Energy Market News

Belgian oil tanker company CMB Tech says it will focus on the fast growing market in India as it reported third quarter results above market expectations on Thursday, boosted by vessel disposals as it diversifies its fleet.After last year's Euronav-Compagnie Maritime Belge takeover, the group shifted strategy by selling 24 tankers to Frontline and acquiring CMB.Tech's fleet. It now operates a diversified fleet of around 160 vessels, including dry bulk, container, and chemical tankers…

Belgian oil tanker company CMB.Tech says it will focus on the fast growing market in India as it reported third quarter results above market expectations on Thursday, boosted by vessel disposals as it diversifies its fleet.After last year's Euronav-Compagnie Maritime Belge takeover, the group shifted strategy by selling 24 tankers to Frontline and acquiring CMB.Tech's fleet.

Damen Shipyards, Windcat and CMB.TECH are celebrating the launch of the first of six commissioning service operation vessels (CSOV).The launch marks the inauguration of Windcat’s Elevation Series of offshore wind farm maintenance and support vessels.Damen is constructing all six CSOVs at Ha Long Shipyard in Vietnam. With this first CSOV in the water, Damen will continue with its outfitting and commissioning operations to prepare the vessel for delivery in Q2 2025.Damen, Windcat…

A joint venture between Schoeller Holdings and Deutsche Offshore Schifffahrt has ordered four construction commissioning service operation vessels (C-CSOVs) from the Chinese shipyard for offshore wind and wider offshore energy sector.The construction commissioning service operation vessels (C-CSOVs) have been ordered from CSSC Huangpu Wenchong Shipbuilding, a member of the China State Shipbuilding Group, for delivery beginning in early 2027.The vessels will be able accommodate on board up to 100 technicians…

The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin, Germany, on Monday.The global marine insurance premium base for 2023 was reported as $38.9 billion representing an uplift of 5.9% from the previous year. Development was seen across all lines of business with the offshore energy sector experiencing a 4.6% increase, cargo insurance a 6.2% increase and ocean hull a 7.6%…

Volue and Jua announce a partnership to harness the power of AI driven weather predictionVolue announced a partnership agreement with Jua that the tandem see as revolutionizing weather prediction for the renewable energy market. The partnership will see both companies work together to deliver solutions for forecasting and market insights. Volue will use Jua's weather prediction for fundamental analysis of the energy markets, providing highly accurate production, demand and price forecasts.

Heavy lift and transport services firm Mammoet has entered into agreement to become the exclusive contractor for the provision of heavy lift and transport services at Steel River Quay, which lies at the heart of the Teesworks industrial zone in Teesside.Teesworks is a 2,600-acre site, located on the banks of the River Tees in the Northeast of England, and is central to the Teesside Freeport – the largest freeport in the UK.Steel River Quay will help to serve the UK’s fast-growing offshore wind energy market…

Singapore's Energy Market Authority (EMA) and the Maritime and Port Authority of Singapore (MPA) have shortlisted two consortia for the next proposal evaluation round of an ammonia power and bunkering project, they said in a joint statement on Thursday.The project aims to develop a low- or zero-carbon ammonia project on Jurong Island in Singapore to generate power and explore ammonia as a potential marine fuel.The two shortlisted consortia were Keppel's Infrastructure Division and Sembcorp-SLNG, who will conduct engineering, safety and emergency response studies for the proposed project.The bu

Dutch company Huisman has booked an order for the delivery of a Knuckle Boom Crane for a client in the offshore energy market.The 550mt Knuckle Boom Crane will be equipped with Huisman’s proprietary secondary-controlled Active Heave Compensation System, which features the latest technology in load control for various offshore environments and energy management.The crane’s boom is optimized for versatile operations on a pipelay vessel, offering an extended reach for lifting objects onto the pipelay tower.Huisman’s scope of work includes the complete range of engineering…

Classification society ABS announced it has awarded approval in principle (AIP) to Houston-based CLS Wind for its innovative wind turbine assembly system.The patented elevator style assembly system promises easier, safer and faster wind turbine and nacelle installation and maintenance, without the use of large cranes and heavy-lift barges or vessels.ABS said it completed design reviews based on class and statutory requirements.“This is an exciting milestone for CLS Wind and domestic renewable energy production. ABS is committed to supporting the U.S.

Dutch offshore vessel owner Acta Marine has announced the expansion into French maritime and offshore energy market with the newbuild construction service operations vessel (CSOV) named Acta Pegasus.The fourth vessel in Acta Marine’s fleet, currently under construction in Turkey, will fly the French flag, showcasing the company’s commitment to the French maritime industry and the intention to further strengthen its foothold in France.The CSOV, named Acta Pegasus, is of Ulstein SX216 design, and features an optimized hull and ability to use (e- )methanol as main fuel According to Acta Marine, t

Shipowner and shipping fund manager Pelagic Partners announced it has teamed up with asset management firm Borealis Maritime to invest in a pair of platform supply vessels (PSV).Built in 2021, the 89-meter Aurora Coey – formerly Viking Coey – and Aurora Cooper – ex-Viking Cooper – are both dual-fuel and capable of operating on liquefied natural gas (LNG), as well as being ammonia-ready. The ice-class sister vessels are fitted with hybrid battery power, and Low Loss Concept (LLC) solutions that further reduce emissions…

