News

U.S. Pushes Forward with Offshore Wind Despite Financial Pressures - The Maritime Executive

The Maritime Executive · last updated

<script type="a635ff0a82087ac2fe545eae-text/javascript">

"use strict";

/*
* getsocial.io code
*/
(function () {

var po = document.createElement('script');
po.type = 'text/javascript';
po.async = true;
po.src = '//api.at.getsocial.io/widget/v1/gs_async.js?id=3bc69b';
var s = document.getElementsByTagName('script')[0];

s.parentNode.insertBefore(po, s);
})();
</script>
<script async src="https://platform.twitter.com/widgets.js&quot; charset="utf-8" type="a635ff0a82087ac2fe545eae-text/javascript"></script>
<script async src="//www.instagram.com/embed.js&quot; type="a635ff0a82087ac2fe545eae-text/javascript"></script>
<!DOCTYPE html>
<html lang="en">
<head prefix="og: http://ogp.me/ns# fb: http://ogp.me/ns/fb# article: http://ogp.me/ns/article#"&gt;
<meta name="google-site-verification" content="NOL7f9CLFIk51dhDYz5lI8Tpnh_Y_GKQ5MPPdG7u1A4" />
<meta charset="utf-8">
<!-- HTML5 Shim and Respond.js IE8 support of HTML5 elements and media queries -->
<!--[if lt IE 9]>
<script src="/js/ie_support/html5shiv.js"></script>
<script src="/js/ie_support/respond.min.js"></script>
<![endif]-->
<meta http-equiv="X-UA-Compatible" content="IE=edge">
<meta name="csrf-token" content="Vn2RJcnYJos5zmK2WtUTXAEWGG3ztqXCENcU0CTw">
<meta name="viewport" content="width=device-width, initial-scale=1">
<title>U.S. Pushes Forward with Offshore Wind Despite Financial Pressures </title>
<link rel="canonical" href="https://maritime-executive.com/article/u-s-pushes-forward-with-offshore…; />
<meta name="getsocial" content="1">
<meta name="description" content="The Bureau of Ocean Energy Management (BOEM) announced yesterday that it has completed its environmental review of the proposed massive Empire Wind Fa...">
<meta name="keywords" content="offshore, wind, Empire, BOEM, approval, review, environment, New York, BP, Equinor, finances, rebid, pressures, power, inflation, costs, supply, Orsted">
<meta property="fb:app_id" content="939032583243223">
<meta property="og:site_name" content="The Maritime Executive">
<meta property="og:title" content="U.S. Pushes Forward with Offshore Wind Despite Financial Pressures " />
<meta property="og:url" content="https://maritime-executive.com/article/u-s-pushes-forward-with-offshore…; />
<meta property="og:author" content="The Maritime Executive" />
<meta property="og:description" content="The Bureau of Ocean Energy Management (BOEM) announced yesterday that it has completed its environmental review of the proposed massive Empire Wind Fa..." />
<meta property="og:image" content="https://maritime-executive.com/media/images/article/Photos/Windfarms/Ge…; />
<meta property="og:image:secure_url" content="https://maritime-executive.com/media/images/article/Photos/Windfarms/Ge…; />
<meta property="og:image:width" content="643" />
<meta property="og:image:height" content="361" />
<meta property="og:image:alt" content="offshore wind" />
<meta property="og:type" content="article" />

<script type="application/ld+json">
{
"@context": "https://schema.org&quot;,
"@type": "Article",
"mainEntityOfPage": "https://maritime-executive.com/article/u-s-pushes-forward-with-offshore…;,
"headline": "U.S. Pushes Forward with Offshore Wind Despite Financial Pressures ",
"description": "The Bureau of Ocean Energy Management (BOEM) announced yesterday that it has completed its environmental review of the proposed massive Empire Wind Fa...",
"image": "https://maritime-executive.com/media/images/article/Photos/Windfarms/Ge…;,
"author": {
"@type": "Thing",
"name": "The Maritime Executive",
"url": "https://maritime-executive.com/author/marex&quot;
},
"publisher": {
"type": "organization",
"name": "The Maritime Executive",
"logo": {
"@type": "ImageObject",
"url": "https://maritime-executive.com/img/marexlogo2019.jpg&quot;
}
},
"datePublished": "2023-09-12T19:40:57-0400",
"articleBody": "The Bureau of Ocean Energy Management (BOEM) announced yesterday that it has completed its environmental review of the proposed massive Empire Wind Farm Project, which would become the U.S.’s largest offshore wind site to gain approval. The Biden administration continues to push forward while developers are looking to reset their agreements to reflect the changing economics for the projects.

“BOEM is doing its part to meet the Administration’s ambitious energy goals – while remaining diligent in our efforts to avoid, minimize, and mitigate impacts to ocean users and the marine environment,” said BOEM Director Elizabeth Klein. “We value the feedback we have received,” she said reporting the bureau plans to issue a Record of Decision on whether to approve the two-phase Empire Wind project this fall. That decision would establish the final conditions for the development, but not address the mounting financial issues which fall to the states.

Empire Wind, which is being developed by Equinor and BP, proposes the construction of two offshore wind projects, known as Empire Wind 1 and Empire Wind 2, in lease areas located about 12 nautical miles south of Long Island, New York, and about 16.9 nautical miles east of Long Branch, New Jersey. The two projects will be electrically isolated and independent from each other. 

The approval is good news for Danish turbine manufacturer Vestas which was selected as the preferred supplier for the projects, which call for up to 57 wind turbines for Empire Wind 1 and up to 90 wind turbines for Empire Wind 2. The project plans to use the 15 MW V236 turbines. It would also consist of two offshore substations with two cable routes connecting to the onshore electrical grid on Long Island. Together, the projects are expected to generate up to 2,076 megawatts of energy, which BOEM says would power more than 700,000 homes.

Empire Wind 1 won its tender in 2019 and Empire Wind was awarded in 2021. BOEM published a draft environmental impact statement in November 2021 and then received comments before finalizing the report. A notice of availability is due at the end of this week. 

The American Clean Power Association released a statement highlighting these projects saying they would play an important role in the growth of the domestic offshore wind supply chain. Included in these projects is the redevelopment of the South Brooklyn Marine Terminal to become the staging and assembly area.

The companies this summer however cited the dramatic increases in costs, supply chain issues, and the impact of inflation. Saying the projects had become far more expensive, they petitioned regulators at the NY Public Service Commission, part of the NY State Energy Research and Development Authority (NYSERDA) saying the project needed a significant increase in the power pricing agreements. They called for a 35 percent increase for Empire Wind 1 and a 66 percent increase for Empire Wind 2. They are proposing to push the price of energy toward the $200 per megawatt-hour level versus the low $100s that many of the projects were originally bid at when they started their approval process. Other projects such as Sunrise Wind, which Ørsted and Eversource proposed, is calling for a 27 percent increase in its power price.

The U.S. Department of Energy in a recent report acknowledged the changing economics for the offshore wind sector noting after prices had been steadily declining, they have spiked upward due to inflation, supply bottlenecks, and higher financing costs. According to Reuters, approximately 27 power offtake contacts for 17 GW have been signed for the U.S. industry. It is unclear how many will seek to renegotiate their terms.

