Finance - News

Neptune Energy and its licence partners have announced a new discovery at the Calypso exploration well (PL938) in the Norwegian Sea. Preliminary estimates are between 1 - 3.5 million standard cubic metres (MSm3) of recoverable oil equivalents, corresponding to 6 - 22 million barrels of oil equivalent (boe). Calypso is Neptune Energy’s third discovery in six months on the Norwegian Continental Shelf. Calypso – new discovery in the Norwegian Continental Shelf These near-field disco...

On 1st January, 2023, Magdalena Bosson will become the new Chief Executive Officer (CEO) of the Ports of Stockholm. With many years of experience within the Stockholm City Council, she takes over the helm and will continue the development of the Ports of Stockholm. On 1st December, Stockholms Hamn AB’s Board of Directors appointed Magdalena Bosson as the new Chief Executive Officer (CEO) of the Ports of Stockholm. Extensive industry experience I am very happy to announce that Magdalena...

The WEG electric motor production plant in Algeria has just been inaugurated on Tuesday, November 29, 2022, with the presence of the Minister of Industry, Ahmed Zeghdar, as well as H.E. the Brazilian Ambassador, Flavio Marega, in the Wilaya of Sétif, in line with the policy of the Algerian authorities. Indeed, this partnership between the CEVITAL and WEG groups is in line with the orientations desired by the Algerian government with the presidential decree N°67 of November 15, 2020,...

JRC | Alphatron Marine (Alphatron Marine) announces the appointment of their new Chief Executive Officer (CEO), Jun Nakazawa, who will start effective from the 1st of January 2023. Jun Nakazawa has been the Managing Director of Alphatron Marine USA for the last 2 years and has also been a Board member of Alphatron Marine Beheer since 2014. He started his career at the JRC headquarters in 1990 and was stationed 3 times overseas, including in Rio de Janeiro – Brazil (1996 - 2001), Amsterdam...

Long-term ocean freight rates suffered a steep month-on-month decline in November as subdued spot prices, weak demand, and ongoing economic uncertainty caught up with contracted container agreements. The latest data from the Xeneta Shipping Index (XSI®) indicates that global rates fell by 5.7%, with all major corridors experiencing negative import and export trends. This is the third month in a row that rates have dropped, but the largest month-on-month decline recorded since the launch of...

The annual Environmental Achievement Awards are given to vessels that have no reportable spills, U.S. Coast Guard citations or other pollution incidents. Aligned with its current sustainability strategy, Crowley is committed to leading the industry in reducing environmental impact to protect key marine and terrestrial habitats. Crowley vessels and crews recognised “The safety and stewardship of the environment are essential to everything we do in our vessel operations on the water and i...

Resolve Marine, a globally renowned company in salvage, emergency response, and specialised marine services, has announced a partnership with Peter Gast Shipping GmbH. The combination expands Resolve Marine’s relationships with clients in Germany, and in turn, offers value added emergency response and compliance services to the German shipping market. Based in Hamburg, Germany, Peter Gast Shipping has served the German ship owner and ship operator community for almost 50 years. The cooper...

Inmarsat’s Fleet Connect and Fleet Data integrated IoT solution will support CCTV and performance management for more than 60 vessels. Inmarsat, the globally renowned company in global, mobile satellite communications, has reached an agreement with offshore services provider - Zamil Offshore to roll out an Internet-of-Things (IoT) solution to more than 60 vessels in the Gulf area. Internet-of-Things (IoT) solution This means Aramco needs deeper insight and control over the performance o...

The European Parliament, Council and Commission have reached a preliminary agreement on maritime elements of the EU ETS. Including the maritime sector in the EU ETS will encourage shipping’s journey towards decarbonisation, as well as accelerate emission reductions among non-maritime sectors. The provisional agreement on shipping is subject to an overall agreement on the ETS revision, which is scheduled for later this year or next. EU ETS for maritime Liner shipping is already investing...

Tokyo-based Classification Society – ClassNK has issued an Approval in Principle (AiP) for a dual fuel generator engine using hydrogen gas as fuel and related machinery systems and arrangements for a 160,000 m3 liquefied hydrogen carrier developed by Kawasaki Heavy Industries, Ltd. (KHI). This marks ClassNK’s first AiP for a dual fuel generator engine using hydrogen gas as fuel. As hydrogen is expected to be used as a clean energy source to realise a decarbonised society, ClassNK ha...

