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Saipem: three new offshore contracts in Azerbaijan

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Saipem, in consortium with BOS Shelf LLC and BOS Shelf International FZCO, (both companies being affiliates to the State Oil Company of the Azerbaijan Republic, SOCAR) has been awarded three new offshore contracts for the Shah Deniz Compression project operated by bp in Azerbaijan. 

Saipem’s scope of work encompasses the Transportation and Installation (T&I) of a new 19,000-ton compression platform in the Azerbaijan sector of the Caspian Sea, as well as the Engineering, Procurement, Construction and Installation (EPCI) of approximately 26 km of offshore pipelines to connect the new compression platform to the existing facilities, and all major permanent subsea works.

The main vessels employed for offshore operations will be the Khankendi, a state-of-the-art subsea construction vessel owned by the Shah Deniz consortium, and the pipelay barge Israfil Huseynov owned by the “Azerbaijan Caspian Shipping” Closed Joint-Stock Company. Both vessels will be managed and operated by Saipem for the execution of the project. The use of local naval assets and the integration with Azerbaijani partners confirm the commitment to the enhancement of skills and technologies of the Country and the contribution to local content.

The contracts will be executed under the existing framework agreement in force between the parties, as announced on July 12, 2024.

The offshore activities are expected to commence in the third quarter of 2026, with completion targeted for 2029.

The award of these new contracts reinforces Saipem’s presence in the region and confirms its reputation as a reliable partner in the execution of major projects. Moreover, it further builds on the long-standing and successful collaboration with bp as operator in the Caspian, which has included various projects executed for the Azeri-Chirag-Gunashli and Shah Deniz fields.

BV to class Møre Sjø’s 2+2 hydrogen-powered cargo ships

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Bureau Veritas Marine & Offshore (BV) has entered into a contract with Gelibolu Shipyard and eCap Marine, for the classification of 2+2 hydrogen-powered cargo vessels to be built for Norwegian shipowner Møre Sjø AS. This project represents the first general cargo ships in BV class to use hydrogen propulsion.

Designed with the integration of a high-pressure hydrogen power system, a battery pack and electric propulsion, the vessels will measure 88.7 meters in length and 14.2 meters in breadth, with a maximum draft of six meters and an estimated gross tonnage of 3,750. The vessels are designed to transport heavy and occasional dry bulk cargoes under the Norwegian flag.

On delivery from the yard, the vessels are being designed to meet the requirements for BV’s HYDROGENFUEL-PREPARED notation. The hydrogen power system is currently being designed by eCap Marine, which will also be responsible for its installation, commissioning, and the execution of the Alternative Design Approval process. BV will be closely involved throughout the review and approval process to help ensure the safe and reliable integration of the system. Once completed, the vessels will be eligible to be assigned the HYDROGENFUEL notation.

In addition to their alternative fuel capability, the vessels are intended to be classed with a comprehensive scope including Cyber Resilient, Unrestricted Navigation, AUT-UMS, In-Water Survey and OPS (On-shore power system) notations. These standards will help ensure the vessels meet the requirements for safety, performance and operational flexibility while being able to run as zero-emission vessels.

Matthieu de Tugny, Executive Vice President, Industrials and Commodities at Bureau Veritas, said: “This project marks an important step in advancing hydrogen as an alternative fuel for general cargo shipping. By working together with Gelibolu Shipyard, eCap Marine and Møre Sjø AS, we are helping to ensure the safe and reliable deployment of new technologies, combining efficiency with readiness for future fuels. At BV, we are proud to support our stakeholders in preparing for the energy transition, and these vessels illustrate how forward-looking owners and builders can lead the way towards a lower-emission future.”

Torstein Holsvik, Managing Director of Møre Sjø, said: “Our ambition is to build Norway’s leading zero-emission shipping company for coastal freight – a profitable, scalable and disruptive company with a clear green profile as its competitive advantage.”

Bespoke research vessel now under construction for Cape Fear Community College in the US

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The new vessel boasts a robust aluminium structure allowing it to be used by CFCC’s Marine Technology program for extended multi-day and week-long on-water research and education activities throughout the Cape Fear River system and up to 100 nautical miles offshore.

Operational flexibility of the new vessel is enhanced via the inclusion of a heavy-duty retrieval system comprising an A-Frame capable of lifting a wide range of research equipment up to 8,000lbs (3,629 kg). A telescopic davit and heavy-duty winches are also included for further operational efficiency across the upper and main decks. The vessel also boasts a stern platform for providing quick access to the water for divers or for researchers taking water samples.

