Finance - News

Econowind, a globally renowned innovator in Wind-Assisted Ship Propulsion technologies for the maritime industry, announces the appointment of Chiel de Leeuw as Chief Commercial Officer (CCO), effective December 1, 2024. Chiel will play a key role in advancing Econowind's mission to revolutionise maritime sustainability and expand the company’s impact in the global shipping industry.  Chiel de Leeuw Chiel de Leeuw brings a wealth of experience and a proven track record in the marit...

Watson Farley & Williams (WFW) advised Globus Maritime Limited on their US$ 28 million sale and leaseback of newbuild bulk carrier m.v GLBS MIGHT with a Japanese leasing house. This is Globus' first sale and leaseback transaction, with the US$ 28 million being made available under a ten-year capital sale & leaseback arrangement. Athens-based Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide with a current fleet of eight dry bulk ves...

The WG20 S is the perfect combination of the efficiency of helical gears and the cost-effectiveness of worm drive gearboxes. It is compact and features a modern and functional design, saving space and producing low noise levels. A complete solution that carries WEG’s reliability and quality, already recognised in the WG20 gearmotor line. Available in five sizes and reaching torque from 125 to 1,600 Nm, it has standard dimensions for total interchangeability. In addition, it offers versa...

Watson Farley & Williams (“WFW”) advised Industrial Bank Financial Leasing Co., Ltd. (“CIBFL”) on a leasing transaction for two liquified natural gas carriers. Upon delivery, the vessels will be bareboat chartered to a disponent-owner and sub-chartered to a Middle East charterer on a long-term basis. Delivery of the vessels Unlike conventional sale and leaseback transactions where the lessors enter into Memorandum of Agreements (“MOAs”) with the lessees...

Saggas and Valenciaport have signed a memorandum of understanding to collaborate in the identification of innovation and development projects linked to renewable gases and CO2. The agreement was signed by Rosa María Prieto, President of Saggas, and Mar Chao, President of the Port Authority of València (PAV). Through this memorandum, Saggas and the PAV undertake to work together to identify innovation projects to accelerate the development of storage, generation and logistics solut...

WEG has achieved, for the second consecutive year, the Gold seal in the EcoVadis assessment. This year’s performance was even better, placing the company among the 2% best enterprises evaluated globally. This rating highlights WEG's dedication to sustainability, showcasing its performance in environmental care, ethics, human rights, and responsible supply chain management. With a focus on innovative solutions, WEG reaffirms its commitment to contributing to a more efficient and responsibl...

New Corsican 130 MW power plant to feature 8 × MAN 18V51/60 engines optimised to run on 100% liquid biomass fuel of plant origin. A consortium comprising MAN Energy Solutions and EPC (Engineering Procurement and Construction) specialist, Bonatti, has signed a contract with EDF PEI – a 100% subsidiary of EDF (Électricité de France SA) that builds and operates power-generation facilities in the French overseas departments and regions, and Corsica. The contract covers the...

Babcock has officially launched a new International Engineering and Technology Hub in Melbourne, Australia as part of their increased research and development efforts across global defence markets. The $3.5 million state-of-the-art Abbotsford facility will serve as a collaborative environment for engineers and technologists working in areas such as systems engineering, secure communications, autonomy, artificial intelligence and digitally-enabled asset management. It includes provision for sp...

SAE is pleased to announce that, following the successful deployment of turbine 4, the globally renowned MeyGen tidal stream site now has all four turbines fully operational. This means that the site is now at full power for the first time, delivering 6MW of predictable, renewable power. Since deployment in 2016, the turbines operated by MeyGen have undergone several upgrades and enhancements to increase system efficiency and cost reduction. The site continues to support the innovation and deve...

Kongsberg Maritime has signed a contract with Hindustan Shipbuilding Limited to supply its electric replenishment-at-sea equipment for its Fleet Support Ships programme. The Indian Navy's Fleet Support Ships (FSS) are a new class of five large replenishment vessels designed to enhance the operational capabilities of the Indian Navy. Crucial for naval vessels Kongsberg Maritime’s RAS technology enhances naval logistics by offering faster, safer operations Kongsberg Maritime’s...

