Page 25: of Marine News Magazine (November 2021)

24 26

Column

Offshore Wind on the hope of a future opportunity materializing; they are made when there is a letter of intent, a contract, and take-to-the-bank assurance that demand exists to recoup the invest- ment in a long-lived asset.

Third, business risk must be shared and distributed between offshore wind and maritime. It is highly un- usual for a vessel owner to build a $100 million-plus vessel on spec and wait to see if anyone wants to take it for a spin. The simplest way to share business risk is a long-term contract.

And fourth, offshore wind and maritime need to collaborate to foster certainty and ef? ciency in the market.

A substantial part of creating the de- mand that stimulates investment in new vessels will be enabling the timely approval of offshore wind projects, and American maritime must be a full partner to offshore wind not only in developing vessel solutions to meet logistical needs, but also in bringing about the new American offshore wind industry that will bene? t our nation’s environment and economy. AWO was proud to partner with other organiza- tions in support of full funding for the

Port Infrastructure Development Pro- gram to build out offshore wind ports in the United States, and we all must seize future opportunities for fruitful partnerships between the two indus- tries, on both the business and public policy fronts, to continue building the infrastructure and workforce needed to make this effort successful.

Following these steps will help build an enduring American offshore wind market to provide our nation with an abundant supply of clean energy. www.marinelink.com MN 25|