Finance - News

Anemoi Marine Technologies Ltd – a global major in wind-assisted propulsion technology for commercial vessels – has announced the appointment of Claes Horndahl as their new Commercial Director. With a career spanning more than 20 years supporting gas carriers and tankers, Claes brings a wealth of expertise in maritime consultancy, commercial strategy, and operational efficiency to Anemoi, as the company ramps up production of its award-winning Rotor Sail systems owing to growing dem...

Watson Farley & Williams (WFW) has advised Jiangsu Financial Leasing Co., Ltd. (JSFL) on the US$75 million financing for 10 chemical/oil products tankers and four general cargo vessels owned by the Yildirim Group (Yildirim). The transaction was not a pure sale and leaseback as the closing mechanism was complex as it involved the prepayment of outstanding exposure from a previous transaction, discharging securities promptly, and multiple transfers on the closing date. Structured loan-to-val...

More than 70 managers from 26 Spanish Port Authorities and Puertos del Estado (State Ports) concluded on Friday the conference ‘The culture of control, ethics and integrity in the Spanish Port System’, which Valenciaport hosted on 25 and 26 April, 2024, in the Clock Building. For two days, experts in Internal Control and Auditing debated the best formulas for tackling the challenges of the Spanish Port System from a model of Governance based on control, integrity and ethics. Their o...

Wison Engineering Ltd. (abbr. as Wison) signed EPC contract with Shanghai WaiGaoQiao 3# power generation Co., LTD (abbr. as 3# Power Plant) for its first CO₂ hydrogenation to methanol demo project recently, with the methanol production scale of 10 kta. This project marks the successful implementation of Wison’s first EPC project in the field of carbon neutrality by using chemical adsorption and hydrogenation of 100% carbon dioxide from flue gas of coal-fired power plants to produce bulk c...

SEAONICS will supply 3D Electric Controlled Motion Compensated (ECMC) cranes to two Commissioning Service Operation Vessels (CSOVs) under construction for the German ship-owner at Norwegian shipbuilder - VARD.  The order marks the ninth and tenth units sold since the first next-generation ECMC crane was delivered last year. Ambitious new customer The order marks SEAONICS' first equipment delivery to Windward Offshore The order marks SEAONICS' first equipment delivery to Windward Offshor...

Chantiers de l’Atlantique has chosen Brunvoll as the supplier of main propulsion for Orient Express Silenseas’ new cruise ships, which are going to become the world’s largest sailing ships. The order is for two vessels, with two additional as an option. The delivery from Brunvoll is a propulsion system consisting of a twin-screw configuration with a controllable pitch propeller with a diameter of 3.9 metres. Controllable pitch propellers The propellers are designed to be ful...

Technology group - Wärtsilä will supply the methanol-fuelled auxiliary engines for five new container vessels for COSCO Shipping Lines Co., Ltd and seven new container vessels for the Orient Overseas Container Line. Each vessel will operate with three eight-cylinder and two six-cylinder Wärtsilä 32M engines. This is the Chinese maritime sector’s largest order to date for methanol-fuelled new build vessels. The order was booked by Wärtsilä in December 2023. T...

The Port of Greenock has been awarded a new weekly deep-sea container service that will directly connect Scotland to the Mediterranean market of Turkey. The new call on the Mediterranean Shipping Company’s Türkiye-to-and-from-UK West Coast service is an extension of the existing service, which already calls at the Port of Liverpool. Seal of approval The addition of the Port of Greenock to the route is a seal of approval of the port’s market-renowned offering, consolidated by...

ABS Wavesight has appointed software and digital technology pioneer - Staci Satterwhite to serve as Chief Operating Officer (COO), a new role for the maritime software as a service (SaaS) affiliate of ABS. Most recently serving as the COO of Khoros, a Vista private equity portfolio company, Staci Satterwhite has extensive and diverse global experience helping develop and transform software and digital solutions. Customer-facing approach “We welcome Staci to ABS Wavesight. Her depth and...

Gelose Marine Services Ltd. has joined Thordon Bearings’ extensive network of authorised distributors to further the ‘greening’ of Nigeria’s fleet of domestic and international vessels with more sustainable bearing solutions. Based in Port Harcourt, Rivers State, Nigeria, Gelose has a diverse services portfolio, ranging from maritime security and vessel management to technical support, ship repair, and dry dockings with its own 400t ship lift capability shipyard. The com...

