Finance - News

ABS joined Maersk and global dignitaries for the official naming ceremony of the first containership ever to sail on green methanol, a Maersk feeder vessel built to ABS Class, the LAURA MAERSK. Ursula von der Leyen, President of the European Commission, served as the vessel sponsor, christening the LAURA MAERSK, following tradition, with a bottle of champagne. Dual-fuel engine vessels The 32,300-dwt feeder vessel is the first of 19 dual-fuel engine vessels that can sail on green methanol Th...

Danfoss North America President, Rick Sporrer presented Danfoss’ most recent whitepaper, 'Roadmap for Decarbonising Cities', on September 19, 2023, at the Chrysler Building, in New York City, USA. The presentation was part of a three-day Sustainability Summit, organised by the Danish Consulate during Climate Week NYC. Organised by Climate Group and run in coordination with the United Nations and the City of New York, Climate Week brings together providers from business, government and the...

MacGregor, part of Cargotec, has received a significant, more than EUR 25 million order for general cargo cranes for ten 84,500 dwt multi-purpose vessels built in Asia. The order was booked into Cargotec’s 2023 third quarter orders received. The cranes are scheduled to be delivered between the fourth quarter of 2024 and the first quarter of 2026. MacGregor secures order for general cargo cranes The order includes a total of 40 cranes with a lifting capacity of 75 tonnes. All cranes are...

HEMEXPO, Hellenic Marine Equipment Manufacturers and Exporters–a pioneering suppliers and exporters association for the international shipping sector, has signed a memorandum of understanding (MoU) with the Greek Exporters Association (SEVE).  Signed during the Thessaloniki International Fair on Friday 15 September by Mr. Symeon Diamantidis, President SEVE, and HEMEXPO President, Ms. Eleni Polychronopoulou, the MoU establishes a general framework of cooperation for the organisations...

Global maritime leaders sailed full steam ahead into London in their thousands to attend the biennial London International Shipping Week 2023 (LISW23), which took place from 11th September to 15th September, 2023. More than 70 countries were represented by the 30,000 delegates, while a large number of overseas trade delegations met with UK Government officials as London and the UK underlined their importance in the global supply chain. London International Shipping Week 2023 (LISW23) At the s...

The Maritime and Port Authority of Singapore (MPA), the Port of Rotterdam Authority (PoR) and 20 partners in the Green & Digital Shipping Corridor are working to reduce 20% to 30% of emissions from international shipping by 2030. This was agreed at the third Green Corridor workshop, held this week in Rotterdam. Green & Digital Shipping Corridor The Green & Digital Shipping Corridor was established in August 2022 to bring together partners across the supply chain to realise zero and...

Newport Shipping’s global shipyard network and over 60 years of shipyard operation experience has combined with the strength of ZEME, one of the world’s renowned companies in retrofit technologies. This collaboration, where they have joined forces, further enhances their goal of providing impeccable service to customers. Newport Shipping has signed an LOI with Zhejiang Energy Marine Environmental Technology Co., Ltd. (ZEME), part of Zhejiang Energy Group that will broaden Newport Sh...

Crowley has appointed industry expert - James Fowler as Senior Vice President (SVP) and General Manager (GM) of its Crowley Shipping business unit that serves diverse U.S. and international maritime and logistics sectors. James Fowler most recently served as Managing Director of Marine and Stevedoring Operations for Cooper Marine and as Executive Vice President (EVP) for Blakeley BoatWorks, both headquartered in Mobile, Alabama, USA. Cooper Marine’s operations include 22 towing vessels,...

Reducing the cost of electrolysers and rapid adoption of onboard carbon capture technology is going to be critical if shipping is to reach its net zero carbon emissions target. That was the message for the industry from an inspirational discussion at London International Shipping Week between renowned maritime industry economist - Dr. Martin Stopford and Christopher J. Wiernicki, ABS Chairman and CEO. The pair held a wide-ranging discussion at the Capital Link Forum, exploring key hurdles and...

A Disney cruise ship docked at Greenock Ocean Terminal earlier, bringing its 4,000 passengers to the local area.  The Disney Dream, which has 18 decks and is almost 1,115 ft in length is one of dozens to visit the cruise port in a record year. The family-friendly cruise ship offers many activities onboard, including a nine-hole mini-golf course, a full-sized basketball court, several pools and hot tubs, and two theatres. The Disney Dream ship The ship also boasts the first water coaster...

