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Strong Growth News

06 Mar 2024

Hanwha Launches New Affiliate Rounding Off Its Total Shipbuilding Solutions Capabilities

Hanwha Engine Launch Ceremony (Credit: Hanwha)

With the launch of Hanwha Engine, South Korea’s shipbuilder Hanwha has become fully equipped to provide total shipbuilding solutions, including engine production with in-house manufacturing and technology capabilities.Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest marine engine company in terms of market share.According to the company, it will leverage Hanwha Engine’s abundant experience in marine engine production and the synergy among Hanwha affiliates to develop and commercialize eco-friendly fuel engines


05 Feb 2024

Asia LNG Imports Are Robust, But Record Supply Keeps Spot Prices Muted

© vladsv / Adobe Stock

The spot price of liquefied natural gas (LNG) is continuing to meander at low levels amid ample supply from major exporters and signs that winter demand is easing in the top-importing regions of Asia and Europe.The spot price for LNG delivered to north Asia ended at $9.60 per million British thermal units (mmBtu) in the week to Feb. 2, up slightly from the seven-month low of $9.50 the previous week.Spot LNG prices have broken their usual seasonal pattern of rising during the northern winter and again in summer


16 Jan 2024

Trans Global Projects Appoints New Director

Trans Global Projects (TGP) has appointed Dominic Toh as Director, Singapore, as part of its strategy to capitalise on strong growth in the project cargo market of southeast Asia.Toh, who is the company’s second key hire since the start of January 2024, brings nearly three decades of logistics’ experience, including from several major multinational project logistics organisations.Based out of TGP’s Singapore office, Toh will be focused on strengthening the company’s growing presence and project capability in southeast Asia


28 Nov 2023

China Leads Global Renewables Race

©  RamaKrishnaGugulothu / Adobe Stock

Currently on target to reach a record-breaking 230GW of wind and solar installations this year, China leads the global renewables market. This is more than double the number of US and Europe installations combined, according to latest report ‘How China became the global renewables leader’ by Wood Mackenzie.Wind and solar project investment for China is expected to reach US$140 billion for 2023, according to the report’s findings.Alex Whitworth, Vice President, Head of Asia Pacific Power and Renewables research at Wood Mackenzie


18 Sep 2023

Marine Insurance Market is “Strength and Stability in Turbulent Seas”

President Frédéric DenÚfle (source  IUMI)

Opening this week’s International Union of Marine Insurance (IUMI) annual conference in Edinburgh, Scotland, President Frédéric Denèfle explained the conference theme of “strength and stability in turbulent seas” saying it is essentially “business as usual” for marine underwriters.“As marine underwriters, we are used to managing an array of casualties and losses onboard a variety of vessels and in ports and other shoreside facilities. Dealing with the fall-out from natural catastrophes such as earthquakes and weather events are also workaday issues.

22 May 2023

Managing Offshore Oil & Gas Through Energy Transition

Copyright bomboman/AdobeStock

Scientists warn that climate change is the greatest peril that humankind has ever faced. Yet oil and gas exploration is set to clock the highest growth for more than a decade this year and next. Protesters cause disruption but, for the moment, hydrocarbon energy underpins life as we know it“Offshore oil and gas production probably matters now more than ever,” said Audun Martinsen. The Rystad Energy Partner and Head of Energy Research told Maritime Reporter & Engineering News.“It


12 May 2023

Record US Crude Exports, Rising Shale Output Boosts Oil Flow to Houston

Oil pipelines from the top U.S. shale field to Houston that have run half empty are filling again as rising output has absorbed most of the space on lines to the main south Texas export hub in Corpus Christi.U.S. crude exports climbed to a record of about 4.5 million barrels per day (bpd) in March, spurred by recovering Chinese demand and competitive pricing for U.S. oil. Sanctions on Russian crude purchases by the European Union and Britain also have boosted demand.Pipelines


27 Jan 2023

Bio-UV Group Reports 31% Increase in Bio-Sea Revenue

BIO-UV Group company founder, chairman and CEO BenoĂźt Gillmann. Image courtesy Bio-UV Group

BIO-UV Group reported a 31% increase in revenues from its maritime business segment, contributing to full-year consolidated revenues of $56m for the 2022 financial year, confirming the sale of more than 200 BIO-SEA ballast water treatment systems throughout the course of the year."2022 was another year of very strong growth for BIO-UV Group, for both the Land and Marine divisions," said Benoît Gillmann, Founder, Chairman and CEO of BIO-UV Group.“Ultimately, targets were exceeded with $1.6 million more in sales than the $54 million we had anticipated.

