Finance - News
Peel Ports was pleased to welcome the first call of a new direct container service connecting the UK’s North-West with the Far East this week. MSC’s new Britannia Service creates a unique corridor between the two markets and significantly opens up export and import opportunities for businesses looking to utilise the Port of Liverpool’s unique proximity to the heart of the UK. Britannia Service The new service follows increased demand from retailers and importers looking to d...
Brunvoll has been chosen to supply azimuth propulsion thrusters and thruster control systems for Norled’s four next hybrid ferries. The vessels will service the routes between Stokkvågen, Lovund, and Træna in Norway. The vessels are designed by LMG Marin and will be built at the Tersan Havyard Shipyard. Norwegian ferry operator Norled has won the contract for the routes based on a 90% reduction in emissions. Norled has an ambitious strategy for sustainability, and the new hybr...
Svanehøj adds a significant reference to its expanding portfolio within ammonia applications. The Danish liquified gas equipment specialist has been awarded a contract to supply 32 deep well fuel pumps for a new series of ammonia dual-fuel bulk carriers. A new series of 210,000 DWT ammonia-fueled bulk carriers will be equipped with deepwell fuel pumps from Svanehøj. DW NH3 Fuel Pumps As a subcontractor to the AFSS supplier SunRui Marine Environment Engineering Co., Ltd., S...
Brunvoll has been chosen to supply azimuth propulsion thrusters and thruster control systems for Northrop’s four next hybrid ferries. The vessels will service the routes between Stokkvågen, Lovund, andTræna in Norway. The vessels are designed by LMG Marin and will be built at the Tersan Havyard Shipyard. Hybrid ferries Norwegian ferry operator - Norled has won the contract for the routes based on a 90% reduction in emissions. Norled has an ambitious strategy for sustain...
GAC Spain, a major provider of shipping and logistics services in the Iberian Peninsula, has opened a new office at the Port of Huelva, enhancing its support for customers within the country’s shipping and energy sectors. New office offerings The opening of GAC Spain’s newest office strategically positions the global ship agent to serve its existing dry and liquid bulk customers, as well as gas carriers at Huelva, with a suite of specialised services. These include ship agency, hu...
Olli Köresaar has been appointed new Chief Executive Officer (CEO) of Ahlsell Finland and the Baltics. He will assume his new position on the 1st of September and will be part of Ahlsell’s group management. Olli joins the company from Schindler, where he held multiple leading roles over 16 years, most recently as CEO UK & Ireland and prior to that as Managing Director for the Nordics, as well as for Finland. Olli Köresaar appointed new CEO of Ahlsell Olli is an enthusiasti...
Wallem Group, a globally renowned ship management company, has announced the appointment of Luis Benito as its new Group Business Development & Marketing Director, effective 19 August 2024. Luis will report directly to John Rowley, Wallem Group CEO. In his new role, Luis will be responsible for driving sustainable profitable revenue growth across the Group. He will work closely with Wallem’s Ship Management, SeaSafe, Ship Agency, and Commercial Services businesses to deliver innovatio...
With the aim of boosting Renewable Energy infrastructure in Chile, a significant global player in renewable energies, focused on the promotion, construction, and operation of power generation facilities from renewable sources, has partnered with WEG to acquire essential equipment for their project: a large-scale power transformer. WEG supplies large-scale power transformer The transformer will play a vital role in the wind farm's energy infrastructure, handling voltage regulation Destined for...
Brittany Ferries is to become the majority owner of Condor Ferries, following recent changes in the ownership structure. Condor Ferries is the passenger and freight ferry operator between the UK (Poole, Portsmouth), the Channel Islands and St. Malo in France. Condor was originally acquired in November 2019 by a consortium comprising Brittany Ferries and the London-based Columbia Threadneedle European Sustainable Infrastructure Fund. Subject to approval by the regulatory authorities in Jers...
Construction of Scotland’s largest commercial shore power system started at Port of Aberdeen as part of a £4 million project designed to supply clean electricity to vessels at seven berths. The project is scheduled to deliver its first power in March 2025. The ‘Shore Power in Operation’ demonstrator project is one of the first of its kind in the UK and was awarded match funding as part of the Department for Transport’s (DfT) Zero Emissions Vessels and Infrast...
Ulsan Port Authority (UPA) has announced that it signed an equity investment agreement worth US$17.6 million with Hyundai Oil Terminal Corporation on 1 August 2024, to establish Korea’s alternative marine fuel supply chain centred on Ulsan Port. The investment is a follow-up to the 'Plan to Establish an Alternative Marine Fuel Supply Chain' announced at the government's emergency economic ministerial meeting in November 2023, with UPA taking the lead to strengthen the competitiveness of K...
Transportation of LNG entails complex decision-making processes that must be managed effectively to ensure operational efficiency and environmental compliance. And LNG operators can take a lead in sustainable shipping by leveraging advanced data-driven technologies to enhance performance in this fast-expanding sector, says OrbitMI. Green shift The LNG business is at the forefront of the green shift in shipping as liquefied natural gas (LNG) is seen as an important transition fuel, given signi...
Brunvoll has signed a contract with Tersan Shipyard for the delivery of propulsion and manoeuvring systems for two stainless steel chemical product tankers. Tune Chemical Tankers (TCT), which also is a part of Tersan Group will be the owner of the vessels. The contract also includes an option for two additional vessels. Brunvoll’s delivery for the vessels consists of a complete shaft line solution with a reduction gearbox and a controllable pitch propeller, a tunnel thruster, and Brunvoll...
SAE has achieved the next step in delivering its ‘Building a Sustainable Future to 2035’ strategy by taking full ownership of the 120MW Battery Energy Storage System (BESS) project at the Uskmouth Sustainable Energy Park (USEP). According to the Company’s latest estimates, the BESS project will generate average annual revenues of £12m and annual average EBITDA of £9m per annum in its first five full years of operation. The estimated capital cost of the projec...
In September 2023, NSSLGlobal, a global independent satcom and IT solutions provider, was awarded a contract with the UK Ministry of Defence (UK MOD) to provide comprehensive support for Maritime Multi-Media (MMM) services across the Royal Navy fleet. This strategic partnership aims to enhance the welfare services available to Royal Navy personnel by providing a wide range of entertainment on board vessels. Such welfare services are increasingly important in recruiting and retaining sailors. De...
The Panama Canal announced through an Advisory to Shipping, that effective immediately, the maximum authorised draft allowed for vessels transiting the Neopanamax Locks will be 49.0 feet (14.94 m), based on the present and projected level of Gatun Lake for the upcoming weeks. Reliability of transit service The Panama Canal had to adapt its operations because of the prolonged drought resulting from the climatic variations that affected the levels of the Gatun and Alhajuela Lakes. Despite this...
Norwegian Cruise Line® (NCL), the innovator in global cruise travel, is proud to announce the expansion of its Military Appreciation Programme offering programme eligibility to active Canadian service members, veterans, and their dependents from the Canadian Army, Royal Canadian Navy, Royal Canadian Air Force, and Canadian Coast Guard. Eligible members of the Canadian armed forces will receive special onboard experiences, amenities, and a 10 percent cruise fare discount across all sailings...
Wallem Group, a global maritime partner, is pleased to announce it has signed a strategic cooperation agreement with COSCO Shipping Seafarer Management Company to enhance the cooperation of both organisations. Green, low-carbon shipping Han Chao, Chairman and Party Secretary of COSCO Shipping Seafarer Management Company, and John Rowley, CEO of Wallem Group, signed the agreement on behalf of both parties. John Rowley, CEO, of Wallem Group, said, “We are honoured to partner with COSCO Sh...
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...