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Articles : "port"

MOL Secures Green Loan for Its Bunkering Vessel

Japanese shipping giant Mitsui O.S.K. Lines has signed its first green loan, which it plans to use to partially finance the construction of an LNG bunkering vessel, believed to be the world’s largest.

The loan is provided by BNP Paribas (BNPP) and the Export-Import Bank of China (CEXIM), wi…

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US Gives More Time to Companies to Wind Down Dealings with Cosco Dalian

The U.S. Treasury Department has extended the deadline to companies that deal with COSCO Shipping Tanker (Dalian) to wind down their transactions with the company and its units, pushing the target time to February 4, 2020.

Under the previous ruling, the companies had time until December 20, 2…

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EU Okays Maritime Transport Support Schemes in 5 Countries

The European Commission has approved five schemes to support maritime transport in Cyprus, Denmark, Estonia, Poland and Sweden.

As explained, the schemes encourage ship registration in Europe and contribute to the global competitiveness of the sector without unduly distorting competition.

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WWF-Canada: Open-Loop Scrubbers Should Be Banned in Canadian Waters

World Wildlife Fund (WWF) Canada, an international conservation organization, has supported a ban on the use of open-loop exhaust gas cleaning systems (EGCSs) and discharge from hybrid scrubbers in Canadian waters.

“Canada has a responsibility to safeguard our oceans,” Andrew Dumbrille, s…

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Abu Dhabi Ports Splashing USD 1 Bn on Khalifa’s Expansion

Khalifa Port, the flagship port of  Abu Dhabi Ports, is set for further expansion with a planned investment of AED 4 billion (USD 1.08 billion) aimed at boosting the company’s handling capacity.

The investment will see AED 2.2 billion assigned to the development of the South Quay and Khali…

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What Will Be the Role of Biofuels in Shipping’s Decarbonization?

Biofuels are not likely to become the prevailing zero-carbon solution of choice in the shipping industry’s decarbonization process in the long-term due to many challenges, according to an inquiry commissioned by the Sustainable Shipping Initiative (SSI).

The report was launched at the 2019 …

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World’s 1st Liquefied Hydrogen Carrier Named in Japan

Japanese shipbuilder Kawasaki Heavy Industries has named Suiso Frontier, the world’s first liquefied hydrogen carrier, at its yard Kobe Works, the company said.

This vessel is owned by CO2-free Hydrogen Energy Supply-chain Technology Research Association (HySTRA), formed by Kawasaki, Iwatan…

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EU Gives Green Light to Nord/LB’s Recapitalization

The European Commission has found Germany’s plans to strengthen the capital position of state-owned Norddeutsche Landesbank – Girozentrale (Nord/LB) to be free of any state aid.

The measures involve a direct investment of EUR 2.8 billion (USD 3.1 billion) as well as investments to carry o…

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Fitch: Global Shipping Outlook Is Negative

As the year winds down, forecasts are being made for 2020 and based on Fitch Ratings’ new report, there is little room for optimism.

The rating agency listed several factors for a gloomy outlook, the key ones being slowing global economic growth, trade tensions and geopolitical risks that w…

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Samsung Heavy Industries to Pay USD 75 Mn in Penalties Over Bribery Case

Samsung Heavy Industries (SHI), one of major shipbuilders in South Korea, has agreed to pay total penalties of more than USD 75 million to resolve the US government’s investigation into violations of the Foreign Corrupt Practices Act (FCPA) arising out of a scheme to pay millions of dollars in b…

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China: World’s Largest Shipbuilder Established

China has officially unveiled China Shipbuilding Corporation, which was described by the country’s officials as “the world’s largest shipbuilding group”.

The inaugural meeting of the newly created company was held in Beijing on November 26, 2019, China State Shipbuilding Corporation (…

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Port of Hamburg Reports Strong Growth So Far in 2019

The Port of Hamburg saw strong growth in the first nine months of 2019, with seaborne cargo throughput rising by 3.2 percent to 104 million tons,

At that rate, Hamburg exceeds the growth rate of competing ports in northern Europe, which on average have reported just one percent growth, accord…

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Avenir LNG Taking Its 2nd 7,500 cbm LNG Carrier to Brazil

Small-scale liquefied natural gas (LNG) supplier Avenir LNG Limited has teamed up with Golar Power Limited to develop the small-scale LNG market in Brazil.

Avenir’s second 7,500 cbm LNG carrier will be used to deliver LNG to various ports across Brazil upon delivery.

The vessel will also…

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German Fintech Launches New Digital Ship Investment Project

Hamburg-based Fintech company Marvest has launched a digital ship investment project with the Norwegian shipowner EOS Bulk Invest.

The project will see a maximum amount of EUR 2 million (USD 2.2 million) raised for the bull carrier MV Manisa Floyen via the Marvest online platform.

This is …

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South Korea Reclaims Shipbuilding Throne in October

South Korean shipbuilders have reached the top spot in global shipbuilding orders on the back of a strong LNG carrier segment, Yonhap News Agency cited industry data.

The country reclaimed the first place in October after local shipyard, led by Hyundai Heavy Industries, secured orders for the…

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Fire Hits Tanker off Singapore, 18 Crew Evacuated

The Panama-flagged oil and chemical tanker Hoyu was hit by a fire in Singapore’s territorial waters, according to the Maritime and Port Authority of Singapore.

The incident occurred in the afternoon hours of November 7 while the 8,925 dwt unit was some 9.7 nautical miles from Pedra Branca, …

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Havyard, PowerCell to Develop Zero-Emissions Fuel Cell System

Norwegian Havyard Group and PowerCell Sweden have teamed up on the development of the design and the technical specifications for a zero-emissions fuel cell system.

The parties signed a one-year development contract for a zero emissions system fully classifiable and in conformity with IMO mar…

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Hurtigruten Starts Biodiesel Tests

Norwegian expedition cruise operator Hurtigruten has started testing a new biodiesel fuel that has the potential to reduce emissions up to 95 percent.

The company noted that the fuel that is being tested on board the ship MS Polarlys was free of palm oil.

The tests started several weeks ag…

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Abu Dhabi Ports’ Maqta Gateway, Etisalat Partner Up on Port Digitalization

Abu Dhabi Ports’ Maqta Gateway has signed a memorandum of understanding (MoU) with telecommunications services provider Etisalat in an effort to enable connectivity and bring digital innovation across the port facilities.

As explained, the partnership will help transform the port with techn…

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IMO 2020: Hapag-Lloyd Implements New Charge to Cope with Additional Costs

German shipping major Hapag-Lloyd has revealed plans to introduce an IMO 2020 Transition Charge (ITC) for short-term contracts as of December 1, 2019.

As explained, the move comes in an effort for the company to mitigate fuel price volatility and transitional operational expenses.

The intr…

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