Finance - News

Peel Ports Clydeport has signalled its intention to invest up to £150 million in the redevelopment of the Hunterston marine yard in Ayrshire, as it prepares the site to support the UK’s offshore wind sector. Hunterston PARC is being prepared for occupancy as it seeks to attract major offshore wind projects, amid growing demand for the offshore wind supply chain on the UK’s west coast. Redevelopment of the site A formal planning application for the redevelopment of the site h...

Mark Jackson, CEO of the Baltic Exchange, has been appointed Deputy Chair of the London International Shipping Week 2025 (LISW25) Steering Group. He will support LISW25 Steering Group Chair John Hulmes in overseeing the running of the 2025 event. International shipping knowledge Welcoming Mark’s appointment, John Hulmes said he would bring a wealth of international shipping knowledge and expertise to the role. He stated, "Mark’s international credentials are unquestioned and...

Indian Register of Shipping (IRS) is pleased to announce its successful collaboration with Mazagon Dock Shipbuilders Limited (MDL) on the pioneering technology demonstration of an Autonomous Navigation system with dual navigation capabilities on MDL the tug MT Andaman. IRS team led by Mr. R. Srinivas, VP & HOD Electrical & Control System, conducted a thorough review of the autonomy concept, system documentation, software quality documentation, and a detailed risk assessment by IRS Guide...

Cruise and Passenger Services is thrilled to welcome back Cunard’s majestic Queen Anne, who returned from her maiden voyage on May 10th. After setting sail again, Queen Anne returns to Southampton on May 24th, marking the beginning of an exciting series of visits, with a total of 20 visits planned for this year. Queen Anne’s return to Southampton is not just a significant event for Cunard and its guests, but also for the entire port community. Their dedicated Cruise and Passenger Se...

The Department of Defence announces that Fincantieri's US subsidiary, Fincantieri Marinette Marine (FMM), has been awarded a contract worth over 1 billion US dollars to build the fifth and sixth Constellation-class frigates for the US Navy.  The contract for the lead frigate and 9 options, signed in 2020, has a cumulative value of 5.5 billion US dollars, including post-delivery availability support and crew training. FREMM frigate platform Fincantieri secured this high-profile tender, di...

Lockton Companies, the world’s largest privately held, independent insurance brokerage, has announced the appointment of Oliver Hutchings as COO of Marine, Transportation, and Logistics. Oliver Hutchings, who was previously Global MD of Marine & Aviation at Charles Taylor Adjusting, has over fifteen years experience of in managing specialist marine liability claims. Oliver Hutchings appointed as COO He takes the helm from Justin Pinches, who covered the position for an interim perio...

Japanese maritime experts have announced the successful completion of the early phases of a cross-industry project aimed at creating a secure data-sharing framework between shipyards and ship owners to advance the use of digital twins throughout a ship’s lifecycle. The project, which aims to enable the use of a vessel’s unique design data to optimise efficiency and safety at sea, as well as the sharing of operational data to inform new designs, brings together ship owners - NYK Grou...

APCL Group has welcomed Commodore Nick Fox to its facilities in Falmouth and Birkenhead to mark his retirement. Cdre Nick Fox's career has spanned 45 years in the Royal Fleet Auxiliary and has included several high-profile appointments - both afloat and shore-based. Nick Fox Nick Fox joined the Royal Fleet Auxiliary in 1978 as an engineer cadet. He completed his Cadet training in 1982 and served in a variety of seagoing and staff appointments before promotion to Captain in 2009. This sea ser...

Oceania Cruises, the culinary- and destination-focused cruise line, announces its newest ship Allura will enter service one week earlier than scheduled. Due to join the fleet in summer 2025, her inaugural sailing will now depart Trieste, Italy, on July 18, 2025, cruising six days to Athens, Greece, calling at gems in the Eastern Mediterranean including Rijeka, Croatia; Ravenna, Italy; Dubrovnik, Croatia; and Kotor, Montenegro. The line is also opening for sale a one-of-a-kind four day voyage s...

International maritime law firm - Campbell Johnston Clark (CJC) has added a senior member to its team in Singapore, following the appointment of Chua Aik Hui as Director. Joining the maritime law firm’s transactional team at the partner level, Aik Hui specialises in advising multinational financial institutions, sponsors, owners, and lessors on asset financing in the maritime and offshore oil and gas sectors. Extensive industry experience  Aik Hui also has significant experience in...

