Finance - News

Kongsberg Discovery is pleased to announce that the first production system of their revolutionary long-range Autonomous Underwater Vehicle (AUV) HUGIN Endurance has completed factory acceptance testing. Sea trials Sea trials for the first production unit began in September 2023, and over the last months, the Kongsberg Discovery Uncrewed Platforms team has put HUGIN Endurance through its paces, verifying and refining all system capabilities. Sea trials culminated in March 2024 with a successf...

With around 250 ships taking part, the Hamburg Port Anniversary offers guests a spectacular water programme, all carried out while port operations continue on the Elbe. The unique tugboat ballet, exciting demonstrations, and the magisterial entry and exit parades will make for some wondrous moments, when majestic tall ships and other impressive vessels pass right in front of the eyes of visitors. Guests can experience the top-class programme right up close. Dancing powerhouses When real power...

Ceremonies and celebrations were recently held in Vancouver harbour for a pair of ElectRA 2300-SX battery electric tugs designed by Robert Allan Ltd. and built by Türkiye’s Sanmar Shipyards.  Both tugs are owned and operated by SAAM Towage Canada and represent major milestones in the Port of Vancouver’s goal of becoming the world’s most sustainable, as well as SAAM Towage’s leadership in the drive to the decarbonisation of harbour operations. Neptune terminals...

Technology group - Wärtsilä will supply a range of solutions aimed at minimising the carbon footprint of six new Pure Car Truck Carrier (PCTC) vessels being built for Dubai-based Sallaum Lines DMCC. Part of the order was booked by Wärtsilä in 2023 and the remainder in Q1 2024. The Wärtsilä solutions were selected following a very stringent evaluation process, with sustainability and minimal environmental impact being a prime consideration. Wärtsilä to su...

Wärtsilä Gas Solutions, part of the technology group - Wärtsilä has been contracted to supply the cargo handling and fuel gas supply systems for three new 98k Very Large Ethane Gas Carrier (VLEC) vessels. The ships are being built at the HD Hyundai Heavy Industries (HHI) yard in Korea for Oceania-based ship owners. The order was booked by Wärtsilä in Q1, 2024. The selection of the Wärtsilä solutions follows a similar recent order from HHI for three n...

Ahlsell Norge AS has entered into an agreement to purchase all shares in Verktøy-Maskin AS. The acquisition represents an additional contribution to Ahlsell’s growth within the industrial segment.   Verktøy-Maskin has nine employees and a turnover of approximately 42 million in 2023. Logistic capabilities Since 1976, Verktøy-Maskin has been a trustworthy supplier to the industrial sector around Mandal in Norway where they are located. The company offers a wi...

Watson Farley & Williams advised Danaos Corporation on a US$450m post-delivery senior secured term loan facility to finance eight newbuild vessels under construction in the Daehan, Dalian and Qingdao shipyards to be delivered in 2024-2025. The lending syndicate comprised four major shipping banks. The newbuilding vessels will be the most efficient in Danaos’ fleet as they are built in accordance with the latest IMO requirements in relation to Tier III emission standards and Energ...

Imoto Lines and Marindows, as a first step in transforming the future of domestic maritime shipping, will build the next generation of zero-emission domestic container ships capable of hybrid operation using Japan's first exchangeable container batteries, alongside onboard batteries, and generators, and conduct demonstration experiments on the Kobe-Hiroshima service. This project is a challenge towards a sustainable future for domestic maritime shipping, aimed at fundamentally solving the three...

The World Shipping Council (WSC) is calling on the EU to design policy frameworks that facilitate the essential role of shipping in a globally connected economy and to forge the path to net-zero shipping by 2050 in partnership with industry. 2024-2029 legislative term Outlining its recommendations for the 2024-2029 legislative term, the WSC urges the EU to: Work to secure effective global greenhouse gas (GHG) reduction regulations and implement the Green Deal to ensure that...

Pacific International Lines (PIL) has joined the non-profit organisation, Digital Container Shipping Association (DCSA), to drive standardisation and digital innovation in the container shipping industry. Digitalisation standards DCSA’s founding members consist of 9 of the 10 largest container shipping companies worldwide and represent approximately 70% of global container trade. The association was founded to accelerate digitalisation by streamlining and harmonising data standards,...

