Finance - News

Bernhard Schulte Offshore returns to Ulstein Verft for the design and construction of two Commissioning Service Operation Vessels (CSOVs) of the ULSTEIN SX222 design. The contract includes options for four additional vessels.  The vessels, which utilise the TWIN X-STERN design, feature two sterns and main propellers located at both fore and aft, making them an ideal choice for dynamic positioning (DP) operations. Regardless of whether the vessels are facing towards or away from the we...

MPC Container Ships ASA (‘MPCC’ or the ‘Company’) is pleased to announce the sale of two joint venture-owned vessels, Cimbria and Cardonia, for a total price of USD 42.5 million. The vessels, with a capacity of 2,800 TEU, were built in 2002 and 2003, respectively. Both vessels are currently on time-charter contracts, expiring at the earliest in July 2025 (Cardonia) and in October 2025 (Cimbria). MPC Container Ships sells its two JV-owned vessels This sale represents th...

MAN Energy Solutions has signed a Conversion Commitment Agreement with Seaspan Corporation (Seaspan), a globally renowned company in containership ownership and management, in collaboration with Hapag-Lloyd, one of the major global liner shipping companies. Under the terms of the Agreement, MAN PrimeServ, MAN Energy Solutions’ after-sales division, will deliver 15 engine retrofit solutions for conversion of vessels powered by individual MAN B&W S90-type fuel-oil-powered engines from t...

ERMA FIRST, a pioneer sustainable maritime solutions provider, has launched a new energy saving device (ESD) that promises reduced fuel consumption and emissions in line with CII and EEXI requirements. With ship owners seeking practical and cost-effective tools to facilitate compliance with the International Maritime Organization’s (IMO) Carbon Intensity Index (CII) and Energy Efficiency Existing Ship Index (EEXI), a new solution from ERMA FIRST promises to boost CII and EEXI performance...

Inmarsat Maritime, a Viasat business, will connect Wärtsilä ANCS’s new floating laboratory, AHTI, and its shore operations, to support the data exchange for advanced technology testing and the ship’s day-to-day operations. Inmarsat Maritime’s award-winning Fleet Xpress connectivity will be packaged with unlimited backup from FleetBroadband to meet all the demonstrator’s needs. High-speed and reliable connectivity AHTI uses seamless, high-speed, and relia...

NSSLGlobal, the independent satcom and IT solutions provider, has won a 36-month contract to support Dutch-owned, worldwide shipping expert Vertom Bereederungs as it strives to meet the need for ever higher data demands brought on by the maritime industry’s ongoing digitalisation alongside the need for crew retention. The agreement sees NSSLGlobal provide its renowned VSAT IP@SEA service to 28 Vertom ships including 13 new diesel-electric propelled vessels, as well as providing Vertom wit...

Babcock has successfully completed maintenance works for the Royal Research Ship (RRS) Sir David Attenborough at their Rosyth facilities. They welcomed the RRS Sir David Attenborough (SDA) to Rosyth in early June with works to the ship including upgrades to the vessel’s gas detection system, helideck netting, draft sensor vent pipework as well as assistance with planned maintenance, defect rectification and general logistics support. Maintenance works on RRS Sir David Attenborough The m...

The signatories of the joint statement – Aspen Shipping Decarbonization Initiative, DHL Global Forwarding, Hapag Lloyd, Kuehne + Nagel, NORDEN, Oldendorff Carriers, ONE, Torvald Klaveness, and Yara Clean Ammonia represent key parts of the value chain for decarbonised shipping. The companies belong to the Getting to Zero coalition, which has been exploring book and claim chain of custody approaches as part of its mission to fully decarbonise the shipping indus...

Savvy shipowners are treating their vessels like super athletes-making marginal gains that increase commercial performance to the tune of £38 million over a five-year docking cycle. The shipping industry has seen huge technological changes in the past 10 years to help cut costs, including shark-skin coatings, air lubrication and self-cleaning vessels. But now shipowners, like Olympic athletes, are fine-tuning in a bid to shave off 0.25 percent to help improve performance, say industry exp...

