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Vestas announces full-year results for 2022

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The wind power industry’s challenging period continued in 2022 due to unexpected geo-political uncertainty, an accelerating energy crisis, and high inflation.

In this environment, Vestas’ fourth quarter results were negatively impacted by additional challenges. The negative impact in the fourth quarter causes the full-year results to be lower than the outlook, primarily driven by a confined number of project delays, an impairment on our V174-9.5 MW turbine and increased warranty provisions.

In 2022, Vestas made strategic and commercial progress in terms of strengthening operations and substantially raising prices that indicates Vestas will deliver improved financial results in 2023. Activity levels in 2023 are expected to be lower than in 2022 followed by a step up in 2024 where installations in key markets are projected to increase.

Vestas’ preliminary and unaudited 2022 results show a total revenue of EUR 14,486m, (outlook: EUR 14.5-15.5bn). The Service business accounted for EUR 3,155m of the total revenue, corresponding to a year-on-year growth of 27 percent (outlook: min. 20 percent). The higher-than-expected revenue growth in Service thereby partially offsets the lower-than-expected Power Solutions revenue, which has been impacted by delays in execution.

Based on the preliminary numbers, the EBIT margin before special items was (8.0) percent (outlook: approx. (5) percent), primarily driven by isolated events in the fourth quarter of 2022 as well as delays in a confined number of projects by the end of the fourth quarter. In the fourth quarter, additional warranty provisions of EUR 210m have been made. The higher warranties primarily relate to increased repair and upgrade costs and a few select cases. As a result of an expected challenged profitability and lower order intake for offshore projects utilising the V174 turbine, an impairment of EUR 95m has been made on that platform in the quarter. The EBIT margin for the Service business is expected to amount to 21.4 percent compared to an outlook of approx. 22 percent.

Total investments*) are expected to amount to EUR 758m (2021: EUR 773m) which is lower than the outlook of approx. EUR 850m.

* Excl. acquisitions of subsidiaries, joint ventures, associates, and financial investments.

Increasing the price on wind turbines is and has been a necessity to address the external cost inflation and ensure the industry’s long-term value creation. Our focus on protecting the value of our products and solutions requires strong discipline to address the increased cost of raw materials and components in customer dialogues. Order intake in the fourth quarter was 4.2 GW with an average selling price of EUR 1.15m per MW, a sequential increase of 8 percent. For the full year 2022 this resulted in an average selling price of EUR 1.07m per MW (onshore only: EUR 1.04m per MW).

Free cash flow amounted to EUR 1,283m in the fourth quarter but was negative EUR 953m for the full year compared to EUR 183m in 2021. This development was primarily a reflection of the lower profitability and resulted in a net debt position of EUR (46)m.

In 2023, we expect high inflation levels throughout the supply chain and reduced wind power installations to impact revenue and profitability negatively. The lower level of installations is caused by slow permitting processes in Europe as well as dampened activity levels in the USA due to a steep ramp-up ahead of a busy 2024 driven by the Inflation Reduction Act. Increasing prices on our order intake is an offsetting factor, but still leaves Vestas challenged on profitability in 2023. We remain adamant that to improve industry profitability we must continue to strengthen our commercial discipline and the value chain together with our partners. Based on these circumstances, Vestas present its 2023 outlook.

Revenue for full year 2023 is expected to range between EUR 14.0bn and 15.5bn. Vestas expects to achieve an EBIT margin before special items of (2)-3 percent. Total investments*) are expected to amount to approx. EUR 1bn in 2023. It should be emphasised that, similar to the preceding years, there is greater uncertainty than usual around forecasts related to execution in 2023, and the outlook seeks to include the current situation and challenges.

The outlook for 2023 includes the impact of the sale of Vestas’ converter factories announced on 10 August 2022 with an expected impact on EBIT before special items of approx. EUR 150m.

Vestas’ Development business continues to grow and to reflect the business area’s increasing financial and strategic importance, all income related to sale of Development projects is included as part of normal operations from 1 January 2023. The impact on EBIT before special items from this change is expected to reach a lower double-digit mEUR amount in 2023.

In relation to forecasts on financials from Vestas in general, it should be noted that Vestas’ accounting policies only allow the recognition of revenue when the control has passed to the customer, either at a point in time or over time. Disruptions in production and challenges in relation to shipment of wind turbines and installation hereof, for example bad weather, lack of grid connections, and similar matters, may thus cause delays that could affect Vestas’ financial results for 2023. Further, the full-year results may also be impacted by movements in exchange rates from current levels.

