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Market Outlooks

Maersk ends year with record quarterly results, expects strong Q1 amid demand surge

A.P. Moller – Maersk, the world’s largest container carrier, has ended 2020 on a strong note despite the impact of COVID-19. The company’s underlying earnings before interest, tax, depreciation and amortisation (EBITDA) grew 44 pct. to $8.2bn and revenue grew to $39.7bn in 2020 compared to $38.9bn i

about 5 years ago

Market Outlooks

Yara creates Clean Ammonia unit

Norwegian fertilizer company Yara International ASA revealed it is taking further steps to enable the hydrogen economy by establishing a new global unit – Yara Clean Ammonia.

about 5 years ago

Market Outlooks

Maersk Tankers signs Sea Cargo Charter

Maersk Tankers has become a signatory of the Sea Cargo Charter, a global framework that establishes a common baseline for global traders to report on CO2 emission reductions of their shipping activities. The Sea Cargo Charter is consistent with the targets of the UN’s International Maritime Organiza

about 5 years ago

Market Outlooks

Rystad Energy: Global installed offshore wind capacity to grow by 37% in 2021

The world’s installed offshore wind capacity rose by 15 per cent in 2020, despite the COVID-19 pandemic, and this year will see a 37 per cent growth in global installed offshore wind capacity, according to Rystad Energy. Major contributor to both last year’s and this year’s growth is China. The coun

about 5 years ago

Market Outlooks

De-rating engines the first choice in meeting EEXI requirements

In November 2020, the IMO approved amendments to MARPOL Annex VI, introducing an Energy Efficiency Design Index for existing ships (EEXI). Subject to adoption at MEPC 76 in June 2021, the requirements will enter into force in 2023. The EEXI will be applicable for all vessels above 400 GT falling und

about 5 years ago

Market Outlooks

Offshore EPC awards set for rebound in 2021

Outlook for the offshore engineering, procurement and construction (EPC) market in 2021 looks promising, boosted by projects deferred from 2020, according to market research provider Westwood. With a forecast of $29 billion firm or already awarded contracts and a further $16 billion of probable and

about 5 years ago

Photo of Geir Arne Solheim on the deck of the Powerpier (Photo by frequency.no/Supplied by Geir Arne Solheim )

Market Outlooks

Interview: Powerpier gears up to tame the waves with Havkraft tech

Once only a multi-purpose concept, a solution that uses already existing breakwaters coupled with integrated wave energy devices has become a reality in the Powerpier project that will soon be deployed for trials offshore Norway. Geir Arne Solheim, the chief executive officer of Havkraft – a technol

about 5 years ago

Market Outlooks

Lim: The biggest challenge for shipping will be addressing climate change

The biggest challenge for the shipping industry will be addressing climate change, the IMO Secretary-General Kitack Lim said in his address earlier today kicking off SMM Digital in Hamburg. Over the next four days, the industry’s most renowned maritime fair is going digital featuring 60 hours of pro

about 5 years ago

Market Outlooks

Hapag-Lloyd CEO: Charter ship market is basically sold out

The unexpected demand recovery in the container shipping sector driven primarily by the US-based demand surge has seen the charter market depleted of available capacity. Furthermore, the demand upturn has lead to increasing delays and heavy port congestion. impacting schedule reliability. “Labor sho

about 5 years ago

Market Outlooks

SeaBird shrinks loss; Firms up energy transition plans

Oslo-listed SeaBird has recognised net loss of $3 million for Q4 2020, against net loss of close to $12 million in the same period in 2019. Full-year result was also negative, but improved compared to 2019 ($13 million loss vs. $23.3 million loss). The seismic player, which is targeting seabed minin

about 5 years ago

Market Outlooks

Italy & France pull the plug on Fincantieri’s takeover of Chantiers de l’Atlantique

The planned mega-merger between Italian shipbuilding major Fincantieri with its French counterpart Chantiers de l’Atlantique has fallen through. The decision has been made public in a joint statement by the French and Italian ministries of economies citing the impact of the COVID-19 pandemic on the

about 5 years ago

A photo of a Hywind Scotland floating wind turbine

Market Outlooks

UK floating wind could be subsidy-free by 2030

According to a new study from Offshore Renewable Energy (ORE) Catapult, large floating wind projects in the UK could secure Contracts for Difference (CfD) strike prices below current wholesale electricity price forecasts in 2029. Reaching the point of having “subsidy-free” floating wind projects dep

about 5 years ago

Market Outlooks

Lundin to increase output, accelerate decarbonisation strategy

Swedish oil company Lundin Energy has announced it would be increasing its output in 2021 as well as accelerating its decarbonisation strategy.

about 5 years ago

Photo of the Port of Nigg from the air (Courtesy of Inverair Drone Services)

Market Outlooks

Port of Nigg gets £8.3M boost to accommodate growth of renewables

Regional development agency Highlands and Islands Enterprise (HIE) has approved investment of up to £8.3 million in Scottish government funding for the development of East Quay at Port of Nigg to help meet the needs of growing renewable energy sector.

about 5 years ago