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.
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.
In the last decade, changing U.S. Administrations have become increasingly tumultuous, as the swings in priorities and directives have a real, material impact on business. Read on for insights on the current and future of U.S. Offshore Wind.In the weeks preceding his late January inauguration
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
Leading tanker shipping company Stena Bulk has announced that it has officially reflagged its Suezmax tanker Stena Surprise under the Swedish flag, marking a milestone for Swedish shipping. A ceremony was held on board the vessel in Nynäshamn, Sweden. Andreas Carlson, Minister for Infrastructure and Housing, attended to witness the hoisting of the Swedish flag.
The global offshore wind industry is poised for a rebound in 2025, with capacity additions expected to reach 19GW and sector-wide expenditure projected to hit $80 billion, according to research from Rystad Energy.This recovery follows a slowdown at the end of last year, when new installations dropped to approximately 8GW, which is 2GW lower than the year prior.