Global maritime and logistics pioneer Crowley and SEACOR Holdings (SEACOR), through its subsidiary Seabulk Tankers, Inc. (Seabulk), announces an agreement to form a joint venture that will integrate their liquid energy and chemical transportation vessels, operations and related services into a new, independent U.S. Jones Act service provider, Fairwater Holdings LLC (Fairwater). Fairwater will leverage and scale both entities’ unique operational and safety-focused capabilities to serve the...

Babcock signs an MOU (memorandum of understanding) with TVS Supply Chain Solutions Ltd to work together to deliver services and spares procurement for the British Army. Both parties will harness their complementary capabilities, experience, and expertise in delivering Conventional Vehicle Systems Post-Design Services and Spares Procurement (CVSSP) to the British Army on a number of vehicle platforms including Land Rover, Weapons-Mounted Land Rover, and Pinzgauer. Life equipment support Babcoc...

Babcock is strengthening its digital defence capabilities through an Enterprise Agreement (EA) with Palantir Technologies UK, announced at DSEI 2023 event. The partnership with Palantir Technologies will provide Babcock with a data platform aimed at transforming, capturing, integrating, modelling and building data-driven solutions. Unlocking the power of data Unlocking the power of data in this way will enable them to make better informed data-driven decisions Unlocking the power of data in...

Tokyo-based classification society, ClassNK has conducted third-party certification for the CO2 emissions reductions of ‘JGreeX’, green-steel products provided by JFE Steel Corporation. ‘JGreeX’, green-steel products For each JGreeX product, JFE Steel uses the mass balance approach to determine the level of CO2 emissions reductions. Under this approach, the environmental values of CO2 emissions reductions across entire manufacturing processes are aggregated to any produ...

The Nigerian Maritime Administration and Safety Agency, NIMASA has taken over areas leased to it by the Nigerian Ports Authority (NPA) at the Continental Shipyard for the operations of the Modular Floating Dock. The areas include but not limited to the dolphin jetty, waterfront of the jetty adjourning the slipway, an administrative block, a construction, welding and mechanical workshop and a civil maintenance workshop, among others. Civil maintenance workshop During the handover ceremony, the...

Thomas Nordberg, the Managing Director of The Swedish Club has announced the opening of new, expanded London offices. He was speaking at the London International Shipping Week 2023 (LISW23), where the Club hosted an evening reception for members, brokers and business partners. “As the shipping world focuses on London, the timing of this move could not be bettered,” said Mr. Nordberg, adding “A key focus for 2023 has been the strengthening of our regional offerings, and I am pl...

Babcock and Saab signed a strategic cooperation agreement at DSEI 2023 on Tuesday, 12 September 2023. The purpose of the Agreement is seeking to enable the delivery of enhanced capabilities to customers by leveraging the companies’ collective unique strengths through offering a broader range of products, services and integrated solutions. Babcock and Saab sign strategic cooperation agreement Under the Agreement, the companies will explore the development of the design of a new advanced...

One of the cardinal principles of the Cabotage regime is the localisation of manning vessels operating in Nigerian waters. To a considerable extent, NIMASA has ensured the placement of Nigerian seafarers on board Cabotage vessels, in line with its placement function and the provisions of the Cabotage Act, 2003. Improving on this, Cabotage manning applications are now processed on the condition that all foreign crew especially Ratings on board vessels are to be replaced with Nigerian seafarers/c...

Carbon capture, energy efficiency, and green fuels are the roadmap to net zero by 2050. That’s the pathway outlined by the 2023 Outlook, Beyond the Horizon: View of the Emerging Value Chains, the latest industry-pioneering research from ABS into shipping’s progress on the green energy transition. Accelerating investment Released at the ABS Sustainability Summit during London International Shipping Week, the report examines in depth the carbon, ammonia, and hydrogen value chains....

In July 2023, at MEPC 80, the IMO adopted the '2023 Strategy on the Reduction of GHG Emissions from Ships'. This strategy targets the adoption of near-zero GHG fuels by 2030. A pivotal factor in this transition is choosing the right coating for fuel tanks — it ensures longevity and maintains the tank's optimal condition. Shipping companies invest a significant amount of consideration into the choice of coating systems for their vessel's fuel tank interiors. A failure in this coating can h...