Developers for two Massachusetts projects have said they will pay large financial penalties to walk away from their projects calling for them to rebid in the state’s upcoming tender. Despite moving forward with a $650 million acquisition to expand its assets and consolidate its position in the U.S. market, Ørsted has also cited the changing finances saying it anticipated taking a large write-down this quarter for the U.S. projects. They have warned that unless the financial issues are addressed, the company could decide not to proceed with large projects in the U.S. that are nearing their financial decisions.

Developers continue to say they believe in the long-term prospects but are calling for changes in the financial structure of the deals to reflect recent pressures. Massachusetts was the first to respond announcing its next tender would permit additional flexibility including bidders can submit an alternative indexed pricing proposal.
 
"
}
</script>

<!--
<PageMap>
<DataObject type="publication">
<Attribute name="author" value="The Maritime Executive" />
<Attribute name="date" value="2023-09-12T19:40:57-0400" />
<Attribute name="ageDays" value="1" />
<Attribute name="ageMonths" value="0" />
<Attribute name="ageYears" value="0" />
</DataObject>
</PageMap>
-->

<link rel="apple-touch-icon" sizes="180x180" href="/img/apple-touch-icon.png">
<link rel="icon" type="image/png" href="/img/favicon-32x32.png" >
<link rel="icon" type="image/png" sizes="16x16" href="/img/favicon-16x16.png">
<link rel="preconnect" href="https://www.googletagservices.com"&gt;
<link rel="preconnect" href="https://partner.googleadservices.com"&gt;
<link rel="preconnect" href="https://securepubads.g.doubleclick.net"&gt;
<link rel="preconnect" href="https://tpc.googlesyndication.com"&gt;
<link rel="preconnect" href="https://apis.google.com"&gt;
<link rel="preconnect" href="https://c.disquscdn.com"&gt;
<link rel="preconnect" href="https://fonts.gstatic.com"&gt;
<link rel="preconnect" href="https://www.google-analytics.com"&gt;
<link rel="preconnect" href="https://www.gstatic.com"&gt;
<link href="https://fonts.googleapis.com/css?family=Fira+Sans:100,100i,200,200i,300…; rel="stylesheet">
<!--[if IE]><link rel="shortcut icon" type="image/x-icon" href="/media/images/site/logo/favicon.ico" /><![endif]-->
<!-- <link href="/build/css/site-4eef7958b1.css" rel="stylesheet"> -->
<link rel="stylesheet" href="https://maritime-executive.com/css/site.css"&gt;
<link rel="stylesheet" href="https://maritime-executive.com/css/custom.css"&gt;
<style media="screen">
object, figure, iframe {
max-width: 100%;
}
</style>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){
(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),
m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)
})(window,document,'script','https://www.google-analytics.com/analytics.js','ga&#039;);

ga('create', 'UA-5364300-1', 'auto');
ga('send', 'pageview');

</script>
<script async='async' src='https://www.googletagservices.com/tag/js/gpt.js&#039; type="a635ff0a82087ac2fe545eae-text/javascript"></script>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
var geturlh = "App\Http\Controllers\ArticlesController@show";
if( /Android|webOS|iPhone|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent) && geturlh=='App\Http\Controllers\HomeController@index' ) {
"use strict";

var googletag = googletag || {};
googletag.cmd = googletag.cmd || [];

googletag.cmd.push(function () {

var mapping_675x50 = googletag.sizeMapping()
.addSize([1020, 0], [675, 50])
.addSize([895, 0], [600, 44])
.addSize([834, 0], [550, 40])
.addSize([505, 0], [500, 44])
.addSize([425, 0], [400, 29])
.addSize([0, 0], [300, 22]).build();
var mapping_300x250 = googletag.sizeMapping()
.addSize([1028, 0], [300, 250])
.addSize([900, 0], [277, 230])
.addSize([0, 0], [246, 205]).build();
var mapping_990x90 = googletag.sizeMapping()
.addSize([1028, 0], [[990, 90], [728, 90]])
.addSize([800, 0], [[781, 71], [728, 90]])
.addSize([768, 0], [[738, 67],[750, 68], [728, 90]])
.addSize([745, 0], [[579, 53], [728, 90]])
.addSize([600, 0], [[579, 53], [579, 71], [579, 72]])
.addSize([533, 0], [[516, 47], [516, 63], [516, 64]])
.addSize([480, 0], [[466, 42], [466, 57], [466, 58]])
.addSize([425, 0], [[404, 37], [404, 49], [404, 50]])
.addSize([384, 0], [[376, 34], [376, 46]])
.addSize([376, 0], [[368, 33], [368, 45]])
.addSize([361, 0], [[353, 32], [353, 43], [353, 44]])
.addSize([316, 0], [[316, 29], [316, 39]])
.addSize([0, 0], [[301, 27], [301, 37]]).build();

googletag.defineSlot('/3523030/990x90_1', [], 'div-gpt-ad-1485538453696-0').defineSizeMapping(mapping_990x90).addService(googletag.pubads());
googletag.defineSlot('/3523030/990x90_2', [], 'div-gpt-ad-1485538555341-0').defineSizeMapping(mapping_990x90).addService(googletag.pubads());

googletag.defineSlot('/3523030/675x50_1', [], 'div-gpt-ad-1485538593117-0').defineSizeMapping(mapping_675x50).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_1', [], 'div-gpt-ad-1576223089028-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_2', [], 'div-gpt-ad-300x250_mobi_2-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_3', [], 'div-gpt-ad-300x250_mobi_3-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_4', [], 'div-gpt-ad-300x250_mobi_4-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_5', [], 'div-gpt-ad-300x250_mobi_5-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.pubads().enableSingleRequest();
googletag.pubads().collapseEmptyDivs();
googletag.enableServices();

});
}else if(/Android|webOS|iPhone|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent) && geturlh=='App\Http\Controllers\FeaturesController@index'){
"use strict";

var googletag = googletag || {};
googletag.cmd = googletag.cmd || [];

googletag.cmd.push(function () {

var mapping_675x50 = googletag.sizeMapping()
.addSize([1020, 0], [675, 50])
.addSize([895, 0], [600, 44])
.addSize([834, 0], [550, 40])
.addSize([505, 0], [500, 44])
.addSize([405, 0], [400, 29])
.addSize([0, 0], [300, 22]).build();
var mapping_300x250 = googletag.sizeMapping()
.addSize([1028, 0], [300, 250])
.addSize([900, 0], [277, 230])
.addSize([0, 0], [246, 205]).build();
var mapping_990x90 = googletag.sizeMapping()
.addSize([1028, 0], [[990, 90], [728, 90]])
.addSize([800, 0], [[781, 71], [728, 90]])
.addSize([768, 0], [[738, 67],[750, 68], [728, 90]])
.addSize([745, 0], [[579, 53], [728, 90]])
.addSize([600, 0], [[579, 53], [579, 71], [579, 72]])
.addSize([533, 0], [[516, 47], [516, 63], [516, 64]])
.addSize([480, 0], [[466, 42], [466, 57], [466, 58]])
.addSize([415, 0], [[404, 37], [404, 49], [404, 50]])
.addSize([384, 0], [[376, 34], [376, 46]])
.addSize([376, 0], [[368, 33], [368, 45]])
.addSize([361, 0], [[353, 32], [353, 43], [353, 44]])
.addSize([316, 0], [[316, 29], [316, 39]])
.addSize([0, 0], [[301, 27], [301, 37]]).build();

