Wind-Assist Retrofit Market Ratcheting Up
A surge in industry interest combined with systems builders and yards scaling up production and installation capacity, is set to accelerate growth in orders for wind-assisted propulsion systems (WAPS), says DNV in a new whitepaper that examines the technologies, their onboard implementation and potential fuel savings.There has been a rapid uptake of WAPS in the global fleet since 2021, with 52 seagoing…
Trump Pressures Iran; Iran Threatens Strait of Hormuz Closure
U.S. President Donald Trump will restore his "maximum pressure" campaign on Iran and drive its oil exports down to zero, a U.S. official said on Tuesday.Iran has repeatedly threatened to close the Strait of Hormuz for traffic as a retaliation for Western pressure. That would shut down the region's trade and lead to a spike in oil prices.The Streit of Hormuz & OilThe strait lies between Oman and Iran…
China Expands South China Sea Presence
The latest Maritime Security Threat Advisory from Dryad Global states that China’s military activity near Scarborough Shoal in the South China Sea continues to escalate, with combat readiness patrols becoming more frequent.The People's Liberation Army (PLA) has intensified both naval and air operations, and as Scarborough Shoal is situated within the Philippines' Exclusive Economic Zone (EEZ) it remains a flashpoint for regional tensions.The deployment of the U.S.
Palfinger Banks Contract on Royal Caribbean’s Icon Class Vessels
Palfinger Marine won a contract with the Finnish Meyer Turku shipyard to provide lifesaving appliances (LSA) for Royal Caribbean International’s fourth Icon Class ship, set to debut in 2027. The fourth Icon Class ship, built at the Finnish Meyer Turku shipyard, will have a comprehensive package of state-of-the-art LSA. This includes 18 lifeboats, one of the largest totally enclosed lifeboats on the market, each with a capacity of 450 passengers.
Corvus ESS Powers the World's First Fully Electric Offshore Vessel
Corvus Energy will deliver a mega-size battery system for the first fully electric offshore vessel ever to be built. The vessel is an electric Commissioning Service Operation Vessel (eCSOV) that will be constructed by Armon shipyard in Spain for UK-based shipowner Bibby Marine Ltd.For the project, Corvus Energy will supply its Blue Whale Battery Energy Storage System (BESS) delivering close to 25MWh of power for the vessel.
Navigating a Regulatory Storm: California Strikes Again
Onerous emissions rules are certainly no stranger to the maritime sector at large, arguably none more so than those that work and live in California. The U.S. West Coast state is a global shipping hub, with a coastline spanning more than 800 miles and 11 major ports. It also is known for its penchant for creating and enforcing maritime rules, rules that on occasion transcend the technological means to enact them.
Strong Refurb Market Drives Vestdavit Subsidiary
The Dutch subsidiary of Norway's Vestdavit, Vestdavit BV, saw revenue surge by 65% in 2024 - surpassing a 50% rise the previous year - as growing activity in the offshore wind and seismic segments has resulted in operators seeking to procure reconditioned workboat davits that can be installed on existing vessels.This means that vessels can be more quickly adapted and mobilized for short-term contracts both in wind turbine installation and maintenance and seismic exploration…
Econowind Sells 100th VentoFoil, Advancing Sustainable Shipping
Econowind has surpassed 100 VentoFoil units sold, marking a major milestone in the shipping industry’s shift towards Wind-Assisted Ship Propulsion. Since the first two units were installed on MV Ankie in 2018, Econowind has steadily expanded its reach. Today, 32 VentoFoil units are in operation, 33 are in production or ready for installation, and another 37 are set for delivery in 2025. The VentoFoil technology has been successfully deployed on bulk carriers…
Marine Cybersecurity: Key Takeaways from the Coast Guard's Final Rule
The U.S. Coast Guard (USCG) published a final rule on January 17, 2025, addressing Cybersecurity in the Marine Transportation System (the “Final Rule”), which seeks to minimize cybersecurity-related transportation security incidents (“TSIs”) within the maritime transportation system (“MTS”) by establishing requirements to enhance the detection, response, and recovery from cybersecurity risks. Effective July 16…
Coastal Virginia Offshore Wind Project Stays on Track with Cost Update
Dominion Energy, Inc. (NYSE: D) provided updates on the 2.6 GW Coastal Virginia Offshore Wind (CVOW) project. The fully permitted project is now approximately 50% complete and remains on track for on-time completion by the end of 2026. CVOW continues to achieve construction milestones, including successfully installing the first 16 transition pieces, which connect the foundation and tower for each of the 176 wind turbines.
