Finance - News

Unifeeder initiated the first ever coastal movement of Mono Ethylene Glycol (MEG) from the Indian Oil Corporate facility in Paradip to Hazira, in India. Mono Ethylene Glycol - MEG is predominantly used as a raw material in manufacture of polyester staple fibres and polyester filament yarns in the textile industry. MEG is also widely used by the chemical industry in products such as the coolant, break fluids, and unsaturated polyester resin to name a few. Mono Ethylene Glycol (MEG) In the last...

ZIM Integrated Shipping Services Ltd. (ZIM), along with other investors, announced the initial closing of an US$ 8 million financing round in Spinframe (Spinframe Technologies). ZIM led this investment as part of its strategy to invest in early-stage companies involved in the digitalisation of supply chains who offer novel cutting-edge services with high growth potential. Spinframe develops vehicle-inspection systems based on artificial intelligence (AI), computer vision, and machine-learning t...

With incidents on the rise, more needs to be done to address safety, particularly as the industry faces uncertainties related to decarbonisation and digitalisation. The analysis found that the overall number of safety incidents increased by 9% in 2022, driven by a 12% increase in incidents involving machine damage or failure. This highlights the importance of developing a better understanding of new technologies and placing equal value on human, organisational and technological elements, helpin...

The President of the Port Authority of Valencia (PAV), Joan Calabuig, will present at the World Ports Climate Action Program (WPCAP) summit the commitment to expand the leadership in decarbonisation and the fight against climate change that Valenciaport is carrying out ‘to the whole of our hinterland’. The head of Valenciaport will defend the tractor effect of the Port of Valencia for the companies of the port community but also for all the agents in its area of influence. Decarbon...

Tokyo –based classification society, ClassNK has granted its Innovation Endorsement for Products & Solutions to cyber-security service for ships called FSE (Fleet Secure Endpoint), provided by JSAT MOBILE Communications 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 softwar...

In commemoration of the 2023 World Safety Day, the Nigerian Maritime Administration and Safety Agency, NIMASA organised a safety workshop with the theme ‘Zero offshore incidents, a culture of prevention.’ This is in line with the International Labour Organization, ILO declared theme of ‘A safe and healthy working environment as a fundamental principle and right at work’. NIMASA organises safety workshop Safety, like charity, should begin at home and we are committed to...

NYK Line, IHI Power Systems Co., Ltd. (IHI Power Systems), Nihon Shipyard Co., Ltd. (Nihon Shipyard), Japan Engine Corporation, and Nippon Kaiji Kyokai (ClassNK) (hereafter, “the consortium”) are pleased to announce that the world’s first four-stroke ammonia-fuelled engine has successfully completed a land-based test for the stable combustion of fuel ammonia having an 80% co-firing ratio, as part of a demonstration project for the commercialisation of vessels equipped with a do...

A new study from West Australia – East Asia Iron Ore Green Corridor Consortium finds that ships powered by clean ammonia could be deployed on the iron ore trade routes between West Australia and East Asia by 2028 and reach 5% adoption by 2030. Green corridors Green corridors, specific trade routes where zero-emission shipping solutions are demonstrated and supported, are one of the key levers to aid the shipping industry and governments in the decarbonisation of the maritime sector. The...

The Port Authority of Valencia (PAV) has presented at the Transport Logistic Fair held in Munich, Germany, its logistics offer and its catalogue of services as Europe’s main container port in the Mediterranean and the best connected precinct, according to data from the United Nations Conference on Trade and Development (UNCTAD). The Head of Commercial and Business Development of the PAV, Mar Chao, has led the delegation of Valenciaport in this event that returns to host the German city af...

Yang Ming Marine Transport Corporation (Yang Ming) on May 12, 2023, held the 383rd Board meeting that passed the Q1 2023 financial report and approves the procurement of LNG dual-fuel container vessels. According to this report, the consolidated revenues in Q1 totaled NT$ 36.95 billion (US$ 1.22 billion). The net profit after tax stood at NT$ 3.4 billion (US$ 112 million), with an EPS of NT$ 0.97. Downward incline in demand in the global market The maritime transport market in Q1 suffered del...