The world’s first large-scale Battolyser factory will be constructed in the port of Rotterdam to meet soaring demand for green hydrogen and electricity storage. “This partnership will develop the first industrial green hydrogen equipment manufacturing facility in The Netherlands,” said Mattijs Slee, CEO, of Battolyser Systems. “With our offshore wind potential, strong infrastructure, and world-class heavy industry, The Netherlands can now develop a sustainable and resili...

ABB has secured a breakthrough contract with the shipyard COSCO Shipping Heavy Industry (Yangzhou) Co. Ltd., to equip 10 China COSCO Shipping Corporation Limited container vessels with its permanent magnet shaft generator systems. The deal re-affirms the growing appeal of the systems as a market-ready route to greater ship efficiency. Due for delivery by the end of 2025, the order comprises systems for six 14000TEU vessels and four 16000TEU vessels. The International Maritime Organization (IMO...

The conclusion of a successful five-year initiative to protect the marine environment in South-East Asia from the negative effects of ships and shipping has been marked at a high-level meeting (25-27 October) in Viet Nam with the adoption of a MEPSEAS-Halong Statement by the participating countries.   The Marine Environment Protection of the South-East Asian Seas (MEPSEAS) project has seen seven partner countries - Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Thailand and Viet Na...

Gard is happy to announce that they have entered into partnerships with the Global Centre for Maritime Decarbonisation (GCMD) in Singapore and Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping in Denmark. As decarbonisation transforms the maritime industries, ship owners will increasingly have to convert their operations to alternative fuels and low-carbon technologies, exposing them to new risks and operational challenges. As a leading marine insurer, Gard wants to support t...

Maritime UK is launching its national awards programme for 2023, celebrating a sector worth over £116bn to the UK economy and supporting over 1 million jobs. Held for the first time in September 2019, the Maritime UK Awards are run by the industry for the benefit of the industry. From a judging panel of internationally recognised maritime leaders to an awards evening at the DoubleTree by Hilton Hull, the Maritime UK Awards are a unique and impactful way to showcase a business,...

The Secretary General of the International Maritime Organization (IMO), Mr. Kitack Lim commissioned the ultra-modern headquarters of the Nigerian Maritime Administration and Safety Agency (NIMASA), located at Victoria Island, Lagos. Speaking during the commissioning of the building, the IMO Secretary-General expressed confidence in the leadership of the transport sector of Nigeria, while also extolling the dynamic role of the Minister of Transportation, Engr. Mu’azu Jaji Sambo and the hea...

Prysmian Group, the world pioneer in the energy and telecom cable systems industry, announces an investment of approximately €200 million in a new cutting-edge cable layer plus an adjustment for cable equipment of approximately €40 million. The new vessel will be fully operational by Q1 2025 and will reinforce Prysmian’s project execution capabilities and its EPCI (Engineering, Procurement, Construction, Installation) approach. Technical performance, flexibility, and sustainabi...

A Brazilian business delegation has visited the Port of Valencia. The meeting brought Valencian and Brazilian companies and investors into contact with one another. Aurelio Martínez, the President of the Port Authority of Valencia (APV), said “Brazil is the seventh country with the most commercial relations with Valenciaport. Businessmen must know that València is here, as a strategic hub or as an investment pole.” Importance of Valenciaport in global trade In the fi...

Rotterdam World Gateway (RWG), the Delta terminal of Hutchison Ports ECT Rotterdam (ECT) and Kramer Group will be the first market parties to be connected to the Container Exchange Route (CER), a closed track for faster, more efficient and integrated transport of containers between locations on the Maasvlakte. Agreements with these parties have already been signed. By the end of June 2022, it was already agreed with the Dutch Customs Administration to connect the State Inspection Terminal to th...

From Saturday morning, 12 November, 2022, sea-going vessels with a length exceeding 140 metres will need to use a tugboat on the Scheur between Maassluis and Rozenburg during strong tides, which is about three hours a day. The harbour master of the Port of Rotterdam Authority took this measure to ensure safe passage. Since last weekend, crane vessel - Neptune has been positioned in the middle of the Scheur due to the construction of the Maasdelta tunnel. As a result, the passageway is narrow. M...