Watson Farley & Williams (WFW) has advised MSC Cruises (MSC) on the financing for two new LNG-powered cruise ships from French shipbuilder - Chantiers de l’Atlantique. The vessels, World Class 3 and World Class 4 are expected to be delivered in 2026 and 2027 respectively. The financing was provided by a syndicate of lenders led by Banco Santander with ECA support from Bpifrance Export Assurance. Environmental technology In line with MSC’s commitment to investing in future envi...

ClassNK has commenced joint research with the Japan Aerospace Exploration Agency (JAXA) to establish an evaluation method for the compatibility of ship materials with liquefied oxygen (LOX). The aim is to contribute to suppressing fire accidents on ships handling liquefied hydrogen, where LOX could be generated, and to reasonable material selection. Liquefied hydrogen carriers To construct a supply chain for hydrogen, which is expected to be a clean energy source in a decarbonised society, th...

Watson Farley & Williams (“WFW”) has advised Crédit Agricole Corporate and Investment Bank (“CACIB”) as an agent, SACE S.p.A and a syndicate of nine banks on pre and post-delivery loan facilities granted to Norwegian Cruise Line Holdings Ltd. (NCLH) for the acquisition of four cruise vessels currently under construction at Italian shipyard - Fincantieri S.p.A. The loan facilities are backed by the Italian export credit agency - SACE S.p.A.  Decarbonisati...

The World Shipping Council (WSC), the united voice of liner shipping, is happy to announce that the WSC Board has appointed Joe Kramek as its new President & CEO, to succeed John Butler upon his retirement at the end of July. Joe Kramek brings a wealth of experience and expertise to his new role, from both the maritime sector and government service. Before stepping into the position of President & CEO, Joe Kramek served as the WSC's Director of U.S. Government Relations. His professiona...

Optimarin AS, a major Norwegian supplier of ballast water treatment systems (BWTS) for the maritime industry, has agreed to acquire the Hyde Marine UV business from the Italian multinational - Industrie De Nora S.p.A. Trademarks and assets acquired Under the transaction, Optimarin will purchase technologies, trademarks, and selected assets about the design, sale, and aftermarket of systems using UV technology for ballast water treatment and disinfection, promoted under the Hyde Marine® and...

Chinese yard, Guangzhou Shipbuilding International (GSI), has received an order for 4 × MAN B&W 8S60ME-GI engines in connection with the building of 4 × 10,800 CEU Pure Car and Truck Carriers (PCTCs) for South Korean shipping owner, HMM Co. Ltd.. CSIC Diesel Engine Co. Ltd (CSE) will build the Mk10.5 dual-fuel -GI (-Gas Injection) engines in China, which will feature Exhaust Gas Recirculation (EGR) emissions-reduction technology for Tier III NOx compliance. MAN B&W 8S60ME-G...

On 11th April 2024, Maritime UK was delighted to support the launch of the Northern Ireland Maritime & Offshore Cluster Network (NIMO). The launch event, which was attended by Maritime UK’s patron, Her Royal Highness (HRH) The Princess Royal, marked a momentous occasion for not only NIMO, but for the whole maritime industry across the United Kingdom (UK). Patron of Maritime UK, Her Royal Highness, spoke to over one hundred industry professionals, including representatives of port oper...

While most American ports have decarbonisation plans in place, a new report shows there are significant challenges to advancing emission-reduction projects, including financial constraints, low technology readiness and physical space limitations. Those are some of the key takeaways from a new joint publication between ABS and the American Association of Port Authorities (AAPA), Port Decarbonisation Survey: Trends and Lessons Learned. Technological breakthroughs The report is based on fee...

ERMA FIRST, a major sustainable maritime solutions provider, has signed an exclusive sales distribution and original equipment manufacturer (OEM) partnership agreement covering ballast water treatment systems (BWTS) with Yixing PACT Environmental Technology (PACT). A majority-owned subsidiary of Hong Kong-based water treatment equipment provider Euro Tech Holdings Co Ltd, PACT is an engineering company specialising in water and wastewater treatment systems as well as BWTS. Ballast water treatm...

His Royal Highness Crown Prince Haakon of Norway has agreed to become a Goodwill Ambassador for Statsraad Lehmkuhl's next major expedition, the One Ocean Expedition 2025-2026. The One Ocean Expedition is a voyage around the world by the Norwegian tall ship Statsraad Lehmkuhl. KONGSBERG, one of the main partners, supports the trip and will equip the ship with state-of-the-art technology from Kongsberg Discovery, transforming it into a floating training vessel. A royal with a passion for the oce...

