LNG Bunkering Market to Reach $12bn by 2024
The global LNG bunkering market was valued at approximately USD 397.70 million in 2017 and is expected to generate revenue of around USD 11899.60 million by the end of 2024, growing at a CAGR of around 59.4% between 2018 and 2024.LNG bunkering is experiencing the highest growth rate in developed as well as developing countries, said a report by Zion Market Research.Escalating number of vessels using LNG owing to the need for cleaner fuels in compliance with the stringent government…
ABS to Class First 'Tri-fueled' Vessel for Harvey Gulf
ABS has been selected to class two Offshore Supply Vessels (OSV) being retrofitted with a battery/converter system by Harvey Gulf International Marine.The Harvey Energy will become the first ABS-classed dual fuel and battery vessel and the first U.S. flagged OSV equipped with a battery/converter system. The Harvey Supporter will become the second vessel in the Harvey Gulf fleet to have a battery power system.The battery installation, which is expected to achieve the ABS class notation ESS-LiBATTERY…
Harvey Gulf PSV Receives Hybrid Retrofit
Harvey Energy, the first platform supply vessel (PSV) to be fueled by liquefied natural gas (LNG) will become the first PSV in the Americas to be hybrid retrofitted. The vessel's owner, Louisiana-based Harvey Gulf International Marine, has ordered an energy storage solution from the technology group Wärtsilä to significantly enhance Harvey Energy's efficiency and environmental performance.The installation of a Wärtsilä 1450 kW battery hybrid solution will reduce the ship’s exhaust emissions, fuel consumption, and noise level.
OSV Market: Which Way is Up?
Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipment…
Harvey Gulf Continues Global Push
Harvey Gulf International Marine continues its commitment to expanding operations globally with the opening of offices in Ciudad del Carmen, Mexico City, Trinidad, and Guyana, and with the reflagging of two additional DP2 Offshore Supply Vessels the Harvey Seahawk and Harvey Falcon by this April.These vessels will join the OSV’s Harvey Leader and Harvey Legend along with the FSV Harvey Clipper to operate and service our customers in Mexico.Harvey Gulf has certified these vessels for operations to ensure customers can receive Harvey service levels for their expanding global operations.
Cautious Consolidation for OSV Companies Brings Market Change
Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.
Coast Guard, Industry Partner on LNG Inspector Training
The Liquified Natural Gas (LNG) Natonal Center of Expertise, industry experts provide technical training for future LNG fueled vessel inspectors.The Coast Guard’s Liquefied Gas Carrier National Center of Expertise (LGC NCOE) partnered with Coast Guard Sector Jacksonville to coordinate a four-day “LNG as Fuel Workshop” Sept. 17-20, 2018, for future inspectors of LNG fueled vessels, with support from industry experts and the Coast Guard’s Marine Safety Center.Together, this team of LNG as fuel specialists provided Coast Guard marine inspectors from across the U.S.
Q-LNG, VTHM Execute LOI for Another LNG Bunkering Vessel
Quality Liquefied Natural Gas Transport, LLC (“Q-LNG”) announced its further commitment to support the cruise line industry and its liquefied natural gas (“LNG”) marine fueling needs by executing a letter of intent (“LOI”) with VT Halter Marine, Inc. (“VT Halter”) to construct an 8,000m3 LNG Bunkering Vessel on speculation.CEO, Shane Guidry, commented, “With the past and recent announcements by major cruise lines to build and deliver LNG powered cruise ships to the U.S. market…
Harvey Gulf to Reflag Some Assets as it Expands International Reach
Harvey Gulf International Marine has confirmed that it is going global with the reflagging of both Offshore Supply and Fast Supply Vessels to facilitate work in Mexico.Harvey will open additional offices in Mexico through its affiliate, Harvey Gulf International Marine de Mexico S.A.P.I. de C.V. Harvey will also establish itself in Trinidad and Guyana by opening offices and redeploying shore base personnel and vessels to those areas.Harvey will certify vessels for operation under Mexican flags to ensure its customers can receive Harvey service levels for their expanding Mexico operations.
Harvey Gulf Announces New BoD
Harvey Gulf International Marine’s parent, HGIM Corp., has announced the appointment of a new Board of Directors to serve following the company’s emergence from Chapter 11 proceedings.The seven member Board includes two current members remaining on the Board and five new members, each with expertise in individual areas particularly suited to support the company’s operation and development and collectively, creating a leadership platform that will enable Harvey Gulf to adjust and thrive in an ever-changing market. Shane Guidry. Mr.
Harvey Gulf Emerges From Chapter 11 Proceedings
Harvey Gulf International Marine announced that it has completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings. This marks the completion of the Plan of Reorganization approved by the bankruptcy court, 77 days following Harvey Gulf’s prepackaged filing. Under the reorganization, Harvey Gulf has shed approximately $1 Billion in debt and emerges with a dramatically de-leveraged balance sheet. Additionally, the Company has kept its commitments to its trade vendors, paying all unsecured claims in full.
