Wall St. ends lower than expected as Meta and Microsoft highlight AI costs
The major U.S. indexes ended lower on Thursday, after Microsoft and Meta Platforms pointed out that artificial intelligence costs could impact their earnings. This dampened the enthusiasm for megacaps which have been driving this year's market rally. Microsoft and Meta Platforms, which own Facebook, saw their shares fall despite the fact that both companies beat earnings expectations in results announced after Wednesday's bell.
As Russia attacks Ukraine's energy infrastructure, the price of gas in Europe is rising.
The Dutch and British wholesale prices of gas closed higher on Monday amid concerns about supply as Russia fired missiles against energy infrastructure in Sumy, a city located north-east Ukraine. LSEG data show that the benchmark front-month contract for the Dutch TTF hub at 1600 GMT was 1.17 euros higher, at 35.37 Euros per Megawatt Hour (MWH), which is $11.81 mmBtu. The benchmark TTF contract fell to its lowest level since July, before recovering slightly in the morning of Tuesday.
Toronto stocks are up as resource-linked stocks gain.
Canada's main index of stocks rose on Thursday. This was largely due to gains in mining shares, as the latest U.S. data confirmed the possibility of an interest rate cut by a quarter basis point next week. The Toronto Stock Exchange’s S&P/TSX Composite index rose 87.91, or 0.38% to 23,299.08, and hovered near a new record high. The materials sector in Canada led the way with a 2.8% increase, aided by gold prices at record levels and a surge of copper. B2Gold Corp. topped the index.
Japan Takes the Lead on Ammonia as Maritime Fuel
Late last year Japanese maritime leaders – Nippon Yusen Kabushiki Kaisha (NYK), Japan Engine Corporation, IHI Power Systems Co., and Nihon Shipyard Co., Ltd. – signed a series of contracts to buid the world's first ammonia-fueled medium gas carrier (AFMGC) equipped with Japan-make engines. The target is a completed ship by November 2026.While the project is significant, hurdles remain, namely:While development work is underway…
MTR100: For USVs and AUVs, is it a Hydrogen Future?
Hydrogen has been making big headlines in the energy world. It’s one of the potential routes to deliver high density energy to transport and heavy industry – but also to marine applications, as well as a way to move and store renewable energy. Various uncrewed surface vessel (USV) developers, autonomous underwater vehicle (AUV) builders and even subsea power delivery system providers are taking a serious look – and even trialing – hydrogen as an option.SEA-KITThe Maxlimer hydrogen configuration.
NYK to Modify Tugboat to Ammonia Fuel at Keihin Dock Co.
NYK finalized a contract with Keihin Dock Co., Ltd., an NYK Group company, to modify a tugboat to ammonia-fuel specifications. Sakigake, a tugboat currently fueled by liquefied natural gas (LNG) and operated in Tokyo Bay by NYK Group company Shin-Nippon Kaiyosha Corporation will be converted to operate on ammonia fuel by a target completion year of 2024.This R&D was initiated in October 2021 by NYK and IHI Power Systems Co., Ltd.
Energy @ Sea: Powering Up in the Blue Desert
Last year marked the beginning of the United Nations Decade of Ocean Science for Sustainable Development, lasting from 2021 until 2030. With 10 years comes 10 challenges—goals for regional, national and global participants to work towards for positive, collective impact on our oceans. Included in the 10 are ocean-based solutions for climate change, expanding the Global Ocean Observing System, creating a digital representation of the sea…
Green Marine: Electrification is the Power behind ‘Future-Proofing’
There's an “electrification of the seas” happening for navies around the world.Whether it's to achieve greater military capabilities, operational economics and efficiencies or to be better stewards of the environment.There's a trend moving from direct mechanical drives towards more flexible electrical propulsion systems. Ships can still have the same propellers and engines, but they now have a much more flexible power system architecture that benefits design…
MethanQuest: Test Results In for Renewable Hydrogen, Methane as a Fuel
As the maritime industry embarks on 'the path to zero', it is widely acknowledged that there is currently not a 'silver bullet' solution, nor is it likely that a solution will emerge from a vaccum. Collaboration is the path forward, and efforts such as MethanQuest offer promise.The project MethanQuest was launched in September 2018 with 29 partners from research, industry and the energy sector to work…
Japan Trio Begins Work on an Ammonia-Fueled Tugboat
As the marine industry works to find the ‘fuel of the future’ to address increasingly stringent emission regulations, an interesting development from a trio of marine powers in Japan seeks to develop the world’s first ammonia-fueled tugboat. The joint research and development agreement was signed by NYK, IHI Power Systems Co., Ltd., and ClassNK recently to put the world's first ammonia-fueled tugboat into practical use.With the entry into force of the Paris Agreement in 2016…
German Offshore Wind Capacity Reaches 7.5GW
A total of 1,469 offshore wind turbines with a capacity of 7,516MW feed electricity into the German offshore wind industry grid as of now. 160 turbines with a capacity of 1,111MW were connected to the grid in 2019.According to a joint press release from country's wind energy associations said: “Offshore wind energy has developed from Germany into an international success story. Electricity from offshore wind energy is cost-effective…
Offshore Wind: The Domino Effect
Matt Tremblay, SVP, Global Offshore, ABS, discusses the next hot growth market ... offshore wind. While the market grows, the question begs: Is the U.S. marine industry ready to meet demand?The American Bureau of Shipping convened a conference to discuss the pace and direction of the U.S. offshore wind market, including challenges and opportunities for maritime, offshore, subsea and logistics markets.
