Maersk first WTIV; Largest electric cruise; Cadeler triples revenue; Yara builds ammonia network
It’s Good News Monday!
This Monday we talk about:
Offshore Wind: Empire Wind Taps Maersk to Build Wind Turbine Installation Vessel (VIDEO)
Study underway to build MGO-fuelled tug fleet with carbon capture
World’s Largest Electric Cruise Ship Sets Sail in China
OSV owners test bioLNG as a path to carbon-neutrality
Offshore Installation Firm Cadeler Returns to Profit as Annual Revenue Triples
Yara to set up world's first carbon-free ammonia bunkering network
Video of Maersk’s new WTIV. Video from Offshore Engineer.
The Maersk Supply Service has won a contract for Empire Offshore Wind to use its first wind installation vessel (WIV). Maersk will work with Kirby Offshore Wind for their Jones Act compliant tugs and barges to deliver parts to the installation vessel. SembCorp Marine in Singapore will construct the vessel and it should be ready for operations in the mid 2020s. Kirby is investing in two feeder barges and tugboats for a total of $80-100M. They will have the ability to transport 15MW next generation turbines. Empire Wind is a planned wind farm off the east coast of New York and is a joint venture between bp and Equinor. When complete, Empire Wind 1 and 2 will have a capacity over 2 GW.
Tug and barge. Image from Riviera.
Carbon Collectors is collaborating with Value Maritime to construct a CO2-neutral tug fleet powered by MGO, or marine gasoil. The vessels would use carbon-capture technology from Value Maritime to make them completely CO2 neutral from the beginning of operations. "’The CO₂ capture feature removes and stores carbon from the vessel’s exhaust gases and uses it to charge a CO₂ battery which can be offloaded and reused to facilitate the growth of crops, used to enrich future fuels or it can be safely stored until needed,’ the businesses said.” Carbon Collectors’ goal is to reduce CO2 emissions by 6M tons per year by 2030 and store that carbon in depleted gas fields in the North Sea.
“Yangtze River Three Gorges 1. Photo: CGTN”. Image from gCaptain.
The world’s largest electric cruise ship, Yangtze River Three Gorges 1, is now sailing on the Yangtze River. Contemporary Amperex Technology Co. Ltd. provided the 7,500 kWh battery that will power the vessel for about 100 kilometers per charge. The ship is 100 meters long and 16 meters wide, with room for 1,300 passengers. So far tests have been good and the ride has been very smooth - commercial operations are expected to start in April 2022.
“HGIM achieved carbon-neutrality on one of its tri-fuel PSVs using a combination of bioLNG and battery power (source: HGIM)”. Image from Riviera.
Harvey Gulf International Marine (HGIM) and Island Offshore are both testing bioLNG on opposite sides of the globe. Island Offshore has been using the fuel in Island Crusader since last year, burning 227 tonnes of biogas with a 40% reduction in CO2 and some days with zero CO2 emissions. Lundin Energy has long-term charters with Island Offshore and plans to be carbon neutral by 2023. Harvey Gulf is also using bioLNG, also called renewable LNG, or RLNG with one of their hybrid platform supply vessels to achieve carbon neutrality. “BioLNG for HGIM was sourced from Pivotal LNG’s small-scale LNG facility in Trussville, Alabama. The bioLNG uses negative-carbon-intensity biomethane, produced from swine waste supplied by Houston-based Element Markets.”
Jack-up vessel. “Credit: Cadeler”. Image from Offshore Engineer.
Cadeler, a Danish offshore wind installation company, has tripled revenue from 2020 to 2021 and returned to profitability. Revenue was EUR 19.5M in 2020 and EUR 61M in 2021, a 212% increase. EBITDA also increased from EUR 10M to EUR 28M. The company expects 2022 revenue to be between EUR 96-110M with an EBITDA of EUR 56M to EUR 70M. They have a contract pipeline of EUR 409M with more active bidding. They estimate to have 35% of the market of wind turbine installation capacity when their new vessels are complete.
“The world's first carbon-free, ammonia fuel bunker network for maritime use will be established in Scandinavia (source: Yara International)”. Image from Riviera.
Yara International is one of the world’s biggest ammonia producers, and plans to use their “position to deliver green ammonia to the shipping industry” by partnering with Azane Fuel Solutions. They will create the first carbon-free ammonia bunker network in Scandinavia with a target of fuel delivery by 2024. They pre-ordered 15 floating ship bunkering terminals to ensure access to the zero-emissions fuel. “In 2021, Azane Shareholders, AMON Maritime and ECONNECT Energy received public funds from Norway’s Green Initiative programme and grants from Innovation Norway and Norwegian Research Council to fund the development and construction of the first pilot floating ammonia bunkering unit.”
Smile, it’s Good News Monday! :-)