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After Only 15 Years Of Operation, Germany’s First Offshore Wind Farm Being Scrapped

March 17, 2025 Stu Turley

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

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Stuart Turley: [00:00:10] Hello, everybody. Welcome to the Energy News Beat Daily Standup. My name’s Stu Turley, president and CEO of the Sandstone Group. Today is just an absolute great day out there. I want to give Mark Kay a shout out. He is at at Mark Kay Show. I bought his shirt Gulf of America for our podcast listeners on the road. I have my Gulf of America shirt on. This is exactly what I voted for, but let’s go with our stories for the day. After 15 years of Operation Germany’s first offshore wind farm being scrapped, there’s going to be a lot more of those. Closing argument set to begin in pipeline companies’ lawsuit against Greenpeace. We’re going to be following this because Greenpeace really did disrupt business and cause some serious problems. Anhoi Ocean Evergreen inks a $1.6 billion deal for six LNG powered container ships. This is huge and it is a trend that is going on around the world for LNG powered equipment. Wall Street braces for oil in 60s range on tariffs, OPEC plus risks. This is from a Bloomberg article. Trump says he’ll speak with Putin. The day I’m filming this is on Monday and he’s supposed to be talking to them on Tuesday. George McMillan and I, after we find out what he talks about, will be recording another podcast with solutions and hurdles, possibly covering some hurdles there. So with that,. [00:01:46][96.6]

Stuart Turley: [00:01:47] Let’s get to our first story here. After only 15 years of operation, Germany’s first offshore wind farm being scrapped. Germany’s Alpha Vatus offshore wind farm in operation for 15 years will be dismantled due to unprofitability after subsidies were expired. It has become too unprofitable to operate without massive subsidies. According to Blackout News, a decisive factor for dismantling the Pioneer project is expiration of generous subsidies made possible through Germany’s E. EG renewable energies feed in act. The subsidy meant that the Alpha Ventus wind farm got 15.4 cents per kilowatt hour after being put in operation. Now that the subsidy is run out, the wind farm operators received only basic tariff of 3.9 cents per kilowatt hour, making the farm unprofitable. Here’s the bottom line. This is going on around the world. And when you take the soft money or the maintenance dollars out of it, you’re talking some serious problems with quote unquote renewable and wind and solar. Here’s the big problem coming around the corner, and that is who’s going to do the land reclamation costs because it has been proven that they cannot be installed from day one with profit. And then if they had to tag on the land reclamation for each wind farm or each solar panel, they would not be doing it. So we’re about to have a welcome to Rutrow in the world of renewable, non-sustainable energy around the world. Who’s gonna pay for it? So buckle up, hang on. [00:03:47][119.8]

Stuart Turley: [00:03:47] Let’s go to this next story here. Closing arguments set to begin pipeline company’s lawsuit against Greenpeace. Closing arguments were on Monday against Greenpeace. And this is for the North Dakota district judge. James Guion told the jury last month when the trial began, you are the judges of all questions of fact in this case. Base your verdict on the evidence. The Dallas based energy transfer in its subsidiary, Dakota Access, alleged defamation, trespassing, nuisance, and other offenses by the Netherlands-based Greenpeace International. It’s American branch Greenpeace USA and funding arm Greenpeace Fund Inc. The pipeline company is seeking hundreds of millions of dollars in damages. The lawsuit stems from protest in 2016 and 17. This is exciting, lawfare and protests and things have gotten out of hand and repercussions, people need to understand their actions have repercussions. And so I’m excited to see how this thing goes through. And if we see that the jury finds them in, this could be an end to the Greenpeace. Now, this is not the same Greenpeace that was founded years ago. It was hijacked about 15 years into it. And Alan, the founder of Greenpeace, is an absolute wonderful man. He had actual good intentions out there. So, anyway,. [00:05:21][93.7]

