By Christopher Martin (Bloomberg) --New Jersey Governor Phil Murphy is doubling his state’s offshore wind power goal as he competes with New York and elsewhere to jump start an industry expected to create thousands of jobs. New Jersey plans to install 7.5 gigawatts of offshore wind by 2035, up from a previous target of 3.5 gigawatts by 2030. It will be enough for more than … [Read more...]
Dry Bulk Ships Struggling to Obtain 2020-Compliant Fuel
(Bloomberg) --Ships hauling everything from iron ore to coal and grains are struggling to obtain the fuels they need to test them in time for the start of sweeping environmental legislation that takes effect in six weeks’ time, a situation that could ultimately result in vessels having to temporarily halt trading. So-called tramp ships, an industry term dating back to the … [Read more...]
Earth’s Increasing Wind Speeds a Boon for Offshore Renewables
By William Mathis (Bloomberg) --The world is getting windier at the same time that developers are installing more turbines to generate electricity from breezes. Average wind speeds rose about 7% since 2010 in northern mid-latitude regions, reversing a trend of slowing winds in the decades prior, according to a group of researchers from institutions including Princeton … [Read more...]
West African Nations Failing to Coordinate Piracy Response, Togo Leader Says
By Yinka Ibukun (Bloomberg) --West African states’ failure to coordinate their response to piracy off their coastline is the main reason attacks are persisting, Togolese President Faure Gnassingbe said. Seaborne assailants boarded two vessels off the coast of Togo and neighboring Benin earlier this month, the latest in a series of attacks in the world’s worst piracy hotspot … [Read more...]
Shell Traders Post $1 Billion Profit in Fuel Oil Market Ahead of IMO 2020
By Javier Blas and Alaric Nightingale (Bloomberg) --Royal Dutch Shell Plc has made $1 billion from trading fuel oil this year, making it one of the standout winners from rules designed to make the shipping industry greener. Shell said last month that it made substantial money in fuel-oil trading in the third quarter, but the company didn’t disclose the size of the profits. … [Read more...]