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)
Friday, December 13, 2024
U$ Health care workers lament they feel accused of 'working for the evil empire': report
Daniel Hampton December 12, 2024 FILE PHOTO: The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California, U.S., April 13, 2020. REUTERS/Mike Blake/File Photo
Health care workers expressed frustration this week, feeling branded as part of an "evil empire" following the killing of a UnitedHealthcare executive, who was gunned down outside a New York City hotel, igniting a dayslong nationwide manhunt for the assassin.
Luigi Mangione, a 26-year-old Ivy League graduate, gunned down Brian Thompson with a 3-D printed handgun and fled on a bicycle, authorities have said. He was nabbed days later at a McDonald's in Pennsylvania following a tip.
The shooting sent shockwaves through America, with many sharing personal stories of their own encounters with the health care industry and UnitedHealth in particular, which appears to deny the most claims among major insurance providers at about 32 percent.
The New York Times reported Wednesday night that health care leaders have expressed frustration in the days after the assassination and felt vilified.“
"Clearly the employees have been shaken," Mayor Brad Wiersum of Minnetonka, where UnitedHealthcare is based, told the Times.
A UnitedHealthcare worker who processes claims said that while she knows the country's health care system has shortcomings, she also believes she and her co-workers do everything they can to help patients within the flawed system. She said she fears for her safety and was horrified by the reaction to the cold-blooded killing.
"Lots of us were feeling like we were horrible because we’re being accused of working for the evil empire," the employee told the Times."But we all do the best we can to do a good job in the system we are in."
Dr. Sachin H. Jain, CE of SCAN Group and SCAN Health Plan, called it a broad "moment of reckoning for the health care industry."
"We’ve unmasked a sentiment that things need to change," said Jain. A former executive at UnitedHealthcare’s parent company told the Times "people are traumatized, absolutely traumatized, and probably also scared." "This is not on anybody’s map of possibilities," the executive said of Thompson's killing.
Experts have noted the "rage" people feel could portend "bad news" to come. Adrienne LeFrance wrote in an Atlantic editorial that last week’s assassination could lead down a path of "decivilization."
“The line between a normal, functioning society and catastrophic decivilization can be crossed with a single act of mayhem,” LeFrance warned readers on Wednesday. She pointed out that the conditions that made a society susceptible to violence include “highly visible wealth disparity, declining trust in democratic institutions, a heightened sense of victimhood, [and] intense partisan estrangement.”
New York University professor Scott Galloway told CNN's Anderson Cooper on Wednesday night the story of the shooting was actually America's response.
"When you think about it, when you go on or think about its kind of second-level effects, I think it all reverse-engineers to one thing, Anderson. And that is — quite frankly, is income inequality. And that is when we get to the levels of income inequality we have in the United States, throughout history, they've always self-corrected. That's the good news. The bad news is the means of self-correction are usually one of three things: either war, famine, or revolution."
EU Adopts New Round of Russian Sanctions Focusing on 50 Shadow Tankers
Reports indicate the EU will have the largest number of tanker sanctions with the new package (file photo)
Hungary as the current presidency of the Council of the European Union announced today, December 11, the adoption of the 15th round of sanctions over the past three years aimed at disrupting Russia’s oil trade and revenue sources. The package is reported to focus on the shadow tanker fleet dramatically increasing the number of crude oil and gas tankers listed as well as entities supporting the trade and supplying Russia with drones.
“The adopted sanctions constrain the activity of additional vessels of third states operating to contribute or support actions or policies supporting Russia’s actions against Ukraine,” Hungary wrote on social media shortly. The package, which is the only one passed while Hungary was leading the council, had been stalled over last-minute political maneuvers after the European Parliament previously called for the action and the foreign ministers reported their support for expanding the restrictions.
Final details of the new package will be released after the foreign ministers of the member countries meet to approve the package. That is expected to happen on next Monday, December 9.
