• 2024 June 19 17:42

    TGS market overview report: Strong expectations continue in offshore wind despite short-term downgrades

    Another regular aspect of the report is an index of “market attractiveness”

    TGS, the leading global provider of energy data and intelligence, has stated an estimated global ambition of over 800 GW of annual wind-produced power, according to their latest Market Overview Report, powered by 4C Offshore, their wind market intelligence platform. This figure, derived from an analysis of each country’s implicit and explicit offshore wind targets, highlights the industry's continued growth potential despite recent downward revisions in forecasts for offshore wind delivery by 2030 and 2035.

    The report, TGS's most comprehensive to date, offers a detailed quarterly review of the current global situation in the offshore wind industry. It includes an analysis of 32 key markets, with 11 explored in depth, providing valuable insights into the future of offshore wind energy. The report covers industry forecasts, market indications, auction timetables and an overview of expected global events in the next six months.

    Another regular aspect of the report is an index of “market attractiveness”, which ranks the world’s most advanced floating wind markets across seven factors that influence project development. This quarter, the report stated that the United Kingdom remains the world's most attractive market in this category based on strengths in consenting, leasing, tendering, and incentives. It notes that AR6 will be a turning point for whether any commercial-scale floating wind project can be delivered in the UK before 2030. Norway, South Korea and France follow closely behind.

    The 4C Offshore analysis includes critical forecasts for the offshore wind industry, emphasizing the capacity of projects starting offshore installation by the end of specific years, not just those becoming operational. This quarter’s forecasts predict offshore wind (fixed and floating) to reach 258 GW by 2030 and 563 GW by 2040. For floating wind alone, they forecast 7.3 GW installed or underway by 2030, 30.6 GW by 2035, and 70.9 GW by 2040.

    Other highlights include:

    A total of 73.1 GW of offshore wind is now fully commissioned globally, up 3.6 GW from the previous quarter. China still leads with 34.8 GW, followed by the UK (14.8 GW) and Germany (8.2 GW).

    Exclusive seabed rights granted by governments leaped to approximately 25 GW in Q2 2024, the third-highest site award number ever recorded. Australia led with six projects totaling 12 GW, including proposals by energy leaders Ørsted and Iberdrola.

    This quarter also saw a substantial investment boost with RWE's investment decision for its 1.6 GW Nordseecluster (A&B) in the German North Sea and Ørsted’s Sunrise Wind for its 924 MW project off the U.S. East Coast.

    The 4C Offshore Market Overview Report from TGS provides essential insights and data for stakeholders in the offshore wind industry. With comprehensive coverage of key markets and up-to-date forecasts, this report is an invaluable resource for understanding offshore wind energy's current landscape and future outlook.

    TGS releases regular intelligence reports on a wide variety of offshore energy subjects, powered by 4C Offshore market intelligence. These include wind farms, construction & heavy maintenance, wind logistics, and offshore transmission and cables.




2024 July 20

16:11 First hybrid ship launched at Kanellos Shipyards in Perama
14:21 DOF Group awarded multiple contracts in Brazil
12:18 HD Hyundai Heavy Industries union initiates strike procedures
10:06 Asyad Group looks to buy or operate ports in southeast Asia

2024 July 19

18:00 Global Centre for Maritime Decarbonisation concludes biofuels supply chain trials
17:10 Four Greek ports receive €10 million in CEF funds
16:47 Rauma shipyard launches the second passenger-car ferry ordered for Tasmania
16:25 MOL to invest in Carnot, a developer of technology for highly efficient engines
15:48 ABS and KRISO to advance SMR-powered vessels and floating power generation platforms
15:31 Ports of Indiana, Port of Antwerp-Bruges sign MoU
14:59 Fratelli Cosulich holds a steel cutting ceremony for the new vessel "Marta Cosulich" at Taizhou Maple Leaf Shipbuilding
14:13 Suez Canal reports 23.4% drop in annual revenue due to Red Sea crisis
13:42 Dual fuel standby vessels begin operations in Hong Kong
13:08 Bluferries, C.T.E. Perdikaris Engineering, Architectural & Technical Services and RINA announce the launch of a hybrid Ro-Ro passenger ship
12:30 DP World and Evyap Group forge new logistics hub to boost Turkish trade
12:11 Sempra Infrastructure announces EPC contract with Bechtel for Port Arthur LNG Phase 2
11:40 Two oil tankers on fire off Singapore, crew rescued
11:20 World Bank Group releases report on offshore wind development scenarios for Brazil based on analysis by DNV
10:42 FPSO Bacalhau receives AiP for abate notation from classification society DNV
10:19 Port Houston approved for cold treatment
09:55 Fujairah’s fuel oil inventories rise 5% this month

