Finance - News

NorthStandard’s Strike & Delay class has introduced Weather Cover into its suite of risks, providing shipowners and charterers with the first-ever marine insurance protection to mitigate the threat posed to ships solely by adverse weather conditions. The global marine insurer has responded to market needs with a groundbreaking marine insurance product that offers up to eight days of cover against the risks of a ship being delayed in or outside a port due to bad weather, as part of its...

Andrew Mueller has joined Crowley as vice president of government relations where he will be pioneering the company’s activities at the federal level with members of Congress and the Administration. His leadership will strengthen the company’s advocacy for laws, policies, and regulations that support the comprehensive array of Crowley’s business strategy and growth. Mueller's experience Mueller joins Crowley with more than 20 years of in-depth experience in federal a...

At Hamburger Hafen und Logistik AG’s (HHLA) Container Terminal - Altenwerder in Hamburg, the AGV fleet is now fully battery-powered. With this step, HHLA has continued its efforts to gradually replace the last vehicles running on fossil fuels with battery-powered alternatives. In the fourth quarter of 2023, CTA decommissioned the last diesel-powered container transporter (automated guided vehicle – AGV). From now on, the new AGV fleet consists of 95 battery-powered vehicles that run...

Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Yokohama, Japan, has held a christening and handover ceremony for a demonstration test ship to transport liquefied carbon dioxide (LCO2). The ship will be used for the ‘CCUS R&D and Demonstration Related Project / Large-scale CCUS Demonstration in Tomakomai / Demonstration Project on CO2 Transportation’ (the demonstration projects) being conducted by Japan’s New Energy and Industr...

Babcock has signed a Memorandum of Understanding (MoU) with Hanwha Aerospace to offer enhanced capabilities across land, air and sea domains, by bringing together the companies’ combined skills through a collaborative range of products, services and integrated solutions. Under the agreement, which was signed during the President of Korea’s recent visit to the United Kingdom (UK), the companies will work together to pursue global business development opportunities, with an initial fo...

Regional cluster organisation, Mersey Maritime is pleased to announce the appointment of Marketing and Events Apprentice, Phoebe Martin-Jackson. Phoebe brings her creativity and enthusiasm to Mersey Maritime, contributing to the organisation’s commitment to nurturing talent and embracing the digital evolution within the sector. Mersey Maritime hires new Marketing and Events Apprentice As part of Phoebe's apprenticeship, she will be completing her Level 3 and Level 4 Digital Marketing Di...

Oceania Cruises, the world’s renowned culinary- and destination-focused cruise line, announced that its 1,250-passenger ship, Marina, will undergo an all-encompassing refurbishment in May 2024. The refurbishment will include the addition of three new dining options: Aquamar Kitchen, the new wellness-focused dining venue, which debuted on Vista this year; an expanded poolside ice cream parlour serving milkshakes and smoothies, plus inventive flavours from artisan ice cream company - Humphr...

International law firm CJC has appointed Charlotte Ward to the role of Head of Marketing. Based in London, Charlotte will lead the firm's marketing, communications, and events functions. She joins the company with more than 13 years of marketing experience in the maritime and shipping industry, having held senior marketing roles with the Bahamas Maritime Authority, Braemar Shipping Services plc, and the BMT Group. Responsibilities Charlotte will be responsible for elevating the firm's brand p...

Global law firm Norton Rose Fulbright has advised Citibank N.A and BNP Paribas as global co-ordinators, initial mandated lead arrangers and bookrunners on a $2.8bn sustainability- and gender diversity-linked facility to GasLog Ltd. The revolving facility is secured on GasLog's fleet of LNG carriers and incorporates KPIs linked to both carbon emissions and female representation in the company’s cadetship programme. Greek law aspects DNB Bank ASA acted as Agent for the deal, ABN...

Investing in a sustainable value chain is a key opportunity for energy companies transitioning to a lower-carbon system. Additive manufacturing, a forefront in sustainable manufacturing, addresses challenges posed by traditional methods. Reports reveal inconsistencies in sustainability reporting among energy and oil and gas companies, compounded by a lack of supply chain indicators in reporting guidelines, hindering objective assessments. Sustainability of AM parts In phase 3, the aim has bee...