DNV’s independent cloud platform, Veracity expands its integrated partner network and grows its reach to 35,000 vessels, helping shipping companies and charterers meet their emissions data verification and reporting needs. With major regulatory shifts on the horizon and 2024 inching closer for the sector’s inclusion into the EU Emissions Trading System (ETS), decarbonisation and carbon control have become central focus points for shipowners and operators of late. Automated, and rea...

Digital Trade Solutions business - CNS (Community Network Services), a DP World company, is rolling out its new CNS Port Community System (PCS), to future-proof port technology in the United Kingdom (UK) and beyond. The upgrade will see ‘Compass’ – which has supported many of the UK’s largest maritime ports since 2010 - transition to the cloud-based and HMRC-compliant CNS PCS. This modern, API-ready platform is based on DP World’s global CARGOES platform, runs on m...

Maritime UK, the collective voice for the UK’s maritime industries, has used the start of London International Shipping Week 2023 (LISW23) to highlight the need for £2 billion private and public sector investment per year, in order to deliver its target to decarbonise by 2050, and further to support an ambition to become a global leader in decarbonisation. Securing this level of funding would help the industry decarbonise by developing green fuels, port infrastructure and new types...

Efforts to achieve zero emissions are a challenge that requires each company to change its business model and revenue structure, suggests Masato Otaki, Executive Officer & Head of Low Carbon Fuel Planning for Japanese power company JERA Co. Inc., adding that courageous 'first movers' need support in order to take risks. Speaking in a video presentation for the LISW23 London Talks series Mr. Otaki says that for decarbonisation efforts to progress “it will be imperative to work across n...

ABS is launching a global ABS Electrification Centre to support maritime decarbonisation projects. Comprised of ABS engineers and technical specialists, the centre will support a range of cutting-edge electrification projects for shipowners, shipyards and other stakeholders across the Asia Pacific region and around the world. The centre will also provide support for the electrification of harbour and coastal craft aligned to the initiatives from the Maritime and Port Authority of Singapore...

ClassNK, Consort Bunkers Pte Ltd, Daihatsu Diesel Mfg. Co.,Ltd., Daikai Engineering Pte. Ltd., and SeaTech Solutions International (S) Pte Ltd. have concluded a Memorandum of Understanding concerning a joint study on an ammonia fuelled ammonia bunkering tanker. The MOU was signed by representatives of all five parties with the presence of an official from Maritime and Port Authority of Singapore at the ‘Gastech2023’ held in Singapore. Ammonia-related risks Amid expectation for us...

Orbital Marine Power Ltd, the renewable energy company focused on the deployment of its pioneering floating tidal turbine, has been awarded 2 Contracts for Difference (CfDs) for 7.2MW in the UK Allocation Round 5 (AR5) process. This builds on Orbital’s success in the previous year’s Allocation Round 4, where it secured contracts for 7.2MW of capacity.  7.2MW predictable clean energy The CfDs will allow Orbital to expand its development of projects in Orkney with the constru...

ABS has issued an approval in principle (AIP) to Hanwha Ocean for its design of a liquefied natural gas (LNG) carrier equipped with an ammonia-fuelled gas turbine. ABS also issued an AIP to Hanwha Power Systems for its supercritical carbon dioxide (sCO2) power system. Efficiency improvements are reported as a result of using sCO2 as a working fluid in the turbine. Selective catalytic reduction The LNG carrier can use ammonia and natural gas separately or simultaneously as fuel The 174,000 cb...

Faced with tough competition for greener fuels from other sectors, new 2030 maritime emission targets hang in the balance. According to the latest edition of DNV‘s Maritime Forecast to 2050, the shipping industry will find it challenging to secure enough supply of carbon-neutral fuels. The report emphasises the need to consider all alternative approaches to reducing emissions and to take action now to secure future success. Carbon emission reductions Maritime sector needs to access a st...

ABS issued an approval in principle (AIP) to HD Korea Shipbuilding & Offshore Engineering (KSOE) and HD Hyundai Heavy Industries (HHI) for its ammonia reductant supply system for selective catalytic reduction (SCR) in ammonia-fuelled ships. Representatives from both companies and the Liberian International Ship & Corporate Registry (LISCR) met at Gastech 2023 for the AIP presentation. SCR reductant The system utilises the ammonia carried on board as the SCR reductant to remove NOx fro...