Watson Farley & Williams (“WFW”) advised Bank of Communications Financial Leasing Co., Ltd. (“BOCOM Leasing”) on a leasing transaction for three liquified natural gas carriers. Upon delivery, the vessels will be bareboat chartered to a disponent-owner and sub-chartered to a Middle East charterer on a long-term basis. Korean and Chinese shipyards Unlike conventional sale and leaseback transactions where the lessors enter into Memorandum of Agreements (“MOAs&rd...

HullWiper’s sustainable hull cleaning solution is coming to Singapore. The company has signed a lease agreement with Unidive Subsea to bring its eco-friendly Remotely Operated Vehicle (ROV) hull cleaning technology to PSA terminals, Seatrium Yards and Singapore’s inner anchorages. Plans are also in place to expand services to FPSOs, FSOs and semi-submersibles under contracts with regional oil and gas companies. Net-zero emissions by 2050 HullWiper’s sustainable hull cleaning...

SIMEST, CDP Group's company for the internationalisation of companies, and Fincantieri, a world pioneer in high-complexity shipbuilding signed a memorandum of understanding aimed at promoting new investments, and greater competitiveness, including internationally, and market growth for companies in the shipbuilding supply chain. The agreement was signed by Pierroberto Folgiero, Chief Executive Officer and General Manager of Fincantieri, and Regina Corradini D’Arienzo, Chief Executive Offi...

Ocean Network Express (“ONE”) is pleased to announce the completion of its acquisition of a minority stake in New Priok Container Terminal One (“NPCT1”) in Jakarta, Indonesia. NPCT1 is an important terminal serving mature gateway markets in Southeast Asia. Built in 2016, it has an annual capacity of 1.5 million TEU and can accommodate advanced mega containerships with its deep drafts and modern equipment. ONE’s continued commitment Jakarta is ONE’s thi...

Global marine energy supplier, Peninsula, has announced the expansion of its physical supply network into the Houston market and surrounding areas. Peninsula’s re-entry will be led by Houston-based Mike Parrent who joins Peninsula as Physical Desk Manager, and Elisha Frank as Operations Executive.  Peninsula’s hybrid business model Both Mike and Elisha bring deep experience and are well-known to global customers for their knowledge and service delivery. Full operations will c...

SAE is pleased to announce it has received the penultimate milestone payment of £1.5 million under its agreement with EL (Uskmouth) Limited (“EL”), a subsidiary of FPC Electric Land. On 5 December 2023, SAE announced that it had agreed to sell the freehold land owned by SAE to EL, for a milestone-linked total gross cash consideration of £9.8 million. BESS project development The land is being used for a 460MWh (230 MW) BESS being constructed by Uskmouth Energy Storag...

Cattewater Harbour, Plymouth has enjoyed a bumper year of visiting vessels, playing host to a diverse range from historic ships to luxurious superyachts and new and returning cruise lines. Tens of thousands of visitors have disembarked at the Barbican Landing Stage, arriving into the historic heart of the city. Its strategic location and modern facilities make it an ideal berthing option.  Notable visiting vessels Some notable visiting vessels this year have included: PS Waverley &nda...

Swiss marine power company - WinGD has secured further orders for its ammonia-fuelled X-DF-A engine design in the growing ammonia carrier market. The engines, to be built at Yuchai Marine Power Co, will be delivered for a total of seven 25,000m3 and 41,000m3 LPG/ammonia carriers ordered by Tianjin Southwest Shipping. The vessels will deploy 5- and 6-cylinder versions of the 52-bore X-DF-A engines and are scheduled to enter service from Q3 2026. New orders The new orders highlight WinGD’...

The International BoatBuilders’ Exhibition and Conference (IBEX), North America’s premier trade event for the recreational marine industry, has acquired Professional BoatBuilder magazine (ProBoat), the marine sector’s renowned technical publication and online information source.  The ProBoat purchase promises to marry the vitality of IBEX’s live trade event to the magazine’s depth of editorial coverage, creating an unparalleled platform for technical education...

In a remarkable endeavour to celebrate and revive India’s ancient maritime legacy, the Stitched Ship Project is recreating a 4th-century common-era vessel using traditional shipbuilding techniques. The initiative, led by the Ministry of Culture in collaboration with the Indian Navy, M/s Hodi Innovations, and other stakeholders, draws inspiration from historical references, such as Ajanta murals and ancient texts. Modern safety and design This project embodies India's long-standing conne...

