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SK Gas has been expanding its LNG-related business. Under the past year’s LNG market environment, it is estimated that SK Gas’s Ulsan GPS power plant generated average daily sales of US$2mn. Given the prolonging of the Russia-Ukraine war and the LNG supply shortage, LNG prices are likely to stay higher than LPG prices for the time being. Economic benefits of Ulsan GPS power plant While maintaining a Buy rating, we lower our TP on SK Gas from W180,000 to W150,000. In light of anticipated sales from the Ulsan LNG/LPG combined ...

DNV and partners confirm the completion of Phase 1 of a joint industry project (JIP) on Bottom Impact and Partially Submerged Conditions which has resulted in a new framework for optimising the installation process of offshore wind turbines. New partners are encouraged to join Phase 2, which will focus on validating models and establishing common best-practice guidelines to the benefit of the entire industry. Offshore wind-turbine installation is currently done in very benign weather conditions to limit WTIVs bottom impact of the jack-up legs with the seabed during the set-down ...

Leaders of the 27 European Union countries meet on Thursday for the second time in two weeks to try to bring down energy prices, though persistent divisions between them mean the bloc is unlikely for now to put a ceiling on what it pays for gas. The 27 are expected to back parts of a package of EU energy proposals made this week, including an alternative price benchmark for liquefied natural gas and joint gas buying, after earlier agreeing to fill gas storage and claw back revenues from energy firms ...

Minister of Energy Prince Abdulaziz bin Salman and Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura underscored the significance of supporting the stability of global oil market by promoting dialogue and cooperation between producing and consuming countries. During a meeting via video conference on Wednesday, the ministers affirmed that they will work to strengthen the bilateral relationship and cooperation between Saudi Arabia and Japan in the field of energy. Prince Abdulaziz and Nishimura stressed the need to ensure the security of supplies for all energy sources in global markets, ...

Lloyd’s Register has awarded Nantong COSCO KHI Ship Engineering Co., Ltd. (NACKS) Approval in Principle (AiP) for an ammonia-fueled 16,000teu container ship. The AiP was presented at LR’s Nantong office and marks another milestone for ammonia as a fuel for container ship propulsion. LR, NACKS and Hudong Heavy Machinery Co., Ltd. (HHM) started work on the project in early 2021 with the AiP awarded following a risk-based HAZID certification in which the three partners discussed the flammable, highly toxic and corrosive nature of ammonia and attended risk assessment seminars. As ...

Auditing and certification as per ISO 22301:2019 & 27001:2013 was carried out by EUROCERT Quality Evaluations, a Sustainability, Social and ESG Compliance Leader. EUROCERT European Inspection and Certification Company S.A. acts as a third-party inspection, audit and certification body. Its operation is based on the values of independence and integrity as well as on the impartiality and competence of its management and personnel. The inspections, certifications and verifications are accredited by the Hellenic accreditation body, ESYD in compliance to standards ISO/IEC17021, EN45011, ISO/IEC 17020, ISO/IEC17043, ISO14065 or EC regulation 1221/2009 ...

Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the third quarter of 2022. We were generally pleased with our third quarter results, with strong performance in OFS while TPS successfully managed multiple challenges. We also saw strong orders performance, with continued momentum in OFE as well as TPS. 2022 has presented some unique challenges for Baker Hughes, and as we head towards 2023 we believe many of the key challenges should be behind us. I would like to thank our team for their continued ...

CEO summary There were several positive takeaways from the third quarter 2022. Strong order growth of 4% (16% comparable), resulted in a book-to-bill ratio of above one for the seventh consecutive quarter. Revenues were supported by the sequential easing of component supply constraints facilitating customer deliveries but also by a significantly lower level of interruptions from Covid-related lockdowns in China. I was pleased to see the Operational EBITA increase by 16% year-on-year and the high Operational EBITA margin of 16.6%, with improvements noted in all business areas. An excellent achievement, ...

As of November 1, 2022, feeder ships can be strategically used for container transfers between the major terminals in the Port of Hamburg. The projected benefits include providing relief the port infrastructure by reducing the number of truck journeys between the terminals, shorter waiting times at the terminals and a related decrease in CO2 emissions. The way is paved by Danish shipping company Unifeeder as initiator, together with the Hamburg software specialist DAKOSY and DIHLA DAKOSY Interessengemeinschaft Hamburger Linienagenten (DIHLA). Collectively they have created a digital process that also covers ...

The gates are now open for Circle K’s charging and hydrogen filling station in the Port of Gothenburg. The station is the first of its kind in the Nordic region and has been built from a heavy trucks perspective, with the intention of facilitating the green transition for heavy goods traffic in and around the Port of Gothenburg. The station will form a new hub of the port for facilitating the transition from fossil to electricity and alternative fuels for heavy goods traffic. Initially there will be six public charging ...

Iron ore’s losses deepened on Thursday, with the benchmark price of the steelmaking ingredient in Singapore hitting a fresh 2022 low, hammered by a gloomy outlook for global steel demand and supply-side pressures. Steel prices in China, which accounts for about half the world’s output of the construction and manufacturing material, also fell amid a worsening COVID-19 situation in Beijing. The most-traded January iron ore on China’s Dalian Commodity Exchange DCIOcv1ended daytime trade 3.1% lower at 667 yuan ($92.27) a tonne, after touching its weakest since Sept. 5 at 664 ...

Bank of England Deputy Governor Ben Broadbent told investors on Thursday that the big increases in interest rates they had priced in on the back of Prime Minister Liz Truss’s fiscal plans would deliver a “pretty material” hit to the economy. In a speech, Broadbent said it was now unclear how much the Truss government’s energy price cap plan would add to inflation pressure in the medium term after the scheme was drastically shortened by new finance minister Jeremy Hunt. “The MPC (Monetary Policy Committee) is likely to respond relatively ...

Survitec’s revolutionary Seahaven, the world’s largest inflatable lifeboat, has won the technology category of this year’s Safety4Sea awards. The self-propelled inflatable lifeboat surpassed Safety4Sea’s judging criteria of providing a “significant technological achievement or significant contribution to maritime safety”. Seahaven, officially introduced to the market in April, is already redefining how passengers and crew evacuate ships in an emergency, with Norwegian Cruise Line Holdings Ltd. (NCLH), Independent Maritime Advisors Ltd, and a major shipbuilder looking at incorporating the system into new designs. Typically, a 4,000-passenger capacity cruise ship would require at ...

S&P Global Commodity Insights discusses consensus price forecasts for industrial and precious metals, including platinum group metals, amid broader market trends. With September headlines dominated by interest rate hikes and energy supply concerns, the macroeconomic environment is weighing on all metals prices, regardless of fundamentals. In September, macroeconomic news of inflation — energy and otherwise — and interest rate hikes by several central banks to mitigate the fallout in their respective economies amid the increasing likelihood of a global recession dominated headlines. The U.S. dollar spiked as the Federal Reserve ...

Europe’s warmer-than-usual weather this autumn and large additional supplies of liquefied natural gas (LNG) have led to a significant drop in Title Transfer Facility (TTF) spot prices recently, Fitch Ratings says. Regulatory proposals to limit gas price levels in the EU that market participants expect to be agreed shortly may also affected the prices. However, we anticipate that prices may continue to be volatile, particularly when the weather turns colder during winter months, and have kept our gas price assumptions unchanged. The TTF spot price has declined fourfold to USD22/thousand ...