The final number of tankers being included in the package varies by report, but it appears to be between 45 and 50 vessels. The EU previously listed 27 vessels but had been under pressure to expand its efforts. Last month, the UK enacted its largest package of sanctions to date noting that it had reached 73 oil tankers which it noted was ahead of the U.S. which had listed 39, and the European Union which sanctioned 19 tankers.
Media reports are suggesting the EU’s next package will give it the highest total with approximately 80 vessels blocked for actions undermining the G7 imposed price cap on Russian crude. Several firms supporting the tanker trade will also be listed as well as reports of 30 other entities and 50 individuals in the 15th package.
While the sanctions and the limits on access to ports, supplies, and insurance are having an impact on the fleet, it remains a small faction of the shadow fleet. Estimates put the number between 600 and 800 vessels operating outside international regulations to support the Russian oil trade as well as Iran and Venezuela. China and India are the largest buyers with reports saying Russia between 2022 and mid-2024 has received approximately $500 billion in oil revenues.
For the first time, the EU will also be listing several Chinese companies. The reports said the companies including at least one in Hong Kong have been linked to efforts supplying drones and equipment to the Russian military.
Adoption of the package had been delayed by political maneuvers. Some countries were reported to be pushing for wider restrictions on Russian oil and gas. The Czech Republic was able to maintain its exemption for six months for Russian oil products coming through Slovakia. However, the news outlet Politico reports it has seen a letter sent to the EU by 10 countries calling for new restrictions on Russia’s natural gas trade in 2025 as well as aluminum and nuclear fuel.
Experts predict the council will become more aggress after Hungry relinquishes the leadership to Poland on January 1. The council presidency rotates at six-month intervals among the member countries. Poland will lead the council for the first half of the year followed by Denmark, which is one of the most vocal critics of the shadow fleet citing the dangers it faces with the uninsured vessels transiting into and out of the Baltic.
McAllister Celebrates 160 Years of Towing, Maritime Excellence & Innovation
What: McAllister, a leader in ship docking, towing, and maritime transportation, is commemorating its 160th anniversary with an evening of celebration. Founded in 1864 in New York Harbor with a single sail lighter, McAllister has grown into one of the oldest and largest family-owned marine towing and transportation companies in the United States. For 160 years, McAllister has called New York City home, growing alongside the port’s rise as a global maritime powerhouse and cementing its legacy as a cornerstone of the maritime industry. This milestone recognizes the company’s pivotal contributions to harbor towing, coastal towing, and bulk transportation, as well as its leadership in green technologies and its dedication to shaping the future of the maritime industry.
When: Tuesday, December 17, 2024
Part I: Harbor Tour – 4:00 PM to 7:00 PM
Part II: Anniversary Dinner – 7:00 PM to 10:00 PM
Where:
Harbor Tour – On board a McAllister vessel, departing from Pier 86 at the Intrepid Museum, New York, NY.
Anniversary Dinner – Intrepid Museum, Hangar 3, New York, NY.
Who:
McAllister family members, including direct descendants of Captain James McAllister.
Industry leaders and innovators from maritime and shipping sectors.
Representatives from the shipping community, including vessel operators, port authorities, and terminal managers.
McAllister’s valued customers, such as container lines, tanker companies, and energy transport firms.
Shipyards and maritime construction specialists.
Employees, partners, and distinguished guests from McAllister’s operations spanning the East Coast, from Eastport, Maine to San Juan, Puerto Rico.
Highlights:
A scenic Harbor Tour departing from Pier 86, featuring a cocktail reception on board a McAllister vessel.
Docking at Pier 86 and crossing over to the Intrepid Museum, Hangar 3, for a formal Anniversary Dinner, with speeches from McAllister family members and industry leaders, including representatives from: United States Coast Guard (USCG), American Waterways Operators (AWO), Maritime Association of the Port of New York and New Jersey (MAPONY/NJ), SUNY Maritime College, Steamship Mutual P&I Club, Oceanic Network
Celebrating McAllister’s unique 160-year history in New York Harbor, reflecting its foundational role in the development of one of the world’s most important ports.
