Energy Markets News

Sea1 Offshore, formerly Siem Offshore, has entered into shipbuilding contracts with Cosco Shipping (Qidong) Offshore for two new offshore energy support vessels.Based on ST-245 design, the vessels will have capabilities to serve both oil and gas and renewable energy markets.The vessels will be equipped with some of the most fuel-efficient solutions in the market, according to Sea1 Offshore.Generators, battery packages and thruster configuration are fine-tuned and include the latest technology available.The vessels are methanol ready and the generators can run on 100% biofuel.

Strong confidence in the offshore vessel market has seen orders placed in the previous market upcycle re-activated to take advantage of renewed investor interest, according to a new report from Maritime Strategies International (MSI).In its third quarter offshore support vessel (OSV) sector report MSI notes that of the 17 vessels delivered to date in 2024, 13 were ordered more than a decade ago, leaving just over 50 vessels still pending from the previous upcycle, some of which…

Just shy of 10 years old, United Heavy Lift (UHL) recently welcomed its 19th ship to the fleet, an F900 eco-lifter. In advance of the ship delivery festivities in mid-July, we had the chance to chat with Andreas Rolner, Managing Director of UHL, a man who with his father parlayed cumulative experience in the heavy lift business into one of the world’s largest heavy lift companies.“Shipping has always been a part of my DNA,” said Andreas Rolner, noting his family moved from Denmark to Germany when he was a young boy, and his father Lars joining SAL back then in 1980.

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.

Crown LNG Holdings, a provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, has selected IKM Engineering & Environmental Consultants (IKM) as its partner for the design and engineering of a floating LNG import terminal in the Firth of Forth, Scotland.The partner appointment represents a critical milestone as Crown LNG advances toward Final Investment Decision (FID) for the Grangemouth project, the company said.The Grangemouth project…

Esgian provides an update on the current lull in contracting in its Week 27 Rig Analytics Market Roundup.Report SummaryContractsAban Offshore-owned 250-ft jackup Aban II has received a letter of award (LOA) from Oil India for an offshore work program in Andhra Pradesh, India.Shelf Drilling North Sea has secured a new 17-month contract for the 400-ft Shelf Drilling Winner (previously known as Noble Sam Turner) jackup rig with TotalEnergies EP Denmark.Drilling Activity and DiscoveriesThe…

The consortium consisting of UK and Canadian companies, led by Aqua superPower and BlueGrid, have launched the first transatlantic vessel-to-grid (V2G) project that will deploy bi-directional chargers and electric vessels in U.K.’s Plymouth and Canada’s Halifax.The $2.3 million (£1.8 million) CanUK V2G project will feature bi-directional charging technology which lets electric vessel batteries both receive and supply energy, cutting carbon emissions, slashing e-vessel costs, boosting grid flexibility…

Maritime services company Boluda Towage on Wednesday announced it has acquired France-based Les Abeilles International.Les Abeilles provides maritime rescue response services, with coverage along the French and Northern European coasts. Boluda Towage said the acquisition will enhance its capacity to act in case of offshore spills, with highly qualified equipment and state-of-the-art technology. Boluda Towage will also emerge as a new player in the wind energy markets, supporting the construction and maintenance of offshore wind farms.Through the acquisition…

2024 marks 50 years of ship design work for Kongsberg Maritime. From setting the benchmark that set the standard for offshore supply vessels in the 1970s, to advanced anchor handlers that transformed the oil and gas industry, and a growing reference list in fishery and merchant ships, Kongsberg Maritime’s range of ship designs has continued to evolve over the past five decades.The early 1970s, at the dawn of the offshore oil and gas industry, saw the very first vessels, designed…

Demopolis Lock—which suffered a recent catastrophic failure—is a cautionary tale for other locks and those in Congress and the White House who may fail to see the urgency and importance of investing in the inland waterways system.The nation’s inland waterways lock and dam infrastructure, largely constructed in the 1930s, has seen modernization and rehabilitation across the system, albeit very slowly. Despite those efforts, lock failures continue, and the risk of failure persists.While…

A record year for building new wind farms and a rebound in investments in the sector have raised hopes that the EU may achieve its clean energy targets, industry group WindEurope said on Wednesday.In an annual report, WindEurope described 2023 as a year of "significant improvements" in key areas of Europe's wind energy sector, which struggled in 2022 with soaring inflation, interest rates and volatile energy markets after Russia invaded Ukraine.Investments in European offshore wind last year jumped to 30 billion euros, up from the scant 0.4 billion euros that were invested in 2022.