googletag.defineSlot('/3523030/990x90_1', [], 'div-gpt-ad-1485538453696-0').defineSizeMapping(mapping_990x90).addService(googletag.pubads());
googletag.defineSlot('/3523030/990x90_2', [], 'div-gpt-ad-1485538555341-0').defineSizeMapping(mapping_990x90).addService(googletag.pubads());

googletag.defineSlot('/3523030/675x50_1', [], 'div-gpt-ad-1485538593mob-0').defineSizeMapping(mapping_675x50).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_1', [], 'div-gpt-ad-1485533899423-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_2', [], 'div-gpt-ad-1485533968943-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_3', [], 'div-gpt-ad-1485534066838-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_4', [], 'div-gpt-ad-1485534179535-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_5', [], 'div-gpt-ad-1485533899426-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.pubads().enableSingleRequest();
googletag.pubads().collapseEmptyDivs();
googletag.enableServices();

});

}else{
"use strict";

var googletag = googletag || {};
googletag.cmd = googletag.cmd || [];

googletag.cmd.push(function () {

var mapping_675x50 = googletag.sizeMapping()
.addSize([1020, 0], [675, 50])
.addSize([895, 0], [600, 44])
.addSize([834, 0], [550, 40])
.addSize([505, 0], [500, 44])
.addSize([405, 0], [400, 29])
.addSize([0, 0], [300, 22]).build();
var mapping_300x250 = googletag.sizeMapping()
.addSize([1028, 0], [300, 250])
.addSize([900, 0], [277, 230])
.addSize([0, 0], [246, 205]).build();
var mapping_990x90 = googletag.sizeMapping()
.addSize([1028, 0], [[990, 90], [728, 90]])
.addSize([800, 0], [[781, 71], [728, 90]])
.addSize([768, 0], [[738, 67],[750, 68], [728, 90]])
.addSize([745, 0], [[579, 53], [728, 90]])
.addSize([600, 0], [[579, 53], [579, 71], [579, 72]])
.addSize([533, 0], [[516, 47], [516, 63], [516, 64]])
.addSize([480, 0], [[466, 42], [466, 57], [466, 58]])
.addSize([415, 0], [[404, 37], [404, 49], [404, 50]])
.addSize([384, 0], [[376, 34], [376, 46]])
.addSize([376, 0], [[368, 33], [368, 45]])
.addSize([361, 0], [[353, 32], [353, 43], [353, 44]])
.addSize([316, 0], [[316, 29], [316, 39]])
.addSize([0, 0], [[301, 27], [301, 37]]).build();

googletag.defineSlot('/3523030/990x90_1', [], 'div-gpt-ad-1485538453696-0').defineSizeMapping(mapping_990x90).addService(googletag.pubads());
googletag.defineSlot('/3523030/990x90_2', [], 'div-gpt-ad-1485538555341-0').defineSizeMapping(mapping_990x90).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_1', [], 'div-gpt-ad-1485533899423-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_2', [], 'div-gpt-ad-1485533968943-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_3', [], 'div-gpt-ad-1485534066838-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_4', [], 'div-gpt-ad-1485534179535-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/300x250_5', [], 'div-gpt-ad-1485533899426-0').defineSizeMapping(mapping_300x250).addService(googletag.pubads());
googletag.defineSlot('/3523030/675x50_1', [], 'div-gpt-ad-1485538593117-0').defineSizeMapping(mapping_675x50).addService(googletag.pubads());

googletag.pubads().enableSingleRequest();
googletag.pubads().collapseEmptyDivs();
googletag.enableServices();

});
}

</script> <script src='https://www.google.com/recaptcha/api.js&#039; type="a635ff0a82087ac2fe545eae-text/javascript"></script> <!-- AAM Site Certifier starts plowing -->
<script type="a635ff0a82087ac2fe545eae-text/javascript">

"use strict";

(function (p, l, o, w, i, n, g) {
if (!p[i]) {
p.GlobalAamNamespace = p.GlobalAamNamespace || [];

p.GlobalAamNamespace.push(i);
p[i] = function () {
(p[i].q = p[i].q || []).push(arguments)

};
p[i].q = p[i].q || [];
n = l.createElement(o);
g = l.getElementsByTagName(o)[0];
n.async = 1;

n.src = w;
g.parentNode.insertBefore(n, g)
}
}(window, document, "script", "//aamcftag.aamsitecertifier.com/aam.js", "aamsitecertifier"));

window.aamsitecertifier('newTracker', 'cf', 'aamcf.aamsitecertifier.com', {

idWeb: '199'

});

window.aamsitecertifier('trackPageView');
</script>
<!-- AAM Site Certifier stops plowing --> </head>

<body>

<div class="l1-ads-wrapper " >
<div id="990x90_1" class="top-add clearfix">
<div class="col-md-12 text-center">
<div class="ad-wrapper">

<!-- /3523030/990x90_1 -->
<div id='div-gpt-ad-1485538453696-0'>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function() {
googletag.display('div-gpt-ad-1485538453696-0');
});
</script>
</div>
</div>
</div>
</div> </div>
<header>
<div class="container">
<div class="row header-top">
<div class="col-sm-6 col-xs-7 left">
<div class="pull-left hidden-md hidden-sm hidden-lg">
<a class="mobile-menu pull-left" href="">
<!-- <img src="/media/images/site/menu/mobile-menu.png"> -->
<i class="fa fa-bars" aria-hidden="true"></i>
</a>
</div>
<div class="pull-left hidden-xs">
<a class="mobile-menucust pull-left" href="">
<!-- <img src="/media/images/site/menu/mobile-menu.png"> -->
<i class="fa fa-bars" aria-hidden="true"></i>
</a>
</div>
<div class="wrap-search pull-left" align="left">
<div class="input-group">
<span class="input-group-btn">
<!--a href="" class="btn search-btn" id="custom_search"><span class="glyphicon glyphicon-search" aria-hidden="true"></span></a-->
<p id="custom_search" class="glyphicon glyphicon-search" aria-hidden="true"></p>
<!-- <button id="header_search" class="btn btn-default" type="button"><span class="glyphicon glyphicon-search" aria-hidden="true"></span></button> -->
</span>
<div class="search_section">
<form action="/search" method="GET">
<input type="text" name="key" class="form-control" id="header_search_content" placeholder="Search for...">
<!--a href="/search?key=" class="btn search-btn" id="header_search">Go</a-->
<button type="submit" id="header_search">Go</button>
</form>
</div>
</div> </div>
</div>
<div class="col-sm-6 col-xs-5 right">
<div class="header-top-buttons">
<!--a class="btn btn-danger login-btn bg-3 font-firasans" href="/login">Log In</a-->
<a class="btn btn-danger subscribe-btn bg-2 font-firasans" href="/subscribe">SUBSCRIBE NOW</a>
</div>
</div>
</div>
<div class="header-bottom">
<div class="row">
<div class="col-sm-3 hidden-xs">

