Venezuelan Oil Exports Rise on Larger Sales to Asia
Venezuela’s oil exports rose in February to over 700,000 barrels per day (bpd), their highest level in 10 months, pushed by more sales of fuel oil cargoes to new clients in Asian markets, according to Refinitiv Eikon’s tanker tracking data and documents.A growing number of clients with no track record in oil trading has been helping Venezuela’s state-run PDVSA to allocate crude and fuel in Asia, especially since the U.S. Treasury Department halted oil swaps by PDVSA’s long-term customers in the last quarter of 2020 as part of tightening sanctions.These buyers…
ABS: U.S. Offshore Wind Vessel Demand Set to Soar
It's no longer news that the U.S. is set to become the next big offshore wind market, with an IEA 2019 report forecasting 40 GW of installed offshore wind capacity in the country by 2040, which will require a $100 billion investment.To meet this expected growth, both in the fixed-bottom wind farms and the floating wind farms, the U.S. market will require a large amount of wind farm support vessels of various types, with the current fixed-bottom wind turbine installation fleet non-existent, and the foreign-flagged vessels not an option, for the most part.
ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus
Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel. Both contracts finished February 18% higher."The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth and the view that the oil balance will get tighter as a result of the first two points…
MARKET: Why Don’t OSVs Get Scrapped?
The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies InternationalThere is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will have to include unprecedented levels of scrapping in a market which has historically witnessed only limited levels of attrition.That limited level of attrition has several deep-seated roots…
CMA CGM to Expand LNG-powered Fleet to Transpacific Route
Container shipping line CMA CGM is to expand its fleet of natural gas-powered vessels to cover the busy trans-Pacific route between China and the United States as part of a push to use the fuel to reduce pollution, the group said on Thursday.CMA CGM will deploy by next year six chartered ships with a capacity of 15,000 20-foot equivalent units (TEU) each on its China-Los Angeles service, representing the largest liquefied natural gas (LNG) fueled vessels to call in the United States, it said in a statement.The deployment will bring to 32 the number of LNG-powered ships in CMA CGM’s fleet and a
Corpus Christi, Rotterdam Ports Announce Partnership
The U.S.’ largest energy export gateway and Europe’s leading industrial deepsea port have entered into a Memorandum of Understanding that will allow the two global entities to collaboratively improve their global maritime operations.The Port of Corpus Christi and the Port of Rotterdam have outlined a number of shared objectives, which include codeveloping trade and commercial opportunities, fostering an exchange of information, and advancing the development and deployment of innovative technologies specifically related to navigational safety and environmental protection.Sean Strawbridge…
Report: Baker Hughes, 17 Other Firms Quit Nord Stream 2 Pipeline Project to Avoid Sanctions
Baker Hughes Co and AXA Group and 16 other companies recently quit work on Russia’s Nord Stream 2 natural gas pipeline and will not be sanctioned, according to a document the Biden administration sent to Congress last week which was seen by Reuters.Russian energy company Gazprom and its western partners are racing to build the pipeline to take Russian gas to Germany under the Baltic Sea, and hope to finish it this year. President Joe Biden believes the pipeline is a “bad deal” for Europe.Many U.S.
Grimaldi Group Orders Six RoRo Ships
The Grimaldi Group said it signed an order contract worth more than $500 million for the construction of six new ro/ro multipurpose vessels at Hyundai Mipo Dockyard Co. Ltd (Ulsan) in South Korea.With a length of 250 meters, a beam of 38 meters and a deadweight of 45,684 tonnes, the six newbuilds are expected to be delivered for Grimaldi's Neapolitan Group between the first months of 2023 and the end of 2024. The vessels will replace older 25-year-old-plus tonnage and will be deployed between North Europe and West Africa…
First Ever Jones Act Offshore Wind Turbine Installation Vessel to be Classed by ABS
Maritime and offshore classification society American Bureau of Shipping (ABS) will class the first ever Jones Act compliant offshore wind turbine installation vessel (WTIV), seen as a key vessel for the development of the U.S. offshore wind industry.With several gigawatts of offshore wind capacity to be installed along the U.S. East Coast in the next decade, access to Jones Act compliant WTIVs is of strategic importance to the U.S. offshore wind market. Currently, no such vessel exists.Dominion Energy last year contracted Keppel AmFELS, a wholly-owned U.S.
