Finance - News

The Brun Bear Foundation, a registered charity established by Edwin Lampert, executive editor of Riviera Maritime Media, is pleased to announce the launch of “Mealtimes With My Maritime Friends.” This unique cookbook celebrates the global maritime community while raising funds for important causes. Featuring 60 inspiring recipes from around the world, contributed by prominent figures in the maritime industry, this book offers a taste of maritime culture alongside the personal storie...

SRT Marine Systems plc (SRT), a global provider of maritime domain awareness systems and technologies for security, safety, and environmental protection, is pleased to announce that it has agreed a substantial investment and short-term finance bridge support package from existing shareholder Ocean Infinity (OI), worth approximately £31 million.   Finance support package This new financing allows SRT to immediately satisfy the need for the substantial performance bond required under...

ABS released its latest report into the potential of advanced nuclear technology for maritime applications, with a study of a small modular reactor on a standard liquefied natural gas (LNG) carrier. Feasibility and safety The transformational impact of a high-temperature, gas-cooled reactor (HTGR) on the design, operation, and emissions of a 145,000 m3 LNG carrier design was modeled by ABS and Herbert Engineering Corporation (HEC). The study is designed to help the industry better understand...

Fincantieri is pleased to announce that it has signed contracts with Viking for the construction of two new cruise ships, based on the successful features of the previous vessels, which Fincantieri has already built for this shipowner in its Italian yards. The units will be delivered in 2030. Fincantieri and Viking have also reached an agreement for four additional ships in option with deliveries scheduled for 2031 and 2032. Latest environmental rules Fincantieri and Viking for...

ship.energy Limited is excited to announce that it is ready for the Marine Energy Transition Forum 2024 (#METF24)! Taking place on 22 October at the iconic Port House in Antwerp, this highly anticipated event will bring together renowned voices from the maritime industry for dynamic and thought-provoking discussions on the future of marine fuels and ship technology.  #METF24 At #METF24, delegates will explore how critical factors, such as vessel type, operating routes, and profiles...

Kongsberg Maritime will supply an extensive range of equipment for a new fleet of 10 platform supply vessels (PSV) being built by Fujian Mawei Shipbuilding in China for Greek shipowner, Capital Offshore. This significant contract win is valued at approximately 800 million MNOK, and includes all propulsion, automation, and energy systems. Oil and gas operations The 10 contracted vessels mark a major investment by Capital Offshore in the PSV market The 10 contracted vessels mark a major invest...

The decision in Verein KlimaSeniorinnen Schweiz and Others v. Switzerland has set a precedent requiring state parties to the European Convention on Human Rights to assess the effectiveness of their legislative regimes to protect individuals who are most vulnerable to the effects of climate change. While this is a finding against states, they are likely to seek to comply with their own obligations under international law by introducing new domestic laws and regulations affecting busine...

ABS helped bring together industry and government pioneers for a U.S. Maritime Strategy Workshop to help stakeholders align on key policy and commercial priorities. This was the third in a series of workshops organised to inform a U.S. national maritime strategy and was done in collaboration with the U.S. Federal Maritime Commission (FMC), the Office of Senator Mark Kelly, and the Office of U.S. Representative Michael Waltz. Challenges and recommendations The U.S. maritime industry faces seve...

ClassNK granted its ‘AFVC (Additional Fire-Fighting measures for Vehicle Carrier)’ notations to ‘TEXAS HIGHWAY’, a car carrier operated by "K" LINE  for vessels equipped with additional firefighting measures for transporting electric vehicles (EVs). AFVC notations Shipping companies are implementing various measures to address EV fires, which raise concerns due to difficulties in extinguishing and the risk of re-ignition. To support these efforts, ClassNK has issu...

Sirius Insight (Sirius) announces the launch of a national strategic partnership with the charity - National Coastwatch Institution (NCI), which will help improve the safety of UK coastal waters. This long-term partnership will deliver operational funding and technology upgrades enabling greater coverage and effect.    Maritime situational awareness Sirius Insight is the UK’s specialist in maritime situational awareness, combining Artificial Intelligence and state-of-the-...