In 2021, Peel Ports Group (Peel Ports), one of the largest port groups in the United Kingdom (UK), signed a Service Level Agreement (SLA) with OceanWise to deliver consistent, reliable servicing and maintenance to the wide variety of environmental monitoring systems and sensors that Peel Ports have in place across all their sites. The Peel Ports Group is made up of 7 strategically located ports across the UK and Ireland, stretching from Clydeport in Scotland down to London Medway in the Southea...

Award-winning British fuel tech company - SulNOx Group Plc has strengthened its presence in North America with the appointment of a new sales organisation. Reducing environmental impact  SulNOx Group has signed a deal with USA-based Steele Environmental, an Independent Sales Organisation to promote SulNOx products in global shipping markets and commercial land-based transportation across the North American continent. The Steele Environmental team has been working with the shipping indust...

Unifeeder is pleased to announce that they have launched a new direct service connecting out-ports in the Baltic Sea with the hub ports of London Gateway and Felixstowe. New direct service The new service offers an increased frequency in existing Unifeeder corridors, plus the following new services: Southbound: Kotka to Wilhelmshaven Klaipeda, Riga and Gdansk to London Gateway and Felixstowe Northbound: London Gateway and Felixstowe to Kotka Wilhelmshaven to Gdansk, Klaipeda, and R...

Huge, vaguely alien in appearance, and rarely seen, large antennas made by Viasat quietly fill a vital purpose for people and operations around the world linking them to satellites that provide internet service. Viasat is one of the very few companies that make 9.1- and 13.5-metre antennas for satellite gateways.  Antenna offering Designed for the latest high-capacity Ka-band satellites, the antenna systems offer broadband support to deliver high-speed connections for residential, commer...

Airbus Defence and Space has developed and tested a loading system to lift outsized military cargo into the Airbus Beluga A300-600ST aircraft. The capability was successfully tested during a verification exercise with the German Armed Forces, the system’s first customer, by loading a CH53 military medium-lift helicopter into the Beluga. Rising demand for outsized air cargo capability “The demand for outsized air cargo capability is on the rise. Capacity is scarce and, in light of...

As the maritime industry is undergoing major transformations driven by the twin ambitions of carbon emissions reduction and digitalisation, the MOU seeks to enable close cooperation between ship owner and charterer with the aim of achieving further energy efficiencies and GHG savings through improved voyage data collection, verification and sharing via DNV’s Veracity data platform in collaboration with the industry partners’ digital management systems. With tightening environmental...

SAFE Boats International announces production partnership with West Palm Beach, Florida-based autonomous maritime technology provider, Mythos AI.  SAFE Boats has delivered a purpose-built Porter 78S workboat to Mythos AI which will be showcased at the 2022 International WorkBoat Show. The aluminium-hull, outboard-driven Porter 78S survey boat, built under an exclusive licence agreement with Stormer Work Boats of the Netherlands, is specifically designed for the integration of Mythos AI&rsq...

Global law firm Norton Rose Fulbright has advised BNP Paribas, Cassa Depositi e Prestiti, a syndicate of lenders, and SACE on the partial financing of four new cruise vessels for Viking Ocean Cruises.  The financing consists of four export credit loan facilities, which are together worth over $1.5bn and are backed by the Italian export credit agency SACE. The ocean-going passenger cruise vessels are being constructed at Fincantieri S.p.A., with the first of the vessels - Viking Neptun...

The steel cutting ceremony of Ulstein Verft’s yard number 318 was carried out at the hull yard, Crist, on 18 November, 2022. The vessel is the first of two offshore wind newbuilds for the Norway-based ship-owner - Olympic, and both are planned for delivery in 2024. The steel cutting is the first milestone in a shipbuilding project and symbolises its start-up. Marius Bergseth, the Chief Operational Officer in Olympic executed the first cut. Vessels based on based on SX222 CSOV design The...

Maritime UK is launching Version 6 of the Industry Code of Practice for Maritime Autonomous Ship Systems on 18 November, 2022. The accelerating pace of change in maritime autonomy has required updated guidance for those owning and operating Maritime Autonomous Ship Systems (MASS). While not a legal text, the Code has been used by manufacturers, service providers, and others as part of their day-to-day work. Many manufacturers have reported clients requiring compliance with the Code as a basis f...