Accelleron, Furuno in MoU on "Digital Cooperation"
Accelleron’s Japanese joint venture company Turbo Systems United signed a memorandum of understanding (MoU) with Furuno to cooperate in digital activities. The agreement, the first of its kind for the Accelleron group in Japan, is aimed at improving access to optimization solutions and digitally enabled services.
Itochu, U-Ming Mull Ammonia-Fueled Ships
Japanese trading house Itochu Corp will study joint ownership and operation of ammonia-fueled ships with Taiwan's U-Ming Marine Transport Corp, Itochu said in a statement, as Japan is bets on ammonia to cut emissions.The shipping industry transports about 90% of world trade, and accounts for nearly 3% of the world's carbon dioxide emissions; and installing ship engines that burn cleaner fuels could help slow global warming trends.The IMO has set a target of net-zero greenhouse gas emissions by around 2050…
Red Sea Attacks Temporarily Increase Demand for Ships
The BIMCO Container Shipping Market Overview & Outlook for March 2024 has been published, and Niels Rasmussen, BIMCO’s Chief Shipping Analyst, highlights that ship supply is expected to grow on average 9.1% in 2024 and 4.1% in 2025.Rerouting via Cape of Good Hope is assumed to impact the first half of 2024. Ship demand increases an estimated 9.5% in 2024 and falls 0.5% in 2025. The supply/demand balance is expected to tighten in the first half of 2024 but then weaken when ships can return to the Suez Canal routing.According to the IMF…
Nine Dead After South Korean-Flagged Vessel Capsized Off Japan
At least nine people were killed when a South Korean-flagged vessel capsized off Japan, South Korea's foreign ministry said on Thursday.Two South Korean nationals were among the dead, it said, adding that the Japanese coastguard had rescued an Indonesian crew member and that another member of the crew of 11 was missing.The ministry did not provide the name of the vessel.Public broadcaster NHK, citing the coastguard, reported on Wednesday that a South Korean-flagged chemical tanker had capsized off the coast of Yamaguchi prefecture in western Japan…
Seven Deaths Confirmed as Tanker Capsizes Offshore Japan
A South Korean-flagged chemical tanker has capsized off the coast of Yamaguchi prefecture in western Japan, with seven deaths confirmed, public broadcaster NHK reported on Wednesday, citing the coastguard.The tanker, Keoyoung Sun, was anchored due to bad weather and requested assistance after 7:00 a.m. on Wednesday (2200 GMT on Tuesday), reporting the vessel was tilting over, NHK reported.The vessel had 11 crew aboard.
Chemical Tanker Capsizes Off Coast of Japan
A South Korean-flagged chemical tanker has capsized off the coast of Yamaguchi prefecture in western Japan, with operations to rescue the crew underway, public broadcaster NHK reported on Wednesday, citing the Coast Guard.The tanker, Keoyoung Sun, requested assistance after 0700 local time (2200 GMT), reporting the vessel was tilting over, and had 11 crew onboard with four people rescued so far, NHK reported.(Reuters - Reporting by Sam Nussey; Editing by Muralikumar Anantharaman)
Securing Our Ports: Where to Start
As dusk descends upon our nation's ports, casting shadows over the waterfront, another shadow looms in the digital landscape — the threat of cyber warfare. In an era where connectivity reigns supreme, our maritime infrastructure stands at a critical juncture, balancing vulnerability and resilience. The recent White House announcement of a Presidential Executive Order, and a hefty $20 billion in Inflation Reduction Act funding proposal to fortify our ports, underscores the gravity of the situation.It is a fact that at this time China has manufactured 80% of our nation’s ship-to-shore cranes…
Pressure Builds for Charge on Shipping Sector's CO2 Emissions
The European Union, Canada, Japan and climate-vulnerable Pacific Island states are among 47 countries rallying support for a charge on the international shipping sector's greenhouse gas emissions, documents reviewed by Reuters showed.The documents, being discussed at an International Maritime Organization (IMO) meeting now entering a second week, outline four proposals with a combined 47 backers for imposing a fee on each tonne of greenhouse gas the industry produces.Support for…
NYK Receives Data Management Award
NYK received the grand award at Data Management 2024 hosted by the Japan Data Management Consortium (JDMC) on March 8.JDMC established the Data Management Award in 2014 to publicize data management's role and importance and share pioneering know-how.NYK has been developing and utilizing data lakes - a data management system for data utilization and analysis. They are suitable for collecting and storing vast amounts of data, regardless of the format or scale of the data to be stored.NYK…
MAN Energy Solutions Delivers First Ever Ammonia-Ready SCR to Mitsui
MAN Energy Solutions has announced the production of a massive Cluster 5 Double Layer Selective Catalytic Reduction (SCR) converter to MITSUI E&S.The cluster comes ammonia-ready and is the largest such unit that the company has ever built.Such systems are typically used aboard cruise ships and cargo ships to reduce nitrogen oxide emissions by 90%.“As the very first SCR for an ammonia engine anywhere in the world, this is a historic moment. As the largest, high-pressure SCR we have ever built, this marks a new milestone for our business.
