Finance - News

Zero-emissions goal energised by Forum Mobility’s new charging stations. A new charging depot that will be operated by Forum Mobility broke ground Wednesday, aimed at meeting the accelerating demand for heavy-duty electric trucks serving the Port of Long Beach. The facility, scheduled to go online in the fall, moves the Port closer toward achieving a goal of zero-emissions operations for drayage trucks by 2035. Mobility’s new charging depot “As an industry pioneer in the sus...

Harbor Lab, the maritime software company modernising the outdated accounting practices hampering the $14 trillion shipping industry, has raised a $16 million Series A funding round led by European VC Atomico.  With participation from existing investors Notion Capital, Venture Friends, SpeedInvest and The Dock, and new investors Endeavor Catalyst and maritime VC TMV, the round follows a Seed round of €6.1 million. It takes total funding for the Greek startup to some $22.5 million. A...

Maersk has inaugurated a specialised cross dock warehouse in Rotterdam on its Maasvlakte II terminal. It will accelerate the flow of cargo significantly from arrival on a vessel to the point of sale, especially in the Benelux, German and French hinterland. Warehouse features After discharging containers from an arriving vessel, the products can be unpacked, transloaded to conventional trucks, and dispatched to their final destination within hours. Maersk welcomed Starbucks as the first custo...

Orbital Marine Power (Orbital), the renewable energy company focused on the commercial deployment of its innovative floating tidal turbine technology, has selected Global Energy Group as preferred supplier to lead the manufacture and assembly of turbines for the company’s initial Orkney projects which have secured contracts under the UK Government’s Contract for Difference auction rounds 4 and 5. Turbine manufacture It is anticipated that turbine manufacture will start at Global...

Technology group - Wärtsilä has designed and delivered controllable pitch propellers for Stena’s new Ro-Pax vessel, Ala’suinu, which has completed sea trials. Following these sea trials, Ala’suinu became the first Ro-Pax vessel to fulfil the DNV Silent(E) notation, satisfying the criteria in the operating conditions at 11 and 18 knots. This environment class notation from DNV was introduced to protect sensitive marine ecosystems, applying to vessels that demonstrate...

ABS, HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE), and HD Hyundai Heavy Industries, Co., Ltd. (HHI) have signed a memorandum of understanding (MoU) to collaborate on the technical feasibility for medium-voltage direct current (MVDC) power systems on ships. The agreement opens the door to collaboration on design assessment, new technology qualification as well as the development of rule guidance to provide clear directives on technical requirements, safety standards, and...

Watson Farley & Williams (WFW) is pleased to announce that it has promoted eight lawyers to counsel. They are: Nerina Erasmus – Corporate Nerina’s practice focuses on domestic and cross-border M&A, joint ventures, and private equity transactions, with particular expertise in the energy and infrastructure sectors. She is dual-qualified in England & Wales and South Africa. Valentina Keys - Environment, Health & Safety She also specialises in providing stand-alone...

Tokyu Land Corporation and SolarDuck B.V., in collaboration with Kyocera Communication Systems Corporation, have completed the installation of Japan's first offshore floating solar photovoltaic (OFPV) power plant on the sea surface, under the Tokyo Bay eSG Project (the Project), an initiative of the Tokyo Metropolitan Government's Policy Planning Bureau.  This project is a demonstration project by the Tokyo Metropolitan Government that aims to realise the world's most advanced energy gener...

Accelleron has renewed its service agreement with the world’s biggest engine builder - HD Hyundai Heavy Industries Engine & Machinery Division (HHI-EMD) and its lifecycle service company - HD Hyundai Marine Solution (HMS). The agreement, continuing a collaboration that started in 2024, will ensure that owners of engines built by HHI-EMD and vessels or power plants serviced by HMS can benefit from Accelleron’s turbocharger service expertise, spare parts, lifecycle upgrades, and e...

The ABS-classed Liza Unity continues to collect industry firsts by receiving the first REMOTE-CON notation for an FPSO from ABS. The REMOTE-CON notation demonstrates the vessel’s alignment with remote-control functions and signifies that the design and construction of the offshore asset are assessed against and adhere to the ABS Requirements for Autonomous and Remote Control Functions.  Liza Unity The Liza Unity is the second FPSO to be built for ExxonMobil Guyana’s Stabroek...