A new logistics and freight yard beside Southampton Container Terminal is predicted to give a significant extra competitive edge to cargo and haulage operations in the port.  The new yard and operation has been created in a deal between Southampton Container Terminal operator - DP World and Williams Shipping, one of Southampton’s oldest and most established maritime and logistics businesses. Cargo expansion The yard is twice the size of the existing Williams Shipping yard, which is...

Inmarsat Maritime, a Viasat company, has launched NexusWave, a fully managed connectivity service underpinned by a ‘bonded’ multi-dimensional network, offering high-speed connectivity, unlimited data, global coverage, and ‘secure by design’ infrastructure. NexusWave Delivered by a single provider, NexusWave is a fully managed service that seamlessly integrates multiple high-speed networks in real-time – Global Xpress (GX) Ka-band, low-Earth orbit (LEO) services, a...

Zero-emissions goal energised by Forum Mobility’s new charging stations. A new charging depot that will be operated by Forum Mobility broke ground Wednesday, aimed at meeting the accelerating demand for heavy-duty electric trucks serving the Port of Long Beach. The facility, scheduled to go online in the fall, moves the Port closer toward achieving a goal of zero-emissions operations for drayage trucks by 2035. Mobility’s new charging depot “As an industry pioneer in the sus...

Harbor Lab, the maritime software company modernising the outdated accounting practices hampering the $14 trillion shipping industry, has raised a $16 million Series A funding round led by European VC Atomico.  With participation from existing investors Notion Capital, Venture Friends, SpeedInvest and The Dock, and new investors Endeavor Catalyst and maritime VC TMV, the round follows a Seed round of €6.1 million. It takes total funding for the Greek startup to some $22.5 million. A...

Maersk has inaugurated a specialised cross dock warehouse in Rotterdam on its Maasvlakte II terminal. It will accelerate the flow of cargo significantly from arrival on a vessel to the point of sale, especially in the Benelux, German and French hinterland. Warehouse features After discharging containers from an arriving vessel, the products can be unpacked, transloaded to conventional trucks, and dispatched to their final destination within hours. Maersk welcomed Starbucks as the first custo...

Orbital Marine Power (Orbital), the renewable energy company focused on the commercial deployment of its innovative floating tidal turbine technology, has selected Global Energy Group as preferred supplier to lead the manufacture and assembly of turbines for the company’s initial Orkney projects which have secured contracts under the UK Government’s Contract for Difference auction rounds 4 and 5. Turbine manufacture It is anticipated that turbine manufacture will start at Global...

Technology group - Wärtsilä has designed and delivered controllable pitch propellers for Stena’s new Ro-Pax vessel, Ala’suinu, which has completed sea trials. Following these sea trials, Ala’suinu became the first Ro-Pax vessel to fulfil the DNV Silent(E) notation, satisfying the criteria in the operating conditions at 11 and 18 knots. This environment class notation from DNV was introduced to protect sensitive marine ecosystems, applying to vessels that demonstrate...

ABS, HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE), and HD Hyundai Heavy Industries, Co., Ltd. (HHI) have signed a memorandum of understanding (MoU) to collaborate on the technical feasibility for medium-voltage direct current (MVDC) power systems on ships. The agreement opens the door to collaboration on design assessment, new technology qualification as well as the development of rule guidance to provide clear directives on technical requirements, safety standards, and...

Watson Farley & Williams (WFW) is pleased to announce that it has promoted eight lawyers to counsel. They are: Nerina Erasmus – Corporate Nerina’s practice focuses on domestic and cross-border M&A, joint ventures, and private equity transactions, with particular expertise in the energy and infrastructure sectors. She is dual-qualified in England & Wales and South Africa. Valentina Keys - Environment, Health & Safety She also specialises in providing stand-alone...

Tokyu Land Corporation and SolarDuck B.V., in collaboration with Kyocera Communication Systems Corporation, have completed the installation of Japan's first offshore floating solar photovoltaic (OFPV) power plant on the sea surface, under the Tokyo Bay eSG Project (the Project), an initiative of the Tokyo Metropolitan Government's Policy Planning Bureau.  This project is a demonstration project by the Tokyo Metropolitan Government that aims to realise the world's most advanced energy gener...