Maersk Backs Plan for Green Ammonia Plant in Denmark
Shipping group Maersk said on Tuesday it was among a group of companies backing a plan to build Europe's largest green ammonia plant in Denmark as part of its ambition to shift to carbon-neutral ship fuel.The project, led by fund management firm Copenhagen Infrastructure Partners (CIP), will convert green power from North Sea offshore wind parks to zero-carbon ammonia that can be used to power ships and as agricultural fertilizer.Maersk said last week it would accelerate plans to decarbonize seaborne container shipping by putting the world's first vessel powered by carbon-neutral fuel into ope
Carnival Cashes In On COVID Rebound
Cruises are renowned for their gargantuan all-you-can-eat buffets. Cruise company Carnival is stuffing its face again with a $1 billion equity raise – its third such helping after Chief Executive Arnold Donald feasted on a combined $2.5 billion in share offerings late last year. It’s not clear that Donald needs the financial calories this time round: Carnival had cash to ride out 15 months of zero sales, assuming monthly cash burn of $600 million, at the end of 2020.Despite ships remaining moored, investors can’t seem to get enough: shares are priced at a mere 3% discount to Monday’s close.
Europe's Largest: CIP to Launch Offshore Wind-powered Ammonia Plant in Denmark
Danish energy infrastructure investments firm Copenhagen Infrastructure Partners is looking to build what it says is Europe’s largest production facility of CO2-free green ammonia, with the final product aimed at the shipping and agriculture sector as a means to reduce emissions.The project will be located in the town of Esbjerg on the west coast of Denmark, where the facility dubbed "Power-to-X-facility" will convert power from offshore wind turbines to green ammonia. This will be used by the agriculture sector as CO2-free green fertilizer and by the shipping industry as CO2-free green fuel.
LR Announces Maritime Executive Leadership Appointments
Among his first key appointments since taking the helm of Lloyd’s Register (LR) in January, Chief Executive Nick Brown has named three new members of LR’s executive leadership team: Mark Darley as Business Director, Marine and Offshore, Andy McKeran as Business Director, Maritime Performance Services and Philippa Charlton as Chief Marketing Officer.“LR recognizes that maritime stakeholders must rise to the demands of changing technology and the drive to decarbonize our industry.
Container Shipping Looks Strong in 2021 - BIMCO
In the full year of 2020, global container shipping volumes fell by 1.2% compared with 2019, much less than feared even before the pandemic was first declared, and much recovered compared with the 6.8% drop recorded in the first six months of the year. Volumes in the second half of the year were up 4.2% from 2019. Much of this growth was concentrated on just a few trade lanes, with congestion and imbalances on these spilling out and causing disruption on other trades.BIMCO expects that 2021 will be even better for container shipping than 2020…
U.S. Designates Already Sanctioned Russian Ship as Helping to Build Nord Stream 2 Pipeline
The Biden administration on Friday identified a Russian ship and a company it believes are helping to build the Nord Stream 2 pipeline, but the entities had already been sanctioned by the Trump administration and the project's opponents in Congress said the move would do little to halt work on it.The State Department said in a report to Congress that the Russian ship, the Fortuna, and its owner, KVT-RUS, had been designated, a process that starts new sanctions, two lawmakers said.Both…
GC Rieber Shipping Nets Extension for Polar Onyx, Sells Polar Queen Vessel
Norwegian shipowner GC Rieber Shipping has won a contract extension for its Polar Onyx vessel with DeepOcean. Separately, the company said Monday it had agreed to sell the Polar Queen vessel."GC Rieber Shipping has agreed with DeepOcean BV to extend the charter of the SURF vessel Polar Onyx until the end of May 2021," the company said.The extended period will be in direct continuation of the ongoing charter in Ghana, which started in January 2018.Separately. GC Rieber Shipping said it had agreed to sell its IMR / Walk-to-Work vessel Polar Queen…
