LOCAR XI

Container shipping companies like Maersk, CMA CGM and COSCO have ordered hundreds of new vessels in recent years meant to help their industry slash greenhouse gas (GHG) emissions to meet rising demand from customers and regulators around the globe.Their order books, however, reflect uncertainty over which of a wide array of so-called green fuels will become the standard in the decades to come, and whether supplies will be cheap and abundant enough to keep their fleets in motion.Decarbonizing shipping is important to global efforts to fight climate change because it accounts for about 3% of global greenhouse gases, but accomplishing it will be difficult and costly

At a recent seminar in London organized by the International Underwriting Association of London (IUA) and the Association of Average Adjusters (AAA), participants heard how ignoring or not fully understanding the concept of General Average (GA) when concluding charter-party contracts for offshore services could cause problems in the event of an incident or accident.Michiel Starmans, a Fellow of the AAA and Director Legal Department of the Spliethoff Group and Alf Inge Johannessen, an Associate of the AAA and Senior Claims Manager at DOF

Australia will partner with India to boost investment in renewable energy, including solar manufacturing, battery and mineral processing, Prime Minister Anthony Albanese said in a meeting with his Indian counterpart on the G20 sidelines.Australia and India will also look to enhance defense and maritime security cooperation, Albanese said in a meeting with India's Prime Minister Narendra Modi in Rio de Janeiro on Tuesday.The two countries, along with the United States and Japan, are members of the Quad, which has sought to balance China's rising military and economic clout in the Indo Pacific region.

Two undersea fibre-optic communications cables in the Baltic Sea, including one linking Finland and Germany, were severed, raising suspicions of sabotage by bad actors, countries and companies involved said on Monday.The episode recalled other incidents in the same waterway that authorities have probed as potentially malicious including damage to a gas pipeline and undersea cables last year and the 2022 explosions of the Nord Sea gas pipelines.The 1,200-kilometre (745-mile) cable connecting Helsinki to the German port of Rostock stopped working around 0200 GMT on Monday, Finnish state-controlled cyber security and telecoms company Cinia said.

Soaring costs, project delays and limited investment put targets out of reachAfter a year of canceled projects, broken turbines, and abandoned lease sales, the global offshore wind industry no longer has much chance to hit the lofty targets set by governments in the U.S., Europe and elsewhere ... with the exception of China.Reuters spoke to 12 offshore wind companies, industry researchers, trade associations, and government officials in six countries to come up with a global picture of the state of the industry and its outlook, and found soaring costs, project delays and limited supply chain investment were hobbling installations.