Eco Wave Power Global AB (“Eco Wave Power” or the “Company”), a global provider of onshore wave energy technology, is pleased to announce it has received the final Nationwide Permit (NWP) from the U.S. Army Corps of Engineers for its ground-breaking wave energy project at AltaSea’s premises at the Port of Los Angeles. This milestone marks a significant step forward in the development of Eco Wave Power’s pioneering wave energy project, which is set to become t...

At 5.8 million TEU, container throughput at the Port of Hamburg remained at almost the same level year-on-year during the first nine months of 2024. Throughput of loaded containers saw slight growth, alongside an increase in general cargo. “Rail forwarding, a cornerstone of sustainable transport, also developed positively in the first nine months. As Europe’s largest rail port, we attach great importance to the expansion of rail transport. Container transport in this segment rose...

Hamburger Hafen und Logistik Aktiengesellschaft (HHLA AG) will continue to be majority-owned by the City of Hamburg and will be further developed together with the new major shareholder Mediterranean Shipping Company, the world's largest container shipping company. Following the approval of the Hamburg parliament and the EU Commission, all closing conditions have now been met with the approval of the Ukrainian merger control authority. Shares in HHLA AG The Free and Hanseatic City of Hamburg...

Babcock are pleased to have joined the UK manufacturers’ trade association, Made in Britain. As a world-renowned manufacturer producing a range of defence equipment across the UK, partnering with the 2,100 UK manufacturers in the Made in Britain community will bring them closer to the long-term goal of ensuring the UK has a robust sovereign defence capability. Social and economic sustainability British Army has the vehicles and weapons it needs or carry out the deep care of nuclear su...

Procureship, provider of the world’s major digital e-procurement platform for the maritime sector, has reaffirmed its position in the Asia-Pacific region with the announcement that Gary Yeow is to lead the company’s Singapore office. Establishing strong partnerships With over a decade of experience in the maritime sector, including roles at Sembawang Shipyard, Sembcorp Marine, and VesselMan, Gary will play a pivotal role in expanding Procureship’s client base and establishing...

Kpler, a data and analytics platform for trade intelligence announced its acquisition of Spire Maritime, a prominent provider of satellite-powered data for real-time global vessel tracking. This strategic move aims to enhance Kpler’s maritime coverage and deliver unmatched insights into global vessel movements and shipping logistics. Real-time visibility and analytics Mark Cunningham, CEO of Kpler, emphasised the impact of this acquisition, “By acquiring Spire Maritime, we will ma...

ABS Wavesight has partnered with Noble Corporation, an offshore drilling contractor, to revolutionise its recordkeeping practices by adopting ABS Wavesight eLogs™ electronic logbooks on its entire fleet of offshore assets. This collaboration marks a major milestone for the offshore adoption of ABS Wavesight eLogs, a secure digital solution that succeeds paper logbooks, bringing a new dimension to compliance management in the maritime and offshore sectors. ABS Wavesight eLogs ABS Wavesig...

Ahlsell Danmark ApS, through its subsidiary KJV A/S, has signed an agreement to acquire all shares in Herning Industri Lager A/S. Going forward; the company will become part of the industrial specialist - KJV A/S. Through this acquisition, the position and offering in the Danish industrial sector are strengthened. Herning Industri Lager A/S Herning Industri Lager A/S sells tools, fasteners, transmissions, machines, and other technical assortments to industrial companies in central Jylland. Th...

ERMA FIRST GROUP has successfully completed the acquisition of Ecochlor, in a move that reinforces its position as a trusted provider of ballast water treatment and advanced decarbonisation solutions. Broadening the range of ultra-efficient ballast water treatment systems (BWTS), future-proof decarbonisation solutions, and related services under the ERMA FIRST GROUP umbrella, the acquisition consolidates the company’s status as one of the world’s largest BWTS providers. Marine ecos...

A new report published by DNV reveals that the majority (61%) of maritime professionals believe the industry should accept increased cyber risk from digitalisation, if it enables innovation and new technologies. The sector’s appetite to take on emerging risks arising from digital transformation is notably higher than other critical infrastructure industries including energy, manufacturing, and healthcare.  Cybersecurity risk The industry’s increasing appetite for cyber risk c...