China Dominates Maritime Markets in '24
In what should be a surprise to no one, the Chinese maritime industry continued its dominance in 2024, with the nation’s vessel orderbook surpassing $123 billion. Data from VesselsValue reveals a strong year for both Chinese shipowners and shipbuilders, with significant investments across various vessel sectors.Chinese Ship Owning MarketAmong Chinese shipowners, China Merchants Shipping led the way with orders for 28 new vessels, worth an estimated $4.4 billion.
Flex LNG Time Charter Rates Beat Expectation
Flex LNG Ltd. released its unaudited financial results for the fourth quarter and full year ended December 31, 2024, reporting a robust performance amid a challenging LNG shipping market.Flex LNG posted vessel operating revenues of $90.9 million for the fourth quarter, a slight increase from $90.5 million in the third quarter. Net income surged to $45.2 million, significantly up from $17.4 million in the previous quarter…
Russia Seaborne Diesel Exports Rise
Russia's seaborne diesel and gasoil exports rose almost by a quarter in January from December as traders sought to increase supplies before new U.S. sanctions come into effect and amid seasonal low domestic demand, LSEG and market sources data show.The U.S. Treasury announced sweeping new sanctions against the Russian energy sector on Jan. 10, targeting two major oil companies, dozens of traders and…
Hapag-Lloyd Closes $4B Financing for 24 New Container Ships
Container shipping firm Hapag-Lloyd has secured long-term financing, in the amount of $4 billion, for 24 large container ships ordered in October 2024, with a combined capacity of 312,000 TEU.Around $900 million of the purchase price will be financed using the company’s own funds. A total of $500 million will be made available from two banks in the form of bilateral mortgage loans.Another part, in the amount of $1.8 billion…
Japan's Mitsui Eyes Alaska LNG Project
Japanese trading house Mitsui could consider studying a project to liquefy natural gas (LNG) in the U.S. state of Alaska, but no decisions have been made yet, Chief Financial Officer Tetsuya Shigeta said on Tuesday.Japan is considering offering support for a $44-billion gas pipeline in Alaska as it seeks to court U.S.
WinGD Debuts On-Engine SCR
WinGD will be deploying its on-engine NOx reduction solution ed for the first time on commercial engines after securing type approval.The integrated Selective Catalytic Reduction (iSCR) solution was tested at Mitsui E&S DU (MESDU) Co’s factory in Aioi, Japan, where three WinGD 5X52-S2.0 engines are being built for bulk carriers under construction at a Japanese shipyard.The type approval follows more than two years of service experience with a prototype version.
OpenBridge 6.0 Design Framework Released
Professor Kjetil Nordby, head of Ocean Industries Concept Lab at the Oslo School of Architecture and Design, has announced the launch of the latest version of the open source OpenBridge design framework, built to deliver consistent, modern and regulation-compliant user experiences for maritime bridges and other safety-critical applications.‍Ship bridges are made up of systems from many suppliers that deliver individual implementations to each bridge.
Robbers Active in Singapore Strait
The ReCAAP ISC has issued a warning about the continued occurrence of robberies onboard ships while underway in the Singapore Strait and warns of the possibility of further incidents.There were 11 robberies between January 1 and February 3 onboard ships while underway in the eastbound lane of the Traffic Separation Scheme (TSS). Some incidents occurred within a short interval – two incidents each in…
Meyer Werft Kicks Off Fuel Cells for Cruise Ship Retrofits Project
German shipyard Meyer Werft has launched the zero4cruise project with project partners including Freudenberg e-Power Systems and the German Aerospace Center (DLR).The project aims to develop climate-friendly and low emission energy systems for cruise ships, focusing on fuel cell technology powered by green methanol.The hybrid energy system will combine PEM fuel cells with a methanol reformer and battery…
Oil Falls After Tariffs Pause
Oil prices retreated on Tuesday after U.S. President Donald Trump agreed to hold off imposing steep tariffs on Mexico and Canada, the two biggest foreign oil suppliers to the United States, for a month.Brent futures LCOc1 fell 41 cents, or 0.5%, to $75.55 a barrel at 0149 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 declined 75 cents, or 1%, to trade at $72.41.Both Canadian Prime Minister…
