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Illustration; Source: North Sea Transition Authority (NSTA)

Market Outlooks

With oil & gas seen as ‘wreaking havoc’ in UK waters, zest to end offshore drilling ignites

Recent report about the impact of oil spills on UK waters is bound to spur further calls to end offshore drilling while targeting the Rosebank project.

14 minutes read

Market Outlooks

Global wave and tidal energy market poised to reach $10 bln by 2031, report shows

Global wave and tidal energy market was valued at $477.81 million in 2022 and is projected to generate a revenue of around $10 billion by 2031 at a compound annual growth rate (CAGR) of 43% during the forecast period, analytics and advisory company Astute Analytica found in its latest report. The re

about 3 years ago

Illustration; Source: The Danish Energy Agency

Market Outlooks

Oil and renewables steal the spotlight, as natural gas consumption takes a downturn in 2022

The Danish Energy Agency has published the preliminary energy statistics for 2022, outlining that natural gas consumption declined last year.

about 3 years ago

With approval in place, Energinet to start €65.2M subsea cable replacement project

Market Outlooks

Energinet gets green light for €65.2M subsea cable replacement project

The Danish Ministry of Climate, Energy and Supply has approved Energinet’s application for the replacement of a submarine cable that passes across Øresund connecting Denmark and Sweden. With the approval in place, Energinet can now begin the project to replace System 2 on the 400 kV cable connection

about 3 years ago

Illustration/Nova Innovation's tidal turbine (Courtesy of Nova Innovation)

Market Outlooks

Nova Innovation enters floating solar market, with first installation set for Scotland

Scottish company Nova Innovation has expanded its tidal energy product portfolio with the addition of floating solar technology, announcing also plans for the installation of Scotland’s first array of floating solar panels later in 2023.

about 3 years ago

Market Outlooks

WFW: Biofuels trump LNG as most popular alternative for the next 5 years

In 2021, LNG was the most popular alternative fuel considered by shipowners for use in the (then) next five years; twice as many as those who said they were considering biofuels. That position has now virtually reversed, with biofuels at the same level of response as LNG in 2021 while LNG has fallen

about 3 years ago

Market Outlooks

Survey: 56 pct of shipowners are in ESG-linked tie-ups

The maritime industry has a better idea of the trade-offs necessary to achieve net zero, although most of the practical work still lies ahead, and regulatory and technology uncertainties remain, a recent survey conducted by the London-based law firm Watson Farley & Williams (WFW) shows. ‘The Sustain

about 3 years ago

Market Outlooks

Vopak strengthens ties with Gasunie, moves forward with LNG projects

Dutch tank storage company Vopak has provided updates on its LNG projects, including EemsEnergyTerminal, Gate terminal Rotterdam, and Hong Kong LNG terminal project. EemsEnergyTerminal Vopak’s first update is in regard to EemsEnergyTerminal, an LNG import terminal located in the Eemshaven in the Net

about 3 years ago

Illustration/FLASC’ floating storage prototype tested in Malta in 2018 (Courtesy of FLASC BV)

Market Outlooks

Research into floating breakwaters as powerbanks for marine renewables starts in Malta

The University of Malta has teamed up with its offshore energy storage spin-off FLASC to assess the potential of integrating renewable energy and energy storage solutions with floating breakwaters.

about 3 years ago

Market Outlooks

Damen hits record revenue of €2.5 billion

Dutch shipbuilder Damen Shipyards Group posted a revenue of €2.5 billion for 2022 for the first time in the company’s history. The shipbuilder said that the achievement was made despite the effects of the war in Ukraine, which had, and continues to have, a significant impact on business operations.

about 3 years ago

Market Outlooks

Port of Gothenburg set to launch methanol bunkering services by end of 2023

Inter Terminals Sweden (ITS), part of Inter Terminals, one of the largest independent bulk liquid storage providers in northern Europe, is collaborating with the Port of Gothenburg to introduce methanol bunkering services in the port by the end of 2023. ITS revealed that preparations are ongoing to

about 3 years ago

Oil barrels (illustration); Source: Equinor

Market Outlooks

Canada ranked as preferred global oil supplier with fossil fuels carving a place in energy transition, shows Ipsos study

Ipsos has asked respondents in 28 countries around the world to complete a ranked ballot of eight oil-producing nations.

about 3 years ago

Market Outlooks

UMAS: 40 pct improvement in efficiency needed in this decade

A new report by University Maritime Advisory Services (UMAS), an independent advisory and research consultancy specializing in maritime and ocean-related sustainability issues, sheds light on the pressing need for a significant improvement in energy efficiency in the global shipping industry by 2030

about 3 years ago

The location of San Juan Islands in Washington state (Courtesy of OPALCO)

Market Outlooks

United States’ San Juan Islands set sights on tidal power for local energy resilience

An electric utility providing services to San Juan County in the US state of Washington has started exploring the feasibility of developing a tidal energy project that would provide another layer of energy resilience for the island communities in the Salish Sea.

about 3 years ago