It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Saturday, February 18, 2023
Horizon Offshore Joins Bourbon in Harsh-Environment PSV Joint Venture
Horizon Enabler, one of seven vessels assigned to the new JV (Horizon Maritime)
Canadian offshore vessel company Horizon Maritime has joined up with French competitor Bourbon to provide services on both sides of the Atlantic, the firms announced Thursday.
The new JV company, Bourbon Horizon, is incorporated in Norway and will focus on the North Sea and the Canadian offshore market. It will operate a fleet of seven vessels, including five Bourbon PSVs and both of Horizon's offshore vessels, the ROV-equipped AHTS Horizon Arctic and the MPSV Horizon Enabler. The JV also plans to offer shipmanagement services to other offshore vessel operators, drawing on a pool of experienced mariners for crewing.
"The Bourbon Horizon AS JV will . . . support the consolidation of the OSV sector in harsh environments, while achieving substantial economies of scale," said Bourbon CEO Rodolphe Bouchet.
The JV will be run by Cliff Gaetz, Horizon Maritime's director of offshore services in St. John's. The company will also have staff and operations in Fosnavag, Norway, for clients on the eastern side of the Atlantic.
The two firms are joining forces just in time for a resurgence in activity in offshore oil and gas. 90 percent of the world's available offshore oil rigs are currently under charter, up from about 60 percent in 2018, according to Westwood Global Energy. The "supercycle" level of activity has a knock-on effect for the offshore-vessel market, and some owners are quietly talking about building new tonnage - a sharp reversal from the downturn of 2015-2020, when the offshore industry was focused on consolidation and scrapping. The supply of anchor-handlers has been particularly tight in the North Sea, where day rates for AHTS vessels hit a new record near $150,000 last summer.
Finland Provides Grant to Develop Wind Farm in Freezing Sea Conditions
Offshore wind farms in Finland face challenges with the ocean depth and sea ice conditions (Suomen Hyötytuuli)
Finland is working to develop its capacity for building offshore wind farms despite the challenges created by the unique sea conditions including water depths and freezing seas.
The Ministry of Labor and Economic Affairs granted Finnish wind power producer Suomen Hyötytuuli $32 million for a demonstration project nearby the existing Tahkoluoto offshore wind farm in Pori, on the west coast of Finland. The investment aims to create capabilities for the expansion of the offshore wind power business in Finland and remove significant risks related to offshore wind power construction.
The demonstration project will involve the installation of two 15 MW turbines in front of the existing 44.3MW Tahkoluoto wind farm, which was piloted in 2010 and completed in 2017. When the wind farm was commissioned nearly six years ago, it became Finland’s first offshore wind farm and also the world’s first offshore wind farm in frozen sea conditions.
The company's first offshore wind farm was the world's first to encounter frozen sea conditions (Suomen Hyötytuuli)
The goal of the new project is to demonstrate a foundation concept suitable for deeper water and underwater construction methods suited to the Finnish conditions. The estimated power from the demonstration project is about 30MW and the annual production is about 109 gigawatt-hours.
According to the company, the Tahkoluoto area is a natural choice for the demonstration project, as there is a large amount of information about the area. The project can utilize the studies and the partial master plan of the 600 MW Tahkoluoto offshore wind farm extension, currently being developed by Suomen Hyotytuuli.
The demonstration project will be located in the planning area. The demonstration project will be implemented between 2023 and 2026, before the construction of the larger Tahkoluoto wind farm extension.
Suomen Hyötytuuli’s Tahkoluoto expansion comprises a total of 40 wind turbines each with a 15 MW capacity to be located northeast of the current farm. The project’s estimated completion date is 2027 and the annual production of the extension is expected to reach 2,000 gigawatt-hours. Last month, the Tahkoluoto extension proceeded to the permitting stage after the project’s land use plan was approved. This means the project continues with water and building permitting, technical design, and preparations for an investment decision.
“The extension project is a significant step in Suomen Hyötytuuli’s offshore wind power development towards market-based and sustainable energy production. We consider this to be the kick-off for offshore wind power business in Finland,” Toni Sulameri, Managing Director of Suomen Hyötytuuli said after January’s approval.
The company has a patented steel shell structure (Suomen Hyötytuuli)
In addition to the Tahkoluoto, which is located near Pori in the southern portion of the Gulf of Bothnia, the company is also exploring a second site in the northern reaches of the gulf. The preliminary concepts call for 25 to 50 wind turbines in an area located between Raahe and Pyhäjoki.
