Marine Link
Tuesday, May 11, 2021
SUBSCRIBE

Business Intelligence News

21 Apr 2021

VIDEO: After Modest 2020, the Years 2021 and 2022 Could Be 'Pretty Good' for FPS Orders

An FPSO - Credit: Ranimiro/AdobeStock

There's one thing that's certain about the price of oil, it goes up and it goes down, but nobody knows when that will happen, Jim McCaul, an expert in the offshore floating production sector for 30 years, recently said in an interview for Offshore Engineer TV, discussing the past, the present and the future of the floating production market.Apart from the oil price volatility being a certain thing, there's another thing that's sort of certain. When oil prices go down, orders for floaters dry up…

02 Apr 2021

Floating Production Systems Market Bounces Back on Recovering Oil Prices

Illustration only - Credit: Igor Kardasov/AdobeStock

Orders for production floaters have bounced back over the past month driven by rising crude prices, according to Jim McCaul, head of offshore business intelligence firm World Energy Reports.McCaul bases his assessment on data in a new floating production systems report prepared by World Energy Reports. The report provides details for 206 floater projects in the planning stage, 44 production or storage floaters now on order, 307 floating production units currently in service and 44 production floaters available for redeployment contracts.As detailed in the report…

30 Mar 2021

US Targets 30GW of Offshore Wind by 2030, 110GW by 2050

© Rafal / Adobe Stock

On Monday, March 29, the White House announced a government-wide effort to advance offshore wind, including 30 gigawatts (GW) of offshore wind by 2030, 110GW of U.S. offshore wind by 2050 and the development of a sustainable local offshore wind supply chain.“The announcement formalizes the current situation and provides more confidence to developers and the supply chain,” said World Energy Reports' Philip Lewis. “Much of what is referred to in the statements is actually already currently under development.”Lewis…

03 Mar 2020

Op/Ed: Marine Operators Should Care More About IT

© KanawatVector / Adobe Stock

I’ve had the good fortune to work with marine operators around the world, and one thing has become painfully apparent to me; most marine companies don’t appreciate the profound affect technology can have on their organizations. Information technology can save lives, increase profitability, improve customer satisfaction, and even keep you in business.Some may think this is crazy talk from a Kool-Aid drunk techy, or that I need a vacation, but I assure you, it’s modern reality.

28 Nov 2019

Container Contract Rates Rise in November

The ongoing trend of downward pressure on long-term contracted ocean freight rates appears to have been broken, or at least temporarily derailed, with marginal increases seen across the board in November.According to the latest XSI Public Indices report from Xeneta, which provides unique business intelligence based on real-time crowd-sourced data from the world’s leading shippers, global rates climbed by 0.9% over the last month. This disrupts a long-term pattern of decline that, with the exception of a sizable and unexpected rise in May, has been ongoing since Summer 2018.Oslo-based Xeneta’s XSI Public Indices report utilities over 110 million data points, covering over 160,000 port-to-port pairings, to provide unparalleled insight into the very latest market moves.

24 Nov 2019

Smart Ports: Piers of Future

For the first time, the ports of Antwerp, Barcelona, Hamburg, Los Angeles, Montreal and Rotterdam come together to showcase their most advanced digital transformation and sustainability projects at their dedicated ‘Smart Ports’ exhibitThe 'Smart Ports. Piers of the Future' event brought together six of the world's largest ports and has turned Barcelona into the world capital of port innovation.At the Smart City Expo World Congress, held from 19 to 21 November at the Fira de Barcelona events center on Gran Via, the ports of Antwerp, Barcelona, Hamburg, Los Angeles, Montreal and Rotterdam joined forces for the first time to set up their…

13 Sep 2019

US Shale to Peak at 14.5Mbpd in 2030

US shale supply will peak at approximately 14.5 million barrels per day (bpd) around 2030, said the energy research and business intelligence company Rystad Energy.In the past decade, crude oil coming from shale patches such as the Permian in the US has grown from a negligible contributor to an upstream behemoth, reshaping the industry and the oil market.US Light Tight Oil (LTO) represented less than 1% of global oil supply just nine years ago. Today, US LTO represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward. But by how much? That is the million-dollar question.Different agencies and knowledge houses have responded to this with varying degrees of positivity and skepticism.

13 Aug 2019

DNV GL's ShipManager for Saipem 7000

Saipem 7000 (Photo courtesy of DNV GL)

Saipem, a energy and infrastructure solution provider, is implementing DNV GL’s hull planned maintenance system, ShipManager Hull, based on 3D digital twins of crane and pipelaying vessels.DNV GL will supply its advanced software, ShipManager Hull, for implementation on five vessels of the Saipem fleet. It will start with Saipem 7000, one of the world's largest crane vessels with a lifting capability of 14,000 tonnes at 42 meters. Indeed, crane vessels are exposed to high stresses during lifting, demanding particular attention to structural integrity.