Harvey Gulf Receives Court's Confirmation of Reorganization Plan
Harvey Gulf International Marine issues statement on status of Chapter 11 Reorganization. Today, the United States Bankruptcy Court, Southern District of Texas - Houston Division, confirmed the final Plan of Reorganization submitted by Harvey Gulf International Marine. The approval comes just 77 days following Harvey Gulf’s prepackaged filing, considerably faster than all previous Chapter 11 proceedings for vessel operators over the last five years. Following the hearing, Harvey Gulf CEO…
LNG is the Bridge to ‘Zero Emissions’ Shipping
The advent of industry wide tightening of allowable sulfur emissions is getting nearer. Suddenly, with the deadline now little more than one year away, the countdown clock will very soon be ticking much louder. Simply stated, the cap on allowable sulfur content in marine fuels, presently at 3.5 percent in many geographical regions, will be reduced to 0.5 percent in January 2020. The 0.1 percent sulfur cap, already in effect since 2015 in coastal Emissions Control Areas (ECAs) in Europe and North America…
M/V Harvey Blue-Sea Delivered
Harvey Gulf International Marine has taken delivery of M/V Harvey Blue-Sea, a new large capacity, Jones Act qualified multipurpose support vessel (MPSV) from Eastern Shipbuilding Group. With the delivery of the 340-foot Harvey Blue-Sea, which follows sister vessel M/V Harvey Sub-Sea delivered in July 2017, Harvey Gulf said it now owns and operates the two largest U.S. flag construction vessels in the U.S. Gulf of Mexico. Harvey Gulf describes the new sister MPSVs as “best in class” vessels with “the technical capabilities to efficiently…
Shell Trading, Harvey Gulf ink LNG Transport Contract
Harvey Gulf International Marine’s CEO Shane Guidry announced today the formation of new marine transportation company, Quality Liquefied Natural Gas Transport, LLC (“Q-LNG”), owned 70% by Shane Guidry and 30% by Harvey Gulf. Q-LNG will own and operate assets providing marine transportation of liquefied natural gas (“LNG”), a critical component of U.S. LNG infrastructure, commencing with a long-term contract with Shell Trading (U.S.) Company (“Shell”) to deliver LNG as a fuel source to various ports in Florida and the Caribbean. Mr.
Shell Charters LNG Bunker Barge in US
Shell Trading (US) Company announced it has finalized a long-term charter agreement with Q-LNG Transport, LLC for an LNG bunker barge with the capacity to carry 4,000 cubic meters of LNG fuel. As the first of its kind to be based in the United States, the ocean-going LNG bunker barge will supply LNG to marine customers along the southern East Coast of the U.S. and support growing cruise line demand for LNG marine fuel. "This investment in LNG as a marine fuel for the US will provide the shipping industry with a fuel that helps meet tougher emissions regulations from 2020…
Wärtsilä to Equip US LNG Fueling Barge
Wärtsilä said it will provide a broad scope of products and solutions for a new articulated tug barge (ATB) that will be used to supply liquefied natural gas (LNG) fuel to cruise ships along the east coast of Florida, U.S. The 4,000 m3 capacity ATB is being built at the VT Halter Marine (VTHM) shipyard in Pascagoula, Miss. on behalf of Quality Liquefied Natural Gas Transport LLC (Q-LNG). When delivered, the vessel will be on a long-term charter with Shell Oil Co. The barge will be fitted with a Wärtsilä LNG cargo storage, handling and control system.
GoM Stakeholders Energized Despite Lingering Oil Bust
Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.
ABS to Class LNG Bunker Barge
ABS, a leading provider of classification and technical services to the marine and offshore industries, was selected by Q-LNG, LLC, to class an Articulated Tug Barge (ATB) for LNG bunkering in North America. The vessel is scheduled to begin construction at VT Halter Marine in Pascagoula, Mississippi, in early 2018. “This project represents another significant milestone for the region in the continued development of LNG infrastructure in North America, helping the maritime industry meet stricter emissions requirements,” says ABS Chairman, President and CEO, Christopher J. Wiernicki.
Best Workboats of 2017
Marine News showcases the best of North America’s 2017 workboat deliveries. There is something for everyone. Notwithstanding the lingering offshore energy downturn, there were plenty of bright spots for North American shipyards in 2017. If a hull was delivered in 2017, we took a look at it, with several areas as a focus for inclusion into this edition. For starters, it is always exciting when a domestic yard delivers a vessel – or multiple vessels, for that matter – to foreign buyers. We can compete in a foreign arena; on price, quality and on-time delivery. This year was no different.
Harvey Gulf Files for Chapter 11 Bankruptcy
Louisiana-based Harvey Gulf International Marine LLC, which has more than 50 vessels in its fleet and supplies offshore oil rigs among other services, filed for Chapter 11 bankruptcy in Houston. Harvey Gulf did not immediately respond to requests for comment. The company said in court papers it had more than $1 billion in debt and has an agreement with lenders to reduce what the company owes. In return lenders would receive the equity in the company when it exits bankruptcy. Other creditors such as suppliers will be paid in full.
Harvey Gulf's Guidry Remains Confident as Bankruptcy Plays Out
In a March 10th E-mail to customers and media alike, Guidry charts the course ahead. In a terse E-mailed letter addressed to 'Valued Harvey Gulf Customers,' the U.S. flag offshore energy support CEO this weekend said, "I am pleased to report that the Bankruptcy Court has granted all of the first day relief requested by Harvey Gulf in our Chapter 11 proceedings. The letter continued, "Among the most significant relief granted was that Harvey Gulf is authorized to pay our all of our vendors in full and in our normal course of business.
OSV Scrapping Rates Up 153% YTD
As the severity of the offshore energy downturn has increased and the likelihood of older vessels returning to work begins to diminish, owners have slowly come round to the importance of scrapping these vessels. According to VesselsValue, U.S. owners might be leading the way.According to VesselsValue, an online valuation and market intelligence service for the maritime and offshore sectors, in this current period of downturn, critics of offshore shipowners will say that owners have been guilty of not scrapping older tonnage in order to maintain a young and advanced fleet.