Keel Laying Held for NSMV V, The Fifth and Final National Security Multi-Mission Vessel in the Fleet
PHILADELPHIA, March 5, 2025 /PRNewswire/ -- TOTE Services, LLC ("TOTE Services"), an affiliate of the TOTE Group, and Hanwha Philly Shipyard, Inc. ("Hanwha Philly Shipyard"), today celebrated a major shipbuilding milestone with the keel laying of the fifth and final vessel in the National Security Multi-Mission Vessel (NSMV) program.
Commissioned by the U.S. Department of Transportation's Maritime Administration (MARAD), the NSMV program is designed to provide world-class training for America's future mariners while also supporting humanitarian assistance and disaster relief missions when needed.
Laying the keel is a longstanding maritime tradition in which the first grand block of a vessel is placed in the building dock. This ceremonial event is believed to bring good fortune to the ship during construction and throughout its service life.
Under the Vessel Construction Manager (VCM) acquisition model, TOTE Services and Hanwha Philly Shipyard have delivered the first two NSMV's (Empire State and Patriot State) with the third vessel scheduled for delivery later this year. The VCM approach allows for the application of commercial best practices in design and construction, increasing efficiency and accelerating vessel deliveries to the U.S. Government. All five NSMV keels have been laid over the past 39 months, demonstrating the speed at which the commercial sector can move under this contracting model.
"We are proud to celebrate the keel laying of NSMV V, marking another key milestone in this groundbreaking shipbuilding program," said David Kim, Hanwha Philly Shipyard CEO. "This program is a testament to the strength of the U.S. maritime industry, and we are honored to work alongside TOTE Services and MARAD in delivering these advanced training vessels that will benefit generations of cadets to come."
The NSMV program is a major boost for American shipbuilding, an industry that sustains nearly 400,000 jobs across the country. These state-of-the-art vessels feature advanced training facilities, a fully equipped bridge, and accommodation for up to six hundred cadets and one hundred faculty, offering an unmatched educational experience at sea. Graduates from the nation's state maritime academies make up over half of all newly commissioned U.S. merchant marine officers each year, playing a crucial role in keeping commerce moving and strengthening national security by staffing military sealift operations.
"As we celebrate this milestone, we reaffirm our commitment to MARAD and the future of U.S. maritime education and shipbuilding," said Jeff Dixon, President of TOTE Services. "The VCM model executed by TOTE Services has demonstrated its ability to reduce costs, accelerate delivery timelines, and provide state-of-the-art vessels that will serve our country for decades to come."
The five NSMVs are being constructed to replace aging training vessels at SUNY Maritime College, Massachusetts Maritime Academy, Maine Maritime Academy, Texas A&M Maritime Academy, and California State University Maritime Academy. The vessels will be owned and operated by MARAD.
"California State University Maritime Academy is honored to be part of a distinguished fleet of purpose-built training ships, each designed to meet the evolving needs of America's maritime education while also providing the U.S. with ships that can support disaster response and other critical national needs," said Vice Admiral (Ret.) Michael J. Dumont, Interim President of Cal Maritime. "This vessel stands as a testament to innovation, resilience, and the nation's unwavering commitment to preparing the next generation of mariners. It will be proudly operated by the crew, cadets, and faculty of the only state maritime academy on the West Coast."
The first and second NSMV, Empire State and Patriot State were delivered in September 2023 and 2024, respectively. The three remaining vessels are currently in various stages of construction at Hanwha Philly Shipyard. Monthly photo updates of the NSMV program's progress are available at www.phillyshipyard.com.
About Hanwha Philly ShipyardHanwha Philly Shipyard is a leading U.S. shipbuilder with a state-of-the art shipbuilding facility that has earned a reputation as a preferred provider of ocean-going merchant vessels with a track record of delivering quality ships, having delivered around 50% of all large ocean-going U.S. Jones Act commercial ships since 2000. The shipyard is part of Hanwha Group, a multinational company with a robust network of affiliates in the energy, ocean, aerospace, finance, and retail & services industries. For more information, visit www.hanwhaphillyshipyard.com.
About TOTE ServicesTOTE Services, LLC ("TOTE Services") is a leading U.S.-based company that provides ship management, vessel construction management and technical consulting services to governmental and commercial parties. Since 2015, TOTE Services has been a first mover in clean alternative fuels, having overseen the construction and management of the nation's first LNG-powered container ships and the first LNG bunker barge. TOTE Services, along with TOTE Maritime Alaska, LLC and TOTE Maritime Puerto Rico, LLC, are part of the TOTE Group. TOTE Group is a member of the Saltchuk family of companies. For more information about TOTE Services, please visit www.TOTEServices.com.
