Finance - News

With the revised International Maritime Organisation’s Green House Gas (GHG) Strategy now targeting a reduction of GHG emissions from international shipping to net-zero by close to 2050, there will be intense focus during London International Shipping Week 2023 (LISW23) on how this can be achieved and where changes need to be made. Many event organisers have announced they will be looking directly at these challenges during their LISW23 events. Here are just some examples: Zero Emissi...

The Netherlands will showcase all it has to offer as a maritime cluster and reinforce its strong and close relationship with the United Kingdom (UK), when it becomes the first ever pavilion partner for London International Shipping Week 2023 (LISW23), taking place from 11 September to 15 September, 2023. One of the most important international shipping and maritime events in the world, it has already attracted a variety of Dutch maritime companies who have signed up to represent the nation unde...

Cargill and BAR Technologies’ ground-breaking innovation, BAR Tech WindWings by Yara Marine sets sail on open waters, testing new technology that will bring cutting-edge wind propulsion to commercial shipping for the first time.  Mitsubishi Corporation’s Pyxis Ocean, chartered by Cargill, is the first vessel to be retrofitted with two WindWings, which are large wing sails measuring up to 37,5 metres in height that can be fitted to the deck of cargo ships to harness the pow...

ZIM Integrated Shipping Services Ltd. announced a restructuring of its existing services to Oceania (CAX, TFX and N2A), to upgrade the service levels to their customers. The changes will take place in the course of October 2023, be as follows: ZAX - Northeast Asia - Australia: ZIM will replace its existing CAX service to new service as below: Rotation: Pusan – Qingdao – Shanghai – Ningbo – Hong Kong – Yantian – Nansha – Brisbane – Melbourne...

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, is currently developing the Mitsubishi Ammonia Supply and Safety System (MAmmoSS®), an ammonia handling system to support the utilisation of ammonia as marine fuel, which is attracting attention as a means of significantly reducing greenhouse gas (GHG) emissions from ships. As part of this development project, Mitsubishi Shipbuilding has begun demonstration testing of the Ammonia Gas Abatement System (AGAS...

Brunvoll has secured a contract with Fitjar Mekaniske Verksted AS for the delivery of a propulsion and maneouvering package for the stun and bleed vessel. FSV’s new vessel is designed in corporation between Sirius Design & Integration and Fitjar Mekaniske Verksted AS, which also are building the vessel. Stun and bleed vessel The 50-metre-long stun and bleed vessel will be fitted with a twin-screw configuration, featuring controllable pitch shaft lines propellers, and reduction...

ClassNK has released “FAQs on the FuelEU Maritime (1st Edition)”, an overview and necessary preparation for FuelEU Maritime, regulations newly introduced by the European Union (EU) to promote the decarbonisation of fuels used on board ships. The EU has set a goal of reducing greenhouse gas (GHG) emissions by at least 55% by 2030, compared to the 1990 levels, to achieve net zero emissions by 2050. Fit for 55 As part of a comprehensive climate policy package, "Fit for 55" for achiev...

Sirius Insight, a renowned UK technology company focused on AI in the maritime environment, was delighted to welcome the Rt Hon Mark Francois MP, Member of the Defence Select Committee, who was accompanied by the constituency MP, Sir James Duddridge, Member of Parliament for Rochford and Southend East, to view the company’s technology platform.  Transformative AI technology Sirius Insight is a UK company working in this cutting-edge field of technology and is a global pioneer in a s...

Evergreen Marine Corp. (EMC) held an official opening ceremony for the newly built Terminal 7 at Kaohsiung Port. With the vision of new opportunities for the port and the provision of substantial enhancements to trade, the smart terminal is expected to drive ongoing growth of shipping related industries within southern Taiwan. The event was presided over by EMC’s Chairman, Y.I. Chang, and President, Eric Hsieh. A host of local government officials and distinguished guests were also in atte...

ClassNK has issued an Approval in Principle (AiP) for an ammonia fuel supply system for an oil tanker and container ship developed by Samsung Heavy Industries (SHI).Ammonia is expected to be used as a ship fuel for decarbonisation since it does not emit CO2 when combusted. Meanwhile, adequate safety measures are imperative as it has been pointed out that ammonia is toxic to humans and corrosive to materials. Zero-emission ships ClassNK accepted out a review of an ideational design of the p...