AkzoNobel is supporting the marine industry to mitigate emissions and help shipowners navigate upcoming additional costs, or risk facing an additional six-figure levy annually once new EU Emissions Trading Scheme (ETS) legislation comes into force from 2024. The EU ETS carbon levy will affect all CO2 emissions on shipping journeys to and from an EU port, including when the vessel is docked. Emissions on voyages in and out of the EU will be ‘taxed’ at 50% unless the journey is less t...

Crowley has acquired Tamarind Consolidated, a logistics services company serving the U.S. to the British Virgin Islands in a merger enhancing end-to-end supply chain capabilities for the Caribbean region. The acquisition will transition Tamarind’s operations and services, including warehousing and non-vessel operating common carrier (NVOCC) services, to Crowley. Crowley acquires Tamarind Consolidated The expansion complements U.S.-based Crowley’s existing maritime and logistics so...

Imabari Shipbuilding Co., Ltd. and Mitsubishi Heavy Industries, Ltd. (MHI) have agreed to perform engineering of conventional vessels other than LNG (liquefied natural gas) carriers on consignment from Nihon Shipyard Co., Ltd. at MI LNG Company, Ltd. (MI LNG), their jointly operated LNG carrier engineering firm, augmenting MI LNG’s earlier business relating to LNG carriers. The new business arrangement will get underway starting in July. The agreed engineering business is to include funct...

The beleaguered carrier industry took another major hit in June, with the latest data from Xeneta’s Shipping Index (XSI®) showing a decline of 9.4% in global long-term shipping rates. Following on the heels of a 27.5% collapse in May, and a 10.3% fall in April, contracted rates have now shed 47.2% of their value in the last three months alone, and 51.7% over the course of 2023. Xeneta’s real-time data, crowd-sourced from pioneering global shippers, shows falls in the prices of...

Åkerblå Group provides clients with knowledge-based advice and verification through interdisciplinary expertise in fish health, biodiversity and technical services, to use for sustainable practices and operations in the ocean. The Group has offices and laboratories in Norway, UK, Iceland and Lithuania. Author's quote “This deal is a major vote of confidence by DNV in the future of aquaculture, and specifically in knowledge-driven solutions that balance ocean wealth with ocean...

Babcock International Group (Babcock) is delighted to have launched their new Shadow Executive Committee (Shadow ExCo), bringing together a group of non-executive employees from across the business to work together on key strategic initiatives, alongside their Executive Committee (ExCo). Not only will their Shadow ExCo bring more diverse and new ways of thinking to their ExCo, it will also enable them to elevate talent and empower their employees to spark change from the top. Shadow Executive...

Major international ship owners and charterers will play a significant role in the Headline Conference at this year’s London International Shipping Week 2023 (LISW23), which takes place at the Thames-side headquarters of the International Maritime Organization (IMO), in London, United Kingdom (UK), on Wednesday, September 13, 2023. Environmental matters will be central to discussions, particularly following next week’s pivotal IMO Marine Environment Protection Committee meeting (MEP...

Decarbonisation and the battle against climate change will only be achieved by a global effort – and ‘the UK can lead the world.’ That is the view of Victoria Race, Deputy Director of Maritime Policy at the Department for Transport, who opened the first panel session at the Maritime Exchange conference at the Tung Auditorium in Liverpool. Two panel sessions Chaired by Mersey Maritime Chief Executive Chris Shirling-Rooke, the decarbonisation panel was one of two panel session...

Babcock announced that Andrew Cridland has been appointed as Babcock Australasia Chief Executive Officer (CEO), effective 1 July, 2023. He succeeds David Ruff who is retiring at the end of July with the Group. Mr. Cridland is currently Babcock Australasia’s Chief Financial Officer (CFO) and enters the top job in the region, following an extensive internal and external recruitment process. Having joined Babcock in 2015, his career spans more than 20 years in Australia and the United Kingdo...

Technological innovation driven by a skilled workforce that is ‘fit for the future’ is critical to the future growth of the UK’s £116 billion maritime sector. That was the overall message delivered by speakers at the fifth annual Mersey Maritime Exchange conference in Liverpool, United Kingdom. Organised by Mersey Maritime, the event brought together industry and Government leaders in the industry. Mersey Maritime Exchange 2023 The Exchange used the Government’s...

