Energy Markets News

20 Mar 2020

Valaris Gears up for Possible Debt Restructuring

© Lorraine / Adobe Stock

Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday.Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion debt pile, and is exploring enlisting a turnaround firm that specializes in urgently addressing stressed finances to bolster its roster of advisers, the…

14 Feb 2020

Coronavirus Leaves China-bound Tankers Stranded

© Riekelt / Adobe Stock

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

29 Jan 2020

World’s First: Wärtsilä Hybrid Propulsion for Bulkers

The self-discharging bulk carriers being built for Aasen Shipping will be the first of their kind to operate with hybrid propulsion. Copyright Aasen Shipping.

The technology solutions provider for the marine and energy markets Wärtsilä has been selected to provide the complete system design and full equipment scope for two new 9300 DWT self-discharging bulk carriers featuring hybrid propulsion.The Finnish corporation announced that the ships will be the first of their kind to be fitted with a hybrid propulsion solution. They are being built for Norway’s Aasen Shipping at the Royal Bodewes shipyard in the Netherlands. The yard has also designed the vessels.

23 Dec 2019

Bourbon Assets Taken Over by Creditor Banks

File image of a Bourbon offshore support vessel underway. CREDIT: Bourbon

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks.Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from Jan. 2, 2020.SPP is owned by BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile de France…

10 Dec 2019

WFW Advises Ridgebury, Tufton on Suezmax Acquisition

Image: Watson Farley & Williams

Watson Farley & Williams, international law firm based in London, advised Ridgebury Tankers and Tufton Oceanic on the acquisition of two Suezmax tankers in a 50%-50% joint venture with Euronav NV who also provided secured debt to the joint venture companies for the purposes of the acquisitions.Last month, Belgium's tanker shipping company Euronav has acquired two Suezmax tankers through a joint venture formed with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.The  two Suezmax tankers fetch a combined consideration of US$40.6m.

03 Nov 2019

Steel Cut for 1st LNG-fueled Ship in France

Photo: Chantiers de l’Atlantique

MSC Cruises, a global cruise line registered in Switzerland and based in Geneva, has held a steel-cutting ceremony for its first new-generation World-Class ship at the Chantiers de l'Atlantique shipyard in Saint-Nazaire, France.The first of five liquefied natural gas (LNG) powered cruise ships on order, MSC Europa is the first LNG ship to be built in France.On the occasion of the cutting of the first steel ceremony held in Saint-Nazaire, MSC and Chantiers de l’Atlantique unveiled…

24 Oct 2019

BLUE Acquires 20|20 Marine Energy Consultancy

Adrian Tolson. Photo: BLUE

Specialist maritime consultancy 20|20 Marine Energy (20|20) founded by bunker industry veteran Adrian Tolson has been acquired by UK-based BLUE, the business, brand and communications consultancy for the marine and energy markets.20|20 will be re-named BLUE Insight to provide commercial advisory and research services for key transformative areas within the maritime industry.The practice - which will be led by Adrian Tolson, 20|20’s Senior Partner - provides BLUE with a physical presence in North America…

18 Oct 2019

Interview: Tore Morten Olsen, President Maritime, Marlink

“When the human element is considered, securing networks from cyber-attack is incredibly challenging.   Reducing human interaction with on board networks and computers by deploying a more standardized IT environment can minimize risks.”
-- Tore Morten Olsen, President Maritime, Marlink

Tore Morten Olsen, President Maritime, Marlink, discusses the pace and direction of high speed comms in maritime.Using metrics of your choice, put in perspective where we are today in terms of getting shipowners to adopt high speed communication solutions.The term broadband has been used in the maritime industry for at least a decade and if we are to follow the FCC’s definition which was upgraded to 25mbps from 4mbps (download) in 2015, then those high speed internet services are nothing of the sort.However, everything is relative.

