Finance - News

JDR Cable Systems, the subsea cable, and umbilical supplier and servicer, part of the TFK Group, has reached a final agreement under the UK government’s Offshore Wind Manufacturing Scheme (OWMIS) on financial support for its new state-of-the-art subsea cable manufacturing facility in Cambois, near Blyth, Northumberland. The agreement means JDR is on track to begin construction in summer 2022, with a planned opening in 2024. The new £130m UK Export Finance (U...

Propspeed, the globally renowned innovator of underwater foul-release coatings, has announced that it has partnered with Marine Protection Systems, in order to educate and provide innovative solutions to prevent corrosion and minimise damage to vessels, and the marine biosphere. The insulative properties of Propspeed combined with correct anode solutions greatly improve efficiencies, reducing fuel burn and operational costs, while also minimising the environmental impact that corrosion and coat...

Final preparations have been completed for the globally renowned maritime conference - Mersey Maritime Exchange Conference 2022, which is set to take place in Liverpool, United Kingdom, on Thursday, 23rd June 2022. In its fourth iteration, the Mersey Maritime Exchange Conference 2022, will see government ministers, politicians and leading industry figures come together to debate the most topical industry issues around the environment, innovation, technology, people, skills, regional growth and...

Maersk is launching a new dedicated New Zealand coastal service – ‘Maersk Coastal Connect,’ to enable a more resilient New Zealand supply chain and improve vessel schedule reliability. The first of its kind for Maersk in its 25 years of operational history in the country, this service will help enhance domestic connection and offer sustainable and flexible supply chain solutions for importers, exporters, and domestic distributors. Providing easy access By deploying two 2,500...

For the fourth year in a row, Regent Seven Seas Cruises has sold out its world cruise in record time, with the sailing being completely reserved, prior to officially opening for bookings on June 15, 2022. The sailing, which at 150 nights is the longest in the cruise line’s history, had fares starting at US$ 86,999 per guest for a Deluxe Veranda Suite, and US$ 249,999 per guest for a Master Suite. Regent’s 2025 World Cruise Regent’s 2025 World Cruise has been reserved by loya...

Ship charterers and operators representing over 15% of total bulk cargo transported by sea in 2021 deliver on their commitment to the Sea Cargo Charter, a global framework for aligning ship chartering activities with society’s goals. Signatories to the Sea Cargo Charter commit to measuring and publicly disclosing the alignment of their chartering activities with the ambition to reduce total GHG emissions from international shipping by at least 50% by 2050, as set out by the International...

Hempel has had its emissions reduction targets approved by the Science Based Targets initiative (SBTi). The targets covering greenhouse gas (GHG) emissions from Hempel’s operations (scopes 1 and 2) are consistent with reductions required, in order to keep global warming to 1.5°C, what the latest climate science has told us is needed to prevent the most damaging effects of climate change. Hempel's carbon emissions reduction targets Hempel’s target for the emissions from its val...

Vestdavit is maintaining its role as a trusted supplier of advanced boat-handling technology to support ocean research, with the delivery of davit systems for a pair of newbuild scientific vessels that are being built for the USA’s National Oceanic and Atmospheric Administration (NOAA). The company has now secured a contract with US shipbuilder - Thoma-Sea Marine Constructors, LLC, in order to supply one of its HN-5000 workboat davits for each of the two vessels, named - Oceanographer and...

Is 3D printing just a hype? Or can ship parts, which meet the high demands of the shipping industry, actually be printed? These questions will be answered during the pilot project, ‘3D Printing of Marine Spare Parts’, which is being executed by a consortium of 27 port-related companies, including Ruysch International. ‘3D Printing of Marine Spare Parts’ The pilot project – ‘3D Printing of Marine Spare Parts’ has officially started with the investigati...

SAFE Boats International is thrilled to announce the addition of Cole Christensen as Business Development Manager – Commercial. Cole Christensen brings a wealth of industry knowledge and experience to SAFE Boats International. In his new role with the Business Development Team, Cole Christensen will focus on all aspects of the commercial sector, growing brand awareness both domestically and globally. Promote the Stormer Workboats line of products He will be integral in advancing efforts...

