Monday, March 20, 2023
Media Kit
Australian safety crackdown

Australia Bans Dutch Cargo Ship in Safety Crackdown

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Hong Kong

The Demographic Challenge

Published Mar 19, 2023 11:31 PM by G. Allen Brooks

“Demographics is destiny” is an old phrase attributed to the nineteenth-century French philosopher, mathematician and writer August Compte, often considered the father of sociology. He believed that falling birth rates in Western countries would result in their eventually losing global influence, leading to a changed world order.  History is replete with empires succumbing to neighbors from poor leadership, reckless spending and greater sums spent on military forays at the expense of social needs. We’re not sure of the role of...

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Evergreen container ship in port

Evergreen Issues Hefty Bonuses After a Profitable 2022

Published Mar 19, 2023 11:05 PM by The Maritime Executive

Last week, the Taiwanese ocean carrier Evergreen Marine Corp (EMC) released its 2022 financial results, setting aside huge bonuses to compensate its workers for good performance. According to the financial report, Evergreen’s consolidated revenue for 2022 reached $20.5 billion, an increase of 28% compared to the previous year. The after tax profit totaled $10.9 billion, representing a 39 percent rise. What carried the day though was the announcement that Evergreen had set aside $62.2 million as a reward to its...

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Wind turbines

Lithuania Preps for its First Offshore Wind Auction

Published Mar 19, 2023 10:26 PM by The Maritime Executive

The Government of Lithuania has approved the requirements for developers wishing to participate in the upcoming auction for the construction of the Offshore Wind Park in the Baltic Sea. The National Energy Regulatory Council (VERT) is expected to open the tendering process on March 30 and the winner will be announced this summer. According to the auction conditions, prospective bidding companies must have revenues of at least $266 million in the last three years and at least 20% of the...

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AD Ports congo agreement

AD Ports Scoops Deals to Develop New Terminals in Congo and Egypt

Published Mar 19, 2023 10:05 PM by The Maritime Executive

In the latest step in its expansion plans in Sub-Saharan Africa, UAE terminal operator AD Ports has scooped another deal to develop a new multipurpose terminal in Pointe-Noire in the central African nation of Congo. The deal followed signing of Head of Terms (HoT) between the AD Ports and the country’s Ministry of International Cooperation and Promotion of Public Private Partnership. Under the HoT, AD Ports Group has exclusive right to invest in the development, operation and management of the...

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Offshore

investments tied to wind farms

Rhode Island Wind Farm Proposal Links Port and Shipbuilding Investment

As the competition continues among the major developers of offshore wind projects to win approval for new projects, the companies are seeking to sweeten the offering by highlighting the broader financial impact and with promises of investments in ports, shipbuilding, and manufacturing if they are selected. In the latest example, Ørsted and Eversource, which already have a partnership developing two wind farms off the Rhode Island coast, are seeking to sweeten their offer to win the state’s latest wind solicitation....

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Shipbuilding

Fire Island Maid

Fire Island Ferries Takes Delivery of Unique Cargo Vessel

Fire Island Ferries has taken delivery of a custom bow-ramp ferry purpose-built for hauling vehicles and freight from its pier in Bay Shore to the string of vacation communities on Fire Island.  The new Fire Island Maid was designed by Seattle-based EBDG and built by Louisiana-based Metal Shark at its commercial yard in Bayou La Batre, Alabama (formerly Horizon Shipbuilding).  The vehicle ferry is steel-hulled with an aluminum superstructure, and it has a reinforced cargo deck for supporting fully laden concrete...

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Environment

The conversation

How the Ocean Twilight Zone Could Store Vast Amounts of Carbon

Deep below the ocean surface, the light fades into a twilight zone where whales and fish migrate and dead algae and zooplankton rain down from above. This is the heart of the ocean’s carbon pump, part of the natural ocean processes that capture about a third of all human-produced carbon dioxide and sink it into the deep sea, where it remains for hundreds of years. There may be ways to enhance these processes so the ocean pulls more carbon out of the...

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Business

Maersk sells offshore energy business

Maersk Exits Energy Sector Agreeing to Sell Maersk Supply Service

A.P. Moller-Maersk has reached terms to divest Maersk Supply Service, the last portion of the company’s holdings in the energy sector. There had been rumors in recent weeks that the shipping company was planning further divestment as it seeks to concentrate its focus on its transition into a full-service logistics company. Under the terms of the agreement, which establishes an enterprise value of $685 million for the offshore operations, A.P. Moller Holding, an investment company controlled by the founding family...

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