Finance - News
Safe and efficient DESMI mag-drive centrifugal pumps enable leakage-free methanol fuel systems for ships, reducing vessel carbon emissions and climate impact. With every year that passes, emission regulations tighten in the shipping industry. Ship owners who want to stay in business need to look for ways of reducing carbon emissions to comply with the targets defined in the IMO GHG Strategy and other regulations. A promising but toxic alternative Running on alternative fuels is one of the mos...
In a pioneering achievement, DESMI has secured third-party validation for the effectiveness of its aquaculture UV treatment systems from DNV, a global major in quality assurance and risk management. This marks a significant advancement in the aquaculture industry, ensuring greater transparency and trust in UV treatment technologies. On February 16th, 2024, DESMI achieved a milestone by receiving DNV validation for the UV doses applied by its UV treatment systems, specifically designed for aquac...
Iridium Communications Inc. (IRDM), a renowned provider of global voice and data satellite communications, has announced expanded commercial availability of its Satellite Time and Location (STL) service, the leading alternative positioning, navigation, and timing (PNT) solution. Driven by increased commercial demand, Iridium partners are now authorised to sell the service in parts of Europe and Asia Pacific, helping to protect locally relied upon GNSS systems, like GPS and Galileo, with a signa...
The performance of Hempel’s cutting-edge silicone-based hull coating solution, Hempaguard X7, and its ability to accelerate decarbonisation efforts in the maritime industry are now third-party validated by DNV. Since its launch in 2013, Hempaguard has provided vessels around the world with significant energy efficiency compared to the industry average and contributed to substantial reductions in carbon emissions. With this external validation by DNV, Hempel is now better able to demonstra...
Ingeteam’s first project for an electrolyser manufacturer’s test bench has been a great success. The project was the first 100% renewable hydrogen production facility to which the Basque technology company supplied capital equipment in mid-2022. Following system commissioning and several months of operation, its success constituted a green light for further projects with the same customer to generate hydrogen for their mobility solutions. Test bench project Such test bench project...
Global law firm Norton Rose Fulbright has advised the lenders, led by Citi, on the financing and subsequent delivery of Royal Caribbean’s latest flagship vessel, “Utopia of the Seas”. The Norton Rose Fulbright team advised on all aspects of the transaction, including the original financing arrangements and, most recently, the delivery of the vessel. The vessel is the latest Royal Caribbean vessel financed under a French ECA-supported receivable purchase financing and post-deli...
Oceania Cruises, the world's pioneering culinary- and destination-focused cruise line, has revealed the next chapter in its culinary story as it highlights new Relaxed Yet Refined dining venues aboard its eight small, luxurious ships. New sushi and Indian cuisine offerings at Terrace Café and a revamped poolside lunch menu at Waves Grill are in the spotlight as the line redefines The Finest Cuisine at Sea. Winning specialty restaurants Frank A. Del Rio, President of Oceania Cruises, co...
As part of a CEF Study project co-funded by the European Union, Port of Rotterdam, in collaboration with the municipality of Rotterdam and various partners in the port of Rotterdam, is conducting four feasibility studies for shore power. This takes place at four large terminals in the port of Rotterdam; the ECT (Amazonehaven), APMT2 (Amaliahaven), VOPAK (Vlaardingen) and the Cruise terminal (Wilhelminakade). The studies consist of different parts; detailed technical studies, environmental and s...
SRC Group and GREEN MARINE have signed a collaborative agreement that brings two of the strongest advocates of methanol as a marine fuel together to develop and deliver Methanol Superstorage to market. SPS Technology The cooperation aims to realise the benefits available to SRC’s Methanol Superstorage solution, which has been turning heads among owners, builders, repairers, class societies, and insurers since its launch. Using the SPS Technology Sandwich Plate System instead of traditio...
From June 10-13, the U.S. Department of Homeland Security (DHS) partnered with the Government of Indonesia under the U.S. Department of State International Narcotics and Law Enforcement and U.S. Department of Defence Threat Reduction Agency programmes to enhance the security and resilience of the international maritime transportation system. Cybersecurity and incident response This reflects a joint commitment by both nations to strengthen cybersecurity collaboration and protect maritime crit...
