Archives for category: Offshore

After the dramatic disruption of 2020, offshore oil and gas markets are seeing slightly improved activity, utilisation and sentiment edge into the market. Extracted from our upcoming Offshore Review & Outlook, this week’s Analysis profiles these trends alongside continued challenges. And as the focus on energy transition and de-carbonisation intensifies, offshore wind continues its exciting growth phase.

For the full version of this article, please go to Shipping Intelligence Network.

Having fluctuated only fairly moderately through most the 2010s, the value of the world shipping fleet has risen sharply in 2021 so far to reach an estimated ~$1.2 trillion. Alongside longer-term trends, this notable uptick has largely been driven by increasing asset values, with impressive market conditions in key sectors pushing vessel prices upwards and also impacting the distribution of value across the fleet.

For the full version of this article, please go to Shipping Intelligence Network.

The last few years have seen lower volumes of recycling out of the global fleet for a variety of reasons, and remarkably strong markets in some sectors, added to Covid-19 related disruption, have kept volumes subdued in 2021. However, one part of the fleet has become a more common sight at breaking yards, as tough markets, despite recent improvements, have led to increased offshore vessel scrapping.

For the full version of this article, please go to Shipping Intelligence Network.

The Covid-19 pandemic had a severe impact on offshore markets during 2020. Extracted from our upcoming Offshore Review & Outlook, this week’s Analysis outlines the contrasting fortunes for offshore oil and gas and offshore renewables, some moderate improvements in activity after a tough year, an increasing focus on fleet emissions and an emphasis on “green and tech” in post Covid-19 planning.

For the full version of this article, please go to Shipping Intelligence Network.

As part of our Green Transition work, this week’s Analysis reviews a rapidly growing market with huge potential: Offshore Renewables. 2020 was a record year for start ups (18 farms, 5.6 GW) and, for the first time, CAPEX committed overtook offshore oil and gas ($51bn vs $41bn). Investments into the “wind” fleet are also gathering pace, with pressures to limit emissions and be “green” across the supply chain.

For the full version of this article, please go to Shipping Intelligence Network.

After a uniquely challenging year for the shipping industry, our first Analysis of the year reviews some of the dramatic trends from a Covid-19 dominated 2020. Benefiting from elements of “disruption upside”, our cross-segment ClarkSea Index actually ended the year down only 2% y-o-y, experiencing its second highest year since 2010 (after 2019) despite global seaborne trade falling 3.8% to 11.5bn tonnes.

For the full version of this article, please go to Shipping Intelligence Network.

Covid-19 has had a major impact on global energy markets, and a range of knock-on effects across the shipping industry. The offshore sector has been hit hard, and now faces its third downturn in just over a decade. The offshore markets are diverse and impacts have varied, and our Offshore Market Impact Tracker has been providing regular updates on indicators tracking the key developments.

For the full version of this article, please go to Shipping Intelligence Network.

Covid-19 has been a tough blow to the offshore sector. The sector has had a difficult last half decade, with the boom-times of >$100/bbl oil receding into the rear-view mirror. Although utilisation and dayrate levels began to tick up in 2019, the outlook was significantly weakened by Covid-19. Tracking the key indicators on how offshore markets are developing will be important as the downturn plays out.

For the full version of this article, please go to Offshore Intelligence Network.

In these extraordinary times, the cancellation of school exams has been one of many unprecedented events. As we examine performance in our half year report, this is not an option for the shipping industry as it battles through the many challenges (and some upside) that Covid-19 has brought: a severe 5.6% drop in seaborne trade; a 10% drop in port activity; sharp declines in demolition and newbuild ordering.

For the full version of this article, please go to Shipping Intelligence Network.

Three weeks ago, Shipping Intelligence Weekly considered the effect of global efforts to moderate climate change, and the potential maritime impacts of ‘energy transition’ and decarbonisation (see SIW 1,422, 15th May 2020). This week’s Analysis continues the story, looking at scenarios for the future shape of energy production offshore which may play out as patterns of world energy use evolve.

For the full version of this article, please go to Shipping Intelligence Network.