A survey shows that big steelmakers are not switching to renewable energy sources.
A survey of 18 major firms revealed that the world's largest steelmakers are falling further behind in their shift to low-carbon production. Some still rely on fossil fuels as their primary source of energy. The steel industry is responsible for around 7% of the global CO2 emissions. This is about the same as India. Coal-fired blasting furnaces produce 2 tons of CO2 per ton of output. There are alternative technologies, such as electric arc-furnaces (EAFs), which can be powered by renewable sources. The climate group Action Speaks Louder…
NTPC Green's IPO attracted bids of $1.8 bln, making it the third largest listing in India this year.
NTPC Green Energy (the renewable energy arm of the state-owned NTPC) received bids totaling 154.06 Billion Rupees ($1.83 Billion) for its $1.2 Billion initial public offering on Friday, as investors placed bets on the growing need for clean energy in the country. India is rushing to meet its clean-energy targets. It has increased investments in renewables and expanded capacity. Moody's ratings says it will need to spend $385bn by 2030 to reach its goals after failing to do so in 2022. Arun Kejriwal of Kejriwal Research, a brokerage, stated that the IPO was a success.
NTPC Green’s $1.2 billion IPO is fully subscribed by the final day in India’s bet on renewable energy
Investors bet on India's growing need for clean energy. The $1.2 billion NTPC Green Energy initial public offering was fully subscribed by Friday's closing day of the sale. The 96% subscription rate was achieved by the institutional investors who received approximately three quarters of all 593.2 millions shares. The bids will close at 5 pm IST the same day. As of 12:23 am IST, the portion reserved for retail investors had been oversubscribed 2.81 times after it was fully subscribed during Tuesday's first day of auction. India is rushing to meet its clean-energy targets.
Sources say that Venture Global LNG is planning to raise $3 billion from its US IPO.
According to sources familiar with the situation, Venture Global LNG plans to raise up to $3 billion in its New York initial public offering. This could happen as early as this year. The people who spoke to Venture Global said that the company is in discussions with Goldman Sachs, JPMorgan Chase and other banks about the listing plan. Arlington, Virginia based company is among the largest suppliers of liquefied gas in the United States. Venture Global LNG received permission from federal regulators earlier this month to add natural gas to its Plaquemines Export Plant in Louisiana.
India's NTPC Green sets a price range for its $1.2 billion IPO
A newspaper advertisement on Wednesday showed that India's NTPC Green Energy had set a price range of 102 to 108 rupees for its 100 billion-rupee ($1,19 billion) IPO. This is expected to be India's third largest IPO this year. Bidding for the renewable energy company will begin on November 19 and end on November 22. On November 18, large "anchor investors" will bid. The IPO of the state-owned power firm NTPC is a sign that India is betting big on renewable energy and ramping up its capacity to meet its 2030 clean-energy target, after failing to reach a highly-publicised target of 2022. India's IPO industry is booming.
Hyundai will launch a $3 billion India IPO next Monday at 1,865-1.960 rupees per shares, according to sources
Sources said that Hyundai Motor India will begin accepting subscriptions next week. The price per share will be in the range 1,865-1,960 rupees (22-23 dollars), they added. This would value the automaker up to $19 Billion in this country's largest stock offering of the year. Hyundai will list on the Indian stock exchange for the first time outside of South Korea. It will be the first time in India in 20 years that a car manufacturer has gone public since Maruti Suzuki went public in 2003. This comes after Indian stock market records were broken and many companies made their debuts.
Hyundai India IPO will open next week between 1,865-1.960 rupees.
Sources said that Hyundai Motor India will begin accepting subscriptions next week. The price per share will be in the range 1,865-1,960 rupees (22-23 dollars), they added. This would value the automaker up to $19 Billion in this country's largest stock offering of the year. Three sources who have direct knowledge of the IPO said that it will be open to institutional investors and retail during October 15-17. Sources said that at the top of the price range, the company would be worth roughly $19 billion. They added that the stock was set to begin trading in Mumbai, India on October 22. Hyundai has not responded to all queries.
TotalEnergies signs LNG supply agreement with South Korea's Hyundai Chemical
TotalEnergies, a French oil giant, announced on Tuesday that it had signed an agreement with HD Hyundai Chemical, a South Korean company, to supply liquefied gas from 2027-2033. Total has now signed six LNG contracts this year. Total will deliver 4.65 million tonnes of LNG to China, Turkey and Singapore by the middle of 2030s. Gas that will supply an industrial site of Hyundai Chemical in South Korea will be partially indexed to Brent crude oil prices and partially to Henry Hub, US natural gas benchmark. In a press release…
Hyundai invests $28 Million in Thailand to build EV batteries and assemble EVs
The Board of Investment of Thailand (BOI), a government agency, announced on Wednesday that Hyundai Motor Company of South Korea will invest one billion baht to build a factory in Thailand to manufacture electric vehicles and battery packs. Thailand's booming EV industry is currently dominated mainly by Chinese automakers. These include BYD Motors and Great Wall Motors. They use Thailand as a base to manufacture vehicles for export across Southeast Asia. A BOI announcement said that the Hyundai factory will begin production in 2026. It is located to the southeast of Bangkok's capital.
