Finance - News

Norway-based maritime technology business, Shipnet, has strengthened its senior leadership team with the appointments of a new Finance Director and HR Director. Paula Summers, who joins as HR Director, boasts over 15 years’ experience within HR roles partnering with business pioneers in the retail, manufacturing and nuclear energy sectors. This includes Ethel Austin, Glen Dimplex Consumer Appliances (including brands like Stoves, Belling, Morphy Richards and Roberts Radios) and Caven...

The United States Maritime Administration’s (MARAD) Office of Environment and Innovation has selected ABS to establish and maintain the U.S. Center for Maritime Innovation (Center) under a five-year cooperative agreement. Decarbonisation and digitalisation Authorised by the U.S. Congress, the U.S. Center for Maritime Innovation is intended to support the adoption of clean energy on U.S. vessels through a wide-ranging program of research and development and training support. ABS Chairman...

Strategic Marine, an aluminium shipbuilder, is proud to announce the successful delivery of the Amarco S1, marking a significant milestone in the partnership with Bruneian offshore operator - Amarco Sdn Bhd (AMARCO). This delivery showcases Strategic Marine's expertise in designing and building the latest 4th Generation Fast Crew Boat (FCB) for long-term operations in Brunei's offshore oil and gas sector. Amarco S1 The Amarco S1 brings advanced maritime technology and sustainability features...

On 26 September 2024, the Hamburg Port Authority (HPA) and the Maritime and Port Authority of Singapore (MPA) signed a letter of intent in the presence of Hamburg’s First Mayor - Dr. Peter Tschentscher to intensify their cooperation in the areas of digitalisation, decarbonisation and cyber security. HPA and MPA sign letter of intent The letter of intent, signed by Jens Meier, CEO of the HPA, and Teo Eng Dih, Chief Executive of the MPA, marks the beginning of a strategic partnership betwe...

ABS and Hanwha Ocean Co., LTD, have agreed to explore cutting-edge technology projects together with the signing of an Offshore Technology Collaboration Agreement (OTCA) at Gastech 2024. The agreement is the foundation for collaboration on a succession of state-of-the-art projects leveraging each company’s core competencies under three broad themes: sustainability, digitalisation and artificial intelligence and operational technology cybersecurity. Clean energy solutions The agreement a...

DNV, the independent assurance and risk management provider, has acquired CyberOwl, a global expert in cyber risk monitoring and threat management onboard maritime vessels. The two companies have joined forces to strengthen the cyber defences of the shipping industry by forming one of the world’s largest specialists in maritime systems cyber security. Cyber security regulation A typical fleet of 30 cargo vessels now experiences an average of 80 cyber incidents a year The partnership co...

DNV has granted Approval in Principle (AiP) to HD Hyundai Mipo (HMD) for their design of a 60,000 m3 LPG/NH3/VCM carrier.  The design addresses the growing demand for Medium Gas Carrier (MGC) vessels and aligns with the industry trend towards larger ships. LPG and ammonia transport It also anticipates stricter environmental regulations and an expected rise in LPG and ammonia transport volumes. The vessel maintains the operational characteristics of existing MGCs while incorporating a dou...

DNV has granted a General Approval for Ship Application (GASA) to HD Hyundai Heavy Industries (HHI) for their new LNG carrier design. The new design has been developed to offer enhanced cargo capacity, improved operational efficiency, and reduced maintenance costs. Maximising cargo capacity A key design innovation is a streamlined configuration with three instead of four cargo tanks. This is intended to maximise cargo capacity and reduce the number of pump towers and associated cryogenic equi...

OrbitMI, a globally renowned provider of maritime intelligence and analytics solutions, is pleased to announce Michelle Chowey as its new Head of Software Solutions for the APAC region, as of 20 May 2024. Michelle Chowey brings a wealth of experience in maritime technology, with a career that includes leadership roles in customer success, sales, and business development within the navigational and crewing software sectors. Michelle Chowey  Michelle Chowey comes to OrbitMI from Ocean Tech...

Watson Farley & Williams (WFW) advised BPER Banca S.p.A. (BPER) on a medium to long-term financing of up to approximately US$7.7 million to Maltese company - Red Coral Bulkers Ltd. (Red Coral) for the purchase of the bulk carrier - 'Archagelos Michael'.  Archagelos Michael, originally under the Liberian Registry and currently registered by Red Coral in the Maltese Register of Shipping under the new name - 'Peppino' is one of the first ships to also be listed in the EU/EEA states’...

