Raphael Stevens

In this articleSGRE-ESVWS-DKGELONDON — If there’s one word that can be associated with wind energy, it’s “big.” From billion-dollar deals to vast wind farms capable of powering a million homes, the industry has undergone a massive expansion in the last few years.According to a recent report from the Global Wind Energy Council, the sector installed 93 gigawatts (GW) of new capacity in 2020, a record figure which represents a year-on-year jump of more than 50%. Over the last decade, the global wind power market has almost quadrupled.As the industry grows, the turbines which power it are getting bigger too. In Europe, figures from industry body WindEurope show the average capacity of offshore turbines installed in 2020 was 8.2 MW, a 5% increase on the previous year.Game changersThe last few years have seen several original equipment manufacturers, or OEMs, announce plans to develop new, large-scale turbines for the offshore sector — and the size of these new machines is considerable.GE Renewable Energy’s Haliade-X turbine, for example, will have a tip-height of 260 meters (853 feet), 107-meter long blades and a 220-meter rotor. Its capacity will be able to be configured to 12, 13 or 14 megawatts (MW). A prototype of the Haliade-X, in the Netherlands, has a tip-height of 248 meters.Details of GE’s Haliade-X were released in March 2018. In the years since, other big players in the sector such as Vestas and Siemens Gamesa Renewable Energy (SGRE) have rolled out designs for similarly huge turbines.”You could see a quantum leap in the technology architecture, and the technology specifications on the turbines,” Shashi Barla, a principal analyst at Wood Mackenzie, told CNBC in a phone interview. Competition within the sector is certainly heating up. In February, Vestas revealed plans for a 15 MW turbine. It wants to install a prototype in 2022 and expand production in 2024.For its part, SGRE is working on a 14 MW model, the SG 14-222 DD, which can also be boosted to 15 MW if required.Again, the dimensions of these turbines are big: the Vestas turbine will have a blade length of 115.5 meters and a rotor diameter of 236 meters. SGRE’s design incorporates 108 meter blades and a rotor diameter of 222 meters.The nuts and boltsThe size and scope of these new designs may be impressive, but they have a practical purpose too.When it comes to height, for instance, a taller turbine can harness faster wind speeds and produce more electricity.A recent primer from Bank of America Global Research noted how turbine blades had “become much longer in the past 5-6 years, giving turbines a larger ‘swept area,’ thus capturing more of the wind.””Larger blades also allow wind turbines to run better in low wind sites, thus opening up more locations for installations,” the note added.Rotor size is also crucial, a point Wood Mackenzie’s Barla was keen to make. Increasing the diameter of a turbine’s rotor has a bigger impact than boosting its height, he argued, “because the swept area is increasing and (if) the swept area is increasing then you’re harnessing more energy.”The size of these components is not just for show. It’s hoped that bigger turbines will help to cut something called the levelized cost of energy, or LCOE, an economic evaluation of the total costs of an energy-producing system over its lifespan.Logistics, logistics, logisticsIt’s all well and good designing huge turbines but getting massive blades, towers and rotors to where they need to be can be a major headache.The transportation of a tower’s components can, the DOE says, often be obstructed if they’re too big to fit underneath highway overpasses or bridges. Blades, for example, represent a potential pinch point when it comes to logistics.”Once fully constructed, a blade cannot be bent or folded,” the DOE says. This limits “both the route a truck can take and the radius of turns that it can make, often making elongated routes necessary to avoid urban roadblocks.”In a phone interview with CNBC, Feng Zhao, who is head of strategy and market intelligence at the Global Wind Energy Council, summed up the challenge succinctly. “If you cannot transport the components to the site, you cannot build.”Wood Mackenzie’s Barla made a similar point. “The biggest limiting factor for technology scale up is not the technology itself, but logistics,” he said.”If you’re increasing the component sizes, the logistics costs increase dramatically, especially for … components like blades and towers.”The futureAs the planet tries to reduce its reliance on fossil fuels and embrace renewables, wind power will have an important role to play.The Biden administration wants to expand offshore wind capacity in the U.S. from just 42 MW today to 30 GW by 2030, while the European Union is targeting at least 60 GW by the end of the decade and 300 GW by 2050.  