Stuart Turley: [00:05:21] Let’s go to the next story here. Hanwha Ocean Evergreen, Inc. $1.6 billion deal for six LNG-powered container ships. This is a trend that I’m seeing throughout all of my news feeds. Hanwha Ocean will deliver the ships by March of 2028. Also, the vessels will feature LNG dual fuel engines along with eco-friendly technologies from the Hanwha Ocean, including the shaft generator motor systems and air lubrication systems. It’s the first time Hanwha Ocean has received an order from Evergreen. This is huge. The number of bunkering ships, the number of ports where you can deliver these things, And all of this is in a wonderful way to get rid of the horrific heavy sulfur diesel, marine diesel that is really needs to go away. So I think this is a trend of all of this wonderful change. It’s a short term. I would prefer if everything was nuclear, but that’s just me. [00:06:29][67.3]

Stuart Turley: [00:06:29] Let’s go over to Wall Street braces for oil in the $60 range from tariff and OPEC risks. We covered a lot of this in the Energy Realities podcast with David Blackman, Irina Slav and Tammy Nemeth today and had some great feedback on that. Goldman initially stuck with previous price projections of confirmed plans of increased oil production this month, but with US economic growth under mounting pressure, the bank lowered its outlook price in a note. Expected range for Brent was reduced from $65 to $80 from $70 to $85. That is a significant reduction in what they’re expecting. We expect Brent to stay above $70 in the coming months, but we are no longer seeing $70 as the price I’m a little bit more bullish on oil, and I really think that we are going to, and Tammy Nemeth brought up some great points, and that is I think that we are going to come around to a sanity-based world where we may actually see supply and demand actually fit into formulas again, rather than beliefs and manipulating the algorithms. [00:07:46][77.1]

Stuart Turley: [00:07:47] So I want to go ahead and take a moment and pay the bills. I’d like to say give our podcast sponsor a shout out Reiss Consulting and Reiss Training. They are a wonderful partner of the Energy Newsbeat Daily stand up and sponsor. They are absolutely what you need to have in your back door and your back pocket when you go out and try to say, do I want an LNG to power plant? Do I want to be shipping a Permian load of oil? Do I want a a natural gas power plant in anywhere in the United States? They’ve got projects all the way from the Permian to Germany. So it is absolutely wonderful. Thank you very much for being a sponsor of the show and reach out to Reese Energy Consulting. And you will not be sorry. [00:08:40][53.5]

Stuart Turley: [00:08:41] The last story here, Trump says he’ll speak with Putin on Tuesday on Ukraine peace push. I applaud President Trump for overcoming almost every obstacle, everything from being shot to now becoming president to now having all the information that was removed from all his team members. His team members are still kind of fighting this unarmed battle, going up there trying to have a peace talk, so to speak. A lot of land is a lot of land is lot different than it was before the war, you know, President Trump told reporters, we’ll be talking about land, we’ll be talking about power plants. And, you know, that’s a big question. That is the nuclear power plant built by Russia in Ukraine, and it is being controlled by Russia. And I’m sure it is going to be on the talking points because that is one of the key power sources for Ukraine. There is a lot, and it’s complicated process and so we hope it’s a great conversation and we’ll have more on that tomorrow but it should be very interesting. This was out of a Bloomberg story as well too. [00:09:52][70.9]

Stuart Turley: [00:09:53] So with that like, subscribe, share, read this to your pets, read this to your family and again thank you for all of the wonderful comments and we look forward to seeing you soon. Thanks, have a great day. [00:09:53][0.0][578.9]

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The majority of the global merchant fleet is expected to keep away from the Red Sea for the foreseeable future as the security situation in the region worsens.

The Israeli military has carried out extensive strikes overnight along the Gaza Strip after talks to extend the ceasefire failed to reach an agreement. It was the largest wave of strikes to hit Gaza since the ceasefire began on 19 January.

The Houthis from Yemen are expected to head back on to more of a war footing at sea following the Israeli attacks, and the renewed strikes hitting Yemen from the American military.

Earlier this month, the Houthis said they would restart targeting Israeli-linked ships over Israel’s failure to allow humanitarian aid into war-torn Gaza.

Jack Kennedy, head of MENA country risk at S&P Global Market Intelligence, warned: “The resumption of US airstrikes increases the likelihood of further Houthi attacks on US and allied naval assets in the Red Sea and Gulf of Aden, with a severe risk to all vessels in transit due to uncertainties around Houthi targeting selection. Our data shows that 63% of vessels targeted by the Houthi lack any clear affiliation to the US, UK or Israel. While the stated US intent is to restore freedom of navigation, the Houthis’ decentralized missile capabilities and intent to assert regional influence complicate the situation, likely leading to increased threats to shipping and regional stability.”