Suomen Hyötytuuli is owned by eight city energy companies in Finland and is recognized as a pioneer in offshore wind power having dealt with some of the most difficult sea conditions. The company has a patented steel shell structure offshore foundation designed to handle the unique condition. While the company currently has seven wind farms in operation and three under construction, its operations are on land due to the challenges of the sea conditions. They hope to overcome the challenges, providing a model that could be used in other extreme conditions.
Costa is Latest Cruise Line Planning to Adopt Methanol Fuel
Costa Toscana is one of four ships in the group currently able to operate full-time on LNG (Meyer Turku)
Carnival Corporation’s Costa Group, which manages Costa Cruises and AIDA, is taking steps to support the implementation of methanol as a marine fuel for the cruise industry. Costa will be working with methanol producer Proman to drive methanol supply and development for the cruise industry. Costa joins with others including Germany’s TUI Cruises, Disney, and Norwegian Cruise Line Holdings, which have also declared their interest in moving toward methanol as a fuel for their cruise ships.
Through the partnership, Costa and Proman aim to accelerate the energy transition and decarbonization of the existing cruise ship fleet by enhancing the supply of sustainable methanol. They are looking to pave the way for the retrofitting of existing vessels to operate on the alternate fuel, as well as investment in further methanol-fueled new builds.
As one of the most widely traded chemical commodities, the companies are highlighting that the infrastructure for ship supply of methanol could be adapted from existing infrastructure. All forms of methanol, whether natural-gas based, low-carbon, or renewable, they said can be blended regardless of production pathways. The existing technology and infrastructure, Costa and Proman believe will enable a reliable transition pathway from today to fully GHG neutral cruise ships in near future.
“The technology to retrofit a vessel to accept methanol as a fuel is available today,” highlights Tim Cornelius, Proman’s Managing Director of Corporate Development. “Methanol-powered vessels have a proven track record of reducing and eliminating major greenhouse gas emissions, delivering immediate air quality improvements around major ports and shipping lanes. We are excited to bring our expertise along the full methanol value chain to help deliver on Costa Group’s bold ambitions.”
Both Costa and AIDA operate dual-fuel vessels that were built for full-time use of LNG as their primary fuels. AIDA introduced the first LNG-fueled cruise ships, first building ships in Japan in the mid-2010s that used LNG supplied by tanker trucks while the vessels are on dock. In 2018, the AIDANova became the first cruise ship capable of sailing full-time on LNG and the 180,000 gross ton ship was the prototype for Carnival’s LNG ships. AIDA added a second LNG-fueled ship, both built at Meyer Werft in Germany, while Costa built two similar vessels at Meyer Turku in Finland. Carnival Corporation by the end of 2023, will have nine ships that are capable of full-time LNG operations plus the two AIDA ships that can be powered by LNG while on dock.
Both cruise lines have been pursuing a variety of programs as pioneers in reducing emissions in the cruise segment. AIDA recently became the first to do large-scale tests with biofuel and is also exploring batteries and other power systems as well as the broad use of shore power when available in port.
“We are reducing the carbon footprint of our fleet while at port and at sea, investing in advanced environmental technologies and partnering with companies such as Proman who share a passion for sustainable energy transition,” said Dr. Christoph Schladoer, VP Decarbonisation Costa Group. “By enabling cruise ships to use methanol as a propulsion fuel, Costa follows the ambition to take the next big step towards GHG neutral operations of our fleet by 2050.”
Last year, Germany’s TUI Cruises began construction of the first large cruise ship designed to be methanol-ready. The 111,500 gross ton cruise ship, which is due to enter service in 2024, is being built at Meyer Turku. The cruise company is also building two LNG-fueled cruise ships at Fincantieri in Italy.
Other cruise lines are also moving forward with efforts to adopt methanol for their fleets. Norwegian Cruise Line Holdings decided to bypass LNG and focus its efforts on methanol, including a Memorandum of Understanding agreement with MAN that provides for a multi-stage project studying the feasibility of methanol operations for cruise ships. As part of the project, MAN Energy Solutions will retrofit a medium-speed MAN 48/60 engine to make it capable of dual-fuel diesel/methanol operation.
Disney Cruise Line also announced that it expects the Global Dream cruise ship that it acquired from bankrupt MV Werften will be converted to operate on methanol. Due to enter service in 2025, Disney has said that it expects the 208,000 gross ton cruise ship will be among the first in the industry to be fueled by green methanol.
