Over ordering of bulk carriers over the past ten years has set the tone for the upcoming decade as overcapacity hinders shipowners’ battle with low demand further constrained by the COVID-19 pandemic. A total of 413 million DWT has flooded the market since the turn of the decade, bringing the world
The COVID-19 pandemic has changed the way the world functions as governments and leaders across the globe have implemented unprecedented measures to curb the spreading of the virus. The life as we know it changed completely with factory lockdowns, closures of unessential services and stay at home or
Exploration plans are being redrawn and the well count is expected to drop by as much as 35 per cent on 2019 levels due to the “double whammy” of the oil price collapse and COVID-19 pandemic, according to market research provider Westwood Global Energy Group.
With the reality that Brent oil prices are scratching closer and closer to $20 per barrel, shut-ins are already happening around the world. Even if prices reach this threshold, the UK will avoid shut-ins and exploration is likely to continue in 2020.
The agreement of the members of OPEC and its allies to cut oil production by 9.7 million barrels of crude per day is not believed to be enough to offset the massive demand drop and will certainly have dire implications for the oil tanker shipping market. “The first quarter of 2020 has been one of [&
The Dutch Port of Rotterdam is anticipating a throughput drop of up to 20 per cent this year.
The article delves into legal intricacies of declaring force majeure events on existing offshore construction contracts in case of delays caused by the coronavirus pandemic as well as key points to consider when entering new contracts.
There are three potential fuel pathways toward developing zero-emission vessels and decarbonizing the future of shipping, according to ABS. The US-based classification society just released the 2020 Setting the Course to Low-Carbon Shipping — Pathways to Sustainable Shipping outlook, which maps out
Oil major Shell has revealed its plans to become a net-zero emissions energy business by 2050 or sooner.
SSE Renewables has warned that the cost of offshore wind will not be the reason for the UK missing its target of 40 GW of offshore wind capacity by 2030, but rather the significant barriers to deployment, many of which are increasing. The barriers the industry is currently facing range from consenti
Vattenfall is calling on the UK government and offshore wind industry to make different procurement approaches so more local businesses are able to supply new-generation projects. In its Norfolk Vanguard and Norfolk Boreas Offshore Wind Supply Chain: Opportunities and Expectations Workshop Report, V
Dutch gas and LNG carrier operator Anthony Veder and classification society Bureau Veritas have completed a pilot for “live remote class surveys” using a wearable device and augmented reality technology. The companies said in a statement that success of this pilot opens up the way for fully remote c
Houlder, a London-based design & engineering consultancy for the marine, energy and defence markets, has commenced work in partnership with PMW Technology on a study to evaluate the potential marine applications of carbon capture technology. PMW Technology is among the latest organisations to receiv
The effect of the COVID-19 pandemic and the ongoing oil price war will likely cause the cancellation of more than half of the world’s planned licensing rounds, according to energy intelligence firm Rystad Energy.
