Technology revolution vital to avert energy crisis

A technological revolution is essential to averting a global energy crisis within the next few decades, the International Energy Association (IEA) warned today in Tokyo.

If current trends continue, the world will need five times more oil than Saudi Arabia produces at present to meet demand. CO2 emissions would be pushed up 130 percent by 2050 in such a scenario with the power generation sector responsible for 44 percent, ahead of industry, transport and buildings. To address the issue, a global spend of US$45 trillion is needed over the next 40 plus years, the agency claim. IEA Executive director Nobuo Tanaka said, "Such growth of oil demand raises major concerns regarding energy supply access and investment needs. We are very far from sustainable development, despite the widespread recognition of the long-term problem. In fact, CO2 emissions growth has accelerated considerably in recent years." He said higher oil and gas prices result in a rapid switch to coal, with the rapid growth in China and India, which are both coal based economies, contributing to the "deteriorating outlook." IEA said no single form of energy can solve the issue, but highlighted the importance of energy efficiency. Tanaka added, "We would need a virtual decarbonisation of the power sector. Given the growing demand for electricity, this would mean that on average per year 35 coal and 20 gas-fired power plants would have to be fitted with CO2 capture and storage (CCS) technology." This would cost US$1.5 billion each. Wind capacity would have to rise by 17,500 a year, while 32 new nuclear plants would be needed every 12 months to 2050.

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Wah Kwong pulls back from IPO

Dry and wet bulk owner Wah Kwong Maritime Transport Holdings has said it will not proceed with its initial public offering (IPO) in Hong Kong, citing 'recent instability in the international financial markets'.

The Chao family-controlled Wah Kwong was looking to raise between US$125m to $164m by selling 125m shares, or 25% of its enlarged share capital, at HK$7.78-HK$10.20 each. This was significantly less than the US$200k, figure being bandied around ahead of details of the IPO being published. Noble Group and U-Ming Marine Transport had said they would be cornerstone investors for the IPO. The IPO would have marked Wah Kwong's return to the Hong Kong exchange. It originally listed in 1973 but de-listed and went private in 2000 at a time of share weakness. Wah Kwong currently has a fleet of 11 dry-bulk ships and tankers, of which three are wholly-owned and six are held through 50-50 joint ventures (some with U-ming). The company also has another 11 dry-bulk vessels on order that will start to come on stream early next year and will increase its combined deadweight tonnage by 52% from the current 1.8 million dwt.
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Indonesian shipyards rely on cluster to handle large orders

Shipbuilders in East Java, Indonesia, rely on the Surabaya Shipbuilding Industry Cluster (KIKSA) to handle large orders.

"The cluster tries to put shipbuilding's core industry, suppliers, users and supporting industries into a synergy," president director of state-owned shipbuilder PT Dok and Perkapalan Surabaya, Muhammad Firmansyah Arifin told. "The synergy allows us to spread orders or overhead costs to a number of shipbuilders when there is a fuel prices hike." The shipbuilding industry in Indonesia is booming as a result of the IMO's new enforcement regulations stipulating that all single hull ships be replaced by double hull ships. The cluster was established in September 2006 and its core members include state-owned PT PAL as well as some privately-owned builders such as PT Ben Sentosa.
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Safmarine's newbuilt to join AMEX service

South African Marine Corporation Limited has recently named its latest container ship the ‘Safmarine Nile'.

It is the third in a series of five Safmarine sister ships built at the Hegemann Group-owned Volkswerft shipyard in Stralsund, Germany. The 2,474TEU ‘Safmarine Nile' is the fifth vessel to be named in as many months by the shipping company, which is currently mid-way through an extensive fleet expansion programme, the largest in the Safmarine's 62-year history. The new vessel will join the ‘Safmarine Ngami' and ‘Safmarine Nyassa', named earlier this year, on the weekly South Africa/USA (AMEX) service which uses eight 2,300TEU vessels. The southbound port rotation for the AMEX service is: Newark, Baltimore, Norfolk, Charleston, Freeport, Cape Town, Port Elizabeth, Durban.
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