Tuesday, July 16, 2024
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marine engine builder

Hyundai Wins Conditional Approval for Engine Manufacture Acquisition

Published Jul 15, 2024 6:30 PM by The Maritime Executive

  South Korean regulators expressed concern that HD Hyundai might be in a position to monopolize the market and hinger supplies to competitors if it is permitted to acquire a controlling stake in marine engine manufacturer STX Heavy Industries. They however decided to provisionally permit the deal to proceed with stipulations to ensure the supply of parts to competitors for a minimum of three years. The Korea Fair Trade Commission expressed concerns that HD Hyundai could monopolize and prevent or...

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Sea Change

San Francisco's H2-Powered Ferry Makes Long-Awaited Debut

Published Jul 15, 2024 6:21 PM by The Maritime Executive

A consortium of operators, agencies and technologists are formally launching the operations of the first hydrogen-powered ferry in the United States, the long-awaited Sea Change. It follows one year after the commercial debut of the world's first hydrogen fuel cell-powered ferry to begin service, the Norwegian car ferry MF Hydra. Funded by the California Air Resources Board (CARB) and operated by San Francisco Bay Ferry, the Sea Change is the world’s first fully hydrogen-powered commercial passenger ferry. Starting July...

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TORM tanker

TORM Snaps Up Eight More MR Tankers Growing Position in the Market

Published Jul 15, 2024 4:57 PM by The Maritime Executive

  With the strong rebound in the tanker markets further enhanced by the disruptions in the Red Sea, Danish operator TORM is moving to further strengthen its position and continue the consolidation of the market. The company has been working aggressively using a unique structure for the deals combining cash and stock to grow its fleet. TORM, which traces its origins to 1889, reports with the newest acquisition it will grow its fleet to 96 vessels by the end of...

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Krivak-class

At Risk From Ukrainian Attacks, Last Russian Patrol Ship Leaves Crimea

Published Jul 15, 2024 4:40 PM by The Maritime Executive

The last patrol ship of the Russian Black Sea Fleet remaining in Crimea has departed, according to a spokesman for the Ukrainian armed forces. If confirmed, it would suggest that Ukraine's concerted campaign to drive the Russian Navy out of the western half of the Black Sea has succeeded, and that the risk of Ukrainian drone and missile attacks in and around Crimea has become too high for  Russia's surface fleet to accept.  The final holdout was a Project 1135...

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Offshore

Kuwait

Kuwait Announces "Giant" New Oilfield Discovery in Persian Gulf

On Sunday, Kuwait's national oil company announced the discovery of a "giant" oil find, large enough that its reserves equal three years of the energy-rich nation's entire annual production.  The discovery sits just off the island of Failaka in the Persian Gulf, next to the northeastern edge of the Kuwaiti exclusive economic zone. It contains about 3.2 billion barrels of oil equivalent, including 2.1 billion barrels of light oil and 5.1 trillion cubic feet of natural gas.  The find is...

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Shipbuilding

Sea Change

San Francisco's H2-Powered Ferry Makes Long-Awaited Debut

A consortium of operators, agencies and technologists are formally launching the operations of the first hydrogen-powered ferry in the United States, the long-awaited Sea Change. It follows one year after the commercial debut of the world's first hydrogen fuel cell-powered ferry to begin service, the Norwegian car ferry MF Hydra. Funded by the California Air Resources Board (CARB) and operated by San Francisco Bay Ferry, the Sea Change is the world’s first fully hydrogen-powered commercial passenger ferry. Starting July...

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Environment

Deep sea coral (NOAA file image). The zone where carbonate-containing life forms like these dissolve in deep water is set to expand by about 14 million square miles.

Acidification Will Put 10% of Seabed Off-Limits for Creatures With Shells

  [By Mark John Costello and Peter Townsend Harris] In the deepest parts of the ocean, below 4,000 meters, the combination of high pressure and low temperature creates conditions that dissolve calcium carbonate, the material marine animals use to make their shells. This zone is known as the carbonate compensation depth – and it is expanding. This contrasts with the widely discussed ocean acidification of surface waters due to the ocean absorbing carbon dioxide from the burning of fossil fuels. But the two are linked: because...

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Business

marine engine builder

Hyundai Wins Conditional Approval for Engine Manufacture Acquisition

  South Korean regulators expressed concern that HD Hyundai might be in a position to monopolize the market and hinger supplies to competitors if it is permitted to acquire a controlling stake in marine engine manufacturer STX Heavy Industries. They however decided to provisionally permit the deal to proceed with stipulations to ensure the supply of parts to competitors for a minimum of three years. The Korea Fair Trade Commission expressed concerns that HD Hyundai could monopolize and prevent or...

Continue Reading...