The Trump administration suspended leases on Monday for five large offshore wind projects that are under construction off the U.S. East Coast over what it called national security concerns, sending shares of offshore wind companies plunging.The suspension was the latest blow for offshore wind developers that have faced repeated disruptions to their multi-billion-dollar projects under U.S.
Offshore wind developer Orsted won shareholder approval on Friday for a $9.4 billion emergency rights issue to help fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to the renewable energy source.The stakes are high for the Danish state-controlled firm
The Trump administration on Friday ordered Denmark's Orsted to stop far-advanced construction on an offshore wind project near Rhode Island, in a move that threatens to exacerbate the company's financial troubles.With construction now frozen at 80% completion, Orsted has no immediate path to revenue generation, heightening pressure on the company as it seeks to shore up finances through a $9.
Shares in Orsted plunged to a record low on Monday as the wind farm developer asked shareholders for $9.4 billion to help fund a U.S. project, after potential partners were put off by U.S. President Donald Trump's hostility to wind power.The 60 billion crowns ($9.4 billion) rights issue is worth around half of the Danish company's market value as of Friday's close.
A federal judge on Monday cleared Danish offshore wind developer Orsted to resume work on its nearly finished Revolution Wind project, which U.S. President Donald Trump's administration halted along with four other projects last month.The ruling by U.S. District Judge Royce Lamberth is a legal setback for Trump
A U.S. judge on Monday will consider a request from Danish energy company Orsted for an injunction against the Trump administration's decision to halt its $5 billion Revolution Wind project off the coast of Rhode Island.The company's lawsuit is one of several filed by offshore wind companies and states seeking to reverse the Interior Department's December 22 suspension of five offshore wind
On Friday, January 2, 2026, Orsted said it was challenging the U.S. government's suspension of the lease for its Revolution Wind joint venture and would seek a court injunction against the decision to halt its $5 billion offshore wind project.The Trump administration suspended leases on December 22 for five large offshore wind projects that are under construction off the U.S.
Consilium Safety Group and Hyundai Heavy Industries have signed an agreement to explore the use of AI-powered cameras in certified fire alarm systems on ships.The memorandum of understanding (MoU) between the companies centers on Hyundai’s HiCAMS technology, which uses cameras to identify smoke and flames.
Iris Innovations, a leader in specialized marine camera technology, has announced the launch of Photon, a compact ultra-low-light 4K night vision camera designed to make safe nighttime navigation accessible to every boater.Whether cruising after dusk, fishing before sunrise or patrolling remote coastlines, Photon delivers clarity and full-color imagery in near-total darkness
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), the largest U.S. dredging contractor, reported third-quarter 2025 earnings that topped profit estimates but came in just shy of revenue expectations, reflecting steady operations amid a cooling federal project environment and a shrinking backlog.The company reported revenue of $195.2 million, a modest 2% increase from last year’s $191.
Shipping company Stena Bulk confirmed that it is in the final stage of executing its plan to reflag five of its Suezmax tankers under the Swedish flag. The first vessel—Stena Sunrise—is now fully prepared for reflagging, which is scheduled to take place in Singapore at the end of July 2025.
U.S. President Donald Trump in his first day of office on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.Former President Joe Biden supported the offshore wind industry, setting a target for 30 gigawatts (GW) of projects by 2030, up from 42 megawatts at the end of 2023