16 Nov 2022

BMT Promotes Hedd to Americas Sales Director

Lee Hedd (Photo: BMT)

BMT announced it has promoted Lee Hedd to Regional Sales Director in the Americas, responsible for the expansion of technical and engineering services into new and existing markets including commercial, energy, government and security, and military.“It is a very exciting time for our company as we respond to growing market demands across the region. We can see strong growth potential in all aspects of our business from engineering and environmental consulting through to our energy focused segments.

12 Oct 2022

Propspeed Names Myers VP of Sales Americas

Chris Myers (Photo: Propspeed)

Underwater foul-release coatings company Propspeed announced it has hired Chris Myers as Vice President of Sales Americas. In his new position, Myers is tasked with directing Propspeed’s sales efforts across the Americas, as well as growing and supporting Propspeed’s network of partner boat yards, marinas, applicators and distributors.A marine industry insider for nearly two decades, Myers he has been professionally involved in all aspects of the field, including stints with boat and product manufacturers, holding positions predominantly in sales and finance.

12 Sep 2022

Edda Breeze CSOV Visits Oslo

Credit: Edda Wind

Edda Breeze, the first of seven of Norway-based Edda Wind's offshore wind service vessels, is visiting Oslo this week.Edda Wind took delivery of the CSOV earlier this year. The vessel was built by Astilleros Gondán shipyard in Spain.The vessel is 88.3 meters long with a beam of 19.7 meters. It can accommodate up to 120 persons onboard.Kenneth Walland, CEO of Edda Wind, said: "It is special for us to take Edda Breeze to Norway, where Edda Wind was established in 2015. Now we get


19 May 2022

Corvus Energy to Open US Battery Factory

Geir BjĂžrkeli (right), CEO of Corvus Energy, and Elliott T. Smith, Director of Real Estate and Asset Management at the Port of Bellingham, at the announcement ceremony for the new Corvus Energy US manufacturing facility to build world-leading large-scale maritime battery energy storage systems. (Photo: Corvus Energy)

Corvus Energy, supplier of battery energy storage systems (BESS) for marine applications, announced plans to open a new factory in the state of Washington to help meet demand for marine BESS in the Americas as the marine industry accelerates its adoption of decarbonization technology to meet global emissions reduction targets.The manufacturing facility—located just north of Seattle in the Port of Bellingham—will have an annual capacity of 200 MWh of stored energy capacity as forecasts


13 May 2022

Scana Records Strong Growth

Styrk Bekkenes, CEO, Scana ASA.

Scana reports that it has more than doubled revenues and EBITDA in the first quarter. Revenues increased by 126 percent to $21.2m (NOK 208 million) compared to the same period last year, while EBITDA was up 140 percent to $1.63m (NOK 16 million), with the acquisition of PSW Group being the main driver.“Scana have transitioned to a new company. The acquisition of PSW Group closed on 11 January 2022, and Scana now forms a driving force for the green shift in the ocean industries,” says Styrk Bekkenes, CEO of Scana.“Our ambition is to reach $173m (NOK 1.7 billion) in revenues in 2025.

17 Feb 2022

Strong Demand for Police and Fire Boats with More Orders on the Horizon

Endeavor Series 30-foot vessel built by Silver Ships for the Bayport Fire Department in Bayport, N.Y. (Photo: Silver Ships)

Today, despite an abundance of market challenges and supply chain headaches, many of America’s police and fire boat builders are in possession of the shipyard holy grail: a healthy backlog.Dave Hunt, business development and project manager for Theodore, Ala. based Silver Ships said vessel orders from police and fire agencies have been on the rise and that the expectation is that this trend will continue. “Between vessels delivered and in production, we have seen a year over year increase steadily since 2017; particularly the last two years.

