TEN Enters Four-Year Time Charter
Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP) has announced a four-year time charter for the 2007-built 150,000 m3 LNG carrier Neo Energy to a major international energy concern. expected to commence in the first quarter of next year upon expiration of the vessel’s existing employment. This new charter, in line with current market levels, is anticipated to make a significant contribution to the bottom line over its duration. “The operational performance of the Neo Energy since delivery in 2007 coupled with the current strength in the LNG markets has enabled us to secure an attractive employment for the vessel over the next four years,” stated Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN.
Eni Directors Approve Bond Issue
The Board of Directors of Italy-based global energy corporation Eni has approved possible one or more bonds issues. The issue of the bonds is to be placed with institutional investors, with a value of up to a maximum amount of 3 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 30 May 2014. The company says that the bonds will enable it to maintain a well-balanced financial structure, in terms of short term and medium/long-term debt and average duration of the debt. The bonds may be listed on regulated markets.
Crowley, Pivotal Reach Multi-Year LNG Supply Pact
Crowley Fuels has announced that it has signed another multi-year supply contract with Pivotal LNG to support a major pharmaceutical company’s energy needs in Puerto Rico. The contract, executed through Crowley subsidiary Carib Energy (USA) LLC, calls for Crowley to transport LNG from Pivotal facilities on the mainland to the island manufacturer. With Crowley’s supply chain solution, LNG is loaded into Crowley’s 10,000-gallon international shipping organization (ISO) containers at one of Pivotal’s LNG supply sources in the southeastern U.S.
Royal Caribbean Takes the Lead on Fuel Cell Tech
As the maritime world rapidly evolves to incorporate increasingly clean and efficient power sources onboard ships at sea, the cruise industry is emerging as a clear leader in the sector, driven by the high-profile nature of its ships and the often pristine environments to which they traverse. With that, ABB announced that it will deliver the first fuel cell system to Royal Caribbean, a pilot program in which the RCL ship will be the world's first fuel cell system on a luxury cruise ship.
BP Says Gas will Overtake Oil as Main Energy Source by 2040
BP expects gas to overtake oil as the world's primary energy source in around 2040 as demand for the least polluting fossil fuel grows, its vice president for strategic planning said on Wednesday. "We see it (gas) take over from coal in the early 2030s... We think there is a very good case for gas actually overtaking oil post 2040 or just before 2040," Dominic Emery told a gas conference in Vienna. Emery highlighted estimates for demand growth for gas in China of around 15 percent year-on-year last year and said BP expects overall gas demand to grow around 1.6 percent a year for years to come…
Offshore Wind Industry To Get Huge UK Investment
Government and business publish a long-term strategy that will strengthen the UK’s position in the offshore wind industry. The multi-million pound investment has the potential to unlock £7 billion in the economy by 2020. The UK currently has more offshore wind power than the rest of the world combined. The offshore wind industrial strategy aims to grow UK supply chain manufacturing so that more of the work and jobs can be done here. Investments by the government will include £20 million from the Regional Growth Fund to improve the UK wind industry’s supply chain…
Severe U.S. winter leaves questions for gas, power markets
Natural gas pipelines and power utilities across the United States struggled for several weeks to keep lights on and homes warm through the coldest winter in decades, but it may take many months for the cost and the fallout of the so-called "polar vortex" to work through the energy chain. As sub-freezing temperatures spread in January and February, spot natural gas prices spiked at many gas delivery points in the Midwest, Northeast and New York, pushing wholesale power prices above $100 per megawatt-hour for days at a time. Customers will soon receive gas and electric bills, reflecting the higher cost of gas in January. In unregulated power markets, January bills will present a "double whammy," said Nick Akins, chief executive of American Electric Power Co, one of the largest U.S.
Explosion-protected Crane Systems
Crane systems manufactured by the J D Neuhaus company can be supplied with Atex classifications EX II 2 GD IIA T4 / EX II 3 GD IIB T4, with increased spark protection also available for explosion level II C. The company said its products are currently used worldwide, operating in some of the most dangerous dust laden conditions as well as hazardous, toxic and potentially explosive atmospheres, where typical applications include mining, tunneling, foundries and cement plants, with toxic and hazardous locations including chemical processing…
Fincantieri, Eni Partner on Gas Transport Research
Italian shipbuilder Fincantieri and Italian energy company Eni will together work on projects for sustainable development and support the use of gas for transport. Fincantieri CEO Giuseppe Bono and Eni CEO Claudio Descalzi signed a Memorandum of Understanding (MoU) for cooperative research and development, including possible studies in the field of energy systems, with particular reference to the natural gas transport chain. The companies envisage potential partnerships in Italy and abroad…
Maersk Container Launches Cold Chain Energy Meter
Maersk Container Industry is introducing an energy meter with its Star Cool refrigerated containers. Star Cool refrigerated containers are now fitted with a new embedded digital feature that offers visibility and precise knowledge of actual energy consumption. To provide transparency into actual energy consumption throughout the transportation window, over land and sea, Maersk Container Industry (MCI) is introducing an energy meter feature integrated into all new Star Cool refrigerated containers.
8 Energy Firms Commit to Reduce Methane Emissions
BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall have committed to further reduce methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value chain – from production to the final consumer – to do the same. The commitment was made as part of wider efforts by the global energy industry to ensure that natural gas continues to play a critical role in helping meet future energy demand while addressing climate change.
Northern Offshore Sells Semi-Sub
Northern Offshore announces it has sold its semisubmersible Energy Driller to an unnamed party for conversion to alternative use. The unit had previously been cold stacked at a shipyard in Bahrain following completion of a term drilling contract in India. Northern Offshore previously sold the drillship Energy Searcher in late 2016. Chairman and (Interim) CEO Dr. Northern Offshore is a global offshore drilling company historically operating in the North Sea, West Africa, South Asia, Near East and Southeast Asia.
