Clarksons Renewables Offshore Wind Project & Vessel Newsletter
Clarksons Renewables Newsletter
Week 2
THEME OF THE WEEK
OFFSHORE WIND VESSEL MARKETS AND INDUSTRY:?Steve Gordon, Managing Director of Clarksons Research, commented on the full-year 2022 data released by Clarksons Research:
?In 2022, the vessel markets were tight with utilization in the European wind turbine installation vessel (WTIV)?market averaging 84% (11 pp higher than 2021, but with a strong summer season of 93%). The daily rate ratings for walk to walk (W2W) vessels increased 42% year over year as demand for construction support increased while available supply was limited. In total, the fleet supporting offshore wind farm construction and maintenance is estimated at 1,283 vessels in 2022 with 190 under construction.
2022 was a record-breaking year for newbuild ordering activity in the WTIV and C/SOV (commissioning / service operation vessel) sectors:?25 WTIVs (21 of them from Chinese shipowners) and?24 C/SOVs werecommissioned with a record investment totaling $6.2 billion. For the newbuild vessels, the focus continues to be on emissions reduction: all C/SOV newbuild orders will be equipped with batteries and two were ordered with hydrogen.
?Looking into the future, Steve Gordon predicts an investment boom in installation and service vessels. Spending on such vessels has already reached record levels, and the number of global offshore wind projects is expected to increase by over 160% by 2030. The anticipated inflow of cash into the fresh wind turbine installation vessels (WTIVs) and commissioning service operations vessels (C/SOVs) is driven by demand across Asia, the US and Europe, Steve Gordon said. Project developers are racing to secure vessels able to install gigascale projects with turbines rated at 15 MW or more over the next decade. This is causing fears in the industry over whether there will be enough WTIVs available to the market to meet demand.
Clarksons Research calculates over $26bn will be spent on new offshore wind vessels between now and the close of 2028.?While China is expected to remain a dominant and closed market, Clarksons Research believes other hotspots will also fuel the investment drive. Northwest Europe will continue to be an important driver of WTIV demand, with over 7,000 turbines expected to be installed around the continent between now and the end of the decade. “Emerging sectors such as the US and Taiwan will also support growing vessel demand,” Gordon added. The investment is coming from both - new and existing vessel operators in the market.
?The offshore wind market continued its exciting growth phase, with a 15% increase in global capacity to 60 GW.?According to 2022 data released by Clarksons Research, 8 GW came online last year (following exceptional growth of 19.9 GW in 2021 due to Chinese expansion). This was spread across 275 projects and 12,100 turbines, while global installed capacity has almost doubled since the end-2021. China (28.6 GW) and the UK (13.7 GW) are the largest producers. 18 countries have active offshore wind farms. Counting the wind farms under development or at the planning stage, the number rises to 50 countries. Italy produced its first power from offshore wind, while India committed to tendering its first projects.
By 2030, Clarksons Research expects global active capacity to exceed 250 GW, spread across 730 farms and 30,000 turbines. Today, offshore wind is 0.4% of global energy supply. “And by 2050, we expect offshore wind to account for 7% to 9% of the global energy mix," Gordon said.
WEEK 2?- HIGHLIGHTS
By?David Matthews, Head of Strategy, Clarksons Renewables
Germany and Norway signed an MOU to jointly develop a new €3bn pipeline?between the two countries to transport Blue Hydrogen to Germany. Equinor and RWE have also agreed to support the venture which also includes the development of large-scale projects like offshore wind farms and hydrogen-ready gas power plants that will contribute to the region's energy supply. NEL a Oslo listed manufacturer of Hydrogen electrolysers also secured an order for a 120MW unit also to be used in Germany.??
Poland which has historically depended on coal (80%) has this week awarded state owned utility PGE with a 1Gw offshore wind farm contract.?Together with ?rsted, PGE is developing two other projects in the Baltic Sea totalling 2.5 GW with commissioning planned in 2026 and 2027. Meanwhile, Equinor is also building two projects in Poland with 1.44 GW of capacity that have already received off-takes through a contract-for-difference (CfD) agreement with Poland's energy regulator. Equinor expects FID for its projects in 2024 with completion by 2027.
In the UK which is not known for its sunshine?EDF with partner Luminous Energy is planning to build one of Europe's largest solar and battery plants in the middle of the country near Birmingham. The 800mw solar plant has just entered a 6 week consultation period with locals to help shape the plans.