Vestas will disclose its Annual Report 2022 on 8 February 2023.

Friday 27 January 2023 at 11 a.m. CET (10 a.m. GMT), Vestas will host an information meeting and Q&A via a conference call.

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2 February 2023 |

Climate Fund invests 10 million euros in Norsepower

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The Finnish Climate Fund has decided on a capital loan of at most 10 million euros to rotor sail manufacturer Norsepower for increasing its production capacity.

Norsepower’s products save significant amounts of fuel and can enable emissions reductions measured in the millions of carbon dioxide tonnes during the next decade.

Shipping emissions are a major climate challenge. Approximately 2.5% of global annual greenhouse gas emissions are generated by shipping, and shipping accounts for 13.5% of the EU’s total GHG emissions. Shipping emissions are projected to grow without further action, therefore, the development and scale-up of emissions-reducing solutions for the shipping sector is crucial.

Norsepower reduces emissions by providing ships with wind-powered propulsion using the company’s proprietary rotor sail. Depending on the wind conditions, Norsepower’s product can reduce the vessel’s fuel consumption by 5–25%, which generates a significant reduction in shipping emissions.

”The future of shipping is emission free, and Norsepower’s technology for cutting fuel costs and greenhouse gas emissions is a part of that future”, says Norsepower’s CEO, Tuomas Riski. ”Norsepower is an ambitious growth company and the Climate Fund’s investment accelerates the scale-up of our production considerably from what we could have achieved with organic growth alone. The involvement of a state entity also lends us credibility abroad.”

”The reduction of shipping emissions is an important step on the way to carbon-neutral logistics and transport.Like many others, this climate challenges requires several parallel solutions. Norsepower’s rotor sails are an immediately available solution, especially for emissions-intensive ocean tankers. The Climate Fund’s investment accelerates the product’s scale-up on the market and thus also its emissions reductions”, says Paula Laine, CEO of the Finnish Climate Fund.

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2 February 2023 |

Tanko chosen to transport silos to Israel

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Tanko International (97), PLA member representing Israel, was chosen to safely transport two cement silos, which were constructed in Turkey, to a client in Israel.

The scope of operation that Tanko International was responsible for was comprehensive and involved several stages. First, the team together with the importer had to ensure that the cement silos were properly stuffed and secured in Turkey, ready for shipment. Next, the cargo had to be transported to the Israeli port of Ashdod. Once the cargo arrived in Ashdod, the team had to discharge it. Finally, the cement silos needed to be assembled at the destination by a port specialist arriving from Turkey.

To ensure a successful outcome, the entire process required careful coordination and expertise to guarantee that the cargo was delivered safely and according to schedule, which Tanko’s experienced personnel executed flawlessly.

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1 February 2023 |

New Head of Digitalisation at Bertling

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Bertling are pleased to announce the appointment of Therese Strootman to Head of Digitalization.

Congratulations, Therese, and well deserved.

Therese has been with us for three years now and has done an excellent job in leading the further development of BLU in close collaboration with Besitec and taking the digitalization of processes and how we handle operations at Bertling Logistics to a new level.

Therese holds a Bachelor’s Degree in Business Administration and a Master’s Degree in Logistics. Her area of expertise (from working as Consultant before) lies in business process optimization and IT system customization.

Going forward, Therese will continue to be the focal point for all Digitalization Projects at Bertling Logistics and will continue to develop our global Transport Management System further with a high focus on simplification, customer-centricity, and user experience. Continuous IT training of our employees will remain an important topic also in 2023.

Some of the projects Therese is currently working on are the IT setup of our new warehouse in Johannesburg, the roll-out of our BLU App, and the new User Interface of our Bertling Tracking System.

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1 February 2023 |

Bertschi is continuing to invest in sustainable chemical logistics

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The year 2022 was marked by rising inflation worldwide and – in the second half of the year – a sharp slump in production in Europe’s chemical industry as result of the massive increase in gas and electricity prices.

In this challenging environment, Bertschi was able to successfully confirm the one billion Swiss franc sales mark achieved for the first time last year, increasing sales by 8% to CHF 1.1 billion. “We are satisfied with our business results. This success is the result of, among other things, the positive development of the global transport concepts initiated in 2012 between Asia, America, Europe and the Middle East,” commented Hans-Jörg Bertschi, Executive Chairman of the Bertschi Group.