And when it comes to turbines, they’re only set to get bigger, especially in the offshore sector.”The tip heights on the next-generation offshore turbines will inch towards 300m in the next decade,” Wood Mackenzie’s Barla told CNBC via email. 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So-called bucket list destinations come with big expectations — and often big crowds too.While overtourism can ruin many a holiday destination, it’s not the only reason vacations miss the mark. Here, travel writers who contribute to CNBC’s Global Traveler share the worst disappointments of their professional careers.Stonehenge, UK”Although I may have my passport taken away for saying this as an Englishman, I found Stonehenge decidedly underwhelming.”It didn’t help that at the time I was a university student working as a tour guide, so [I] had to convince 45 Americans on our bus that they were about to undergo a life-changing experience: seeing up close a 4,500-year-old testament to man’s ceaseless creativity, brilliance and spiritualism.Travel writer Chris Dwyer.Courtesy of Chris Dwyer”What emerged through the rain was a slightly forlorn collection of large gray stones, about 30 yards away — as close as we could get. A broken-down truck on a busy road running alongside the site didn’t exactly help the mystic revelation.”—Chris Dwyer, United KingdomHa Long Bay, Vietnam”The karst-studded seascape in northern Vietnam is one of the country’s undisputed visual highlights, but the reality of visiting is not always so alluring. I’ve been there several times — first as a tourist and then on assignment — and I’ve struggled to see the charm of the destination despite its obvious beauty.Floating communities hawking “tacky” souvenirs and similarly-constructed “identikit” boats are two critiques travel writer Duncan Forgan has about Vietnam’s famous Ha Long Bay.Linh Pham | Getty Images”From the identikit junk boats that gridlock the water to dispiriting excursions to unremarkable caves and floating communities selling tacky souvenirs, it’s a tourism experience that requires an upgrade.”—Duncan Forgan, United KingdomBhutan”Curious and fascinated by the tales about the “Land of the Thunder Dragon,” I went [to Bhutan] to explore culture and country and to photograph the Paro Tshechu festival. These religious dance festivals started in the 17th century and are indeed worth seeing. The festivities are held in monasteries across the country every year and go on for five days. Buddhist monks perform 1,300-year-old dance rites wearing exquisitely embroidered costumes and colorful masks.Though Bhutan performs well in its own internal “Gross National Happiness” index (a measurement coined in Bhutan in the 1970s), the country ranked 95 out of 156 countries in the United Nation’s World Happiness Report 2019, a discrepancy which Bhutanese media has argued is due to differences in survey criteria and methodology.Courtesy of Petra Loho”As Bhutan bans independent travel, a local tour guide and a driver accompanied me on my journey through the country. Chats with them revealed the lack of prospects Bhutan’s young generation faces — limitations on education, no jobs, no money.”I knew that roaming freely between cities and changing the itinerary ad hoc wasn’t allowed. My two chaperones even tried to hold me back from straying off the city’s main streets. Ignoring their protests, I pressed ahead into the back roads. Life there exposed the sobering truth of an image carefully crafted for the outside world. Instead of happiness, alcoholism, poverty and violence drive many of Bhutan’s residents’ destiny.”—Petra Loho, AustriaMachu Picchu, Peru”It was a place that I had always dreamed about: a lost city, high in the Andes hidden from the rest of the world.”I knew there was no road linking this Inca kingdom to the outside world, and that to get there one had to take a train then bus, or hike the rugged Inca Trail for up to 10 days. Lacking such time, I opted for the train from Cuzco. The locals selling overpriced trinkets up and down the aisles might have been a signal for me to adjust my expectations.Tourists visit the Machu Picchu complex on April 24, 2019.PABLO PORCIUNCULA BRUNE | AFP | Getty Images”The buses were crowded with people who looked just like me. Barely able to maneuver around one another, they inched around hairpin turns — choked in exhaust from other vehicles — to the top of the mountain. A crowd of vendors surrounded the entry gate to Machu