Finance

UK Court rules on ship charter market damages

The English Commercial Court (the “Court”) has provided helpful clarity on the extent of damages available to a claimant shipowner for the late redelivery of a vessel under a time charter where there is evidence that the owner of the vessel would have been unable to enter into a subsequent charter for the vessel. In such circumstances, only nominal damages will be recoverable, as no actual loss has been suffered. Background Hapag-Lloyd AG (the “Charterers”) entered i...

DNV: North Sea offshore wind growth to 214 GW by 2050

Collaboration between countries and sectors needs to strengthen as the North Sea undergoes a period of diversification, according to a new report from DNV.  North Sea Forecast: Ocean’s Future to 2050 estimates that offshore wind will claim 9% of the North Sea space by 2050, and policies to promote cross-industry collaboration are required to ease spatial planning pressure. The North Sea hosts Europe’s busiest ports, produces most of Europe’s offshore energy, and is the ar...

Wärtsilä expands sustainable hub with €50M investment

Technology group - Wärtsilä is set to expand its state-of-the-art technology centre - Sustainable Technology Hub in Vaasa, Finland, with a €50 million total investment.  Expanding the R&D testing capabilities and facilities will enhance Wärtsilä’s ability to meet the growing demand for developing and delivering sustainable technologies in marine and energy and to support fuel applications needed in the future. Smarter engine development Wärtsil&aum...

Viking & Fincantieri lead in sustainable cruise tech

Fincantieri and Viking announced the first cruise ship in the world to be powered by hydrogen stored onboard for both propulsion and onboard electricity generation, the “Viking Libra”. The vessel is currently under construction at the Fincantieri Ancona shipyard, with delivery scheduled for late 2026. Operating with zero emissions Designed with sustainability in mind, the ship will be capable of navigating and using with zero emissions With a gross tonnage of approximately 5...

Brunvoll expands range with FU135 tunnel thrusters

Brunvoll expands its product range of tunnel thrusters with its largest thruster to date. This is a response based on trends seen in the cruise industry, where they build larger and larger vessels.  The first delivery of this new size is for three cruise vessels, where each vessel will feature four tunnel thrusters. The contract is with an undisclosed shipyard and shipowner. Powerful propulsion Brunvoll’s delivery for the vessels consists of a total 12 tunnel thrusters of the new F...

CIBC funds Sedna's AI platform for maritime growth

CIBC Innovation Banking announced that it has provided $10 million in debt financing to Sedna Communications Ltd, an Insight Partners-backed AI-powered workflow automation platform, which specialises in the global trade and supply chain market. The funding will drive AI innovation, expand platform integrations, and support sustainable growth to better serve Sedna’s customers. Maritime and supply chain Founded in 2017, Sedna helps maritime and supply chain businesses extract important da...

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