Slow Start to 2023 Volumes in Long Beach Due to Economy and Labor
Port of Long Beach started 2023 with its third consecutive month below 600,000 TEU (Port of Long Beach)
Container volume at the Port of Long Beach is off to a slow start in 2023 as port officials continue to blame softened consumer spending, increased prices driven by inflation, and changes in trade routes. Adding to the frustrations are the continued delay in completing a new labor contract for the longshore workers which may be continuing to spur shippers to divert volume to alternate ports.
The Port of Long Beach released its January 2023 data on port volumes and it was the third month in a row where the port handled less than 600,000 TEU in a month. The port had been above that level for 30 consecutive months from May 2020 through October 2022, averaging 775,000 TEU during those months and peaking at over 900,000 TEU in May 2021. Volumes peaked in May 2022 and began a steady monthly decline as of August 2022.
Dockworkers and terminal operators moved 573,772 TEUs in January 2023, which while up five percent from December 2022 was down 28.4 percent from January 2022. Imports lead the year-over-decline coming in nearly a third below the year-ago level. Exports also declined more than 14 percent but not as quickly as the import volumes fell. It however also marks a decline from December 2022 when exports were up nearly two percent year over year.
“We are taking aggressive steps to meet a new set of challenges for the new year,” said Port of Long Beach Executive Director Mario Cordero. “I remain optimistic that we will recapture market share and develop projects that will enhance our long-term growth, sustainable operations, and the reliable movement of goods through the Port of Long Beach.”
While the port focused on economic issues in its monthly report, everyone remains frustrated by the lack of an agreement between the union and terminal operators 10 months after the contract expired. There have not been any disrupts to traffic at the West Coast ports, but fears remain high with the U.S. Secretary of Labor Marty Walsh telling Bloomberg last week that they thought a deal would have been reached by now. Everyone expects that volumes would start 2023 low, with retailers for example saying they expected volumes to be down for the first half of the year, but shippers also remain fearful the longer the labor negotiations drag on with ports along the East Coast and Gulf of Mexico reporting benefits and softer declines versus the West Coast.
“We’re confident we will grow cargo volume by working with our industry stakeholders,” said Long Beach Harbor Commission President Sharon L. Weissman. “We are focused on investing in infrastructure projects that will improve air quality and make us more competitive.”
The Port of Los Angeles has expressed a similar frustration as it experiences volume declines while it waits for the labor agreement. While working to build cargo volumes in part by highlighting the clearance of the long backlogs, Los Angeles like neighboring Long Beach is also focusing on infrastructure and taking a long-term view. At its upcoming monthly update, Los Angeles will focus on its efforts to enhance its position in the cruise industry and its recently released plan for a major expansion and overhaul of the cruise facilities.
Tank Fire Prompts Evacuation at Port of Catoosa, Oklahoma
The roof of a chemical tank (foreground) caught fire at the Port of Catoosa on Wednesday, prompting a full evacuation (Tulsa Fire Department / Gabe Graveline)
On Wednesday, a fire broke out on the top of a chemical storage tank at the Port of Catoosa, an inland port at the western end of Oklahoma's Verdigris River.
The fire broke out at about 0900 hours local time on Wednesday, and the port and a nearby elementary school were evacuated as a precautionary measure. Smoke from the tank was drifting towards a residential area, so local residents were ordered to shelter in place while fire crews responded to the blaze.
According to the Tulsa Fire Deparment, the tank was empty at the time that the fire broke out. The first fire crew on scene reported fire and heavy smoke, and they applied water to extinguish the fire. Once the fire was out and temperatures on the tank fell, the site was turned back over to the tank farm operator.
"You know, we prepare for it," Port Director David Yarbrough told local media. "Every now and then, something goes not according to plan, and you just react, and you do what you gotta do."
The extent of the damage to the tank is still under investigation, but some amount of soil surface remediation is expected.
Image courtesy Tulsa Fire Department / Gabe Graveline
Port of Catoosa is a 2,000-acre industrial park and intermodal port on the northeast edge of Tulsa, and it is one of the largest, furthest-inland riverine ports in the United States. Its lessees employ about 3,000 people in a variety of manufacturing industries. The Verdigris River connects the port with the Arkansas River, then onwards to the Mississippi, and handles about 1,000 barges per year in traffic.