</div>
<div class="col-sm-6 col-xs-12 logo-wrapper" align="right" style="padding-top: 15px;">
<a href="/" class="logo">
<img src="https://maritime-executive.com/img/marexlogo2019.jpg&quot; class="img-responsive hidden-xs" alt="Maritime Executive Logo">
<img src="https://maritime-executive.com/img/marexlogo2019.jpg&quot; class="img-responsive hidden-sm hidden-md hidden-lg" alt="Maritime Executive Logo">
</a>
</div>
<div class="col-sm-3 hidden-xs">

</div>
</div>
<div class="row">
<div class="col-sm-6 col-xs-8">
</div>

<div class="col-sm-6 col-xs-4">
<div class="media-kit-link header-bottom-text-section text-right font-roboto bold">
<a href=" http://mediakit.maritime-executive.com&quot; target="_blank" >Media Kit</a>
</div>
</div>
</div>
</div>
</div>
<div class="ribbon ">
<div class="container">
<div class="row">
<div class="col-md-12 col-sm-12 col-xs-12">
<nav class="main-navigation">
<ul>
<li>
<a href="/">news</a>
</li>
<li >
<a href="/features" class="">Features</a>
</li>
<li>
<a href="/podcast" class="" >Podcasts</a>
</li>
<li>
<a href="/magazine" class="" >Magazine</a>
</li>
<li>
<a href="/newsletter" class="" >Newsletter</a>
</li>
<li>
<a href="/blog" class="" >Blogs</a>
</li>
<li>
<a href="/directory" class="" >Directory</a>
</li>
<li>
<a href="/jobs" class="" >Jobs</a>
</li>
<li>
<a href="http://mediakit.maritime-executive.com/2020/&quot; >Advertise</a>
</li>
<li>
<a href="/subscribe" class="" >Subscribe</a>
</li>
</ul>
</nav>
</div>
</div>
</div>
</div>
</header>
<div class="custom_sidebar">
<div class="main-navigation">
<ul>
<li>
<a href="/">news</a>
</li>
<li >
<a href="/features" class="">features</a>
</li>
<li>
<a href="/podcast" class="" >Podcasts</a>
</li>
<li>
<a href="/magazine" class="" >magazine</a>
</li>
<li>
<a href="/newsletter" class="" >newsletter</a>
</li>
<li>
<a href="/blog" class="" >blogs</a>
</li>
<li>
<a href="/directory" class="" >directory</a>
</li>
<li>
<a href="/jobs" class="" >Jobs</a>
</li>
<li>
<a href="http://mediakit.maritime-executive.com/2020/&quot; >advertise</a>
</li>
<li>
<a href="/subscribe" class="" >subscribe</a>
</li>
</ul>
</div>
</div>

<div class="l1-ads-wrapper container ">
<div class="middle-add">
<div class="col-md-12 text-center">
<div class="ad-wrapper clearfix">

<!-- /3523030/990x90_2 -->
<div id='div-gpt-ad-1485538555341-0'>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function() {
googletag.display('div-gpt-ad-1485538555341-0');
});
</script>
</div>
</div>
</div>
</div> </div>

<aside class="top-stories container hidden-xs" id="top-stories-container">
<div class="header font-firasans">
<span class="bl-6 b-color-4 color-black bold "><strong>TOP</strong></span> STORIES
</div>
<div class="content">
<nav class="top-stories-nav">
<div class="col-lg-3 col-md-3 col-sm-3 story-wrapper">
<div class="story d-flex">
<div class="image">
<a href="https://maritime-executive.com/article/russian-drone-strikes-cut-deep-i…; target="_blank">
<img src="/media/images/article/Photos/Wreckage_Salvage/Danube-attack-Sept-12-2023-1.808372.webp" alt="Danube" class="img-responsive " id="" />

</a>
</div>
<div class="desc flex-1 pt-10 pt-0-sm">
<h2 class="title">
<a href="https://maritime-executive.com/article/russian-drone-strikes-cut-deep-i…; target="_blank" class="">
Russian Drone Strikes Cut Deep Into Ukraine&#039;s Danube River Lifeline
</a>
</h2>
<p class="author datePublished">
Published
by
<b>
<a href="https://maritime-executive.com/author/marex&quot; class="color-2 font-roboto">
The Maritime Executive
</a>
</b>
</p>
</div>
</div>
</div>
<div class="col-lg-3 col-md-3 col-sm-3 story-wrapper">
<div class="story d-flex">
<div class="image">
<a href="https://maritime-executive.com/article/engineer-charged-with-bid-riggin…; target="_blank">
<img src="/media/images/article/Photos/Navy_Govt_CoastGuard/Propeller-casting-at-Naval-Foundry-and-Propeller-Center-2.1f1205.jpg" alt="Propeller casting" class="img-responsive " id="" />

</a>
</div>
<div class="desc flex-1 pt-10 pt-0-sm">
<h2 class="title">
<a href="https://maritime-executive.com/article/engineer-charged-with-bid-riggin…; target="_blank" class="">
Engineer Charged With Bid-Rigging at U.S. Navy&#039;s Propeller Foundry
</a>
</h2>
<p class="author datePublished">
Published
by
<b>
<a href="https://maritime-executive.com/author/marex&quot; class="color-2 font-roboto">
The Maritime Executive
</a>
</b>
</p>
</div>
</div>
</div>
<div class="col-lg-3 col-md-3 col-sm-3 story-wrapper">
<div class="story d-flex">
<div class="image">
<a href="https://maritime-executive.com/article/amazon-ikea-and-other-consumer-b…; target="_blank">
<img src="/media/images/article/Photos/Vessels_Large/container-ship-2856899_1280.c173c5.jpg" alt="zero emission fuels for containerships" class="img-responsive " id="" />

</a>
</div>
<div class="desc flex-1 pt-10 pt-0-sm">
<h2 class="title">
<a href="https://maritime-executive.com/article/amazon-ikea-and-other-consumer-b…; target="_blank" class="">
Amazon, Ikea and Other Consumer Brands Issue RFP for Zero-Emission Shipping
</a>
</h2>
<p class="author datePublished">
Published
by
<b>
<a href="https://maritime-executive.com/author/marex&quot; class="color-2 font-roboto">
The Maritime Executive
</a>
</b>
</p>
</div>
</div>
</div>
<div class="col-lg-3 col-md-3 col-sm-3 story-wrapper">
<div class="story d-flex">
<div class="image">
<a href="https://maritime-executive.com/magazine/halftime-report&quot; target="_blank">
<img src="/media/images/article/Photos/Ports/iStock-digital-port-shipping-digitalization.f09a56.jpg" alt="iStock port image" class="img-responsive " id="" />

