Marine Insurance Market is “Strength and Stability in Turbulent Seas”
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.
PowerCell Sweden to Provide Fuel Cells for Hydrogen One Towboat
PowerCell Sweden AB will provide fuel cells to power Hydrogen One, the world’s first methanol-fueled towboat, one of the project partners e1 Marine announced on Wednesday.Hydrogen One is being developed by Maritime Partners LLC, using e1 Marine's methanol-to-hydrogen generator technology. Other project participants include naval architecture firm Elliott Bay Design Group as well as ABB, who will supply electrical power distribution and automation systems. The first-of-its-kind…
Auckland’s First High-speed Plug-in Electric Hybrid Ferry Announced
Aukland ferry operator Fullers360 announced a new electric hybrid fast ferry will join its fleet in 2023.The new electric vessel with hybrid capabilities will have capacity to transport approximately 300 passengers servicing the company’s Devonport route, with capacity to travel to other destinations as needed. Designed by Incat Crowther, the vessel is a modular metro-level with overflow to the upper deck optimized to be up to 100% electric on the Devonport route.Fullers360’s CEO…
Interview: John Batten, CEO, Twin Disc
How have major events such as the U.S./China trade war, oil price fall and COVID-19 impacted Twin Disc’s commercial marine business to date, and what adjustments have you made in response?These are the three things that I’ve been highlighting in employee communications and with investors over the last few months. For us, COVID was just the third punch after the other two. China is typically our second largest market after the U.S., and we lost lots of orders to our competitors as the trade war started to affect us. It’s rebounding a little, but it definitely impacted our sales into China.
New Center to Advance Green Maritime Tech in Norway
NCE Maritime CleanTech business cluster is establishing a new Norwegian catapult center to build up expertise and testing facilities for its partner organizations. The center aims to be at the forefront in making the Norwegian marine industry greener, smarter and more innovative.NCE Maritime CleanTech’s initiative Sustainable Maritime Norwegian Catapult Center was announced as one of the three winners among the 15 business clusters that applied to Siva, the Industrial Development Corporation of Norway, to fund a new catapult arrangement.
US 2014 Petroleum Production: Why Hubbert was Wrong
Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972. The rise in output has confounded the famous forecast made by Shell geologist M King Hubbert who predicted that U.S. oil and gas production would peak in the 1970s and then decline. Hubbert's prediction was contained in a paper entitled "Nuclear Energy and the Fossil Fuels," published in 1956, in which he argued the coming decline of oil and gas output would make the development of nuclear energy essential. Hubbert's prediction of peaking oil and gas production came to be known as "Hubbert's peak" and spawned the popular and influential theory known as "peak oil".
Wärtsilä, Hyundai form Joint Venture
Wärtsilä and Hyundai Heavy Industries Co. Ltd (HHI) signed an agreement to set up a 50/50-owned joint venture in Korea to manufacture dual-fuel engines for LNG (Liquefied Natural Gas) carriers. The total investment in the company will be EUR 58 million, Wärtsilä's share being EUR 29 million. The name of the company will be Wärtsilä Hyundai Engine Company Ltd and the intended location is in South Korea. The technology shift towards dual-fuel machinery in LNG carriers has significantly increased demand for Wärtsilä's dual-fuel engines. The main market is Korea. Demand in the market is forecast to continue growing in pace with the increasing demand for natural gas.
Wärtsilä and HHI to Set Up Joint Venture
Wärtsilä and Hyundai Heavy Industries Co. Ltd (HHI) have signed an agreement to set up a 50/50-owned joint venture in Korea to manufacture dual-fuel engines for LNG (liquefied natural gas) carriers. The total investment in the company will be EUR 58 million, Wärtsilä's share being EUR 29 million. The name of the company will be Wärtsilä Hyundai Engine Company Ltd and the intended location is South Korea. The technology shift towards dual-fuel machinery in LNG carriers has significantly increased demand for Wärtsilä's dual-fuel engines. The main market is in Korea. Demand in the market is forecast to continue growing in pace with the increasing demand for natural gas.