MAN Energy Solutions has received an order for 3 × MAN 6L21/31DF-M (Dual Fuel-Methanol) GenSets capable of running on methanol in connection with the construction of a 7,990 dwt IMO Type II chemical bunker tanker. MAN 21/31DF-M GenSets The dual-fuel engines will form part of a diesel-electric propulsion system on board the vessel with electrical motors driving twin fixed-pitch propellers via gearboxes; an onboard battery-storage system will optimise the use of the dual-fuelled generators...

ClassNK has granted its Innovation Endorsements for Products & Solutions to an internet payment facility – ‘V.Pay’, an AI maritime camera surveillance solution – ‘V.Sight’, and a wearable AR smart-glass solution ‘V.Sion’, developed by iO3 Pte Ltd. ClassNK verified functions of ‘V.Pay’ ClassNK has verified the functions of ‘V.Pay’, 1. Crew internet payment facility with user-friendly portal, 2. Flexible Wi-Fi plans, 3....

Coastal Workboats, a renowned name in the maritime industry for its commitment to sustainability, will collaborate with EST-Floattech, a pioneering provider of energy storage solutions for the maritime sector. EST-Floattech will be providing the battery system for the purpose-built Electric-Landing Utility Vessel (E-LUV) to be built at Coastal Workboats' new yard Stornoway and the Shore-based Power Supply System (SPSS). The collaboration with Coastal Workboats Scotland marks a significant step...

Singapore has retained its title as the pioneering maritime city in the world, followed by Rotterdam and London, according to the 2024 Leading Maritime Cities (LMC) report from DNV and Menon Economics. The city-state, with its large owned and managed vessel fleets, strategic geographic advantages, pro-business policies, and its position as a pioneer in the maritime energy transition, is expected to hold this position for the next five years, the analysis determines. Policy measures, initiative...

Rapid technological change, complex regulation, and competitive pressures are driving digital transformation in the shipping industry. But navigating a confusing software landscape can be difficult and sound decision-making is essential to minimise innovation risk, according to OrbitMI. Automation solutions Industry spending has soared in recent years on intelligent process automation solutions geared to boosting efficiency, reducing costs, curbing emissions, and improving safety for shipping...

ClassNK has verified the methane slip reduction effect of the methane slip reduction system, jointly developed by Hitachi Zosen Corporation, Mitsui O.S.K. Lines, Ltd. (MOL) and Yanmar Power Technology Co., Ltd. (Yanmar PT), and issued a Statement of Fact (SOF). A concept of the methane oxidation catalyst system was designed by Hitachi Zosen and Yanmar PT as part of a project that was adopted by Japan’s New Energy and Industrial Technology Development Organization (NEDO) as 'Development of...

Imabari Shipbuilding will install an MAN B&W 7S60ME-Ammonia engine with SCR in connection with the construction of a 200,000 dwt class bulk carrier for a joint venture between K Line, NS United and Itochu Corporation. The business represents one of the first projects for MAN Energy Solutions’ ammonia-powered engine that is currently under development in Denmark. MITSUI E&S will build the engine in Japan. MAN B&W 7S60ME-Ammonia engine installation Brian Østergaard S&os...

Mitsubishi Shipbuilding Co, Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has acquired Approval in Principle (AiP) from the Japanese classification society - ClassNK for an ammonia fuel supply system (AFSS) for the ‘X-DF-A’, a large, low-speed 2-stroke ammonia-fuelled engine under development by WinGD, a Swiss designer and licensor of large marine engines. The AiP presentation ceremony took place at ‘Sea Japan 2024’ international maritime exhibition and confer...

DNV has awarded HD Hyundai Mipo Dockyard an Approval in Principle (AiP) for the design of ammonia dual fuel 45,000 m3 LPG carriers.  The presentation took place at the HD Hyundai Global R&D Centre (GRC) in Seongnam, Korea. HD Hyundai Mipo (HMD), who have developed the basic ship design, provided detailed engine specifications and operational data from global engine maker, WinGD, and reviewed the safety and suitability of the design with DNV. The designs are based around a new 10,000 h...

Kongsberg Defence & Aerospace (‘KONGSBERG’) has been awarded a contract from the Norwegian Intelligence Service (NIS) on behalf of the Norwegian government to provide satellite maritime surveillance data to cover Norwegian Areas of Interest. NIS has the overall responsibility for space operations and development in the Norwegian Armed Forces. The data will be utilised by the Norwegian Armed Forces, as well as other Norwegian government institutions involved in maritime security,...