13 Oct 2019

UK to Account for 35% Offshore Wind in Europe

Image: WindEurope

The UK will account for 35% of the growth in offshore wind over the next five years, followed by the Netherlands and Germany, said , according to WindEurope’s new ‘Wind Energy Outlook to 2023’.In the next five years 22 GW of wind energy capacity will reach the end of its normal operational life (20 years). Most of this will get a lifetime extension. Around 2 GW will be repowered.And another 2 GW will be fully decommissioned. Government policy and regulation is still not as supportive of repowering as it should be…

10 Oct 2019

Global Energy Takes Over Nigg Oil Terminal

Photo by Global Energy (Group) Limited

Global Energy Group has reached an agreement with Repsol Sinopec Resources UK to take over the long-term operation of the Nigg Oil Terminal jetty under a new lease with Crown Estates Scotland.Since cessation of production from the Beatrice oil field, Repsol Sinopec has been exploring reuse options for the facilities at Nigg Oil Terminal, including the jetty.Under the agreed deal, the jetty will be operated as an extension to the Port of Nigg which has already established itself as a leading deep-water port servicing oil and gas…

09 Oct 2019

Bourbon Receives Takeover Offer

A bourbon offshore support vessel underway (File image: CREDIT Bourbon)

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was impacted by volatile energy markets, said it had received a takeover offer for its assets."As part of the reorganization proceedings opened since August 7, 2019 by the Marseilles Commercial Court to the benefit of Bourbon Corporation and its affiliate Bourbon Maritime, Court Administrators have received a takeover offer," Bourbon said in a statement on Wednesday."This offer - made by a company owned by a group of French banks - concerns assets and activities of Bourbon Corpo

09 Jul 2019

Hiretech Appoints New MD

Managing Director Keith Mackie & Chief Executive Officer Andy Buchan. Photo: Hiretech Limited

UK-based offshore equipment rental company Hiretech Limited has appointed Keith Mackie  as Managing Director, with current Managing Director and company founder Andy Buchan taking on the newly created role of Chief Executive Officer.Mackie has held a number of senior roles within the engineering and energy service industries, most recently as Managing Director at Power Jacks Limited.Commenting on his new role,  Mackie said, “I am delighted to be joining Hiretech at such an exciting time.

21 Jun 2019

Aqualis completes Braemar Acquisition

Pic: ©Braemar Shipping Services

Offshore engineering consultant Aqualis has completed the acquisition of the London-based Braemar Shipping Services' offshore, adjusting and marine consultancy business Braemar Technical Services (BTS).The new company, called AqualisBraemar, said it will benefit from access to new capabilities, a broader suite of services, a bigger workforce and increased geographical footprint. “I have looked forward to this day. Combining our companies gives us greater critical mass within the marine and energy markets and means we will be much better positioned going forward.

21 Jun 2019

BIMCO: VLCC Freight Rates from Gulf to China Doubles

Chart: BIMCO

VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between June 13, 2019 and June 20, 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz. Spot freight rates for a VLCC, carrying 2 million barrels of oil, between the Arabian Gulf and China reached USD 25,994 per day on June 20, their highest level since March and significantly above the May average of USD 9,979 per day.Despite this increase, freight rates on this route only narrowly exceeds the daily break-even costs of a VLCC…

18 Jun 2019

Report: The U.S. Marine Market


Ferry First
Alabama’s Gee’s Bend Ferry recently entered service after being converted from geared-diesel to become the first zero-emission, electric-powered passenger/car ferry in the U.S. Owned by the Alabama Department of Transportation (ALDOT) and operated by HMS Ferries, Seattle-based Glosten provided concept through contract design and shipyard technical support of the vessel conversion to all-electric. Images courtesy Glosten/ALDOT

A ‘work in progress,’ the North American brown water, shallow draft sectors have experienced a tumultuous year of evolution, changing market conditions, a rapidly shifting regulatory environment and new opportunities. Anything but boring; and within the pages of Maritime Reporter’ & Engineering News’ Annual Yearbook, Joseph Keefe, editor of sister-publication MarineNews, takes a deep dive into the issues driving the domestic waterfront.Workboat EmissionsMore than one year ago, Volkswagon learned the ultimate (and painful) meaning of the iconic U.S.