Tokyo Gas, 13 Others to Jointly Develop Offshore Wind
Tokyo Gas and 13 other Japanese companies plan to set up a consortium "soon" to develop technology to mass produce floating offshore wind power facilities at a low cost, the Nikkei business daily reported on Wednesday.The other companies include Japan's biggest power generator JERA and regional utilities Kansai Electric Power, Tohoku Electric Power and Chubu Electric Power, the Nikkei said.Although Japanese companies have offshore wind assets in countries from Taiwan to Belgium and Britain, they have yet to build large-scale farms at home.(Reuters- Reporting by Kiyoshi Takenaka; editing by Mil
MOL Takes Delivery of LNG-Powered Cerulean ACE Car Carrier
Mitsui O.S.K. Lines (MOL) has taken delivery of the LNG-fueled car carrier Cerulean ACE, built by Japanese shipyard Shin Kurushima Dockyard.The LNG-powered car carrier Cerulean Ace features an aerodynamics design - beveled top of bow - that reduces wind resistance by 20%, according to MOL.The breadth of the vessels was widened from 32 to 38 meters. The capacity has also been increased from about 6,400 to about 7,000 vehicles.The CERULEAN ACE is the 100th vessel MOL has ordered from the Shin Kurushima Dockyard Group.The vessel will transport cars…
Huisman to Supply Two Subsea Cranes for Toyo’s New Cable Layer
Dutch company Huisman has secured a contract to supply two subsea cranes for Toyo Construction’s new cable laying vessel (CLV), being built by Norwegian shipbuilder Vard.The contract Huisman signed with Vard is for the delivery of full electric 250 mt Hybrid Boom Subsea Crane, and a 100 mt Knuckle Boom Crane that will be integrated into Toyo’s CLV newbuild.The purpose-built VARD 9 15 design is expected to advance capabilities for cable-laying and turbine foundation installation works in the Japanese offshore wind sector.Designed to meet the specific Toyo’s requirements and preferences of Toyo…
Yang Ming Starts Using Biofuel
Yang Ming Marine Transport is adopting sustainable biofuel for its fleet, starting at Hong Kong and Singapore, and will now incorporate biofuel into its annual fuel consumption on an on-going basis.The adoption of biofuel began with Yang Ming’s 1,805 TEU class container ship, YM Inception, and 6,600 TEU class container ship, YM Masculinity. These vessels are currently deployed on the Japan to/from Taiwan, Hong Kong, Vietnam and Thailand service and the Far East to/from Middle East service…
Gram Car Carriers Refinances Viking Adventure
Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.
MAN to Offer Ammonia-Fuelled Ship Engines After 2027
MAN Energy Solutions plans to deliver later this year its first-ever engine fuelled by ammonia for installation on a new vessel in Japan and will be ready to offer ammonia-powered engines to its clients after 2027, its chief executive said.Ammonia is among several alternative fuels that shippers are exploring to reduce emissions. The shipping industry transports around 90% of world trade, but accounts for nearly 3% of the world's carbon dioxide emissions, and installing engines…
Eight Japanese Ports Join The Green Award
The Green Award Foundation has announced that eight ports managed by the Osaka Ports and Harbors Bureau have joined as new Incentive Providers, offering discounted port fees to Green Award certified vessels that call their ports.This expands The Green Award’s network to 47 ports incentivising safety and sustainability in shipping globally.Among the eight new Japanese ports are the Port of Sakai-Senboku and Port of Hannan, two major industrial ports situated in the Osaka Bay. With a long history as trading hubs…
NYK Receives ClassNK Certification for Offshore Wind CTV Training
NYK has secured certification from ClassNK for Japan’s first training program for crew members of offshore wind industry crew transfer vessels (CTVs).The training is scheduled to be conducted at the Akita School of Wind and Sea training center in Oga City, Akita Prefecture, from April - offering three programs in total.The certification from Class NK is for simulator-based training for operating CTVs, which confirms that the training program meets quality and international standards after a review of the training framework…
Swire Shipping Opens Branch Office in Japan
Swire Shipping commemorated the opening of its new Japan branch office in Tokyo on February 21,2024 with an event at The Palace Hotel in Tokyo, marking Swire Shipping’s official return to Japan with a physical presence.A highlight of the evening was the Kagami-biraki ceremony – the customary breaking open of a sake barrel – a tradition steeped in respect and appreciation. Esteemed long-serving former employees of Swire, who had served the company with dedication in the past, shared a toast of sake alongside the current Japan team onstage.
ClassNK Greenlights Multi-Functional Floating Wind Support Vessel Design
ClassNK has awarded an approval in principle (AiP) for the design of a multi-functional floating offshore wind farm support vessel (MFSV) developed by K Line Wind Service, together with Japan Marine United Corporation, and Nihon Shipyard.The MFSV is designed to perform full moorings work scope for the installation of floating offshore wind turbines, including transportation, deployment and anchor tensioning of the mooring system.According to the companies, the vessel also features a multi-functional concept…
Swedbank Adopts Poseidon Principles
Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…
Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals
Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…
Japan Continues to Lead Shipowner Rankings
VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst, Veson Nautical.The data provided by VesselsValue and analysed by Veson is valid as of February 2024.