MacGregor, part of Cargotec, is supplying comprehensive packages of RoRo equipment for another two PCTC vessels to be built by Hyundai Mipo Dockyard Co. Ltd in South Korea. The significant repeat order was booked into Cargotec’s 2023 fourth-quarter orders received. The vessels are scheduled to be delivered to the owner during the first half of 2027. Design, supply, and installation MacGregor’s scope of supply encompasses design, supply, and installation support of a complete h...

Unifeeder is enhancing the services connecting Copenhagen with three German hub ports by scheduling an additional weekly container ship call to Copenhagen Malmö Port’s (CMP) terminals in Copenhagen, Denmark. Starting from November 16th, CMP’s container terminal in Copenhagen is served with one additional container ship call every week. This additional service means that we are connecting Copenhagen with the three major German hub ports: Hamburg twice a week - Bremerhaven and Wi...

A UK-first Green Automotive Manufacturing Hub, which will significantly reduce supply chain emissions in the North-West, has been launched in Merseyside by Peel Ports and Suardiaz. The £10 million facility, which is the first of its kind in the UK was officially opened in a ribbon-cutting ceremony yesterday (14 November) as it welcomed a Suardiaz vessel from Vigo Port in Spain, to which it will service a twice-weekly shipping route. Sustainable vehicle manufacturing Located on a 9.5-acr...

Trade in Africa has become a popular talking point; with infrastructural, innovation, and technical challenges dogging the process, impacting economic growth, thwarting intra-country business, and slowing the development of regional economic corridors. It has become clear that a sustainable trade environment is needed to boost trade, which is currently low in comparison to international trade. African Continental Free Trade Area The African Continental Free Trade Area (AfCFTA) came into force...

As the curtains fall on Europort 2023, memories linger of an event that saw stakeholders from across the maritime world connect on the key themes of energy transition and digitalisation, as well as the human capital and finance needed to support them. Europort 2023 Europort has drawn to a close after four busy days of conferences, networking, and awards ceremonies that also saw a series of new and innovative products introduced to the maritime and offshore markets. In 2023, 24,470 visitors an...

On 3 November 2023, Managing Director of PIL China - Klaus Ku has retired from his role after serving Pacific International Lines (PIL) for close to 30 years. Succeeding him as Managing Director is Anderson Luo, who has joined PIL China on 8 October 2023. Lars Kastrup, the Chief Executive Officer (CEO), PIL, said, “On behalf of all at PIL, I would like to express our deepest gratitude to Klaus for his long and loyal service in leading PIL China to what it is today. His deep knowledge of C...

The seven industry bodies dedicated to container safety, collaborating as the Cargo Integrity Group, highlight an independent study carried out by researchers at Italian University Politecnico di Torino into shipper and forwarder application of the CTU Code. The 2023 survey yielded encouraging signs of adoption and highlighted several convincing arguments – including financial benefits for its use. Several convincing arguments The survey highlights multiple benefits to CTU Code users...

A new study by cross-border shopping platform UBuy Switzerland reveals the states where is most costly to ship to are Armenia, Azerbaijan, and Georgia. The study compared shipping costs from everywhere in the world to all European countries and then calculated the average to discover which countries are most expensive to ship to. Average shipping costs Armenia, Azerbaijan, and Georgia share the top spot with an average of €143.74. As the three countries are neighbours in the Caucasus reg...

A multidisciplinary panel of maritime-industry representatives discussed the opportunities and challenges of artificial intelligence in shipping during the thought-provoking Opening Summit of Europort 2023. Exploring artificial intelligence in the maritime industry, the Opening Summit of Europort 2023 set the scene for a four-day event expected to welcome upwards of 25,000 visitors and more than 1,000 exhibitors from over 70 countries. Opening Summit’s panel discussion Proceedings began...

A new £100,000 Challenge Fund competition has opened for Belfast’s digital and creative companies, aimed at animating the city’s Maritime Mile. Developed by Belfast City Council’s City Innovation Office, in partnership with the Maritime Belfast Trust, the fund is part of the Belfast HUB-IN (Hub of Innovation) project. HUB-IN HUB-IN is all about exploring how digital innovation can help to sustain, enhance, and preserve the rich and unique heritage along Belfast’s...

Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Yokohama, Japan, has held a christening and launch ceremony for the FUGAKU MARU, a roll-on/roll-off (RO/RO) ship under construction for FUJITRANS Corporation. The ceremony took place at the Enoura Plant of MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture, Japan. The handover is scheduled for April 2024 following completion of outfitting work and sea trials. The new vessel...

In a collective journey towards achieving net zero greenhouse gases (GHG) emissions, PSA Singapore (PSA) and Pacific International Lines (PIL) have signed a Memorandum of Understanding (MoU) to jointly develop sustainable solutions to cut carbon emissions and optimise maritime efficiency. The collaboration between the two long-time partners includes the development of a set of low carbon emission routes for containers shipped by PIL via PSA. PSA Singapore and PIL sign MoU Beyond the MoU, both...

ABS is joining Mencast Marine (MMPL), the Singapore University of Technology and Design (SUTD), and the National Additive Manufacturing Innovation Cluster (NAMIC) on a project to manufacture and class a 3D-printed propeller. The collaborative project builds upon a Memorandum of Understanding (MOU) signed by ABS and MMPL that is focused on additive manufacturing (AM), also known as 3D printing, for critical maritime components. WAAM techniques ABS is committed to supporting these inn...

Global shipping and sustainable energy logistics solutions provider - Crowley is proceeding with plans to provide liquefied natural gas (LNG) bunkering services on the Pacific side of the Panama Canal, under the first permit issued by the Panama Maritime Authority (AMP) for the provision of such services. Crowley’s advanced energy group will operate the innovative service to manage the ship-to-ship LNG transfer services. LNG bunkering services for Panama Canal LNG is widely accepted as...

Ahead of COP28, a new report gives industries a roadmap to save 11% of global emissions by 2030 while saving $437 billion along the way. The report, named ‘The Case for Industrial Energy Efficiency’ published by the Energy Efficiency Movement (EEM), outlines ten key actions that does not require new technologies or policy decisions, but promise to save emissions. The Case for Industrial Energy Efficiency in short: 10 mature, scalable energy efficiency key actions can deliver 4 g...

Norwegian Cruise Line Holdings Ltd. (NCLH) (the ‘Company’ or ‘Norwegian’), a renowned global cruise company, which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, has announced its partnership with Global Maritime Forum, a global non-profit organisation committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human well-being. The new partnership closely aligns with the Company&rsqu...

VARD, one of the major global designers and shipbuilders of specialised vessels, has ordered 4 × MAN 12V175D-MEM GenSets in connection with the building of a new purpose-built, cable-laying vessel (CLV) for NCT Offshore, the Danish subsea specialist. The GenSets will form part of the vessel’s diesel-electric DP2 propulsion system, which also includes a hybrid battery package. VARD orders 4 × MAN 12V175D-MEM GenSets This exciting project is just the latest in the rapidly-grow...

Peel Ports Group is to extend its steel and metals terminal in response to strong growth in customer demand at the Port of Liverpool. The UK’s second largest port operator began construction of the 20,000 square foot extended warehouse at its North 3 Canada Dock in 2023. The group’s investment comes as the Port of Liverpool enjoyed one of its busiest months for steel volumes in September, with more than 75,000 tonnes handled by staff across the port and Birkenhead Docks. Peel Ports...

The Board of Directors of Wallem Group today announced that John-Kaare Aune will be stepping aside as Wallem Group’s CEO and after a period of transition will leave in January 2024. Having joined Wallem in 2019 as Managing Director, Shipmanagement, John-Kaare Aune was appointed as Group CEO in January 2021. Nigel Hill, Wallem Group Chairman, said, "On behalf of the Wallem Board, I would like to thank John for his leadership and dedication over the past three years as CEO. We are grateful...

Shipping must look beyond its current focus on engine technology and address the widespread disruption introduced by the clean energy transition. That was the keynote message for the industry at SHIPPINGInsight 2023 from Christopher J. Wiernicki, ABS Chairman and Chief Executive Officer. Hybrid solutions Christopher J. Wiernicki said, “The real action is far beyond the engine. We have just seen MEPC 80 redraw the compliance performance of most alternative fuels by moving from tank-to-wa...