The multifunctional vessel has the ability to accommodate up to 24 personnel on multi-day missions or 40 personnel on single-day missions across two spacious and cleverly designed decks. The vessel’s main deck features one four-person berth, two six-person berths, three bathrooms, a large galley and mess area as well as large dry and wet labs for scientific and educational activities. Ample storage lockers are also available on the vessel’s foredeck.

The vessel’s upper deck features two four-person berths, a large bathroom and the vessel’s ergonomically designed bridge. The vessel’s bridge optimises daily operations and provides the vessel’s captain with excellent vision, including wing stations for maximum visual manoeuvrability.

Incat Crowther’s Managing Director North America Grant Pecoraro said: “Incat Crowther is excited to be working on this project following a competitive tender process undertaken by the Cape Fear Community College. We have a strong track record of designing award-winning, bespoke research vessels here in North America and our team of naval architects has been working closely with the team from Cape Fear Community College to ensure this vessel is optimised for their operations, as well as the local environment.”

Jim Morton, President, CFCC said: “The purchase of this new research vessel represents an investment in the future of our Marine Technology program. By equipping our students with a reliable, modern vessel for hands-on learning, we are ensuring the program’s long-term success and preparing graduates to thrive in the maritime industry.”

Shawna Rowe, Program Director – Marine Technology, CFCC said “For more than 60 years, CFCC’s Marine Technology program has prepared students for careers in marine scientific support across offshore, nearshore, and inshore environments. The new research vessel will carry on this legacy, serving as a floating classroom and laboratory where students will gain practical experience in biological sampling, hydrographic surveying, and the deployment of oceanographic instrumentation. With modernized technology and equipment, the vessel will support immersive learning experiences that mirror the challenges and expectations of the marine industry today.”

NYK: Ammonia-fueled tug helps create world’s ‘first’ environmental value

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Shin Nippon Kaiyosha obtained third-party certification on 25th September, 2025 for the environmental value representing the quantified greenhouse gas (GHG) emissions reduced through the towage services provided by the ammonia-fueled tugboat Sakigake (the “vessel”).

This certified environmental value can be allocated to purchasers through the Book & Claim method and is expected to contribute to the reduction of Scope 3 emissions by transportation service users in the future. This is the world’s first instance that environmental value derived through the operation of an ammonia-fueled vessel has received third-party validation.

Selected in October 2021 as part of NEDO’s Green Innovation Fund project, “Developmentof ships withammonia fueled domestic engines”, Sakigake is the world’s first ammonia-fueled vessel developed for commercial use. The vessel is fueled by low-environmental-impact ammonia “ECOANN,” manufactured by Resonac Corporation and provided by JERA Co., Ltd. Since its completion in August 2024, Sakigake has been providing safe and low-carbon tugboat services in Yokohama port.

GHG emissions from cargo transportation are commonly classified as Scope 3 for transport service users, requiring collaboration across the entire supply chain to reduce them. By visualizing GHG reductions in the shipping industry, this initiative paves the way for future Scope 3 emission reductions by shippers and consideration of additional GHG reduction measures, further expanding the potential environmental contribution of ammonia as a marine fuel.

Bollinger Shipyards, GDEB christen new floating dry dock in US

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Bollinger Shipyards in partnership with General Dynamics Electric Boat have hosted a christening ceremony for the state-of-the-art floating dry dock ATLAS. 

ATLAS will play a critical role in the construction and sustainment of the Columbia-Class Ballistic Missile Submarine Program, providing essential dry dock capacity for construction, maintenance, and long-term sustainment.

“Bollinger Shipyards is proud to deepen our partnership with Electric Boat and take a leading role in strengthening America’s dry dock capacity with the delivery of the ATLAS,” said Ben Bordelon, President & CEO of Bollinger Shipyards. “This project isn’t just a build, it’s a strategic investment in our Navy’s future. Modernizing the fleet demands cutting-edge infrastructure, built right here at home. Bollinger is all-in on driving innovation, reinforcing the U.S. industrial base, and delivering the tools our Navy needs to stay ahead.”

ATLAS measures at 618ft by 140ft. Electric Boat is the prime contractor on the design and build of the Columbia Class submarine, which will replace the aging Ohio-Class of Ballistic-Missile Submarines due to begin to retire from service in 2027. Submarines of the Columbia class will be the largest ever built by the United States, at two-and-a-half times the size of the existing Virginia-class attack submarines.

“Dry docks are the backbone of America’s fleet modernization efforts, especially for programs like Columbia-class, where precision, scale, and readiness are paramount,” said Chris Remont, EVP of New Construction at Bollinger Shipyards. “The delivery of ATLAS is a testament to American engineering and the skilled workforce driving our shipbuilding capabilities. At Bollinger Shipyards, we’re steadfast on building capacity to support the Navy’s evolving mission and ensure our fleet remains ready, resilient, and equipped for the challenges of tomorrow.”

