Danish shipping group A.P. Moller-Maersk said on Monday it had raised its full-year forecasts on the back of strong third quarter results, robust demand and the continuing disruption to shipping in the Red Sea.Maersk said it had revised its outlook for global container market volume growth in 2024 to around 6% from a range of between 4% to 6% seen previously.
A Royal New Zealand Navy vessel ran aground and sank off Samoa but all 75 crew and passengers on board were safe, the New Zealand Defence Force said in a statement on Sunday.Manawanui, the navy's specialist dive and hydrographic vessel, ran aground near the southern coast of Upolu on Saturday night as it was conducting a reef survey, Commodore Shane Arndell
Woodside has achieved first oil from the Sangomar field offshore Senegal, marking the safe delivery of the country’s first offshore oil project.The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone FPSO facility with a nameplate capacity of 100,000 barrels/day, and subsea infrastructure that is designed to allow subsequent development phases.
With the U.S. Navy and U.S. Coast Guard FY 2025 budget requests offering uninspiring news for traditional shipbuilders, industry observers might be forgiven for checking out and dismissing 2024 as just another dull year in the frustrating business of government shipbuilding.But with an election season underway and an increasingly disorderly sea
QatarEnergy has signed an agreement with China State Shipbuilding Corporation (CSSC) for the construction of 18 ultra-modern QC-Max size LNG vessels, marking a significant addition to its LNG fleet expansion program.The new vessels, with a capacity of 271,000 cubic meters each, will be constructed at China’s Hudong-Zhonghua Shipyard, a CSSC wholly-owned subsidiary
MHWirth, a subsidiary of Norwegian oil services investment firm Akastor, has received an arbitration award issued by a tribunal in a dispute with Seatrium’s subsidiary Jurong Shipyard over the termination of four drilling rig unit contracts.As part of the ruling, MHW has been awarded an amount of $101 million as payment of termination fees.
Ship engine manufacturer Wärtsilä expects to deliver its first ammonia-fueled engine on a new vessel in early 2025, with more widespread sales expected in the 2030s, a company executive told Reuters.Ammonia is among several alternative fuels that shippers are exploring to reduce carbon emissions.
Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly 3.5 million pounds ($4.4 million).Staveley, who owns 10% of the Premier League side with her husband, denied she was liable to Victor Restis for a sum that had snowballed with interest to over 36 million pounds.
U.S. utility firm Dominion Energy said on Thursday it would sell a 50% non-controlling interest in its Coastal Virginia offshore wind farm to Stonepeak to help fund construction of the roughly $10 billion project.Dominion said it would retain full control of the construction and operation of the project, with Stonepeak to pay for half of the construction costs.
European energy firms Equinor and BP terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues."This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue development in anticipation of new
The U.S. Department of Transportation's Maritime Administration (MARAD) issued a final rule updating its financial requirements for the Federal Ship Financing Program, commonly referred to as Title XI. The final rule provides the application requirements for MARAD loan guarantees for construction or reconstruction of a U.S.-flagged vessel or shipyard modernization.
New York released a new offshore wind solicitation on Thursday to keep the state on track to meet its renewable energy goals and support a nascent industry that has faced financial trouble in recent months.Offshore wind is expected to play a major role in New York's plan to reduce carbon emissions by getting 70% of the state's electricity from renewable sources by 2030.