The Bertschi Group is focusing on the digital transformation of its processes. Last year, an important step was taken with the integration of all systems in European transportation, including the integration of customers and service partners. This transformation took place gradually, all the while carefully considering each and every employee. People, with their know-how and personal commitment to our customers, remain the focus at Bertschi, even in the new digital world. Further steps are planned for 2023 – including in the global logistics business.

The Bertschi Group is developing and implementing its digitalization concepts and the software required for this largely independently, with a team of 80 employees, including 50 software developers.

In 2022, Bertschi once again made targeted investments of CHF 120 million in expanding sustainable logistics infrastructure, expanding the tank and silo container fleet to 42,000 units (+5%) and the digital transformation. “By making these investments, we are focusing on shifting transportation from the road to the environmentally and climate friendly rail. For example, last year, the doubling of capacity in our intermodal terminal at our site in Terneuzen, The Netherlands, not only enabled an expansion of the range of services we offer our customers; it also contributes to the EU’s Green Deal,” remarked Jan Arnet, CEO of the Bertschi Group.

With the construction of the new logistics center for dangerous liquid chemicals in Zhangjiagang (China), which is close to Shanghai, an important investment was completed in mid-2022 after several years of planning and construction. This storage and filling center with a capacity of 25,000 tons of liquid products for storage in tank containers and 25,000 tons of packed goods, as well as automated filling facilities, is now considered one of the safest and most sustainable chemical logistics centers in all of China, according to our international customers. Following a successful trial operation period, the facility received its final operating license in January 2023. “Thanks to the logistic hub’s strategically excellent position on the Yangtze River Delta, close to Shanghai, and its direct accessibility by water, this infrastructure is ideally positioned to offer our customers in the global tank container business not only transport services, but also sustainable door-to-door supply chains,” explained Hans-Joerg Bertschi.

As a result of the high rate of inflation and the associated interest rate increases, the global economy weakened significantly in the second half of 2022. European chemical producers are also suffering from the massive rise in energy prices, which is leading to facilities being closed and production being relocated overseas. The economic downturn is expected to become more pronounced in 2023. This is reflected in significantly lower demand for logistics services. At the same time, Bertschi is exposed to the sharp increase in energy costs of rail operators in European intermodal transport, which makes the company’s services significantly more expensive. “As a company, we are in a very good position that will enable us to survive in this challenging environment, and we are cautiously optimistic that demand will recover in the second half of the year,” stated Jan Arnet.

Despite the challenging outlook, Bertschi is planning to make significant investments in the company’s future in 2023. The focus remains on the sustainability of logistics. In January of this year, work started on the construction of a major rail terminal in Antwerp, the second largest port in Europe. The terminal also incorporates value-added services. Containers arriving in Antwerp from overseas can thus be delivered directly by barge to the new rail terminal, stored there and then intermodally distributed by rail across all of Europe. This will be achieved without burdening the road network right until the arrival at the destination terminal.

When it comes to sustainability, Bertschi Group is a pioneer and market leader in intermodal chemical logistics. The successful transfer of more than 90% of all transportation from the road to environmentally and climate-friendly rail and water routes, enables a 70% saving on CO2 emissions compared to direct road transport. “In our corporate strategy, we have set ourselves binding targets and defined a broad action plan to reduce our CO2 emissions further,” explained Hans-Joerg Bertschi.

As part of this strategic objective, in 2022 terminal vehicles in The Netherlands were converted from conventional diesel to run on HVO biodiesel. Hydrated vegetable oil (HVO) is a renewable fuel and generates 90% less CO2 emissions than normal diesel. At the Birrfeld terminal, the buildings have been fitted with photovoltaic installations to generate electricity. Both these CO2 reduction measures – renewable fuels and solar collectors – will also be used at other Bertschi sites in future.

In 2022, Bertschi introduced the GLEC (Global Logistics Emissions Council) approach, which is a new method for calculating the CO2 emissions of all its transport services in Europe. Using this method, it is now possible to calculate the exact CO2 emissions for each variant of transport and transparently make them available to customers. We want to offer customers different transport options, with the aim of further reducing the carbon footprint together. In this context, we are preparing to offer our customers alternatives such as hydrogen- and electric-drive vehicles for pre- and onward carriage by road to rail and water transshipment terminals in future. An expansion of this GLEC approach to global transports will be initiated in 2023.