Royal Navy Autonomous Minehunter Begins Testing in Persian Gulf
The Royal Navy has deployed its Atlas autonomous mine-hunting vessel to the Middle East for operational testing and evaluation, the service announced this week. It is another step along the decade-long program to phase out manned minehunting vessels in favor of unmanned systems, reducing risk to human operators and speeding up mine detection and clearance.
The prototype Royal Navy Motor Boat Harrier will work alongside the amphib RFA Cardigan Bay, homeported in Bahrain, and will undergo a series of trials to test its capabilities. The Persian Gulf is a high priority for mine-countermeasures capability, since Iran has a large stockpile of advanced naval mines and is expected to deploy them in the event of a conflict. The addition of high-tech autonomous minehunting boats could augment the allied fleet of aging mine countermeasures vessels based out of Bahrain; the American and British mine countermeasures vessels currently assigned to the region are decades old and due for retirement.
The 35-foot unmanned Harrier can operate autonomously on a pre-programmed mission or can be driven manually from a remote control station. The boat is fitted with a towable sidescan sonar array to hunt for mines on the seabed, and she is designed to tow a minesweeping system (though this will not be part of the initial trial).
According to the Royal Navy, the Persian Gulf heat will be a big part of the test regimen. Harrier was built in the UK, and Bahrain is quite a bit warmer. The temperature difference can be meaningful for ships' systems, as the Royal Navy discovered with the Daring-class air defense destroyers. The high-spec warships had difficulty with their gas turbines in the Middle East heat, because the engines were designed for different specifications.
"We are not just proving the equipment and operating procedures but setting the template on how we operate and integrate within the wider force," said Lt. Commander Mark Shaw, the commanding officer of the program. "The deployment of this cutting edge technology to the Gulf signals the UK’s commitment to the region and to freedom of navigation and the free flow of commerce."
In transitioning to autonomous operations for minehunting, the Royal Navy's objective is not only to shed the cost of a full-size manned vessel, but to take the crew out of the danger zone in a notoriously hazardous business. In 2021, the service reassigned a permanent vessel crew from its 1st Mine Countermeasures Squadron to work with Harrier and her sister boats, Hebe and Hazard. The crew was the first group of Royal Navy minehunting specialists to make the transition from the traditional Sandown-class mine countermeasures vessels to a new unmanned future, with more expected to follow.
The government of Canada will deploy two Royal Canadian naval vessels off the coast of Haiti in response to the growing national security crisis in Haiti. Canada’s Prime Minister Justin Trudeau announced the decision on Thursday during the Caribbean bloc’s Head of States conference in the Bahamas.
“Right now, Haiti is confronted with unrelenting gang violence, political turmoil, and corruption. Now is the moment to come together to confront the severity of this situation,” Trudeau said.
Ottawa will deploy Kingston-class vessels HMCS Glace Bay and Moncton, with a combined company of over 90 sailors. The naval vessels will conduct presence patrols in and around Haitian waters in the coming weeks, focusing on the vicinity of Haiti’s capital city Port-au-Prince. The deployment to the region is expected to provide maritime situational awareness and bolster efforts to establish and maintain security for the people of Haiti.
The Kingston-class Maritime Coastal Defense Vessels (MCDVs) are multi-role vessels with a primary mission of coastal surveillance and patrol. Designed to commercial standards, the Canadian Navy says the vessels were intended to conduct coastal patrols, minesweeping, law enforcement, pollution surveillance, and response as well as search and rescue duties.
Since mid-January, HMCS Glace Bay and Moncton have been deployed to West Africa on Operation Projection. The goal was to build security relationships and capacity with nations in the Gulf of Guinea. The vessels are expected to arrive in Haitian waters in the coming weeks and remain in the region for an unspecified period, according to Canada’s Defense Department.
Haiti’s descent into chaos accelerated after the July 2021 assassination of former President Jovenel Moise. Gang violence has been on the rise, with the UN last December estimating that over 60 percent of Port-au-Prince was under gang control.
In response, Haiti’s de facto Prime Minister Ariel Henry has been requesting an external security force to quell the chaos. The United Nations in October concurred with the position, suggesting that a “rapid action force” be sent to Haiti to supplement the national police.
So far, Canada is collaborating with Haitian authorities, providing intelligence, surveillance, and reconnaissance capabilities. Earlier this month, a Royal Canadian Airforce long-range aircraft conducted two patrol overflights in Haiti.