From June 13 to June 15, 2023, Seawork 2023 will again take place in Southampton, United Kingdom (UK). They are pleased to once again be able to participate in Europe’s largest commercial marine and workboat exhibition. Seawork 2023 During the three-day exhibition, Seawork 2023, Fender Innovations Group will be present at Stand E9 for a personal update on the latest developments and new projects. Both Fender Innovations and Poly Marine Fender Systems will be represented here with sample...

Hempel’s efforts in supply chain engagement on climate issues gain external recognition with an A score in CDP’s 2022 Supplier Engagement Rating (SER). Hempel is recognised for accelerating climate action in its supply chain through efforts including its Sustainable Procurement Programme, validated science-based target on Scope 3, and sustainability governance and reporting. Hempel attains top rating for its sustainability framework The top rating fully supports the company’...

At the 2023 Annual Meeting of the Sea Cargo Charter Association in Copenhagen, the 36 Signatories elected new Steering Committee members and discussed past and future activities. In total, 12 member companies were elected to the Steering Committee to coordinate the Association on behalf of its members. The Sea Cargo Charter is a framework for assessing and disclosing the climate alignment of chartering activities. Charterers and cargo owners play an important role in the industry’s path t...

The Nigerian Maritime Administration and Safety Agency (NIMASA), has called on Nigerians in diaspora to consider investing in the country’s maritime sector, describing it as the next big thing packed with assets to fuel the growth of the economy of Nigeria. Dr. Bashir Jamoh OFR, the Director General (DG) of the Nigerian Maritime Administration and Safety Agency (NIMASA), made the call during the closing ceremony of the Global African Diaspora Symposium, themed, ‘Building stronger co...

Fred. Olsen Cruise Lines’ flagship Bolette and sister-ship Borealis have made inaugural connections to shore power in calls to Bergen and San Francisco this month. Borealis became the first of Fred. Olsen’s fleet to utilise shore power, by connecting during a transit call to San Francisco as part of the ‘Around the World in 80 Days’ cruise on 17th April 2023. Bolette and Borealis make first connections to shore power Bolette will connect again when she returns to Berge...

U-Boat Worx is delighted to announce the appointment as the exclusive international partner for the sale of the U-Boat Worx Nautilus submarine to Moravia Yachting The U-Boat Worx Nautilus is the world’s first superyacht submarine. This incredible hybrid-electrical sub offers deep-sea exploration to a depth of 150 m. U-Boat Worx Nautilus submarine In an innovative feat of engineering, the sun deck is retracted before the Nautilus dives Designed to deliver the superyacht lifestyle above...

The Ghana Maritime Authority (GMA) has commenced a 10- Day programme to understudy the implementation of the Coastal and Inland Shipping Act - also known as the Cabotage Law in Nigeria, under a collaborative arrangement with the Nigerian Maritime Administration and Safety Agency, NIMASA. The Director General (DG) of NIMASA, Dr. Bashir Jamoh OFR, while addressing the Ghanaian delegation, expressed delight at the opportunity to share knowledge on Cabotage implementation, noting that it will not o...

Mackay is pleased to announce a featured article, entitled: ‘Mackay Marine South Africa: Dynamic Mackay Positions for a Steady Course of Growth’. Globally renowned seller and installer of communication and navigation equipment for seafaring vessels, Mackay Communications, dba Mackay Marine, has acquired South Africa’s Dynamic Marine Systems (DMS) and is integrating the company to bolster its service portfolio. Mackay Marine South Africa The acquisition of DMS has been very f...

Crowley will launch an end-to-end, integrated ocean and rail service between Mexico and the U.S. Midwest region and into Canada. Featuring Crowley’s new Mexico-U.S. ocean route in the Gulf, the service will leverage the highly efficient inland rail network of Canadian National Railway Company and its U.S. rail subsidiaries (CN). The companies’ combined network provides broad reach across the Midwest and into Canada to increase solutions for global customers in North American markets...

Spire Global, Inc. (“Spire” or “the Company”), a renowned global provider of space-based data, analytics and space services, announced the launch of its new Deep Navigation Analytics™ (DNA) Platform, a centralised, space-powered hub that delivers essential insights to maritime stakeholders through three layers: maritime weather data APIs, actionable intelligence APIs, decision support solutions and visualisations. The platform utilises radio occultation (RO) data a...