Aramco Uses Renewables in Gas Wells
Saudi Arabian national petroleum and natural gas company Saudi Aramco said that using renewable energy at unconventional well sites in Wa’ad Al-Shamal provides multiple benefits to the company."Not only is it a reliable and less expensive way to power the remote wells, but it also reduces carbon emissions and helps to save hydrocarbons for export by providing natural gas for the region’s power generation…
Shore Power Market to Reach $2.7Bln by 2024
The global shore power market is estimated to be valued at USD 1.4 billion in 2019 and is projected to reach USD 2.7 billion by 2024, at a CAGR of 13.3% during the forecast period.Reduction of low-frequency noise and emissions at ports, a growing number of cruise liners in the shipping industry, and installation of retrofit shore power systems have increased the demand for a shore power system, said a report by ResearchAndMarkets.However…
IMO 2020: Hydrogen's Future in Maritime
Hydrogen fuel cell technology to Satisfy Future IMO RequirementsWith an ongoing push by the maritime community to reduce ship emissions to satisfy IMO MARPOL Annex VI regulations and limit the sulfur content of ships from 01 January 2020 to 0.5 percent world-wide, many ship owners are starting to consider hydrogen fuel cell technology to satisfy evolving emissions regulations. To date, hundreds of…
LNG Majors Okay MHPS Gas Turbine
The engineering and manufacturing giant Mitsubishi Heavy Industries Group (MHI Group) said it has completed successive technical qualification, conducted by oil majors and engineering companies on Mitsubishi Hitachi Power Systems’ 120MW H-100 Gas Turbine.To date, major LNG players, including ExxonMobil, Shell, Total, along with key engineering contractors such as Bechtel, have all completed extensive…
Ballard Joins H2Ports Project
Ballard Power Systems Europe is providing technology to H2Ports project which will see Valencia’s port in Spain become the first in Europe to incorporate hydrogen energy in its operations.The developer and manufacturer of proton exchange membrane (PEM) fuel cell products said in a press release that H2Ports project is aimed at facilitating a rapid transition at European ports from fossil fuels to low-carbon…
Equinor Pushes Shore Power, Cuts CO2
Norwegian oil major Equinor said that NorSea opened a shore power supply station at the Dusavik supply base in Stavanger, Norway, on January 18."The base is the latest in a string of supply bases where vessels operating on Equinor contracts are offered shore power for hotel needs while at berth and to charge their onboard batteries," said a press statement.Shore-to-ship power supply is one of several measures to reduce emissions in logistics.
German North Sea Wind Capacity Up 12.7%
Offshore wind power operators in the German North Sea raised generation capacity by 12.7 percent to 6,232 megawatts (MW) last year, nearing a government target of 6,500 MW national offshore capacity by 2020, grid company TenneT GmbH said on Thursday.TenneT, the German arm of the bigger Dutch transmission network group, plays a key role in the sector because it is responsible for linking North Sea wind farms to onshore grids in the states of Lower Saxony and Schleswig Holstein.Its German North Se
ABB, Sintef to Test Hydrogen Fuel Cells
Norwegian Sintef Ocean and ABB Marine will use two 30kW hydrogen fuel cells, set up in laboratory to model the operation and control of a complete marine power system in a megawatt-scale propulsion plant."ABB and Sintef Ocean are undertaking groundbreaking research to test the viability of fuel cells as an energy source for main ship propulsion. The new research project seeks to provide the answers…