</a>
</div>
<div class="desc flex-1 pt-10 pt-0-sm">
<h2 class="title">
<a href="https://maritime-executive.com/magazine/halftime-report&quot; target="_blank" class="">
Halftime Report
</a>
</h2>
<p class="author datePublished">
Published
by
<b>
<a href="https://maritime-executive.com/author/jack-oconnell&quot; class="color-2 font-roboto">
Jack O&#039;Connell
</a>
</b>
</p>
</div>
</div>
</div>
</nav>
</div>
</aside>
<div class="article-node-wrapper">
<section class="wrap-content article-node-content pt-15">
<div class="container">
<div class="row">
<div class="main-content col-lg-6 col-md-5 col-sm-8 col-lg-push-3 col-md-push-3">
<div class="custom_social_setting">
<div class="ga-views">
<div class="ga-views-count text-center bold">
1343
</div>
<div class="text-center views-title">
Views
</div>
</div>
<div class="getsocial gs-inline-group gs-big-counter"></div>

</div>
<article class="feature-item article-node pt-15">
<h1 class="color-black bold article-title title">
U.S. Pushes Forward with Offshore Wind Despite Financial Pressures
</h1>
<h3></h3>
<figure class="image">
<img src="/media/images/article/Photos/Windfarms/Generic-Empire-Orsted.b8f3e5.jpg" alt="offshore wind" class="img-responsive " id="" />

<figcaption>The two phases of Empire Wind would be the largest overall project but the developers have said they need significant power price increases (file photo)</figcaption>
<p class="author datePublished">
Published
Sep 12, 2023 7:40 PM by
<b>
<a href="https://maritime-executive.com/author/marex&quot; class="color-2 font-roboto">
The Maritime Executive
</a>
</b>
</p>
</figure>

<div class="getsocial gs-reaction-button"></div>

<p>The Bureau of Ocean Energy Management (BOEM) announced yesterday that it has completed its environmental review of the proposed massive Empire Wind Farm Project, which would become the U.S.&rsquo;s largest offshore wind site to gain approval. The Biden administration continues to push forward while developers are looking to reset their agreements to reflect the changing economics for the&nbsp;projects.</p>

<p>&ldquo;BOEM is doing its part to meet the Administration&rsquo;s ambitious energy goals &ndash; while remaining diligent in our efforts to avoid, minimize, and mitigate impacts to ocean users and the marine environment,&rdquo; said BOEM Director Elizabeth Klein. &ldquo;We value the feedback we have received,&rdquo; she said reporting the bureau plans to issue a Record of Decision on whether to approve the two-phase Empire Wind project this fall. That decision would establish the final conditions for the development, but not address the mounting financial issues which fall to the states.</p>

<p>Empire Wind, which is being developed by Equinor and BP, proposes the construction of two offshore wind projects, known as Empire Wind 1 and Empire Wind 2, in lease areas located about 12 nautical miles south of Long Island, New York, and about 16.9 nautical miles east of Long Branch, New Jersey. The two projects will be electrically isolated and independent from each other.&nbsp;</p>

<p>The approval is good news for Danish turbine manufacturer Vestas which was selected as the preferred supplier for the projects, which call for up to 57 wind turbines for Empire Wind 1 and up to 90 wind turbines for Empire Wind 2. The project plans to use the 15 MW V236 turbines. It would also consist of two offshore substations with two cable routes connecting to the onshore electrical grid on Long Island. Together, the projects are expected to generate up to 2,076 megawatts of energy, which BOEM says would power more than 700,000 homes.</p>

<p>Empire Wind 1 won its tender in 2019 and Empire Wind was awarded in 2021. BOEM published a draft environmental impact statement in November 2021 and then received comments before finalizing the report. A notice of availability is due at the end of this week.&nbsp;</p>

<p>The American Clean Power Association released a statement highlighting these projects saying they would play an important role in the growth of the domestic offshore wind supply chain. Included in these projects is the redevelopment of the South Brooklyn Marine Terminal to become the staging and assembly area.</p>

<p>The companies this summer however cited the dramatic increases in costs, supply chain issues, and the impact of inflation. Saying the projects had become far more expensive, they petitioned regulators at the NY Public Service Commission, part of the NY State Energy Research and Development Authority (NYSERDA) saying the project needed a significant increase in the power pricing agreements. They called for a 35 percent increase for Empire Wind 1 and a 66 percent increase for Empire Wind 2. They are proposing to push the price of energy toward the $200 per megawatt-hour level versus the low $100s that many of the projects were originally bid at when they started their approval process. Other projects such as Sunrise Wind, which &Oslash;rsted and Eversource proposed, is calling for a 27 percent increase in its power price.</p>

<p>The U.S. Department of Energy in a recent report acknowledged the changing economics for the offshore wind sector noting after prices had been steadily declining, they have spiked upward due to inflation, supply bottlenecks, and higher financing costs. According to Reuters, approximately 27 power offtake contacts for 17 GW have been signed for the U.S. industry. It is unclear how many will seek to renegotiate their terms.</p>

<p>Developers for two Massachusetts projects have said they will pay large financial penalties to walk away from their projects calling for them to rebid in the state&rsquo;s upcoming tender. Despite moving forward with a $650 million acquisition to expand its assets and consolidate its position in the U.S. market, &Oslash;rsted has also cited the changing finances saying it anticipated taking a large write-down this quarter for the U.S. projects. They have warned that unless the financial issues are addressed, the company could decide not to proceed with large projects in the U.S. that are nearing their financial decisions.</p>

<p>Developers continue to say they believe in the long-term prospects but are calling for changes in the financial structure of the deals to reflect recent pressures. Massachusetts was the first to respond announcing its next tender would permit additional flexibility including bidders can submit an alternative indexed pricing proposal.<br />
&nbsp;</p>

<div class="clearfix"></div>

</article>
</div>

<div class="primary col-lg-3 col-md-3 hidden-sm col-lg-pull-6 col-md-pull-5">
<aside class="more-top-stories" id="more-top-stories-container">
<div class="header font-firasans">
<span class="title bl-6 b-color-4">
<strong>MORE</strong> TOP STORIES
</span>
</div>

<div class="stories-list-wrapper mb-15">
<div class="content">
<nav class="stories-list-nav">
<ul class="stories-list">
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/editorials/sea-robbery-in-singapore-stra…; target="_blank" class="customfontwithbold">
Sea Robbery in Singapore Strait Has Serious Consequences
</a>
</h5>
</div>
</div> </li>
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/article/china-s-domestically-built-cruis…; target="_blank" class="customfontwithbold">
China’s Domestically-Built Cruise Ship Completes Trials Ahead of Delivery
</a>
</h5>
</div>
</div> </li>
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/article/bankrupt-bed-bath-beyond-seeks-1…; target="_blank" class="customfontwithbold">
Bankrupt Bed Bath &amp; Beyond Seeks $15M in Damages from Yang Ming in FMC Case
</a>
</h5>
</div>
</div> </li>
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/article/msc-proposes-to-buy-half-of-hamb…; target="_blank" class="customfontwithbold">
MSC Proposes to Buy Half of Hamburg Terminal Operator HHLA in $1.4B Deal
</a>
</h5>
</div>
</div> </li>
</ul>
</nav>
</div>
</div> </aside>
<!--div class="editorials pt-15" id="editorials-container"-->
<aside class="more-top-stories" id="more-top-stories-container">