Recognizing McAllister’s 40% reduction in emissions over the last 15 years, demonstrating its commitment to sustainability and environmental stewardship.
Highlighting McAllister’s innovative fleet modernization, including its pioneering use of Tier IV engines, oil spinners saving 20,000 gallons of oil since 2016, and ongoing efforts to achieve net-zero emissions.
Showcasing McAllister’s role in offshore wind projects, such as Vineyard Wind, Sunrise Wind, and the first Mediterranean mooring in the Port of Norfolk for the Coastal Virginia Offshore Wind (CVOW) project.
We welcome members of the media to join us on the Harbor Tour to capture scenic visuals, interact with key stakeholders, and experience McAllister’s vessels firsthand.
Reserved seating will also be available for media representatives at the Anniversary Dinner, providing the opportunity to cover speeches and celebrate McAllister’s legacy alongside our distinguished guests.
Interviews with company executives and event speakers on McAllister’s 160-year journey, particularly its role in New York Harbor’s growth and success.
Photo and video opportunities showcasing the Harbor Tour, vessel reception, and Anniversary Dinner.
Coverage of McAllister’s innovative sustainability initiatives, fleet modernization, and role in offshore wind development.
RSVP for Media: Members of the media are requested to RSVP by no later than 12:00 PM (noon) on December 13, 2024.
The products and services herein described in this press release are not endorsed by The Maritime Executive.
New Tank System Could Make Hydrogen Carriers More Efficient
DNV has awarded approval in principle to a novel system of containing liquid hydrogen for long-distance transport. LH2 is difficult to handle: it requires refrigeration to -423 degrees Fahrenheit to maintain it in liquid form; the tiny H2 molecule can penetrate into seal materials and metals; and it makes steel dangerously brittle after extended exposure.
Existing designs - like the world's first LH2 carrier, the Suiso Frontier - use spherical tanks for the technically-challenging task. The new CryoVac panel system is designed for construction of Type B-like prismatic tanks, which are a familiar feature in modern LNG carrier construction.
Prismatic tanks conform better to the shape of the hull, leaving less unused space than spherical Moss-type tanks and allowing more room for cargo. To get there, CryoVac has invented a unique prefabricated panel system that is applied to both the outside of the tank and the inside of the hull, creating a double layer of insulation. The panel is the center of the system, and the center of the company's technology.
Each standard panel is a hexagonal steel box, which is fully sealed and then pumped out to create a vacuum. These flat boxes are designed to be factory-produced on an assembly line and then delivered to the shipyard for installation. The hexagonal shape allows for the construction of complex forms by changing the size of joining pieces, so that a continuous layer of panels can be welded together around the outside of each prismatic tank.
"This provides efficient insulation with very low boil-off rate, without challenging the integrity of the steel," said CEO Aage Bjørn Andersen, a serial entrepreneur in Norway's maritime-tech sector.
Courtesy CryoVac
The tank structure sits independently within the hold in a nitrogen-filled void. A second set of panels would be welded onto the interior of the hold for additional insulation. According to CryoVac, the panels - since they are welded together - also provide extra layers of gas-tight containment for the cargo.
The next step for CryoVac is to develop a complete design for a 45,000 cubic meter LH2 carrier with three cargo holds, each containing a 15,000 cubic meter tank.
"There is a lot of interest worldwide for a safe and cost-efficient solution for shipping of liquid hydrogen. This is the technology gap we are aiming to fill. We will going forward be entering into dialogue with shipowners and hydrogen producers," said Andersen.
Fuel Cell Pioneer Teco 2030 Files Bankruptcy as Industry Investment Slows
Teco 2030 was developing fuel cells for unqie maritime applications including the conversion of an Ektank tanker (Teco 2030)
Norway’s pioneering fuel cell company Teco 2030 which was seen as a leader in maritime fuel cell applications confirmed in a stock exchange that the company is insolvent. The collapse began last month with the bankruptcy of segments of the business which now cites the lack of investor support for the broader hydrogen industry for its demise.
