Finance - News

The popularity of the Port of Hamburg remains first-class in Asia. At the Asian Freight, Logistics and Supply Chain (AFLAS) Awards ceremony in Shanghai on 25 June 2024, the Port of Hamburg won the award for 'Best Global Seaport'. During the ceremony organised by the trade journal Asia Cargo News in Shanghai, Darren Barton, Publisher of Asia Cargo News, presented the award to Inga Gurries, Head of Market Development Asia Port of Hamburg Marketing (HHM). Readers of Asia Cargo News About 15,00...

The Panama Canal celebrated the eighth anniversary of its expansion program by announcing an increase to its draft and daily transits, all while continuing to manage the impact of climate variability and the challenge of securing water for the future. Through an Advisory to Shipping, the Panama Canal announced that the maximum authorised draft was raised today from 46 to 47 feet (14.33 metres), and will increase to 48 feet (14.063 metres) on July 11. Additionally, a new booking slot for the Neo...

The ABB-powered all-electric tug eWolf has been christened this week at the Port of San Diego, California, marking a new chapter in vessel electrification in the United States. Owned and operated by Crowley, eWolf features an end-to-end electric propulsion system from ABB including a 6.2-megawatt-hour energy storage system (ESS). This allows the vessel to achieve 70 short tons of bollard pull with zero emissions and complete a full day of work on a single charge. Given electricity is cheaper t...

ABS and FibreMax signed a pioneering agreement to collaborate on stiffness-driven mooring tendons for the offshore wind market. The collaboration, which is principally focused on floating offshore wind assets, will see ABS provide qualification of FibreMax’s fibre and small rope testing. ABS will evaluate test methods for accuracy in predicting the parameters needed to perform representative analysis, focusing on stiffness. FibreMax will provide expertise on stiffness, based on its p...

HMM, Korea's largest and the world's eighth-largest container carrier, has announced a strategic partnership with CargoX, a pioneering provider of electronic trade document solutions. This collaboration introduces electronic bill of lading (eBL) features on the HMM digital service platform. Through this partnership, HMM customers will benefit from the advanced functionalities of the CargoX Platform, which will be integrated into HMM's digital services. This integration aims to modernise and str...

Vard Marine Inc. (VARD), a Fincantieri company, has proudly launched VIGILANCE, as their solution to replace the Royal Canadian Navy’s (RCN) Kingston Class Maritime Coastal Defence Vessels (MCDV) under Pillar Two of Canada’s National Shipbuilding Strategy (NSS). In conjunction with Team Vigilance partner companies - Thales Canada, Ontario Shipyards, SH Defence, and Fincantieri, VIGILANCE will provide the RCN with a lightweight and operationally flexible military asset that is highly...

MAN CEON, the digital platform of MAN Energy Solutions, received the ABS Cyber Security Product Design Assessment (PDA) certificate. MAN CEON connects machinery to Amazon Web Services (AWS), the Amazon-based cloud storage platform. The data transmitted is used to provide up-to-date information including the efficiency of components and systems, availability of those systems and real-time monitoring from shore. ABS CyberSafety® Program The PDA is part of the ABS CyberSafety® Program th...

Watson Farley & Williams advised long-standing client TUI Cruises GmbH on the delivery of Mein Schiff 7, its seventh ship in the Mein Schiff series built at Meyer Turku’s shipyard in Finland.  At ca. 112,000 GT, the 315 metres long, MEIN SCHIFF 7 is a showcase for modern, sustainable shipping. It has been fitted with cutting-edge technology to reduce nitrogen oxide emissions and is also equipped with methanol capability and a shore power connection. Representation of TUI Cruises...

Safe and efficient DESMI mag-drive centrifugal pumps enable leakage-free methanol fuel systems for ships, reducing vessel carbon emissions and climate impact. With every year that passes, emission regulations tighten in the shipping industry. Ship owners who want to stay in business need to look for ways of reducing carbon emissions to comply with the targets defined in the IMO GHG Strategy and other regulations. A promising but toxic alternative Running on alternative fuels is one of the mos...

In a pioneering achievement, DESMI has secured third-party validation for the effectiveness of its aquaculture UV treatment systems from DNV, a global major in quality assurance and risk management. This marks a significant advancement in the aquaculture industry, ensuring greater transparency and trust in UV treatment technologies. On February 16th, 2024, DESMI achieved a milestone by receiving DNV validation for the UV doses applied by its UV treatment systems, specifically designed for aquac...

