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World’s first offshore vessel charging project expands to SOVs and PSVs

MJR Power and Automation, a UK company which will soon install charging points for electric crew transfer vessels (CTVs) on the Lynn and Inner Dowsing offshore wind farms, has been awarded a second round of government funding for development of its technology to connect and charge Service Operation Vessels (SOVs), Platform Supply Vessels (PSVs), and …

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Rising rates send Baltic dry bulk index to 10-week peak

The Baltic Exchange’s main sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, rose for a fourth straight session on Wednesday, surging to its highest in 10 weeks on rising rates across vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 131 points, …

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Gulf between residual values and health of earnings will narrow in coming years

The Baltic Exchange Investor Indices (BII) to date are less noted in the shipping and mainstream press than the Baltic Dry Index (BDI). This may be an oversight. For background, the BII are an easy-to-use online analytical dashboard displaying data relevant to vessel investment decisions, residual value, health of earnings, spot and implied five-year timecharter …

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New Independent Study Confirms Bio-LNG’s Role in Shipping’s Decarbonisation

A new study commissioned by SEA-LNG has found that liquified bio-methane (bio-LNG) can make a major contribution to maritime decarbonisation. Conducted by the Maritime Energy and Sustainable Development Centre of Excellence (MESD CoE) at Nanyang Technological University, Singapore (NTU Singapore), the study explored questions around fuel availability, cost, lifecycle emissions and logistics, providing an overview …

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Global LNG floating storage hits record high on steep contango ahead of winter

The number of LNG carriers being used as floating storage globally has hit a record high as oil majors, commodity traders and other energy companies hold onto LNG cargoes and vessels ahead of peak winter season, according to shipping data and shipbrokers. The accumulation of a large number of laden LNG carriers without a fixed …

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Cargo Shipowners Cancel Sailings as Global Trade Flips From Backlogs to Empty Containers

Ocean carriers are canceling dozens of sailings on the world’s busiest routes during what is normally their peak season, the latest sign of the economic whiplash hitting companies as inflation weighs on global trade and consumer spending. The October cancellations are a sharp reversal from just a few months ago, when scarce shipping space pushed …

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Fugro carrying out geophysical surveys at RWE’s new offshore wind sites

Fugro is performing geophysical surveys at the array sites of RWE’s two Dogger Bank South (DBS) offshore wind projects, DBS East and DBS West. The survey campaign, which started in May this year, will be underway until 31 October, subject to weather conditions, and is now being performed from the Fugro Frontier vessel after Fugro …

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TES and Fortescue want to develop ‘world’s largest’ green hydrogen project

Fortescue Future Industries (FFI) and Tree Energy Solutions (TES) have joined forces to develop the ‘world’s largest’ green hydrogen integrated project to help Europe mitigate its current energy and climate crisis. The first phase of the partnership will see joint development and investment in the supply of 300,000 tonnes of green hydrogen with final locations …

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OPT secures US government contract for wave energy-powered unit

Ocean Power Technologies (OPT) has been hired by US government’s commercial services contractor Amentum Services to provide its PowerBuoy solution in support of the security efforts of the country. OPT’s PB3 PowerBuoy (Courtesy of OPT) OPT has secured a $530,000 contract to assist Amentum Services in providing the US Department of Defense (DoD) Information Analysis …

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Offshore drilling workers in UK set for strike action over pay terms

UK’s Unite the union has confirmed that over 300 offshore drilling and contract maintenance workers employed by Archer, Maersk, Transocean, and Odfjell Drilling have backed strike action. The pay dispute involves workers covered by the United Kingdom Drilling Contractors Association (UKDCA). As a reminder, the union in late August called the UKDCA to engage in …

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