“The board of directors of the company has this evening decided to file for bankruptcy. The board decision is unanimous and is due to the fact that there is no longer a realistic opportunity to raise sufficient capital to continue operations,” Teco 2030 wrote in a brief filing with the Oslo Borse late on December 10.
The company is reported to have lost nearly $30 million since it was spun off as an independent company from Teco Marine Group in 2021. It was started in 2019 with a focus on marine applications of fuel cells and won important grants and several early projects. It had produced the first demonstration models of its stack design for PEM hydrogen fuel cells.
Teco 2030 was to participate in the conversion project launched in 2024 exploring Samskip’s 2015-built vessel Samskip Kvitnos, a 4,900 dwt RoRo cargo vessel, slated for the addition of hydrogen propulsion. The company had also signed a letter of intent in 2023 with Pherousa Green Shipping to develop and supply fuel cells for new generation bulkers.
“We are incredibly sad for everyone in the group who has lost their jobs, and those who have supported us financially who are losing theirs. But it comes to a point where we have turned over every stone,” CEO Tore Enger told the Norwegian media outlet E24.
Enger said Teco 2030’s challenges were indicative of a wider slowing of support for the entire hydrogen and green sector. He told reporters that investment had come to a halt across Norway and Europe in green projects. He said interest had declined from both private investors and states. Teco 2030 he said would require at least $35 million more in investment to get its factory running.
He said the market has slowed for the industry and that states are not providing enough support to drive the development of the technology. He highlighted others including Equinor that has also scaled back on its green programs.
Norway’s Tax Administration had moved with bankruptcy proceedings against several of the company’s subsidiaries in late October and early November. At the time, the parent company said it was limited to those companies but as the issues spread last month it called it a “sensitive time.”
Teco 2030 had struggled for much of 2024 with declining finances. It had announced a reorganization plan, but media reports said at times the company was only able to pay 75 percent of employees’ salaries. Creditors include the property owners of its offices and production facility in Narvik. The leaseholder had called a corporate guarantee on the lease when the subsidiary was unable to pay.
Blown off course, turbine giant Orsted seeks second wind
Orsted was dealt a $4 billion blow last year when it cancelled wind farm projects in the United States - Copyright AFP PASCAL PAVANI Camille BAS-WOHLERT
Long dependent on fossil fuels before emerging a champion of offshore wind power, Danish company Orsted is now struggling to restore its business after dropping several major projects.
Orsted was dealt a $4 billion blow last year when it cancelled wind farm projects in the United States, a crucial market for the group.
The return of Donald Trump, who dislikes wind power, to the White House in January could prove another challenge for the company.
Orsted recently announced it was withdrawing from the Danish government’s “Green Fuels for Denmark” project, and it has asked shareholders to share the burden and suspended dividends until the 2026 financial year.
“A few years ago, they had the ambition of being a major green actor but now we don’t hear that they want to change the world,” climate editor Jakob Martini of business newspaper Finans told AFP.
Orsted is seeking to refocus on offshore wind and “earn money from that core business”, said Martini, who has been following the sector for several years.
Supply chain disruptions, high interest rates, rising material costs, falling electricity prices and political uncertainties have all rocked Orsted.
– US headwinds –
Orsted was once considered a success story.
In less than a decade — from 2010 to 2019 — it went from a traditional energy company that relied on fossil fuels for energy production to instead have 86 percent come from renewable sources.
“They won projects that created a lot of value,” Tancrede Fulop, an analyst at Morningstar, told AFP.
It was the first company to invest massively in offshore wind power in the United States, securing fixed-price projects in a low-rate environment.
“With Covid, the acceleration of the energy transition, interest rates kept at zero and the election of (US President Joe) Biden, they benefitted from a favourable bubble,” Fulop said.
But “in the United States, which is a new market and therefore more risky, they may have bitten off more than they can chew,” he added.