11 Aug 2019

US Reduces Upstream Activity Abroad

Rystad Energy data reveals that from 2014 to 2018, companies in Asia which experienced a merger and acquisition showed the most significant growth globally, increasing oil and gas production by about 1.4 million boepd by investing heavily in Asia, Russia and the Middle East.In North America however, the trend is quite the opposite, said the energy research and business intelligence company.North American companies which underwent M&A activity reduced their production over the same period by approximately 1.3 million boepd, selling their assets primarily in the Asia, Europe and the Middle East to finance shale development domestically.

05 Aug 2019

Investments in Exploration Drilling to Double

Rystad Energy sees investments both in offshore and onshore exploration drilling doubling in the next five years, compared to the last five years. Conventional onshore demand will be driven by Asia, Africa and South America.Europe on the other hand, will be a hot spot for offshore exploration, led by investments on the Norwegian Continental Shelf, the energy research and business intelligence company said.In the past few years conventional exploration drilling has been on a rocky road, dropping from 3000 exploration wells drilled in 2012 down to just 900 wells in 2016 – a whopping 70% decrease.Exploration has been constrained not only by lower oil prices…

26 Jul 2019

US Fracking Rate Goes Up

Fracking operations across the US have realized a material uptick in June this year after an essentially flat trend from February to May, when activity was still in recovery mode after a seasonal winter dip.According to Rystad Energy, the June rebound is a welcome signal that positions US fracking to enter the second half of 2019 with gusto.According to the preliminary estimate for June by the energy research and business intelligence company,  fracking in the US came in at 47 wells per day, an increase by two daily wells from an average of 45 wells per day over the spring months.The June frac rate is still approximately 7% behind the peak level observed last year…

16 Jul 2019

Africa to Complete 6 High Impact Wells

As many as six high impact wells are yet to be completed this year around Africa, after several consecutive low-activity years with only a few positive results.According to the energy research and business intelligence company Rystad Energy, these wells all target offshore acreages, with the majority planned in the Western African region.“Africa appears to be emerging from a long hibernation in terms of oil and gas exploration activities,” said Rystad Energy Upstream Research analyst Taiyab Zain Shariff.A steep drop in the number of exploration wells in 2015 fueled by budget cuts, failed projects, and poor market conditions has meant that exploration in the region has mostly been on pause and declining further until this year…

13 Jun 2019

Singapore Firms Select ABS Systems

Singapore-based offshore marine services provider PACC Offshore Services Holdings Ltd (POSH) and the maritime logistics solutions provider Pacific Carriers Limited (PCL) have selected ABS Nautical Systems  (NS) fleet management software to support their digitalization strategy.Both PCL and POSH are part of Kuok Singapore Limited (KSL) Maritime Group of companies, with competencies extending across offshore marine services, commercial shipping and marine engineering. Both POSH and PCL operate a combined fleet of 245 vessels including tankers, bulkers as well as offshore support vessels.The deal is for multiple NS modules to support the digitalization of workflows including fleet maintenance, purchasing and compliance.

07 Jun 2019

US Oil Output Heads for More Records in 2019

U.S. total oil production, which is already off to an amazing start in 2019,  is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence company is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019. For May 2019, our research and calculations point to crude oil production averaging 12.5 million bpd. Both are new all-time highs.“Our US supply projections have been revised up yet again. US oil production is already higher than many in the market believe…

27 May 2019

Wärtsilä Debuts HY for Dredgers

The Wärtsilä HY for Dredger is designed specifically to increase the efficiency and sustainability of dredging operations. Photo: Wärtsilä

Wärtsilä launched the Wärtsilä HY for Dredger, a new product based on Wärtsilä’s HY hybrid propulsion technology, aimed at enhancing the efficiency and sustainability of dredging operations.The product was recently unveiled at a Future Dredger Day event held at the Wärtsilä's Hybrid Center in Trieste, Italy. The Wärtsilä HY for Dredger features a combination of different power sources, including the engines and energy storage systems, the power distribution equipment, and the Energy Management System (EMS). The EMS ensures instant load taking and dynamic power demand.