Watson Farley & Williams (WFW) has advised the Blue Ocean maritime strategy managed by EnTrust Global (EnTrust) on its acquisition of Norwegian alternative investment fund manager - Offshore Merchant Partners (OMP) from HitecVision. EnTrust EnTrust is a major global alternative asset management firm. Co-founded in 1997 by Chairman and CEO - Gregg S. Hymowitz, EnTrust offers a diverse range of alternative investment opportunities across strategies, including private debt and real asset...

ClassNK has released the report – ‘ClassNK Alternative Fuels Insight’, which summarises the characteristics and latest trends of alternative fuels to support their customers’ future fuel selection. Amidst the pressing need for society-wide reduction of GHG emissions, regulations aimed at further promoting GHG emission reductions in international shipping are being introduced. This heralds the arrival of an era where GHG emissions from ships will incur costs. Adoption of...

NorthStandard announces the departure of James Bean, a senior executive team member, following his decision to accept a role as Chief Executive Officer (CEO) of The London P&I Club. NorthStandard will not be replacing him as one of two Chiefs of geographical sectors. Steve Cockburn who currently shares the position with James, will assume sole responsibility. Jeremy's comments “It is with mixed feelings that we share this news,” said Jeremy Grose, Co-Managing Director of North...

Ricardo is working to support clients in the maritime sector, developing innovations and exploring new hydrogen activities to help decarbonise the industry.    Ricardo, a global strategic, environmental, and engineering consulting company, is expanding its capabilities in the global maritime sector, supporting clients with the design, development, and testing of large-scale propulsion systems, including multi-stack fuel cell technology.   Hydrogen test facility In Jan...

The London P&I Club has announced that Ian Gooch will be stepping down during the year from the role of Chief Executive Officer after 15 years as CEO and 21 years as a Director of A. Bilbrough & Co., the Company that manages The London P&I Club.  Subject to regulatory approval, Ian Gooch will be succeeded by James Bean, from NorthStandard P&I Club. NorthStandard’s senior leadership A qualified Solicitor, James Bean has worked within the marine insurance industry sin...

ABS awarded approval in principle (AIP) to two critical autonomous functions on a proposed offshore platform in the latest phase of its pioneering collaboration with HD Hyundai Group. The artificial intelligence-based Autonomous Machinery Health Management Function (HiCBM) and the Autonomous Safety Management Function (HiCAMS) both received AIP from ABS at the Offshore Technology Conference in Houston. Latest stage in ABS and HD group The certificates are just the latest stage in ABS and HD H...

Global law firm - Norton Rose Fulbright has advised Bibby Marine on a shipbuilding contract to deliver the world’s first truly zero-emission, electric Commissioning Service Operation Vessel (eCSOV). The eCSOV, which will be built at Astilleros Gondán’s shipyard in Asturias, Spain, is expected to be delivered in 2026. Designed in collaboration with UK-based ship designers Longitude, it will feature a powerful battery system, complemented by dual-fuel methanol engines for emiss...

Sensor solutions provider - HENSOLDT UK has been selected by Navantia UK to provide key systems to the UK Royal Fleet Auxiliary’s (RFA) three new Fleet Solid Support (FSS) ships. The new vessels will incorporate Quadome Naval 3D Air and Surface Surveillance Radar, Air Traffic Management (ATM) systems, and Kelvin Hughes Integrated Navigation Bridge Systems (INBS). The FSS ships will play a crucial role in supporting the replenishment operations of the Royal Navy's Queen Elizabeth Class air...

Anemoi Marine Technologies Ltd – a global major in wind-assisted propulsion technology for commercial vessels – has announced the appointment of Claes Horndahl as their new Commercial Director. With a career spanning more than 20 years supporting gas carriers and tankers, Claes brings a wealth of expertise in maritime consultancy, commercial strategy, and operational efficiency to Anemoi, as the company ramps up production of its award-winning Rotor Sail systems owing to growing dem...

Watson Farley & Williams (WFW) has advised Jiangsu Financial Leasing Co., Ltd. (JSFL) on the US$75 million financing for 10 chemical/oil products tankers and four general cargo vessels owned by the Yildirim Group (Yildirim). The transaction was not a pure sale and leaseback as the closing mechanism was complex as it involved the prepayment of outstanding exposure from a previous transaction, discharging securities promptly, and multiple transfers on the closing date. Structured loan-to-val...