The liferaft features a self-righting ability, meaning that no matter how it lands in the water, it will always deploy facing the right way up - ready for boarding. It has the capacity to evacuate 25 people and is certified by DNV in accordance with SOLAS/MED. The liferaft is delivered complete with emergency kit SOLAS A pack or B pack. Made from natural rubber and high-grade canvas materials, a liferaft like this one has an expected lifespan of 15-20 years and is available with either a 12 mon...

The Panama Canal Authority places great emphasis on providing world-class, reliable services to all its customers. Amidst current challenges, the authority is taking proactive measures to ensure its competitiveness and operational capacity for today and the future. Chief among these challenges is the critical issue of freshwater availability for both the population’s consumption and the transit of vessels. Water efficiency Since the previous drought in 2019-2020, the Canal has been im...

GTMaritime, pioneering experts in secure maritime data communications solutions, has released a new whitepaper that assesses the impact Low Earth Orbit (LEO) networks are having on the maritime industry and key considerations for wider adoption. Available to download free of charge, Opportunities and Challenges: Introducing New LEO Networks to the Maritime Industry, offers an insightful overview of commercial shipping’s first movers in LEO network service use. It outlines the potential fo...

Maritime sectors must work together to enable the shipping industry to meet the challenges it faces over the coming years and to develop a greener and more sustainable future. Speaking in the first of a series of video interviews for London International Shipping Week 2023 (LISW23), Pino Spadafora, Senior Director, Global Marine Commercial & Strategy, for classification society - RINA, pointed out that LISW23 provides ‘an incredible platform’ for shipping executives to share exp...

Akiem, a renowned European rolling stock leasing company, has ordered an additional 15 Vectron AC and Vectron MS locomotives from Siemens Mobility. The order was placed as part of a framework agreement for the purchase of locomotives that was signed in December 2021. Locomotives from this new call will be delivered between 2025 and 2027. Akiem previously ordered 20 Vectron locomotives from Siemens Mobility in December 2021 and an additional 65 units last August. Akiem order for Vectron locomot...

OCI Global and X-Press Feeders have announced that OCI Hyfuels will supply X-Press Feeders with green methanol in the Port of Rotterdam from 2024. The milestone agreement is the first green methanol deal with a feeder container carrier and represents a crucial step in the decarbonisation of the shipping chain, as the feeder industry plays an important role in supporting the ultimate carrier. X-Press Feeders will be the first common feeder operator with methanol-fuelled vessels on the water in E...

Robert Allan Ltd. is pleased to announce that Cao Gang 30 and Cao Gang 31 were successfully delivered to the owner Caofeidian Port, in the northern part of China in July 2023. The newly completed RAmparts 3500 tugs were built by Zhenjiang Shipyard (Group) Co., Ltd. The new vessels were designed by Robert Allan Ltd. for operation in Bohai Bay for towing, vessel assistance, and fire-fighting purposes. New RAmparts 3500 tugs delivered The new vessels were designed based on a well-proven RAmparts...

LSEG (London Stock Exchange Group) and Siglar Carbon, a maritime emissions analytics company, have announced an agreement to enable customers to evaluate the different carbon options for cargo programmes via Workspace. Carbon consequence of shipping The agreement will combine Siglar’s emissions insights with LSEG’s industry-pioneering European carbon markets and industry emissions analytics to help charterers, traders, brokers, and ship owners understand, predict, and improve...

Hellenic Marine Equipment Manufacturers and Exporters (HEMEXPO), a major suppliers and exporters association for the international shipping sector, has reached an agreement with the world’s renowned classification society, DNV, for the assessment of energy-saving devices (ESDs) produced by HEMEXPO member companies. Stepwise ESD assessment Under the terms of the agreement, in the first instance, DNV will review a makers list provided by HEMEXPO to identify ESDs that fall in the category o...

ABS issued Approval in Principle (AiP) to HD Hyundai Heavy Industries (HHI) for its new ammonia-based ship HVAC refrigeration system. Eco-friendly refrigerant HHI developed the system in response to shipowners’ requests for refrigeration of HVAC systems using ammonia, a more eco-friendly refrigerant with a zero ozone depletion potential (ODP) and a Global Warming Potential of zero per the American Society of Heating, Refrigerating and Air-Conditioning Engineers, Inc. (ASHRAE). ABS used...

