Alternative Fuels, Newbuilds and Retrofits are Key to Marine Industry Growth
The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028 at a CAGR of 1.43%, according to research from Fortune Business Insights.From transportation vessels to workboats to marine construction ships, companies want to grow their business, stay current with new technologies, gain a competitive edge and be good stewards of our environment.Current marine market trends include adoption of alternative fuels, acquiring new construction vessels, retrofitting existing fleet, and determining ideal solutions for procuring these vessels.
Uniper CFO: Nord Stream 2 Completion Not Cure-all for Gas Market Woes
The completion of the controversial Nord Stream 2 gas pipeline to bring more Russian gas into Germany under the Baltic Sea would go some way to relieving the tight gas market this winter, but there were other factors at play, the chief finance officer of utility Uniper said."Clearly it (Nord Stream 2) would help but the situation is more complex," CFO Tiina Tuomela said in an earnings call with analysts on Friday, adding weather factors and the level of arrivals of liquefied natural gas (LNG) in Europe were also important.Certification of the pipeline…
Vroon Reaches Restructuring Terms with Lenders
Vroon shipping group has reached an in principle agreement with all its lenders regarding the terms of its financial restructuring. The agreement, which is only subject to final documentation and credit committee confirmation, is an important step forward towards the finalisation of Vroon’s financial restructuring. The agreement marks the important step towards the final stage of a process initiated in late 2016 following continued challenges in shipping markets. Vroon is confident that the envisaged restructuring will provide generous runway to implement its strategic plans. Vroon wishes to thank its finance partners for their constructive support and trust in the business.
BP’s LNG Carrier Fleet is Growing
BP said it will take delivery of six new, state-of-the-art liquefied natural gas (LNG) tankers in 2018 and 2019 to support its expanding global LNG portfolio. BP’s finance partners KMarin and ICBC Leasing are investing more than $1 billion in the tankers. The vessels will join BP’s exixting fleet to help service a 20-year liquefaction contract with the Freeport LNG facility in Texas, as well as other international LNG projects in BP’s global portfolio. “These vessels will significantly increase BP’s ability to safely transport LNG to anywhere in the world, directly supporting BP’s global natural gas strategy,” said BP Shipping CEO Susan Dio. The new ships are designed to be about 25 percent more fuel efficient than their predecessors, BP said.
Vroon Says Talks with Banks ‘Constructive’
Troubled family-owned Dutch shipping group Redderij Vroon has dismissed media reports claiming the company’s future to be uncertain, as it may be unable to service its debt. The Dutch company specializing in offshore and shipping business has reached agreement with its creditors, the Telegraaf reported. The Breda-based concern has debts totalling EUR 1.1bn, and some activities will be trimmed down. A press release from the company said that Vroon has a substantial presence in the offshore-support-vessel market, through its subsidiary Vroon Offshore Services. This business has been heavily impacted by a reduction in demand, resulting from the severe downturn in Oil & Gas markets. Vroon’s other businesses are all performing in line with expectations.
