The Asia Pacific region continues to provide a wealth of opportunities for the UK’s subsea engineering sector, both in traditional oil & gas and in the growing renewables market, the industry body said. A new summary of activity compiled by Subsea UK shows, that despite the challenges, discoveries c
Maersk Tankers has become a signatory of the Sea Cargo Charter, a global framework that establishes a common baseline for global traders to report on CO2 emission reductions of their shipping activities. The Sea Cargo Charter is consistent with the targets of the UN’s International Maritime Organiza
The world’s installed offshore wind capacity rose by 15 per cent in 2020, despite the COVID-19 pandemic, and this year will see a 37 per cent growth in global installed offshore wind capacity, according to Rystad Energy. Major contributor to both last year’s and this year’s growth is China. The coun
Ballard Power Systems has signed a non-binding Memorandum of Understanding (MOU) with Global Energy Ventures, an Australia-based provider of integrated compressed shipping solutions for the transportation of energy, for the development of a new fuel cell-powered ship, called C-H2 Ship, designed to t
In November 2020, the IMO approved amendments to MARPOL Annex VI, introducing an Energy Efficiency Design Index for existing ships (EEXI). Subject to adoption at MEPC 76 in June 2021, the requirements will enter into force in 2023. The EEXI will be applicable for all vessels above 400 GT falling und
Outlook for the offshore engineering, procurement and construction (EPC) market in 2021 looks promising, boosted by projects deferred from 2020, according to market research provider Westwood. With a forecast of $29 billion firm or already awarded contracts and a further $16 billion of probable and
Once only a multi-purpose concept, a solution that uses already existing breakwaters coupled with integrated wave energy devices has become a reality in the Powerpier project that will soon be deployed for trials offshore Norway. Geir Arne Solheim, the chief executive officer of Havkraft – a technol
The biggest challenge for the shipping industry will be addressing climate change, the IMO Secretary-General Kitack Lim said in his address earlier today kicking off SMM Digital in Hamburg. Over the next four days, the industry’s most renowned maritime fair is going digital featuring 60 hours of pro
The unexpected demand recovery in the container shipping sector driven primarily by the US-based demand surge has seen the charter market depleted of available capacity. Furthermore, the demand upturn has lead to increasing delays and heavy port congestion. impacting schedule reliability. “Labor sho
Oslo-listed SeaBird has recognised net loss of $3 million for Q4 2020, against net loss of close to $12 million in the same period in 2019. Full-year result was also negative, but improved compared to 2019 ($13 million loss vs. $23.3 million loss). The seismic player, which is targeting seabed minin
The planned mega-merger between Italian shipbuilding major Fincantieri with its French counterpart Chantiers de l’Atlantique has fallen through. The decision has been made public in a joint statement by the French and Italian ministries of economies citing the impact of the COVID-19 pandemic on the
According to a new study from Offshore Renewable Energy (ORE) Catapult, large floating wind projects in the UK could secure Contracts for Difference (CfD) strike prices below current wholesale electricity price forecasts in 2029. Reaching the point of having “subsidy-free” floating wind projects dep
Swedish oil company Lundin Energy has announced it would be increasing its output in 2021 as well as accelerating its decarbonisation strategy.
Regional development agency Highlands and Islands Enterprise (HIE) has approved investment of up to £8.3 million in Scottish government funding for the development of East Quay at Port of Nigg to help meet the needs of growing renewable energy sector.