About California State University Maritime AcademyEstablished in 1929, California State University Maritime Academy is the only degree-granting maritime academy on the West Coast. Located in Vallejo, California, the 92-acre campus offers undergraduate degrees preparing students for careers in engineering, transportation, international relations, business, and global logistics. Cal Maritime also offers a master's degree in transportation and engineering management with three areas of concentration: transportation, engineering management, and humanitarian disaster management, as well as many extended learning programs and courses. Cal Maritime uses the four points of the compass to symbolize our mission and commitment to our students: intellectual learning, applied technology, leadership development, and global awareness. In November of 2024, the California State University Board of Trustees voted to integrate California Polytechnic State University (Cal Poly) & Cal Maritime.
View original content to download multimedia:https://www.prnewswire.com/news-releases/keel-laying-held-for-nsmv-v-the-fifth-and-final-national-security-multi-mission-vessel-in-the-fleet-302393744.html
SOURCE TOTE Services
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 hours ago
- Yahoo
New York Crypto Tax Could Generate $158 Million a Year, Says Lawmaker
New York Assemblymember Phil Steck introduced legislation on Wednesday that would generate sweeping tax revenues from cryptocurrency transactions across the state. Under Bill A0966, the Empire State would immediately impose a 0.2% excise tax on crypto transactions, using the proceeds to help schools combat substance abuse in upstate New York, where the opioid epidemic has severely impacted communities for years. In a bill memo shared with Decrypt on Friday, Steck estimated that the levy would generate $158 million in annual revenue from 'crypto investors [that] are driven by a single motive: the desire for quick and instant wealth.' 'The funding shall be used to expand the substance abuse prevention and intervention program to schools in upstate New York,' a separate description of the bill states. Steck, a Democrat, chairs New York's Standing Committee on Alcoholism and Drug Abuse, and the group oversees the state's Office of Addiction Service and Supports, which serves over 730,000 individuals per year, according to an annual report. In 2023, 33 out of every 100,000 New Yorkers lost their lives to drug overdoses, the report notes. The legislation comes as some states push forward with other crypto-related initiatives to assist schools as well, like Wyoming, where cash generated by the reserves of its soon-to-be-released stablecoin will get swept into the Cowboy State's education fund. As of 2023, cryptocurrencies like Bitcoin were treated as cash equivalents for tax purposes in New York, among seven other states, including California, according to Bloomberg Tax. A more recent tax guide from crypto accounting software firm Bitwave says that digital assets are already subject, like other assets, to capital gains tax, gift tax, and estate tax in New York. Wyoming's Stablecoin Billed as Yield-Bearing Alternative to CBDC Control In its initial form, the scope of Steck's bill is broad, with tax implications for NFTs, digital assets obtained through mining and staking, as well as stablecoins, based on its text. The New York Department of Financial Services, which regulates crypto firms through its BitLicense regime, would not provide Steck with data on the volume of crypto transactions, his memo notes. In a quarterly report, the regulator said it supervised 845 million transactions across 20 total institutions in 2024, but did not include the dollar amount. The data likely doesn't capture residents' crypto transactions as well, so Steck found a workaround: He took the dollar-value of cryptocurrency that crypto analytics firm Chainalysis said was sent to the U.S. between July 2022 and June 2023, roughly $1 trillion, and adjusted that based on New York's share of U.S. GDP in 2024, yielding $79 billion. Ethereum ETF Inflows Outpace Bitcoin ETFs for Fifth Straight Day That number could be higher, with New York City serving as the epicenter of the financial world and home to a growing number of crypto-native firms like stablecoin issuer Circle, crypto exchange Gemini, and institutional firm Galaxy Digital. Steck highlights scrutiny that the digital assets industry faced following the collapse of crypto exchange FTX in 2022, saying it has been 'vulnerable to fraud and scams.' The memo lists Gemini, among other firms, as companies that were accused of defrauding clients. Decrypt reached out to Gemini for comment, but did not receive a response. Gemini to Pay Another $50 Million in Latest Settlement Over Earn Program New York State Attorney General Letitia James recovered $50 million worth of digital assets from Gemini through a settlement last year, after accusing the exchange of misleading investors about risks associated with its Earn platform. In 2023, James brought a lawsuit against the exchange, bankrupt crypto lender Genesis, and crypto conglomerate Digital Currency Group for allegedly defrauding 230,000 investors out of more than $1 billion. Steck's memo also highlights the enormous amount of energy that computers consume when participating in the process of mining, or validating Bitcoin transactions, describing the environmental impacts of cryptocurrencies as 'another downside.' Sign in to access your portfolio
