Finance - News
Inchcape Shipping Services, a provider of comprehensive port agency and maritime services, proudly announces the opening of its new office in Manila, marking a significant expansion of its service capability in the dynamic Asia-Pacific region. The new office will serve key Philippine ports, strengthening Inchcape’s global footprint and commitment to unparalleled service. Manila office The newly established Manila office is strategically located to manage operations across several major...
The Panama Canal announced through an Advisory to Shipping, the introduction of a Long-Term Slot Allocation (LoTSA) Method for Neopanamax vessels, as part of the Transit Booking System, to increase transit certainty and flexibility for our clients. Currently, the slot offering in the Transit Booking System is done daily with an anticipation period before the required transit date. Transit booking slots Through this method, several transit booking slot packages corresponding to January of th...
ClassNK has issued an Approval in Principle (AiP) for a design concept of the ammonia fuel bunkering boom, which is jointly developed by Nippon Yusen Kabushiki Kaisha (NYK Line) and TB Global Technologies Ltd. This is the world’s first AiP certification for the design of a bunkering boom for ammonia fuel. Ammonia fuel utilisation As ammonia fuel utilisation is expected in shipping for decarbonisation, bunkering vessels that supply fuel to ships and related equipment will play an essenti...
NSSLGlobal, an independent full-service project engineering, Satcom, and systems integrator, is celebrating its 55th anniversary, marking more than half a century of developing innovative technology solutions for the government and maritime mobility markets. Satellite solutions Established in 1969, NSSLGlobal has a proud heritage of providing best-in-class satellite solutions. NSSLGlobal’s ongoing commitment to innovation and helping customers solve their communication challenges wherev...
ClassNK has issued an Approval in Principle (AiP) for a design concept of the ammonia fuel bunkering boom, which is jointly developed by Nippon Yusen Kabushiki Kaisha (NYK Line) and TB Global Technologies Ltd. This is the world’s first AiP certification for the design of a bunkering boom for ammonia fuel. As ammonia fuel utilisation is expected in shipping for decarbonisation, bunkering vessels that supply fuel to ships and related equipment will play an essential role in the supply chain...
Technology group - Wärtsilä has signed a 16-year Lifecycle Agreement with Seapeak Maritime (Glasgow) Ltd, one of the largest independent owner-operators of liquefied gas vessels. The contract covers ten LNG Carriers and is an extension of an earlier Wärtsilä Lifecycle Agreement for these vessels. The new order was booked by Wärtsilä in Q1 2024. The global demand for LNG is rising, and is expected to continue to rise over the coming years, which is driving a need fo...
SD Government, SD company and 2020 Independent Teleport Operator of the Year, now supports more satellite constellation providers, and their customers, than any other global provider following completion of a high throughput terrestrial upgrade. The enhancement of the Tier 4 certified teleports located in Santa Paula, CA., and Southbury, CT. strengthens the already extensive redundancy of the infrastructure and expands the transmission pathway capacity for companies launching satellites into LE...
Watson Farley & Williams ('WFW') is strengthening its Middle East ship finance practice with the relocation of Assets & Structured Finance Partner, Emily Widdrington from London to Dubai as of 1 August 2024. Emily has over 12 years of experience advising and acting for banks and ship owners on loan and security documentation. Her experience ranges from advising on high-value ECA-backed financings to loan agreements involving sustainability-linked margin adjustments. New LNG-powered cru...
Bibby Financial Services (BFS) has bolstered its Marine Finance business with the appointment of an experienced front and back-office team, as it looks to grow its support for the maritime sector. First launching in 2023, BFS Marine Finance provides specialist financing and support to the sector across a wide range of vessel types, including wind farm service vessels, general purpose workboats, passenger vessels and ferries, survey vessels, tugs and barges, coastal ships, charter boats and hire...
National Maritime, in partnership with the University of Greenwich, will host a two-day conference and exhibition exploring sustainable practices and business opportunities in the maritime realm. The 4th Society & the Sea International Conference 2024 will take place on the 9th and 10th of September 2024 in the UNESCO World Heritage Site of Maritime Greenwich. The theme of the conference is ‘To be truly blue, we must also think green: developing a sustainable blue economy needs b...
