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Alternative Fuels, Newbuilds and Retrofits are Key to Marine Industry Growth
The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028 at a CAGR of 1.43%, according to research from Fortune Business Insights.From transportation vessels to workboats to marine construction ships, companies want to grow their business, stay current with new technologies, gain a competitive edge and be good stewards of our environment.Current marine market trends include adoption of alternative fuels…
Germany Completes Construction of Floating LNG Terminal
Germany on Tuesday completed construction of its first floating terminal for liquefied natural gas (LNG) at the North Sea port of Wilhelmshaven as it scrambles to secure more LNG and move away from Russian pipeline gas."The new LNG landing place is a big step towards a secure energy supply," said Lower Saxony economy minister Olaf Lies in a statement.A floating storage and regasification (FSRU) unit…
Freeport LNG to Miss Restart Target for Fire-damaged Texas Export Plant
The owner of the second-largest U.S. liquefied natural gas (LNG) export plant has not yet provided regulators with a final repair plan, according to a person familiar with the matter, likely pushing any restart into the first quarter of next year.The outage since a fiery explosion in June has underscored the global demand for new gas supplies and required major LNG traders and customers of the roughly…
Gallery: Mozambique's Coral Sul FLNG Ships First LNG Cargo
The Italian oil and gas company Eni, the operator of the the Coral South project offshore Mozambique, said Monday that the first shipment of LNG produced from the Coral gas field, in the ultra-deep waters of the Rovuma Basin, had departed from the Coral Sul FLNG facility.The Coral Sul is Mozambique's first LNG project and first floating LNG facility ever deployed in the deep waters of the African continent.Built by Samsung Heavy Industries in South Korea…
Crude Exports Lift Port of Corpus Christi to Q3 Tonnage Record
The Port of Corpus Christi reports it set another tonnage record in the third quarter of 2022, driven in large part by record exports of crude oil.The new quarterly tonnage record of 48.3 million tons surpassed the previous tonnage record set in the second quarter of 2022 of 46.4 million tons, a 4% increase on overall tonnage. The growth primarily was a result of strong exports of United States produced crude oil to Western European buyers who have moved away from Russian crude imports. The U.S.
Snam Confirms 2022 Guidance, aims to boost Italy's Gas Storage & Transport Facilities
Italian gas grid operator Snam confirmed on Thursday its guidance for full-year net profit after reporting a rise of 10% in nine-month revenue to 2.4 billion euros ($2.41 billion).
Furetank and Algoma Order Four More Ships for FureBear JV
Swedish Furetank and Canadian Algoma Central Corporation expand the FureBear joint venture to include eight climate-friendly, dual-fuel product tankers to trade in Northern Europe.The 50/50 owned joint venture was announced in August and is now extended with four additional 17,999 DWT tankers, bringing the total investment to eight vessels.Like the initial four vessel order, the additional four ships will be constructed at China Merchants Jinling Shipyard in Yangzhou, China.
Partners to Produce Bio-LNG as Marine Fuel
Three companies from very different sectors have joined forces to achieve a decentralized production of bio-LNG designated for use as a clean marine fuel. The partners Attero, Nordsol and Titan met at the site for the plant – located at the facility of waste processor Attero in Wilp, the Netherlands – where the final investment decision was made and where building can now begin.The FirstBio2Shipping project is set to deliver the first bio-LNG in early 2024.
Inflation Hits Vessel Operating Costs -Drewry
Vessel operating cost inflation has accelerated in 2022 on mounting worldwide macroeconomic price pressures, despite some receding of Covid-19 related costs, according to the latest Ship Operating Costs Annual Review and Forecast 2022/23 report published by global shipping consultancy Drewry.Drewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report rose for the fifth consecutive year to reach $7,474 in 2022, a rise of 2.2%.