2024 July 18

18:00 South Korea slaps sanctions on Hong Kong shipping firm
17:31 IBIA seeks change to CII regulation for bunker vessels
17:06 Rem Offshore and VARD sign contract for CSOV
16:31 EU to invest record €7 billion in transport infrastructure
16:02 Port of Antwerp-Bruges throughput up 3% to 143.2 million tonnes in H1 2024
15:47 Port of Rotterdam posts cargo throughput of 220 million tonnes in first half 2024
15:30 Port of Oakland full imports rises 26.8% to 84,040 TEUs in June 2024
14:43 MSC increase own-operated service share
14:13 GTT receives an order from Dalian Shipbuilding for the tank design of two new LNG carriers
13:37 NYK acquires multiple segments of ENEOS Ocean’s shipping business
13:01 Bunker price trends in the world's four largest hubs, July 15-29 – MABUX
12:42 ITOCHU, Nihon Shipyard, ClassNK and MPA, signed MOU for joint study of ammonia fueled bulk carriers
12:12 KENC Engineering awarded with jacket seafastening scope
11:30 CMA CGM enters into a strategic partnership with Google
11:03 Port of Los Angeles container volume increases 10% to 827,757 TEU in June 2024
10:53 The Government of Canada invests in marine industry’s transition to green ship technology
10:13 Scottish Government to purchase seven new ferries
09:19 Damen signs four vessel contract with Toyota Tsusho for Angolan port development project

2024 July 17

18:05 Peninsula completes LNG bunkering for ‘K’ LINE in Gibraltar
17:36 Yangzijiang to invest $412 million in shipyard expansion
17:06 Singapore's non-oil domestic exports down 8.7% in June 2024
16:42 Damen starts steel cutting on new hybrid island class vessels for BC Ferries
16:23 Mabanaft submits permit-related approval documents for planned construction of ammonia import terminal in Hamburg
15:54 Helsinki, Tallinn ports get €15m EU funding
15:24 LNG carrier completes Arctic voyage to China in 18 days
14:45 Salvage team to start pumping fuel from grounded vessel on South African coast
14:23 Fertiglobe wins first H2Global pilot auction for renewable ammonia
13:54 Maersk says Red Sea shipping disruption having global effects
13:39 Average spot rates from the Far East to US East Coast increased by 3.7% - Xeneta
11:30 NYK completes world's first truck-to-ship ammonia bunkering of ammonia-fueled tugboat
10:52 CEVA Logistics, Almajdouie Logistics sign JV in Saudi Arabia 
10:24 Port of Long Beach container volume up up 15.3% to 835,412 TEUs in June 2024

2024 July 16

18:02 China extends visa-free transit policy to 37 ports
17:25 Works on schedule for the Ravenna regasifier, with the plant operational in the first quarter of 2025
17:05 STX Heavy Industries changes name to “HD Hyundai Marine Engine”
16:45 OOCL's revenue rises 14pc to US$2.2bln
16:20 Saltchuk acquires all of the outstanding shares of Overseas Shipholding Group
15:57 EU sets four conditions for the port of Piraeus inverstments
15:41 Serbia to open tender for Prahovo port overhaul in 2024
15:37 EIB lends €90 million for sustainable expansion of the Port of Livorno
15:34 Crew of capsized oil tanker off Oman still missing
15:14 Lomarlabs signs with Cargokite to develop a new ship class of micro ships
14:47 Greece extends naval drills that deter Russian oil transfers - Bloomberg
14:08 The Official Journal of the European Union publishes the first-ever EU regulation to reduce methane emissions
13:24 High cat fines found in the Amsterdam-Rotterdam-Antwerp region bunker fuel samples, alerts CTI-Maritec
12:58 Yangzijiang Shipbuilding works to acquire over 866,671 sqm of land for new clean energy ship manufacturing base
12:42 GTT entrusted by Samsung Heavy Industries with the tank design of a new FLNG
10:47 Maersk signs an MoU for ship recycling in Bahrain

2024 July 15

18:06 European Shipowners and Maritime Transport Unions launch initiative to support shipping and seafarers in the digital transition