Watson Farley & Williams (WFW) advised Navigazione Montanari S.p.A. (Navigazione Montanari) on acquiring the chemical product tanker, Astella, renamed Valderice. WFW also acted for Intesa Sanpaolo S.p.A. (Intesa Sanpaolo) as a lender on loan, backed by Italy’s ECA SACE's Garanzia Futuro, granted to Navigazione Montanari to recapitalise the funds used for the purchase partially. Valderice The Valderice, built in South Korea in 2011 at the Hyundai Mipo Dockyard Co. Ltd., is currently...

Indian Register of Shipping (IRS), a globally recognised classification society, is proud to announce the signing of a Memorandum of Understanding (MOU) with SeaTech Solutions International (S) Pte Ltd, a Singapore-based maritime engineering and design firm. This MOU highlights a broader international collaboration aimed at advancing sustainable maritime solutions, including the Greentech design and classification of next-generation green tugs and harbour crafts for global operations. Latest e...

ABS has secured a contract to provide and test a digital twin solution for real-time condition monitoring for a Petrobras floating production, storage and offloading (FPSO) unit. The ABS solution will provide a digital twin of the asset, and as part of the project, ABS has selected Akselos S.A. to deploy the Akselos Structural Performance Management software that will be evaluated over the course of a year by monitoring one of the four FPSO units in the Cessão Onerosa oil field. Life ex...

ClassNK has granted its Innovation Endorsement for Products & Solutions to Ship Energy Efficiency Monitoring System (SEEMS) developed by the Samundra Institute of Maritime Studies. In order to promote the spread and development of innovative technologies, ClassNK has offered Innovation Endorsement for Products & Solutions. Deployment of products ClassNK supports the deployment of products and services through third-party certification for equipment and software technology with innovat...

ClassNK has granted the class notation ‘a-EA (GRS)’ to ‘BRIGHT QUEEN’, the bulk carrier operated by NYK Bulk & Projects Carriers Ltd., certifying the use of green steel. This is the world’s first case of a notation being affixed for using green steel in a vessel. There’s a growing focus on using green steel, which reduces GHG emissions in the manufacturing process, in ships as part of efforts to cut GHG emissions across the entire supply chain. To support...

In partnership, Power2X and Advario are developing a world-scale production and storage hub for sustainable aviation fuel (e-SAF) and synthetic, ultra-low carbon fuels in the port of Rotterdam. The Power2X production facility will have the capacity to produce over 250,000 tonnes/year of e-SAF, a non-fossil, synthetic fuel made from green hydrogen. It will be the largest e-SAF facility announced to-date, making sufficient ultra-low carbon fuel to fully power approximately 7,000 flights between A...

Gibdock Shipyard and Armada Technologies Ltd. are pleased to announce the signing of a Memorandum of Understanding (MoU) to explore the integration of Armada's proprietary air lubrication system, the Passive Air Lubrication System (PALS), into vessels serviced by Gibdock. This agreement marks a significant step towards enhancing energy efficiency and reducing harmful emissions in the maritime industry. Innovative PALS System The collaboration aims to leverage the strengths of both organisati...

Global law firm - Norton Rose Fulbright has advised ABN AMRO and National Australia Bank (NAB) on their arrangement of acquisition financing for Celsius Shipping (Celsius) and Basalt Infrastructure Partners (Basalt) to acquire two LNG carriers. Celsius and Basalt formed a new joint venture for the acquisition of the two state-of-the-art vessels – the Celsius Copenhagen and Celsius Carolina – which were built in Korea and operate using the latest, most fuel-efficient propulsion techn...

Watson Farley & Williams is pleased to announce the publication of the third edition of The Law of Ship Mortgages, written by Partner Charles Buss, recently retired Partner - David Osborne and Knowledge Counsel - Joanne Champkins. Described as the definitive text on English ship finance law, the first edition was published in 2001 and has been well-received ever since. Impact on shipping This third edition was written with the ever-increasing sanctions and their impact on shipping and shi...

WEG and Eletrobras were present at CIGRE Paris 2024, where Engineer - Mateus Alexandrino, from the Transmission Department of the Vice-Presidency of Engineering and Expansion of Eletrobras, made a presentation about the reliability of protection, automation and control systems (PACS) associated with redundancy and system condition monitoring. WEG and Eletrobras partnership The work between WEG and Eletrobras addresses the modernisation process of the Itajaí substation, located in southe...