Saipem and Fincantieri have signed a memorandum of understanding (MoU) to evaluate commercial and industrial opportunities for cooperation in the field of autonomous subsea vehicles (AUV) and their integration with surface and underwater units.The MoU is among the initiatives aimed at promoting and developing Italy’s national excellence in the underwater sector.The agreement aims to enable the two companies to participate in major programs in the Italian and international markets in the area of surveillance and control of critical underwater infrastructure and rescue activities…

Norwegian shipbuilder and ship designer Ulstein has developed a new subsea vessel - ULSTEIN SX232 – designed to service the offshore wind market for floating and fixed installations as well as offshore oil and gas industry.Designed for walk-to-work operations in the offshore energy market, the ULSTEIN SX232 features an optimizes hull based on the ULSTEIN TWIN X-STERN design.The vessel is equipped with smart power and propulsion system developed to minimize energy consumption during DP operations and an integrated energy recovery system utilizing all the waste heat in the machinery systems…

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

Chee Hong Tat, Singapore’s Acting Minister for Transport, announced a record year in 2023 at a Singapore Maritime Foundation New Year Conversations event.The annual vessel arrival tonnage in the Port of Singapore crossed three billion gross tonnage (GT) for the first time, increasing by 9.4% over 2022 and setting a high of 3.09 billion GT in 2023. This reflects growth in all segments, including container ships, dry bulk carriers, liquid bulk and chemical tankers, ferries and specialised vessels…

Dutch offshore survey firm Fugro has reached an agreement to acquire two platform supply vessels (PSVs), Sea Goldcrest and Sea Gull, which will be converted to geotechnical vessels to address the needs of growing offshore wind sector.The addition of the Sea Goldcrest and Sea Gull, built in 2019 and 2020 respectively, to its owned fleet will further strengthen Fugro’s ability to address the market demands and shortage in geotechnical capable vessels, the company said.With the purchase of these strategic assets Fugro will operate a balanced fleet of owned and chartered vessels…

Dutch offshore survey firm Fugro will convert the Fugro Resilience and the Topaz Endurance, two ULSTEIN PX121 platform supply vessels (PSVs), to geotechnical vessels, targeting their deployment in the global offshore renewable energy market.Fugro acquired the two platform supply vessels, the Topaz Endurance and the Topaz Energy (renamed Fugro Resilience), in February 2023.Ulstein Design & Solutions AS is responsible for the redesign of the two vessels, and on September 22, 2023, Fugro awarded Ulstein Verft a contract to convert the Fugro Resilience. Both vessels were built in 2015.

The international shipping industry as a whole is responsible for 2% to 3% of global greenhouse gas emissions, and if nothing changes, those will increase by 250% by 2050, according to the International Maritime Organization (IMO). Sobering numbers like these have made reducing emissions across the sector a focus for governments, shipbuilders, environmentalists, vessel owners and technology suppliers alike.The United States federal ship fleet, excluding combat ships, consists of various types of vessels utilized for civilian purposes. This fleet of vessels makes the U.S.

A tanker containing liquefied natural gas (LNG) that originated from a Russia supplier and was loaded onto a Gunvor Group-chartered vessel off the coast of France was turned away this week by Argentine energy firm Enarsa, according to officials.The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14.The rejection is one more sign of the energy market upheavals since Russia’s invasion of Ukraine last year and of a growing wariness of buyers involving even authorized deals with Russia-originated fuels.

Germany-based Bernhard Schulte Offshore has awarded Norway's Ulstein Verft a contract for the design and construction of two Commissioning Service Operation Vessels (CSOVs) of the ULSTEIN SX222 design. The contract includes options for four additional vessels.The vessels, which utilize the TWIN X-STERN design, feature two sterns and main propellers at both fore and aft, which, Bernard Schulte Offshore says, makes them an ideal choice for Dynamic Positioning (DP) operations. "Regardless of whether the vessels are facing towards or away from the weather…

Norwegian offshore vessel operator Solstad Offshore has officially exited the platform supply vessel business.Namely, the company on Wednesday completed the sale of its PSV fleet to the U.S. offshore vessel firm Tidewater for approximately $580 million. The transaction, first announced in March, was completed Wednesday, with all 37 platform supply vessels, primarily used for transporting essential supplies and equipment to offshore oil and gas platforms and drilling rigs, successfully delivered to Tidewater…

Norwegian offshore vessel owner Solstad Offshore has revealed the expected completion date for its previously agreed sale of 37 platform supply vessels to the U.S. offshore vessel firm Tidewater.Solstad Offshore in March said it would sell 37 PSVs to Tidewater in a move that will mark Solstad Offshore's exit from the platform supply vessel sector.In a statement on Wednesday, Solstad Offshore said the transaction was scheduled to be completed in "week 27." Given that we're currently in week 26 of 2023…