Technology group - Wärtsilä announced it will supply its EnergoFlow and EnergoProFin propulsion solutions to four medium-range ('MR') tankers in the International Seaways fleet. The devices will be used to upgrade the ships’ existing Wärtsilä controllable pitch propeller system resulting in an estimated five percent (5%) in fuel savings. These will be the first Ice Class 1A FS vessels to be fitted with the EnergoFlow solution. The order was booked by Wärtsil...
Norway-based maritime technology business, Shipnet, has collaborated with Source2Sea in an initiative to drive data-based and transparent catalogue ordering within the maritime supply industry. The PunchOut integration allows Shipnet users to access Source2Sea’s marketplace without leaving Shipnet, optimising the ordering processes onboard and the building and maintenance of procurement product data and assortments. Linking procurement systems Linking procurement systems with supplier c...
It is the launch of the International Maritime Cyber Security Organisation (IMCSO), an organisation that aims to raise the standard of cybersecurity risk assessment across the maritime industry. IMCSO The IMCSO has devised a certification programme for security consultants and a professional register, helping shipping organisations to confidently select experienced personnel. Alongside this, the IMCSO will also validate report outputs to ensure consistency with those reports then held on a ce...
Watson Farley & Williams advised Crédit Mutuel Impact and Atlante Gestion on their equity investment in SO TOWT to finance the construction of six new sailing cargo ships for TOWT TransOceanic Wind Transport (“TOWT”), the pioneering French low-carbon shipping company. The six new vessels are being built in Brittany’s Piriou shipyards for delivery in 2027. Once operational they will join the first two vessels of TOWT’s fleet, which are expected to enter commerc...
Rolls-Royce’s Power Systems division is expanding its mtu engine programme for military land vehicles to include a hybrid powerpack for special tactical requirements and a 10-cylinder, over 1.100 kW power output, version of the mtu Series 199 which has been extremely successful with NATO forces. Both concepts will celebrate their premiere at the Eurosatory defence trade fair, which takes place in Paris from 17 to 21 June. Rolls-Royce's strategic initiatives Dr Jörg Stratmann, CEO o...
FuelEU Maritime, an EU regulation aimed at promoting the decarbonisation of fuels used on board ships, has entered into force and will apply to all ships above 5,000 gross tonnages calling at EU ports from January 1, 2025. FAQs on the FuelEU maritime In this 'FAQs on the FuelEU Maritime (2nd Edition)', the explanation regarding the responsible entities under the regulation and the necessary regulatory compliance timeline for shipping companies have been added, and the contents have been update...
It was destroyed in an explosion during the Blitz, hosted Cunard liners during the 1960s, and was a key link for trade in everything from sugar to second-hand appliances. Now an industrial site on the Mersey docklands is looking for a new occupier to continue the story of the extraordinary site. The rare lot of land at Huskisson Dock, owned by the UK’s second largest port operator, Peel Ports, will serve as an ideal hub for companies working in the distribution, manufacturing, and sp...
Ocean Harvesting is currently developing generation 6 of its wave energy converter InfinityWEC in close collaboration with ball screw manufacturer NSK. A ball screw is a very good actuator providing a high ratio between linear motion and rotation to the generator, high efficiency, low weight and long life. However, ball screws are sensitive to the side forces and bending moments in the PTO caused by the surge motion of the buoy and high speeds that may occur in large waves. This challenge in th...
Following a successful 6-month pilot, Ocean Network Express (ONE) UK in partnership with Freightliner will extend its commitment to use HVO100 fuel for all cargo transportation via rail. HVO100 fuel A 100% renewable fuel, HVO is made from raw materials such as vegetable oils, waste-based fat, and oil from the food industry. Switching to HVO can reduce CO2 emissions by up to 90% and is the best alternative to conventional diesel which is normally used to power freight trains. The fuel is certi...
Accelleron has signed a Turbo LifecycleCare service agreement with Grandi Navi Veloci (GNV), an Italian shipping company specialising in coastal navigation and passenger transport in the Mediterranean. The five-year agreement covers the maintenance and servicing of more than 100 turbochargers across GNV's fleet of 28 ships. Accelleron offers comprehensive support Accelleron will provide comprehensive support, including spare parts and labor readiness, focused on maintaining turbocharger...