Picchu.”For a moment, a breathtaking view of magnificence unfolded before me as if I had just awoken from a dream — until a long line of people under the leadership of a red flag-toting tour guide descended the rocky stairway where I was standing, almost knocking me aside.Read moreThe internet raves about Japan’s famous bamboo forest. Here’s what it really looks like”Wherever I walked, wherever I looked, there were people in throngs, pressing tightly against each other, waiting to squeeze into an archway or corridor to get the perfect selfie. The shuffle of people was slow and laborious, and all I wanted to do was leap from the narrow path we were all forced to follow.”I managed to slip away from crowds to gaze at the remarkable sights and vistas for just a few minutes at a time before others came along, trying to do the same. It was exhausting and demoralizing. When I finally sat back on the train I felt relieved to be away from the masses, yet sadly unsatisfied that I had barely experienced — and not even seen all of — the hallowed ‘Lost City of the Incas.'” —Kevin Cox, United StatesVenice, Italy”The unique poignancy of this floating city’s atmospheric canals, medieval bridges and iconic crumbling palazzos puts Venice firmly on many a bucket list. Admittedly, sailing into the Port of Venice on the final leg of a memorable Crystal Serenity Adriatic Antiquities cruise was a dream come true. Once disembarked in the sweltering August heat — nostrils assailed by the suffocating stench of ancient canals — and reality set in.Increasing tourist numbers in Venice caused the local government to control ticketing for the city’s famous “vaporetto,” or water buses.Marco Secchi | Getty Images News | Getty Images”Long lines of hot and sweaty sightseers waited for overpriced gondolas and vaporettos manned by irritable tourism industry workers (not Venetians themselves — hardly anyone actually lives in Venice). It was a salutary reminder that I’d broken a cardinal rule of European travel: Don’t visit the big cities in summer! Choose April, May, or even June. Or, wait until things cool off in September or October.”—Verne Maree, South AfricaArashiyama Bamboo Grove, Kyoto, Japan”The bamboo forests of Arashiyama have been heavily burdened by their Insta-worthy fame. Because everyone aiming for that perfect social media moment waits for groups to clear before taking their pictures there, the crowds never disperse along the green stretches.Another reason to go to Arashiyama Bamboo Grove — the area around the Gioji Temple.Courtesy of Morgan Awyong”In all honesty, I’ve seen similar swathes of bamboo in Vietnam and China. But those seeking a dose of tranquility when in Arashiyama can find it near the end of one trail: Gioji Temple boasts a moss garden, maple trees and undisturbed bamboo groves.”—Morgan Awyong, SingaporeChoquequirao, Peru”We were in Peru, a country that has treasures beyond measure. Even Machu Picchu, which is so hyped you might think it could never live up to expectations, was utterly amazing. Our final adventure was a hike to Choquequirao, another ancient Incan site.”When we told locals where we going, they greeted the news with disbelief. Little did we know, this is one hard trip. [It’s] all uphill to get there, although normally the mountains would be covered in cloud. Not this time. It was hot; the sun was fierce. Its rays bounced off the shale on the switchbacks burning our eyes. And it just got hotter. Plus, there was no time to linger because we were on a short timeline.This is the “only surviving image” of writer Carrie Hutchinson’s trek to Choquequirao after her computer “died” upon returning from Peru, she said.Courtesy of Carrie Hutchinson”At sunset, after two extraordinarily challenging days, we made it to Santa Rosa. In the distance, we could see the gates. That was when the guide told us we wouldn’t have time to go to the ruins. It was another two hours walk there, and he had to have us back in Cusco in less than 48 hours.”Disappointed? Oh, just a little. It’d be great to return one day, but this time I’d make sure there was ample time to enjoy it.”—Carrie Hutchinson, Australia More

