Bunker Fuel Mkt to Reach $273bln by 2025
The global bunker fuel market, which was valued at $137.21 billion in 2017, is expected to reach $273.05 billion by 2025, growing at a CAGR of 9.4% during the forecast period, 2018-2025.Increased offshore hydrocarbon exploration activities in offshore destinations and growth in marine trade due to rise in import-export activities contribute to the overall growth of the global bunker fuel market, said a report published by Allied Market Research.However, stringent government regulations…
MJP Opens New APAC HQ
Marine Jet Power (MJP) has announced the establishment of a new sales office for Asia Pacific (APAC), headquartered in Perth Henderson, Western Australia.In a celebration last week, company CEO Magnus Sörenson, CFO Erling Tomasson and EVP of Sales and Marketing Damian O’Toole, attended the opening of MJP’s new office, located in the Australian Marine Complex overlooking Jervis Bay. Co-located with IKAD Engineering, the new MJP APAC headquarters is ideally situated in the Henderson Industrial area of Perth Western Australia…
Marine Lube Market: $5.9B by 2024
Marine lubricants market, which was above $4 billion in 2016, is expected to surpass consumption of 3.5 million tons, to exceed $5.9 billion by 2024.Asia Pacific marine lubricants market will record an annual growth rate of 4% over the 2016-2023, according to a new research report by Global Market Insights.Surging development in marine infrastructure across this region will augment the product demand. China, Japan, and South Korea are the prominent revenue contributors of the APAC region.
Yara Opens Shanghai Office
As the demand for its exhaust gas cleaning systems -- aka. 'scrubbers' -- has grown, Yara Marine Technologies opened its new office in Shanghai. Peter Strandberg, CEO, Yara Marine, explains: “A large percentage of scrubber installations will be executed in the Asia-Pacific region. A strong local presence in Shanghai is key to global customer support and our business."To date Yara Marine has delivered more than 100 scrubbers representing an aggregate operation of some two million hours.
Quantum Pacific: $40m 'Green Loan' for Scrubbers
Singapore-based Quantum Pacific Shipping (QPS) has received a loan from BNP Paribas to finance the purchase and installation of exhaust gas cleaning systems on its vessels.The loan up to $40 million is arranged on Quantum Pacific’s behalf by its management company Eastern Pacific."BNP Paribas is the lender, agent and security trustee for the Green Loan, which finances the cost of purchasing and installing marine exhaust gas cleaning systems (Scrubbers) for 16 vessels under the QPS fleet…
No Delays to Implementing 2020 Sulphur Cap -IMO Official
The International Maritime Organization (IMO) will not delay implementing a reduction in the amount of sulphur in marine fuel in 2020, an IMO official said on Tuesday."I can categorically say there will not be a delay," said Edmund Hughes, the head of air pollution and energy efficiency at the IMO, during the Asia Pacific Petroleum Conference (APPEC) in Singapore.IMO, the United Nations' shipping agency, will require that vessels start in 2020 using fuel oil with 0.5 percent sulphur…
ZF Appoints New Board Members
ZF Friedrichshafen AG's Supervisory Board has appointed Sabine Jaskula and Dr. Holger Klein to the company's Board of Management.Jaskula, an experienced HR manager and lawyer, will be responsible for Corporate HR and Legal functions from latest January 1, 2019. In this function, she will also be in charge of compliance. Dr. Klein has been appointed to ZF's Board of Management with effect from October 1, 2018. His responsibilities will include Car Chassis Technology and Aftermarket (service and parts business).
MAN Opens New Service Station in Zhoushan
Germany based engine manufacturer MAN Energy Solutions opened a new service station/workshop on Liuheng Island, Zhoushan, China. The 560-sqm PrimeServ workshop is located within Zhoushan Xinya Shipyard Co., Ltd, the largest privately-owned shipyard in China, and was officially opened on on July 18, 2018.Jeffrey Ang, Managing Director of MAN Energy Solutions China and Head of Asia Pacific Engine & Marine Systems, and Xia Songkang, General Director of Zhoushan Xinya Shipyard Co.…
Torqeedo Powers Electric Passenger Vessels
Torqeedo is supplying electric propulsion systems for a fleet of 15 new passenger excursion boats recently delivered to Vinpearl’s newest resort development at Hoi An, Vietnam.The nine-meter FRP displacement craft, built by Song Lo Shipbuilding in Nha Trang, are powered by Torqeedo Deep Blue 80 inboard electric motors with BMW i3 lithium batteries. “We are very happy with the performance of the Deep Blue system for these boats,” said Nguyen Van Thanh, Director of Song Lo Shipbuilding Company. “They are very quiet and provide a smooth ride.