Shell invests in Nigeria offshore gas development

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Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, together with Sunlink Energies and Resources Limited, have taken a final investment decision (FID) on the HI gas project offshore Nigeria.

When completed, the project will supply 350 million standard cubic feet (approximately 60 thousand barrels of oil equivalent) of gas per day at peak production to Nigeria LNG (NLNG; Shell interest 25.6%), which produces and exports liquefied natural gas (LNG) to global markets. Production is expected to begin before the end of this decade.

“Following recent investment decisions related to the Bonga deep-water development, today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with a focus on Deepwater and Integrated Gas,” said Peter Costello, Shell’s Upstream President. “This Upstream project will help Shell grow our leading Integrated Gas portfolio, while supporting Nigeria’s plans to become a more significant player in the global LNG market.”

The increase in feedstock to NLNG, via the Train 7 project that aims to expand the Bonny Island terminal’s production capacity, is in line with Shell’s plans to grow its global LNG volumes by an average of 4-5% per year until 2030. It will also bolster NLNG’s contribution to Nigeria’s national economic development goals, including jobs in construction and operations.

The HI field was discovered in 1985 and lies in 100m of water depth around 50km from the shore. The current estimated recoverable resource volumes of the HI project are approximately 285 mmboe (million barrels of oil equivalent).

Seaspan awards build contract to Elomatic for Polar Icebreaker program

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Seaspan Vancouver Shipyards (Seaspan) has awarded a significant contract to Elomatic Consulting Inc. (Elomatic), an international consulting and engineering company, to provide engineering and design support services for the Canadian Coast Guard’s Polar Icebreaker build contract. 

As one of the primary partners throughout the functional and production design phases of the Polar project, this award further strengthens Elomatic’s ongoing partnership with Seaspan and reflects the company’s proven expertise in delivering complex heavy icebreaker vessel design solutions.
 
Under this contract, Elomatic will provide build design support, ensuring that the Polar Icebreaker is optimized for construction at Vancouver Shipyards and is fully equipped to meet the Canadian Coast Guard’s demanding Arctic mission requirements.

The Polar Icebreaker is being designed and built entirely in Canada under the National Shipbuilding Strategy (NSS). Measuring approximately 158 metres in length and 28 metres in beam, the vessel will feature more than 40 MW of installed power, specialized laboratories, a moon pool, a helicopter deck and hangar, and capacity for remotely piloted aircraft systems. Once complete, it will be one of the world’s most capable Polar Class 2 icebreakers, enabling year-round operations in the Arctic.

Since joining the project in 2021, Elomatic has significantly expanded its Vancouver office to support the evolving needs of the Polar Icebreaker program. The company has strengthened its local team by recruiting and developing Canadian talent, while also relocating experienced specialists from Europe, many of whom have committed to long-term assignments in Vancouver. This strategic growth ensures that the build phase is primarily supported by local experts, combining deep international expertise with a strong Canadian presence.

Elomatic has committed to achieving 100% Canadian Content Value (CCV) requirements through its expanding Canadian workforce of almost 40 employees, as well as investments with Canadian post-secondary institutions and small and medium-sized businesses. This strategic growth ensures that the project execution combines local strengths with international excellence.

Kate Morton, Vice President, Supply Chain Management, Seaspan Shipyards, said: “Elomatic’s expertise in marine and offshore engineering, combined with their deep experience in heavy icebreaker vessel design, makes them an invaluable partner as we progress into the build phase of this landmark project. Together, we are delivering a vessel that will serve Canada’s Arctic communities, strengthen sovereignty, and advance scientific research for generations to come.”

Rami Hirsimäki, Senior Vice President, Marine at Elomatic, said: “We are proud to support Seaspan and the Canadian Coast Guard on this historic program. Entering the build contract marks the final phase, and we’re excited to see our long-term design work become reality. In the spirit of the ICE Pact, we’re contributing our expertise to strengthen Canada’s shipbuilding capabilities while growing our own Canadian team, led by local talent and supported by European specialists. We’re committed to delivering the Polar Icebreaker and to continue our collaboration with Seaspan, both in Canada and internationally.”

NYK concludes long-term time-charter for CTV in Akita Offshore Wind Venture

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NYK has entered into a long-term time-charter agreement for an offshore wind crew transfer vessel (CTV) with Oga Katagami Akita Offshore Green Energy LLC, a joint venture established by JERA Nex bp Japan LLC, Electric Power Development Co., Ltd., Tohoku Electric Power Co., Inc., and Itochu Corporation.

The vessel will be built by Kosaba Shipbuilding Co., Ltd. in Kamaishi City, Iwate Prefecture, and will operate along the coasts of Oga, Katagami, and Akita, engaging in Japan’s first offshore wind project in general sea areas.