Olympic Subsea is proud to announce their partnership with Ulstein and Rambøll to carry out the “LCAS - Life Cycle Assessment in Shipbuilding” project. This initiative focuses on developing a maritime-oriented method to evaluate the environmental impact of new vessels throughout their entire life cycle. In this work, Olympic Subsea is specifically looking at the two new offshore wind service vessels developed by Ulstein Design & Solutions AS, both of which are...
Watson Farley & Williams advised ABN AMRO BANK N.V. and ING BANK N.V. on a US$245m term loan facility granted to Tsakos Energy Navigation Limited for the financing of a fleet of tanker vessels. WFW acted as lead counsel on the transaction and assisted ABN and ING throughout the life cycle of the transaction, from the negotiation and execution of the facility to the delivery of each vessel. Transportation services TEN is a world-pioneering tanker operator, listed on the New York...
Hintco GmbH announces Fertiglobe as the successful bidder of the first H2Global pilot auction for renewable ammonia, funded by the German Government. The winning bidder, Fertiglobe, a strategic partnership between ADNOC and OCI, will start producing renewable ammonia destined for delivery in 2027 for a maximum contract value of EUR 397 million. Renewable ammonia The renewable ammonia will be delivered to the port of Rotterdam and sold by Hintco in standardized quantities in annual aucti...
A comprehensive Port of Long Beach digital platform being designed to help speed cargo deliveries across the nation, the Supply Chain Information Highway, is getting an infusion of funding from Gov. Gavin Newsom’s administration. The Governor’s Office of Business and Economic Development (GO-Biz) announced a $7.875 million grant for the Port’s data system today. Funding is expected to help build out a variety of functions including export and rail cargo visibility, user authen...
Watson Farley & Williams (WFW) advised Attica Holdings S.A. (Attica) on the negotiation of bareboat charter documentation with Stena International S.A. (Stena) for two E-Flexer vessels being built by Stena at the China Merchants Jinling Shipyard (Weihai) Co., Ltd with a purchase option. Delivery is scheduled for April 2027 and August 2027. RoPax vessels The two new vessels with an overall length of 240m, are the largest RoPax vessels ever ordered by a Greek shipping company. With a passe...
Anhui NOY Technologies Co. Ltd., a company manufacturing vacuum helium leak detectors for use mainly in the Chinese market, will become part of Atlas Copco Group. NOY is a privately owned company headquartered at its manufacturing location in Hefei City, Anhui Province, China. The company has 78 employees and in 2023 had revenues of 121 MCNY (approx. MSEK 178). Leak detector technology “NOY was founded in 2016, exhibiting rapid growth by initially serving the EV battery market, wh...
Iridium Communications Inc., a renowned provider of global voice and data satellite communications, has announced that for a second time, its Tempe, Arizona facility has received the James S. Cogswell Outstanding Industrial Security Achievement Award. A distinction presented by the Defense Counterintelligence and Security Association (DCSA) during the annual Society of Industrial Security Professionals (NCMS) training seminar, the award honours companies that embody a commitment to upholding an...
Captain Ian Finley, Permanent Representative of the Cook Islands to IMO, has been selected as the recipient of the prestigious International Maritime Prize for 2023. The decision was made by the IMO Council at its 132nd session (8 to 12 July 2024). Captain Finley was nominated for the award by the Government of the Cook Islands. As a delegate to IMO, representing Panama and latterly the Cook Islands, he has been an active participant in the development of virtually all safety, environmental and...
The Valencia Containerised Freight Index (VCFI) for the month of June decreases slightly in a scenario in which the activity of the maritime sector is marked by the geopolitical situation, but in which an improvement in the world economy is observed. Thus, in the sixth month of the year, this price index, which is based on export prices recorded by the Port of València in 13 geographical areas around the world, stood at 1,585.67 points, representing a monthly decrease of -1.30% and...
Columbia Group (Columbia Ship Management) and Crowley have signed a strategic cooperation agreement that broadens both companies’ ship management solutions for customers, leveraging their extensive, industry-renowned expertise across the maritime, logistics and energy sectors. Under the alliance, customers will be able to capitalise on the capabilities of both organisations for more efficient and greater scale of international management services. Columbia and Crowley form strategic alli...