Mercury Marine V-8 Lineup Awarded
Mercury Marine was awarded the 2018 Most Innovative Product for its all-new V-8 FourStroke outboard family at the Hutchwilco New Zealand Boat Show. The show marked the first time these new engines have been displayed in public as they were launched globally on May 18. On display at the Mercury booth was the full range of V-8 4.6L outboards including the 250hp and 300hp FourStroke as well as the all-new Pro XS lineup. “We are honored to win the Innovative Product award for our all-new V-8 4.6L outboard platform…
ZF to Boost R&D Following Record Sales
ZF Friedrichshafen AG will increase research and development spending again in 2018 following a year of record sales, announced CEO Wolf-Henning Scheider at the company’s annual press conference in Friedrichshafen Tuesaday. ZF ended the fiscal year 2017 with €36.4 billion in sales, which, when adjusted for exchange rate effects and M&A activities, elicited organic growth of 6 percent. ZF also further reduced the debt incurred from an acquisition in its automotive business and posted a higher adjusted EBIT of €2.3 billion, despite increased research and development costs.
SCHOTTEL Far East Relocated
The SCHOTTEL Singapore subsidiary has relocated to its new facilities next to the new shipyard centre in southwestern Singapore. This heavy investment shows SCHOTTEL’s strong interest in the long-term partnership with local customers. This new facilities are equipped to support SCHOTTEL's efforts in enhancing its plan for commissioning, maintenance and repair activities to meet current and future standards of propulsion systems. They incorporate a workshop with an 80-tonne lifting capacity…
Mercury Introduces V-6 FourStroke Outboards
Mercury Marine has introduced its new V-6 FourStroke outboard family and the expansion of its SeaPro commercial line at the 2018 Miami International Boat Show. The new engine family, which builds on Mercury’s 75-150hp FourStroke outboards, features 175hp, 200hp and 225hp FourStroke outboards and a V-6 200hp SeaPro commercial outboard. The new Mercury FourStroke and SeaPro outboards are built on Mercury’s new 3.4-liter V-6 platform, which is designed to be powerful, light, compact and fuel-efficient. The new V-6 engines are precision engineered from skeg to cowl.
Interview: Chia Yoo Soon, Chevron Marine Lubricants
OK. Full disclosure. We spent more than ‘five minutes’ on the phone with Chia Yoo Soon, General Manager, Finished Lubricants – Marine, Chevron Marine Lubricants. But given that we are based in New York and he is based in Singapore, the time difference mandated an efficient conversation for both. Without overstating the obvious, ship owners are under tremendous pressures. A relentless regulatory hammer continues to pound out new and ever stricter environmental and emission rules, while at the same time many sectors are in the midst of a historic and prolonged slump.
Torqeedo Opens Bangkok Office
Torqeedo said it has opened a new office in Bangkok, Thailand, to accommodate its rapid growth in Asia and the Pacific (APAC) region. The company reports an expanding focus on marine preservation, sustainable tourism, ecofishing and the electrification of commercial vessels have created a strong interest in its products by both public and private entities within the region. APAC also shows increasing investment in sustainable public transportation initiatives, a sector which continues to drive Torqeedo’s expansion into commercial markets.
Kull Named President of Torqeedo Group
Marcia Kull has been named President of Torqeedo Group, Inc., and will direct global sales and strategy for the electric and hybrid marine propulsion systems manufacturer. Kull will oversee Torqeedo’s growth activities in the Americas, EMEA and Asia-Pacific regions. The newly created position is an expansion of the current management team. She will assume her new role on May 1, 2017. Kull joins Torqeedo from Volvo Penta of the Americas, where she was most recently Vice President, Marine Sales.
MAN PrimeServ Inks Maintenance Deal with Teekay
MAN Diesel & Turbo’s after-sales division MAN PrimeServ has signed a maintenance contract with Teekay Shipping, one of the world’s largest marine energy transportation, storage and production companies. The new EMC (Engine Management Concept) contract is for the maintenance of the Oak Spirit, Creole Spirit and Torben Spirit, sisters from Teekay’s 173,400-m3 LNG carrier series. The agreement covers the provision of spare-parts, maintenance management and the servicing of each vessel’s 2 × 5G70ME-GI (-Gas Injection) dual-fuel main engines.
Marine Propulsion Market Poised for Growth -Report
The marine propulsion engine market was valued at $9 billion in 2015 and is projected to reach $12 billion by 2022, growing at a CAGR of 4.1 percent from 2016 to 2022, according to a new report published by Allied Market Research. Diesel propulsion system segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 51 percent in 2015, and is anticipated to maintain this trend. Increase in production and sales of ships globally and rise in international seaborne trade drives the market growth.