After Deadly MOB, Norway Requires Crab Boats to Improve Deck Safety
Fatalities are routine in the crab-fishing sector, but after the latest man-overboard, the Norwegian Maritime Authority is taking new steps to control the rate of crewmember mortality by requiring better risk assessment and risk mitigation for deck work.
On January 30, a Latvian crewmember went over the side of the Norwegian crabber Hunter while fishing for snow crab in the Barents Sea. Despite a heroic search effort, the body was never found, and the individual is presumed dead.
An initial inquiry by the Norwegian Safety Investigation Authority found that the crew member may have gone over the side with the crab pot lines while setting gear. The Board particularly cited MOB hazards related to the location of stored bait and the process of setting lines on the pot before deployment.
Going forward, the Norwegian Maritime Authority wants operators to "eliminate" the risk of going overboard, "including being dragged overboard with the equipment [crab pots]."
The Norwegian Maritime Authority assessed that the Hunter lacked physical barriers to prevent crewmembers from being dragged overboard. To address this issue across the Norwegian-flagged crabbing fleet, the authority has ordered special inspections of all seagoing crabbing vessels. The checks will ensure that each vessel has conducted a proper risk assessment and has reduced identified dangers, to include installing "physical barriers, protection and safety devices and anti-slip to eliminate the risk of falling overboard."
Drawing on the findings of the initial investigation of the Hunter casualty, a special focus will also be placed on ensuring that each vessel has a common working language and that crewmembers can communicate. Police investigators needed to bring in several interpreters in order to question all of the Hunter's multinational crew, according to Fiskeribladet, highlighting the need for a common language on board.
"We . . . want to ask [vessel owners] to ensure that the crew members can communicate in the working language on board, and that there is an adequate and reliable communication system between the wheelhouse and the working deck, as well as between the crew members on the working deck," said Arild Lie, chief engineer at the authority's fishing vessel division.
The owner of the Hunter has declined requests for comment from Norwegian media. The vessel has returned to operations in the Barents Sea, according to her AIS signal.
First Carbon Capture System Installed on EPS Managed Tanker
Pacific Cobalt after the installation (behind the funnel) in Rotterdam (EPS)
Efforts are continuing to advance the use of technologies to capture CO2 emissions from in-service vessels. In the latest example, Singapore-headquartered Eastern Pacific Shipping reports it has completed the installation of a filtering and carbon capture technology from Dutch start-up Value Marine. Started in 2017, the company is focused on reducing the environmental impact of the shipping industry.
The installation was recently completed aboard the chemical tanker Pacific Cobalt, a 49,886 dwt vessel managed by Eastern Pacific. Registered in Liberia, the vessel was built in 2020. It measures 598 feet in length and is fueled by conventional fossil fuels.
Value Marine’s Filtree system is installed in the funnel of the vessel and is expected to filter sulfur and 99 percent of particulate matter. Value Marine’s Carbon Capture & Storage (CCS) module added to the system can capture up to 40 percent of CO2 emissions from the vessel’s main and auxiliary engines.
According to Value Maritime Co-Founder & Director Maarten Lodewijks, the installation was completed in just 17 days managed jointly by EPS’s and VM’s sea and shore staff. It included the installation of the prefabricated gas filtering system as well as recoated and converted an onboard tank during the refit which will be used to shore the CO2.
Installation of the carbon capture system was completed in 17 days on the EPS managed tanker (EPS)
Value Marine’s technology works by capturing the CO2 in a special chemical used during the filtration process. The chemical with the captured CO2 is stored in the tank which has sufficient storage space to hold more than 200 tons of CO2 in a single voyage. Once the tank is full, the chemical will be pumped out in port and delivered to end users, such as greenhouses or synthetic fuel producers, who will be able to release the CO2. According to Value Marine, the CO2 can also be placed into carbon sequestration networks, while the chemical will then be returned to the vessel for reuse to capture more CO2.
EPS’ CEO Cyril Ducau highlights his belief that 2023 is a critical year for the shipping industry saying that the industry needs to “start moving the needle significantly,” if it is going to reach the goals for net-zero emissions. He notes that EPS is developing a portfolio of solutions including dual fuel vessels both with LNG and recently its first ethane-fueled tankers.
“Advanced decarbonization technology, like the CCS system from Value Maritime, offers a concrete solution that can be implemented on existing vessels,” says Ducau. “The result is an immediate carbon emission reduction while removing the need to wait for the development and rationalization of alternative green fuel infrastructure.”