<div class="header font-firasans">
<span class="title bl-6 b-color-4">
<strong>EDITORIALS</strong> TOP STORIES
</span>
</div>

<div class="stories-list-wrapper mb-15">
<div class="content">
<nav class="stories-list-nav">
<ul class="stories-list">
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/editorials/sea-robbery-in-singapore-stra…; target="_blank" class="customfontwithbold">
Sea Robbery in Singapore Strait Has Serious Consequences
</a>
</h5>
</div>
</div> </li>
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/editorials/rig-removal-law-threatens-vib…; target="_blank" class="customfontwithbold">
Rig Removal Law Threatens Vibrant Artificial Reef off Peru
</a>
</h5>
</div>
</div> </li>
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/editorials/new-cyber-office-demonstrates…; target="_blank" class="customfontwithbold">
New Cyber Office Demonstrates Importance of Tackling Maritime Cyber Threat
</a>
</h5>
</div>
</div> </li>
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/editorials/how-the-virtual-watch-tower-c…; target="_blank" class="customfontwithbold">
How the Virtual Watch Tower Complements Private Data with Public Data
</a>
</h5>
</div>
</div> </li>
<li class="story-wrapper clearfix">
<div class="story">
<div class="desc">
<h5 class="title ">
<a href="https://maritime-executive.com/editorials/remembering-9-11-lt-michael-d…; target="_blank" class="customfontwithbold">
Remembering 9/11: Lt. Michael Day and the Lower Manhattan Boatlift
</a>
</h5>
</div>
</div> </li>
</ul>
</nav>
</div>
</div> </aside>
</div>
<div class="sidebar text-right p-0 col-lg-3 col-md-4 col-sm-4">

<div class="add">
<!-- /3523030/300x250_1 -->

<div id='div-gpt-ad-1485533899423-0'>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function () {
googletag.display('div-gpt-ad-1485533899423-0');
});
</script>
</div>
</div> <div class="add">

<!-- /3523030/300x250_2 -->
<div id='div-gpt-ad-1485533968943-0'>

<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function () {
googletag.display('div-gpt-ad-1485533968943-0');
});
</script>
</div>
</div> <div class="add">
<!-- /3523030/300x250_3 -->

<div id='div-gpt-ad-1485534066838-0'>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function () {
googletag.display('div-gpt-ad-1485534066838-0');
});
</script>
</div>
</div> <div class="add">
<!-- /3523030/300x250_4 -->

<div id='div-gpt-ad-1485534179535-0'>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function () {
googletag.display('div-gpt-ad-1485534179535-0');
});
</script>
</div>
</div> <div class="add">
<!-- /3523030/300x250_5 -->

<div id='div-gpt-ad-1485533899426-0'>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function () {
googletag.display('div-gpt-ad-1485533899426-0');
});
</script>
</div>
</div></div>
</div>

<div class="hidden-xs">
<section class="subscribe-section">
<div class="container">
<div class="row">
<div class="col-md-12 col-sm-12 subscribe-content-wrapper">

<div class="wrap">

<div class="col-md-2 col-sm-3 hidden-xs">
<p class="title ">SUBSCRIPTIONS</p>
</div>
<div class="col-xs-12 hidden-lg hidden-md hidden-sm bg-5">
<p class="title color-white">SUBSCRIBE</p>
</div>
<div class="col-md-7 col-sm-5 links-wrapper">
<ul>
<li>
<a class="subscribe-blue" href="/subscribe">Print</a>
</li>
<li>
<a class="subscribe-blue" href="/subscribe">Digital</a>
</li>
<li>
<a class="subscribe-blue" href="/subscribe">Newsletter</a>
</li>
<li>
<a class="subscribe-blue" href="/subscriber/send_subscriber_email">Renew</a>
</li>
</ul>
</div>
<div class="col-md-3 col-sm-4 no-padding hidden-xs">
<a href="/subscribe" class="sub-button subscribe-blue">Subscribe Now</a>
</div>
</div>
</div>
</div>
</div>
</section> </div>

<div class="clearfix container l2-ads-wrapper">
<!-- /3523030/675x50_1 -->

<div id='div-gpt-ad-1485538593117-0' class="ad-wrapper customads" style='width:675px;'>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1485538593117-0'); });
</script>
</div> </div>

<div class="related-stories-wrapper container mt-2">
<div class="col-md-1"></div>
<div class="col-md-10 col-sm-12">
<aside class="tertiary-articles">

<div class="header font-firasans">
<span class="title bl-6 b-color-4">
<strong>RELATED</strong> STORIES
</span>
</div>
<div class="secondary-articles secondary-articles2">
<div class="teaser-grid-wrapper">
<nav class="related-stories-nav">

<div class="article col-lg-3 col-md-3 col-sm-3 col-xs-6 pl-0-xs">
<div class="data-wrapper">
<div class="blog-item">
<p class="category bg-1 text-uppercase bold font-firasans">
<a href="/tugsalvage-news" target="_blank"><span class="">Tugs &amp; Salvage</span></a>
</p>
<a href="https://maritime-executive.com/article/russian-drone-strikes-cut-deep-i…; target="_blank" class="font-firasans">
<div class="image no-padding-xs">
<img src="/media/images/article/Photos/Wreckage_Salvage/Danube-attack-Sept-12-2023-1.808372.webp" alt="Danube" class="img-responsive " id="" />

</div></a>
<div class="desc body no-padding-xs">

<h2 class="title">
<a href="https://maritime-executive.com/article/russian-drone-strikes-cut-deep-i…; target="_blank" class="font-firasans">Russian Drone Strikes Cut Deep Into Ukraine&#039;s Danube River Lifeline</a>
</h2>

<p class="author datePublished">
Published
Sep 13, 2023 11:33 PM by
<b>
<a href="https://maritime-executive.com/author/marex&quot; class="color-2 font-roboto">
The Maritime Executive
</a>
</b>
</p>

<p class="summary">
Repeated Russian drone strikes on Ukraine&#39;s Danube River ports are taking a serious toll, a top Ukrainian official warned Wednesday.

The ports of Reni and Izmail, located on the Ukrainian bank of the northern Danube estuary, are a lifeline for the nation&#39;s farmers and grain traders. When Russia shut off access to Ukraine&#39;s Black Sea coastline in July, resuming a de facto blockade of dry bulk shipping between Odesa and the Bosporus, the small Danube ports became one of the...
</p>

<a href="https://maritime-executive.com/article/russian-drone-strikes-cut-deep-i…; target="_blank" class="read-more">Continue Reading...</a>
</div>
</div>
</div>

</div>

<div class="article col-lg-3 col-md-3 col-sm-3 col-xs-6 pl-0-xs">
<div class="data-wrapper">
<div class="blog-item">
<p class="category bg-1 text-uppercase bold font-firasans">
<a href="/shipbuilding-news" target="_blank"><span class="">Shipbuilding</span></a>
</p>
<a href="https://maritime-executive.com/article/engineer-charged-with-bid-riggin…; target="_blank" class="font-firasans">
<div class="image no-padding-xs">
<img src="/media/images/article/Photos/Navy_Govt_CoastGuard/Propeller-casting-at-Naval-Foundry-and-Propeller-Center-2.1f1205.jpg" alt="Propeller casting" class="img-responsive " id="" />