Mackay Marine (Mackay) stations two full-time technical staff at their Naknek-seasonal shop, from June 1 to June 30 of Alaska’s 6-week Bristol Bay Salmon Season, thereby servicing commercial fishing fleets with spare parts, finished goods and electronics & electrical service. Salmon fishing fleets come from throughout North West America’s coastal communities and operate in-season almost 24/7. Vessels venture onshore only to drop off their catch or if they have trouble with their...

BAE Systems has announced celebrations to mark 15 years of supporting Operations Aintree and Kipion, the British Royal Navy’s mine countermeasure (MCM) strategy, in the Gulf region. The globally renowned defence contractor - BAE Systems, has supported the Royal Navy’s Hunt Class vessels in the Gulf region for the past 15 years – and also delivers maintenance and upkeep to the rest of the Hunt Class flotilla, based out of Portsmouth Naval Base, in the United Kingdom (UK). UK M...

On 10 June 2022, the ESCO terminal at Laem Chabang held a welcome ceremony for the maiden voyage of CUL NANSHA to Thailand. The maiden voyage of CUL NANSHA enjoyed attention from the Provincial Government of Chonburi and the Port Authority of Thailand (PAT). Mr. Phakkhrathon Thianchai (Governor of Chonburi Province), Lt. Kan Menaruji (Deputy Managing Director of Laem Chabang Port, PAT), Mr. Lee Siak Quee (President of ESCO), Mr. Raymond Chen (Chairman & CEO of CULINES), and Mr. Kettivi...

On the occasion of the new SITC Haoyun's newly-built container going to sea, SITC International, Xiamen Port and its customers held the landing ceremony of the ‘distribution-to-collection’ cooperation project at the Haitian Wharf of Xiamen Port on the afternoon of August 26. Xue Mingyuan, President of SITC International Shipping Group, Lai Zhiyong, President of Logistics Group, Meng Xianliang, General Manager of Xiamen Consolidation, Pan Wenliang, General Manager of Logistics Fujian...

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has completed the conceptual design of a Very Large Gas Carrier (VLGC), initially powered by liquefied petroleum gas (LPG), but adaptable to future use of ammonia as the main fuel. Approval in Principle (AIP) for the design has been acquired from the Japanese classification society - ClassNK. Conceptual design of VLGC The conceptual design of an LPG-powered VLGC enabling future conversion to ammonia fuel was...

The Centre for Economics and Business Research (CEBR) has published a new report, commissioned by Maritime UK, highlighting the major impact the industry makes on Britain’s economy. In 2019, maritime contributed £116 billion in total turnover to the UK economy, 35% higher than 2010. For every £1 of turnover generated directly by the sector, a further £1.09 was generated indirectly across the supply chain, underscoring the far-reaching impact of an industry that carries 9...

In an effort to help pharmaceutical and food and beverage manufacturers adhere to increasingly stringent hygiene standards, Alfa Laval has developed PlusClean, the wall mounted cleaning nozzle. A 2020 survey of UK manufacturers, conducted by Harris Interactive, indicated that 79% of respondents now feel more aware of hygiene practices, following the COVID-19 pandemic. However, amid the rise of new COVID-19 variants, manufacturers working in the pharmaceutical and food and beverage sector are un...

Former Amazon consumer chief Dave Clark has a new job: co-CEO, and eventually sole CEO, of the $8 billion-valued supply chain software startup Flexport. Clark, whose resignation surprised observers, finishes up as CEO of Amazon’s massive Worldwide Consumer division last day on July 1, 2022. And on September 1, 2022, he will take over as Flexport’s co-chief executive, alongside Flexport founder Ryan Petersen. Flexport plans for the 49-year-old Clark to become the company’s sole...

The world of logistics has become more and more interlinked, with disruptions, bottlenecks, and conflicts resulting in delays, affecting trade across the globe. Whilst these situations are often outside of the realm of the company’s control, working with a partner that cares about the business goals and can provide integrated end-to-end solutions like Maersk, means a company can infuse more visibility and resilience in their supply chain. Leading the way forwards As a company that is co...

Subsea 7 has announced that Seaway 7 ASA has been selected by Seagreen 1A Limited as a preferred supplier for the Seagreen 1A offshore wind project, located offshore Scotland, in the United Kingdom (UK). Seagreen 1A lies adjacent to the existing Seagreen project that Seaway 7 is currently progressing and represents approximately 500 MW of additional renewable energy generation capacity. Scope of work Seaway 7’s scope of work is under final negotiation and may include the full engineerin...