09 Feb 2022

Wave Energy Developer Plots Strong Growth Plan in '22, IPO in '23

INGINE Business Development Director Dae Hyun Kim. Photo courtesy INGIE

South Korean wave energy developer INGINE revealed ambitious growth plans for 2022,its10th anniversary.Today the company is approaching a landmark fifth year of wave energy operation in North East Asia, via the Jeju Bukchon Wave Power Plant built in 2015. Additional international projects will see expansion across four continents throughout 2022 and beyond.This includes a Vietnamese and Korean initiative in Quang Ngai province - through a five-party MoU involving Quang Ngai People’s Committee


08 Feb 2022

US Posts Record Trade Deficit in 2021

© jdoms / Adobe Stock

The U.S. trade deficit surged to a record high in 2021 as imports increased sharply amid the restocking of shelves by businesses to meet robust domestic demand.The sharp widening in the trade gap reported by the Commerce Department on Tuesday mostly reflected a shift in spending towards goods from services during the COVID-19 pandemic. With businesses eager to rebuild depleted inventories against the backdrop of stretched global supply chains, the deficit is unlikely to shrink much this year


29 Oct 2021

Strong Demand, Supply Chain Strain Persist, says Xeneta

© Mariusz/AdobeStock

Ocean carriers remain in pole position in negotiations for long-term freight contracts, with high demand, port congestion, and supply chain disruption driving further rates increases. According to the Xeneta Shipping Index (XSI) Public Indices, long-term rates recorded their tenth consecutive month-on-month rise in October, climbing by 2.2%. The indices now stand at a colossal 93.1% up year-on-year, with little hope of relief on the horizon for embattled shippers.The past few months have seen long-term ocean freight rates climb by 3.2% in September, 2.2% in August and a huge 28.1% in August.

19 Oct 2021

Port of Rotterdam Freight Volumes Rise 15% as Economy Recovers

© creativenature / Adobe Stock

Freight volumes in the port of Rotterdam increased 15% on a yearly basis in the third quarter as international trade continued to recover from its COVID-19 slump, Europe's largest sea port said on Tuesday.Trade flows to and from Rotterdam have been almost 9% higher in the first nine months of the year, with strong growth in almost all segments, the port said."These figures show that the economy is continuing its upward path.

11 Oct 2021

Höegh LNG CEO Støhle Resigns

Höegh LNG announced on Monday that its president and CEO Sveinung J. S. Støhle is resigning to purse a career outside of Norway.The Norwegian shipowner said Støhle gave his resignation notice on October 9 and that he will remain in his role until November 1.Thor Jørgen Guttormsen will act as interim president and CEO effective November 1 and until a permanent successor is appointed.An  LNG industry veteran with more than 25 years of experience in shipping and oil and gas, Støhle has worked for Höegh LNG since 2005. He served as director and chairman of the board of directors of Höegh LNG Partners LP since April 2014 but stepped down as a chairman when assuming the position as CEO of Höegh LNG Partners LP since August 2020.

07 Oct 2021

US Trade Balance with China Improving on Higher Exports -BIMCO

© Mariusz / Adobe Stock

The trade war continues to rage in the shade of the headline-grabbing supply chain disruptions. The tariffs are still in place and are unlikely to go anywhere despite the change of administration in the United States. While higher exports from the US to China under the Phase One Agreement have added volumes for tanker and dry bulk shipping, containerized imports to the US have shifted from China to other countries in the region. Despite an increase in exports, the commitments made in the Phase One Agreement are a long way off and unlikely to be met


14 Sep 2021

Dry Bulk Profits Surge to Multi-year Highs

© bobo1980 / Adobe Stock

Heading into the seasonally strongest part of the year, dry bulk owners have already enjoyed a very profitable year with the temporary factors helping the market stay strong expected to continue providing support into 2022, says shipping organization BIMCO.Demand drivers and freight ratesThe dry bulk shipping industry continues to enjoy a bumper year, with average earnings continuing to outshine any profits made in the past couple of years. As is often the case, Capesizes’ are taking the spotlight, with recent earnings peaking above $50,000 per day.

09 Sep 2021

Container Shipping: Record Delays, Record Profits

© Mariakray / Adobe Stock

As ports and hinterland transport struggle to keep up, delays at ports are soaking up capacity leading to frustration on the shippers’ side and leaving carriers struggling to keep up all the while making record profits, shipping organization BIMCO reports.Drivers of demand and freight ratesThe container shipping market has frequently appeared in the headlines over the summer as freight rates and port congestion levels continue to reach record highs. Port closures caused by COVID


08 Sep 2021

Profitability Still a Way Off for Tanker Shipping -BIMCO

© momentscatcher / Adobe Stock

New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.Drivers of demand and freight ratesTo say that the summer has not been kind to the crude oil shipping industry would be an understatement. Average earnings have dropped below $10,000 per day since June for all crude oil tankers, with many trades offering negative earnings; freight rates are not high enough to cover voyage expenses, let alone operating and financing costs.

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