“The US strikes against Houthi targets over the weekend are likely to raise insurance rates in the region and keep merchant shipping traffic from transiting through the region,” suggested a shipping markets update from analysts at Jefferies, an investment bank.

Moreover, the Trump administration’s determination to link any further Houthi attacks to Iran risks spreading the Red Sea shipping crisis to other important chokepoints. 

“Trump has warned that counter-attacks from the Houthis will de facto be seen as attacks performed by Iran and that Iran will be held responsible. For shipping this means an increased risk of escalation which could include the Strait of Hormuz,” commented Lars Jensen, the head of Vespucci Maritime, who has been providing a daily update on the situation in the Red Sea for the past 16 months. 

While there have been no attacks by the Houthis from Yemen on merchant shipping this year, shipowners are still giving the Red Sea a wide berth to the consternation of the Suez Canal Authority. Indeed, for shipping’s two largest sectors, the number of ships avoiding the Red Sea has actually increased this year.

According to data from Jefferies, diversions have increased in the tanker and dry cargo segments. Dry bulk diversions are up to 56% of 2023 figures so far this year, up from 45% in 2024; crude tanker diversions have risen to 48% from 35% and product tankers are up to 52% from 45%.

Containership traffic has continued to divert with transits in the region in 2025 down 90% relative to figures in 2023. This is steady with diversions seen in 2024, while LNG and LPG have continued to divert at the same pace as seen in 2024 with 80% and 74% of capacity, respectively, bypassing the region so far this year.

Data from ABG Sundal Collier shows that overall Gulf of Aden arrivals are down 72% from the 2023 average, something that has badly affected the Egyptian economy with revenues at the Suez. Canal Authority plummeting.

There is little sign authorities believe the Red Sea shipping crisis is coming to an end anytime soon.

The European Union announced last month it is extending the mandate of its maritime security operation, EUNAVFOR Aspides, for an additional year, reinforcing efforts to safeguard freedom of navigation in the Red Sea region. The operation will now continue until February 28, 2026, with a budget of over €17m ($17.8m) allocated for its extended period.

As and when the Red Sea does open up for merchant ship traffic will drive profits and losses for many shipping companies this year.

Top management at Maersk laid out last month how the Houthis could dictate the line between black or red ink for the coming year.

Maersk’s EBIT forecast for 2025 ranges from zero to $3bn, depending on whether the Red Sea opens in the middle of the year or the end of the year.

The post Red Sea transits off limits for most as Israel pounds Gaza appeared first on Energy News Beat.

 

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In the second instalment of our brand new magazine, Maritime CEO canvasses the industry over on all things tech.

For Mikael Skov, who heads up Hafnia, the world’s largest product tanker owner, artificial intelligence emissions reduction and autonomous vessels are likely going to be the biggest tech breakthroughs in general in the industry due to their direct impact on both operational costs and environmental sustainability.

“These advancements are not only technologically disruptive but also essential in addressing global challenges like climate change and maritime safety,” Skov tells Splash.

AI is not just optimising routes or scheduling but actively driving carbon footprint reductions, he says. The potential to cut annual emissions through AI-powered navigation optimisation is a “game-changer”, aligning with global sustainability goals. By integrating with carbon-neutral initiatives, shipping companies can meet stringent environmental regulations while lowering costs, he maintains.

“One of the significant trends in 2025 and beyond will likely be the integration of AI into the day-to-day operations of vessels,” says Tim Ponath, CEO of German owner NSB Group, a company that like Hafnia is carrying out various pilot projects in this area.

“Most tech decisions and investments will focus on AI’s potential, including vessel hardware,” says Arthur English, CEO of Norwegian shipowner G2 Ocean.

“While AI presents huge opportunities, the maritime industry must first address underlying challenges such as data standardisation, cybersecurity risks, and the need for skilled personnel to manage AI-driven systems,” urges Niall Jack, director of product development at software provider Shipnet.

The industry must fully embrace digital transformation – not just AI solutions – by investing in high-quality data infrastructure and cultural shifts toward digitisation, Jack argued.