Yahoo
2 days ago
- Yahoo
July Retail Sales in Line With Expectations
It's a big morning for economic data this Friday, with U.S. Retail Sales and Import/Export Prices for July and Empire State manufacturing for August. Pre-market futures have not moved much on the news — the Dow is +270 points, the S&P 500 is +8 and the Nasdaq -20 points — but bond yields have moved around a bit, first ticking up 2 points on the 10-year and 2-year, and now down two basis points (bps). Retail Sales In-Line, Off Hotter Revisions U.S. Retail Sales last month came in as expected at +0.5%, cooler than a more heated +0.9% in June, which was revised up 30 bps to +0.9%, the second-highest level of the year. Subtracting auto sales for July, we were in-line with estimates at +0.3%, down half a full point from the upwardly revised +0.8% the previous month. Ex-autos and gas, we ratchet down further: +0.2%, the lightest we've seen since May, again off an upwardly revised +0.8% from June. The Control print (core Retail Sales, which finds its way into prominence in other economic data like Personal Consumption Expenditures [PCE]) was also +0.5% for July, down from the 30-bps upward revision in June to +0.8%. Imports Heating Up, Exports Cooling Off July Import Prices jumped much higher than expected to +0.4% from a consensus estimate of 0.0%. This follows a downward revision from the prior month: to -0.1% from +0.1% reported a month ago. This +0.4% print is the hottest level since April 2024. Subtracting fuel prices, +0.3% is the figure, up from the downwardly revised -0.2% from June. Year over year, we're now three-straight months at -0.2%.Exports for July went the opposite direction: +0.1%, from +0.5% reported for June. Year over year, Exports are down to +2.2% from +2.6% from the month-ago report. Generally speaking, this is a suboptimal position on trade: paying more for Imports while getting less for Exports. Then again, one month's worth of data does not a trend bigger question is that which is asked while looking through the prism of tariffs: who's paying them? If Import Prices are going up, this is a signal that U.S. trading partners are not absorbing tariff costs — otherwise this metric would be trending down, not up. Again, we won't make too much of July trade data, but we should be paying attention to these numbers closely as time unfolds. Empire State Numbers Higher than Expected The monthly manufacturing report for New York State — the Empire State Index — came in higher than expected at 11.9, which is the second highest month since November of last year. It's also the second-straight positive Empire State number after four straight months in the negative. This is regional data on the goods-producing side, but just like trade data, it's worth keeping an eye on as our economy continues to transition. What to Expect from the Stock Market Going Forward The S&P 500 looks to keep its winning streak alive, establishing new record closing highs for the majority of the week so far. There is more econ data coming out 15 minutes before and a half hour after today's opening bell, which is worth considering as well. Next week brings us a number of housing data reports and, later in the week, the Jackson Hole Economic Symposium, where all eyes will be on Fed Chair Jerome Powell as he discusses potential rate cuts at the Fed's September meeting. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Yahoo
Carbon Credit Market Valuation is Skyrocketing to Reach US$ 4,983.7 Bllion By 2035
Dominated by compliance mandates and high prices, the carbon credit market sees a major shift. Corporate demand is pivoting from avoidance to verifiable, high-cost carbon removal, driving investment in technology and nature-based project integrity. Chicago, Aug. 14, 2025 (GLOBE NEWSWIRE) -- The global carbon credit market was valued at US$ 1,142.40 billion in 2024 and is expected to reach US$ 4,983.7 billion by 2035, growing at a CAGR of 18% during the forecast period 2025–2035. The narrative of the carbon credit market is one of explosive growth and increasing sophistication. The market's foundational metrics underscore a sector moving decisively into the financial mainstream. In 2023, the value of the voluntary carbon market (VCM) was firmly established at approximately $2 billion. Projections for the coming years are even more staggering, with forecasts anticipating a market value between $10 billion and $40 billion by 2030. This financial expansion is built on tangible activity; a total of 155 million carbon credits, each representing a metric ton of CO2, were retired in 2023, while the total volume of traded credits reached 258 million. Download Sample Pages: The scale of the supply side is equally impressive, with more than 5,000 active carbon credit projects registered globally as of early 2024. A pivotal development is the work of the Integrity Council for the Voluntary Carbon Market (ICVCM), which began approving the first programs meeting its Core Carbon Principles (CCP) in late 2023. These CCP-labeled credits are forecast to trade at a significant premium, with initial estimates suggesting a potential value increase of over $3 per ton, signaling a market that is actively rewarding integrity. Key Findings in Carbon Credit Market Market Forecast (2035) US$ 4,983.7 billion CAGR 18% Top Drivers Increasingly stringent government regulations and ambitious national climate targets. Growing corporate net-zero commitments and investor pressure for ESG performance. Rising global carbon prices