</div></a>
<div class="desc body no-padding-xs">

<h2 class="title">
<a href="https://maritime-executive.com/article/engineer-charged-with-bid-riggin…; target="_blank" class="font-firasans">Engineer Charged With Bid-Rigging at U.S. Navy&#039;s Propeller Foundry</a>
</h2>

<p class="author datePublished">
Published
Sep 13, 2023 9:48 PM by
<b>
<a href="https://maritime-executive.com/author/marex&quot; class="color-2 font-roboto">
The Maritime Executive
</a>
</b>
</p>

<p class="summary">
Federal prosecutors have indicted a former engineering staffmember at the Naval Foundry and Propeller Center (NFPC) for allegedly rigging bid tenders to favor one company - and seeking employment at that company at the same time. The company went on to secure $26 million in U.S. Navy business, according to charging documents first reported by The Daily Beast.&nbsp;

Mechanical engineer Nicole Kristen Schuster worked at the Philadelphia NFPC facility from 2015-20, and she worked on projects for the future...
</p>

<a href="https://maritime-executive.com/article/engineer-charged-with-bid-riggin…; target="_blank" class="read-more">Continue Reading...</a>
</div>
</div>
</div>

</div>

<div class="article col-lg-3 col-md-3 col-sm-3 col-xs-6 pl-0-xs">
<div class="data-wrapper">
<div class="blog-item">
<p class="category bg-1 text-uppercase bold font-firasans">
<a href="/environmental-news" target="_blank"><span class="">Environment</span></a>
</p>
<a href="https://maritime-executive.com/article/amazon-ikea-and-other-consumer-b…; target="_blank" class="font-firasans">
<div class="image no-padding-xs">
<img src="/media/images/article/Photos/Vessels_Large/container-ship-2856899_1280.c173c5.jpg" alt="zero emission fuels for containerships" class="img-responsive " id="" />

</div></a>
<div class="desc body no-padding-xs">

<h2 class="title">
<a href="https://maritime-executive.com/article/amazon-ikea-and-other-consumer-b…; target="_blank" class="font-firasans">Amazon, Ikea and Other Consumer Brands Issue RFP for Zero-Emission Shipping</a>
</h2>

<p class="author datePublished">
Published
Sep 13, 2023 8:01 PM by
<b>
<a href="https://maritime-executive.com/author/marex&quot; class="color-2 font-roboto">
The Maritime Executive
</a>
</b>
</p>

<p class="summary">
A consortium made up of many of the largest and best-known consumer brands is launching a request for proposals for zero-emission shipping services designed&nbsp;to accelerate the shipping industry&rsquo;s move to low carbon fuels. They are seeking proposals for the transport of 600,000 containers over three years, which they believe will result in a reduction of nearly one million metric tonnes of carbon emissions.

Among the companies that have agreed to participate in the effort led by the Zero Emission Maritime...
</p>

<a href="https://maritime-executive.com/article/amazon-ikea-and-other-consumer-b…; target="_blank" class="read-more">Continue Reading...</a>
</div>
</div>
</div>

</div>

<div class="article col-lg-3 col-md-3 col-sm-3 col-xs-6 pl-0-xs">
<div class="data-wrapper">
<div class="blog-item">
<p class="category bg-1 text-uppercase bold font-firasans">
<a href="/business-news" target="_blank"><span class="">Business</span></a>
</p>
<a href="https://maritime-executive.com/magazine/halftime-report&quot; target="_blank" class="font-firasans">
<div class="image no-padding-xs">
<img src="/media/images/article/Photos/Ports/iStock-digital-port-shipping-digitalization.f09a56.jpg" alt="iStock port image" class="img-responsive " id="" />

</div></a>
<div class="desc body no-padding-xs">

<h2 class="title">
<a href="https://maritime-executive.com/magazine/halftime-report&quot; target="_blank" class="font-firasans">Halftime Report</a>
</h2>

<p class="author datePublished">
Published
Sep 13, 2023 7:32 PM by
<b>
<a href="https://maritime-executive.com/author/jack-oconnell&quot; class="color-2 font-roboto">
Jack O&#039;Connell
</a>
</b>
</p>

<p class="summary">
[By Jack O&rsquo;Connell]

After a grueling 2022, which saw stocks tumble an average of 20 percent, the first half of 2023 provided a welcome relief. Led by the tech-heavy Nasdaq, which rose an impressive 32 percent (versus a loss of 33 percent last year), stocks were up across the board &ndash; despite rising interest rates, the war in Ukraine, tangled supply chains and a looming recession.

The S&amp;P 500 and Dow Jones Industrials trailed the Nasdaq but nonetheless recorded respectable...
</p>

<a href="https://maritime-executive.com/magazine/halftime-report&quot; target="_blank" class="read-more">Continue Reading...</a>
</div>
</div>
</div>

</div>

</nav>

</div> </div>
<!--div class="secondary-articles secondary-articles2">

</div-->

</aside>
</div>
<div class="col-md-1"></div>
</div>

<div class="hidden-lg hidden-md hidden-sm">
<section class="subscribe-section">
<div class="container">
<div class="row">
<div class="col-md-12 col-sm-12 subscribe-content-wrapper">

<div class="wrap">

<div class="col-md-2 col-sm-3 hidden-xs">
<p class="title ">SUBSCRIPTIONS</p>
</div>
<div class="col-xs-12 hidden-lg hidden-md hidden-sm bg-5">
<p class="title color-white">SUBSCRIBE</p>
</div>
<div class="col-md-7 col-sm-5 links-wrapper">
<ul>
<li>
<a class="subscribe-blue" href="/subscribe">Print</a>
</li>
<li>
<a class="subscribe-blue" href="/subscribe">Digital</a>
</li>
<li>
<a class="subscribe-blue" href="/subscribe">Newsletter</a>
</li>
<li>
<a class="subscribe-blue" href="/subscriber/send_subscriber_email">Renew</a>
</li>
</ul>
</div>
<div class="col-md-3 col-sm-4 no-padding hidden-xs">
<a href="/subscribe" class="sub-button subscribe-blue">Subscribe Now</a>
</div>
</div>
</div>
</div>
</div>
</section> </div>

<div class="comments-wrapper mt-2 container">
<div class="col-md-2 col-sm-1"></div>
<div class="col-md-8 col-sm-10">
<div class="article-comments">
<div id="disqus_thread"></div>
<script type="a635ff0a82087ac2fe545eae-text/javascript">

/**
* RECOMMENDED CONFIGURATION VARIABLES: EDIT AND UNCOMMENT THE SECTION BELOW TO INSERT DYNAMIC VALUES FROM YOUR PLATFORM OR CMS.
* LEARN WHY DEFINING THESE VARIABLES IS IMPORTANT: https://disqus.com/admin/universalcode/#configuration-variables*/
/*
var disqus_config = function () {
this.page.url = PAGE_URL; // Replace PAGE_URL with your page's canonical URL variable
this.page.identifier = PAGE_IDENTIFIER; // Replace PAGE_IDENTIFIER with your page's unique identifier variable
};
*/
(function() { // DON'T EDIT BELOW THIS LINE
var d = document, s = d.createElement('script');
s.src = 'https://maritime-executive.disqus.com/embed.js&#039;;
s.setAttribute('data-timestamp', +new Date());
(d.head || d.body).appendChild(s);
})();
</script>
<noscript>Please enable JavaScript to view the <a href="https://disqus.com/?ref_noscript">comments powered by Disqus.</a></noscript>