VIDEO: Italian Coast Guard Rescues 45 Migrants After Ship Capsizes
Your browser does not support HTML5 video.The Italian Coast Guard said on Saturday it had rescued 45 migrants after their ship capsized 15 miles south of the Italian island of Lampedusa."At the moment, a total of 45 migrants, all men, have been rescued and arrived this morning in Lampedusa," the Italian Coast Guard said in a statement sent in the late afternoon, after indicating earlier a number of 47 people rescued.It did not give any indications of the nationality of the rescued people.The Coast Guard said it was continuing to search for any missing people…
Port of Rotterdam Freight Volumes See Biggest Drop in Decade, But Smaller Than Expected
Freight volumes in the Port of Rotterdam fell 6.9% in 2020 because of the coronavirus crisis, the biggest drop in about a decade but smaller than had been expected, Europe’s largest sea port said on Friday.The port's Chief Executive Allard Castelein told reporters he expected a recovery that began in the second half of 2020 to continue this year but said throughput was not expected to reach pre-crisis levels in 2021.The fall in traffic in 2020 was the largest since 2009, taking throughput down to levels last seen in 2011, he said.Traffic took a big hit in the first phase of the pandemic, as tr
U.S. to Unveil Nord Stream 2 Report. Sanctions May Take Time
The Biden administration is expected to name as early as Friday the companies it believes are helping build Russia's Nord Stream 2 pipeline, five sources said, a move that could eventually prompt sanctions on the nearly-completed project.The State Department report to Congress, which may come on Friday, is expected to list companies the administration believes are helping to complete the natural gas pipeline that Russia's state energy company Gazprom says is more than 90% complete.Sanctions law that went into effect on Jan.
UK Royal Navy Seizes $15,3M Worth of Drugs in Arabian Sea
Royal Marines from the UK Navy's HMS Montrose Frigate have seized £11 million (USD 15,3 million) worth of illegal drugs in two raids of suspect vessels in the Arabian Sea, the UK Ministry of Defence and the Navy said in statements on Wednesday.The Royal Marines seized 2.4 tonnes worth of illegal drugs from a suspect boat in the Northern Arabian Sea, on a counter-narcotics patrol. This was the second drug bust by the HMS Montrose crew in two days.According to the statement by the UK government…
U.S. Lawmakers ask Blinken for Briefing on Nord Stream 2 Pipeline
Several U.S. Representatives on Wednesday raised pressure on the State Department to share plans on potential sanctions on the Nord Stream 2 natural gas pipeline Russia is racing to finish to take fuel to Europe."If completed, Nord Stream 2 would enable the Putin regime to further weaponize Russia's energy resources to exert political pressure throughout Europe," two Republicans including Michael McCaul, and two Democrats including Marcy Kaptur, wrote in a letter to Secretary of State Antony Blinken.U.S.
Aker Horizons, Statkraft, Yara Working on Europe's First Industrial-scale Green Ammonia Project
Aker Horizons has signed a Letter of Intent with Statkraft and Yara with the aim to establish "Europe's first industrial-scale green ammonia project in Norway, enable the hydrogen economy, and accelerate the energy transition." The company said the first project in the partnership will be to electrify Yara's existing ammonia facility in Porsgrunn, "which has the potential to be one of the largest climate initiatives in Norwegian industrial history."The partners will further target green hydrogen and green ammonia opportunities within shipping…
ONE Trials Biofuel Aboard Containership MOL Experience
Shipping company Ocean Network Express (ONE) said it has tested the use of biofuel to power the containership MOL Experience. The trial was completed on February 7, 2021, following bunkering at the port of Rotterdam, Netherlands in November 2020 and was performed in collaboration with shipowner Mitsui O.S.K. Lines and sustainable biofuel company GoodFuels.During the trial, the biofuel was blended with conventional fossil fuels enabling the 4,803 TEU MOL Experience to make its Atlantic crossings between Europe and the U.S.Derived from renewable sources…