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31 January 2023 |

Hellmann expands presence in northern Germany

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Hellmann Worldwide Logistics has opened a new branch in Neumuenster.

From the site located 50 km north of Hamburg, road activities in Schleswig-Holstein are to be further expanded. The aim is to develop the company’s own network in the strategically important region between Hamburg and the Danish border and to establish further general cargo lines. At the same time, the logistics company wants to further enter the Scandinavian region through strategic expansion in the north. With the opening of the new location, Hellmann is also responding to the increased demand for storage facilities available at short notice between the Port of Hamburg and Scandinavia.

Both the location and the technically state-of-the-art 4,500 m² logistics facility offer long-term and strategic advantages for the distribution network. Thus, the new branch also has the corresponding growth capacities to meet the needs of both existing and new customers. At the same time, the location will be integrated into the general cargo network called NG.network, which was successfully launched under the new brand on January 1, 2023. As the largest network partner and as a shareholder, Hellmann is now represented in the cooperation with 17 branches and, together with NG.network, is significantly driving the further development of the joint Germany-wide network.

“The decision to open our own branch in Neumuenster was made for various reasons: The region in the triangle of Neumuenster, Crivitz near Schwerin and Hamburg offers a lot of potential, especially with regard to the food industry as well as renewable energies, which we want to use even more in the future. By selecting this location, we are strengthening the network and thus also our capacity and service quality. In terms of strengthening the transport axis between Germany and Scandinavia, the logistics hub also offers optimal opportunities in terms of handling volumes and flexibility,” says Jonathan Adeoye, COO Road Germany & West Europe, Hellmann Worldwide Logistics.

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31 January 2023 |

BSH uses Tadano crane to disassemble portable roller coaster

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Crane service provider BSH’s résumé is certainly no laughing matter, as one of the specializations of the crane and recovery experts from Euskirchen is assembling and tearing down amusement rides – and that means working at tight work sites where people and vehicles are on the go at all times and obstacles can be found in every single corner and end.

“That takes a steady hand and, above all, a crane that is extremely compact, maneuverable, and versatile,” Senior Director Peter Barth says – that is where his new Tadano AC 3.055-1 all terrain crane comes in. Together with his son and junior director, he recently picked up the crane in Zweibrücken, where it was handed over by Tadano Sales Manager Helge Prüfer.

“It’s almost as if the Tadano AC 3.055-1 had been made for us specifically. It combines a whole series of technical advantages that make it the ideal machine for our needs,” explains Junior Director Peter Barth. He mentions the extraordinarily compact design with a total length of merely 11.50 meters, the 50-meter-long boom, and, above all, the Flex Base system, which makes it possible to extend the crane’s outriggers to any point within their range, in conjunction with the IC‑1 Plus crane control system: “You’d be surprised at the extreme variety of objects that get in the way when putting together and tearing down amusement rides. Thanks to the Flex Base system, we can extend the crane’s outriggers all the way up to the actual obstacles even in asymmetrical configurations and then use the IC‑1 Plus to always take advantage of the crane’s maximum available lifting capacity,” Senior Director Peter Barth highlights. The Euskirchen experts also point out that the option of traveling with the AC 3.055-1 while remaining under a 10-tonne axle load limit is enormously advantageous, as this makes it significantly easier and faster to get travel permits for it. “In addition, we can also configure the AC 3.055-1 with a reduced axle load for the vast majority of our projects while maintaining adequate lifting capacities,” the junior director explains. Moreover, the crane is designed for one-man operation even when outfitted with its maximum level of equipment, making it especially cost-effective in addition to everything else. One more plus factor for the Euskirchen experts: Crane operators can rejoice in particularly spacious and comfortable carrier and superstructure cabs, which is all the more important given that only they sit in their own cranes.

The new AC 3.055-1 got the chance to prove its worth at its first assignment at the Düsseldorf Rhine Fair a mere 5 days after being handed over. There, it was scheduled to tear down an amusement ride that projected far above everything else at the fairgrounds at the Kaiser-Wilhelm-Ring: The Alpina roller coaster. With a maximum height of 32 meters, a track length of more than one thousand meters, and a top speed of 80 km/h, it was a real dare for all fair visitors in Düsseldorf – and for crane service provider BSH as well! After all, the company had to disassemble and load 600 tonnes of steel and add-on components in record time for the job. “We ourselves were hard at work with the AC 3.055-1 and an AC 100-4. Meanwhile, the ten-person Alpina team took care of disassembling the components and let me tell you, they’re absolute experts that make every move count, and count perfectly,” reports Senior Director Peter Barth.