Representatives from ABS and IMODCO Terminals SA, a division of SBM Offshore, met at Gastech 2024 where ABS issued approvals in principle (AIPs) for a range of jetty-less New Energy Terminal concepts to move frequent, large-volume ammonia transfers away from shore. IMODCO is applying a proven jetty-less system for moving crude oil to support the supply chain for new fuels such as ammonia. Mitigating ammonia leaks ABS reviewed the designs for IMODCO’s Catenary Anchor Leg Mooring (CALM) b...

Enhancing their collaboration on cutting-edge marine and technology projects, ABS and HD Korea Shipbuilding & Offshore Engineering (HD KSOE) signed a Memorandum Of Understanding (MOU) to advance the development and certification of innovative systems for next-generation, zero-carbon ships. Representatives from both companies met at Gastech 2024 for the signing ceremony. 3 areas of integration Entitled 'Cooperation on the Advanced Zero-Carbon Ships', the MOU focuses on integrating advanced...

Becker Marine Systems is back at SMM! Visit at the new booth A1.223 in Hall A1. In partnership with Nakashima Propellers, they offer an inviting space for them to learn more about innovative manoeuvring and energy-saving solutions. The exhibition team will be available to answer the questions and discuss the benefits of the extensive product portfolio. New product segments "We are thrilled to use the platform of SMM in our hometown, Hamburg, to introduce our new product segments and refr...

Technology group - Wärtsilä has signed a five-year Lifecycle Agreement with Royal Caribbean Group covering 37 of the company’s cruise ships. The agreement is designed to optimise the performance, reliability, and availability of the ships’ engines to ensure the highest level of operational efficiency to support and accelerate Royal Caribbean’s sustainability goals. Sustainability and decarbonisation  "This agreement is a testament to the mutual efforts and ded...

DNV has awarded an Approval in Principle (AiP) to HD Korea Shipbuilding & Offshore Engineering (HD KSOE) for its electric propulsion liquefied hydrogen (LH2) carrier design concept that could enable 80,000 cubic metres of LH2 storage and transport. The AiP awarding ceremony will take place at Gastech, Houston. Maritime transportation value chain This milestone forms part of a broader collaboration involving industry pioneers, HD KSOE, Woodside Energy (Woodside), Hyundai Glovis, and Mitsui...

Helm Operations and Caterpillar Marine have announced a strategic collaboration to enhance workboat operations by integrating advanced engine data with industry-renowned software. Combining the strengths of Helm CONNECT's fleet management software and Caterpillar's engine technology, this collaboration sets a new standard for informed decision-making and operational efficiency in the maritime industry. Performance optimisation Helm Operations, a maritime technology major for over 25 years, fo...

Dutch maritime start-up accelerator - PortXL presented its 2024 cohort at the RDM, the Rotterdam space for innovative companies, technology education, high-quality test facilities and field labs.  Ten start-ups and scale-ups presented themselves and were connected to partners, mentors and members of the Rotterdam and Dutch innovation ecosystem, that will assist them in the coming months. PortXL’ s partners and stakeholders Mitja Caboni, Acceleration Manager at PortXL introduced the...

Condor Ferries reported a +14% Y-O-Y increase in overall network carryings during 2024's peak travel period (14 July – 03 September 2024), representing an increase in carryings of 26,874 compared to 2023. Of particular significance is the increase in passengers carried to and from the island of Jersey: during the peak 2024 period, Condor Ferries carried 19,217 additional car and foot passengers on UK and French services to and from Jersey compared to the same period in 2023, amountin...

AkzoNobel’s International® marine coatings brand has announced a series of updates to Intertrac® Vision, a revolutionary digital forecasting tool. The latest enhancements include CII rating prediction, EU ETS cost impact and detailed breakdowns of cost savings across multiple dry-dockings, all designed to further support data-driven decision making on fouling control coatings for global vessel operators. Intertrac® Vision Intertrac® Vision analyses in...

DNV has unveiled an upgrade to its emissions data verification and data management platform, Emissions Connect, which will enable the maritime sector to handle the commercial challenges and risks that come with the implementation of FuelEU Maritime. The update comes at a crucial time as the industry is grappling with the requirements that take effect from 1 January 2025. Emissions Connect Emissions Connect was first launched in 2023 to support the industry with the operational impact of multi...

