The opportunities of multi-contracting but the challenges it presents
We have recently seen a number of US developers making the decision to proactively pursue a multi-contracting route. This strategy has been driven by a desire for better visibility on both risk and costs than that offered by the more traditional option of single sourcing Engineering, Procurement, Construction and Installation (EPCI), which results in paying a premium for others to take on most of a project’s risk.
Offshore carbon storage: Europe leads the way, but will Asia soon catch up?
While Europe is currently the front-runner in terms of offshore carbon storage, significant developments in other parts of the globe could potentially change this in coming years. In this article, we compare offshore carbon storage developments across Europe with those occurring in Asia Pacific.
Clarkson Port Services acquires offshore renewable energy service provider, DHSS
The acquisition of DHSS will provide a step change in Clarkson Port Services offering, delivering significant added value to existing clients and presenting enhanced growth opportunities through the ability to tender for larger offshore renewables contracts internationally.
Clarksons ramps up investment in US wind team
Global Offshore specialist Clarksons Offshore & Renewables is bolstering its presence in the US wind market in a bid to attract more investment in the development of offshore wind vessels in the US market and support the expansion of the offshore wind market.
First official UK carbon storage application round closes
To date, only six CO₂ storage sites in the UK have had licences granted, however none of them are currently being used for storage. Given the exponential growth in the number of companies looking to enter the CCS sector, storage is becoming increasingly important, and this heightened demand has triggered growing momentum to not only use existing sites, but also create additional new areas.
Offshore Wind Newbuilds has an exciting road head....
In this article, Vegard Vollsæter, Divisional Director | Newbuilding, shares an overview of Offshore Wind Newbuilds and a look ahead to 2023 and beyond.
Ammonia and the cuckoo in the nest
At first glance, it appears that ammonia should be enjoying its moment in the spotlight: new production projects are being announced on a regular basis and there is continued strong demand as well as high prices. Plus, the shift towards cleaner production techniques and ‘greener ammonia’ is well underway. Indeed, it is widely acknowledged that ammonia holds a potentially significant position in the drive towards decarbonisation.
In our 2022 review, we profile another remarkable year for the shipping industry, with a record breaking ClarkSea Index (up 30% y-o-y) and a maritime sector again managing wide ranging disruption from global events including the onset of the Ukraine conflict, continued impacts from the pandemic, a slowing world economy and divergent trends across the shipping sectors.
What will increased UK carbon storage mean for shipping markets?
UK storage remains relatively underdeveloped at present, with just six UK sites that have had licences granted to date. But all that looks set to change as the number of companies looking to enter the Carbon Capture and Storage (CCS) sector has grown exponentially. Given that storage is the starting place for all CCS projects (no storage, no project!), we are starting to see the development of UK carbon storage facilities that would underpin the region’s ability to cater for an extensive storage infrastructure.
UK carbon storage ambitions ramp up
While a significant amount of work has been put into developing Carbon Capture and Storage (CCS) projects, including Northern Endurance, Acorn, Hynet and South Wales Cluster, UK storage itself remains relatively underdeveloped. This, however, all looks likely to change. Given the exponential growth in the number of companies looking to enter the CCS sector, storage is becoming ever more crucial. After all, no storage – no project!
Fleet electrification to increase as marine battery technology becomes commercially viable
Of the more than 400,000 commercial vessels around the world today, approximately 575 of these are electric and hybrid currently. However, this all looks set to change with sector specialists predicting we will see the number of electric and hybrid vessels increase dramatically in the next few years.
Carbon Capture and Storage (CCS): What are the shipping requirements?
While data is partly incomplete and occasionally inconsistent, estimates indicate we are emitting over 35 billion mt of CO₂ each year. Currently we are storing only around 0.1 per cent of that, but as decarbonisation grows in importance, so too does the need for comprehensive CCS solutions. In this article, we take a snapshot of existing CCS projects and look at the related shipping solutions required.