Seatrium Limited signed a Letter of Intent (LOI) with Karpowership, a global energy company and the owner, operator, and builder of the world’s largest Powership (floating power plant) fleet.Under the LOI, Seatrium will carry out the integration of four New Generation Powerships, with an option for two additional units.
The military and Coast Guard budgets are established that will benefit the U.S. ship building and repair sector, but what will stimulate the commercial yards?This author has been scratching his head of late, after a thrilling dive into July’s U.S. Big Beautiful Bill Act, and has asked several colleagues where the funding for support commercial shipbuilding can be found? To answer that
U.S. Transportation Secretary Sean P. Duffy has announced that the Maritime Administration (MARAD) has awarded $8.75 million in grants to revitalize U.S. shipyards and advance America’s maritime dominance.The funding is part of the Small Shipyard Grant program, which supports advanced training, workforce development and new technologies that strengthen U.S. shipbuilding and repair capabilities.
Order intake, exports, and green technology demand fuel confidence for 2025Germany’s maritime equipment and offshore supply industry is posting steady growth in 2024 and setting an optimistic course for 2025, according to new figures released by the VDMA Marine Equipment and Systems Association.With an average turnover increase of 5.
▶ Medium-sized containerships to be built by 2028, supported by design, procurement, equipment, and strategic technology investmentHD Hyundai launched a strategic shipbuilding collaboration in the United States, signing with U.S.-based Edison Chouest Offshore (ECO) to establish a strategic and comprehensive partnership for the construction of U.S. commercial vessels.
ABB has secured a large order by Seatrium, a global provider of marine engineering solutions based in Singapore, for the supply of electrical equipment and automation solutions on a new generation of floating production storage and offloading (FPSO) vessels for operator Petrobras.The two vessels, P-84 and P-85, will be deployed in the Atapu and Sépia fields
Canada’s Marine Communications and Traffic Services received a MAYDAY on Saturday from the MSC Baltic III as it ran aground located approximately 12 nautical miles outside the entrance to Bay of Islands, Newfoundland and Labrador, Canada.The vessel reported a loss of power, and unable to secure an anchor in the adverse conditions, grounded in Wild Cove west of Lark Harbour.
Finland's public transport agency said that an oil tanker suspected of damaging undersea cables in the Baltic Sea was found to have serious deficiencies and will not be allowed to operate until repairs have been made.Baltic Sea nations are on high alert after a string of power cable, telecom link and gas pipeline outages since Russia invaded Ukraine in 2022.
At a recent seminar in London organized by the International Underwriting Association of London (IUA) and the Association of Average Adjusters (AAA), participants heard how ignoring or not fully understanding the concept of General Average (GA) when concluding charter-party contracts for offshore services could cause problems in the event of an incident or accident.
U.S. President Joe Biden on Tuesday announced a $3 billion investment from his Inflation Reduction Act to improve the country's port infrastructure.The investment includes $147 million in awards for the Maryland Port Administration, which owns the Port of Baltimore, the White House said in a statement.
Italian Navy divers have recovered video surveillance equipment from the superyacht that sank off Sicily last month, killing British tech tycoon Mike Lynch and six other people, a source close to the matter said on Friday.The recovery of the equipment could help explain why the British-flagged Bayesian went down during a severe and sudden storm off the port of Porticello, near Palermo, on Aug.
The negative impact on maritime shipping and global supply chains from attacks in the Red Sea continues to intensify as traffic is rerouted away from the Suez Canal, Danish shipping company A.P. Moller-Maersk said on Thursday.Attacks in the Red Sea by Iran-aligned Houthi militants have disrupted a route vital to east-west trade, with prolonged rerouting of shipments