The vessel’s design is based on a model operated by Northern Offshore Services AS, Europe’s largest CTV operator, with modifications to facilitate domestic construction. Building the vessel in Japan will boost the shipbuilding industry, create jobs, and support regional development. The vessel will be managed by Japan Offshore Support Co., Ltd., an Akita-based joint venture between NYK and Akita Eisen Co., Ltd. This joint venture also trains and hires local crew, contributing to the growth of offshore wind projects and regional revitalization.

Salzgitter AG and Oldendorff Carriers partner to decarbonize maritime iron ore transport

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Salzgitter Flachstahl GmbH and Oldendorff Carriers have entered into a long-term agreement to reduce carbon emissions in the maritime transport of iron ore, marking a further step toward decarbonizing Salzgitter’s steel supply chain. 

Starting in January 2026, Oldendorff will transport iron ore for Salzgitter from various loading ports to Hamburg using bulk carriers operated with a focus on fuel-efficient practices. By optimizing cargo flows and routing, the collaboration is expected to reduce CO₂e emissions by at least 20%. Salzgitter will incur no additional costs as a result of these measures – in fact, the reduction of transport fuel consumption will lead to cost savings.

This collaboration is projected to cut approximately 19,000 tonnes of CO₂e, equivalent to removing over 4,000 passenger cars from the road for a year. The reductions represent Scope 1 emissions for Oldendorff and Scope 3 emissions for Salzgitter.

Gunnar Groebler, Chairman of the Executive Board of Salzgitter AG: 

“In our SALCOS® project, we are focusing not only on decarbonizing the internal production route for steelmaking, but also on related process steps along the entire value chain. Logistics – particularly seaborne raw material transport – plays a central role in this context. We are therefore pleased to have Oldendorff, a long-standing partner, at our side as a strong companion on our transformation journey.”

Henrik Christiansen, Executive Director and Head of Sustainability at Oldendorff:

“Decarbonizing maritime operations is a complex challenge that requires coordination across the entire value chain. This partnership with Salzgitter cements the relationship between two major German companies and reflects the kind of industry collaboration needed to make meaningful and immediate progress in lowering emissions and advancing more sustainable transport solutions.”

This German collaboration reflects the decarbonization strategies of both companies, with each pursuing concrete measures to reduce emissions across their operations.

Oldendorff’s fleet primarily consists of modern “eco”-type bulk carriers, which are designed to reduce fuel consumption compared to earlier vessel generations. Optimized hull forms, advanced engine technology, and additional fuel-saving features contribute to a lower carbon intensity per tonne of cargo transported.

MPCC continues strategic fleet renewal with newbuild orders against long-term charters

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MPCC has signed contracts for two 1,600 TEU high cube container vessels with Chinese Fujian Mawei Shipyard and deliveries scheduled in the second half of 2027.

The total investment amounts to USD 66 million and the Company holds options for additional vessels, offering future scalability in line with market opportunities.

Each vessel has been fixed on 8-year time charter (plus a 2-year optional period) with a leading global liner company, expected to generate approximately USD 92 million in revenue and contribute around USD 54 million in EBITDA over the contracted charter period, providing substantial earnings visibility as well as derisking.

The vessel features a state-of-the-art, fuel-efficient design optimized for the Northern Europe trade and its restricted channels. A refined hull form, shallow draft, and high manoeuvrability ensures efficient operations, while energy-saving systems deliver best-in-class environmental performance.

This newbuilding order is a continuation of supports MPCC’s transition toward a modern, more efficient, and environmentally compliant fleet, reducing exposure to regulatory and environmental risk.

The project will be financed through a balanced mix of equity and debt, ensuring flexibility and a prudent capital structure. The newbuildings are expected to be accretive to both earnings per share (EPS) and dividends per share (DPS) upon delivery.
 
“We are pleased to mark another step in the transformation of our fleet,” said Constantin Baack, Co-CEO of MPCC. “This transaction is part of our long-term fleet renewal strategy, designed to generate sustainable value through modernization and optimization. It underscores our strong strategic position and proven ability to execute value-enhancing deals that secure long-term charters with leading liner companies, reinforcing strategic partnerships, enhancing earnings visibility, and supporting disciplined growth.

At the same time, we maintain a strong and flexible balance sheet with significant investment capacity, enabling us to advance our renewal program while remaining well-positioned to act on market opportunities should conditions soften.

We continue to view the supply fundamentals in our core segments as favorable, due to the comparably low orderbook – where only 6% of the fleet is expected to be replaced in the next 2–3 years, while 24% of vessels are already over 20 years old.”

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