The Singapore Maritime Foundation (SMF) has launched a Maritime Workforce Transformation Guidebook, which offers a practical approach for companies in the maritime sector to embark on job redesign to better attract talent to the industry. The Guidebook is distilled from key findings and actionable recommendations of a job redesign pilot conducted in 2022 by SMF, in partnership with Pacific Carriers Limited (PCL) and Pacific International Lines (PIL). The pilot, which focused on the roles of a T...

Oceania Cruises, the world’s renowned culinary- and destination-focused cruise line, has welcomed its newest ship – Vista. Delivered at Fincantieri’s shipyard in Genoa, Italy, Oceania Cruises’ initial Allura Class ship features several firsts in the realms of dining, accommodation and guest experience. This 67,000-tonne, 791-foot-long ship is one of the most anticipated new ships to join the global cruise fleet in 2023. Delivery of new ship - Vista The 1,200-guest Vist...

Tokyo – based classification society, ClassNK has released its new white paper – ‘Towards MASS social implementation’. Regarding the development of Maritime Autonomous Surface Ships (MASS), various efforts gaining momentum worldwide, including the Nippon Foundation MEGURI 2040 Fully Autonomous Ship Program. The push for international rule establishment has been further intensified as the IMO MSC has agreed on a work plan to set forth mandatory requirements effective fro...

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR has stated that inter-agency collaboration is critical to sustaining the efforts to curb criminal activities in the Nigerian waters and the Gulf of Guinea (GoG). The Director General of NIMASA made this assertion when he played host to the Interim Administrator of the Presidential Amnesty Programme (PAP); Major General (rtd) Barry Ndiomu, at the headquarters of the Agency in Lagos, Nige...

Tokyo-based classification society, ClassNK has granted its Innovation Endorsement for Products & Solutions to a Ship Support Solution called MaSSA-One developed by BEMAC Corporation. In order to promote the spread and development of innovative technologies, ClassNK has offered Innovation Endorsement as a swift certification service in cooperation with technological front runners, in order to establish appropriate evaluation criteria. Among the certification categories, ‘Products &...

The new qualitative study from the Global Maritime Forum and the All Aboard Alliance contains a wide spectrum of perspectives from women seafarers who address the challenges they experience at sea, from ill-fitting safety gear to slower career progression, and harassment. 15 key pain points From the anonymous interviews, the All Aboard Alliance has identified 15 key pain points which fall into four broad categories: Difficult for women to succeed professionally at sea. Challenging social r...

Peel Ports has developed a partnership programme and secured long-term agreements with a number of pioneering consultants to support vital projects across its operations. A range of companies have been selected for the expertise and will support the delivery of the port operator’s capital investment programme for up to eight years. Programme partners The programme partners include: Ramboll, Jacobs, Turner & Townsend, Currie & Brown UK, HaskoningDHV, Pell Frischmann, Tetra Tech,...

Tokyo-based classification society, ClassNK has granted its Innovation Endorsement for Products & Solutions to an onboard data platform called TMIP (TERASAKI Marine Information Platform), developed by Terasaki Electric Co., Ltd. In order to promote the spread and development of innovative technologies, ClassNK has offered Innovation Endorsement as a swift certification service, in cooperation with technological front runners to establish appropriate evaluation criteria. Among the certificat...

The Port Authority of Valencia (PAV) participated in the 4th International Congress on Energy Engineering (iENER’23) organised by the Spanish Association of Energy Engineers (AEE Spain Chapter). The Head of Environmental Policies of Valenciaport, Raúl Cascajo, explained, at a table on solutions in the ports, the pillars of the APV in decarbonisation: renewable energies, use of alternative/clean fuels, energy efficiency or digitalisation. Port of Valencia committed to the 2030 Agen...

HGK Shipping GmbH and the Port of Rotterdam Authority signed a long-term cooperation agreement to promote sustainable concepts for inland waterway services leading to and from seaports on 20 April 2023. The document primarily focuses on the energy revolution and logistics for hydrogen, as well as reducing CO2 emissions by using innovative drive concepts and digitalisation. These topics are crucially important to ensure reliable and sustainable supplies for industry. The agreement ensures that...