Crowley, Berge Bulk and Scorpio Tankers Support Carbon Capture Startup

Video: U.S. and UK Forces Sink an Oliver Hazard Perry-Class Frigate

Eight Members of Congress Call for Jones Act Waiver for Puerto Rico

Indian Ocean High Risk Designation to be Withdrawn at End of 2022

Hurtigruten Norway’s First Upgraded Hybrid Ship Returns to Service

Review Finds Missteps in Failed Auckland Terminal Automation Project

Marco Polo Targets Offshore Wind Market with Newbuild CSOV

Indian Shipyard Exec Arrested in $2.8B Bank Fraud Case

UMAS: Cost of IMO 2050 Target Could Reach $1.4 Trillion

Why Shippers Can Renegotiate Some Long-Term Contracts But Not Others

Maritime Industry Conferences and Events

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