ClassNK has released 'Guidelines for Direct Load Analysis and Strength Assessment (Edition 3.0)'. Following the revision of IACS Recommendation No. 34, these guidelines specify the requirements for conducting hull strength assessments based on the latest wave data. Strength assessments ClassNK’s Rules and Guidance for the Survey and Construction of Steel Ships and IACS CSR stipulate that hull strength assessments based on finite element analysis should be conducted as part of the classi...

Damen, DNV, and NAPA are taking a major step forward in ship design processes by using the new Open Class 3D Exchange (OCX) standard to streamline classification involvement in the early phase of a project. 3D model exchange and approval With increasing pressure to deliver vessel designs quickly, the early engagement of classification societies can increase designer and owner confidence in the concept design and ensure smooth project execution. Responding to market expectations, Damen Engineer...

The urgent need to protect the world’s oceans and the habitats within them is, nowadays, well understood. So, too, is the need for a sustainable shipping industry to ensure the essential transportation of goods and commodities across the globe, and of passengers. Hundreds of thousands of seafarers bear witness every day to changes in the marine environment due to human activity – including from shipping. Seafarers’ contribution in marine environment security Seafarers’...

The UK’s future Type 26 frigates are being manufactured by BAE Systems’ site in Govan, Scotland, but also incorporate blocks built from across the country. The Type 26 programme will deliver a total of eight anti-submarine warfare frigates to the Royal Navy, which will replace, in part, the ageing Type 23 fleet. UK’s Type 26 frigates The Type 26 will be comparable in size to the Type 45 air defence destroyers currently in service Expected to displace around 7,000 tonnes at...

Waters around the United Kingdom (UK) and Ireland have been classified as experiencing a category 4 (extreme) marine heatwave, as the North Atlantic Ocean continues to see extraordinary warmth. Ocean waters around the UK and Ireland are in the grip of one of the most severe marine heatwaves on Earth at the moment, with meteorologists warning temperatures are up to 4°C above normal for the time of year in some places. North Atlantic Ocean sees record-breaking temperatures Much of the heat...

OceanWise has announced its support for the UK Hydrographic Office (UKHO) in exploring Anguilla’s marine environment through geospatial data. The OceanWise team proudly undertook an installation recently for the UK Hydrographic Office (UKHO) in Anguilla, a British Overseas Territory in the Caribbean. The successful trip formed part of the Marine Environmental Monitoring Systems (MEMS) – A 3-year Framework Agreement that OceanWise have been contracted to complete, which includes...

Maritime UK National Chair, Robin Mortimer, and UK Secretary of State for Transport, Mark Harper MP, opened the inaugural meeting of the Maritime Council. The Department for Transport (DfT) set up the Maritime Council in May 2023 to oversee the delivery of recommendations outlined in the Maritime 2050 strategy, which was launched more than four years ago. The Maritime Council The Maritime Council will bring government departments face-to-face with industry stakeholders The Maritime Council w...

The Port of Rotterdam Authority, Invest International, Gasunie and Hyphen and the Namibian Implementation Authority Office, Namport, and Nampower announced that they have signed a MoU (Memorandum of Understanding). The organisations confirm their intent to work together to develop a cooperation agreement for green hydrogen related infrastructure that will lead to new hydrogen supply chains from Luderiz to Rotterdam and its hinterland. The signing took place during Prime Minister Rutte's visit t...

Green shipping corridors – specific routes between major port hubs where the feasibility of zero-emission shipping is catalysed by a combination of public and private actions – are essential for shipping’s race to zero. The study, ‘Green shipping corridors in and out of Spain: Assessing route-based opportunities’, by the Global Maritime Forum aims to put Spain on the map of green shipping corridors by identifying international routes with high potential and facilit...

The Director General (DG) of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR, has restated the Agency’s commitment to issuing appropriate certification to qualified men of the Nigerian Navy, who undergo requisite trainings at the Nigerian Naval Training Command, NAVTRAC. Dr. Jamoh who stated this when a delegation from NAVTRAC led by the Flag Officer Commanding, Rear Admiral Patrick Nwatu paid a working visit to the Agency, noted the need for collabor...

The All Aboard Alliance releases its first-ever annual report detailing the diversity, equity, and inclusion efforts of 27 member companies within the maritime industry. The Insights report, based on a binding commitment to submit annual self-assessments, found that while many companies are still starting on their diversity, equity, and inclusion (DEI) journeys, there are encouraging signs that the member companies are working to address some of the well-known problems in this area, s...