MAN ES: Moving Forward on Ammonia Engines
As shipowners ponder future fuels, MAN Energy Solutions is sailing full speed ahead optimizing dual fuel marine powerplants while preparing to start testing ammonia fueled engines in early 2023. Bjarne Foldager, Senior Vice President, head of two stroke business at MAN ES hosted Maritime Reporter & Engineering News in Copenhagen for a look behind the scenes at a cornerstone of its mandate to ‘Move big things to Zero.’Just 10 years ago, in December 2012, word came that General Dynamics NASSCO finalized a contract with TOTE…
NYK Signs Multi-Year Deal with GAIL (India) Limited for Charter of LNG Carrier
NYK signed a multi-year time-charter contract with GAIL (India) Limited, India's largest natural gas company, for a liquefied natural gas (LNG) carrier. Grace Emilia, the vessel that will be chartered, is equipped with a WinGD-made dual-fuel slow-speed X-DF diesel engine, a unit that has superior fuel-consumption efficiency and can operate on marine gas oil or boil off gas stored in the cargo tank. The vessel also features a re-liquefaction system that can use re-liquefied excess boil-off gas and return it to the cargo tank.The cargo tank has a 174,000 cu.
NYK Bulk Carrier Completes Another Run on Biofuel
NYK conducts third successful biofuel trial on ship carrying Tata Steel cargoThe bulk carrier Frontier Sky, which is owned by NYK and operated by Tata NYK Shipping Pte. Ltd., conducted a trial use of biofuel to transport cargo provided by Tata Steel Limited, the major steel manufacturer in India. According to the company, this is the third successful trial use of biofuel by an NYK vessel.In this test voyage, the vessel was fueled with biofuel by Toyota Tsusho Petroleum Pte. Ltd. at the port of Singapore on November 14 and a test voyage was conducted on a route to the port of Dhamra, India.
MISC Takes Delivery of VLEC Seri Elbert
MISC Berhad (MISC) has taken delivery of its sixth Very Large Ethane Carrier (VLEC) – Seri Elbert, from Hyundai Heavy Industries (HHI) shipyard in Ulsan, South Korea. Seri Elbert and her sister vessels - Seri Everest, Seri Erlang, Seri Emei, Seri Emory and Seri Emperor are a series of second generation VLECs – all of which were acquired by MISC from Zhejiang Satellite Petrochemical Co. Ltd. (STL) in July 2020.See related story on Seri Everest, one of Maritime Reporter & Engineeering News' Great Ships of 2020Mr.
VIDEO: Wärtsilä’s Compact Reliq Aims to Optimize BOG Reliquification
As the maritime industry steams toward decarbonization, the path to zero emissions will include many stepping stones. Wärtsilä’s Compact Reliq is a step change in efficiently reliquefying boil off gas (BOG) on LNG carriers, as Lasse Wichstrøm and Sylvain Fabreguettes discuss with Maritime Reporter TV.LNG carriers have, for years, utilized boil off gas (BOG) to help fuel the ship, even before ‘decarbonization’ and ‘emission reduction’ became lexicon in the maritime sector.“Compact Reliq is not a brand-new product in the sense that reliquefaction plants have been around for some time…
Great Ships of 2020: Seri Everest, World’s Largest Ethane Carrier
Seri Everest, the first in a series of three 98,000 cbm Very Large Ethane Carriers (VLECs) built at Samsung Heavy Industries Co., Ltd. (SHI) and delivered to MISC Berhad on October 30, 2020. Seri Everest is the first from a series of six VLECs that MISC purchased in July 2020. As a second generation VLEC, Seri Everest is one of the largest vessels of its kind in the world.With the delivery of MISC’s first VLEC – Seri Everest, she has set a new benchmark in the ethane market. Seri Everest has the capacity of transporting ethane in large volumes over long distances, while ensuring the highest level of safety and reliability.
Small Scale FSRU: Think Smarter Not Bigger
The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…
MISC, NYK and Mitsubishi Partner for the LNG Canada Project
MISC Berhad (MISC) through its subsidiary have signed an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to co-own two newbuild LNG vessels mainly for the LNG Canada project.Both LNG carriers have a capacity of 174,000 cubic meters (cbm) and are currently being built by Hyundai Samho Heavy Industries (HSHI). These vessels will feature state-of-the-art technologies including modern XDF propulsion and partial re-liquefaction facility for higher efficiencies and to meet the demand for worldwide trading and long-haul voyages.Each of the LNG carriers will respectively serve Diamond Gas International Pte.
HMD Builds 2 Methanol-Fueled Tankers
Two new dual-fueled tankers capable of operation using clean-burning Methanol, Mari Couva and Mari Kokako were named at the Hyundai Mipo Dockyard (HMD) by owners Marinvest and Waterfront Shipping.The Methanol Institute has welcomed the launch of the 49,000dwt product tankers.“The launch of the Mari Couva and Mari Kokako is a milestone for the acceptance of Methanol as a safe and reliable marine fuel that can meet IMO2020 regulations and create a pathway to lower carbon shipping,” said Greg Dolan, CEO, The Methanol…
KNOC Aims to Sell Stake in Dana Petroleum
State-run Korea National Oil Corp (KNOC) is considering upping the stake it is planning to sell in its British unit Dana Petroleum after failing to lure a buyer for the 30% previously on offer, banking and industry sources said.KNOC had hired Canada's Scotia Bank to help with selling part of the oil and gas producer, but the minority stake was not seen as attractive for energy companies already operating in the region, which are mostly backed by U.S. and European private equity funds, the sources said.These investors have proved unwilling to take on a minority shareholding in a firm that is majority state-owned.This has forced KNOC…
Two Tankers Attacked in Gulf of Oman
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.