making emission reduction projects more viable. Top Trends Shift in demand from avoidance to permanent carbon removal credits. Development of digital MRV for enhanced transparency and credit integrity. Standardization of contracts and rapid growth of exchange trading platforms. Top Challenges Lack of a single, globally accepted standard for credit quality. Concerns over greenwashing and the integrity of offset project claims. Scaling carbon removal technologies to meet massive future market demand. Corporate Decarbonization Strategies are Now Fueling Unstoppable Carbon Credit Market Demand Corporate net-zero commitments are the primary engine of demand within the voluntary carbon credit market. In 2023, corporations showcased their commitment by purchasing and retiring at least 161 million carbon credits. This trend is anchored by a broader movement towards accountability; as of 2024, over 5,200 companies have set climate targets with the prestigious Science Based Targets initiative (SBTi). A forthcoming policy change from the SBTi is expected to allow the use of carbon credits to abate up to 10% of a company's Scope 3 emissions, a landmark decision that could unlock billions in new demand. An analysis of purchasing trends reveals specific sector leadership. Companies in the energy sector were the single largest buyers in 2023, acquiring over 33 million credits. The financial services industry was the second-largest participant, purchasing more than 16 million credits. This external purchasing is increasingly complemented by internal corporate policy, with over 400 companies worldwide having implemented an internal carbon price as of 2024, creating a powerful, built-in mechanism for driving decarbonization investments. The Enduring Financial and Environmental Appeal of Nature-Based Carbon Credit Solutions Within the diverse portfolio of available credits, nature-based solutions (NBS) remain the dominant and most valuable category. In 2023, nature-based credits accounted for the largest share of market value, representing over $1.3 billion in total transactions. This financial weight is supported by immense volume, with credits from forestry and land-use projects seeing transaction volumes of 163 million credits during the same year. Quality within this segment is fetching significant premiums; the price for top-tier nature-based credits, particularly those from afforestation and reforestation projects, frequently surpassed $15 per ton in 2024. The carbon credit market is also quantifying the value of positive externalities. Projects delivering biodiversity co-benefits, certified under rigorous standards like the Climate, Community & Biodiversity (CCB) Standards, can command a price premium of over $2.50 per ton. Looking ahead, the potential of blue carbon projects, which focus on coastal and marine ecosystems, is immense, with a scientifically estimated sequestration capacity of up to 1.39 billion tons of CO2 annually. Technological Carbon Removal Emerges as a High-Value, Long-Term Investment Frontier A new frontier of high-integrity, durable carbon removal is rapidly gaining traction and investment in the carbon credit market. As of early 2024, the total amount of durable carbon removal contracted through long-term offtake agreements had already reached 6.7 million tons of CO2. While nascent, this segment is defined by its value and permanence, with the average price for a technologically removed ton of carbon via methods like Direct Air Capture (DAC) standing at approximately $600 in 2023. This high price point has not deterred visionary corporate buyers. Frontier, an advance market commitment led by Stripe, Alphabet, and Meta, has pledged over $1 billion to purchase permanent carbon removal credits. Tech giant Microsoft has backed its commitments with capital, having already contracted for over 2.6 million metric tons of carbon removal across its portfolio as of 2023. This investment is translating into operational assets; Climeworks' Mammoth DAC plant, which came online in 2024, is designed to capture 36,000 tons of CO2 per year, proving the technology's commercial viability. Aviation Sector Compliance Mandates Create a Significant and Reliable Demand Floor The international aviation sector represents a formidable and legally mandated source of credit demand in the carbon credit market . Projections show that the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is set to create demand for 64 to 158 million carbon credits in the year 2025 alone. The global reach of this program underpins its market impact; in its first official phase (2024-2026), 115 countries are participating in CORSIA, representing the vast majority of international aviation activity. This compliance-driven demand has created a distinct asset class, with the price of CORSIA-eligible credits (CECs) trading at around $7 per metric ton in early 2024, establishing a reliable price floor for qualifying projects and providing a steady source of demand for the foreseeable future. A Globalized Market Characterized by Strong Regional Demand Centers of Gravity While global in scope, demand within the voluntary carbon credit market is concentrated in several key economic regions. North American companies currently lead the world as the largest source of demand, having retired a massive 66.8 million credits in 2023. Following closely, European companies demonstrated their strong commitment to climate action by retiring 52.4 million credits during the same period. However, the