“Overpromising AI’s capabilities without resolving these foundational challenges may lead to suboptimal implementations and rejection of further new developments because of this,” Jack said.

Proactive maintenance

“In 2025, technological advancements will continue to shape the industry, with AI maintaining its prominence as market-ready solutions for predictive maintenance,” says Vikrant Gusain, CEO of Dockendale Ship Management, who points out that proactive maintenance technologies, such as drones, reduce the need for enclosed space entries, improving safety standards.

Additionally, Gusain reckons sensor-based monitoring of emissions will gain traction, driven by the EU emissions trading system (EU ETS), as the industry intensifies efforts to ensure regulatory compliance.

Blockchain adoption is something else Hafnia’s Skov reckons will accelerate this year, offering the promise of a tamper-proof, transparent, and decentralised system that can revolutionise how shipping contracts, payments, and cargo tracking are handled. If widely adopted, blockchain could eliminate inefficiencies, reduce fraud, and foster greater trust across the global supply chain.

Internet of Things (IoT) is also evolving from basic tracking to real-time, end-to-end visibility of the supply chain, improving reliability and customer experience.

With all the increased availability and flow of data brought about by the likes of Starlink over the past year, cyber security measures will call for much more attention in the year to come, says Morten Lind-Olsen, the CEO of Norwegian software firm Dualog, who also warns about the “huge gap” between management expectations to what can be done and what is in place on the IT integration side.

“We believe that digitalisation remains a dominant trend in the maritime industry while areas relevant to cybersecurity are important to ensure operations are conducted under a safe environment,” says Niraj Nanda, chief commercial officer at shipmanager Anglo-Eastern. “New technologies will continue to evolve alongside increased connectivity to allow safer and more efficient operations.”

Green tech

Haakon Lenz, the new CEO at Wilhelmsen Ship Management, has been following the development of ammonia engines with great interest. A first ammonia dual-fuel engine may be delivered this year, something Lenz is eagerly looking out for.

“If safety risks are addressed, this technology has the potential to revolutionise the maritime industry’s journey toward decarbonisation,” Lenz maintains.

Mark Cameron, chief operating officer at Ardmore Shipping, thinks wind will start to put forward some better qualified validation figures this year. Installations are now starting to provide some qualified data to help interpret specific routes, times of the year and vessel types.

Cameron describes himself as a “net believer” in wind assist but reckons there are still too many variables.

“Data will help to qualify reality versus beliefs,” Cameron says, suggesting the different types of wind assist technology will begin to delineate into different markets and price points as experience matures.

Hull coatings are also back in vogue, Cameron reckons, while Andrew Airery, head of Thai manager Highland Maritime believes we will see continued advances in carbon capture solutions for existing vessels as retrofitting carbon capture systems will, he says, become mandatory in the near future for most existing and new vessels still using fossil fuels.

“The quicker government and private sector drive the incentive and investment in the necessary shore-based recycling plants the quicker we can all cut emissions by 80%, almost overnight,” Airey says.

Crewing

Proactive thinking appears to finally be taking momentum in the crewing industry, reckons Claire Georgeson, founder and CEO of analytics firm PsyFyi.

Pradeep Chawla, the CEO of online training specialist MarinePALS, is sure there will be a higher demand for e-learning and self-learning, driven by the challenges of training the estimated 800,000 people for the use of alternative fuels.

“In comparison to other high hazard industries, unfortunately, the shipping industry spends a much smaller portion of its operating costs on training,” Chawla says, arguing that the regulatory framework will need to consider stricter training requirements in the upcoming STCW revisions.

As well as markets coverage, this new magazine also covers pressing regulatory issues. Click here to access the full magazine.

The post The next big maritime tech breakthroughs appeared first on Energy News Beat.

 

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Ecommerce sales jumped. General merchandise retailers, supermarkets, etc., booked solid gains. Lower prices cut gasoline & auto sales. But restaurants?

By Wolf Richter for WOLF STREET.

Retail sales for February rose only 0.2% seasonally adjusted, after the big drop in January. Year-over-year, they rose 3.1%, a smaller increase than in January (+3.9%). And they were confusing.

