Tuesday, January 31, 2023
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Greenpeace protesters at a petroleum terminal

Greenpeace Protesters Cleared of Charges for Blockading Russian Ship

Published Jan 30, 2023 10:03 PM by The Maritime Executive

A group of Greenpeace protesters who blocked the arrival of a Russian tanker at a terminal on the Thames last year have been acquitted of charges related to their intervention, and prosecutors do not plan to appeal the decision.  Last May, the group used a Greenpeace app to track the Greek-flagged product tanker Andromeda on its voyage to the UK. The vessel departed from the Primorsk terminal in Russia on May 10, 2022 loaded with 33,000 tons of Russian diesel...

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Qatar Energy signing ceremony

Qatar Replaces Novatek in Lebanon's Qana Gas Field Project

Published Jan 30, 2023 8:19 PM by The Maritime Executive

State-owned Qatar Energy, one of the largest natural gas producers in the world, has agreed to join the French/Italian partnership behind the development of Lebanon's first offshore energy projects. Qatar replaces Russian natural gas company Novatek, which has withdrawn under sanctions related to the Russian war in Ukraine.  Qatar Energy is picking up Novatek's 20 percent stake in the project, plus five percent each from TotalEnergies and Eni, giving it a total share of 30 percent. TotalEnergies and Eni retain...

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Euronav seeks arbitration

Euronav Files Second Merger Arbitration While Expecting First Decision

Published Jan 30, 2023 6:29 PM by The Maritime Executive

The back and forth in the dispute over the failed proposal for the combination of Euronav and Frontline continues to create uncertainty for one of the largest tanker operators. In the latest move, Euronav confirmed that it proceeding with a second arbitration action against Frontline while it expects a judgment on its emergency arbitration proceeding by early next week. The disputes stem from the January 9 announcement that Frontline would not proceed with the planned share exchange offer as a...

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CMA CGM decarbonization project funding

CMA CGM Launches $217M Fund Supporting Decarbonization Projects

Published Jan 30, 2023 5:50 PM by The Maritime Executive

Following up on its previous commitments to fund a broad range of projects to contribute to the decarbonization of shipping, CMA CGM announced that applications are currently being accepted for the first year of the project. The shipping giant is accepting applications for a total of €200 million ($218 million) in funding available to both start-ups and businesses working on decarbonization projects or renewable energy. The Fund for Energies was announced by the group’s CEO, Rodolphe Saadé, in September 2022,...

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Offshore

Qatar Energy signing ceremony

Qatar Replaces Novatek in Lebanon's Qana Gas Field Project

State-owned Qatar Energy, one of the largest natural gas producers in the world, has agreed to join the French/Italian partnership behind the development of Lebanon's first offshore energy projects. Qatar replaces Russian natural gas company Novatek, which has withdrawn under sanctions related to the Russian war in Ukraine.  Qatar Energy is picking up Novatek's 20 percent stake in the project, plus five percent each from TotalEnergies and Eni, giving it a total share of 30 percent. TotalEnergies and Eni retain...

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Shipbuilding

Columbia class submarine

GAO: Delivery of First Columbia-Class SSBN Could Be Late

The U.S Navy's ambition to deliver the first Columbia class nuclear-powered ballistic missile submarine in record time could fall short, thanks in part to a lack of schedule risk analysis, according to a new report. As the Navy implements the largest and most complex submarine project in its history, the U.S Government Accountability Office (GAO) is now warning that lack of a schedule risk analysis could impede the success of the project, whose costs have already gone up by an addition...

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Environment

UK North Sea platform with gas flare

Study: UK Offshore Methane Leakage is Five Times the Official Estimate

Climate-warming methane emissions from offshore oil and gas production in the UK are likely far higher than the British government's estimates, according to a new study from Princeton University's Center for Policy Research on Energy and the Environment (C-PREE).  Methane, marketed as natural gas, has a global warming potential about 80 times higher than CO2 over the first 20 years of its lifespan. It is emitted during oil and gas production, transportation and processing, and is also produced in quantity...

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Business

Hapag-Lloyd earnings

Carriers Report Strong Results Despite Fourth Quarter Declines

The first financial reports are emerging for the end of 2022 providing a sense of the depth of the impact the declines in volumes and sharp fall in rates are having on the major carriers. While the downturn in the market had been broadly forecast, the first reports show differences in how it is impacting carriers in part by route and by the amount of contract business versus short-term spot markets. Two of the largest carriers, Hapag-Lloyd (fifth in Alphaliner’s...

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