Central banks in the United States and Europe started raising interest rates in 2022 efforts to tame inflation, and only began to lower them this year.
Martini said that Orsted “lacked foresight” when it bid on huge offshore projects in the United States “without hedging against high interest rates”.
When abandoning the Ocean Wind 1 and 2 projects, two wind farms that were due to be installed off the coast of New Jersey, the group was also forced to reimburse its suppliers.
“It was a colossal cancellation. It completely wiped them out,” Fulop said.
Now it faces more uncertainty with Trump’s return.
“What Trump hates most is offshore wind power, but the two projects which Orsted is involved in, Revolution Wind and Sunrise Wind, have received federal approval, so Trump can’t block them,” Fulop said.
In any case, the day after his re-election, Orsted shares, which have lost 70 percent of their value since the end of 2021, fell by over 12 percent.
“There are a lot of concerns linked to this election when Orsted still hasn’t recovered from the wounds of 2023,” said Jacob Petersen, an analyst at Sydbank.
“Things will be better when Trump is in charge and we know what he wants to do,” Petersen added.
– ‘Sign of confidence’ –
According to analysts, a ray of hope is Norwegian energy giant Equinor’s acquisition of nearly 10 percent of Orsted’s shares, making it the second-largest shareholder after the Danish state.
“It’s a blessing, a sign of confidence,” Petersen said.
Fulop noted that the acquisition was made “before the American election, so they don’t think it’s an issue, so it’s quite positive”.
Orsted is also gradually replenishing its coffers and recently sold half the Changhua 4 offshore wind farm to Taiwan’s Cathay Life Insurance for around $1.6 billion.
Despite current headwinds, wind power is predicted to have a bright future.
The rate of global wind capacity expansion is poisted to double between 2024 and 2030 compared to the previous six year, according to the International Energy Agency.
“Cleantech continued to grow through the last Trump presidency, and we are confident that it will continue to grow through this one. Because it is cheaper and local and drives energy security,” Kingsmill Bond, an energy strategist at US think tank Rocky Mountain Institute.
New GoM Wind Lease Auction Planned After BOEM Receives Competive Interest
After receiving limited reponse in two auctions, BOEM now says two new companies are competitive for two leases offshore from Texas (file photo)
The Bureau of Ocean Energy Management is resetting its plans to develop the offshore wind energy sector in the Gulf of Mexico after determining there is competitive interest from at least two companies. Earlier this year, a planned offshore wind lease auction for the Gulf of Mexico was canceled.
While the efforts to auction leases in the Gulf of Mexico have so far drawn little interest, the bureau now reports it has determined there is competitive interest in two potential lease areas located off the southeast coast of Texas. At the end of July, the bureau published a Request for Competitive Interest after receiving an unsolicited request from Hecate Energy Gulf Wind, a Chicago-based company focusing on renewable energy and storage projects. To date, the company has developed mostly solar energy but proposed to BOEM the Gulf Wind 2 project which would consist of up to 133 fixed-bottom turbines, each with a capacity of 15-23 MW, resulting in an overall maximum capacity of approximately 2000 MW.
Under the government guidelines, BOEM needed to seek other qualified companies with potential interest in the sites. It could then either move forward with a noncompetitive lease or determine that interest supported a lease auction.
Hecate’s proposal is for two lease areas separate from the ones BOEM was pursuing. It reported that the two areas were evaluated as options for development in May 2022, but were not recommended for auction due to their area being less than 90,000 acres each, which was presumed to be too small an area for an economic project. Hecate however believes that these sites, developed in tandem with a total of 142,000 acres, would provide adequate area for a commercial project. One lease area is just over 74,0000 acres and the second is just over 68,000 acres.
Invenergy, another Chicago-based renewable energy company that has a broad portfolio of wind, solar, transmission infrastructure, and natural gas power generation and advanced energy storage projects, submitted to BOEM’s Request for Competitive Interest. The company has not developed offshore wind energy but registered interest in the same leases and was qualified by BOEM.