Sales at ecommerce retailers, general merchandise retailers (includes Walmart), food and beverage stores, and health & personal care stores all rose at a good clip month-to-month and year-over-year. This would indicate that there is not a general U-turn in consumer spending on goods.

Sales at gas stations fell because the price of gasoline fell month-to-month and year-over-year, not because people suddenly bought fewer gallons of gasoline. And sales at auto dealers fell amid lower new-vehicle prices, which reduced dollars-sales. But new-vehicle unit sales in February, seasonally adjusted, rose from January and were up year-over-year. So that’s not a sign of weakness either.

But sales at restaurants fell sharply, even though prices continued to increase at a good clip, and we’re going to keep our eyes on this one.

Ecommerce sales bounced after the drop in January. Sales at nonstore retailers (mostly ecommerce but also stalls and markets) jumped by 2.4% in February from January, seasonally adjusted, and were up 6.5% year-over-year, which indicates that consumers are not cutting back. Ecommerce is the second largest retailer category, after auto dealers.

Sales at general merchandise retailers rose by 0.5% month-to-month and by 4.6% year-over-year, seasonally adjusted, to a new record.

This is the fourth-largest category behind auto dealers, ecommerce, and restaurants. These retailers sell everything from patio furniture to food – Walmart is in this category. But department stores are tracked separately, and we exclude them from this measure.

That sales at these retailers didn’t even experience a slowdown in January and then grew further in February also indicates consumers are not necessarily cutting back.

Sales at food and beverage stores rose by 0.4% for the month and by 3.9% year-over-year, seasonally adjusted, about double the rate of food inflation.

Sales at health & personal care stores jumped by 1.7% in February from January and by 6.7% year-over-year.

Where sales were weak, amid falling prices of what they sell.

Sales at gas stations fell 1.0% month-to-month and were down a hair from a year ago. But they didn’t fall because people bought fewer gallons of gasoline; they fell because the price of gasoline fell.

Gasoline prices fell in February month-to-month and were down year-over-year [the CPI for gasoline is discussed in my series, Beneath the Skin of CPI Inflation], and gasoline retail sales, measured in dollars, track gasoline prices closely. The chart shows how sales at gas stations rise and fall with gasoline prices:

Sales at auto & parts dealers fell for the second month in a row, this time 0.4% month-to-month, seasonally adjusted, in dollar terms. But they were still up 3.1% year-over-year.

But new-vehicle unit sales rose 3.2% for the month and 2.1% year-over-year, seasonally adjusted.

This chart of the seasonally adjusted annual rate of unit sales, released by the BEA, shows the jump in sales late last year. February sales were at the top of the range for the years since the pandemic.

There has been no growth in new-vehicle unit sales in four decades, and we discussed this mess here with some ugly charts of annual unit sales by automaker. The only growth in dollar-sales is through higher prices and fancier models, but that has now stalled after the spike during the pandemic.

And then there is this kink.

Sales at food services and drinking places fell by 1.5% in February from January, which reduced the year-over-year gain to just 1.5%, seasonally adjusted. The past three months – December through February – have been weak.

This is something we’re going to keep our eyes on because the CPI for food away from home, which tracks inflation in restaurants and other eateries, has continued to rise at a substantial clip (+0.4% month-to-month and +3.7% year-over-year in February). Through November, sales in this sector had been growing strongly. But now there’s this decline. If this turns into a trend with another lousy reading in March, it’s something to be fretting over:

Which is why retail sales for February were so confusing. Some parts with a very broad selection or merchandise, including ecommerce and general merchandise stores, had strong sales growth. Other segments were weak due to lower prices in these segments – gasoline and autos – and that would be a sign not of consumer weakness but of lower prices. But restaurant sales were weak despite higher prices. And if that sticks, it would be a disconcerting kink that might indicate that our Drunken Sailors are sobering up.

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The post Retail Sales in February Were Confusing appeared first on Energy News Beat.

 

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IT safety is evolving from a box-ticking exercise to an essential business tool, required by regulators and stakeholders, writes Nicolas Furge, president, Marlink Cyber.

Cyber risk is a growing concern across the shipping industry, from vessel operators and charterers to ports and the broader supply chain. While the number of technology solutions are proliferating, the burgeoning weight of regulation will ask new questions about the process of compliance.