The latest Indicator shows that the number of seafarers onboard vessels beyond the expiry of their contract has decreased slightly to 4.3% from 4.5% in the last month, while the number of seafarers onboard vessels for over 11 months has remained stable at 0.3%. These numbers remain very close to what has been reported since December 2021, confirming a stabilisation of the situation. Neptune Indicator The Neptune Indicator also reports a 2.8 percentage point increase in seafarer vaccines, from...

The Singapore Trade Data Exchange (SGTraDex), a public-private initiative, was launched on the sidelines of Asia Tech x Singapore (ATxSG) 2022 by the Minister for Communications and Information, and the Minister in charge of Smart Nation and Cybersecurity Mrs Josephine Teo. SGTraDex, a trusted, secure, and easy-to-use digital utility, seeks to connect ecosystem partners in the local and global supply chains via a common data infrastructure. Value-creating benefits More than 70 participants ha...

MetOcean Telematics is pleased to announce that they will be exhibiting at Undersea Defence Technology (UDT) 2022 event in Rotterdam, the Netherlands, from June 7-9, 2022. They are looking forward to meeting with clients and partners at the show, as well as showcasing MetOcean’s latest defence technology. Please visit their team of defence experts at booth F24 at Undersea Defence Technology (UDT) 2022, in Rotterdam, the Netherlands. Undersea Defence Technology (UDT) Undersea Defence Tec...

International shipping accounts for approximately 3% of global Greenhouse Gas (GHG) emissions, and this will increase in a business-as-usual scenario. To decarbonise the maritime industry, there will be a massive need for green fuels and associated technologies. In particular, scalable zero-emission fuels (SZEFs) such as green hydrogen and green ammonia are considered the most promising fuels for the industry’s transition. Due to its large renewable capacity and unique location sitting at...

A.P. Moller - Maersk (Maersk) announces the closing of the acquisition of Senator International, a well-renowned global company in freight forwarding. Integrated logistics solutions Senator brings with it a strong organisation and a well-developed airfreight network comprising its controlled flights and long-term partnerships with best-in-class airlines, a well-established full container load (FCL) and less than container load (LCL) network, and specialised services such packaging, warehousing...

A trusted provider of logistics services to the offshore industry for over 60 years, supporting operating companies on the Norwegian continental shelf, NorSea first welcomed Wilhelmsen as one of the owners in 2012. The latest transaction increases Wilhelmsen's shareholding from 75% to 99%.  Now announced increased shareholding was a purchase option that was agreed in 2017 with a set price at MNOK 500. Former partners Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS have each...

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Bashir Jamoh said the arrival of the Nigerian Naval Ship - NNS KADA will greatly enhance security in the Nigerian maritime domain, and commended the Chief of Naval Staff, Vice Admiral AZ Gambo for this achievement. Dr. Bashir Jamoh who joined the Chief of Naval Staff at the Naval Dockyard in Lagos, Nigeria, to witness the arrival of the ship from the United Arab Emirates (UAE), commended the Nigerian Nav...

Neste and Netherlands-based startup Circularise have announced a partnership to bring Circularise’s traceability software into circular polymers and chemicals supply chains. The companies are collaborating in establishing digital solutions to trace renewable and recycled material flows, providing increased transparency along the value chain. The companies will use Circularise’s blockchain-based supply chain traceability software, which creates a digital twin for the physical materia...

May saw the highest ever monthly increase in long-term contracted ocean freight rates, as the cost of locking in container shipments soared by 30.1%. The unprecedented hike, revealed in the latest Xeneta Shipping Index (XSI®) Public Indices for the contract market, means that long-term rates are now 150.6% up year-on-year. In 2022 alone, costs have climbed by 55%. “This is a staggering development,” comments Xeneta CEO Patrik Berglund. “Just last month we were looking at a...

The naming and delivery ceremony of CULINES' first container new building CUL NANSHA was held in the Longxue Plant of CSSC Huangpu Wenchong Shipbuilding in Nansha, Guangzhou. More attendees joined this ceremony via video call from Shanghai and the United States. Hongyu Xu (Deputy Director-General of Guangzhou Port Authority), the godmother of CUL NANSHA, cut the rope and named the new vessel. Attendees Yuzhang Pan (Second-Level Inspector of the Administrative Commission of Nansha Economic and...