A lack of U.S. Coast Guard icebreaking capacity is hindering shipping on the Great Lakes, a U.S. maritime industry coalition said on Thursday.During this year’s ice season, the U.S.-flag Great Lakes shipping industry lost the equivalent of a month due to delays in ice covered waters, according to the Great Lakes Maritime Task Force, which represents U.S.
As offshore market activity recovers and continues to increase through the next decade, as we expect it to, oilfield service (OFS) capacity is expected to tighten.As offshore market activity recovers and continues to increase through the next decade, as NorthStone Advisors expect it to, oilfield service (OFS) capacity is expected to tighten.
Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.U.S. West Texas Intermediate crude ended $2.
Spanish renewables giant Iberdrola has informed that it has started construction work for the Vineyard Wind 1, the United States' first large-scale offshore wind farm.The offshore wind farm will be located off the coast of Massachusetts. It is 25 times larger than an existing offshore wind farm in Rhode Island, which has 30 MW installed capacity and supplies electricity to 17,000 homes.
A representative for the owners and insurers of a giant cargo ship that blocked the Suez Canal in March on Wednesday said that an agreement in principle had been reached in a compensation dispute with the canal authority.Work was under way to finalize a signed settlement agreement as soon as possible and arrangements for the release of the Ever Given vessel would be made after formalities had
Egypt's Suez Canal has extended rebates on canal tolls for liquefied petroleum gas (LPG) and liquefied natural gas (LNG) carriers from July until the end of the year, the canal authority said in circulars published on its website.LPG tankers operating between the American Gulf and ports west of India, on the Maldives islands and at Kochi will receive a rebate of 20% on the canal's normal tolls
Governor Charlie Baker, Energy and Environmental Affairs (EEA) Secretary Bethany Card, and Massachusetts Clean Energy Center CEO (MassCEC) Jennifer Daloisio joined Massachusetts Maritime Academy (MMA) officials for a Global Wind Organization (GWO) training demonstration at the Academy.
Russia's shipping trade has plummeted since Moscow's Feb. 24 invasion of Ukraine and Western sanctions push many foreign companies to suspend sailings, adding further pressure on the country's economy, according to freight data.The world's biggest foreign container lines—including the top three MSC, Maersk
London’s marine insurance market has widened the area of waters around the Black Sea and Sea of Azov that it deems high risk as Russia's invasion of Ukraine intensifies and perils to merchant shipping grow.The insurance industry's Joint War Committee (JWC) said in an advisory dated March 7 that the high-risk area had been widened to waters close to Romania and Georgia after initially adding
U.S. energy firms this week added the most oil and natural gas rigs in a week since April as rising oil prices prompt more drillers to return to the wellpad.The oil and gas rig count, an early indicator of future output, rose 13 to 601 in the week to Jan. 14, its highest since April 2020, said Baker Hughes in its weekly report. The total count was up 228, or 61%, over this time last year.U.S.
Italian subsea power cable maker Prysmian said Friday it had secured contracts worth $900 million in the U.S. offshore wind market.Both projects have been awarded by Vineyard Wind, a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners (CIP)-Worth around $300 million
Brunswick Corporation entered into a definitive agreement to acquire Navico for $1.05 billion, bringing to Brunswick's Advanced Systems Group (ASG) well-known marine electronics brands such as Lowrance, Simrad, B&G and C-MAP."The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s ACES (Autonomy, Connectivity, Electrification and Shared-Access) strategy