Watson Farley & Williams (WFW) has advised UniCredit S.p.A. (“UniCredit”) on a loan granted to Augusta S.r.l. (“Rimorchiatori Augusta”) to pay for the purchase of the Italian-flagged tugboat Ortigia which recently joined their fleet. Rimorchiatori Augusta is owned by Rimorchiatori Mediterranei, the world’s renowned port towage operator. Built in Turkey and currently registered in Catania, Sicily, the Ortigia has a maximum speed of around 12 knots and a towing c...

Global law firm - Norton Rose Fulbright has advised Citibank, N.A. (Citibank), as Coordinator, BNP Paribas, KfW, and Alpha Bank on a $450 million syndicated facility for Danaos Corporation (Danaos). Financial aid The facility will assist with the financing of eight newly built container vessels built by the Daehan, Dalian, and Qingdao shipyards. These container vessels meet the latest IMO requirements for emissions and energy-efficient design, making them Danaos’ most sustainable vessels...

Kongsberg Discovery is pleased to announce that the first production system of their revolutionary long-range Autonomous Underwater Vehicle (AUV) HUGIN Endurance has completed factory acceptance testing. Sea trials Sea trials for the first production unit began in September 2023, and over the last months, the Kongsberg Discovery Uncrewed Platforms team has put HUGIN Endurance through its paces, verifying and refining all system capabilities. Sea trials culminated in March 2024 with a successf...

With around 250 ships taking part, the Hamburg Port Anniversary offers guests a spectacular water programme, all carried out while port operations continue on the Elbe. The unique tugboat ballet, exciting demonstrations, and the magisterial entry and exit parades will make for some wondrous moments, when majestic tall ships and other impressive vessels pass right in front of the eyes of visitors. Guests can experience the top-class programme right up close. Dancing powerhouses When real power...

Ceremonies and celebrations were recently held in Vancouver harbour for a pair of ElectRA 2300-SX battery electric tugs designed by Robert Allan Ltd. and built by Türkiye’s Sanmar Shipyards.  Both tugs are owned and operated by SAAM Towage Canada and represent major milestones in the Port of Vancouver’s goal of becoming the world’s most sustainable, as well as SAAM Towage’s leadership in the drive to the decarbonisation of harbour operations. Neptune terminals...

Technology group - Wärtsilä will supply a range of solutions aimed at minimising the carbon footprint of six new Pure Car Truck Carrier (PCTC) vessels being built for Dubai-based Sallaum Lines DMCC. Part of the order was booked by Wärtsilä in 2023 and the remainder in Q1 2024. The Wärtsilä solutions were selected following a very stringent evaluation process, with sustainability and minimal environmental impact being a prime consideration. Wärtsilä to su...

Wärtsilä Gas Solutions, part of the technology group - Wärtsilä has been contracted to supply the cargo handling and fuel gas supply systems for three new 98k Very Large Ethane Gas Carrier (VLEC) vessels. The ships are being built at the HD Hyundai Heavy Industries (HHI) yard in Korea for Oceania-based ship owners. The order was booked by Wärtsilä in Q1, 2024. The selection of the Wärtsilä solutions follows a similar recent order from HHI for three n...

Ahlsell Norge AS has entered into an agreement to purchase all shares in Verktøy-Maskin AS. The acquisition represents an additional contribution to Ahlsell’s growth within the industrial segment.   Verktøy-Maskin has nine employees and a turnover of approximately 42 million in 2023. Logistic capabilities Since 1976, Verktøy-Maskin has been a trustworthy supplier to the industrial sector around Mandal in Norway where they are located. The company offers a wi...

Watson Farley & Williams advised Danaos Corporation on a US$450m post-delivery senior secured term loan facility to finance eight newbuild vessels under construction in the Daehan, Dalian and Qingdao shipyards to be delivered in 2024-2025. The lending syndicate comprised four major shipping banks. The newbuilding vessels will be the most efficient in Danaos’ fleet as they are built in accordance with the latest IMO requirements in relation to Tier III emission standards and Energ...

Imoto Lines and Marindows, as a first step in transforming the future of domestic maritime shipping, will build the next generation of zero-emission domestic container ships capable of hybrid operation using Japan's first exchangeable container batteries, alongside onboard batteries, and generators, and conduct demonstration experiments on the Kobe-Hiroshima service. This project is a challenge towards a sustainable future for domestic maritime shipping, aimed at fundamentally solving the three...