market's future growth is increasingly tied to emerging economies. Demand from companies in Asia is expanding rapidly and is now a major force, with a notable 28.1 million credits retired in 2_023, signaling a geographic diversification that will continue to shape the industry's future._ Analyzing the Supply-Side Dynamics and Issuance Trends of Carbon Credits A healthy carbon credit market requires a robust supply, and the issuance of new credits is keeping pace with demand growth. In 2023, the issuance of new carbon credits in the voluntary market reached 255 million. Geographically, India has emerged as a powerhouse of supply, becoming the largest single source of issued credits in 2023 by placing over 60 million credits onto the market, a volume largely driven by its renewable energy projects. Despite record retirements, the pipeline of available credits remains strong, providing a buffer for future demand surges. The volume of available, un-retired carbon credits held on registries stood at over 600 million tons at the start of 2024, ensuring ample supply for corporate buyers in the near term. The Financialization and Price Stratification of the Modern Carbon Credit Market The increasing financialization of the carbon credit market is a clear sign of its maturity. Exchange-traded volume has seen a significant increase, exemplified by the CME CBL Nature-Based Global Emissions Offset (N-GEO) futures contract, which now trades millions of tons annually and provides critical price transparency. This market maturity is attracting sophisticated capital; at least 15 new carbon-focused investment funds were launched in 2023, all aiming to invest directly in carbon credit projects and portfolios. This influx of financial acumen is driving a distinct price stratification based on quality. In early 2024, prices for standard renewable energy credits, such as those from India, were trading for as low as 1−1−2 per ton. In stark contrast, S&P Global's Platts assessment for "Premium" nature-based credits exceeded $12 per ton during the same period, confirming that the market is actively pricing in project quality. This trend is accelerating, with the price gap between lower-quality and higher-quality credits having widened to more than $10 per ton by the end of 2023. Tailor This Report to Your Specific Business Needs: Future Outlook: Monumental Investment and Supply Growth Needed to Meet Demand Looking toward the end of the decade, the trajectory for the carbon credit market is one of exponential growth and critical importance. Investment in the underlying project infrastructure is already scaling up, with investment in carbon capture, utilization, and storage (CCUS) projects reaching $6.4 billion in 2023. The demand potential is astronomical. A forecast from BloombergNEF (BNEF) illustrates that if carbon credit use is limited to just 1% of the European Union's total emissions, it would still generate demand for 36 million credits annually. However, the ultimate challenge lies in scaling supply to meet the demands of global net-zero ambitions. To keep the world on track for its 2030 climate goals, expert analysis concludes that the annual supply of carbon credits will need to grow to approximately 1.5 billion tons—a multi-fold increase from today's levels, presenting one of the most significant environmental and financial opportunities of our time. Global Carbon Credit Market Major Players: 3Degrees Atmosfair Climate Impact Partners ClimeCo LLC EKI Energy Services Ltd. Finite Carbon NativeEnergy NATUREOFFICE Pachama, Inc. South Pole Group Tasman Environmental Markets Terrapass Verra Carbon Xpansiv Other Prominent Players Key Market Segmentation: By Type Voluntary Markets Compliance Markets By Source Technology Based Biomass Forest Based Sewage Treatment Plants Wastewater Treatment Plants By Project Type Carbon Avoidance Projects Carbon Removal projects Nature Based Technology Based By Selling Platform Direct Contact Climate Exchange Platforms By Business Size Small and Micro Enterprises Medium and Large Businesses By Industry Power Generation Biomass Geothermal Hydrogen Solar Others Waste Treatment Plant Sewage Treatment Commercial Waste Treatment Industrial Waste Treatment Municipal Solid Waste Others Waster Treatment Cement Oil & Gas Iron & Steel Chemical & Petrochemical Other Industries By Region North America Europe Asia Pacific Middle East & Africa (MEA) South America Want Clarity on Report Coverage? Schedule a Quick Demo Call: About Astute Analytica Astute Analytica is a global market research and advisory firm providing data-driven insights across industries such as technology, healthcare, chemicals, semiconductors, FMCG, and more. We publish multiple reports daily, equipping businesses with the intelligence they need to navigate market trends, emerging opportunities, competitive landscapes, and technological advancements. With a team of experienced business analysts, economists, and industry experts, we deliver accurate, in-depth, and actionable research tailored to meet the strategic needs of our clients. At Astute Analytica, our clients come first, and we are committed to delivering cost-effective, high-value research solutions that drive success in an evolving marketplace. Contact Us:Astute AnalyticaPhone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)For Sales Enquiries: sales@ Follow us on: LinkedIn | Twitter | YouTube CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@ Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
