Coronavirus Uncertainties Steer Konecranes to Profit Warning
Finnish crane manufacturer Konecranes has issued a profit warning for 2020 due to demand outlook uncertainties resulting from the coronavirus pandemic. The company said that many of its customers are limiting access to their premises, disabling the company from completing the installation of new equipment and performing service operations. Konecranes added that its own operations were also impacted by the significant and increasing worldwide measures to contain the pandemic. “Konecranes expects the pandemic to have an impact on demand for its products and services, particularly in the first half of the year, but as the situation is evolving quickly it is too early to make reasoned estimates that quantify this impact,” the company said. Consequently, Konecranes suspended its financial guidance for full-year 2020. Beyond the coronavirus, the crane manufacturer expects the adjusted EBITA margin to be affected by an estimated cost overrun of EUR 18 million related to the execution of a port crane project in the US. This charge will be booked in Q1 2020. In its previous guidance for 2020, Konecranes said that it was expecting sales in full-year 2020 to increase 7-10% year-on-year, including MHE-Demag. The adjusted EBITA margin was set to improve in full-year 2020 compared to full-year 2019. In full-year 2019, the group’s sales were EUR 3.3 billion and the adjusted EBITA margin was 8.3%.(Credits: worldmaritimenews.com)
The Power-to-Fuel Project Wants to Convert CO2 into Carbon Neutral Fuel
A consortium led by the Swedish company Liquid Wind wants to establish commercial-scale facilities that would produce liquid, carbon-neutral fuel from captured carbon dioxide and green hydrogen from renewable electricity. The fuels are intended to be used primarily by marine and road transport among others in the supply chain. Liquid Wind said it was in discussions with shipping companies and expects to sign purchase agreements for the fuel later this year. The Power-to-Fuel project will see companies Axpo, COWI, Carbon Clean Solutions, Haldor Topsoe, Nel Hydrogen and Siemens combine their expertise and technology. The technology integration for the first facility in Sweden is being designed and the consortium aims to start supplying renewable methanol, i.e., eMethanol, from 2023. The fuel is easy to store, transport and use. The plan is to set up 6 facilities across Scandinavia by 2030, and then scale up and license the technology internationally. The consortium wants to design a standardised eMethanol facility blueprint, captured as a ‘digital twin’, for efficient replication. Each facility is scheduled to produce 45,000 tonnes of carbon-neutral fuel per year, enabling a reduction of 90,000 tonnes of CO2. The facilities will capture waste carbon dioxide (CCU) and combine this with hydrogen, made from renewable electricity and water, to produce eMethanol. The project has received EUR 1.7 million backing from EIT InnoEnergy, an investment body of the European Union. “Industries and governments are making commitments to reduce their carbon emissions and operate in a more sustainable manner. To actually achieve this, we need to ensure that we have the necessary resources and infrastructure in place. With our passionate team and expert consortium Liquid Wind are excited to bring cost-competitive and scalable renewable fuel to market to meet this growing demand and enable a more sustainable future,” Claes Fredriksson, CEO & Founder of Liquid Wind, said. Under the project, Axpo Nordic AS will handle power supply to the facility, Carbon Clean Solutions will provide its know-how on low-cost carbon dioxide capture technology, COWI will contribute with its competencies within engineering, economics and environmental science, while Haldor Topsoe will contribute its highly efficient methanol process, hardware and catalysts to the consortium.(Credits: worldmaritimenews.com)