Iridium Communications Inc. (IRDM), a renowned provider of global voice and data satellite communications, has announced expanded commercial availability of its Satellite Time and Location (STL) service, the leading alternative positioning, navigation, and timing (PNT) solution. Driven by increased commercial demand, Iridium partners are now authorised to sell the service in parts of Europe and Asia Pacific, helping to protect locally relied upon GNSS systems, like GPS and Galileo, with a signa...

The performance of Hempel’s cutting-edge silicone-based hull coating solution, Hempaguard X7, and its ability to accelerate decarbonisation efforts in the maritime industry are now third-party validated by DNV. Since its launch in 2013, Hempaguard has provided vessels around the world with significant energy efficiency compared to the industry average and contributed to substantial reductions in carbon emissions. With this external validation by DNV, Hempel is now better able to demonstra...

Ingeteam’s first project for an electrolyser manufacturer’s test bench has been a great success. The project was the first 100% renewable hydrogen production facility to which the Basque technology company supplied capital equipment in mid-2022. Following system commissioning and several months of operation, its success constituted a green light for further projects with the same customer to generate hydrogen for their mobility solutions. Test bench project Such test bench project...

Global law firm Norton Rose Fulbright has advised the lenders, led by Citi, on the financing and subsequent delivery of Royal Caribbean’s latest flagship vessel, “Utopia of the Seas”. The Norton Rose Fulbright team advised on all aspects of the transaction, including the original financing arrangements and, most recently, the delivery of the vessel. The vessel is the latest Royal Caribbean vessel financed under a French ECA-supported receivable purchase financing and post-deli...

Oceania Cruises, the world's pioneering culinary- and destination-focused cruise line, has revealed the next chapter in its culinary story as it highlights new Relaxed Yet Refined dining venues aboard its eight small, luxurious ships. New sushi and Indian cuisine offerings at Terrace Café and a revamped poolside lunch menu at Waves Grill are in the spotlight as the line redefines The Finest Cuisine at Sea. Winning specialty restaurants Frank A. Del Rio, President of Oceania Cruises, co...

As part of a CEF Study project co-funded by the European Union, Port of Rotterdam, in collaboration with the municipality of Rotterdam and various partners in the port of Rotterdam, is conducting four feasibility studies for shore power. This takes place at four large terminals in the port of Rotterdam; the ECT (Amazonehaven), APMT2 (Amaliahaven), VOPAK (Vlaardingen) and the Cruise terminal (Wilhelminakade). The studies consist of different parts; detailed technical studies, environmental and s...

SRC Group and GREEN MARINE have signed a collaborative agreement that brings two of the strongest advocates of methanol as a marine fuel together to develop and deliver Methanol Superstorage to market. SPS Technology The cooperation aims to realise the benefits available to SRC’s Methanol Superstorage solution, which has been turning heads among owners, builders, repairers, class societies, and insurers since its launch. Using the SPS Technology Sandwich Plate System instead of traditio...

From June 10-13, the U.S. Department of Homeland Security (DHS) partnered with the Government of Indonesia under the U.S. Department of State International Narcotics and Law Enforcement and U.S. Department of Defence Threat Reduction Agency programmes to enhance the security and resilience of the international maritime transportation system. Cybersecurity and incident response This reflects a joint commitment by both nations to strengthen cybersecurity collaboration and protect maritime crit...

Technology group - Wärtsilä announced it will supply its EnergoFlow and EnergoProFin propulsion solutions to four medium-range ('MR') tankers in the International Seaways fleet.  The devices will be used to upgrade the ships’ existing Wärtsilä controllable pitch propeller system resulting in an estimated five percent (5%) in fuel savings. These will be the first Ice Class 1A FS vessels to be fitted with the EnergoFlow solution. The order was booked by Wärtsil...

Norway-based maritime technology business, Shipnet, has collaborated with Source2Sea in an initiative to drive data-based and transparent catalogue ordering within the maritime supply industry. The PunchOut integration allows Shipnet users to access Source2Sea’s marketplace without leaving Shipnet, optimising the ordering processes onboard and the building and maintenance of procurement product data and assortments. Linking procurement systems Linking procurement systems with supplier c...