26 May 2019

Frac Sand Prices to Remain Flat

Demand for sand to be used by the oil and gas industry in hydraulic fracturing operations in the US is set to grow by 10% in 2019 and 17% in 2020, said a report.According to Rystad Energy, frac sand supply, on the other hand, is forecast to increase by 10% in 2019 and then decrease by 2% in 2020 as more Northern White Sand will come off the market.The Eagle Ford Basin in South Texas could play a pivotal role for sand price developments going forward, said the energy research and business intelligence company.Contracted prices of high-quality Northern White Sand will likely fluctuate between $20 and $25 per ton at the minegate in the medium to long-term…

17 May 2019

North Sea Oil Production May Go Down

On top of production declines in Iran and Venezuela, ongoing OPEC cuts, Urals contamination outages in Russia and maintenance in Kazakhstan, North Sea production is also struggling, Rystad Energy said."Currently we see unplanned outages at Oseberg and Flotta with combined impact of 160,000 bpd. Furthermore, the North Sea is heading into maintenance season," said the energy research and business intelligence company."We forecast North Sea oil production to drop next month to the lowest level since August 2014 as Ekofisk goes into maintenance," it added."Based on our field level production and maintenance forecast, we expect North Sea oil production to drop to 2.28 million bpd with 462…

10 May 2019

U.S. Shale: World’s 2nd Cheapest Source of Supply in Oil

North American tight oil is emerging as the second cheapest source of new oil volumes globally, just shy of the Middle East onshore market, Rystad Energy said.The U.S. shale oil was the world’s second most expensive oil resource just four years ago, the energy research and business intelligence company pointed out.“As the majors are struggling to replace conventional liquids, a wealthy source of additional resources is tight oil,” says Espen Erlingsen, Head of Upstream Research at Rystad Energy.Tight oil – such as onshore shale oil in the US – has witnessed an impressive turnaround over the last few years. In 2015, North American shale ranked as the second most expensive resource according to Rystad Energy’s global liquids cost curve…

30 Apr 2019

65,000 Wells will be Drilled in 2019

Rystad Energy forecasts that the number of onshore and offshore oil and gas wells drilled globally will increase to around 65,000 in 2019.Activity levels are then projected to remain around this level through 2023, the energy research and business intelligence company said.Rystad Energy also forecasts that more than 1 million kilometers of new oil and gas wells will be drilled over the next five years. The collective depth of these wells is the equivalent of 25 times around the equator – or 2.5 times the distance to the moon.As the global oil and gas industry gets back into high gear – thanks in no small part to higher commodity prices – demand for steel is set to increase.

25 Apr 2019

Gas Production Set to Triple in Iraq

Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy."For the world’s fourth largest crude producer, natural gas is about to take pole position," said a statement from the energy research and business intelligence company.New developments are on track to triple the country’s gas production from just over 1 Bcfd in 2017 to about 3 Bcfd in 2022, according to Rystad Energy.It forecasts that gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, flying in the face of historical norms for the upstream industry in the country.“Rystad Energy sees gas as the clear frontrunner in the region over the next four years…

24 Apr 2019

Seagull Maritime Acquires Tero Marine

Photo courtesy of Seagull Maritime

Seagull Maritime announced that they have acquired a majority of the shares in Tero Marine. Tero Marine, headquartered in Bergen, Norway, has developed fleet management software for the shipping industry for more than three decades. The company’s flagship, TM Master, is recognized as one of the leading brands in the business. Today, TM Master is a crucial tool for shipowners all over the world, not only as an instrument for planned maintenance (and asset management), but also as a business intelligence resource.Tero Marine is growing fast and has currently more than 55 employees…

23 Apr 2019

GasLog, GasLog Partners Name COO Designate

GasLog and GasLog Partners announced that Paolo Enoizi has been appointed as Chief Operating Officer (COO) Designate of GasLog and GasLog Partners.Paolo, who will be based in Piraeus, Greece, will take up his role in August 2019 and initially work alongside current COO Richard Sadler to ensure a smooth transition of responsibilities.On joining GasLog in August 2017 and in addition to his day-to-day responsibilities, Richard indicated his desire to work with the rest of the senior leadership team to identify a long-term successor for the COO role. Today’s announcement of Paolo as COO Designate is the successful outcome of that process.Paolo was most recently Managing Director of Stolt Tankers BV Rotterdam…

21 Apr 2019

LNG Prices Nosedive

A mild winter and growing surplus of supply have knocked the legs out from under Asian LNG, with spot prices plummeting more than 60% since last September, Rystad Energy, energy research and business intelligence company.Similarly, British front month prices (NBP) have dropped from $9.90 per MMBtu in September 2018 to $4.40 per MMBtu during the first week of April.Current low prices at importing markets offer producers in the main exporting countries – Australia, Qatar and the US – meagre netbacks of below $4 per MMBtu.This basement price no longer allows all exporters to cover their operational costs, which could have serious implications…

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News