Iea News

Contracting activity for for crude tanker newbuilding has risen sharply to start 2024, driven by a steep rise in orders for very large crude carriers (VLCC), according to shipping organization BIMCO.In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y. Notably, the 19 VLCCs ordered in January and February is more than was ordered for the entirety of 2023.Freight rates for crude tankers spiked at the start of the war in Ukraine, and they have largely stayed strong since, said Filipe Gouveia, shipping analyst at BIMCO.

Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…

“The reshaping of global crude tanker markets continued in 2023. In 2022, sanctions shifted Russia’s exports from Europe to Asia while OPEC production cuts in 2023 increased the Americas’ share of exports. Brazil’s oil production increased by 12% year-on-year in 2023 while crude tanker exports rose 19%,” said Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the International Energy Agency (IEA), Brazil’s oil production reached 3.49 million barrels per day (mbpd) in 2023, up from 3.12 mbpd the year before.

Carbon capture and storage has emerged as flashpoint at the UN climate conference in Dubai about how big a role it is destined to play in reaching the target of net zero emissions.It has also prompted an unusual and bad-tempered confrontation between senior officials at the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).In the run up to the conference, the IEA called on oil and gas producers to let go of "the illusion that implausibly…

ExxonMobil CEO Darren Woods on Saturday rejected the International Energy Agency's recent claim that using wide-scale carbon capture to fight climate change was an implausible "illusion", saying the same could be said about electric vehicles and solar energy."There is no solution set out there today that is at the scale to solve the problem," Woods told Reuters on the sidelines of the COP28 climate summit in Dubai."So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar.

The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7's price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.The U.S. Treasury Department in a statement said it slapped sanctions on three United Arab Emirates-based companies and three vessels owned by them in the action, accusing the vessels of engaging in the export of Russian crude oil priced above the $60 a barrel cap.

The U.S. on Thursday imposed the first sanctions on owners of tankers carrying Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one in the United Arab Emirates, in an effort to close loopholes on the mechanism designed to punish Moscow for the war in Ukraine.The U.S., other G7 countries and Australia imposed the cap last year, seeking to reduce Russia's revenues from seaborne oil exports as part of sanctions for its invasion of Ukraine.The cap bans Western companies from providing maritime services, including insurance, finance and shipping, for Russian seaborne oil exports sold above $60 a barrel, while seeking to keep oil flowing to markets. Caps also were imposed on Russian fuel exports.U.S.

In the global quest for achieving net zero emissions and slowing down global warming, carbon capture and storage (CCUS) technology has emerged as an important solution. Among the notable projects being developed in the field is the Northern Lights offshore carbon capture and storage project in Norway, a country with long experience with offshore CO2 storage.The transition to a sustainable energy future requires innovative solutions that go beyond simply halting fossil fuel projects.

DNV's latest white paper “Biofuels in shipping” finds that the flexibility of biofuels can enable the shipping industry to accelerate its journey towards decarbonization, but current limitations in production capacity may impact short-term supply and create stiff competition with other sectors.The current global production capacity of sustainable biofuels is around 11 million tonnes of oil equivalent (Mtoe) per year. DNV estimates that the limit for the global sustainable and economical biofuel potential lies between 400 – 600 Mtoe per year in 2030…

As the world continues to scramble for renewable energy, floating offshore wind has emerged as a key capacity enabler in the coming decades. With no major commercial scale projects currently in operations, the segment is largely based on governments and developers ambitious project plans for the future. Nonetheless, this market segment can offer vast opportunities to the world of offshore support vessels in both near- and long-term prospects.In this piece, we will discuss the key opportunities and challenges related to offshore floating wind…

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…

As shipowners ponder future fuels, MAN Energy Solutions is sailing full speed ahead optimizing dual fuel marine powerplants while preparing to start testing ammonia fueled engines in early 2023. Bjarne Foldager, Senior Vice President, head of two stroke business at MAN ES hosted Maritime Reporter & Engineering News in Copenhagen for a look behind the scenes at a cornerstone of its mandate to ‘Move big things to Zero.’Just 10 years ago, in December 2012, word came that General Dynamics NASSCO finalized a contract with TOTE…