BOEM reports it is reviewing the other comments received as it works to define the opportunities in the Gulf of Mexico. Based on the two companies’ interest, BOEM will move forward with the competitive lease process and now expects to schedule a lease auction for the sites in 2026.
There have been several previous attempts to develop the offshore wind sector in the Gulf of Mexico. In August 2023, BOEM conducted the first-ever offshore wind energy auction for the Gulf of Mexico. It offered two areas offshore from Galveston, Texas, and a third offshore from Lake Charles, Louisiana. The Texas sites did not receive bids but the Louisiana site of just over 102,000 acres was sold to RWE for a bid of just $5.6 million. The company said it was unsure of its plans considering it a long-term opportunity while BOEM said it had the potential for approximately 1.24 GW of energy.
A second Gulf of Mexico auction was planned for 2024 with BOEM set to offer four leases. While it received 25 comments, only one company expressed interest in participating in the auction. BOEM cancelled the sale due to a lack of competitive interest saying it would review plans for the region.
Texas Land Commissioner Dawn Buckingham on behalf of the state has openly opposed the development of these or any offshore wind leases calling the Biden administration's efforts “reckless.” She cited Hecate’s lack of experience with offshore wind development, raised concerns about the impact on wildlife, and highlighted the exposure to hurricanes in the Gulf of Mexico.
Ørsted Sells Interest in Taiwan Offshore Wind Farm to Life Insurance Co.
Ørsted is selling a half interest in the fourth phase as it develops Taiwan's largest offshore wind farm (Ørsted)
Ørsted is expanding the use of the partnership model to Taiwan’s developing offshore wind energy sector by selling a half interest in its under construction Greater Changhua 4 project to Cathy Life. The largest direct investment in an offshore wind farm made by a life insurer, the deal is valued at $1.64 billion and is a further demonstration of investor interest in the sector.
The Greater Changua offshore wind cluster located between about 21 and 37 miles offshore in Taiwan’s northwest quadrant, is the largest and farthest offshore wind farm in Taiwan in terms of installed capacity and distance from the shore. It is divided into four sectors with the second phase also split into two subsectors. When completed, it will provide 1.82 GW of power.
As of the beginning of 2024, Ørsted reported that 107 turbines out of the total 111 wind turbines in Sections 1 and 2 were completed, with nearly 85 percent of them connected to the grid, representing approximately 700 MW, making it the largest grid-connected capacity for a single wind farm in Taiwan. Sections 1 and 2A are now completed with 2B and 4 expected to be completed by the end of 2025.
The two companies will partner on the investment in the development of the wind farm. Ørsted will continue to have operation and maintenance responsibilities.
The project is unique as it has also won broad support from nine international banks, three local private banks, and three state-owned banks. It is also the first time that the state-owned First Commercial Bank has taken a role. The financing package for Changhua 4 will also be supported by guarantees from six export credit agencies.
Private equity and other investors have shown strong interest in 2024 in the offshore wind sector, especially in acquiring stakes in mature development projects. It reduces Ørsted’s risk and capital requirements which the company reports it is being used to develop other projects. Other developers are following a similar model to spur the development of the industry.
CANADA
Davie & The Pearlson Group Join on State-of-the-Art Shipbuilding Facility
Following Davie’s decision to modify its construction strategy to better answer the requirements of the NSS and respond to the opportunity of the ICE Pact, the Agreement marks a pivotal step forward in transforming the shipyard into a cutting-edge facility equipped to execute Canada’s Icebreaker and hybrid-electric ferry programs.
Reimagining the Future of Shipbuilding The new construction strategy supports Davie’s ambitious redevelopment & expansion plan includes the construction of six (6) new state-of-the-art buildings, the refurbishment and modernization of five (5) existing structures, significant waterfront upgrades, the establishment of a new assembly hall and launch pad. Complementing these enhancements, the facility will undergo a comprehensive utility infrastructure upgrade, installation of advanced overhead traveling cranes to facilitate ship module construction, and the integration of all-new plant equipment and machinery.
