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Tuesday, October 15, 2019

Energy Markets News

Photo by Global Energy (Group) Limited

Global Energy Takes Over Nigg Oil Terminal

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…

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

Bourbon Receives Takeover Offer

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

New ABB Chief Executive Bjorn Rosengren (CREDIT ABB)

New ABB CEO: Committed to the Next 5 Years

New ABB Chief Executive Bjorn Rosengren is committed to at least five years with the Swiss engineering group, Chairman Peter Voser said on Monday.Age or nationality was also not an issue in appointing the 60-year-old Swedish executive, Voser told reporters. Rosengren, the current CEO of Sandvik will turn 61, a month after taking over at ABB next March."Age didn't a play a role. What is important is the experience, it's the focus, it's the empowerment of people, it's the way a person drives the businesses.

Chart: BIMCO

BIMCO: VLCC Freight Rates from Gulf to China Doubles

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…

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

Saudi Tankers Among Those Hit off UAE Coast

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.

Photo courtesy of ABS

ABS: Tech, Safety Drive Shipping Leadership

ABS Chairman, President and CEO Christopher J. Wiernicki spoke about the important role of the U.S. continuing to shape the future of global maritime energy, safety and sustainability during a keynote address at the opening session of the CMA Shipping 2019 Conference.“The U.S. energy landscape has been and will continue to be shaped by a relentless focus on improving technology and safety. When we speak about shaping the future of maritime energy use, we are really speaking about technology and safety driving energy leadership,” Wiernicki told attendees.

The Wärtsilä Aquarius UV Ballast Water Management System. Image: Wärtsilä Marine

Wärtsilä Bags New Orders for Aquarius UV BWMS

Finnish technology giant in the marine and energy markets Wärtsilä Oyj announced that it has recently been awarded a number of contracts to supply its Aquarius UV Ballast Water Management System (BWMS) to global shipping operators.According to the provider of smart technologies and complete lifecycle solutions, the systems will enable the vessels to be compliant with the Ballast Water Management Convention regulations that entered into force in September 2017 for all new build vessels.The contracts cover in total 13 systems…

Dave Thompson, Managing Director. Photo: Subsea Innovation

Subsea Innovation Bags Two Contracts with Royal IHC

Subsea Innovation, the supplier engineered equipment and technology used in the installation of subsea equipment for the offshore oil and gas, has announced two high profile contract wins with Royal IHC, as part of a collaborative framework agreement.A press release from the  offshore energy engineering compmany said that  will be supporting their client Royal IHC Limited on the design, development, manufacture and supply of back deck equipment on two projects to be completed throughout 2018 and 2019."For both projects…

Photo: Port of Corpus Christi

Port of Corpus Christi: $59m for Channel Upgrades

The U.S. Army Corps of Engineers (USACE) announced its Fiscal Year (FY) 2019 Work Plan, which includes an additional $59 million in funding for the Corpus Christi Ship Channel Improvement Project (CIP). This funding brings the total Federal appropriations for the CIP to $95 million. The estimated CIP cost is $360 million, of which the federal government is responsible for $230 million, while the Port of Corpus Christi is responsible for the remaining $130 million. To date, the Port of Corpus Christi has transferred $78 million of its own funds to the USACE…

Marina Surzhenko. Photo: Steelhead

Steelhead Asia Appoints Marina Surzhenko as New Director LNG

Steelhead Asia, a unit of the Canadian LNG export project developer Steelhead LNG, said that Marina Surzhenko has taken the role of Director LNG.Based in Singapore, Marina is responsible for developing Steelhead’s business in Asia as well as leading the negotiations of LNG offtake contracts.Marina is an energy and investment management executive with 20 years of global experience in gas and LNG contracts negotiations and contract management. During her time at Shell and Gazprom…

“This segment is focused on special operations and driven by different rules, so we decided to establish a dedicated expert team to specifically attend to the needs of the offshore market,” said Matthias Mueller, Managing Director of BSM Offshore.