The World Shipping Council (WSC) is calling on the EU to design policy frameworks that facilitate the essential role of shipping in a globally connected economy and to forge the path to net-zero shipping by 2050 in partnership with industry. 2024-2029 legislative term Outlining its recommendations for the 2024-2029 legislative term, the WSC urges the EU to: Work to secure effective global greenhouse gas (GHG) reduction regulations and implement the Green Deal to ensure that...

Pacific International Lines (PIL) has joined the non-profit organisation, Digital Container Shipping Association (DCSA), to drive standardisation and digital innovation in the container shipping industry. Digitalisation standards DCSA’s founding members consist of 9 of the 10 largest container shipping companies worldwide and represent approximately 70% of global container trade. The association was founded to accelerate digitalisation by streamlining and harmonising data standards,...

Watson Farley & Williams (WFW) has advised MSC Cruises (MSC) on the financing for two new LNG-powered cruise ships from French shipbuilder - Chantiers de l’Atlantique. The vessels, World Class 3 and World Class 4 are expected to be delivered in 2026 and 2027 respectively. The financing was provided by a syndicate of lenders led by Banco Santander with ECA support from Bpifrance Export Assurance. Environmental technology In line with MSC’s commitment to investing in future envi...

ClassNK has commenced joint research with the Japan Aerospace Exploration Agency (JAXA) to establish an evaluation method for the compatibility of ship materials with liquefied oxygen (LOX). The aim is to contribute to suppressing fire accidents on ships handling liquefied hydrogen, where LOX could be generated, and to reasonable material selection. Liquefied hydrogen carriers To construct a supply chain for hydrogen, which is expected to be a clean energy source in a decarbonised society, th...

Watson Farley & Williams (“WFW”) has advised Crédit Agricole Corporate and Investment Bank (“CACIB”) as an agent, SACE S.p.A and a syndicate of nine banks on pre and post-delivery loan facilities granted to Norwegian Cruise Line Holdings Ltd. (NCLH) for the acquisition of four cruise vessels currently under construction at Italian shipyard - Fincantieri S.p.A. The loan facilities are backed by the Italian export credit agency - SACE S.p.A.  Decarbonisati...

The World Shipping Council (WSC), the united voice of liner shipping, is happy to announce that the WSC Board has appointed Joe Kramek as its new President & CEO, to succeed John Butler upon his retirement at the end of July. Joe Kramek brings a wealth of experience and expertise to his new role, from both the maritime sector and government service. Before stepping into the position of President & CEO, Joe Kramek served as the WSC's Director of U.S. Government Relations. His professiona...

Optimarin AS, a major Norwegian supplier of ballast water treatment systems (BWTS) for the maritime industry, has agreed to acquire the Hyde Marine UV business from the Italian multinational - Industrie De Nora S.p.A. Trademarks and assets acquired Under the transaction, Optimarin will purchase technologies, trademarks, and selected assets about the design, sale, and aftermarket of systems using UV technology for ballast water treatment and disinfection, promoted under the Hyde Marine® and...

Chinese yard, Guangzhou Shipbuilding International (GSI), has received an order for 4 × MAN B&W 8S60ME-GI engines in connection with the building of 4 × 10,800 CEU Pure Car and Truck Carriers (PCTCs) for South Korean shipping owner, HMM Co. Ltd.. CSIC Diesel Engine Co. Ltd (CSE) will build the Mk10.5 dual-fuel -GI (-Gas Injection) engines in China, which will feature Exhaust Gas Recirculation (EGR) emissions-reduction technology for Tier III NOx compliance. MAN B&W 8S60ME-G...

On 11th April 2024, Maritime UK was delighted to support the launch of the Northern Ireland Maritime & Offshore Cluster Network (NIMO). The launch event, which was attended by Maritime UK’s patron, Her Royal Highness (HRH) The Princess Royal, marked a momentous occasion for not only NIMO, but for the whole maritime industry across the United Kingdom (UK). Patron of Maritime UK, Her Royal Highness, spoke to over one hundred industry professionals, including representatives of port oper...

While most American ports have decarbonisation plans in place, a new report shows there are significant challenges to advancing emission-reduction projects, including financial constraints, low technology readiness and physical space limitations. Those are some of the key takeaways from a new joint publication between ABS and the American Association of Port Authorities (AAPA), Port Decarbonisation Survey: Trends and Lessons Learned. Technological breakthroughs The report is based on fee...