Co2next, the open-access terminal project for temporary storage and handling of liquid CO2 in the Maasvlakte area in Rotterdam, is entering the FEED (Front-End Engineering Design) phase. Shell and TotalEnergies have joined this collaboration, which was fronted by Gasunie and Vopak up to this point. The terminal will house liquid CO2, which is supplied by vessels and will be connected to empty North Sea gas fields through the future Aramis pipeline. As a result, the terminal will become par...
MSC has announced the creation of its new service – Britannia – that will provide increased port connections via a unique corridor from China - Vietnam to Liverpool. The new loop provides access to the port of Vung Tau, creating a direct service to Liverpool and MSC’s hubs in Rotterdam, Antwerp and Hamburg, connecting Scandinavia and Baltic Destinations. This will increase its coverage from China and Vietnam to the UK and Northwest Continent. Other direct services The first...
Tototheo Global and Neuron have announced an agreement to deploy Neuron’s AI-powered quality of experience (QoE) management platform to vessels contracted to Tototheo. Through this partnership, Tototheo Global and Neuron will address a growing need for ships, as they increasingly engage with multiple satellite providers and networks, the need for increased transparency, and technologies to help vessels switch seamlessly between different service deliveries. Real-time connectivity data T...
As part of a pioneering joint development project (JDP), ABS approved a range of ship repair and retrofit work processes for remote survey at Qatar Shipyard and Technology Solutions. ABS tested, validated, and approved remote survey techniques at Qatar Shipyard and Technology Solutions for several survey tasks, which included rudder clearance inspection; stern tube wear-down inspection; and rudder plug opening inspection. Optimise scheduling The framework established in these activities...
ABS issued an approval in principle (AIP) for a low-pressure, shallow-draft, low carbon footprint 40,000 cbm liquid carbon dioxide (LCO2) carrier design for ECOLOG Services Ltd. (ECOLOG). This AIP is the result of extensive cooperation within a joint industry project on the detailed design development, taking into account LCO2 critical characteristics, including operational requirements with respect to low pressure and shallow draft. The design maximises energy integration and minimises greenho...
A UK-first collaboration is set to use satellites to monitor coastal changes in a bid to create safer shipping navigation channels. The project will see Peel Ports, the UK’s second largest port operator, partner with the National Oceanography Centre (NOC) and Channel Coastal Observatory (CCO), to employ satellite surveillance and assess where maintenance is needed over six months. Coastal mapping technology Funded by UK Space Agency Small Business Research (SBRI), the NOC will use its p...
OrbitMI, a pioneering provider of maritime intelligence and analytics solutions, is pleased to announce the appointment of Youn Lee as its new Chief Financial Officer (CFO), effective February 1, 2024. Lee, who officially joined OrbitMI on October 1, 2023, brings a wealth of experience in finance and operations, with a distinguished career that includes leadership roles in digital transformation across various industries. OrbitMI's mission Youn Lee joins OrbitMI from Newsmax TV, where he serv...
Onboard carbon capture (OCC) is attracting interest within the shipping industry, providing shipowners with the opportunity to continue operating on conventional fuels, while reducing emissions. However, according to DNV’s latest whitepaper - 'The potential of onboard carbon capture in shipping', its success depends on collaboration between regulators, policymakers, industry stakeholders, class, and suppliers. Cost-efficient solutions With decarbonisation targets rapidly approach...
Technology group - Wärtsilä will supply the engines, fuel gas supply system, and thrusters for two new Ropax ferries being built for French operator La Méridionale, a subsidiary of CMA CGM. The vessels, which have been specifically designed to minimise emissions, are to be built at the China Merchants Jinling Shipyard (Weihai) Co., Ltd. and will operate between Marseille and Corsica. The order with Wärtsilä was booked in April 2024. Energy transition Ferries a...
PD Ports is pleased to announce the appointment of Michelle Robson to its executive leadership team, as we continue towards our vision of becoming the UK’s premier, and most sustainable, seaport and port logistics operator. As Chief People and Compliance Officer, Michelle will be responsible for a broad range of key functions across the PD Ports Group, including HR; health, safety, and environment; resilience, business continuity, and security; Harbour Police and the Harbour Office. Mi...