TECO2030 releases its Q4 2022 Report. The report is attached to this Stock Exchange Notice and can be found on our website. TECO2030 has reached a series of significant milestones and great progress through Q4 2022: * TECO 2030 raised approx. MNOK 87 in new equity in three private placements. In addition to raising MNOK 31 in the second tranche of the convertible bond loan. * TECO 2030 announced it had completed production of the world’s first fuel cell stack developed and purposely designed for heavy-duty and marine applications. * ...

A foreign cargo ship with 21 crew members on board has been towed to safety in the Pearl River estuary by a Chinese professional rescue ship after it broke down off the Nansha Islands in the South China Sea on March 3. At 2:20 pm, the Panamanian cargo ship suffered a main engine failure 120 nautical miles southwest of Wan’an Tan in China’s Nansha Islands. The engine could not be repaired on the site, and the ship had drifted 90 nautical miles southward by the time the report was received. ...

The Baltic Exchange’s main sea freight index dipped on Friday on weaker demand for capesize and panamax vessels, although gained for a fourth consecutive week. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 25 points, or about 1.6%, at 1,535. The index, however, was up 7.8% for the week. The capesize index fell 63 points, or about 3.2%, to 1,913, although gained 9.7% for the week. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased ...

Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. Last month, Belgium imported the largest amount of Russian LNG, accounting for 38% of imports to the EU, while Spain ranked second with a share of c.23.9%, followed closely by France with c.23.8%. Currently, there are no sanctions on Russian LNG imports. Despite this, there has been a strong push to source energy from other countries since the start of the conflict with ...

In part one of this two-part series on human capital in shipping – a key theme at Europort 2023 – Jakob le Fevre offers his take on the training and recruitment of maritime professionals in today’s fast-changing and fiercely competitive market. As a master mariner and Managing Partner at global maritime recruitment specialist MARPRO – which is also a Europort media partner and organiser of the Rising Stars Pavilion event for maritime technology start-ups – Jakob le Fevre has unique insight into the maritime labour market. “Working at MARPRO is ...

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) is pleased to announce that the company was recognized as “Supplier Engagement Leader” for five consecutive years, the top rating, on “Supplier Engagement Rating” from CDP, which is a non-profit global organization engaging in activities for investigating and disclosing environmental information, on March 15th Supplier Engagement Rating” evaluates the companies’ initiatives for climate change and greenhouse gas emissions throughout the supply chain and ranks the companies in line with their efforts. Our strategies and initiatives were evaluated on “Supplier Engagement Rating”. This year 653 ...

Antigua and Barbuda and the United Arab Emirates have become the latest IMO Member States to accept amendments to the Convention on the International Maritime Organization, which will expand the size of the Council, extend the term of its Members, and recognize three additional language texts as authentic versions of the Convention. IMO Secretary-General Kitack Lim welcomed H.E. Ambassador Dwight Gardiner OBE, Permanent Representative of Antigua and Barbuda to IMO (photo) and H.E. Khalid Saud AlQasimi, Deputy Head of Mission of the United Arab Emirates (photo) at IMO HQ, London ...

A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urge more stakeholders to consider use of hedging to even out freight rate peaks and troughs. Speaking at the Baltic Exchange Tanker & Gas Market Insights Forum 2023, Benjamin Gibson, partner of financial products at Affinity Shipping LLP, noted that Europe imported substantially more LNG than China in 2022, which led to a decrease in tonne-mile demand for LNG shipping and more available capacity. As a result, ...

From the first appointed surveyors in 1872 to the building of the Royal Australian Navy’s flagship HMAS Canberra to LR class in 2017, Lloyd’s Register has a long and proud history in Australia. With Australian shipbuilding undergoing significant change since those first surveyors were appointed, LR has been a central part of the key projects which have seen the sector transform it’s focus from large ship construction to the design and build of specialised vessels. Modest beginnings It all started in 1872 when LR established its first surveyors in Melbourne ...

The Jumbo-SAL-Alliance (JSA) has commenced its scope of work in the Basrah Refinery Upgrading Project for JGC Corporation. It is one of the largest projects ever undertaken by the Alliance. The Jumbo Javelin loaded the first of 19 transports at Dahej India. Dedicated vessels The project will see the Jumbo-SAL-Alliance undertake the transportation of a total of 450,000 frts of cargo for its client. Jumbo Kinetic, with two 1,500 t cranes, and SAL Heavy Lift’s MV Svenja, with two 1,000 t cranes will be dedicated to the project for the ...

Drewry’s composite World Container Index decreased by 1% to $1,790.36 per 40ft container this week. Our detailed assessment for Thursday, 16 March 2023 The composite index has decreased by 1% this week, and has dropped by 80% when compared with the same week last year. The latest Drewry WCI composite index of $1,790 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021. It is 33% lower than the 10-year average of $2,691, indicating a return to more normal prices, but remains 26% higher than ...

The International Maritime Organization (IMO) has a historic opportunity in the next three months to put the global shipping industry on an equitable, 1.5°C-aligned decarbonisation pathway. Governments must use the upcoming meeting of the Intersessional Working Group on Greenhouse Gases (ISWG-GHG-14) to support science-based climate targets for 2030 and 2040 that are vital for this transition. Last year’s negotiations showed a major breakthrough on stepping up climate ambition for shipping. A clear majority of member states supported the adoption of a 2050 absolute zero-emission reduction target under the IMO’s revised ...

European shipowners today welcome the EU’s proposed Net-Zero Industry Act. The Act can be step-change in efforts to enhance Europe’s security and to support the energy transition of European industry. However, the new Act must properly recognise the strategic role of shipping for Europe’s security. The shipping industry is a cornerstone of European security: energy security, food security, security of supply of goods. This is an unique opportunity for Europe to foster the sector’s competitiveness. The new Industry Act aims to accelerate the decarbonisation of the European economy. As shipping ...

The clean hydrogen market is poised for growth, driven by decarbonization efforts and concerns around energy security. A number of ambitious targets and roadmaps are being set out by different governments and regions. Clean hydrogen can refer to a number of routes for producing hydrogen, but the primary among them are green and blue hydrogen. Blue hydrogen refers to hydrogen produced from natural gas or coal but with carbon emissions captured. Green hydrogen refers to the splitting of water via electrolyzers powered by renewable power sources. IDTechEx forecasts that the ...

ClassNK has granted its Innovation Endorsement*1 for Products & Solutions to HermAce Remote Monitoring & Troubleshooting Platform developed by FURUNO ELECTRIC CO., LTD (FURUNO) and issued a certificate to the company. In addition, for ClassNK registered ships flagged with the Republic of the Marshall Islands (RMI), the HermAce voyage data recorder (VDR) digital twin and remote service has been accepted as an alternative to the onboard VDR Annual Performance Test (APT) by the RMI Maritime Administrator. It is now possible to conduct VDR APT remotely for those vessels. HermAce is ...