ABS Grants AIP for HHI's Hi-ReGAS+ Regasification System
Classification society ABS announced it has awarded approval in principle (AIP) for a next-generation, highly efficient concept of a regasification system (Hi-ReGAS+) for floating storage regasification units (FSRUs) and floating liquefied natural gas (LNG) terminals that uses natural circulation.The technology was developed by Korea Shipbuilding & Offshore Engineering (KSOE), the intermediate holding company of Hyundai Heavy Industries Group…
Italy's Emilia Romagna Backs New FSRU Terminal in Ravenna
Italy's Emilia Romagna region has approved a project for a new floating LNG terminal off the coast of Ravenna in the upper Adriatic sea, it said on Monday, part…
MISC, Partners Secure Five Newbuild LNG Carriers
MISC Berhad (MISC), through its wholly-owned subsidiary, Portovenere and Lerici (Labuan) Pte Ltd (PLL), together with its consortium partners, Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha, Ltd. (K-Line) and China LNG Shipping (Holdings) Limited (CLNG), have been awarded long-term time charter contracts by QatarEnergy for five additional newbuild Liquefied Natural Gas (LNG) carriers to be built by Hudong-Zhonghua Shipbuilding (Group) Co.…
BP Hires Siem Offshore's Battery Hybrid PSV for Operations in Canada
Norwegian offshore vessel owner Siem Offshore has secured a 4-6 month contract starting in the second quarter with BP in Canada. The battery hybrid PSV Siem Symphony will mobilize to Canada for the contract. Siem Symphony was last in Canada in 2019. Since then, the large platform supply vessel powered by LNG/MGO, has been upgraded with a 560kWh battery, which over the past year has reduced CO2 emissions by more than 1000t and saved more than 350m3 of fuel…
Ecospray's MCFC Tech Gets RINA Nod
Ecospray has informed that RINA has confirmed that the CO₂ reduction achieved by the new Molten Carbonate Fuel Cells (MCFC) technology for Carbon Capture (CC) in shipping, developed by Ecospray, matches the expected targets announced by the company at the beginning of the project.Ecospray chose to use bio-LNG as fuel for the MCFC technology. The MCFC can be fueled with hydrogen, methanol, ammonia, fossil LNG…
Matson Orders Three LNG-fueled Containerships from Philly Shipyard
U.S.-based ocean carrier Matson announced it has placed a $1 billion order with Philly Shipyard for the construction of three new 3,600 TEU Aloha Class containerships.The first vessel is expected to be delivered in the fourth quarter of 2026 with subsequent deliveries in 2027.Matson, which aims to achieve a 40% reduction in Scope 1 fleet emissions by 2030 and net-zero Scope 1 by 2050, said the three…
Teekay Names Speers EVP & CFO
Teekay Corporation announced Vince Lok’s retirement as Teekay’s Executive Vice President and Chief Financial Officer effective January 1, 2023, after nearly 30 years with the company, including the past 16 years as Teekay’s Group CFO.Upon Lok’s retirement, Brody Speers, Vice President, Finance & Treasurer, will be assuming Lok’s responsibilities, along with continuing to oversee Teekay’s Finance, Accounting and Tax teams.
Foreship Makes a Pair of Senior Appointments
Foreship made two senior appointments to grow its design and technology capabilities to support shipping’s sustainable future. From November 1, Joonatan Haukilehto joins Foreship as Lead Consultant, Newbuilds & Decarbonization, while Pekka Pohjanen is appointed Senior Technology Specialist, Sustainability.Based at Foreship’s Helsinki head office, Haukilehto and Pohjanen add extensive expertise in advanced…
NYK to Order Two LNG-Fueled Large Coal Carriers
Japan's NYK is set to order two LNG-fueled large coal carriers from Oshima Shipbuilding Co., Ltd. The vessels are scheduled to be delivered in 2025."This ship order is a part of a bulk carrier fleet development aimed at achieving net-zero greenhouse gas (GHG) emissions in the NYK Group's oceangoing businesses by 2050," NYK said.NYK says that compared to conventional heavy oil-fueled ships, the two new ships will emit zero sulfur oxides (SOx)…
Meyer Turku Delivers Cruise Ship Carnival Celebration
Finnish shipbuilder Meyer Turku on Wednesday delivered the liquefied natural gas (LNG) fueled cruise ship Carnival Celebration to Carnival Cruise Line.Tim Meyer, CEO of Meyer Turku, describes this ship's handover as special in many ways: "First of all, the ship is dedicated to the 50 years of Carnival Cruise Line. Second, Carnival Celebration will begin service immediately after the handover, which tells us that the demand for cruises…
Report: Germany Could Seize Property to Speed LNG Build-out
Germany, racing to end its reliance on Russian gas, plans to introduce new regulation that will make it possible to expropriate property to link offshore liquid natural gas terminals to the grid, Handeslblatt reported. The new law could make it possible to use parts of Gazprom's defunct Nord Stream 1 and 2 pipelines, to link a terminal to the shore.The newspaper said a draft law due to be agreed by…