Finance - News
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...
Bespoke solutions provider RMI has given its support to a charter aimed at improving and supporting the mental health of North Sea workers, becoming the latest signatory in industry-wide efforts led by the North Sea Chapter of the International Association of Drilling Contractors (IADC). With over 20 years of health and safety provision to the offshore industry, RMI is well positioned to utilise and build upon its existing mental health provision to further promote and encourage open conversati...
Artemis Technologies, a pioneer in the development of innovative maritime technologies, is proud to unveil the design of its ground-breaking Artemis EF-12 Pilot. This cutting-edge pilot boat represents a major milestone in sustainable maritime solutions, combining advanced electric propulsion with cutting-edge hydrofoil technology to provide unmatched efficiency and safety in pilotage operations. With a top speed of 32 knots and a foiling range of 55 nautical miles, the 100% electric Artemis EF...
Increasing digitalisation and connectivity within the maritime world are helping the shipping industry to advance, to achieve greater efficiencies, and to decarbonise. However, the more the connection between different systems and the more digitalised they are, the greater the threat that a breach may occur. Rise in cyber risk for maritime Speaking in the LISW23 London Talks series, Svante Einarsson, the Head of Cyber Security Maritime & APAC for DNV, comments: “With these bold ambi...
ABS has awarded Approval in Principle (AIP) for Bumi Armada’s pioneering design for a floating carbon storage and injection unit (FCSIU). Bumi Armada’s FCSIU concept is a floating terminal capable of storing and injecting liquefied carbon dioxide (LCO2) into depleted oil and gas fields or aquifers. This novel concept incorporates the ability to accept LCO2 deliveries in an offshore setting, the flexibility to manage LCO2 at low or medium pressure, the provision of LCO2 buffer storag...
ZIM Integrated Shipping Services Ltd. (ZIM), a global container liner shipping company, has announced that a new operational cooperation agreement with MSC, the industry’s largest carrier, encompassing several trades. This agreement is designed to significantly enhance operational efficiencies and further elevate service levels for ZIM’s valued customers. The cooperation scope includes services connecting the Indian subcontinent with the East Mediterranean, the East Mediterranean wi...
Tokyo-based classification society - ClassNK has issued an Approval in Principle (AiP) for an onboard CO2 capture and storage (OCCS) system, developed by China Shipbuilding Power Engineering Institute Co., Ltd. (CSPI), a member of CSSC Power (Group) Co. Ltd. (CPGC). In addition to fuel transition, interest in capturing CO2 from ships' exhaust gas is growing as a way to reduce GHG emissions, and the development of onboard systems for capturing and storing CO2 is being undertaken. ‘Guideli...
At Gastech 2023, DNV granted a design verification report (DVR) for the AI-based autonomous navigation system "HiNAS Control". This system was a joint project between Avikus, a navigation specialist, and HD Hyundai Heavy Industries. Following the evaluation, the Liberian International Ship and Corporate Registry (LISCR) has also given an Approval in Principle (AiP) for this system. HiNAS Control system The "HiNAS Control" system employs artificial intelligence (AI) and augmented reality (AR)...
Nippon Kaiji Kyokai (ClassNK) has joined the major classification societies to amend its rules relating to the inspection of seawater-lubricated propeller shaft systems. The amendment means that ships with open seawater-lubricated propeller shafts that are built to ClassNK rules are subject to the same 15-year shaft withdrawal inspection periods as oil-lubricated shafts and stern-tubes, subject to monitoring criteria. ClassNK amends rules for seawater-lubricated shafts The announcement brings...
The entire supply chain must work together to accelerate the journey towards a more sustainable international logistics network, according to DP World in the United Kingdom (UK). Revealing the company’s ‘greenest year ever’ at its Southampton logistics hub, DP World in the UK’s Commercial Supply Chain Director - John Trenchard said, “We simply do not have a choice and we must make strong strides quickly and together.” Measures DP World in the UK is taking fo...
Fukui Seisakusho Co., Ltd. (FUKUI) and ClassNK have signed a Memorandum of Understanding (MoU) concerning a joint study on a safety relief valve for a cargo tank of liquefied hydrogen carriers at the Gastech 2023 event, held in Singapore. To combat global warming, attention is growing towards hydrogen as an energy source that does not emit CO2 at the point of use. The realisation of a hydrogen-based society necessitates the establishment of a secure and efficient supply chain that distributes h...
Babcock’s LGE business, the pioneer in liquefied gas solutions, has received Approval in Principle (AiP) from Classification Society Lloyd’s Register for its multi-fuel gas supply and CO2 cargo handling systems ecoFGSS-FLEX® and ecoCO2®. The AiPs were awarded to Babcock’s LGE business during Gastech 2023 in Singapore and represents another milestone in the company’s environmental technology development. Fuel for future application ecoFGSS-FLEX® gives ship o...
Globally renowned classification society - DNV has granted an Approval in Principle (AiP) certificate to Hudong-Zhonghua’s new design of a 271,000 cbm LNG carrier, making it the largest vessel of its kind in the world. Innovative concept On the inaugural day of Gastech 2023, held in Singapore, DNV’s global Business Director of Gas Carriers & FSRU, Martin Cartwright, presented the AiP certificate to Song Wei, Chief Technical Officer of Hudong Zhonghua Shipbuilding Company Limite...
ABS signed a Memorandum of Understanding (MoU) with the Korea Hydrogen Industry Association (KHIA) and the University of Ulsan, Foundation for Industry Cooperation (UOUFIC) to develop a small, 40-seat vessel for tourism, equipped with electric propulsion using a 350-kW hydrogen fuel cell. The zero-emission vessel qualifies as one of the research, development, and demonstration (RD&D) projects associated with Korea’s national hydrogen strategy. Hydrogen vessel project ABS is proud to...
The upstream, midstream, and downstream operations of the LNG value chain are analysed along with the latest trends and innovations in an industry-pioneerng new publication from ABS. Examining the LNG Value Chain explores the intricate production, distribution, transport, and supply systems of the liquefied natural gas industry. LNG value chain “LNG is already playing a pioneering role in the energy transition and is the fuel of choice for many owners ordering vessels making a useful co...