The Pacific Cobalt departed Rotterdam on January 28 after the installation of the new system. The vessel recently arrived in Venice as its first port as it continues testing the CCS technology. It is Value Marine’s first installation in the tanker market following 2021 and 2022 projects adding the technology to smaller, container feeder ships operating in Europe.
Several other companies are testing technologies that can be used to capture carbon emissions aboard ships. In 2021, Mitsubishi working with Japan’s “K” Line success fueled tested the first small unit installed aboard an ocean-going vessel, while early in 2022 Wartsila reported its first tests working with Norwegian shipowner Solvang. The companies said they expected to start full-scale tests in 2023.
Once thought to be unlikely for application to ships, carbon capture is quickly emerging as a possible solution to help ship owners and operators to address carbon emissions similar to the rapid growth in scrubbers in the earlier efforts to cut gas emissions. Several companies are also looking at specialized applications including a capture technology to reduce or eliminate methane slip from LNG-fueled vessels.
Veteran Wan Hai Vessel is First in a New Sustainable Recycling Model
Wan Hai 165 is alongside in Bahrain where the responsible recycling will take place (EEC)
One of the containerships being retired by Taiwan’s Wan Hai Lines is serving as a pioneer for a new sustainable and responsible ship recycling company launching in The Netherlands. Elegant Exit Company (EEC) is promising to use a new model buying in-service vessels nearing the end of their life and continuing as the owner and ultimately facilitator for the recycling working with steel makers and recyclers.
In December 2022, Wan Hai announced that it was launching a process seeking bids for the demolition of 10 older vessels. The company said it had developed a list of green recycling yards nothing that buyers would have to agree to use supervision and abide by the company’s ESG requirements. Among the vessels was the Wan Hai 165, a 1,088 TEU containership built in 1988. The ship is 523 feet in length and 17,700 dwt.
“The fact that our game-changing concept has been validated through the winning of this ship in a global open public tender from an unrelated highly reputable and ethical company speaks volumes and solidifies our proof of concept,” said Uday Yellapurkar, Chairman of Elegant Exit Company. He noted that the acquisition is “part of EEC’s commitment to sustainable and responsible ship recycling practices.”
Portions of the vessel will be dismantled before it is hauled on to the slipway and cut into blocks up to 25 tons (EEC)
The Wan Hai 165 departed India on January 22 on her final voyage arriving on January 30 in Bahrain at the shipyard operated by Arab Shipbuilding and Repair Yard Company (ASRY). The regional repair yard is one of the partners working with EEC and reports that it is working to modernize and expand its operations.
“As a responsible member of the maritime industry, we must not tolerate harmful and dangerous practices of ship recycling, which are common practice across the globe,” said Mazen Matar, Managing Director of ASRY. “We have now achieved compliance with the strictest international standards with a view to being able to offer a sustainable, responsible, and affordable alternative for vessel owners with end-of-life maritime assets. There is also natural synergy with nearby steel production facilities, which can benefit from this new initiative.”
The ship is currently alongside at ASRY awaiting approval from the Supreme Council for Environment in Bahrain, a government entity in charge of the development of Bahrain’s future strategy for the environment and sustainable development. Under the recycling plan, the Wan Hai 165 will be freed of hazardous substances. The accommodation block will be removed layer by layer. The ship will be placed in a floating dry dock to reduce its weight to approximately 4,500 tons, and then be pulled up the slipway for further processing. It will be cut into blocks of up to 25 tons for transportation to the secondary and tertiary cutting zones and the ultimate recycling.
The purchase of the Wan Hai 165 and the arrival of the vessel in Bahrain marketed a historic moment in the new sustainable ship recycling efforts. It was the first vessel acquired by EEC which says it will continue to buy vessels for prompt recycling. However, that is only part of their vision, which instead of being a traditional cash buyer, will instead be responsible to the buyer for EU SRR level recycling, the scrap sale, and the Hazmat and waste removal.
With a commitment to sustainability and innovation, EEC reports it will purchase and own a fleet of ships that will be operated until their planned recycling date. The company will also introduce a sale and leaseback construction model with the residual value and end of lease aligned with the recycling date, ensuring a streamlined and sustainable process.
EEC is poised to lead the way in sustainable ship recycling and management is confident that it will make a positive impact on the industry as a whole.
Image courtesy Tulsa Fire Department / Gabe Graveline
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