These rules will increasingly move beyond deploying software, to a regular, detailed inspection process that requires collaboration between shipyards, owners, classification, OEMs, IT and network operators. Perhaps just as important for shipowners is the potential costs involved to achieve and maintain compliance – costs that will be recurring rather than one-time expenses.

Regulators including the IMO and European Union, the US Coast Guard and other Flag States have previously introduced guidance or are planning to update regulation in response to growing cyber threats. Industry standards published by BIMCO, SIRE and TMSA are now being supplemented with regulations developed by the International Association of Classification Societies (IACS).

IACS Unified Requirement E26 aims to provide a minimum set of requirements for cyber resilience of ships, intended for the design, construction, commissioning and operational life of the vessel.

Its related requirement, UR E27 provides the minimum security capabilities for systems and equipment to be considered cyber resilient and is intended for third party equipment suppliers.

UR E26 is based on the NIST Cybersecurity Framework, which comprises five key areas of governance: Identify, Protect, Detect, Respond and Recover.

Despite UR E26 being required only for newbuildings, Marlink believes that shipowners will increasingly seek to apply its principles and standards to existing ships, providing risk mitigation for highly valuable assets and cargoes.

Conversations with shipowners indicate that they will progressively apply the regulation to their fleets, using UR26 as the baseline for cyber security on floating assets.

The IACS URs will be applied by all member class societies who will act as auditor, with only minor differences in how each applies their methodology and definitions within the documentation. As a starting point for compliance with the incoming IACS UR26 regulations, Marlink has assembled five key aspects that owners should already have considered on how to proceed.

Documentation

UR 26 requires a much higher level of documentation than previously, including an detailed plan of onboard network setup, configuration and data flows. Inspectors will expect documentation on network protection measures including a test plan to verify the implemented controls.

Inventory of onboard assets

Owners will need to assemble and maintain an inventory of onboard assets and produce it on demand. The inventory includes the applicable hardware and software of computer-based systems (CBSs) and of the networks connecting such systems to each other and to other CBSs onboard or ashore.

Procedures

The regulation calls for creation of new procedures to defend against cyber attacks and increase risk mitigation. For example, owners need to understand how to create procedures and define roles and responsibilities for topics such as remote monitoring, control and maintenance on ships’ equipment. Developing these procedures is a process that needs to happen with a close relationship to training programmes and awareness raising.

Training and Awareness

Shipowners are very likely to require cyber security training for crews and follow this up with regular awareness training for all personal including crew, contractors and maintenance third parties. Training topics include how to identify risks, procedures for the recovery of a failed system, how to get external assistance and support from ashore and how to test and monitor onboard networks.

From Reactive to Proactive

Common cyber solutions can provide a line of reactive protection against attacks but they tell you little to nothing about vulnerability at a higher level. In future, cyber security will require not just asset and network protection but vulnerability assessments, penetration testing and other proactive tools that can provide insights into likely and probable threats – and how these change over time.

Conclusion

UR26 is a significant change for the maritime industry, not just as the first requirement to apply equally all newbuilding vessels. The extra administrative burden it creates will be considerable but even so, it is likely that similar standards will be extended to the existing fleet before long.

However, UR26 only represents an agreed baseline for performance. Future regulations are likely to be much more demanding and Marlink believes that shipowners must take additional measures to protect themselves from cyber threats. The demands of charterers, insurers, class and other stakeholders will likely increase over time.

Costs will come in administration of record-keeping necessary for compliance, monthly service costs and potentially hundreds of hours of consultancy work to create procedures and set-ups. It is likely that budgets spent by shipowners on IT will need to increase to take advantage of the possibilities offered by digital technology and to increase cyber defence.

To achieve an improved level of compliance, the industry needs a new, high-level perspective on the steps required to remain safe at sea that goes beyond baseline defence.

Our experience with the largest single share of the maritime merchant fleet tells us that compliance with UR E26 and other regulations is not enough by itself. Owners need to consider what further improvement needs to be made to ensure their fleets can continue to operate safely.

The post Cyber security and the five key elements in UR E26 regulatory compliance appeared first on Energy News Beat.