Soaring costs, project delays and limited investment put targets out of reachAfter a year of canceled projects, broken turbines, and abandoned lease sales, the global offshore wind industry no longer has much chance to hit the lofty targets set by governments in the U.S., Europe and elsewhere ... with the exception of China.
India approved on Wednesday plans to construct two of a new class of nuclear-powered attack submarines, two defence officials said, in a project estimated to cost about 450 billion rupees ($5.4 billion).As India scrambles to modernise its military in the face of China's growing presence in the Indian Ocean region, it is focusing on boosting naval capabilities
Shipowners in all sectors face the same decision: build new or refurbish older tonnage. In the booming cruise sector the decision is more pressing, particularly as new construction ships can take two to three years to build, perhaps longer today with global shipyard orderbooks packed full.
Taiwanese shipping firm Yang Ming Marine Transport Corp said one of its cargo ships caught fire on Friday at China's Ningbo-Zhoushan Port, one of the world's busiest.Earlier, Chinese state media said an explosion was reported at the port and shockwaves were felt a kilometer away.Yang Ming Marine Transport said a fire occurred on board the YM Mobility while it was operating in the port.
Ørsted and Cadeler have signed a firm long-term lease agreement for a newbuilt wind farm installation vessel, designed to transport up to six XXL monopile foundations and five turbines of over 20 MW per round trip.With the agreement, Ørsted has secured installation vessel capacity from the start of 2027 to end of 2030 for upcoming construction projects.
Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration's five-year plan to offer drilling leases in the Gulf of Mexico.The petitions to a U.S. appeals court come four months after the Interior Department unveiled a congressionally-mandated plan for offshore leasing that included just three sales
Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.
Dominion Energy, the developer of Coastal Virginia Offshore Wind (CVOW) farm, has secured the last two major federal approvals needed to begin the construction of the 2.6 GW project.The approvals are keeping the largest offshore wind farm in the United States on schedule to generate clean, renewable energy to power up to 660,000 homes once fully constructed.
Norway's Equinor said on Thursday it had entered an agreement with BP BP.L to independently pursue separate wind projects under its bid for New York's offshore wind auctions.As part of the agreement, BP would take over full control of the Beacon Wind project, while Equinor takes over the Empire Wind project, the Norwegian firm said.
The U.S. government has awarded a major grant to the Humboldt Bay Harbor, Recreation, and Conservation District for the construction of a new marine terminal to be primarily used for floating offshore wind-related activities.The grant for the Humboldt Bay Offshore Wind MVP (Minimum Viable Port) project comes through the U.S.
Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet
A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.The auction total was the highest of any federal offshore oil and gas lease sale since 2015, according to a Reuters tally.