Accelleron has renewed its service agreement with the world’s biggest engine builder - HD Hyundai Heavy Industries Engine & Machinery Division (HHI-EMD) and its lifecycle service company - HD Hyundai Marine Solution (HMS). The agreement, continuing a collaboration that started in 2024, will ensure that owners of engines built by HHI-EMD and vessels or power plants serviced by HMS can benefit from Accelleron’s turbocharger service expertise, spare parts, lifecycle upgrades, and e...

The ABS-classed Liza Unity continues to collect industry firsts by receiving the first REMOTE-CON notation for an FPSO from ABS. The REMOTE-CON notation demonstrates the vessel’s alignment with remote-control functions and signifies that the design and construction of the offshore asset are assessed against and adhere to the ABS Requirements for Autonomous and Remote Control Functions.  Liza Unity The Liza Unity is the second FPSO to be built for ExxonMobil Guyana’s Stabroek...

Watson Farley & Williams (WFW) has advised the Blue Ocean maritime strategy managed by EnTrust Global (EnTrust) on its acquisition of Norwegian alternative investment fund manager - Offshore Merchant Partners (OMP) from HitecVision. EnTrust EnTrust is a major global alternative asset management firm. Co-founded in 1997 by Chairman and CEO - Gregg S. Hymowitz, EnTrust offers a diverse range of alternative investment opportunities across strategies, including private debt and real asset...

ClassNK has released the report – ‘ClassNK Alternative Fuels Insight’, which summarises the characteristics and latest trends of alternative fuels to support their customers’ future fuel selection. Amidst the pressing need for society-wide reduction of GHG emissions, regulations aimed at further promoting GHG emission reductions in international shipping are being introduced. This heralds the arrival of an era where GHG emissions from ships will incur costs. Adoption of...

NorthStandard announces the departure of James Bean, a senior executive team member, following his decision to accept a role as Chief Executive Officer (CEO) of The London P&I Club. NorthStandard will not be replacing him as one of two Chiefs of geographical sectors. Steve Cockburn who currently shares the position with James, will assume sole responsibility. Jeremy's comments “It is with mixed feelings that we share this news,” said Jeremy Grose, Co-Managing Director of North...

Ricardo is working to support clients in the maritime sector, developing innovations and exploring new hydrogen activities to help decarbonise the industry.    Ricardo, a global strategic, environmental, and engineering consulting company, is expanding its capabilities in the global maritime sector, supporting clients with the design, development, and testing of large-scale propulsion systems, including multi-stack fuel cell technology.   Hydrogen test facility In Jan...

The London P&I Club has announced that Ian Gooch will be stepping down during the year from the role of Chief Executive Officer after 15 years as CEO and 21 years as a Director of A. Bilbrough & Co., the Company that manages The London P&I Club.  Subject to regulatory approval, Ian Gooch will be succeeded by James Bean, from NorthStandard P&I Club. NorthStandard’s senior leadership A qualified Solicitor, James Bean has worked within the marine insurance industry sin...

ABS awarded approval in principle (AIP) to two critical autonomous functions on a proposed offshore platform in the latest phase of its pioneering collaboration with HD Hyundai Group. The artificial intelligence-based Autonomous Machinery Health Management Function (HiCBM) and the Autonomous Safety Management Function (HiCAMS) both received AIP from ABS at the Offshore Technology Conference in Houston. Latest stage in ABS and HD group The certificates are just the latest stage in ABS and HD H...

Global law firm - Norton Rose Fulbright has advised Bibby Marine on a shipbuilding contract to deliver the world’s first truly zero-emission, electric Commissioning Service Operation Vessel (eCSOV). The eCSOV, which will be built at Astilleros Gondán’s shipyard in Asturias, Spain, is expected to be delivered in 2026. Designed in collaboration with UK-based ship designers Longitude, it will feature a powerful battery system, complemented by dual-fuel methanol engines for emiss...

Sensor solutions provider - HENSOLDT UK has been selected by Navantia UK to provide key systems to the UK Royal Fleet Auxiliary’s (RFA) three new Fleet Solid Support (FSS) ships. The new vessels will incorporate Quadome Naval 3D Air and Surface Surveillance Radar, Air Traffic Management (ATM) systems, and Kelvin Hughes Integrated Navigation Bridge Systems (INBS). The FSS ships will play a crucial role in supporting the replenishment operations of the Royal Navy's Queen Elizabeth Class air...