Finance - News

Indian Register of Shipping (IRS) and The Uttar Pradesh Transport Department have signed a landmark Memorandum of Understanding (MoU) to establish the UP Inland Waterways Authority. This collaboration aims to develop and regulate inland waterways in Uttar Pradesh, enhancing transportation efficiency and fostering economic growth. Safety and green initiatives IRS will assist the Uttar Pradesh government in formulating the UP Inland Waterways Authority and developing relevant rules based on the...

After 27 years of service, Mr. Lutz Ehrhardt has decided to retire from his position as PhilaPort’s representative in Europe. From his home city of Hamburg, he was The Port of Philadelphia’s liaison with ocean carriers, shippers, and government officials in one of the largest shipping markets in the world. Mr. Ehrhardt will be succeeded by Mr. Uwe Gaede, a well-known shipping major, who was ocean carrier Hamburg’s Süd’s Marketing Director in North Europe for the l...

Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited bags orders for the construction of three 70 T Bollard Pull ASD Tugs for Ocean Sparkle Limited, an Adani Harbour Services Limited company. Udupi Cochin Shipyard Limited (UCSL), a wholly-owned subsidiary of India’s pioneering shipyard, Cochin Shipyard Limited (CSL), has bagged another prestigious order from its existing customer and pioneering Indian tug operator, Ocean Sparkle Limited (OSL), an Adan...

As Posidonia 2024 opens, Norway-based maritime technology business, Shipnet, has announced the launch of Helix, a revolutionary new product designed to transform decision-making in the shipping industry through advanced data analysis.  Helix provides a digital representation of your shipping business, enabling seamless integration and analysis of data from various sources such as safety, pricing, and procurement. By leveraging these diverse data inputs, Helix uncovers actionable insights t...

The first of two new £25 million ship-to-shore cranes arrived aboard a vessel at its new home in a major boost for productivity at the Port of Greenock. The 932-tonne structure was transported to the west-facing freight port following a 1-day journey from Cork in Ireland, where it was built. Work will shortly begin to install the vital infrastructure at the port, and it will be fully operational later this year following stringent testing. Crane capability The cranes will help accommoda...

ICEX Spain Export and Investment is firmly committed to companies working in the field of logistics and supply chain and, as part of its internationalisation strategy, is organising a ‘Conference on Technological Solutions for Global Value Chains’, with the collaboration of the Port Authority of València (PAV). The conference, which is being held today 30 May in València, is the third in a series of travelling sessions throughout Spain that began last year in Madrid an...

Inchcape Shipping Services, a global pioneer in port agency and maritime services with over 177 years of maritime experience, introduces OneCape DA, an independent specialist disbursement account management solution designed to navigate the operational complexities of port calls, freeing customers to focus on their strategic priorities. The expert team manages all aspects of disbursement accounts, ensuring clients only pay what is necessary. They understand the maritime industry, its network, a...

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...