OFFSHORE RENEWABLES NEWS
Siem Offshore has secured a contract with Equinor for more renewables work.?For seven month the offshore subsea construction vessel (OSCV) Siem Barracuda will be deployed in the Hywind Tampen floating wind farm project. Hywind Tampen is an 88 MW floater project intended to provide electricity for the Snorre and Gullfaks offshore field operations in the Norwegian North Sea. It will be the world’s first floating wind farm to power offshore oil and gas platforms. Power production from the first turbine was delivered in November 2022. Source: Asia Shipping Media
?RWE selects Siemens Gamesa as preferred supplier for 1,000-MW offshore wind power plant in the Danish North Sea.?72 units of Siemens Gamesa’s 14 MW offshore wind turbines (SG 14-236 DD) are planned to be installed at RWE’s 1-GW Thor project. In addition, a service contract for the wind turbines is included. RWE will build the Thor offshore wind farm in the Danish North sea, approximately 22 kilometres from Thorsminde on the west coast of Jutland. Installation of the turbines is expected to begin in 2026 while the construction works are planned to be carried out from the Port of Esbjerg. Source: Siemens Gamesa
Allseas has secured contract for the transportation and installation (T&I) of Norfolk Boreas high voltage direct current (HVDC) converter station in the UK.?Aker Solutions and Siemens Energy will provide grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm. The former awarded Allseas with the T&I contract for the Boreas high voltage direct current (HVDC) converter station. Allseas also has T&I options for two similar HVDC platforms for the neighbouring Norfolk Vanguard wind farm, pending an investment decision by Vattenfall. The three platforms – Boreas, Vanguard East and Vanguard West – will house HVDC conversion technology. Topsides weights are between 10,000 and 11,300 tonnes, with the jackets weighing about 3,000 tonnes. Pioneering Spirit will install the Boreas platform in 2026. Source: Allseas
Asso.subsea has been awarded by Hellenic Cables for the transportation, installation, and protection of the 220 kV export submarine cable systemthat will connect the Windanker offshore wind farm with the German extra-high voltage transmission grid. The cable will be installed along a submarine route characterized by numerous technical challenges, including shallow water areas, landfall pull-in through a 900 m long HDD conduit, boulder fields, numerous crossings and soil conditions varying from very soft to hard soils. Asso.subsea will utilize almost the full capacity of its fleet, including the DP2 cable laying vessel ‘Atalanti’, for shallow water working environments, and DP3 Cable laying vessel ‘Ariadne’ for deep water cable installation and platform pull-in. Additionally, the DP2 trenching support vessels ‘Argo’ and ‘Aethra’ will participate in the seabed preparation and post-lay burial operations. Source: Asso.subsea
Vattenfall is pushing ahead with a 980-MW offshore wind project in Germany after taking over the project last year through so-called "step-in" rights.?Now, the Swedish energy giant has issued a tender for monopile foundations, comprising between 49 and 68 monopiles. Based on the capacity of the wind farm and the number of monopiles needed, Vattenfall appears to be planning turbines in the 14-20 MW range. As such, the project could be relevant for Sif Group, which has previously worked with Vattenfall on the 1.5 GW Hollandse Kust Zuid project. Source: Clarksons Securities
?Windcat and Eneco announce partnership and 5 year charter and partnership agreement.?This long-term charter will allow the safe transport of technicians offshore and will also allow the companies to work together on decarbonisation of Eneco’s marine logistics using Windcat’s hydrogen dual-fuel solutions. The first vessel for this charter has been operational since the first of January, 2023. The partnership allows for additional vessels to be used to further support the existing projects as well as new offshore wind farm projects that Eneco will be part of. Source: offshore WIND
?Polish state-owned utility PGE (Polska Grupa Energetyczna) has been awarded a 1-GW offshore wind project by the Polish Ministry of Infrastructure.?According to the company,?this award looks promising as it is located near other planned projects and the service port at Ustka, between Gdansk and the German border. Together with ?rsted, PGE is developing two other projects in the Baltic Sea totalling 2.5 GW with commissioning planned in 2026 and 2027. Meanwhile, Equinor is also building two projects in Poland with 1.44 GW of capacity that have already received off-takes through a contract-fo-difference (CfD) agreement with Poland's energy regulator. Equinor expects FID for its projects in 2024 with completion by 2027. Source: Clarksons Securities
Contacts
OSLO
Frederik Colban-Andersen?|?Managing Director?
Erik T?nne?|?Managing Director, Market Analysis
领英推荐
Jens Egenberg?| Head of Research Renewables
Anders C. Hagen?| Chartering Walk-2-Work, Subsea
Vegard Volls?ter?| S&P and Newbuilding T&I/CSOV
Espen Bj?rnson?| Chartering Subsea & Wind
HAMBURG
David Matthews?| Head of Strategy Renewables
Rouven C. Willner?| Projects SOV, CSOV
Henning Leverkus?| Chartering CTV, OSS, Tugs & Workboats
Sina Ingber?| Marketing & Projects
COPENHAGEN
Gabriel Andersen?| Principal Consultant Logistics and EPC
?LONDON
Neil Buchan?| Head of APAC Subsea & Wind?
Mikkel Nielsen?| Principal Consultant Logistics & O&M?
Chris Roberts?| Chartering and Renewables Consultant
ABERDEEN
James Braid?| Divisional Director Logistics, Transport & Installation
Olivier Candeel?| Chartering & Consultant Transport & Installation
Oliver Thompson?| Market Analyst, Transport & Installation
Chris Tweedie?| Chartering Subsea and Offshore
HOUSTON
Jack Fitzgerald?| Broker Jones Act Specialist?
SHANGHAI
Jack Qiu?| Projects Newbuilds and China?
SINGAPORE
Tilly Manley?| Chartering APAC Renewables