This large-scale modernization project will further elevate Davie’s capabilities, enabling it to both build and repair vessels with unprecedented efficiency and capacity. Once completed, the facility will stand as the most advanced shipbuilder in Canada, contributing significantly to North America’s maritime industry.
Investment in Canadian Excellence This significant investment underscores Davie’s commitment to innovation and sustainability, positioning Canada’s oldest shipyard as a key player in advancing Canada’s maritime infrastructure and supporting the nation’s shipbuilding priorities under the National Shipbuilding Strategy (NSS).
“This development in our construction strategy continues our commitment to invest in Canada’s future,” said James Davies, President & CEO, Davie. “By upgrading and modernizing our facilities, we are ensuring our ability to deliver on critical national programs, create high-quality jobs, and further cement our status as a global leader in the maritime industry.”
A Proven Partnership Davie’s collaboration with the Pearlson Group reflects a shared vision for excellence. The Pearlson Group brings decades of experience and a proven track record in delivering North America’s most advanced shipyards.
“We are honored to partner with Davie on this transformational project,” said James Fleming, President of Shipyard Development for the Pearlson Group. “Our expertise in shipyard design and program management aligns perfectly with Davie’s vision for innovation and operational efficiency. Together, we are building the future of shipbuilding in Canada and a broader future for North American shipbuilding and ship repair.”
The Pearlson Group has spearheaded the design and development for several of the World’s leading shipbuilding and ship repair companies, including BAE Systems, Austal USA, and Fincantieri Marine Group to name a few. Acting as the “Owner’s Representative and Program Manager” for Davie, the Pearlson Group will oversee the detailed design, engineering, and execution of the redevelopment and modernization program.
Driving Economic Growth and Sustainability This upgrade and modernization project is expected to have far-reaching benefits for the local, provincial, and federal economy, creating hundreds of jobs during construction and scaling Davie’s operational workforce to over 1,800 direct employees upon completion. It will also reinforce sustainable practices, incorporating cutting-edge technologies to support environmentally friendly shipbuilding and repair operations.
The products and services herein described in this press release are not endorsed by The Maritime Executive.
Germany’s FSG Shipbuilder Forced into Contentious Insolvency Process
FSG is a builder of ferries and Ro-Ros (file photo)
The embattled German shipbuilding group FSG-Nobiskrug Holding along with its two shipyards and its design group have been provisionally declared insolvent by a German court due to a filing by an insurance company. Investor Lars Windhorst, who has controlled the group since a prior insolvency filing in 2020, is vowing to fight the proceeding and use it as an opportunity to reorganize the group.
The Flensburg District Court today, December 12, accepted the filing made by a health insurance company starting the insolvency process. The court named two prominent German lawyers, Christoph Morgen and Hendrik Gittermann, both well-known in restructuring cases as provisional insolvency administrators to oversee the operations, but investor Lars Windhorst remains registered as the managing director of the company. Morgen led the 2020 reorganization of FSG and the 2022 liquidation and sale of Genting Hong Kong’s MV Werften shipyard group. The insolvency hearing for the FSG group is scheduled for February 2025.
Lars Windhorst took control of Flensburger Schiffbau Gesellschaft (FSG) in 2020 and promised a revival of the shipyard which traces its origins to 1872. The yard had encountered financial difficulties prior to the COVID-19 pandemic as it became involved in disputes with shipowners including SIEM Europe, TT-Line, and Brittany Ferries which led to the cancellation of contracts. The operation however turned around and in 2021 reported it had received new orders.
The group consists of the FSG yard in Flensburg as well as the Nobiskrug Yachts yard in Rendsburg and FSG-Nobiskrug Design. The three operating companies as well as the parent company were all included in the insolvency filing.
