Thinking | 25 May 2022
Australia’s maritime sector – where are we heading?
Hall & Wilcox Partner Chris Sacré discusses some of the key issues facing the Australian maritime sector. He also highlights exciting projects such as the Port Kembla FSRU project and the future of offshore wind farms in Australia. The maritime sector has an important part to play in achieving the Australian Government’s pledge to reach net zero by 2050.
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Australia is predominantly a nation of cargo interests and over the last few years it’s been really tested. COVID, the US China trade war, shortage of containers and, more recently, the war in Ukraine and rising fuel prices have really stressed the global supply chain. As a result, we are seeing more delay, disruption and damage claims, and they are not helped by industrial action on the Australian waterfront.
The Australian resources and energy sector provides a firm foundation for the Australian economy.
At Port Kembla, south of Sydney, the floating storage regasification unit project by AIE is a really exciting project. In 2018 it gained critical infrastructure status and in 2021 a long-term time charter was signed for Höegh Galleon. The ship is due to arrive in 2023. It provides an important boost for Port Kembla, a growing port in NSW, and the marine industry more generally in NSW.
Looking to the future, the Offshore Electricity Infrastructure Act was passed last year and will come into force in mid-2022. That opens the door – for the first time in Australia – to offshore wind projects and we see this as a massive opportunity for the offshore maritime sector.
There are about 20 projects planned around Australia.
We look forward to contributing to the growth of the sector, and the important part it plays in reaching the Australian Government’s pledge to reach net zero by 2050.
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