17 Jun 2019

Neptune Installs Scrubbers in Two Vessels

Image: Neptune Lines

The shipping transportation solutions provider Neptune Lines is making an important investment in scrubbers with 10 units installed until Q1 2020.Denmark-based ME Production (MEP), a player in marine technologies solutions for marine equipment and energy markets, was selected to supply the units while the first two installations were successfully completed in Odessos shipyard in Varna and commissioned shortly after.By fitting these MEP systems, the ships will be compliant with the International Maritime Organization’s SOx regulations…

14 Jun 2019

Renewable Energy Brings 11 Million Jobs

Image: IRENA

According to the International Renewable Energy Agency (IRENA) eleven million people were employed in renewable energy worldwide in 2018. This compares with 10.3 million in 2017.As more and more countries manufacture, trade and install renewable energy technologies, the latest Renewable Energy and Jobs – Annual Review finds that renewables jobs grew to their highest level despite slower growth in key renewable energy markets including China.The diversification of the renewable energy supply chain is changing the sector’s geographic footprint.

10 Jun 2019

Workboat Report: The U.S. Workboat ($33.8B) Market

Inland pushboat and barge. Source Kirby Corporation

The U.S. towing and tug business is 5,500 boats, more than 31,000 barges with an estimated total impact on U.S. GDP of $33.8 billion.“At a macro level, the bigger ships are causing downward pressure on the ship assist business because there are fewer ship calls given the increased capacity of these vessels. However, certain ports have seen tremendous growth, based on strategic location and infrastructure investments that have attracted these larger ships and been a net plus for these areas.”Kate Fuhrman…

05 Jun 2019

Wärtsilä to Optimize Voyage Planning

The Wärtsilä Navi-Planner addresses complete voyage planning and optimisation needs in a single service.

The provider of smart technologies and complete lifecycle solutions for the marine and energy markets Wärtsilä unveils its new Navi-Planner voyage planning and optimisation solution.Developed by Transas, a Wärtsilä company, the new Navi-Planner makes use of the connected ECDIS. The new connectivity allows tedious onboard voyage planning to be cut from 5 hours to 30min, while also providing a minimum navigational safety standard for a less experienced crew.The new Navi-Planner utilises one of the world’s largest navigational databases…

28 May 2019

New Initiative for Zero Emission Shipping

Reinert Fredriksen, Aker Solutions, Karin Liset, Aker Solutions, Hans-Kristian Gjever-Enger, Grieg, Cato Esperø, Wärtsilä and Miika Heikkinen, Northen Works design, working together to find new solutions. Photo: Nor-Shipping

A group of six leading Nordic industry companies has, in line with the UN sustainability goals, joined forces to solve a great societal challenge. The initiative is called Zero Emission Energy Distribution at Sea (ZEEDS).Annually, shipping is responsible for nearly one billion tonnes of CO2 gas emissions globally, and the consortium is trying to address this by developing a new infrastructure for green fuels for ships.The collaboration is spearheaded by Wärtsilä, a leader in smart technologies for the marine and energy markets.

27 May 2019

SENER Names Álvaro Lorente as MD

Alvaro Lorente. Photo: SENER

Spanish engineering and technology group SENER has appointed Alvaro Lorente, former Operations Manager in the energy division as Managing Director.He graduated in Industrial Engineering from the Pontificia Comillas University (ICAI), majoring in Electrical Engineering, and joined SENER in 1991. Among other posts, he has been head of SENER's Mechanics Section, Operations Manager for Renewables, Power, Oil & Gas and International General Manager at SENER.He was also appointed General…

13 May 2019

Saudi Tankers Among Those Hit off UAE Coast

The VLCC MJAD, reported by Reuters as one of the vessels attacked. CREDIT: MarineTraffic.com / © piet verspui

Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world's largest bunkering hubs lying just outside the Strait of Hormuz, but did not describe the nature of the attack or say who was behind it.The UAE had not given the nationalities or other details about the ownership of the four vessels.

22 Apr 2019

TechnipFMC Orders Vallourec Pipes for Mero 1

Image: Vallourec

The provider tubular solutions for the energy markets Vallourec Soluçoes Tubulares do Brasil has been awarded by TechnipFMC in Brazil to supply around 12,000 tons of seamless steel rigid line pipe with outside diameters 8” and 10”.The pipe will be used in the fabrication of the riser and flowline system for interconnecting 13 wells (6 production wells and 7 water alternate gas injection wells), to be installed in the pre-salt field Mero 1, which is part of the giant Libra reservoir.Libra covers an area of 1…

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