In a few weeks from now, Fender Innovations will be travelling Eastwards again to participate in SMM Hamburg 2024. Taking place from September 3 to 6, 2024, the port city of Hamburg will be hosting this amazing international exhibition for maritime innovation again and they’re looking forward to meet everyone there! Fender Innovations at SMM Hamburg 2024 Visitors can find the Fender Innovations Group in Hall B7, at Stand 718 for a personal update about the company’s latest develop...
Spire Global, Inc. (‘Spire’ or ‘the Company’), a global provider of space-based data, analytics and space services, was awarded a CA $1.41 million contract by the Government of Canada (GoC) for the provision of global automatic identification system (AIS) ship tracking data. The one-year contract includes options for two additional years, extending the total potential contract value to nearly CA $4.23 million. Spire Global secures contract for ship tracking data &ldquo...
Sir Keir Starmer has been appointed Prime Minister of the United Kingdom after the Labour Party secured a majority in the House of Commons in yesterday’s general election. Maritime UK’s Chief Executive, Chris Shirling-Rooke has shared his congratulations and also urged the newly appointed Prime Minister to prioritise the interests and economic prosperity of coastal communities in the Government's upcoming plans and agenda. In the Maritime Manifesto 2024, Maritime UK outlined its a...
With the support of RWE, the Dutch-Norwegian company SolarDuck, has installed its offshore floating solar (OFPV) project, Merganser. The pilot project aims to test and demonstrate the structural, mooring, and electrical designs and acquire knowledge about manufacturing, assembly, offshore installation, and maintenance methodologies required for large-scale commercial deployment of OFPV. Merganser Merganser has a capacity of 0.5 megawatt peak (MWp) and is located in the Dutch North Sea,...
A multi-faceted, comprehensive conference programme addressing the industry’s most pressing issues will once again captivate SMM visitors this year. The pioneering international maritime trade fair will put decarbonisation, digitalisation, recruiting as well as maritime security and defence at the top of its agenda. For the first time, the conferences will take place on the four Transition Stages, freely accessible to all visitors: Green Stage, Open Stage, Cruise & Ferry Stage and Dig...
Seven nationalities, twenty-one students, twelve days and more than seventy hours of training. These are the figures of the course hosted by the Port of Valencia in the framework of the ‘Train For Trade’ programme, organised by the United Nations Conference on Trade and Development (UNCTAD). Under the name ‘Training of Trainers' workshop. Course on modern port management’, its content -developed by experts from Valenciaport and the port community of Valencia- focuses on...
Extending its trusted relationship with the U.S. Government, Crowley announces the award by U.S. Transportation Command (USTRANSCOM) of a $ 2.3 billion, seven-year contract to continue serving the military’s transportation and logistics needs under the Defense Freight Transportation Services program. Crowley was awarded the original Defense Freight Transportation Services (DFTS I) contract in 2017. One of the largest logistics contracts under the federal government, DFTS encompasses all f...
Oceania Cruises, the world’s renowned culinary- and destination-focused cruise line, is offering up to 40% off 50 global voyages in its Annual Summer Sale, which runs through August 26. The promotion offers travelers ultimate value along with the chance to explore some of the most sought-after and idyllic parts of the world aboard the line's eight ultra-premium small ships, which are perfectly sized to call on off-the-beaten-path ports, as well as landmark cities across six continents. O...
Consort Bunkers Pte. Ltd., ClassNK, Yanmar Asia (Singapore) Corporation Pte Ltd, and Taiko Asia Pacific Pte. Ltd. have signed a Memorandum of Understanding (MOU) to accelerate towards introduction of more bunkering ships capable of handling alternative fuels. Biofuel/methanol bunkering tankers Singapore-based Consort Bunkers placed an order with COSCO SHIPPING Heavy Industry (Guandong) Co., Ltd. to construct four 7,999 DWT IMO Type 2 tankers, ready for biofuel and methanol bunkering. Incorpor...
Watson Farley & Williams (“WFW”) advised Hamburg Commercial Bank AG (“HCOB”) on its acquisition of NIBC Bank N.V.’s (“NIBC”) entire shipping portfolio comprising €992m of performing shipping loans. NIBC’s shipping experts will join HCOB to form its first representative office in the Netherlands. The portfolio was acquired through a multi-stage competitive bidding process and is the first major acquisition of its kind for HCOB. Banking pr...