Hvide News

Corvus Energy, a company providing zero-emission solutions for the maritime industry, said Monday it had won a contract with Hvide Sande Shipyard in Denmark to supply a complete hydrogen fuel cell system for the training vessel “MS Skulebas.” "This marks a historic milestone for Corvus Energy," Corvus Energy said."The 35-meter fishing and training vessel has the latest technology and commercial fishing systems installed and sets an example of innovation and cooperation within the maritime and education sectors.

Danish partners ESVAGT and Hvide Sande Shipyard are collaborating to create larger and stronger transfer boats, with room to transport more technicians and cargo for the offshore wind industry.Many years ago, ESVAGT introduced safe transfer boats (STB) to operate as daughter craft from their service operation vessels (SOV) to transfer technicians in offshore wind farms.Now, the new STB15, developed with Hvide Sande Shipyard for use on the Hornsea offshore wind farms, will be able…

Oil tanker company Frontline has appointed Lars H. Barstad as the Chief Executive Officer of Frontline Management AS with effect from September 1, 2021.Barstad currently serves as the Interim Chief Executive Officer of Frontline Management AS, having assumed that position after CEO Robert Hvide Macleod decided to step down, as reported in October 2020.Prior to becoming the interim CEO, Barstad held the role as Frontline’s Commercial Director and has previously worked as a trader with Noble Group Ltd and Glencore Ltd in London, as well as serving as Director of Imarex Pte Ltd in Singapore.Ola Lorentzon, Frontline's Chairman of the Board, says: “The Board is delighted to have appointed Lars H. Barstad, who has demonstrated his abilities serving as Interim CEO.

Swedish power firm Vattenfall has chosen Hvide Sande Harbour in Denmark as its service port for Vesterhav Syd and Nord wind farms in the Danish part of the North Sea. The move will create around 50 new jobs.Danish Energy Agency has approved Vattenfall's environmental assessment and construction plans for 350 MW offshore wind farms Vesterhav Syd and Nord in December 2020. "Hvide Sande will to be the service hub for Vattenfall’s Danish offshore wind operations in the northern part of the North Sea and benefit from the creation of about 50 jobs…

A new fishery inspection vessel ordered by the governmental Danish Fisheries Agency and under construction at the Hvide Sande Shipyard in Denmark will be equipped with propulsion systems from German manufacturer SCHOTTEL.The new vessel will be driven by two SCHOTTEL EcoPellers type SRE 360 CP (1,500 kW each) featuring a propeller diameter of 2.3 meters. Latter ones will be driven by electric motors. According to SCHOTTEL, the thrusters allow economical operation of the newly built…

Oil tanker company Frontline said Wednesday its CEO Robert Hvide Macleod had decided step down from his position. The oil and gas shipping firm said its board had appointed Lars H. Barstad, Frontline's commercial director, to take the role as interim chief executive officer of Frontline Management AS."With his solid background within the industry and his profound understanding of the company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role," Frontline said.The outgoing CEO Macleod will be available for Frontline until April 30, 2021.Billionaire shipping magnate and Frontline chairman John Fredriksen said, "I would like to thank Robert for his contribution to Frontline.

Norway-based ship management company OSM Maritime said Monday that it is nearing a deal to acquire Singapore-headquartered competitor SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited.The acquisition, which is in final negotiations and remains subject to definitive documentation, is expected to be completed within the next 30 days, OSM said.“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said Tommy Olofsen, chair of OSM Maritime.

Oil tanker group Frontline reported a big jump in second-quarter earnings on Thursday as energy traders paid to store crude that went unsold amid the COVID-19 pandemic, the company said on Thursday.Frontline's April-June adjusted net profit rose to $206.1 million from a year-ago $4.2 million, topping a forecast of $203.3 million in a Refinitiv SmartEstimate poll of analysts."Our results for the first half of 2020 are the strongest in more than 10 years," Chief Executive Robert Hvide Macleod said in a statement."The demand shock brought on by COVID-19 was so large and sudden that global commercial inventories quickly surged to record levels…

A RoRo cargo ship operating in the North Sea will be fitted with two of Norsepower’s largest Rotor Sails, reducing the vessel's total emissions by as much as 25%. The Rotor Sail is essentially a modernized version of the Flettner rotor, a rotating cylinder that uses the Magnus effect to harness wind power to thrust a ship, taking some of the load off of the ship's main engines and therefore reducing fuel usage and emissions.At 35 meters tall and five meters wide, the Rotor Sails…

Danish shipyard Hvide Sande Shipyard, Steel & Service has selected Canadian-based Corvus Energy to supply the energy storage system (ESS) for a new fully electric ferry for Molslinjen, the largest domestic ferry company in Denmark.The new ferry, designed by JJohannesson Maritime Engineering and OSK-ShipTech, will be the second all-electric ferry in Denmark. Its 12-minute trip between Fanø and Esbjerg is very popular; last year the ferries in operation carried 1.8 million passengers in total.

Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage.Oil tankers require rigorous inspections twice a year to reduce the risk of oil spills or mechanical collapse with polluting cargoes onboard.But the global pandemic has disrupted international trade, leaving merchant seafarers stuck on ships…

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

Oil tanker firm Frontline's earnings are in the black so far in the first quarter despite strong headwinds from low freight rates, it's top executive said on Thursday."We are at current rates still running at a profit," Chief Executive Robert Hvide Macleod told a news conference. (Reporting by Victoria Klesty, editing by Terje Solsvik)

Oil tanker firm Frontline warned on Thursday that the coronavirus outbreak will hurt its results in the near term, even as the group reported sharp gains in earnings for the final quarter of 2019.Frontline's net profit for the October-December period rose fourfold year-on-year to an 11-year high of $108.8 million, but still lagging an average forecast of $127.1 million in a Refinitiv poll of analysts."Primarily due to the effect of the coronavirus, we have a near-term macro headwind with a slowdown in oil demand, particularly in China," Chief Executive Robert Hvide Macleod said in a statement.

UK high voltage engineering specialist EDS HV Group has completed consultancy work at Vattenfall's 407MW Horns Rev 3 (HR3) wind farm off Denmark.Vattenfall’s Horns Rev 3, located off the coast of Denmark, contains 49 8.3MW MHI Vestas turbines, with a total capacity of 406.7MW, enough to provide renewable energy to 425,000 Danish Homes, said a press release from EDS, part of James Fisher and Sons plc.Under the scope of work EDS provided pre-site engineering support, HV system reviews, consultancy support, and the provision and implementation of HV safety rules from the 33kV switchgear on the offshore substation (OSS) to the arrays and turbines…

The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML  to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers built in 2019 through the acquisition of a TML special purpose vehicle which holds the vessels.Frontline has elected not to exercise the first option to acquire two additional Suezmax tankers.

Oil tanker firm Frontline has scaled back the number of vessels it sends through the Strait of Hormuz after the attack in June on its Front Altair product tanker, Chief Executive Robert Hvide Macleod said on Tuesday."We've not decided to stay away, so we are doing business there, but have chosen other trades due to the situation -- obviously the Front Altair was a very very difficult situation and we've gone down in terms of bookings," he told an analyst call.He said Frontline has taken extra precautions, but did not elaborate on the measures. (Reporting by Victoria Klesty, editing by Terje Solsvik)

Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide Macleod said in a statement.Trafigura will take an 8.5% stake in Frontline, valued at $128 million, and will receive a cash payment of between $538 million and $547 million.The vessels were all built in 2019 and have been fitted with exhaust gas clea

European energy giant Vattenfall opened Scandinavia’s largest offshore wind farm, Horns Rev 3.The 49 wind turbines on the Horns Rev 3 also represent Vattenfall’s and Denmark’s largest offshore wind farm, which is located 25-40 kilometers off Denmark’s west coast in the North Sea.Yesterday (22 August 2019), Crown Prince of Denmark accompanied by Danish Prime Minister Mette Frederiksen and the Minister of Climate, Energy and Utilities Dan Jørgensen officially opened Denmark’s, Scandinavia’s and Vattenfall’s largest offshore wind farm.“Horns Rev 3 is the largest offshore wind farm in Scandinavia and shows our commitment to Denmark’s ongoing transition to a renewable energy system.

CEO says increasingly upbeat on tanker profits. OPEC cuts, Iran sanctions may impact tanker demand.Frontline, one of the world's largest oil tanker firms, posted a surprise third-quarter profit on Friday, helped by rising rates for its fleet.The Oslo-listed shipper, controlled by billionaire investor John Fredriksen, said the outlook was improving due to rising global demand for crude after a lengthy downturn for shippers."We are increasingly optimistic that the tanker market will generate profits going forward," Chief Executive Robert Hvide Macleod told an investor call.Net earnings for July to September swung to a profit of $2.2 million from a $24.1 million loss in the same period last year.Adjusted for one-off gains…

Increased scrapping of older oil tankers and the potential for higher output of OPEC crude are likely to boost vessel demand and thus rates, Oslo-listed shipper Frontline said on Thursday.The company reported a first-quarter operating profit of $2.8 million, while analysts in a Reuters poll on average had expected a loss of $13.3 million.Tanker rates are still low, however, and 78 percent of Frontline's very large crude carriers (VLCCs) are covered at a daily $11,600 for the second quarter compared with $14,900 in the first quarter and a cash break-even level of $22,700 for 2018."There are encouraging signs that seaborne crude volumes may soon increase as a result of changes by OPEC and a slowing trend of inventory draws…

Frontline Management said tanker markets are likely to remain weak for the next few quarters due to overcapacity. The market for Frontline's tankers will likely begin to improve in 2018, it said, as the pace of deliveries of new vessels slows and older ships are retired from the global fleet. While the weak market naturally affects our earnings in the short term, the company's strategy is not altered. "We continue to take proactive steps to increase the earnings potential of our fleet through the ongoing renewal of our fleet and by pursuing an opportunistic approach in the resale and newbuilding markets," he said. Over the last several quarters…

The global market for crude oil tankers remains too fragmented and needs consolidation among owners, one of the industry's leading companies said on Wednesday. Oslo-listed Frontline, the oil shipping arm of billionaire investor John Fredriksen, also said the market for crude carriers is expected to remain weak until the second half of 2018. "The tanker market is highly fragmented with many owners who have one or two vessels," Frontline Chief Executive Robert Hvide Macleod told analysts in a conference call.