United States Wind Vessel Ordering Gets Underway but Owners Face Financing Hurdle
For shipowners targeting the nascent offshore wind vessel market protected by the Jones Act, the rubber is finally hitting the road when it comes to providing the maritime assets needed.
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The financing dilemma is even more marked in the wind turbine installation vessel (WTIV) market, where one ship is on order at a US yard and where the contours of the Jones Act allow these vessels to operate in US waters if they stick to still-evolving rules.
Joan Bondareff, a maritime lawyer at Blank Rome, said: “The market for installation vessels is a worldwide market, which makes it less competitive to build a US WTIV in a US shipyard."
“It remains to be seen whether others will be built here absent more financial support from the federal government.”
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"United States Wind Vessel Ordering Gets Underway but Owners Face Financing Hurdle," by Eric Priante Martin was published in TradeWinds on June 16, 2022.