However, the crane first had to travel from Euskirchen to Düsseldorf, which took an hour with its full counterweight and a 12-tonne axle load – no additional transportation vehicles were required. The crane was set up for its first project just as quickly, with the procedure taking a mere 15 minutes. “The biggest challenge was to keep the way clear for other showpeople when positioning the crane. And this was important, since things always get really hectic on setup and teardown days and everyone obviously wants to get to the next fairground as quickly as possible. The crane’s compact design really came through for us there,” reports Junior Director Peter Barth, who also had words of praise for yet another one of the AC 3.055-1’s properties: Its ability to move quickly thanks to the fact that it can also be driven from the superstructure.

Tearing down the roller coaster meant that loads weighing from 300 kilograms to six tonnes had to be lifted. To take care of this, the crane operator equipped the AC 3.055-1 with its full counterweight, after which the lifts themselves went smoothly according to plan: First, all decorative components, as well as the lamp posts, ticket booth, catwalks, and illuminated advertising, were removed and loaded from the front area of the roller coaster. Then came the actual roller coaster elements with the tracks, their weight coming in at around two tonnes. In order to be able to lift these components, which had a height of up to 32 meters, the crane operator used boom lengths between 24 and the maximum possible 50 meters. Meanwhile, the largest radius was a good 36 meters. All in all, a total of two and a half days was all the crane operator needed to completely tear down the roller coaster together with the Alpina team.

Like with every first assignment for a new crane, a Tadano employee was on-site in Düsseldorf in the form of Helge Prüfer. “Obviously it really boosts your confidence when the manufacturer sends someone to provide help and advice as needed,” underscores Senior Director Peter Barth, who is very happy with Tadano’s service and, above all, how quickly support and assistance are provided. “Tadano’s service is simply perfect for us, and the live support with the Tadano IC‑1 Remote system is out of this world,” his son adds.

Not surprisingly, neither one of them could find fault with their new Tadano AC 3.055-1 after its debut. “The crane really proved that it doesn’t just set new standards on paper – it can really deliver everything promised at the work site, which makes it the perfect crane for our needs,” father and son agree.

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31 January 2023 |

ABL appointed lender’s technical adviser to UK BESS portfolio

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International energy and renewables consultancy, ABL Group, has been appointed by Fotowatio Renewable Ventures (FRV) to provide lender’s technical advisory services with respect to the debt financing by Natixis Corporate & Investment Banking, of a portfolio of BESS projects in the UK.

Two of the battery energy storage system (BESS) projects are in Essex and the third in West Sussex, UK.

ABL’s scope of work covers two phases. Phase 1 consists of a full technical due diligence including a desktop review of the sites, a review of plant designs, contracts, the operational concepts and route-to-market, as well as grid connections, planning approvals and a review of the financial model. The Phase 2 scope includes construction and operational monitoring, including the certification of key project milestones.

The Contego project is a 34 MW / 68 MWh BESS facility located in West Sussex, UK. The project has been operational since September 2021 and is currently top of the Modo Energy Leaderboard for revenue performance.

The two Essex-based projects – Clay Tye 1 and Clay Tye 2 – are located adjacent to each other and are being constructed simultaneously. Both phases consist of 49.5 MW / 99 MWh systems, with separate grid connections. The two projects are in the late stages of construction, with a target commercial operation date of the end of first quarter 2023.

Tesla has been awarded the EPC (engineering, procurement construction) contract for provision of the battery energy storage systems to the three sites.

“ABL Group has strong expertise in the battery energy storage space, and we are delighted to support FRV and Natixis for these exciting projects. There have not been many debt finance deals in the BESS arena so far, and we see huge potential for this to increase in coming years as confidence levels around storage race forwards. Overall this is a strong sign of the maturity of the market and we look forward to working with the FRV and Natixis teams going forwards,” says Aimee Besant, energy storage lead at ABL Group.

ABL Group is an independent energy and marine consultancy which provides a range of technical services across renewable energy for onshore wind, offshore wind, solar, energy storage and hydrogen projects and investments for developers, investors and lenders in most global markets. The company offers project development services, technical due diligence and owner’s engineering to the renewables sector.

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31 January 2023 |
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