In this articleHWINYour Hometown Deli in Paulsboro, N.J.Google EarthHe’s a legend in New Jersey high school wrestling – and a mystery in the stock market.Paul Morina, the principal of Paulsboro, New Jersey, High School, is listed in financial records as the president, CEO, CFO and more at a Nevada-incorporated company whose stock is trading at levels that give it a valuation more than $100 million.That’s an oddly high valuation because the company, Hometown International, owns a delicatessen — and only one small delicatessen — in Paulsboro, where the Morina-coached high school wrestling team frequently wins state championships. The company has disclosed that it has shareholders based in China’s Macau territory.The shop, Your Hometown Deli, did just $35,000 in sales — combined — over the past two years, according to Hometown International’s annual report, filed March 26 with the Securities and Exchange Commission.Hedge fund manager David Einhorn mentioned Hometown International in a letter to clients Thursday, which warned about the risks to retail investors.”The pastrami must be amazing,” Einhorn cracked of the company, whose stock from late March 2020 to early September rose to more than $9 per share from $3.25 per share despite the deli — its only operating business — being closed due to the coronavirus pandemic during that time frame.Hometown International’s annual report shows that Morina, who is also the company’s treasurer and a director, has 1.5 million shares of common shares in the company, with warrants for another 30 million shares. Morina owns 19% of Hometown’s outstanding 7.79 million common shares.On Thursday, Hometown’s stock, which trades thinly on the over-the-counter market, had a closing price of $13.50 per share.That makes Morina’s common stock holdings alone worth $20.5 million — on paper, at least.FactSet data shows that Hometown rarely has more than a few hundred shares change hands per day, and often has days when no shares are exchanged.CNBC has reached out for comment to Morina, whose biography in the SEC filing says he has won 25 class state championships as a coach, with more than 550 victories.That biography does not say that Morina had prior experience in the food service industry.Nonetheless, Hometown International said in its filing, “We believe that Mr. Morina’s in-depth knowledge and extensive experience makes him a valuable member of our board of directors.”The filing says that Hometown International, which was incorporated in 2014, entered into a lease with Mantua Creek Group, of which Morina is a member, for its store space.Hometown’s vice president and secretary is Christine Lindenmuth — a 46-year-old math teacher at Paulsboro High School, according to the SEC filing.Lindenmuth, who did not immediately respond to requests for comment, also does not appear to have any prior experience in food service.But Hometown International said it believes her “in-depth knowledge and extensive experience” also make her a valued company director.Lindenmuth holds no shares in the company, according to the SEC filing.The annual report says, “The Company presently has no full-time employees apart from its officers and directors, Paul F. Morina, President, and Christine T. Lindenmuth.” It adds: “Both are currently working for the Company without any compensation.”Hometown’s annual report suggests that the company was formed with the idea of creating a chain of stores with “a new Delicatessen concept.””Through our wholly-owned subsidiary, Your Hometown Deli Limited Liability Company (‘Your Hometown Deli’), we operate a delicatessen store that features ‘home-style’ sandwiches and other entrees in a casual and friendly atmosphere,” the filing says.”The store is designed to offer local patrons of all ages with a comfortable community gathering places. Targeted towards smaller towns and communities, the Company’s first unit was built in Paulsboro, New Jersey.”But that location, a low-slung, boxy building located just across the Delaware River from Philadelphia, remains the only store the company owns after about seven years in business.The company’s chairman, according to the annual report, is Peter Coker Jr., who is listed as holding no Hometown International shares.Coker’s bio in the company’s annual report says the 1990 graduate of Lehigh University has been chairman of South Shore Holdings Limited, a Hong Kong-listed company, since 2013.It also says that Coker was the managing partner of Pacific Advisers, and was also a partner in a Shenzhen, China-based private equity firm called TDR Capital Investment Ltd. from 2009 to 2013.”From 2006 to 2009, Mr. Coker served as Chairman of Global Trading Offshore Pte (Singapore),” the filing says. “From 2002 to 2005, Mr. Coker served as the Chairman of Wellington Securities (New Zealand). Mr. Coker served as an officer of the Bridge Companies prior to joining Wellington Securities (New Zealand) in 2002.”Coker’s father, North Carolina resident Peter Coker Sr., is listed on the SEC filing as owning 63,334 shares of common stock in Hometown International, with warrants for 1.26 million more shares.CNBC has reached out for comment from both Cokers.Other