BSM Launches a Offshore Division

In what can be construed as another positive sign for the turnaround of the offshore energy markets, Bernhard Schulte Shipmanagement (BSM) said it has set up a new business unit to focus on the oil and gas and offshore energy renewables markets.“This segment is focused on special operations and driven by different rules, so we decided to establish a dedicated expert team to specifically attend to the needs of the offshore market,” said Matthias Mueller, Managing Director of BSM…

Photo: Qatargas Operating Company Limited

Qatar to Maintain Dominance in Global LNG Market

Qatar will maintain its dominance over the global liquefied natural gas market despite increased supply from Australia and the United States, the weekly report by Qatar National Bank (QNB) said. A report in The Penisula quoting QNB said that Qatar currently accounts for 30.1 percent of the global market. The country captured nearly 70 percent of the new African demand, more than compensating for the lower cargoes to Japan. Amidst these market shifts, Qatar maintained its position as the world's largest and most cost-efficient producer…

ENGIE, Wärtsilä to Develop Small Scale LNG Markets

ENGIE has signed a Memorandum of Understanding (MoU) with Wärtsilä, a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets to develop solutions and services in the small scale LNG business. The cooperation covers four work streams: LNG for ships, LNG distribution in islands and remote areas, LNG to Power solutions and small scale LNG and bio liquefaction. Both ENGIE and Wärtsilä are committed to work for a low-carbon economy and shifting from coal or diesel towards LNG-solutions is an important step in the right direction.

Malcolm McMaster, President (Photo: Globecomm Maritime)

Globecomm Integrates Business Units

Globecomm,  providers of maritime connectivity services, is integrating its Telaurus and Globecomm South Africa business units to enhance service provision to ship owners. Globecomm South Africa is an Inmarsat Distribution Partner and L-Band specialist supporting service providers and resellers, while Telaurus has been one of the maritime industry’s leading communications solutions providers for many years. Both companies will operate under the Globecomm Maritime brand, providing VSAT, L-Band and cellular communications to a fleet of over 4,000 vessels.

Gasum CEO Johanna Lamminen and Wärtsilä CEO Jaakko Eskola. Source Gasum

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.

Graph: Alibra

LNG: Did the Greeks Get it Wrong?

In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the LNG carrier orderbook had been ordered by Greek owners. Billions of dollars in CAPEX were being pumped into natural gas exploration, as well as building infrastructure such as liquefaction and export terminals, especially in the US. Some 180 LNG carriers were ordered between January 2011 to December 2014 – many of them speculatively. Of these vessels, 52 were ordered by Greek companies (29%).

Graham Brown (Photo: Sonardyne International)

Sonardyne Appoints Brown as Sales and Marketing Director

Subsea technology company Sonardyne International Ltd. UK, has named Graham Brown as its new Sales and Marketing Director. With immediate effect, Brown  is responsible for leading the sales and marketing strategies across the entire company including oil and gas, ocean science, defence and maritime security market sectors. Brown has worked for Sonardyne for over 14 years and during that time he has held a number of senior positions within the organisation. As Chief Mechanical Engineer…

Courtesy Teekay

Moody's confirms Teekay's B3 CFR; Changes Outlook to Stable

Moody's Investors Service confirmed the ratings of Teekay Corporation ("Teekay", or "Parent"): Corporate Family Rating ("CFR") at B3 and senior unsecured debt rating at Caa1. Concurrently, Moody's upgraded the Speculative Grade Liquidity rating to SGL-3 (adequate), from SGL-4 (weak). The ratings outlook is stable. This action resolves the review for downgrade initiated on 15 April, 2016. Speculative Grade Liquidity rating, upgraded to SGL-3 from SGL-4. The ratings outlook was changed to Stable from Rating Under Review.

Soren Skou (Photo: Maersk Line)

Maersk's New CEO Appointment Raises Prospect of Break-up

Danish shipping and oil group A. P. Moller-Maersk could split up into separate companies, its chairman said on Thursday after naming Soren Skou, the head of its container business, as chief executive. Maersk shares rose more than 10 percent on the news with investors betting on a break-up and seeing the appointment as a sign of a more profound restructuring. "The question is whether we should be a large group, or whether we should be a number of independent companies," Chairman Michael Pram Rasmussen told Danish online media Finans.