Windhorst has been unpopular with the works council and the unions as well as local elected officials who have called for him to step down and sell the companies. Christoph Morgen speaking to the media described his initial findings as “frightening” while calling management “irresponsible” according to the media out NDR. Gittermann said there are interested parties and that the priorities would be to set up bank financing and find an investor to continue the operations.
The possibility has been raised of federal and state governments providing interim support to finance the operations. There have already been discussions in the legislatures about the status of the company and today Federal Minister of Economics Robert Habeck said the government would support the search for potential investors.
Media reports indicated a possible insolvency had been started against the design group months ago but had not proceeded. Workers reportedly have only received partial pay in October and November despite a promise that all the overdue monies and Christmas bonuses would be paid by the beginning of December. Rent on the properties is also reported to be overdue since February.
Last week, the union IG Metall and the company’s works council began organizing protest demonstrations over the back pay. The union had said it would start daily demonstrations until the monies were paid. There are approximately 340 employees in Flensburg and 160 in Rendsburg.
Windhorst is barred from making decisions about the company without consulting the provisional administrators. He however told the media he was committed to preserving and restructuring the operations. He said the filing would serve as a catalyst for the public discussions about restructuring the shipyards.
Windhorst and his investment company Tennor however have been at odds with the government. Media reports indicate the Federal Ministry of Economics last summer withdrew funding for the construction of LNG bunker ships citing a lack of cooperation from Windhorst. A local government spokesperson told NDR, “Windhorst and Schleswig-Holstein are not a good fit.” They said the goal is to complete an orderly transfer of the shipyards and provide security for the employees.
DESANTISLAND
Saildrone Selected to Survey Florida's Coastal Waters
Saildrone has been selected by the Florida Department of Environmental Protection (FDEP) to map Florida’s coastal waters in the Gulf of Mexico as part of the Florida Seafloor Mapping Initiative (FSMI), a multiyear effort to provide statewide stakeholders with accessible, high-quality, and high-resolution seafloor data of Florida’s coastal waters within the continental shelf. Updated mapping data of coastal systems is critical for protecting offshore infrastructure, habitat mapping, restoration projects, emergency response, coastal resilience, and hazard studies for the state’s citizens.
Saildrone has been tasked with collecting high-resolution multibeam data in a region known as Middle Grounds. The mission, valued at $1.66M, will use two 10-meter Saildrone Voyager uncrewed surface vehicles (USVs) equipped with NORBIT WINGHEAD i80s echo sounders for high-resolution mapping, and radar, AIS, and cameras for maritime domain awareness. Saildrone will map 2,817 square kilometers of seafloor, approximately 130 kilometers northwest of St. Petersburg.
“Mapping the Florida coastline is vital for understanding our dynamic coastal environments, supporting sustainable resource management, and enhancing resilience against extreme weather events. FSMI will provide critical insights that empower policymakers, researchers, and local communities to protect vital ecosystems and infrastructure along Florida’s coasts,” said Brian Connon, Saildrone VP Ocean Mapping. “Saildrone USVs efficiently and safely collect high-resolution bathymetric data while minimizing environmental impact.”
At 2,170 kilometers long, Florida’s coastline is second only to Alaska among US states. Many parts of the Florida coast remain unsurveyed, with existing nautical charts relying on outdated and low-resolution data.
FSMI builds on the efforts of the Florida Coastal Mapping Program (FCMaP), an initiative led by federal and Florida state agencies and other community stakeholders to generate a comprehensive high-resolution seafloor data set of Florida’s coastal waters by 2028. The data will be available for immediate use to update navigational charts and identify navigation hazards, provide fundamental baseline data for scientific research, and provide information for use by emergency managers and responders.
The data Saildrone collects will help better understand Florida’s coastal vulnerability and hurricane impact, evaluate the performance of restoration projects, and support ongoing coastal resilience efforts and flood risk mapping.
The products and services herein described in this press release are not endorsed by The Maritime Executive
Teco 2030 was developing fuel cells for unqie maritime applications including the conversion of an Ektank tanker (Teco 2030)