ACL GE Energy New Product Introduction Award
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced that it has received the 2010 GE Energy New Product Introduction Award. The award is provided to the company that introduces the most innovative solution to GE Energy's commercial transportation supply chain. ACL was recognized for bringing a water-based, environmentally friendly, economical, and safe solution to GE Energy as an alternative to land-based transportation options.Commenting on the award, Gabe Forir, ACL's Director of Sales, Midwest Region, stated, "We are excited to receive the 2010 GE Energy New Product Introduction Award for our work, along with partner TMO Global Logistics, in developing a barge transportation solution for GE. Transporting wind turbine blades and towers in barges via the U.S.
Opportunities for Shipping from Decarbonisation Through Windpower
As the interconnector of global trade shipping facilitates every other part of the economy, and decision making around low-carbon pathways in other transport modes and industries will both influence and constrain decarbonisation in shipping. Whatever the outcomes at UNFCCC Conference of Parties (COP21) in Paris the shipping sector faces a huge challenge of rapid decarbonisation. Clear emission reduction goals and unequivicol leadership is essential. The shipping sector’s energy…
Gasum, Wärtsilä Join Forces to develop Gas Value Chain
New joint co-operation between Gasum and Wärtsilä aims to develop the utilization and distribution of natural energy gases in marine and land markets. Gasum, the Nordic leader in natural gases and Wärtsilä, a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets have signed a Joint Co-operation Agreement aimed at developing the utilization and distribution of natural energy gases in marine and land markets. The agreement between Gasum and Wärtsilä was signed August 29, 2016 and will run for several years.
Northern Irish Wind Energy Delegation
CWind hosted a delegation of 20 businesses from the south east region of Northern Ireland on Tuesday this week. The delegation, led by Energy Connections NI and hosted by the East of England Energy Group (EEEGR) was in the area this week to see first-hand how businesses here have taken advantage of the supply chain opportunities on offer and exchange thoughts on the renewable energy sector with East of England experts. CWind shared insights into its own experience of growing a business in the offshore wind supply chain with the delegation over coffee and tea at the Brightlingsea Yacht Club.
Event Highlights Opportunities In Marine Energy For North Companies
Businesses will have the chance to learn more about the marine energy opportunities for the Orkney and Pentland Firth waters at an event in Caithness on Tuesday 5 April. Organised jointly by North Scotland Industries Group (NSIG), Caithness Chamber of Commerce, Orkney Islands Council, The Crown Estate and Highlands and Islands Enterprise (HIE), the event is open to members and non-members and will be held at North Highland College, Thurso from 10am to 4.30pm. John Thurso MP for Caithness, Sutherland and Easter Ross will be the keynote speaker.
India’s Potential in Offshore Wind Power
The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India. This study is a significant step forward in preparing a roadmap for offshore wind power in India by the GWEC led FOWIND consortium. The key supply chain elements of the offshore wind sector are assessed along with a preliminary evaluation of companies entering the offshore wind sector.
U.K.: Massive Offshore Wind Farm Opens
Greater Gabbard wind farm, which is reportedly the second largest offshore wind farm in the world, costing £1.3 billion and generating enough clean electricity to power over half a million homes, was officially opened off the coast of Suffolk by the Energy and Business Minister Michael Fallon. Greater Gabbard has 140 turbines and will double in size once the Galloper wind farm extension is completed in 2017. Offshore wind has the potential to provide enough clean power for 11 million homes in the U.K. by the end of this decade, creating 30,000 jobs and contributing £7 billion to the economy.
Advisors Forecast Offshore Wind Market Through 2022
Energy advisors Douglas-Westwood will present at All Energy 2013, in Aberdeen, May 22, and Frank Wright, Renewable Energy Manager, will outline findings of the soon to be released Offshore Wind Market Forecast, giving a global overview of the industry through to 2022. Mr. Wright will be providing a global overview of the offshore wind sector as part of the offshore wind session titled “Current State of Play – and the Way Forward.” During his talk, Mr. Wright will present a summary of Douglas-Westwood’s most recent market forecasts including coverage of new capacity…
Statoil Extends Contract with Viking Energy
Norwegian oil major Statoil has declared a one-year option for the Platform Supply Vessel (PSV) Viking Energy from April this year, in direct continuation of current contract. Eidesvik said on Monday that Statoil exercised a one-year option for Viking Energy. The extension is set to begin in April this year. The vessel will be prepared for shore power, and equipment for better fuel consumption measurement will be installed. Viking Energy was the world's first LNG-powered offshore vessel when it was launched in 2003.
Gas to Become World's Primary Energy Source by 2035: DNV GL
Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s forecast of the energy transition. While renewable energy will grow its share of the energy mix, oil and gas will account for 44% of world energy supply in 2050, compared to 53% today. Gas will become the largest single source of energy from 2034. DNV GL’s Energy Transition Outlook (ETO), a forecast that spans the global energy mix to 2050, predicts that global demand for energy will flatten in 2030, then steadily decline over the next two decades, thanks to step-changes in energy efficiency.
THE Alliance Announces Further 2018 Network Enhancements
Following the announcement of the 2018 service network in December the members of THE Alliance, Hapag-Lloyd, Ocean Network Express, and Yang Ming have worked to refine the product offerings. Several services will see additional enhancements to improve transit times, boost reliability, and deliver more choice to the marketplace. “The fine tuning of the 2018 product package will further strengthen our already robust portfolio and allow THE Alliance members to provide enhanced value tailored to exceed the need of the marketplace” the members said in a statement.