Andre Han, Vice President, Business Development in the ABS Pacific, Korea and Northern Region (left), presents Yun-Sik Lee, Executive Vice President, Shipbuilding Division at HHI, with a certificate acknowledging Approval i

ABS's AIP for HHI FLNG Hull

ABS has granted approval in principle (AIP) to a Hyundai Heavy Industries (HHI) floating liquefied natural gas (FLNG) hull design. Specifically conceptualized for near-shore operations, the vessel was designed with a length of 1,050 ft (320 m), a breadth of 197 ft (60 m), and a 39-ft (12 m) draft, with LNG storage capacity of 200,000 cu m using the GTT MARK III technology. The current state of the energy markets presents an opportunity for companies to be innovative and competitive by reducing engineering, procurement and commissioning costs.

(Credit: SENER)

SENER Debuts LNG Bunker Vessel Design

Relying on more than four decades of experience and activities in the maritime and energy markets, including the design of a Floating Regasification and Storage Units (FSRU), SENER technology and engineering Group has developed its own design of a Liquefied Natural Gas (LNG) bunkering vessel. The SENER design follows the tendencies for 2030 required by operators and ship-owners. The result is a Ship To Ship (STS) LNG bunkering vessel, with IMO type C LNG cargo tanks at 4.5 bar and -163ºC…

Peter Sand

Uncertainty in Asia Echoes Around The World - BIMCO

2016 continues where 2015 ended, with all eyes on China. This is mainly because of uncertainty surrounding the development of the world’s second-largest economy. When the first day of the Shanghai Stock Exchange of 2016 closed prematurely, the trading results echoed around the world. It warned us that we are in for a rough ride in 2016. IMF has just revised its view on 2016 and 2017, down by 0.2% for each year. Now being more in line with BIMCO’s view of challenging global econom-ics, where the pickup in activity is more gradual than earlier IMF estimates.

GTT's Board of Directors Adds New Members

GTT, a the designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), announces that its Board of Directors met on October 14 and appointed two new members, Andrew Jamieson and, following the proposal of ENGIE, Benoît Mignard. They are succeeding respectively to Laurent Maurel and Olivier Jacquier, both resigning from their mandate. Sandra Lagumina was also, following the proposal of ENGIE, appointed by the Board of Directors that met on July 21. She succeeded to Secil Torun.

Christopher D. Kastner (Photo: HII)

Leadership Changes at Huntington Ingalls Industries

U.S. shipbuilder Huntington Ingalls Industries (HII) announced today a number of changes across its leadership team. HII’s Board of Directors has elected Christopher D. Kastner to succeed Barbara A. Niland as the company’s chief financial officer and corporate vice president, business management, effective with Niland’s retirement on March 1, 2016. Furthermore Philip Luna, corporate vice president and president, UniversalPegasus International (UPI), a subsidiary of HII, has been promoted to the HII senior executive team, effective immediately.

Genius services courtesy Wartsila

Wärtsilä's' Digital Services for Performance Enhancement

Wärtsilä, a global leader in complete lifecycle solutions for the marine and energy markets, launches a new service portfolio, Wärtsilä Genius services to help Wärtsilä's customers seize the opportunities from digitalisation. The three product families under Wärtsilä Genius services - Optimise, Predict and Solve - enable optimising of customers' assets in real-time, improve predictability and help solving of issues with digital solutions. Wärtsilä Genius services are targeted at marine, energy and oil & gas markets. "This launch is a major milestone for us and for our customers.

Torben Ottermann (Photo: Hansa Heavy Lift)

Hansa Heavy Lift Opens 2 New Offices

Hansa Heavy Lift announced the continuation of its global expansion program with new offices in Brazil and the United Arab Emirates (UAE), as well as the appointment of a new commercial agent in Colombia. The new office in Rio de Janeiro, Brazil is headed by Marcello Marano, Business Development Manager, while the office in Dubai, UAE will be managed by Torben Ottermann. The global tramp shipping line has also appointed 3 Oceans SAS as its agent in Colombia, based in Cartagena and headed by Luis E. Cavelier, General Manager.