It is the launch of the International Maritime Cyber Security Organisation (IMCSO), an organisation that aims to raise the standard of cybersecurity risk assessment across the maritime industry. IMCSO The IMCSO has devised a certification programme for security consultants and a professional register, helping shipping organisations to confidently select experienced personnel. Alongside this, the IMCSO will also validate report outputs to ensure consistency with those reports then held on a ce...

Watson Farley & Williams advised Crédit Mutuel Impact and Atlante Gestion on their equity investment in SO TOWT to finance the construction of six new sailing cargo ships for TOWT TransOceanic Wind Transport (“TOWT”), the pioneering French low-carbon shipping company. The six new vessels are being built in Brittany’s Piriou shipyards for delivery in 2027. Once operational they will join the first two vessels of TOWT’s fleet, which are expected to enter commerc...

Rolls-Royce’s Power Systems division is expanding its mtu engine programme for military land vehicles to include a hybrid powerpack for special tactical requirements and a 10-cylinder, over 1.100 kW power output, version of the mtu Series 199 which has been extremely successful with NATO forces. Both concepts will celebrate their premiere at the Eurosatory defence trade fair, which takes place in Paris from 17 to 21 June. Rolls-Royce's strategic initiatives Dr Jörg Stratmann, CEO o...

FuelEU Maritime, an EU regulation aimed at promoting the decarbonisation of fuels used on board ships, has entered into force and will apply to all ships above 5,000 gross tonnages calling at EU ports from January 1, 2025. FAQs on the FuelEU maritime In this 'FAQs on the FuelEU Maritime (2nd Edition)', the explanation regarding the responsible entities under the regulation and the necessary regulatory compliance timeline for shipping companies have been added, and the contents have been update...

It was destroyed in an explosion during the Blitz, hosted Cunard liners during the 1960s, and was a key link for trade in everything from sugar to second-hand appliances. Now an industrial site on the Mersey docklands is looking for a new occupier to continue the story of the extraordinary site. The rare lot of land at Huskisson Dock, owned by the UK’s second largest port operator, Peel Ports, will serve as an ideal hub for companies working in the distribution, manufacturing, and sp...

Ocean Harvesting is currently developing generation 6 of its wave energy converter InfinityWEC in close collaboration with ball screw manufacturer NSK. A ball screw is a very good actuator providing a high ratio between linear motion and rotation to the generator, high efficiency, low weight and long life. However, ball screws are sensitive to the side forces and bending moments in the PTO caused by the surge motion of the buoy and high speeds that may occur in large waves. This challenge in th...

Following a successful 6-month pilot, Ocean Network Express (ONE) UK in partnership with Freightliner will extend its commitment to use HVO100 fuel for all cargo transportation via rail. HVO100 fuel A 100% renewable fuel, HVO is made from raw materials such as vegetable oils, waste-based fat, and oil from the food industry. Switching to HVO can reduce CO2 emissions by up to 90% and is the best alternative to conventional diesel which is normally used to power freight trains. The fuel is certi...

Accelleron has signed a Turbo LifecycleCare service agreement with Grandi Navi Veloci (GNV), an Italian shipping company specialising in coastal navigation and passenger transport in the Mediterranean.  The five-year agreement covers the maintenance and servicing of more than 100 turbochargers across GNV's fleet of 28 ships. Accelleron offers comprehensive support Accelleron will provide comprehensive support, including spare parts and labor readiness, focused on maintaining turbocharger...

Co2next, the open-access terminal project for temporary storage and handling of liquid CO2 in the Maasvlakte area in Rotterdam, is entering the FEED (Front-End Engineering Design) phase. Shell and TotalEnergies have joined this collaboration, which was fronted by Gasunie and Vopak up to this point. The terminal will house liquid CO2, which is supplied by vessels and will be connected to empty North Sea gas fields through the future Aramis pipeline. As a result, the terminal will become par...

MSC has announced the creation of its new service – Britannia – that will provide increased port connections via a unique corridor from China - Vietnam to Liverpool. The new loop provides access to the port of Vung Tau, creating a direct service to Liverpool and MSC’s hubs in Rotterdam, Antwerp and Hamburg, connecting Scandinavia and Baltic Destinations. This will increase its coverage from China and Vietnam to the UK and Northwest Continent. Other direct services The first...