Russian energy company Novatek said on Sunday it had been forced to suspend some operations at a huge Baltic Sea fuel export terminal due to a fire started by what Ukrainian media said was a drone attack.The giant Ust-Luga complex, located on the Gulf of Finland about 170 km (110 miles) west of St. Petersburg, is used to ship oil and gas products to international markets. It processes stable gas condensate - a type of light oil - into light and heavy naphtha, kerosene and diesel to be shipped by sea.It was not clear how long the disruption would last…

Yemen's Houthi movement will expand its targets in the Red Sea region to include U.S. ships, an official from the Iran-allied group said on Monday, as it vowed to keep up attacks after U.S. and British strikes on its sites in Yemen.Attacks by the Houthis on ships in area since November have impacted companies and alarmed major powers in an escalation of Israel's more than three-month war with Hamas militants in Gaza. The group says it is acting in solidarity with Palestinians.British…

Bureau Veritas Solutions Marine & Offshore (BVS) and ENGIE have established a partnership to provide advisory and hedging services to support shipowners, operators, and charterers with reducing GHG emissions.The partners will develop a suite of advisory and market access services to help shipping interests to understand upcoming regulatory requirements, manage their risk and identify the optimal low-carbon emissions roadmap for their operations.This partnership will combine the experience of ENGIE’s entity Global Energy Management & Sales (GEMS) in the analysis and trading of energy products…

As maritime faces transcendent changes in terms of decarbonization and automation, Juha Kytölä, Director of R&D and Engineering, Wärtsilä, discusses how this Finnish maritime technology powerhouse is investing in the technologies and facilities that will drive the maritime industry for the coming generation, including insights on its unique arrangement for a future fuel engine testbed onboard Wasaline’s MS Aurora Botnia.To start off, can you give a scope of the Wärtsilä R&D investment?We invest heavily in research and development, about 4.1% of our annual turnover.

Japan will stress the importance of investment in natural gas, liquefied natural gas as well as cleaner fuels such as hydrogen and ammonia during its presidency of the G7 this year, a source said, but would keep it clean to meet 2050 carbon neutral goal.Japan, president of the rich-country grouping for 2023, will hold a ministerial meeting on climate, energy and environment in the city of Sapporo on April 15-16, ahead of the main G7 summit in Hiroshima on May 19-21.Japan expects global energy markets to remain tight for years and it would "emphasise investment into natural gas…

Container shippers are ordering vessels powered by methanol to reduce greenhouse gas emissions, but it will take years for renewable methanol output to meet demand and for costs to fall, industry executives said.The first green methanol-fuelled container ship, owned by A.P. Moller-Maersk, sailed from South Korea in July. The number of such vessels is expected to exceed 200 by 2028, up from 30 this year, consultancy DNV forecasts.Container giants such as A.P. Moller-Maersk, CMA CGM and XpressFeeders dominate the order books.

Crown LNG Holdings AS, a provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, has agreed to merge with Catcha Investment Corp, a publicly traded special purpose acquisition company, that would result in Crown becoming a U.S. publicly listed company. The combined company, named Crown LNG Holdings Limited (“PubCo”), intends to apply to list its shares on the New York Stock Exchange under the new ticker symbol “CGBS”.Crown designs and…

A new documentary produced by a consortium of public broadcasters in Sweden, Denmark, Finland and Norway has revealed what appears to be a profound threat to maritime and undersea energy and data infrastructure in the North Sea and the Baltic region. The Shadow War includes footage of a Russian research vessel called Admiral Vladimirsky allegedly collecting data on windfarms, gas pipelines, power and internet cables.The film, which has been widely reported in the UK press this week, asserts that Russia is systematically mapping the vulnerabilities of maritime infrastructure in the North Sea.

Tina Revsbech will join Maersk Tankers as its new CEO, replacing Christian M. Ingerslev, who has been appointed CEO of Maersk Supply Service.Revsbech brings to the role more than 30 years of industry experience. She was previously executive vice president at Fednav Limited, CEO at BW Tankers and senior vice president at Torm. Earlier in her career, Revsbech worked for more than 15 years for Maersk Tankers as head of chartering and Head of Maersk Tankers for Americas and Singapore, respectively.Chair of the Board of Directors, Robert M.

As Europe turns to renewable sources to diversify energy supplies away from Russian oil and gas, a peaceful marine scene conceals a billion-dollar security headache.Rising above the Baltic Sea less than 10 km (6 miles) off the coast of Denmark, 161 wind turbines spin slowly. They supply around 4% of the country's power, sent to shore through two cable connections.The turbines have no barriers or surveillance."Our technicians are only here until five o'clock in the afternoon, then they go home…

DNV has awarded an Approval in Principle (AiP) to HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and its subsidiaries HD Hyundai Heavy Industry (HD HHI) and Hyundai Mipo Dockyard (HMD) for their new hydrogen system.HD KSOE aims to complete the development of the hydrogen carrier technology that enables large-capacity hydrogen transportation and storage by around 2030.HD KSOE's new system utilizes boil-off gas from hydrogen transport for a hybrid propulsion system, integrating hydrogen dual-fuel engines and fuel cells.

The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime the Treasury Department said will make it harder for Russian exporters to bypass the cap.The Treasury also imposed fresh sanctions on a ship manager owned by the Russian government and three oil traders involved in Russian oil trade.The Group of Seven (G7) industrialized countries last year imposed a price cap of $60 per barrel on Russian oil shipments in…