The technology company Siemens and BayWa AG are working together to advance CO2-optimised industrial production. As part of a pilot project, the two companies are combining Sigreen, Siemens’ software for emissions management, with BayWa Carbon Connect, BayWa’s software for emissions offsetting. In the future, this will help industrial enterprises understand product-specific emissions across the supply chain and all the way to their offsetting. Emissions offsetting projects The fi...

Furuno (headquartered in Nishinomiya City; President and CEO: Yukio Furuno) will participate in the Joint Technological Development Program for the Demonstration of Fully Autonomous Ships under the MEGURI 2040 Fully Autonomous Ship Project (‘MEGURI2040’), administrated by the Nippon Foundation, as a member of the Designing the Future of Fully Autonomous Ships Plus consortium (“DFFAS+”), which comprises 51 companies based in Japan. On July 20, the Nippon Foundation held a...

A new shipbuilding lending scheme has been launched which could create hundreds of UK jobs and contribute hundreds of millions of pounds to the UK economy. Government launches new scheme to help buyers purchase UK-built ships. Shipbuilding Credit Guarantee Scheme could create hundreds of UK jobs and contribute hundreds of millions to the UK economy. Part of £4 billion National Shipbuilding Strategy Refresh plan to revitalise UK shipbuilding sector, which contributes £2.8bn a yea...

The Nigerian Navy says assets acquired by the Nigerian Maritime Administration and Safety Agency, NIMASA under the Integrated National Security and Waterways Protection Infrastructure, otherwise known as the Deep Blue project, have been deployed across the Southwest, Central and Eastern Zonal operations to enhance patrol of the Nigerian maritime domain. The Acting Fleet Commander, Western Naval Command and Commander Deep Blue Project, Commodore Victor Choji made the declaration, during a workin...

ABS brought together maritime industry leaders from the United Kingdom (UK) to discuss the latest advances in sustainability and transformational technologies. Attendees at the UK National Committee Meeting heard how the ABS-classed fleet had grown to 280 million gross tons and secured the number one position in global order-book share. Decarbonisation ABS is leading the maritime industry in decarbonisation and sustainability solutions" “ABS is leading the maritime industry in decarbon...

Tokyo-based classification society - ClassNK has granted its Innovation Endorsement for Products & Solutions to a CII management solution called Bearing CII Optimizer, developed by Bearing, Inc. In order to promote the spread and development of innovative technologies, ClassNK has offered Innovation Endorsement for Products & Solutions. ClassNK supports the deployment of products and services through third-party certification for equipment and software technology with innovative functi...

Classification society American Bureau of Shipping (ABS) awarded Seaspan Corporation and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (MMMCZCS) in collaboration with Foreship an Approval in Principle (AiP) for the design of a 15,000 TEU ammonia-powered container vessel. The certificates were presented at the ABS office in Copenhagen on July 25th, 2023. Ammonia: alternative marine fuel Ammonia is a promising alternative marine fuel. However, there are currently no sh...

Harbour Commission Vice President, Bobby Olvera Jr. was elected on Monday as President of the Long Beach Board of Harbour Commissioners, the five-member panel that oversees the Port of Long Beach. The board also selected Bonnie Lowenthal as Vice President and Frank Colonna as Secretary.   Each July, Commissioners select a President and two Board Officers for one-year terms. The Commission’s new officers will begin their terms at the next regularly scheduled meeting, on Monday, Augus...

ClassNK has issued an Approval in Principle (AiP) for a cargo containment system (CCS) and cargo handling system (CHS) for a liquefied hydrogen carrier developed by GTT. Hydrogen is expected to be used as a source of clean energy for decarbonisation since it does not emit CO2 when combusted. The technological development for maritime hydrogen transportation is progressing actively with the aim of establishing a hydrogen supply chain.  Review of CCS and CHS ClassNK carried out the design...

Tokyo-based classification society, ClassNK has released the latest ‘ClassNK Technical Journal’, which has been published for contributing to the advancement of technology and society through the outcome of R&D and technical activities. ‘ClassNK Technical Journal’ The latest issue - ‘ClassNK Technical Journal No.7 2023 (I)’ focuses on efforts toward the safe operation of progressively larger container ships. It provides an overview of structural rules ap...