</div>
</div>
<div class="col-md-2 col-sm-1"></div>
</div>

</div>
</section>
</div>

<footer id="footer">
<div class="container content-wrapper">
<div class="row footer-top">
<div class="col-md-12 col-sm-12 col-xs-12">
<ul class="footer-main-menu">
<li>
<a class="font-firasans" href="/aboutus" target="_blank">About Us</a>
</li>
<li>
<a class="font-firasans" href="http://mediakit.maritime-executive.com/2020/&quot; target="_blank">Advertise</a>
</li>

<li>
<a class="font-firasans" href="/newsletter" target="_blank">Newsletter</a>
</li>
<li>
<a class="font-firasans" href="/contact" target="_blank">Contact Us</a>
</li>
<li>
<a class="font-firasans" href="/privacy-policy" target="_blank">Privacy Policy</a>
</li>
<li>
<a class="font-firasans" href="/site-map" target="_blank">Site Map</a>
</li>
</ul>
</div>
</div>
<div class="row footer-middle">
<div class="col-lg-3 col-md-2 col-sm-2 col-xs-6">
<ul class="categories-menu">
<li>
<a class="font-firasans" href="/">News</a>
</li>
<li>
<a class="font-firasans" href="/features" target="_blank">Features</a>
</li>
<li>
<a class="font-firasans" href="/podcast" target="_blank">Podcasts</a>
</li>
<li>
<a class="font-firasans" href="/magazine" target="_blank">Magazine</a>
</li>
<li>
<a class="font-firasans" href="/newsletter" target="_blank">Newsletter</a>
</li>
<li>
<a class="font-firasans" href="/blog" target="_blank">Blogs</a>
</li>
<li>
<a class="font-firasans" href="/maritime-directory" target="_blank">Directory</a>
</li>
<li>
<a class="font-firasans" href="/jobs" target="_blank">Jobs</a>
</li>
</ul>
</div>
<div class="col-lg-3 col-md-4 col-sm-4 col-xs-6">
<ul class="news-menu">
<li>
<a class="font-firasans" href="/piracy-news" target="_blank">Piracy News</a>
</li>
<li>
<a class="font-firasans" href="/shipbuilding-news" target="_blank">Shipbuilding News</a>
</li>
<li>
<a class="font-firasans" href="/cruiseshipping-news" target="_blank">Cruise Ship News</a>
</li>
<li>
<a class="font-firasans" href="/port-news" target="_blank">Ports News</a>
</li>
<li>
<a class="font-firasans" href="/tugsalvage-news" target="_blank">Salvage News</a>
</li>
<li>
<a class="font-firasans" href="/training-news" target="_blank">Training News</a>
</li>
<li>
<a class="font-firasans" href="/government-news" target="_blank">Government News</a>
</li>
<li>
<a class="font-firasans" href="/environmental-news" target="_blank">Environment News</a>
</li>
<li>
<a class="font-firasans" href="/pressrelease" target="_blank">Corporate News</a>
</li>
</ul>
</div>
<div class="col-lg-6 col-md-6 col-sm-6 col-xs-12">
<div class="subscribe-wrapper">
<a href="/subscribe" target="_blank"><button class="btn subscribe-btn btn-lg bg-1 font-firasans subscribe-blue">Subscribe</button></a>
</div>
<div class="sitename-wrapper">
<img class="hidden-xs" src="https://maritime-executive.com/img/maritime-executive-tall-blue-logo-20…; />
<img class="hidden-lg hidden-md hidden-sm" src="https://maritime-executive.com/img/maritime-executive-tall-blue-logo-20…; />
</div>
<div class="social-links-wrapper">
<p><div class="social-section">
<div class="social-icons-wrapper">
<a href="https://www.facebook.com/MarExMag/&quot; target="_blank"> <span class="facebook icon-wrapper">
<i class="fab fa-facebook-f"></i>
</span></a>
<a href="https://www.linkedin.com/groups/47685&quot; target="_blank"> <span class="linkedin icon-wrapper">
<i class="fab fa-linkedin-in"></i>
</span></a>
<a href="https://twitter.com/Mar_Ex&quot; target="_blank"> <span class="twitter icon-wrapper">
<i class="fab fa-twitter"></i>
</span></a>
<a href="/articles.rss" target="_blank"> <span class="newsletter icon-wrapper">
<i class="fas fa-file-alt"></i>
</span></a>
<a href="https://www.instagram.com/maritime_executive/&quot; target="_blank"> <span class="instagram icon-wrapper">
<i class="fab fa-instagram"></i>
</span></a>

</div>
</div></p>
</div>
</div>
</div>

<div class="row footer-bottom">
<p class="font-roboto font-size-14">© Copyright 2023 The Maritime Executive, LLC. All rights reserved.</p>
</div>
</div>
</footer>
<!-- <script type="application/javascript" src="/build/js/site-adf8603422.js"></script> -->
<script type="a635ff0a82087ac2fe545eae-application/javascript" src="https://maritime-executive.com/js/site.js"></script&gt;

<script id="dsq-count-scr" src="//maritime-executive.disqus.com/count.js" async type="a635ff0a82087ac2fe545eae-text/javascript"></script>
<script type="a635ff0a82087ac2fe545eae-text/javascript">
$(function() {
/* $('#header_search_content').keyup(function() {
$('#header_search').attr('href', '/search?key=' + $(this).val());
})
$('#header_search_content').keypress(function(e) {
if (e.which == 13) {
window.location.href = $('#header_search').attr('href');
}
}); */
$('#header_search_contentnew').keyup(function() {
$('#header_searchnew').attr('href', '/searchnew?key=' + $(this).val());
})
$('#header_search_contentnew').keypress(function(e) {
if (e.which == 13) {
window.location.href = $('#header_searchnew').attr('href');
}
});
});
$(document).ready(function(){
$("#custom_search").click(function(){
$(".search_section").toggle();
$(".header-bottom").toggleClass("custom_setting");
});
});
</script>

<script src="/cdn-cgi/scripts/7d0fa10a/cloudflare-static/rocket-loader.min.js" data-cf-settings="a635ff0a82087ac2fe545eae-|49" defer></script><script defer src="https://static.cloudflareinsights.com/beacon.min.js/v8b253dfea2ab4077af…; integrity="sha512-bjgnUKX4azu3dLTVtie9u6TKqgx29RBwfj3QXYt5EKfWM/9hPSAI/4qcV5NACjwAo8UtTeWefx6Zq5PHcMm7Tg==" data-cf-beacon='{"rayId":"806601b3baa55c90","version":"2023.8.0","b":1,"token":"e5f2c85421fd4b5e90b1f6722a614526","si":100}' crossorigin="anonymous"></script>
</body>

</html>