Wednesday, September 27, 2023
Media Kit
Fishing vessel

French Frigate Seizes 2.4 Tonnes of Cocaine off West Africa

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Resilient africa

The Repercussions of the Ukraine Conflict for Shipping and Insurance

Published Sep 27, 2023 12:46 PM by Anastasios Maraslis

The prolonged war between Ukraine and Russia has impacted the shipping industry with substantial disruptions in maritime trade routes, leading to an alteration in shipping patterns and fluctuations in shipping companies' earnings. The Black Sea and its strategic importance The Black Sea is of considerable significance in international trade, serving as a crucial waterway for ships transporting goods between Europe and Asia. The Ukraine-Russia conflict has elevated the geopolitical importance of this...

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United Shipbuilding

Russia Increases State Subsidies for its Struggling Shipyards

Published Sep 26, 2023 11:03 PM by The Maritime Executive

In the 2024 financial year, Russia is reportedly planning to ramp up subsidies to the Russian shipbuilders by over $68 million, providing additional support for an industry which has been hit hard by sanctions. The Kremlin’s draft budget suggests that financing for the subsidy program in 2024 will increase from $122 million to approximately $190 million. The funding will be maintained within this range in the following two years. Russia says that  the enhanced funding will go into subsidizing costs...

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Irish Air Corps boarding helicopter

Video: Irish Army Boards Drug-Smuggling Bulker in Rough Seas

Published Sep 26, 2023 10:24 PM by The Maritime Executive

After a difficult underway boarding at sea, authorities in Ireland have detained a 50,000 dwt bulker that is believed to be laden with “a significant quantity” of drugs. Based on the results of an extensive investigation, the authorities boarded the bulker MV Matthew in the early hours of September 26. Irish Navy and Irish Air Corps assets participated, along with the Irish Army Ranger Wing. As the interdiction began, naval officers had to fire warning shots because the crew of...

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EJF trawler

Report: China Holds the Key to Fixing Illegal Fishing in West Africa

Published Sep 26, 2023 9:58 PM by The Maritime Executive

Researchers at the U.S. think tank Stimson Center believes that China - the world's top sponsor of distant-water fishing vessels - could take the lead in addressing illegal, unreported and unregulated fishing in West Africa. This region loses $9.4 billion annually to IUU fishing, and advocates suggest that most of the loss is caused by Chinese-controlled ships. The arrival of distant-water fishing (DWF) fleets with industrial-scale trawl gear has transformed the West African fishing sector. DWF vessels operating in West...

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Offshore

Trial phase turbine installation, CVOW

BOEM Completes Environmental Review for Coastal Virginia Offshore Wind

The Bureau of Ocean Energy Management has completed the final environmental impact statement (EIS) for Dominion Energy's massive Coastal Virginia Offshore Wind project, a proposed 2.6-gigawatt installation off the coast of Virginia Beach. It is a significant regulatory milestone and marks the end of the environmental review process for the project.  "Regulated offshore wind has many benefits for our customers and local economies – it's fuel free, emissions free and diversifies our fuel mix to maintain the reliability of the...

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Shipbuilding

LCO2 design

Hanwha Ocean Launches Partnership Competing in Design Race for LCO2 Carrier

Hanwha Ocean, the recapitalized former Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea, announced a new partnership to design and commercialize a CO2 carrier. It is the latest step in the new owners of the shipyard’s efforts to reinvigorate the shipbuilding business and invest in new technologies to enhance the competitiveness of the yard. Last year when the Korean banks announced they were putting the former DSME up for sale they cited the need to invest in new technologies...

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Environment

California Shanghai green corridor

California-Shanghai Green Shipping Corridor Outlines Implementation Plan

Plans for the creation of what is being called the first trans-Pacific green shipping corridor are beginning to come together with a goal of launching the initiative with the first reduced or zero carbon ships by 2025. The Ports of Los Angeles, Long Beach, and the City of Shanghai along with the group C40 Cities made up of mayors of nearly 100 cities, announced the development of the Green Shipping Corridor Implementation Plan Outline. The Southern California ports and Shanghai...

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Business

West Aquila

Northern Drilling Loses Arbitration Case Over Canceled DSME Drillships

Norwegian company Northern Drilling is looking at an uncertain future after losing a legal battle with DSME (now Hanwha Ocean) over the cancellation of contracts for two ultra-deep water drilling ships, Northern Drilling was set up by Norwegian shipping magnate John Fredriksen in 2017 in order to buy and operate modern offshore drilling assets. It signed contracts with the shipyard then known as DSME to complete and deliver two previously-canceled drillships, West Aquila and West Libra, originally ordered by Seadrill. The deal...

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