owners of Hometown shares include Blackwell Partners LLC, Series A, which has an address in Hong Kong; and two other Hong Kong entities, Star V Partners LLC, and Maso Capital Investments Limited.Four other companies or entities listed as Hometown International share owners are based in Macau, China.One of the Macau companies, VCH Limited, in May 2020 entered into a consulting agreement with Hometown International, the filing said.”Pursuant to this agreement, VCH was engaged as a consultant to the Company, to, among other things, create and build a presence with high net worth and institutional investors,” Hometown said in its annual report.”The term of the agreement is one year; provided, however, that each party has the right to terminate the agreement upon 30 days’ prior written notice to the other,” the report said.”Pursuant to the agreement, VCH shall receive $25,000 per month during the term of the agreement, in addition to reimbursement of expenses approved in advance by the Company.”Hometown International booked a $624,438 loss for 2020, and a $153,930 loss for 2019, according to the firm’s annual report.Much of the company’s increases in costs in 2020 came from $320,000 in what it called “consulting fees.”The elder Coker has been identified in other SEC-filed documents as is the founder and managing director of Tryon Capital Ventures, a North Carolina entity that has a consulting agreement with Hometown that pays Tryon $15,000 per month.”We anticipate extending the term of the Consulting Agreement with Tryon for an additional one-year term,” the annual report says. 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Royal Caribbean’s Navigator of the Sea cruise ship is docked at PortMiami on March 2, 2021 in Miami, Florida.Joe Raedle | Getty ImagesIn a meeting with the White House’s Covid response team and the Centers for Disease Control and Prevention, the CEOs of Carnival, Norwegian Cruise Line and Royal Caribbean made their case to replace the government’s phased-in approach to sailings from U.S. ports and to create a clear roadmap that allows sailings to resume this summer, sources in the room told CNBC.Earlier this month, the CDC updated its Framework for Conditional Sailing Order. However, the agency has yet to specify a date for operators to resume sailing from American ports.CEOs in Monday’s virtual meeting made the case to U.S. health officials that by requiring vaccinations and negative Covid tests for everybody on board, passengers could sail safely, the sources said. One attendee, who didn’t want to be identified, described the meeting as “encouraging.”A spokesperson for the Cruise Lines International Association trade group told CNBC: “For the first time, industry leaders were able to highlight the unique ability of the cruise community to implement and closely manage health protocols that include rigorous screening, testing, prevention, detection, surveillance, and response procedures in a highly controlled environment across the entire cruise experience.” The timing of this week’s meeting comes as communications between the cruise lines and U.S. health officials have been strained, and politicians on both sides also applied pressure.On Thursday afternoon, Norwegian Cruise Line reiterated its request to the CDC to allow the company to restart cruising from U.S. ports on July 4. “I continue to await further discussion with the CDC and I am respectfully requesting a prompt response to my written proposal to recommence cruising in July, allowing us to join America’s national reopening,” CEO Frank Del Rio said in the statement.Sen. Richard Blumenthal, D-Conn., and Rep. Doris Matsui, D-Calif., said in a statement Thursday that they sent a letter to CDC Director Dr. Rochelle Walensky, urging her to keep in place the sailing order.On Tuesday, Florida GOP Sens. Marco Rubio and Rick Scott, as well as Sen. Dan Sullivan, R-Alaska, announced a bill aimed at overriding the CDC’s current framework for getting cruise lines back to sea. The economies in Florida and Alaska are feeling the impact after more than a year without cruises. Cruising was discussed later Tuesday at the first hearing of a new Senate subcommittee on travel and tourism.Florida Gov. Ron DeSantis last week announced the state will file a lawsuit against the CDC, demanding cruise ships be allowed to resume sailing immediately.One former travel executive told CNBC the cruise lines are not being prioritized following what happened in March 2020, when multiple cruise ships were left stranded at sea while ports did not let them in.CNBC reached out to the CDC and White House for comment and has not received a response. More