Finance - News

ClassNK has granted its Innovation Endorsement for Products & Solutions to Ship Energy Efficiency Monitoring System (SEEMS) developed by the Samundra Institute of Maritime Studies. In order to promote the spread and development of innovative technologies, ClassNK has offered Innovation Endorsement for Products & Solutions. Deployment of products ClassNK supports the deployment of products and services through third-party certification for equipment and software technology with innovat...

ClassNK has granted the class notation ‘a-EA (GRS)’ to ‘BRIGHT QUEEN’, the bulk carrier operated by NYK Bulk & Projects Carriers Ltd., certifying the use of green steel. This is the world’s first case of a notation being affixed for using green steel in a vessel. There’s a growing focus on using green steel, which reduces GHG emissions in the manufacturing process, in ships as part of efforts to cut GHG emissions across the entire supply chain. To support...

In partnership, Power2X and Advario are developing a world-scale production and storage hub for sustainable aviation fuel (e-SAF) and synthetic, ultra-low carbon fuels in the port of Rotterdam. The Power2X production facility will have the capacity to produce over 250,000 tonnes/year of e-SAF, a non-fossil, synthetic fuel made from green hydrogen. It will be the largest e-SAF facility announced to-date, making sufficient ultra-low carbon fuel to fully power approximately 7,000 flights between A...

Gibdock Shipyard and Armada Technologies Ltd. are pleased to announce the signing of a Memorandum of Understanding (MoU) to explore the integration of Armada's proprietary air lubrication system, the Passive Air Lubrication System (PALS), into vessels serviced by Gibdock. This agreement marks a significant step towards enhancing energy efficiency and reducing harmful emissions in the maritime industry. Innovative PALS System The collaboration aims to leverage the strengths of both organisati...

Global law firm - Norton Rose Fulbright has advised ABN AMRO and National Australia Bank (NAB) on their arrangement of acquisition financing for Celsius Shipping (Celsius) and Basalt Infrastructure Partners (Basalt) to acquire two LNG carriers. Celsius and Basalt formed a new joint venture for the acquisition of the two state-of-the-art vessels – the Celsius Copenhagen and Celsius Carolina – which were built in Korea and operate using the latest, most fuel-efficient propulsion techn...

Watson Farley & Williams is pleased to announce the publication of the third edition of The Law of Ship Mortgages, written by Partner Charles Buss, recently retired Partner - David Osborne and Knowledge Counsel - Joanne Champkins. Described as the definitive text on English ship finance law, the first edition was published in 2001 and has been well-received ever since. Impact on shipping This third edition was written with the ever-increasing sanctions and their impact on shipping and shi...

WEG and Eletrobras were present at CIGRE Paris 2024, where Engineer - Mateus Alexandrino, from the Transmission Department of the Vice-Presidency of Engineering and Expansion of Eletrobras, made a presentation about the reliability of protection, automation and control systems (PACS) associated with redundancy and system condition monitoring. WEG and Eletrobras partnership The work between WEG and Eletrobras addresses the modernisation process of the Itajaí substation, located in southe...

The Panama Canal was emphasised as a key player in global trade during the New York Maritime Forum (NYMF). The Canal Administrator, Ricaurte Vásquez Morales, presented the achievements reached in fiscal year 2024 (FY-2024), which has optimised the reliability and sustainability of this maritime route. In his speech, Ricaurte Vásquez Morales shared official data for FY-2024, highlighting some of the operational accomplishments of the Panama Canal during a year of particular attenti...

ERMA FIRST, a globally renowned sustainable maritime solutions provider, has joined the RightShip Zero Harm Innovation Partners Program, which aims to promote the adoption of solutions targeting a zero-harm maritime industry. Committed to preserving and protecting the marine ecosystem, ERMA FIRST offers an extensive portfolio of future-proof maritime sustainability solutions encompassing alternative maritime power (AMP), carbon capture and storage (CCS), and energy-saving devices (ESDs). Futur...

Watson Farley & Williams (WFW) advised Crédit Mutuel Impact and Bpifrance on an equity investment into French cargo sailing ship developer and operator VELA Sail For Goods (VELA).  Other investors also took part including US-based 11th Hour. The investment will help finance the construction of a trimaran cargo vessel to be built by shipyard Austal Philippines for lease to VELA. Crédit Mutuel Impact and Bpifrance The multi-disciplinary WFW Paris team that advised Cr&eacu...

In a significant step towards sustainability and emission-free energy sources on board, Offshore Supply Vessel Coastal Liberty has set sail on the waters of the Wadden Sea. With the clear aim of minimising the environmental impact of its activities and driving forward the energy transition, the shipping company has decided to switch to green hydrogen as its main source of energy. End of February 2024 the refitted OSV received class certification by DNV for its newly installed hydrogen system on...

The Port of Poole proudly welcomed MS Hamburg, a cruise ship operated by Plantours Kreutzfahren, on her maiden call on Wednesday, 9th October 2024. A commemorative plaque exchange ceremony took place between Poole Harbour Commissioners’ Harbour Master, Harry Gregory and the Captain of the cruise ship, Captain Igor Gaber, celebrating this special occasion. Maiden call of MS Hamburg vessel The MS Hamburg, a 144-metre-long cruise vessel, arrived at Poole after calling at London The MS Ham...

In the wake of the devastation caused by Hurricane Milton and Hurricane Helene, Norwegian Cruise Line Holdings Ltd. (NCLH) has announced a total contribution of $80,000 to the American Red Cross to help those in affected communities. In addition to the $30,000 it previously donated to the Red Cross to support Hurricane Helene relief efforts, it will match up to $50,000 more in public donations toward Hurricane Milton relief efforts. This contribution aims to provide immediate relief to the comm...

Oceania Cruises, the world’s renowned culinary- and destination-focused cruise line, has unveiled details of its new culinary venue, the Crêperie, debuting on Allura™, its newest ship launching in July 2025. The Crêperie, located next to Baristas, the line's signature coffee bar, will offer a selection of tempting French crêpes, Bruxelles waffles and bubble waffles, alongside Italian ice cream sundaes, from mid-morning throughout the afternoon. The Crêperie...

Iridium Communications Inc., a globally renowned provider of global voice and data satellite communications, has announced its collaboration with Nordic Semiconductor for early integration of its Iridium NTN Direct℠ service into Nordic's LTE-M/NB-IoT modules and chipsets. Nordic Semiconductor is a global major in low power wireless connectivity solutions, including cellular IoT (LTE-M, NB-IoT), Wi-Fi, Bluetooth LE, and Thread and is trusted by world’s major brands across the consumer, ind...

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...