More than 70 managers from 26 Spanish Port Authorities and Puertos del Estado (State Ports) concluded on Friday the conference ‘The culture of control, ethics and integrity in the Spanish Port System’, which Valenciaport hosted on 25 and 26 April, 2024, in the Clock Building. For two days, experts in Internal Control and Auditing debated the best formulas for tackling the challenges of the Spanish Port System from a model of Governance based on control, integrity and ethics. Their o...

Wison Engineering Ltd. (abbr. as Wison) signed EPC contract with Shanghai WaiGaoQiao 3# power generation Co., LTD (abbr. as 3# Power Plant) for its first CO₂ hydrogenation to methanol demo project recently, with the methanol production scale of 10 kta. This project marks the successful implementation of Wison’s first EPC project in the field of carbon neutrality by using chemical adsorption and hydrogenation of 100% carbon dioxide from flue gas of coal-fired power plants to produce bulk c...

SEAONICS will supply 3D Electric Controlled Motion Compensated (ECMC) cranes to two Commissioning Service Operation Vessels (CSOVs) under construction for the German ship-owner at Norwegian shipbuilder - VARD.  The order marks the ninth and tenth units sold since the first next-generation ECMC crane was delivered last year. Ambitious new customer The order marks SEAONICS' first equipment delivery to Windward Offshore The order marks SEAONICS' first equipment delivery to Windward Offshor...

Chantiers de l’Atlantique has chosen Brunvoll as the supplier of main propulsion for Orient Express Silenseas’ new cruise ships, which are going to become the world’s largest sailing ships. The order is for two vessels, with two additional as an option. The delivery from Brunvoll is a propulsion system consisting of a twin-screw configuration with a controllable pitch propeller with a diameter of 3.9 metres. Controllable pitch propellers The propellers are designed to be ful...

Technology group - Wärtsilä will supply the methanol-fuelled auxiliary engines for five new container vessels for COSCO Shipping Lines Co., Ltd and seven new container vessels for the Orient Overseas Container Line. Each vessel will operate with three eight-cylinder and two six-cylinder Wärtsilä 32M engines. This is the Chinese maritime sector’s largest order to date for methanol-fuelled new build vessels. The order was booked by Wärtsilä in December 2023. T...

The Port of Greenock has been awarded a new weekly deep-sea container service that will directly connect Scotland to the Mediterranean market of Turkey. The new call on the Mediterranean Shipping Company’s Türkiye-to-and-from-UK West Coast service is an extension of the existing service, which already calls at the Port of Liverpool. Seal of approval The addition of the Port of Greenock to the route is a seal of approval of the port’s market-renowned offering, consolidated by...

ABS Wavesight has appointed software and digital technology pioneer - Staci Satterwhite to serve as Chief Operating Officer (COO), a new role for the maritime software as a service (SaaS) affiliate of ABS. Most recently serving as the COO of Khoros, a Vista private equity portfolio company, Staci Satterwhite has extensive and diverse global experience helping develop and transform software and digital solutions. Customer-facing approach “We welcome Staci to ABS Wavesight. Her depth and...

Gelose Marine Services Ltd. has joined Thordon Bearings’ extensive network of authorised distributors to further the ‘greening’ of Nigeria’s fleet of domestic and international vessels with more sustainable bearing solutions. Based in Port Harcourt, Rivers State, Nigeria, Gelose has a diverse services portfolio, ranging from maritime security and vessel management to technical support, ship repair, and dry dockings with its own 400t ship lift capability shipyard. The com...

Watson Farley & Williams (WFW) has advised UniCredit S.p.A. (“UniCredit”) on a loan granted to Augusta S.r.l. (“Rimorchiatori Augusta”) to pay for the purchase of the Italian-flagged tugboat Ortigia which recently joined their fleet. Rimorchiatori Augusta is owned by Rimorchiatori Mediterranei, the world’s renowned port towage operator. Built in Turkey and currently registered in Catania, Sicily, the Ortigia has a maximum speed of around 12 knots and a towing c...

Global law firm - Norton Rose Fulbright has advised Citibank, N.A. (Citibank), as Coordinator, BNP Paribas, KfW, and Alpha Bank on a $450 million syndicated facility for Danaos Corporation (Danaos). Financial aid The facility will assist with the financing of eight newly built container vessels built by the Daehan, Dalian, and Qingdao shipyards. These container vessels meet the latest IMO requirements for emissions and energy-efficient design, making them Danaos’ most sustainable vessels...