The Cargo Integrity Group (CIG) commends the recent circular issued by the China Maritime Safety Administration (MSA), following the explosion incident involving the vessel – ‘YM Mobility’ on August 9, 2024, at Ningbo-Zhoushan Port. This incident, along with other recent fires aboard container vessels, underscores the critical need for enhanced safety measures and vigilance in the transport of dangerous goods by sea. In its circular, the MSA reiterated the need for all shippi...

The opening press conference for the renowned international maritime trade fair gave a foretaste of the coming SMM days. Political and business leaders discussed current challenges and opportunities facing the shipping industry. The overarching topic was the decarbonisation of the shipping sector. The conclusion: While the technology is mature, what is needed now is courageous investment decisions – and a system to reward that courage. Initial major success The 31st edition of SMM was l...

Ocean Infinity has achieved a groundbreaking milestone in maritime innovation, receiving a Statement of Compliance (SOC) from DNV for its revolutionary remotely supported vessel operations. The approval from DNV, the classification society, establishes Ocean Infinity as the industry's first organisation to reach the required standard of technology and operations for large vessels and permits the beginning of onshoring marine-related tasks and activities. Statement of Compliance This high-prof...

Watson Farley & Williams (WFW) advised the owners of Astro Offshore (Astro Offshore) on the sale of an 80% stake in the business for US$185 million to Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company and part of the Adani Group. Core transaction The existing shareholders retain 20%. With the core transaction documents successfully signed, the deal is expected to close shortly. This all-cash deal gives Astro Offshore an enterprise val...

At the SMM trade fair, DNV awarded shipping and logistics company - Wallenius Wilhelmsen its first biofuel insetting verification statement - recognising the company’s use of B100 in a recent voyage. Biofuels can help to make an immediate impact on shipping’s GHG emissions. However, they do come at an increased cost and owners need to be sure that they can benefit from their extra investments in sustainability and compliance. Verified biofuel insetting enables this, by creating tran...

Watson Farley & Williams (WFW) advised an Asian financial institution as arranger, agent, security agent, and lender on a US$201.85 million sustainability-linked Japanese Operating Lease with Call Option (JOLCO) with Ocean Network Express Pte. Ltd. (ONE) as lessee and Financial Partners Group Co., Ltd. (FPG) as equity provider for two portfolios of container boxes comprising dry container boxes and reefer container boxes. Global container shipping company Singapore headquartered ONE is a g...

As the shipping industry transitions to cleaner fuels, ammonia as a marine fuel is gaining momentum. Alfa Laval is at the forefront of enabling this shift. Through research, product development, and strategic partnerships, the company is building the expertise and solutions needed for a safe and efficient transition to alternative fuels. Addressing challenges Alfa Laval is now accelerating the development of new technologies for ammonia The unique properties of ammonia, including its low fla...

REACH Subsea’s ground-breaking uncrewed surface vessel, REACH REMOTE 1, has received the Skipsrevven Ship of the Year 2024 award at the SMM exhibition in Hamburg. The 24-metre REACH REMOTE 1 is the first of a pair of uncrewed offshore surface vessels designed and delivered by Kongsberg Maritime to Norwegian company REACH SUBSEA ASA. REACH REMOTE USV design Crammed with state-of-the-art KONGSBERG technology, the vessels will initially carry out underwater survey...

With Fuel EU Maritime already impacting shipowners, energy efficiency and fleet-wide pooling is critical to short-term sustainability success according to leading industry figures at the annual ABS Sustainability Summit, which kicked off the SMM Exhibition in Hamburg. In a wide-ranging keynote, Navigator Gas CEO Mads Peter Zacho was positive about the progress of the transition, describing it as a business opportunity and said he welcomes the prospect of a carbon levy. Green shipping He said,...

Watson Farley & Williams (WFW) is pleased to announce that maritime disputes expert - Natalie Jackson has joined the firm as a partner in Athens, Greece. She has over 18 years of contentious experience working at UK shipping law firms based in Piraeus, having trained as a solicitor in London. Natalie Jackson Natalie specialises in maritime law and has an emphasis on dispute resolution arising from charter parties, bills of lading, MoA and shipbuilding disputes, salvage, collisions, ground...