Hamburg-based ship finance platform, oceanis, predicts ship financing costs for 2023 in a new quarterly report Executive summary: – Bank financing for Container vessels has all but dried up, with only vessels employed by top-tier Charterers able to obtain financing terms on a non-recourse basis – Product Tankers are in vogue with Financiers; loans at over 100% of historic fair market value (FMV) are possible for pool-trading mature vessels – Poor earnings in Dry Bulk have caused a serious decline in the leverage available to shipowners, but finance remains available ...

The UP World LNG Shipping Index (UPI), the world’s only stock index focused on LNG shipping companies, lost 0.67% last week. U.S. stocks represented by the S&P 500 (SPX) index gained 2.47%. Two partnerships achieved double-digit growth, but only one pleased investors. In the case of GasLog Partners (NYSE: GLOP), nearly twenty percent growth is due to a proposal of GasLog Ltd., the general partner, to purchase all shares. The offer price of $7.7 was above the market price at the time of the announcement. Still, the closing price was ...

In early 2022, PALFINGER was awarded a contract by the Koninklijke Nederlands Redding Maatschappij (KNRM) for twelve custom-built Rigid-Hulled Inflatable Boats (RHIB), which will assist the organization in their future rescue operations. With the keel laying ceremony last Friday, PALFINGER and the KNRM announced the start of the production phase in Dronrijp, the Netherlands, where the robust hull of the first prototype will be produced. Prototyping at its best PALFINGER MARINE’s rigid inflatable boats are specifically designed for fast interventions in the roughest sea conditions. Working closely together with the ...

The multidisciplinary collaboration, for which a Memorandum of Understanding (MOU) was signed last week, has the ambitious goal to develop a complete hydrogen value chain for Northern Xplorer AS (NX) first zero-emission cruise ship featuring fuel cells and electric propulsion, as well as making pollution-free hydrogen available to the wider maritime market at a time of urgent pressure to reduce emissions. The partners comprise zero-emission cruise venture Northern Xplorer AS, hydrogen provider and owner of infrastructure Norwegian Hydrogen AS, high-capacity hydrogen transfer system supplier HYON AS, ship designers Multi Maritime ...

WinGD and CMB.TECH bring combined expertise to zero-carbon fuel technology in groundbreaking collaboration for fleet of ammonia fuelled bulk carriers. Swiss marine power company WinGD and Belgian shipping and cleantech group CMB.TECH have signed an agreement on the development of ammonia-fuelled two-stroke engines. The companies aim to install the ammonia dual-fuel X72DF engine on a series of ten x 210,000 DWT bulk carriers to be built at a Chinese shipyard in 2025 and 2026. Under this joint development project, CMB.TECH will support WinGD in establishing its ammonia-fuelled engine concept for ...

This release is a summary of Wärtsilä’s Financial Statements Bulletin January–December 2022. The complete report is attached to this release as a pdf file. It is also available on the company website at www.wartsila.com. Highlights from october–december 2022 Order intake decreased by 24% to EUR 1,638 million (2,150) Service order intake increased by 6% to EUR 791 million (747) Net sales increased by 11% to EUR 1,770 million (1,597), of which organic growth was 7% Book-to-bill amounted to 0.93 (1.35) Operating result decreased by 75% to EUR 37 million (144), ...

Marlink, the smart network solutions company, is implementing a fleet-wide migration of its smart managed network solution for leading global operator Miclyn Express Offshore (MEO Group) to support the Group’s ongoing digitalisation program. The contract follows a successful trial during which MEO Group highlighted the network stability and reliable performance for its business operations. Applying its managed hybrid solution approach, Marlink will outfit 102 MEO Group vessels with its Sealink VSAT solution, providing high throughput connectivity across the fleet enabling personnel on transfer and vessel crews to utilise connectivity for ...

MISC (MISC or the Group) today welcomes two of its latest new generation of Liquefied Natural Gas (LNG) carriers, Seri Damai and Seri Daya to its fleet of LNG carriers. These 174,000 CBM LNG carriers are equipped with smart and sustainable technologies and were built for MISC by Samsung Heavy Industries Co., Ltd. (SHI). Upon their delivery, these new LNG carriers will be on long-term charters to ExxonMobil’s wholly-owned subsidiary, SeaRiver Maritime LLC (SRM) and will be managed by Eaglestar Shipmanagenent (S) Pte.Ltd ( Eaglestar). Captain Rajalingam Subramaniam, MISC’s President ...

Design and engineering consultancy, Houlder, has recently completed a major design project for Shell International Trading and Shipping Company Limited (“Shell”): the development of a concept design for a 20,000m3 liquid hydrogen (LH2) carrier. Houlder collaborated with Shell on the statement of requirements, ensuring that both parties were aligned on vessel specifications. The team then conducted a feasibility study for fuel and powering arrangements, and also undertook concept general arrangement, hull design and powering, and structural design work. The concept design was verified and optimised using Computational Fluid Dynamics (CFD) ...

The International Marine Contractors Association (IMCA) has published an update to its contracting principles in the marine renewable energy industry. This major piece of work has been essential due to progressively poor market conditions created by unrealistic expectations of the capital costs and risks of developing offshore wind energy. The new publication IMCA Renewables Contracting Principles (IMCA LCIC 014) reviews in detail the contractual challenges faced by industry. IMCA’s CEO Allen Leatt explained the challenges “Marine contracting in offshore renewables has become increasingly unsustainable, which in turn places the long-term ...

Armada Technologies, LLC. (Armada) is proud to announce that Irish Ferries, has contracted for a feasibility study and integration engineering for the Armada ‘passive air lubrication system’ (PALS) onboard their RoPax cruise ferry, W.B. Yeats. Armada’s PALS is a second-generation air lubrication system that uses the vessel’s own forward motion to drive water through a series of openings in the bow region of the vessel. These openings direct system water through branch lines to venturis and injectors that then passively delivers an optimal air/water mix (rather than simply air) for ...

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The main reason for the increase in net profit during the current quarter compared to the same quarter of last year is: – The increase in revenues which is due to the improvement in majority of the sectors performance especially in the oil transportation sector where its revenues have increased by the amount of SR 764 million as well as the increase in the chemicals transportation ...

With 126 years of industry experience behind it, Skuld, a world leading marine insurer, should have “seen it all”. However, global health crises, geopolitical unrest and the need for industry transformation are ushering in a new age, with new challenges. Here Ståle Hansen, Skuld CEO, discusses the need for calm heads, and ever closer collaboration, to ensure the industry stays on course. “It was a case of out of the frying pan, into the fire,” admits Ståle Hansen, CEO at Skuld for eight of his twenty years at the Oslo-headquartered ...

Warehouse inventory management is one of the most important barometers for supply chain flow, financial cost exposure and business decision-making. It is also one of the most difficult, repetitive and tedious tasks to perform consistently in warehouses, with quality of data often questioned and requiring workers to work at heights. “As a supply chain integrator, we are constantly looking for new innovations and engineering solutions in our warehouse operations. We wanted to deploy a safer, more accurate, data-driven inventory solution that addressed our decarbonization goals for customers and prevented our ...

Strategic Marine is forging into the burgeoning green maritime space with an order for four hybrid StratCat 27 (SC27) Crew Transfer Vessels (CTVs) for a new customer, Purus Wind’s HST Marine. The inaugural order for parallel hybrid SC27s will see the four vessels being delivered in the first and second quarters of 2023. If the options for two additional vessels are exercised, the additional pair will be delivered in third quarter 2023. HST Marine is an established UK-based owner and operator of green focused offshore vessels and provides solutions to ...