The Panama Canal was emphasised as a key player in global trade during the New York Maritime Forum (NYMF). The Canal Administrator, Ricaurte Vásquez Morales, presented the achievements reached in fiscal year 2024 (FY-2024), which has optimised the reliability and sustainability of this maritime route. In his speech, Ricaurte Vásquez Morales shared official data for FY-2024, highlighting some of the operational accomplishments of the Panama Canal during a year of particular attenti...

ERMA FIRST, a globally renowned sustainable maritime solutions provider, has joined the RightShip Zero Harm Innovation Partners Program, which aims to promote the adoption of solutions targeting a zero-harm maritime industry. Committed to preserving and protecting the marine ecosystem, ERMA FIRST offers an extensive portfolio of future-proof maritime sustainability solutions encompassing alternative maritime power (AMP), carbon capture and storage (CCS), and energy-saving devices (ESDs). Futur...

Watson Farley & Williams (WFW) advised Crédit Mutuel Impact and Bpifrance on an equity investment into French cargo sailing ship developer and operator VELA Sail For Goods (VELA).  Other investors also took part including US-based 11th Hour. The investment will help finance the construction of a trimaran cargo vessel to be built by shipyard Austal Philippines for lease to VELA. Crédit Mutuel Impact and Bpifrance The multi-disciplinary WFW Paris team that advised Cr&eacu...

In a significant step towards sustainability and emission-free energy sources on board, Offshore Supply Vessel Coastal Liberty has set sail on the waters of the Wadden Sea. With the clear aim of minimising the environmental impact of its activities and driving forward the energy transition, the shipping company has decided to switch to green hydrogen as its main source of energy. End of February 2024 the refitted OSV received class certification by DNV for its newly installed hydrogen system on...

The Port of Poole proudly welcomed MS Hamburg, a cruise ship operated by Plantours Kreutzfahren, on her maiden call on Wednesday, 9th October 2024. A commemorative plaque exchange ceremony took place between Poole Harbour Commissioners’ Harbour Master, Harry Gregory and the Captain of the cruise ship, Captain Igor Gaber, celebrating this special occasion. Maiden call of MS Hamburg vessel The MS Hamburg, a 144-metre-long cruise vessel, arrived at Poole after calling at London The MS Ham...

In the wake of the devastation caused by Hurricane Milton and Hurricane Helene, Norwegian Cruise Line Holdings Ltd. (NCLH) has announced a total contribution of $80,000 to the American Red Cross to help those in affected communities. In addition to the $30,000 it previously donated to the Red Cross to support Hurricane Helene relief efforts, it will match up to $50,000 more in public donations toward Hurricane Milton relief efforts. This contribution aims to provide immediate relief to the comm...

Oceania Cruises, the world’s renowned culinary- and destination-focused cruise line, has unveiled details of its new culinary venue, the Crêperie, debuting on Allura™, its newest ship launching in July 2025. The Crêperie, located next to Baristas, the line's signature coffee bar, will offer a selection of tempting French crêpes, Bruxelles waffles and bubble waffles, alongside Italian ice cream sundaes, from mid-morning throughout the afternoon. The Crêperie...

Iridium Communications Inc., a globally renowned provider of global voice and data satellite communications, has announced its collaboration with Nordic Semiconductor for early integration of its Iridium NTN Direct℠ service into Nordic's LTE-M/NB-IoT modules and chipsets. Nordic Semiconductor is a global major in low power wireless connectivity solutions, including cellular IoT (LTE-M, NB-IoT), Wi-Fi, Bluetooth LE, and Thread and is trusted by world’s major brands across the consumer, ind...

Norway-based maritime technology business, Shipnet, has strengthened its senior leadership team with the appointments of a new Finance Director and HR Director. Paula Summers, who joins as HR Director, boasts over 15 years’ experience within HR roles partnering with business pioneers in the retail, manufacturing and nuclear energy sectors. This includes Ethel Austin, Glen Dimplex Consumer Appliances (including brands like Stoves, Belling, Morphy Richards and Roberts Radios) and Caven...

The United States Maritime Administration’s (MARAD) Office of Environment and Innovation has selected ABS to establish and maintain the U.S. Center for Maritime Innovation (Center) under a five-year cooperative agreement. Decarbonisation and digitalisation Authorised by the U.S. Congress, the U.S. Center for Maritime Innovation is intended to support the adoption of clean energy on U.S. vessels through a wide-ranging program of research and development and training support. ABS Chairman...