While Westwood believes that a newbuilding cycle will not happen anytime soon, any new rig orders are likely to be for jack-ups.
Blue ammonia, an attractive fuel for the maritime industry, is expected to become available in significant quantities by 2027, with the potential for significant scale-up in production over subsequent years, according to a recent report by Maersk Mc-Kinney Moller Center for Zero Carbon Shipping. The
In its new market report “Hydrogen Economy 2023-2033: Production, Storage, Distribution & Applications,” technology company IDTechEx explores the subject of hydrogen storage and distribution technologies, examining their use cases and highlighting recent commercial activities in this domain. In rece
ExxonMobil has handed out a contract for a hydraulic workover unit and services, including plug and abandonment work to Malaysia’s Velesto.
Regulatory measures implemented by the International Maritime Organization (IMO) often set out with the noble goal of curbing carbon dioxide (CO2) emissions and promoting sustainability within the global shipping industry. Yet, the journey from regulation to actual emission reduction can be marred b
Tankers took the lead in the demolition market, comprising approximately 43% of all scrapped cargo vessels in 2022, according to insights from VesselsValue. Despite this dominance, the number of tankers scrapped actually decreased by 55% YoY, dropping from 123 in 2021 to 55 in 2022. In comparison, t
The container shipping industry is grappling with a complex challenge – an overcapacity crisis. The surge in new containerships ordered during the pandemic, coupled with supply chain normalization at major ports and inland regions, has led to a flood of capacity that is profoundly disrupting the equ
Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU in 2023, beating the previous record by 0.2 million TEU, data from BIMCO shows. As recycling of ships has remained low, the fleet capacity has grown 4.3% since January. The contra
British tidal energy specialist SBS has signed a contract with Indonesia’s state-owned Prima Layanan Nasional Enjiniring (PLNE) for the provision of technical advice for tidal energy projects in the world’s largest archipelagic state.
Climate technology company ZeroNorth has signed a three-year contract with Swiss freight trader Cargill on the provision of software for optimisations across vessels and voyages. The deal will see ZeroNorth become the main optimisation partner for more than 600 vessels the aim being to drive efficie
Green methanol is rapidly emerging as a transformative marine fuel, leading the charge in the maritime industry’s quest for sustainable and eco-friendly shipping operations, it is quickly becoming a prominent contender in the race to decarbonize the sector. As the imperative for decarbonization of t
According to the latest data from DNV’s Alternative Fuel Insights (AFI) database, the month of July saw the addition of 14 LNG-fueled ships. Still, the real star of the show was methanol, with a staggering 48 methanol-fueled ships, including retrofits, joining the ranks. The July orders have pushed
