Contracts on offer to shipowners in the offshore wind industry are generally not long enough to justify the major capital outlay for dedicated vessels, according to the CEO of shipowner P&O Maritime Logistics (POML).

The failure to do so has led to traditional shipping financiers avoiding investing in newbuildings to build and service the industry, Martin Helweg told TradeWinds.

In 2020, his Dubai-based company secured contracts worth $30m for a cable-layer and two subsea construction vessels to help develop projects off Taiwan.