Weak economic activity, a 10.5% increase in domestic coal mining, and a recovery in coal imports from Mongolia via rail alleviated coal shipments to China in 2022. However, the end of China’s zero Covid policy and an anticipated recovery of the Chinese economy have strengthened expectations for the country’s coal imports in 2023. A return of import tariffs, the end of China’s unofficial ban on Australian coal, and the energy transition in China could shape the coal shipment outlook.Coal shipments fell 12.2% in 2022…

European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil - an idea of the Group of Seven (G7) nations - with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters.The agreement still needs approval from all EU governments in a written procedure by Friday. Poland, which had pushed for the cap to be as low as possible, had as of Thursday evening not confirmed if it would support the deal…

ABB will deliver the shaft generator system with permanent magnet technology for the first dedicated CO2-storage vessels ever to be built. The vessels will be constructed by the Chinese shipbuilder Dalian Shipbuilding Industry Company (DSIC).Due for delivery in 2024, the two vessels will support the Northern Lights carbon capture and storage (CCS) project by transporting greenhouse gas from industrial emitters to an onshore terminal in Øygarden, Norway. From there, the CO2 will be delivered by pipeline to dedicated reservoirs 2…

Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects, including some in the remote iceberg waters far off Canada's Atlantic coast.Surging oil prices are encouraging the investments, along with Europe's mounting energy demand as the Ukraine-Russia war drags on. Offshore production sites are more expensive to build than onshore shale, the last decade's investment darling. But once they are up and running…

A fully-electric ferry in Denmark has set a new world record for the longest voyage on a single battery charge.The vessel, Ellen, which usually connects the islands of Ærø and Als in Southern Denmark, broke the distance record on June 9 in Sønderborg, Denmark, where leaders from industry, government, and civil society joined the International Energy Agency (IEA) for the 7th Annual Global Conference on Energy Efficiency. On her return from the conference, where participants explored how international ambition on energy efficiency can be translated into faster and stronger real-world progress…

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia over its invasion of Ukraine."Economic fears persist, as various international institutions have recently released downbeat outlooks…

Wind power pioneer Henrik Stiesdal built his first wind turbine in 1978. It was one of Denmark’s first step towards becoming a wind energy powerhouse, with Stiesdal regularly at the helm. He’s now got wider climate initiatives in his sights, including industrializing floating offshore wind. He reflected with OE’s Elaine Maslin.By 2021, a total of 35 GW of offshore wind had been installed across the world. To meet global climate targets, the International Energy Agency (IEA) says that another 80 GW of it needs to be built per year by 2030.

The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow's invasion of Ukraine.The ban on seaborne crude imports will be phased in over six months and for seaborne refined products over eight months. It excludes deliveries via the Druzhba oil pipeline which supplies refineries in Eastern Europe and eastern Germany.Yet many European buyers have voluntarily suspended purchases of Russian oil or announced plans to phase it out…

The European Commission has proposed new sanctions against Russia over its invasion of Ukraine, including a ban on buying Russian coal and on Russian ships entering EU ports. Yet the EU faces an uphill slog to wean itself of energy imports from its Eastern neighbor.Following is a summary of key facts about the EU's use of Russian oil:How much Russian oil does the EU import?Europe is the destination for nearly half of Russia's crude and petroleum product exports, according to the International Energy Agency (IEA)…

The Signal Group offers an exhaustive overview of the trends in the dry bulk and tanker markets that both defined 2021, and offer a glimpse as to what might be in store for 2022 and beyond. The report is excerpted in short below; to see the full report CLICK HERE.Using Signal Ocean data, give the insight to analyze the trends and changes across the major vessel sizes in the dry and tanker freight market for 2021. This time last year, Signal Group analyzed the effects of the coronavirus pandemic on commercial shipping with a focus on dirty tankers - VLCC…

The maritime shipping industry will fall short of achieving net zero greenhouse gas emissions (NZE) by 2050, the International Energy Agency (IEA) said in a report.The shipping industry is expected to miss its net zero carbon dioxide (CO2) target "due to a lack of available low-carbon options on the market and the long lifetime of vessels (typically 25 to 35 years)", the IEA in a report on Tuesday.This comes despite a growing stream of pledges and commitments from policymakers and industry stakeholders to achieve zero emissions by 2050 in the global shipping industry.The IEA now expects emissi